Tag: The Millionaire Next Door

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How Cliffwater Is Democratizing Private Market Access with Phil Huber (Ep. 84)

How Cliffwater Is Democratizing Private Market Access with Phil Huber (Ep. 84)

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Is private equity still worth it, and can everyday investors finally get access without the complexity?

Robert Curtiss, CFP,® welcomes back Phil Huber, Managing Director and Head of Portfolio Solutions at Cliffwater, to unpack the rise of evergreen private equity funds, an innovation reshaping the private investing landscape.

Phil explains how Cliffwater’s newly launched Evergreen Private Equity Index is giving advisors better visibility into performance, while opening doors for accredited and even unaccredited investors to tap into long-term private market strategies.

Expect an honest look at tradeoffs, manager due diligence, and the evolution of access, with a side of market context as the AI boom and public market concentration unfold.

What to expect:

  • Why private equity has outperformed public markets over time
  • How evergreen structures are simplifying access for investors
  • What Cliffwater’s new index reveals about fund performance and dispersion
  • Key factors that determine success or failure in private equity portfolios
  • And more!

Resources:

Connect with Robert Curtiss:

Connect with Phil Huber:

About Our Guest:

Phil is a Managing Director and Head of Portfolio Solutions for Cliffwater, based in their Chicago office. In this role, Phil leverages his prior experience as a wealth management CIO to produce and curate investment research, advise on product strategy and positioning for the firm’s growing platform, and help establish and strengthen relationships with the nation’s leading wealth management firms.

Prior to joining Cliffwater, Phil was the Chief Investment Officer for Savant Wealth Management. He earned a bachelor’s degree in finance from the Kelley School of Business at Indiana University. He is a CERTIFIED FINANCIAL PLANNER™ professional, has attained his Chartered Financial Analyst® (CFA®) designation, and is a member of the CFA Society of Chicago.

Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the U.S., which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

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How to Invest Beyond the Magnificent Seven Stocks with Andrew Hull, CFA (Ep. 83)

How to Invest Beyond the Magnificent Seven Stocks with Andrew Hull, CFA (Ep. 83)

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As markets surge on the backs of the Magnificent Seven, are investors missing what’s happening off the radar?

Robert Curtiss, CFP®, is joined by Andrew Hull, CFA, Vice President and ETF Strategist at First Trust, to unpack overlooked investment opportunities that may hold stronger long-term value than today’s most-hyped tech names.

Andrew explains how today’s market is historically concentrated and why that creates risk and opportunity. From the reshoring of American industry to massive grid upgrades and the rise of water-cooled data centers, this conversation clarifies themes that may shape the future of returns.

What to expect in this episode:

  • How AI’s energy demand is disrupting grid infrastructure planning
  • Why tariffs and trade policy are driving a rebirth of U.S. manufacturing
  • The surprising institutions most vulnerable to cyberattacks
  • How water usage is becoming a critical factor in chip and data center expansion
  • And more!

Resources:

Connect with Robert Curtiss:

Connect with Andrew Hull:

LinkedIn: Andrew Hull, CFA

About Our Guest:

Andrew Hull is a seasoned financial professional with a robust background in exchange-traded funds and commercial banking. Currently serving as Vice President and ETF Strategist at First Trust, he has cultivated a deep understanding of monetary authorities and central banking dynamics. With over a decade of experience at First Trust, including roles as an Economic Analyst, Andrew has demonstrated a strong commitment to financial strategy and analysis. Prior to this, he held a Vice President position at Columbia Bank, where he honed his skills in commercial banking. Andrew graduated from Wheaton College with a Bachelor’s Degree in Business Economics, which laid the foundation for his analytical expertise. His career reflects a blend of strategic leadership and technical financial acumen, positioning him as a valuable asset in the finance sector. He is particularly interested in the intersection of finance and emerging technologies, aiming to leverage innovative solutions in investment strategies. Andrew’s professional journey exemplifies adaptability and a dedication to continuous learning in a rapidly evolving industry.

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Why Infrastructure May Be the Most Underrated Asset Class of 2025 (Ep. 82)

Why Infrastructure May Be the Most Underrated Asset Class of 2025 (Ep. 82)

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When electricity demand in the U.S. hit a record-breaking high on July 28th, 2025, it wasn’t a blip; it was a signal. 

In this powerful follow-up to Episodes 69 and 78, Robert Curtiss welcomes back Michael Underhill, founder and CIO of Capital Innovations, to unpack the megatrends shaping the future of investing.

From surging AI-driven capital expenditures to the multi-trillion-dollar rebuild of America’s power grid, Michael outlines why infrastructure is no longer a “nice to have” but an essential portfolio diversifier. He explores how interest rate cycles, inflation, and the evolving definition of risk are impacting investor behavior and how private infrastructure may offer consistent returns, lower volatility, and true non-correlation in today’s concentrated markets.

What to expect:

  • Why is electricity demand rising faster than forecasted?
  • The three infrastructure megatrends to watch through 2050
  • How to think like an institutional investor with alternatives
  • The real reason private infrastructure may outperform in downturns
  • And more!

Resources:

Connect with Robert Curtiss:

Connect with Michael Underhill:

About Our Guest:

Michael Underhill is the Chief Investment Officer of Capital Innovations, a firm focused on infrastructure, energy, and ESG-aligned strategies. With decades of investment experience, Michael brings a deep understanding of macro trends and emerging opportunities in private and public markets. His team manages infrastructure-focused portfolios designed to align long-term capital with long-term value creation.

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Why Private Markets Are Reshaping Investment Strategy in 2025 with Tony Davidow (Ep. 81)

Why Private Markets Are Reshaping Investment Strategy in 2025 with Tony Davidow (Ep. 81)

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What happens when public markets no longer provide the diversification they once promised? In this episode, Robert Curtiss, CFP®, is joined by Tony Davidow, Senior Alternatives Investment Strategist at the Franklin Templeton Institute, to explore the tectonic shifts transforming private markets.

Tony shares insights from decades of experience working with institutional capital, family offices, and advisors. He breaks down the evolution of private equity, real estate debt, and evergreen structures and why today’s investors may be missing out on an illiquidity premium worth 3–5% per year. 

From secondaries to real estate, digital infrastructure to target-date funds, this conversation offers a masterclass in building smarter portfolios in an uncertain world.

What to expect in this episode:

  • Why diversification is broken and what’s replacing it
  • The rise of evergreen investment structures for individuals
  • How institutions use illiquidity to their advantage
  • What 401(k) plans and retirement models could look like soon
  • And more!

Resources:

Connect with Robert Curtiss:

Connect with Tony Davidow:

About Our Guest:

Tony Davidow is responsible for developing and delivering the Franklin Templeton Institute’s insights on the role and use of alternative investments through independent research, participating in industry conferences, webinars and engaging directly with key partners and clients. He also serves as the host of the Alternative Allocations podcast series. The Franklin Templeton Institute harnesses the depth and breadth of the firm’s global investment expertise and extensive in-house research capabilities to deliver unique investment insights to our clients.

Prior to his current role, Davidow was retained by Franklin Templeton to develop a comprehensive Alternative Investment educational program for financial advisors. He previously held senior leadership roles with Morgan Stanley, Guggenheim, and Schwab, among other firms. Davidow began his career working for a New York-based family office and has worked directly with many institutions and ultra-high-net-worth families over the years. He is a frequent writer and speaker with deep expertise in the use of alternative investments, asset allocation, and portfolio construction, as well as goals-based investing.

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Time vs. Timing the Market with Miles Clark (Ep. 80)

Time vs. Timing the Market with Miles Clark (Ep. 80)

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It’s the dog days of summer, but the market hasn’t gone to sleep.

Robert Curtiss welcomes back frequent guest Miles Clark from Dorsey Wright for a timely conversation on where we are and where we might be headed. 

From all-time market highs to yellow-flag participation levels, this episode dives into the realities behind performance, volatility, and how history favors the long view.

You’ll hear:

  • Why staying invested may beat trying to time the market
  • A 70+ year study that shows the power of consistent participation
  • What sector strength and declining breadth are signaling now
  • The surprising leadership of international equities and green energy
  • And more!

Resources:

Connect with Robert Curtiss:

Connect with Miles Clark :

About Our Guest:

Miles currently works as a Research Analyst for Nasdaq Dorsey Wright (DWA), a boutique investment advisory and asset management division of Nasdaq focused on providing quantitative strategies to Wall Street and professional money managers globally. Since 1987, DWA has been a recognized expert in relative strength and momentum through the application of Point & Figure (XO) charting, as well as a thought leader in tactical portfolio construction.

Miles joined the DWA team as an intern in 2021 and now creates technical-based analysis and client-facing research in the firm’s Daily Market Analysis segment, with more focused coverage in the communication services, industrials, and cryptocurrency spaces. Other areas of involvement to note include supplementing broad-based technical indicators and research projects, and the creation of weekly media distributed to prospective clients.

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What the Second Half of 2025 Could Mean for Investors with Peter Repetto (Ep. 79)

What the Second Half of 2025 Could Mean for Investors with Peter Repetto (Ep. 79)

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Markets have been anything but predictable in 2025, yet resilience continues to surprise investors. 

In this midyear outlook episode, Robert Curtiss is joined by Peter Repetto, Vice President and Investment Strategist at iCapital, to unpack where the economy stands and where it may be heading next.

With deep insights drawn from Peter’s team-wide strategy review, they explore how markets are absorbing trade volatility, policy shifts, and inflation risks and why there’s room for optimism. They also dive into key opportunities across both public and private markets, including middle-market buyouts, infrastructure, and asset-based lending.

What to expect in this episode:

  • Why “American exceptionalism” may still hold firm
  • What risks to watch for in the second half of 2025
  • Where private market opportunities are gaining traction
  • How to approach portfolio allocation in a data-driven, uncertain world
  • And more!

Resources:

Connect with Robert Curtiss:

Connect with Peter Repetto:

About Our Guest:

Peter is a Vice President and Investment Strategist at iCapital, focusing on developing and delivering research, investment ideas, and thought leadership content for external and internal audiences on behalf of iCapital’s Investment Strategy team. Prior to joining the firm, Peter spent over eight years at Franklin Templeton Investments, where he contributed to their asset allocation strategy and macroeconomic research. Peter holds a BA in Economics from Fairfield University.

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The Ongoing Demand for Infrastructure Investments (Ep. 78)

The Ongoing Demand for Infrastructure Investments (Ep. 78)

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A power shift is underway. And it is not just political or technological. 

In this episode of The Millionaire Next Door, host Robert Curtiss sits down with Michael Underhill, Chief Investment Officer at Capital Innovations, to explore the seismic transformation in infrastructure and energy investing.

With humor, historical context, and deep industry insight, Michael compares this moment to Led Zeppelin’s debut, when a once-niche phenomenon suddenly became the main event. The episode unpacks the $112 trillion global energy transition, the exponential rise of AI-fueled electricity demand, and how public and private capital must unite to power the next generation of growth.

Expect insight into:

  • Why energy demand is expected to jump 14x by 2030
  • The accelerating rise of nuclear, natural gas, and methane recapture
  • How digital infrastructure (data centers, 5G, fiber) is reshaping investing
  • Why the U.S. infrastructure report card is a wake-up call and an opportunity

This conversation is more than a forecast. It is a call to understand the world you are retiring into and how to invest in what is coming next.

Resources:

Connect with Robert Curtiss:

Connect with Michael Underhill:

About Our Guest:

Michael Underhill is the Chief Investment Officer of Capital Innovations, a firm focused on infrastructure, energy, and ESG-aligned strategies. With decades of investment experience, Michael brings a deep understanding of macro trends and emerging opportunities in private and public markets. His team manages infrastructure-focused portfolios designed to align long-term capital with long-term value creation.

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How You Can Build Better Returns in an Uncertain Economy with Zachary Levenick (Ep. 77)

How You Can Build Better Returns in an Uncertain Economy with Zachary Levenick (Ep. 77)

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In today’s financial world, headlines shift by the hour, and uncertainty feels like the new norm. 

But what if this volatile environment is actually full of opportunity?

In this insightful episode, Robert Curtiss speaks with Zachary Levenick, a seasoned hedge fund executive turned family office investor, about why today’s market isn’t just chaotic, it’s promising. From his global experience managing funds in New York, London, and Latin America, Zach shares his perspective on why volatility may actually signal better potential returns, if you know where to look.

They explore everything from small-cap inefficiencies and underpriced opportunities to the dangers of chasing overvalued giants. Plus, Zach shares why he’s cautious on private credit and where the democratization of alternatives is heading next.

What to expect in this episode:

  • Why wide outcome ranges can unlock better returns
  • What most investors miss about market cycles and timing
  • Where public and private market inefficiencies are hiding
  • How individual investors can access institutional-quality alternatives
  • And more!

Resources:

Connect with Robert Curtiss:

Connect with Zachary Levenick:

About Our Guest:

Before joining THG, Mr. Levenick was a Principal of Taconic Capital Partners, LP (“Taconic”), a multi-billion dollar New York-based private investment firm. Mr. Levenick co-managed the firm’s London-based European operations and was Portfolio Manager for European Equities investing, where focus areas included consumer products, retail, and general industries. He also established and oversaw Taconic’s public and private investment efforts in Brazil, Mexico, Chile, and Argentina, where focus areas included education and logistics. While at Taconic, Mr. Levenick also developed extensive experience in special situations and cross-asset class investing. Mr. Levenick spent 18 years at Taconic, after joining the firm in 2002 as a research associate. Before his career at Taconic, Mr. Levenick worked at J.P. Morgan in investment banking.

Mr. Levenick is a former Director of Barnes and Noble Education (NYSE: BNED).

Mr. Levenick graduated from Harvard College magna cum laude with a degree in History and Literature (Medieval).  He resides with his family in Southern California.  They support a number of educational, outdoor, and local philanthropies in the US and UK.

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What You Need to Know About Private Credit with Mark Gatto (Ep. 76)

What You Need to Know About Private Credit with Mark Gatto (Ep. 76)

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With public markets still shaky despite recent rebounds, many investors are looking for more stability, without sacrificing returns. 

In this timely episode, Robert Curtiss sits down with Mark Gatto, co-founder and co-CEO of CION Investments, to unpack how private credit and infrastructure investing can offer stable, reliable alternatives for individual investors.

They discuss the growing accessibility of alternative investments, the yield potential of private credit, and why “boring” may be the new smart in today’s market. Mark also shares how CION’s platform was designed specifically for individual investors, unlike most institutions that only cater to the ultra-wealthy.

What to expect from this episode:

  • Why the majority of high-performing companies are still private—and how to access them
  • How regulatory changes post-2008 created opportunity in private credit
  • The appeal of yield-focused alternatives in a volatile equity environment
  • What to look for when choosing private market managers
  • And more!

Resources:

Connect with Mark Gatto:

Connect with Robert Curtiss:

About Our Guest:

Mark Gatto is Co-Founder, Co-Chief Executive Officer, and Co-President of CION Investment Group, CION Investment Corporation (CIC), and CION Grosvenor Infrastructure Fund.

He is also a Director and Co-Chief Executive Officer of CION Ares Diversified Credit Fund (CADC). Mr. Gatto serves on the investment committee of CIC and the investment allocation committee of CADC.

Mr. Gatto joined CION in 1999. He served as Executive Vice President and Chief Acquisitions Officer from May 2007 through January 2008. He served as Executive Vice President of Business Development from May 2006 through May 2007 and Vice President of Marketing from August 2005 through February 2006. He was also Associate General Counsel from November 1999 until October 2000.

Previously, Mr. Gatto was an executive for a leading international product development and marketing company from 2000 through 2003. Later, he co-founded a specialty business-consulting firm in New York City, where he served as its managing partner before re-joining CION in 2005. He was also an attorney in private practice prior to joining the firm.

Mr. Gatto received an M.B.A. from the W. Paul Stillman School of Business at Seton Hall University, a J.D. from Seton Hall University School of Law, and a B.S. from Montclair State University.

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Identity Theft: Why It’s Inevitable And What You Can Do About It with Robert Brennan (Ep. 75)

Identity Theft: Why It’s Inevitable And What You Can Do About It with Robert Brennan (Ep. 75)

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It’s not if you’ll face identity theft, it’s when. 

In this powerful episode, Robert Curtiss sits down with seasoned trial attorney Robert Brennan, an experienced professional in identity theft cases, to unpack the alarming realities of this modern-day crime. From fraud rings targeting disaster victims to the surprising statistic that nearly every American’s data is already on the dark web, Brennan delivers a wake-up call for anyone who thinks they’re immune.

You’ll hear real-life stories of how identity theft happens, often from the people you trust most, and learn practical, actionable steps to safeguard your financial life. Robert also shares essential insights on the legal remedies available when the unthinkable happens, and why building a strong team of trusted professionals can make all the difference.

What to expect from this episode:

  • The top misconceptions about identity theft—and the hard truths
  • Why monitoring your credit is no longer optional
  • How to protect elderly family members from scams
  • Why vigilance and proactive action are your best defence
  • And more!

Resources:

Connect with Robert Brennan:

Connect with Robert Curtiss:

About Our Guest:

Southern California’s leading law firm in consumer protection law and serious personal injury cases. Robert Brennan is a trial attorney, setting him apart from about 98% of practicing attorneys who don’t want to take cases to trial. He has successfully tried several serious personal injury cases and has a series of 7-figure verdicts and settlements. He also has seven-figure and high-six-figure results in Fair Credit Reporting Act cases (false information on credit reports), Identity Theft cases, and Lemon Law cases (defective cars, boats, RVs, and motorcycles that the manufacturer cannot fix under warranty). The firm reviews most cases free of charge to see if they can assist. 99% of the practice is in the greater Southern California area.

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