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

Reliable income is harder to find when markets shift, and traditional tools feel less predictable. Many investors are looking for new ways to generate cash flow without stepping away from equity exposure altogether. This week, Robert Curtiss welcomes Matt Kaufman, Head of ETFs at Calamos Investments, to explain how auto-callable strategies work and why they are gaining attention. They break down how equity-linked income differs from bonds, how coupons are generated, and where these tools may fit inside a portfolio. The conversation also covers risk considerations, tax treatment, and how ETFs are changing access to structured strategies. Key points: How equity markets can be used to generate consistent monthly income instead of relying on bonds Why auto callable strategies trade upside participation for predictable cash flow How downside barriers work and when coupons may pause or resume Tax treatment differences compared to traditional fixed income Where auto-callable ETFs may fit alongside equities, munis, or covered call strategies And more! Resources: Educational videos (bottom of the page) Connect with Matt Kaufman: LinkedIn: Matt Kaufman Website: Calamos Investments Connect with Robert Curtiss: [email protected] (626) 795-2944 About Robert Curtiss  LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA About Our Guest: Matt Kaufman serves as SVP, Head of ETFs at Calamos Investments, where he leads the firm’s ETF business. Matt joined Calamos Investments in 2023 as an accomplished financial services executive with more than 20 years of experience serving the asset management and insurance industries across North America, Europe, and Asia. Matt has designed, led, and helped build hundreds of exchange-traded funds (ETFs), unit investment trusts (UITs), indexes, variable insurance trust funds, registered index-linked annuities, fixed annuities, and closed-end funds. He is also a sought-after source by leading financial publications and is a frequent speaker at industry conferences and events. Prior to Calamos, Matt spent more than a decade at Milliman, Inc., where he served as President of the firm’s broker/dealer (Milliman Investment Management Services LLC) and as a principal of the firm’s $170b RIA (Milliman Financial Risk Management LLC). Matt also draws from his prior experience at PowerShares ETFs, where he helped the firm grow during the formative years of the ETF ecosystem. Matt earned a B.A. in Public Administration and Economics from Cedarville University and maintains Certified ETF Advisor (CETF®) and Professional Certified Marketer® designations through The ETF Institute and American Marketing Association, respectively. He also holds FINRA Series 7, 63, and 24 and CFTC Series 3 licenses.

If you own investment property in California, you may have wondered how to handle the built-up gain without losing a significant portion to taxes.  Robert sits down with Damian Gallagher, Senior Vice President at Blue Rock, for a grounded, practical walkthrough of 1031 exchanges and DSTs. The conversation opens with the history of 1031 rules, then moves into what actually happens when you sell, how timelines work, and why so many investors struggle with the 45-day identification window.  Damian also explains DSTs in plain language, including when they might help reduce hands-on management and how they fit into long-term estate planning. What to expect: How like-kind rules truly work The 45-day and 180-day deadlines are explained in real terms When DSTs may help simplify life for aging investors The lesser-known 1033 disaster exchange option And more! Resources: Educational videos (bottom of the page) Connect with Damian Gallagher: LinkedIn: Damian Gallagher Bluerock Capital Markets, LLC. Connect with Robert Curtiss: [email protected] (626) 795-2944 About Robert Curtiss  LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA This information is educational in nature and does not constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. Bluerock is not adopting, making a recommendation for or endorsing any investment strategy or particular security or promoting the individuals or businesses referenced. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before participating in any investment. All investing is subject to risk, including the possible loss of principal. Bluerock cannot guarantee that the information herein is accurate, complete or timely. Past Performance does not guarantee future results. There are a number of significant risks that should be considered and reviewed when considering an investment in real estate or real estate securities. This is neither an offer to sell nor a solicitation of an offer to buy the securities. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. Our website must be read in conjunction with the applicable offering documents in order to understand fully all of the implications and risks of the offering of securities to which it relates and a copy of the offering documents must be available to you in connection with any offering. Securities offered through Bluerock Capital Markets, LLC | Member FINRA’s  BROKERCHECK® Affiliated with Bluerock Real Estate, LLC

It is not often that an economic moment feels this confusing for everyday people, and Robert Curtiss knows it.  That is why he brings economist Bryce Gill, economist and national speaker with First Trust Advisors, into a conversation that puts words to the shifts everyone is sensing but few can explain clearly. Robert approaches the discussion the same way he approaches client conversations. He slows things down, asks the questions people are wrestling with, and pulls out insights that make a complicated world easier to understand. Together, Robert and Bryce explore how global supply chains are being rebuilt, why inflation feels so different from what the data suggests, and how AI and automation are reshaping opportunities for younger workers.  What to expect from this release: How global reshoring and demographic changes are reshaping inflation and economic growth Why younger workers are struggling to find traction and how AI is influencing hiring What rising regional shifts inside the United States reveal about long-term economic power How market concentration within a handful of companies may affect future returns and consumer behavior And more! Resources: Educational videos (bottom of the page) Connect with Bryce Gill: First Trust LinkedIn: Bryce Gill Connect with Robert Curtiss: [email protected] (626) 795-2944 About Robert Curtiss  LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA About Our Guest: A resident of Austin, Texas, Bryce graduated from Miami University of Ohio with a bachelors degree in economics and received an MBA from the University of Texas. An economist and designated national speaker with First Trust he works directly with his colleague Brian Wesbury in the creation of the firm’s widely read weekly “Monday Morning Outlook.” In 2022, First Trust’s work was recognized by its receiving the highly coveted Consensus Economics Award for most accurate economic forecasting. With a highly energetic speaking style and a scholar’s understanding of current economic matters, Bryce is a frequent guest on financial related podcasts and other media platforms, as well as a speaker at numerous public forums with his listeners remarking upon his ability to make the often difficult to understand both understandable and interesting. In his presentation on “The Dawn of the Era of Volatility” Bryce will be focusing in his talk on describing the coming changes in the global and US economy and how investment advisors can best prepare their investor’s portfolios for those changes in the years to come.

When most investors think about private credit, they picture direct lending. But as Tod Trabocco, Head of Private Debt Advisory at StepStone Group, makes clear, it’s much more nuanced than that.  With over two decades in the space, Tod walks us through the four silos of private credit, including corporate, asset-based, asset-backed, and risk-sharing strategies, using unforgettable examples like leasing aircraft and monetizing Van Halen’s music catalog. Listeners will learn: Why private credit offers control that public markets don’t How bilateral negotiation changes risk dynamics What recent high-profile defaults reveal (and what they don’t) Why institutions are doubling down on asset-based finance And more! Resources: Educational videos (bottom of the page) Connect with Tod Trabocco: StepStone Group LinkedIn: Tod Trabocco, CFA Connect with Robert Curtiss: [email protected] (626) 795-2944 About Robert Curtiss  LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA About Our Guest: Mr. Trabocco is Head of Private Debt Advisory for StepStone Private Debt. He is responsible for helping public and private pension plans, endowments, and foundations build private credit portfolios and sits on the Private Debt Advisory Investment Committee. Prior to joining StepStone Private Debt, Mr. Trabocco served as a consultant and product specialist at Aksia, where he sat on the firm’s credit fund investment committee. Prior to Aksia, he served as Head of Product for ITE Management, a leading transportation leasing fund. Prior to that, he was Cambridge Associate’s first Head of Private Credit, and chaired that firm’s Credit Investment Committee. He began his career in private credit in 2005 as Head of Research and Underwriting for LBC Credit Partners, now CIFC’s direct lending unit. He holds an MBA from Columbia Business School and a MALD from the Fletcher School of Law and Diplomacy at Tufts University.

Why do 90% of heirs walk away from their parents’ advisor? Robert Curtiss welcomes Natasha Kennedy, a former Wall Street professional turned mental health therapist, to explore why the Great Wealth Transfer is at risk of becoming the Great Disconnect.  With $124 trillion poised to change hands in the next two decades, this episode tackles the emotional, behavioral, and generational blind spots advisors must navigate to retain relationships across family lines. Expect insights on: Why wealth transfer isn’t just about documents and dollars How silence, secrecy, and emotional discomfort disrupt legacy Small, powerful actions advisors can take to build trust with heirs What younger generations actually want from a financial advisor And more! Resources: Educational videos (bottom of the page) The Five Pillars of Performance with PJ Nestler (Ep. 59) “The Comfort Crisis” by Michael Easter “The Richest Man in Babylon” by George S. Clason Let’s Communicate Before We’re Gone with Pat Miles Zimmerman (Ep. 31) From Denial to Deliberate: Planning for Life’s Final Moments with Pat Miles Zimmerman (Ep. 42) Connect with Robert Curtiss: [email protected] (626) 795-2944 About Robert Curtiss  LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA Connect with Natasha Kennedy: LinkedIn: Natasha Kennedy Citron Hennessey Therapy About Our Guest: Natasha believes that growth is inevitable for those who patiently seek it. She also knows that change is usually messy, non-linear, and almost always uncomfortable. Said differently, she is profoundly aware of the vulnerability and trust required to explore the intricacies and contradictions of your inner world with another person. Natasha’s ultimate goal is to provide you with a warm and compassionate space to engage in this work together. Natasha, perhaps unexpectedly, spent the first decade of her career working in finance. Along this journey, she received her MBA from Columbia Business School. Prior to this, she received her BA in English and Psychology from Georgetown University, where her interest in storytelling and the human condition truly began. She is now pursuing her Master’s in Counseling and Mental Health from Northwestern University. Her therapeutic style draws from several theories, including Acceptance and Commitment Therapy (ACT), Cognitive Behavioral Therapy (CBT), and Narrative Therapy. It is extremely important to her that she tailors her therapeutic approach to best fit your individual needs, timeline, and desired outcome. It is her privilege to be entrusted with your story, and she commends you for courageously stepping toward the life you want for yourself.

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: Educational videos (bottom of the page) How to Build a Diversified Investment Portfolio with Phil Huber, CFA, CFP® (Ep. 70) Navigating Alternative Investments with Phil Huber, CFA, CFP® (Ep. 55) Connect with Robert Curtiss: [email protected] (626) 795-2944 About Robert Curtiss  LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA Connect with Phil Huber: LinkedIn: Phil Huber, CFA, CFP® Bps and pieces | Incremental Investing Insight 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.

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: Educational videos (bottom of the page) Connect with Robert Curtiss: [email protected] (626) 795-2944 About Robert Curtiss  LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA 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.

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: Educational videos (bottom of the page) The Role of Infrastructure in a Diversified Investment Portfolio with Matthew Moreno and Jake Kelsall (Ep. 69) The Ongoing Demand for Infrastructure Investments (Ep. 78) Connect with Robert Curtiss: [email protected] (626) 795-2944 About Robert Curtiss  LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA Connect with Michael Underhill: Capital Innovations LinkedIn: 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.

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: Educational videos (bottom of the page) “Private Markets: Building Better Portfolios with Private Equity, Private Credit, and Private Real Estate” by Tony Davidow “The cost of being too liquid” by Tony Davidow & Priya Thakur Connect with Robert Curtiss: [email protected] (626) 795-2944 About Robert Curtiss  LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA Connect with Tony Davidow: LinkedIn: Tony Davidow, CIMA® Franklin Templeton 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.

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: Reading The Market’s Pulse: Breadth, Signals, And Smart Strategy with Miles Clark (Ep. 74) Educational videos (bottom of the page) 2025 Midyear Outlook from Dorsey Wright  Connect with Robert Curtiss: [email protected] (626) 795-2944 About Robert Curtiss  LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA Connect with Miles Clark : LinkedIn: Miles Clark Nasdaq Dorsey Wright 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.