Onward, a Fundrise Production

Onward, a Fundrise Production

Fundrise

Onward is a podcast from America's largest direct-to-investor alternative asset investment platform, Fundrise. Onward offers unique insights and perspectives from company co-founder and CEO Ben Miller and guests.

43: Sell your tech company for $310M or $30B, with Auren Hoffman

43: Sell your tech company for $310M or $30B, with Auren Hoffman

As a serial tech entrepreneur, VC investor, and expert in data-driven businesses, Auren Hoffman has been a player in Silicon Valley for nearly 30 years. Auren reflects on the pivotal decisions behind selling LiveRamp, the evolution of data companies, and how AI is reshaping industries. From the lessons learned in entrepreneurship to predictions about the future of technology, this episode is packed with insights for business leaders, tech enthusiasts, and anyone fascinated by the intersection of

Jan 16, • 1:00:52

42: The greatest capital broker in the nation, Simon Ziff

42: The greatest capital broker in the nation, Simon Ziff

Over his 36-year career, Simon Ziff, President of Ackman-Ziff, has overseen more than $100 billion in transactions and witnessed the dramatic evolution of the real estate industry brought about by the Savings and Loan Crisis. Simon shares his journey from joining Ackman Brothers in the 1980s to seizing the opportunities created by the rise of CMBS and private equity in the 1990s. From personal anecdotes to expert insights, this episode is packed with an insider’s experience navigating market cyc

Jan 2, • 43:15

41: AI policy under the Trump Administration, with Neil Chilson

41: AI policy under the Trump Administration, with Neil Chilson

The most important decision President Trump may face is how to regulate artificial intelligence (AI). Neil Chilson, Head of AI Policy at the Abundance Institute, is a policy insider with nearly two decades of experience inside the halls of power. Neil walks us through how to think about the tradeoffs and approaches to capturing the enormous potential upside of artificial intelligence while protecting against the downside risks. — Have questions or feedback about this episode? Drop us a note at

Dec 20, 2024 • 51:12

40: From Bootstrap to Billion-Dollar Business, with Tristan Handy CEO of dbt Labs

40: From Bootstrap to Billion-Dollar Business, with Tristan Handy CEO of dbt Labs

The data revolution is transforming every business in the world, and Tristan Handy sits near the center of it. Starting with a simple idea, he and his team built dbt Labs into a multi-billion-dollar tech company by understanding how technology is changing the world and what that meant for how people should change with it. This episode dives into Tristan’s journey, his thoughts about entrepreneurship, and the lessons he learned while leading one of the most central companies in the industry. Fr

Nov 15, 2024 • 47:24

39: The Rise of Build-to-Rent: A New Era in Real Estate, with Josh Hartmann CEO of NexMetro

39: The Rise of Build-to-Rent: A New Era in Real Estate, with Josh Hartmann CEO of NexMetro

Build-to-Rent (BTR) may be the biggest innovation in real estate this decade and NexMetro Communities is arguably the originator. Since 2010, NexMetro has been developing BTR projects, with over 55 projects across the U.S., offering cottage-style homes specifically designed for renters. Hartmann provides insight into BTR’s growth, his unique business strategies, and the challenges in reshaping real estate for a new generation. Understanding Build-to-Rent Hartmann explains BTR as homes designed

Oct 30, 2024 • 55:13

Are we vastly underestimating AI? with Dwarkesh Patel

Are we vastly underestimating AI? with Dwarkesh Patel

A couple hundred people in San Francisco may be on the cusp of inventing artificial general intelligence (AGI). Yet most people are not paying close attention, are skeptical, and are certainly not in the room. Dwarkesh pulls back the curtain so that the broader public can understand what people who are actually building AI think is going to happen. The conversation begins with Dwarkesh drawing parallels between the current AI revolution and past technological shifts, like the Industrial Revolut

Jul 30, 2024 • 53:26

37: The Housing Expert Guiding the Homebuilding Industry, with John Burns

37: The Housing Expert Guiding the Homebuilding Industry, with John Burns

John Burns is a renowned expert on the housing market. In this episode, John unravels the complexities of today’s economic climate and housing trends, providing a comprehensive analysis of the housing market, demographic shifts, homebuilding industry, and rental sector. Whether you're a homeowner, investor, or simply interested in economic trends, this episode offers valuable perspectives on the current state of the housing market and what lies ahead. --- Have questions or feedback about this

Jul 23, 2024 • 57:49

36: Breakthroughs in military technology: Lessons from history and future implications

36: Breakthroughs in military technology: Lessons from history and future implications

Artificial intelligence has the potential to revolutionize warfare and reshape geopolitics. Professor Andrew Wilson, professor of Strategy at the US Naval War College, explores the transformative power of military technology throughout history and its implications for the future. In this episode of Onward, host and Fundrise CEO Ben Miller and Professor Andrew Wilson explore how technological advancements not only transform warfare but also reshape political, social, and economic landscapes. See

May 29, 2024 • 1:02:32

35: The 5 patterns of technology breakthroughs

35: The 5 patterns of technology breakthroughs

Although each major technology wave is unique—mainframes, the personal computer, internet, mobile, cloud, and now AI—the way they have played out has been surprisingly consistent. The core financial, product, and economic patterns repeat each innovation cycle and help define which companies go on to win or lose. In this episode, Ben and Cardiff identify and discuss the five most significant patterns: 1) waves, 2) bridging, 3) democratization, 4) centralization-decentralization, and 5) the 3x mu

May 15, 2024 • 1:00:08

34: Race against recession: growth vs. debts in America

34: Race against recession: growth vs. debts in America

Two roads diverged before the US. One the way of growth and the other the way of a debt spiral. In this episode, Cardiff Garcia and Ben Miller look at the state of US dynamism vs. indebtedness, and the narrow path that would lead to a prolonged US boom. They scenario plan three potential futures: the continuation of current growth trends, a major recession, and a surprise development. The discussion spans historical debt trends, the impact of AI and technology on growth, and the influence of int

Mar 15, 2024 • 1:05:03

33: On the state of housing, with economist Ali Wolf

33: On the state of housing, with economist Ali Wolf

On the latest episode of Onward, Fundrise CEO Ben Miller is joined by Ali Wolf, Chief Economist at Zonda and one of the smartest people we know for analyzing and understanding housing and the economy. As we’re still in the early weeks of 2024, Ben and Ali’s conversation focuses on lessons learned from the past year, when a confluence of factors resulted in an economic period that still demands attention and deciphering: What happened to the recession that most economists believed was all but ine

Feb 6, 2024 • 44:19

32: Buying the bottom

32: Buying the bottom

In this final Onward episode of 2023 co-hosts Cardiff Garcia and Fundrise CEO Ben Miller kick things off by discussing Ben’s major market call: The conclusion that the real estate market has hit bottom. After 18 months of escalating interest rates punishing the real estate industry, small businesses, and regional banks, we’ve entered a new period where we expect the move to falling rates to propel strong positive performance. Ben walks Cardiff through his view of the state of the economy, both m

Dec 30, 2023 • 47:26

31: Building a $1B startup without ego, with Christina Cacioppo

31: Building a $1B startup without ego, with Christina Cacioppo

In the modern tech landscape, there are few topics more critical — or, unfortunately, more frequently overlooked and misunderstood by laypeople — than data security. Luckily Vanta has developed a revolutionary solution for how other companies can address the problem of data security compliance, with enormous subsequent benefits for how those businesses can operate safely — and access new market share as a result. In this latest episode of Onward, Fundrise CEO Ben Miller is joined by Christina Ca

Dec 7, 2023 • 47:28

30: What happens when there’s no money in real estate markets

30: What happens when there’s no money in real estate markets

People outside of the real estate investment industry may be unaware, but the market is currently navigating a period of turbulence comparable to what it experienced during the 2008 financial crisis, with cap rates and pricing down as much as 50%. In this episode of Onward, co-hosts Ben and Cardiff look at some behind-the-scenes market data that Ben has been analyzing, thanks to his on-the-ground insights through managing the Fundrise portfolio. Of particular concern has been the startling uneve

Nov 29, 2023 • 53:45

29: The largest developer in LA, Rick Caruso

29: The largest developer in LA, Rick Caruso

Rick Caruso’s real estate projects have defined how a generation of LA residents live in and experience the city. When you truly collaborate with communities, Rick explains, you get more than reliable financial success — you get momentum behind your project, you get political capital, and you get the satisfaction that comes from knowing people appreciate and enjoy the spaces you’ve contributed to the city. In this latest episode of Onward, Rick joins Fundrise CEO Ben Miller for a behind the scen

Nov 17, 2023 • 41:50

28: Investing in AI, with Tomasz Tunguz

28: Investing in AI, with Tomasz Tunguz

As our host, Fundrise CEO Ben Miller, observes in this latest episode of Onward, the amount of hype surrounding AI has become extraordinary… to the point that it’s become difficult for many people to distinguish the reality of its potential from vaporware. Luckily, coinciding with the Fundrise Innovation Fund’s investment in Theory Ventures, we have the opportunity to chat with Tomasz Tunguz, Theory Ventures General Partner, whose experience provides a critical perspective in analyzing how new t

Oct 18, 2023 • 48:54

27: Understanding AI and its implications

27: Understanding AI and its implications

As artificial intelligence has dominated headlines over the past year, it’s become increasingly critical for everybody to understand AI, due to its likelihood to impact each and every one of us. In this latest episode of Onward, join Fundrise CEO Ben Miller and co-host Cardiff Garcia for a conversation that aims to reveal some of the big picture ideas driving AI’s current growth, along with the potential ramifications of those changes — and why it really is worth getting excited over. In terms o

Sep 29, 2023 • 54:24

26: The Insider's Lobbyist: How lobbying really works, with David Carmen

26: The Insider's Lobbyist: How lobbying really works, with David Carmen

In our latest episode of Onward, Fundrise CEO Ben Miller is joined by David Carmen, founder of the Carmen Group and one of the top lobbyists in the nation. He has worked on some of the most important issues of the past nearly half century — from 9/11 to Softbank’s $22B acquisition of Sprint. With increasing polarization and political dysfunction, many may feel that our democracy is at risk. Most people don’t know why, let alone how we might fix it. With nearly 40 years as a Washington-DC-insider

Aug 25, 2023 • 51:53

25: The Big Bang: The origin of modern real estate and banking

25: The Big Bang: The origin of modern real estate and banking

In this latest episode of Onward, Fundrise CEO Ben Miller and co-host Cardiff Garcia give us a tour of the economic landscape that was once the status quo: a world where local lending institutions called S&Ls — or thrifts — were the primary way individuals saved for and financed home ownership. However, due to a confluence of events, including rocketing inflation similar to the past 18 months’, S&Ls found themselves in a period of acute insolvency. As Ben and Cardiff explain, a series of

Aug 18, 2023 • 58:23

24: The case for a recession

24: The case for a recession

In the latest episode of Onward, Ben and Cardiff work through one of the most confounding questions currently poised for the economy: What do we make of two seemingly contradictory data sets, where one is telling us that the economy is generally healthy, while the other says we remain precisely on track for a full-blown recession, according to all historical precedent? This source of cognitive dissonance recently sent Ben down a path of research, which has led to a critical observation: Before e

Jul 5, 2023 • 1:03:51

23: Debt ceiling crises, with Noreen Harrington

23: Debt ceiling crises, with Noreen Harrington

Noreen Harrington’s background in finance has involved working on everything from running Treasuries for Goldman Sachs to helping manage the creation of the Euro. In this latest episode of Onward, she joins Fundrise CEO Ben Miller to help us better understand why the upcoming debt ceiling crisis in the United States is a serious threat to economic stability. Today, there are a number of macro crosswinds in play including China’s challenge to SWIFT banking and the rise of digital currencies. Thes

May 15, 2023 • 53:37

22: The case for optimism, with Cardiff Garcia

22: The case for optimism, with Cardiff Garcia

If you’ve listened to Onward regularly, you know that Fundrise’s CEO Ben Miller has been a perennial contrarian when it comes to assessing the outlook for the economy, especially as markets have overheated and behaved irrationally. So, this latest episode of Onward might surprise you, as Ben gives the floor to co-host Cardiff Garcia, who treats us to a fundamentally different perspective — a full-throated case for economic optimism, as we look ahead to 2024. Ben and Cardiff’s conversation begins

May 5, 2023 • 1:09:15

21: Bonus Episode: The fundamental nature of the universe, with Amanda Gefter

21: Bonus Episode: The fundamental nature of the universe, with Amanda Gefter

In this bonus episode, our host Ben Miller interviews a special guest, the science writer Amanda Gefter, to discuss some of the most intriguing and consistently mind-blowing ideas from her book about cutting-edge physics and cosmology, Trespassing on Einstein’s Lawn. Departing from Onward’s usual topics — the economy, what’s happening in the markets, and Fundrise — Ben asks Amanda to explore a few of the fundamental (but deeply unintuitive and surprising) ideas that underlie the architecture of

Apr 18, 2023 • 1:05:39

20: The Cascade, the Great Deleveraging’s next chapter

20: The Cascade, the Great Deleveraging’s next chapter

In the weeks since Silvergate, Signature, and Silicon Valley Banks’ respective failures, observers around the world have found ways to classify each collapse as the result of specific, isolated circumstances. But our hosts at Onward see something much different: a systemic, likely global crisis in the financial markets, playing out very close to what we projected in our November 2022 episode, “The Great Deleveraging” (https://fundrise.com/education/onward-episode-10). In a direct follow-up to th

Apr 3, 2023 • 1:10:37

19: How we broke the British pound, with Rob Johnson

19: How we broke the British pound, with Rob Johnson

In the wake of Silicon Valley Bank’s collapse last week, Onward host and Fundrise CEO Ben Miller sits down for an interview with the economist and trader Rob Johnson, one of the most experienced investors in the world at the fault line of government and finance. Having served as a Managing Director of the Quantum Fund, Chief Economist of the U.S. Senate Banking Committee, and currently as president of the Institute for New Economic Thinking, Rob has worked closely with policymakers across the en

Mar 17, 2023 • 1:15:47

18: The $50B contrarian, Ira Lubert

18: The $50B contrarian, Ira Lubert

When it comes to ambitious investing, many people make the mistake of chasing glory and fame — at the expense of sound judgment and real financial results. But not Ira Lubert, chairman and co-founder of Independence Capital Partners and Lubert Adler Partners, and the guest on our latest episode of Onward. Ira has instead spent decades content to stay out of the limelight, while architecting a family of funds now worth roughly $50B. Ira’s activities in real estate, equity in tech and health care,

Mar 1, 2023 • 1:04:11

17: Inside the VC playbook — After a tech bubble collapse

17: Inside the VC playbook — After a tech bubble collapse

Mind games and “dirty term sheets.” These are the kinds of potential pitfalls that await tech entrepreneurs and employees in the financial landscape of 2023, especially those particularly in need of fresh infusions of venture capital. In this latest episode of Onward, Fundrise CEO Ben Miller walks co-host Cardiff Garcia through another set of fascinating — if often unforgiving — complexities arising from today’s high interest rate environment. Now that capital is no longer flowing freely and wil

Feb 10, 2023 • 56:59

16: On the state of the market, with the creator of a $1T financial innovation, Schecky Schechner

16: On the state of the market, with the creator of a $1T financial innovation, Schecky Schechner

Fundrise CEO Ben Miller is joined by Schecky Schechner, Managing Director and Co-Head of US Real Estate Banking at Barclays Capital, for a wide-ranging and technically insightful conversation in this latest episode of Onward. As Ben points out, Schecky is credited as one of the co-inventors of Commercial Mortgage-Backed Securities (CMBS) in the wake of the S&L crisis in the late ‘80s, a securitization innovation that has since become a trillion-dollar system, earning Schecky his reputation a

Jan 20, 2023 • 1:02:48

15: The largest real estate developer in the world, Steve Ross

15: The largest real estate developer in the world, Steve Ross

In the latest episode of Onward, Fundrise CEO Ben Miller gives us the opportunity to listen in on a conversation with one of the most experienced and influential figures in real estate today: Steve Ross, the largest real estate developer in the world. In addition to being the co-founder and chairman of RSE Ventures and owning the Miami Dolphins, Steve is the chairman and founder of Related Companies, the real estate firm behind the Time Warner Center in New York City, plus the 18 million square

Jan 14, 2023 • 27:51

14: Year-End Performance in Depth & Investment Strategies for 2023

14: Year-End Performance in Depth & Investment Strategies for 2023

In anticipation of the upcoming publication of Fundrise’s 2022 year-end letter to investors, CEO Ben Miller is once again joined by Kendall Davis, Head of Investor Relations and Investor Operations, for an in-depth analysis and conversation about the Fundrise portfolio’s 2022 performance.  This episode is indispensable to any listener interested in better contextualization of and perspective on our portfolio and its outlook, whether that’s understanding how we so handily outperformed public mar

Dec 30, 2022 • 37:49

13: Forecasts for 2023: Scenarios, Systems, and Pattern Recognition

13: Forecasts for 2023: Scenarios, Systems, and Pattern Recognition

Join your Onward co-hosts, Fundrise CEO Ben Miller and Cardiff Garcia, to wrap up 2022 in the same way we started it: with a session of scenario planning.  Ben and Cardiff each share their predictions for what the next year might bring, including possibilities that are both very likely and, admittedly, a little more far afield. We learn the premise and implications of the “80/20 rule” for inflation, what Ben means by the phrase “a recession incession,” and what it looks like when the stock mark

Dec 19, 2022 • 57:46

12: Owner-Developer of the World Trade Center, Larry Silverstein

12: Owner-Developer of the World Trade Center, Larry Silverstein

Join Ben Miller, CEO of Fundrise, for a conversation with a very special guest on this episode of Onward: Larry Silverstein is the founder and chairman of Silverstein Properties, the owner-developer of the World Trade Center, along with a remarkable portfolio of other major properties that have defined New York City life and the Manhattan skyline for decades.  The interview gives us a tour of both Mr. Silverstein’s life and the history of New York, as he recounts his experience investing in a n

Dec 13, 2022 • 42:12

11: Bonus Episode: Investor Q&A November 2022

11: Bonus Episode: Investor Q&A November 2022

This week, we have a special treat from Onward: our first bonus episode, dedicated entirely to discussing and answering important questions about Fundrise, sourced directly from Fundrise investors. Kendall Davis, head of investor relations and investor operations, joins Ben Miller, Fundrise CEO, to share some of the topics on our investor community’s minds. As always, discussing Fundrise is just a starting point, as each question about the company opens a door into much broader discussion about

Nov 28, 2022 • 19:46

The Great Deleveraging, a Fundrise market analysis

The Great Deleveraging, a Fundrise market analysis

For months, the hosts of Onward — Ben Miller, Fundrise CEO, and Cardiff Garcia — have discussed the many ways that the current, high inflation environment will impact the broader economy and behavior of investors. In this latest episode, Ben brings a brand new idea to the table: a specific theory outlining how our financial system is on the verge of real crisis and potential collapse. Join us to hear Ben explain how the practice of using loans as the assets for generating new loans has created a

Nov 14, 2022 • 1:10:34

9: Why financial history matters, with Ben Carlson of Ritholtz Wealth Management

9: Why financial history matters, with Ben Carlson of Ritholtz Wealth Management

In this month’s episode of Onward, Fundrise CEO Ben Miller is joined by Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management, for a wide-ranging discussion that offers fresh, critical thoughts on the state of the market, plus new perspective on our current moment in financial history. Ben C’s additional experience as an author of multiple books and co-host of his own financial podcast, Animal Spirits, opens the door to some provocative questions, including why we

Nov 4, 2022 • 41:03

8: You can’t fight the Fed

8: You can’t fight the Fed

As inflation lingers at historical highs, the Fed remains set on taming it, ratcheting up interest rates and inviting a recession. In this new episode of Onward, Ben Miller, CEO of Fundrise, and co-host Cardiff Garcia do a new round of scenario planning, to better assess ten key drivers that directly influence inflation. Together they look back at their very first episode together, On inflation and uncertainty, where they discussed how to evaluate and plan for different eventualities in the econ

Oct 17, 2022 • 1:04:50

7: Ben Gilbert & David Rosenthal (VCs and hosts of Acquired): Top investment lessons, what makes the best tech companies, and more

7: Ben Gilbert & David Rosenthal (VCs and hosts of Acquired): Top investment lessons, what makes the best tech companies, and more

What separates investments in the very best companies from the rest? In this month’s episode of Onward, CEO Ben Miller is joined by the hosts of Acquired, a podcast that looks into the stories and playbooks of history’s greatest companies, to learn where remarkable success in venture capital comes from. Together with Ben Gilbert and David Rosenthal, the three discuss a range of topics, including: the importance of letting your winners ride, the story of Sony in the wake of World War II, and the

Sep 15, 2022 • 50:00

6: Building homes for rent

6: Building homes for rent

In this month’s episode of Onward, CEO Ben Miller and co-host Cardiff Garcia are joined by Fundrise COO Brandon Jenkins to discuss one of the most exciting and fast-growing segments of Fundrise’s real estate investment strategy: built-for-rent single-family housing. Plus, Kendall Davis is back to answer a few hard-hitting questions from investors. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise

Aug 18, 2022 • 51:55

5: Transforming Venture Capital

5: Transforming Venture Capital

In this month’s episode, we have something a bit different than our typical programming: Fundrise CEO Ben Miller talks with co-host Cardiff Garcia about a big announcement – the Fundrise Innovation Fund, a brand new investment product and our entry into the world of venture capital, the next financial sector Fundrise aims to disrupt and make available to investors of all types and sizes. Plus, Kendall Davis is back with a new batch of investor and podcast listener questions for Ben to answer.

Jul 18, 2022 • 57:29

4: The incoming recession

4: The incoming recession

Coming off a week where inflation hit a 40-year high and consumer sentiment came in at a record low, Ben Miller talks with co-host Cardiff Garcia about our perspective on how we think about navigating an increasingly unpredictable macroeconomic environment by focusing on fundamentals. Plus, hear a new segment where we answer questions from Fundrise investors about the current state of the economy. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is

Jun 15, 2022 • 37:35

3: The future of private equity

3: The future of private equity

Today, Ben Miller and Cardiff Garcia dive deep into the past, present, and future of the private equity industry, including how it grew to become so powerful and why it may be ripe for disruption. If you've ever wanted to better understand the world of private equity investing, this episode is for you. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Au

May 17, 2022 • 49:48

2: On inflation and uncertainty

2: On inflation and uncertainty

On this episode, Ben Miller, co-founder and CEO of Fundrise, is joined by Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Ben and Cardiff discuss the global economic environment, including the war in Ukraine and rising inflation, before diving deep into how Fundrise approaches investing in the midst of uncertainty through systematic scenario planning.

Mar 30, 2022 • 45:06

1: Pilot

1: Pilot

In the premiere episode co-hosts Ben Miller, Co-Founder and CEO of Fundrise, and Emily Peck, Content Director at Fundrise, dive into Fundrise’s Q3 performance — “an overnight success years in the making.” Ben explains why the company is investing in single-family rentals, how millennials think about real estate, and how the commercial real estate market has yet to truly adjust to the changes set in motion by the pandemic. Plus, Ben and Emily talk about what happened to Zillow’s much ballyhooed i

Dec 11, 2021 • 31:05

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