BC ECONOMY
Saved by @Jacobtldr

1/ How to raise a real estate fund (and, ideally, avoid getting sued)

Have warned everyone it’s better to raise capital deal-by-deal, bc it’s easier to raise & bc it's better for the sponsor. Still, there’s interest in learning how to do a fund… so, here goes.

 2/ Don’t think of doing this unless you have a record of successful deals, ideally mostly/all in the same asset class / strategy.

Remember: You will be asking LPs to invest in YOU; they need to feel like you know what you’re doing.
3/ Really helps to have a list of prospective LPs BEFORE you start your raise. The more high-quality leads you have, the more likely you are to succeed. (I built my list via my blog initially; now twitter leads predominate - see my bio.)
4/ Find an experienced attorney. Doesn’t need to be a huge, expensive firm, but you want someone who has done a lot of private offerings before. Don’t agree to a big fee yet… at first, you just want a few hrs of her time for advice.
5/ Find an experienced CPA. Ideally, your existing CPA has worked on a lot of private deals before. If not, get a new one. Prospective LPs need confidence that someone good is overseeing the bookkeeping and doing the tax prep.
6/ Structuring the fund: How much are you raising? Is it a 5% pref or an 8%? Who gets what upside? This is where the experienced attorney & CPA come in… they should be able to tell you what “market” is, where you can push, etc.
7/ Overlooked issue: How much you’re raising. Target is so important - you want to be ambitious, without setting the bar so high that you look like a failure if you miss (our Fund 1 targeted $10MM, got $3.8MM. Whoops!)
8/ Overlooked issue: Closing dates. Want multiple closings: Initial Closing (“IC”), when 1st LPs join & at least one more. It’s hardest to get earliest $, so incentivize it to come in at IC. Want another close bc it’s easier to raise once there is social proof.
9/ Once you have proposed terms, go talk to most likely / largest potential LPs, to make sure they like the strategy and proposed terms. No sense in spending $$$ & time to do the docs if you’re going to get quick “no’s” from your list.
10/ Assuming LPs are on-board, it’s time to hire the lawyer to prepare docs: Operating Agreement governing the fund entity (prob an LLC), Private Placement Memorandum explaining terms, then Subscription Book for people to sign to join.
11/ Now you need a marketing deck. I tried to market Fund 1 w just the PPM - dumb. Even sophisticated investors respond to pics, charts, etc. So hire a good designer. Make sure attorney blesses final product.
12/ Now you’re ready to go. Reach out to the people on your list with a short email and the deck. Remember, you’re not selling an investment yet… right now, you just want a call or meeting to discuss.
13/ For us, getting to a “yes” from an LP typically requires at least one, and sometimes two, hour-long calls, then often some follow-up email exchanges for clarification. Big LPs will want to do more diligence… be willing to be transparent.
14/ At this point, you should have a spreadsheet (or, even better, a CRM) showing all your prospective LPs, where you are in the process with each, and whether they’ve “soft-committed” or “hard-committed”.
15/ A “soft-commit” is verbal or emailed confirmation they’re in, plus an amount. As you get close to the closing date, follow up & ask “soft-commits” to complete the subscription booklet. A completed sub book is a “hard-commit”.
16/ Once you hit your minimum raise (ideally, before scheduled closing date), tell everyone on the fence that the deal is actually happening. You’ll be amazed how many fence-sitters end up coming in, once the fund is real.
17/ Closing is signing the sub books, signing the Operating Agreement, and distributing counter-signed sub books and executed OA to your investors.
18/ Now, the hard part begins… you’ve got to go find good deals to do, or this will be the only fund you’ll ever raise!

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$600/wk Unemployment Insurance cannot deliver the benefits of a $600/wk Job Guarantee. From the outset, I should say JG is not a replacement for UI, no matter what you may have heard. I’ll get to this later, but read this long 🧶 w/ that in mind.


Automatic stabilization: Both $600/wk UI and JG will provide counter cyclical spending. But UI will be weaker. Counter-cyclical stabilization is not just about the absence of income. It is also about the transmission and structure of economy

Firms don't like to hire the unemployed. Mass and long-term unemployment make the problem worse. JG would recover labor markets much faster than a UI of the same amount, both b/c of the higher direct, induced & tertiary employment effects & b/c of private firm hiring preferences.

JG stabilizes spending patterns better. Uncertain job prospects may mean more cautious spending from the unemployed compared to those w/ guaranteed jobs.
UI is temporary, which makes matters worse. Even if it were permanent, it still won't resolve the problem of job scarcity.

Nations who once achieved tight full employment through active labor market policies demonstrate that unemployment does NOT fluctuate the same way it does w/o them. Direct employment, ELR type policies diminish drastically/even eliminate these amplitudes (eg postwar Japan/Sweden)
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Inflation is always and everywhere a monetary phenomenon RELATIVE to real economic activity. This last part is key.

Also, measuring “the money supply” is a tricky thing, because it lives and breathes with the economy.
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Aboriginal and Torres Strait Islander Peoples in Australia, suffer grossly disproportionate rates of disadvantage against all measures of socio-economic status.
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State, territory & federal governments have introduced programs, & continue to seek to identify further methods, for redressing this disadvantage.
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A plethora of government programs have proven to be inadequate when considered against the requirement to raise Indigenous People to a position of equality in Australian society.
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The final report card for the 2008-2020 Closing-The-Gap-Program found the program only partially met 2 of the 7 outcome. 12 years on Aboriginal People still have a life expectancy a full decade less than white

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Last month, Texas resident Royce Peirce paid $387.70 to heat his two-story house. This month, he owes $8,162.73 — and counting.

Amid freezing temperatures and another looming winter storm, Texans are facing a second crisis: astronomical power

Why are these energy bills so high? You can thank Texas’s power grid for that.

The U.S. is divided into three grids: one covers the eastern states, another the western states, and then there’s the Texas grid, ERCOT, which covers nearly the entire state.

Now you might be wondering: Why does Texas have its own power grid?

If you’re familiar with the state’s history and public policy, you probably already know the answer. In short, Texas has its own grid to avoid dealing with the federal

What we’re witnessing now is a collapse of the state’s power grid.

Amid freezing temperatures, the imbalance between Texas’s staggering electricity demand and its limited supply caused prices to skyrocket from $20 per megawatt hour to $9,000 per megawatt hour — a 450% increase.

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Thread: Why Kenya and other countries are introducing Digital Taxes? Why now?

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Thus, in most countries, for a business to be pay corporate tax it has to have some form of nexus there (e.g. Kenya). Either it's registered here, or it's managed from here or it has what we call a permanent establishment (also implies some form of physical presence)

Fast forward to today, there are numerous companies that are able to operate in multiple countries without having any physical presence in those countries. Consider social media platforms or streaming services, with a device, connection & subscription you can access their service

...and they don't have to have any physical office or employees etc in Kenya for them to deliver the service to you. I mentioned above that to be subject to corporate tax here, a company would have to have some form of nexus here in Kenya, these companies, don't.
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here is hate against Vaishnavas
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So there's a class of puzzles called "river crossing puzzles" which involve having to cross a river on a boat/bridge containing some set of individuals/items with restrictions on which ones can be on the boat/left on each shore, right?

and the most common subclass of these problems is the one where you have 3 items/animals to cross with.
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the idea is that your boat can only carry one item at a time, but if you leave the wolf/fox unattended with the goat/goose, the wolf/fox will eat the goat/goose.
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We should stop confusing what someone was doing when we became aware of them with all they are capable of, interested in, or ever hope to be

Let folks have their many talents, interests and gifts. Life is far more fun with variety, loves.

A lot of folks have come to know me as an activist & I’m grateful that folks care to know me at all.

But I wasn’t born in 2014. I was a whole teacher, executive, policy person, speaker, arts and culture lover, reader, writer, woman of faith, fashion and more before 4 yrs ago 🤷🏾‍♀️

We rightfully complain that marginalized people are not allowed to be fully human.

But we internalize and transfer our oppression daily. It’s a smog. We all breathe it in & act it out.

And then tell WoC “girl ain’t you supposed to be a _______? Why you doing ____?”

Can I live?

And don’t go reading anything personal into this-this isn’t about me necessarily and it’s no subtweet (I try hard not to do that.)

I’ve just been observing that behavior more and more lately. Especially when it comes to marginalized folks.

Evolution should be our aspiration.

“Can’t knock the hustle” should be our anthem.

As long as someone isn’t bringing active and continual harm, why can’t they explore their many sides?
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Viruses and other pathogens are often studied as stand-alone entities, despite that, in nature, they mostly live in multispecies associations called biofilms—both externally and within the host.

https://t.co/FBfXhUrH5d


Microorganisms in biofilms are enclosed by an extracellular matrix that confers protection and improves survival. Previous studies have shown that viruses can secondarily colonize preexisting biofilms, and viral biofilms have also been described.


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