Gary Acosta's Podcast

The country is experiencing significant disruption, unlike anything we've seen since the end of World War II. A perfect storm of demographic changes, AI advancements, and political upheaval will reshape the nation forever. Some changes will be beneficial, while others will be less clear. Here's my perspective on what to expect in the next decade.  The country will be more socially liberal, but economic policy will trend more conservatively, causing wealth to become more consolidated.  While the country has historically faced short-term civil rights and multiculturalism setbacks, social policy has consistently trended more liberal. In ten years, America's heartland will be much more diverse, fostering a more inclusive mentality among the majority of Americans.  Economic policies will fluctuate, but America's image as the land of opportunity will keep them trending more conservative. Wealth will, for the most part, remain in the hands of the educated and the connected.       AI will bring down prices in many sectors, including healthcare. Artificial intelligence will improve productivity in every sector of the economy, keeping inflation for most goods and services relatively low. Americans will have universal healthcare like every other major country worldwide. AI will make healthcare more efficient and less expensive.  Misinformation will replace nuclear war as the greatest threat to civilization.  Social media giants will be dismantled, yet people will continue to receive news and information from online sources, making it increasingly difficult to access accurate, straightforward information. Misinformation will ignite military conflicts, fracture families, and lead individuals to seek guidance from trusted sources who may not always have honorable intentions. To maintain unity within the nation, a constitutional amendment that defines free speech for the modern era and allows for the criminalization of misinformation will be ratified. Following this, social media companies will face numerous billion-dollar lawsuits.  There will be only two viable cryptocurrencies, but they will be extremely valuable. Yes, crypto will be a big thing. The transparency of it will make it more appealing, and regulation and the market will eliminate most of the crap. Only two viable currencies will remain and will be worth trillions.  Theater, concerts, and other live performance art will become more popular, as will sports. Video games will begin to replace films and television as the primary source of visual entertainment. Theater, sports, and live concerts will provide human connection and a refreshing alternative to electronic entertainment.   Weight loss drugs and surgical advancements will cause obesity rates to go down, and plastic surgery will be more common.  Weight loss drugs will get better with fewer side effects, reducing obesity but making people less healthy because drugs will replace healthy lifestyles for many. Social media addiction will cause cosmetic surgery to become more common.   Real estate values will outpace other asset classes – but not all types. Malls will focus less on shopping and more on social activities and entertainment. Residential real estate will remain valuable, but mixed-use properties with a combination of residential and commercial will outpace standard apartment buildings in demand and value. Because of jobs and human connections, America's top 10 largest cities will have the strongest real estate markets.   Creativity will..

I have been writing this blog for almost eight years. In two weeks, the format will change. I will start a video series on social media titled "The Latino Brand." I will supplement the videos with a weekly news sheet emailed to my database that includes links to the video series. The videos will focus on Latino unity, leadership, and wealth building.   I have a few tips for anyone considering writing a blog. The most critical factors are patience and consistency. You don't need to be perfect, especially in the beginning, but you must remain consistent. Your content will improve over time.  After that, I recommend finding a niche, something you are recognized for. Become a subject matter expert. It's good to be provocative, but only when it's authentic. It's easy to tell when someone is trying too hard to be controversial.  Finally, be original. This is the most challenging part. Have something new to say. Most people express ideas on social media that we have all heard a hundred times. If you are a subject matter expert and consistently share content with a fresh perspective, you will find your audience over time.  Thank you for following my blog. Something new is coming. Gary 

An Alternative Perspective on Mass Deportations I expect to get some heat for the title of this blog, but I hope you hear me out. Deportations could ultimately benefit Latinos in the long run, and here is how.  Donald Trump’s central promise throughout his presidential campaign was to enact mass deportations on a scale the country has never seen. Trump repeatedly characterized undocumented people as criminals and animals. I hated that because, for one, it’s not true. The large majority of undocumented immigrants are decent, hard-working people desperate for a better life in America.  However, there are also some bad apples, violent criminals that not only terrorize our communities but also damage the image of Latinos in America. Trump promised to prioritize criminals in his deportation plans. In the first few weeks in office, the data shows that about half of the people deported thus far have criminal records – so it’s unclear if things are playing out the way he said they would, but I hope they do. I also hope he deports white undocumented criminals, not just Black and Hispanic ones.  Latinos are the only ethnic group that has fought for the U.S. in every war since the Revolutionary War. They also have the highest workforce participation rate among all demographics. Latinos are God-fearing, hard-working, and patriotic people; however, if you weren’t aware and relied solely on the media and politicians for information about Latinos, you might think Latinos are a community filled with troubles—plagued by a mountain of legal and financial problems. When, in reality, the opposite is true. Let’s be honest; undocumented criminals contribute to the persistence of this negative narrative.   About 4% of America’s workforce is undocumented. They are not the problem. Removing these essential workers is hurtful and mean-spirited. It will also undermine our economy in more ways than we can imagine. If a large number of them are deported, this administration or the next will have no choice but to find a legal way to get them back. However, few argue that removing undocumented criminals from our streets and jails is a bad idea. It could also be a good thing for the Latino brand.  Reviewing DEI Can Be Good for Latinos Little debate exists about whether companies with cultural and language skill sets will gain a competitive advantage in the coming years. The Trump administration also understands this reality. To their credit, the Trump campaign likely spent more money on Spanish language ads than any other presidential campaign in history. They understood the value of Latino voters more than their opposition did, and so do the smartest companies.  This week, there was a lot of news about Pam Biondi, the United States Attorney General, who has directed her team to initiate criminal investigations into private companies and universities with DEI programs, which, let me be clear, I believe is unfortunate. Still, ironically, the net result of this investigative process will be more clarity and transparency to the current administration and corporations on their respective boundaries. In other words, both sides will know what they legally can and cannot do.  Biondi points to the Supreme Court ruling that outlawed affirmative action in college admissions as the legal basis to force the end of private DEI programs. Last fall, Yale University reported that in their first year after the elimination of affirmative action, Black and Hispanic freshman enrollment actually increased slightly. While there will be some short-term setbacks, I expect a similar outcome for corporate America.  I would even double down. If companies are required to substantiate their investments in Hispanic markets, they will like

It has been said that government policy resembles a game of "whack-a-mole," meaning when the government tries to tackle a specific issue with a policy, it often causes new variations of the problem to emerge in different areas. In other words, "any action has an equal and opposite reaction." When taxes and regulations are reduced, as is expected in 2025, two things tend to happen: those at the bottom economically have it tougher because there are fewer safety nets and protections. Those at the top make a killing. There will always be a debate about what makes good or bad public policy, but the writing is on the wall for 2025, so let's make the most of it.  Go, Get The F-ing Money Homeownership is the gateway to the middle class, but business ownership is the path to prosperity. Latinos are inherently entrepreneurial; now is the definitive time to focus on business ownership. Consider investing in a dull but profitable company, starting a construction business, enhancing your side hustle, or discovering new ways to utilize AI or assist others in doing so. Corporate and capital gains taxes are anticipated to decrease further, making business ownership more attractive. I favor businesses with high margins and low operating costs. Stay lean, yet be aggressive. Consider this: A great plumber can make $300K in a year, but if that same person purchased a plumbing business and flipped it for a $600K profit, they would pay roughly the same in taxes. In 2025, the environment for building wealth through business ownership may reach an all-time high.   Support Each Other's Businesses DEI has become the convenient scapegoat for all failures. The irony in the criticism of DEI is that legacies and nepotism have influenced about a thousand times more college admissions, coveted internships, and C-suite appointments than DEI ever did. Many individuals throughout our economy currently hold very senior positions because of it, but that is the reality, and it's probably not going away. We can complain about it or learn to play the game. In actuality, I don't blame people too much for hiring their family and friends. You have to be intelligent about it, but I've done it, and it has generally worked out for me. With less help from government, we have no choice but to make a stronger effort to support one another. Whether it involves patronizing each other's businesses, forming partnerships, offering jobs, or simply sharing ideas, we are all stronger when we help each other. If Latinos did 10% more business with each other than they currently do, the impact on our collective wealth would be in the billions.  Pull Someone Else Up As stated above, reducing taxes and regulations will leave some people behind. If you are one of the beneficiaries, commit to helping someone else. Find someone to mentor or help. Give someone a fish, and they will eat for a day, but teach someone to fish, and they will eat for a lifetime.  My goal for 2025 is to help create an even larger army of wealth-building warriors while encouraging a culture of collaboration and mentorship. Last year, I wrote a blog titled "Your Ideas Without Money Are Just Noise." In a nutshell, it said that the ones with the money make the rules. It sounds cynical, but it's probably more true now than ever. Let's get the money in 2025 so we can save the world later 

Their Work is ImportantRealtors are in the business of making dreams come true. Owning a home is the cornerstone of the American dream. Realtors help families navigate the largest and most intimidating financial transaction of their lifetime. They serve as guides, counselors, cheerleaders, and protectors. Many of them remain friends of their clients for life. America is at its best when its citizens are stakeholders. The idea of an ownership society is one where all Americans have an ownership stake in our nation and, therefore, are vested in the nation’s well-being. Homeownership is the primary way people become stakeholders. Realtors make that happen.  They Bring Optimism and Positive EnergySales is not for the weak of heart. Rejection is a daily experience. Success in sales requires an almost irrational sense of optimism. Optimism brings positive energy to virtually any situation. Realtors are trained to reject negative thinking and surround themselves with individuals who share a positive mindset. They share these disciplines with their families, creating an environment of gratitude and positivity at home and work.    They are DreamersRealtors believe they can achieve the unachievable. They have vision boards and spend time thinking about a life of abundance. They believe in daily affirmations and reward themselves when they hit milestones. They rarely complain about things they can’t change. They mastermind with like-minded individuals and are grateful that they live in a country that rewards hard work and innovation.   They are Lifelong Learners Realtors are lifelong learners, constantly consuming books, seminars, and podcasts that give them an edge. They are continually seeking motivation and breakthrough information that can get them an inch closer to their goals. They wake up early each day, ready for battle and eager to learn something new.  I have been blessed to work with realtors for most of my life and will continue to make it my career to honor and advocate for them. 

While the fires raged in Los Angeles, some of the most powerful people in the country weren’t focused on helping the families who suffered unimaginable losses. Instead, they used their enormous platforms to blame the tragedy on their favorite target, DEI.  In less than four years, DEI went from being a widely accepted bipartisan solution for America’s precarious wealth and income gaps to the root cause of every failure known to man. A staggering feat accomplished with military precision by none other than the world’s richest man and the social media platform he purchased for the trivial price of 44 billion dollars. I’ll get back to that in a minute.  After half the world witnessed the killing of George Floyd, a Black man, murdered by a White law enforcement officer, governments, along with the majority of Fortune 500 companies, made a wave of pledges to improve economic conditions for Blacks, Latinos, and other historically disadvantaged groups. Those pledges usually included some commitment to enhance workforce diversity. Specifically, they committed to hiring more minorities in management, executive, and board positions.   While the idea sounded reasonable on the surface, it never felt authentic. Don’t get me wrong, some companies genuinely value diversity - and did so even before George Floyd. For them, DEI was business as usual, but for others, the effort seemed forced, as if someone was holding a gun to their head. I always felt that DEI was a shell game for some of those companies, especially the ones from Silicon Valley who hired chief diversity officers who reported to the CEO for optics but who, for all intents and purposes, were powerless, lacking a budget or any of the usual authority that comes with a c-suite title. A DEI strategy without any real teeth gave them a box to check without having to do anything significant.  While there was always some resistance to DEI, it was mainly on the fringes, at least until Elon Musk and fellow billionaire Bill Ackman decided to make it their mission in life to destroy it. Musk and Ackman’s arguments always manipulated the truth, but their all-out assault on DEI gave disingenuous companies the out they needed - and man, did they take it.  I must say, it’s been amusing watching some of these companies go from taking a knee in black solidarity to suddenly and in what seemed like orchestrated unison, realizing that OMG, DEI is nothing more than reverse discrimination and, of course, canceling their DEI programs and self-righteously proclaiming that discrimination in all forms is downright wrong—such virtue.  I say amusing because nothing really changes in the grand scheme of things. Those of us on the inside knew the idea of DEI, for many companies, was primarily a facade. Companies that know diversity at all levels is a powerful asset will continue to do what works for them, and the ones that don’t believe it will never change anything.  America is not a meritocracy. As much as we want it to be, it’s not - at least not yet. Eighty-five percent of all jobs are never posted, and 70% are filled from a referral. How do you think those jobs get filled? Who you know has always mattered more than actual qualifications. But there was never a complaint from Musk or Ackman for any of that. For what it’s worth, DEI was never about lowering the bar to give minorities jobs they aren’t qualified to have. That’s just propaganda. DEI, at least in concept, was about reducing barriers caused by nepotism, legacies, and other forms of implicit racism so that the best candidates, regardless of race or ethnicity, can fairly rise to the top. Full Stop! I don’t know anything about the hiring practices of the city of Los Angeles. The scale of the damage of the fires suggests that there is a lot of blame to go around,

Professional investors know that the best way to make it big is to believe in something that almost everyone disagrees with - and be right. That could be a business idea, an investment opportunity, or a cultural trend. If change creates opportunity, this coming year feels ripe for new big things to emerge. The country is more divided than ever. The world seems to be on the brink of war, and the one thing the incoming Trump Administration seems most committed to is massive disruption. Big changes are coming, but what will they be?  If most people think interest rates will rise, and you bet the other way, you will look like a fool or a genius. Nobody wants to look like a fool, so it takes a lot of confidence to go against conventional wisdom. However, if the idea is big enough, the payoff for betting against the grain can be enormous.  Start by asking yourself what are the big ideas in your field. The bigger, the better. Then, pick a few that most people believe are a certainty. Finally, choose one you strongly believe most people are wrong about.   Here is an example: The 2008 housing crisis left the industry in shambles. A few years later, I was appointed to the inaugural advisory for the Consumer Financial Protection Bureau (CFPB). That role gave me a behind-the-scenes look at regulatory changes being considered for the market.  The mortgage industry was blamed for starting a crisis that nearly took down the entire U.S. economy. Many people believed that mortgage brokers were primarily to blame, and most believed, including the leaders at the CFPB, that banks, not brokers, should originate mortgages. The consensus at the time was that regulators would eventually eliminate mortgage brokers. I believed that myself.   A few people disagreed, including Matt Ishbia, the CEO of United Wholesale Mortgage. Rather than pivot to a new business channel, Matt went all-in on the mortgage broker business. When he turned out to be correct, UWM became the second-largest mortgage company in the country, making Ishbia a billionaire. Today, mortgage brokers have a larger market share than in 2008.    This holiday season, do some deep thinking and determine where the big opportunities in your field of choice might be. Remember that the more certain everyone else is of a particular idea, the greater your opportunity if you are right and the consensus is wrong.     The holiday season should be about gratitude more than anything else. I am beyond grateful for my life, family, friends, and the fulfilling work I get to do.   Thank you for reading my blog. Merry Christmas and Happy Holidays!

Next week, I will be speaking at a Hispanic Leadership Summit at the United Nations. I was asked to speak on the topic of Unity. The following is a preview of my speech.  In 1966, Ronald Reagan made a statement that became known as the “11th commandment” in Republican politics: He said, “Thou shall not speak ill of thy fellow Republicans.”  Republicans loved it, and most would argue that it has served Republicans well over the years.  Fast Forward to 2020; Joe Biden had just won the presidential election. In an interview on MSNBC, Eva Longoria credited Latinas for carrying the election for Joe Biden. For making that claim, Longoria took a beating on social media. Why? Because the narrative at that point was that it was Black people, particularly Black women, who deserved the credit for Biden’s victory. And by giving credit to Latinas, many believed that Longoria showed disrespect to Black women.  Most of the criticism came from people on the left, including a good number of Latinos who willingly jumped on that bandwagon. A few days later, Eva was essentially forced to go back on TV to grovel and apologize.  Later that month, I wrote a blog post inspired by Reagan's statement. It was titled “Thou Shall Not Publicly Criticize Other Latinos” and published in Hispanic Executive Magazine.  In my blog, I mentioned the Longoria story and made my case for defending our own. While some people liked my article, I also received a fair share of criticism. Again, I received a lot of self-righteous comments from Latinos on the left. “What a stupid statement!” “Are you saying Latinos are infallible?” “If a Latino is out of line, I am going to call them out just like anyone else!”  Two months ago, and we’re all familiar with this story, Donald Trump hosted a rally in NYC and had a comedian open for him.  As we all know, the comedian called Puerto Rico a floating pile of garbage.  A few organizations, including NAHREP, posted statements denouncing the comedian’s comments on social media. We got positive remarks thanking us for making the statement. Still, there were also a good number of Latinos, this time from the right, who criticized NAHREP’s statement, making comments such as, “It was only a joke.”, “That’s our problem, we can’t take a joke.” or, “You’re trying to connect this to Donald Trump. How dare you… “Make America Great Again.” We received tons of comments like that.  Let me ask you this question, and I want you to think about it: Instead of a Donald Trump rally, let’s say it was a Kamala Harris rally. Instead of calling Puerto Rico a floating pile of garbage, let’s say a comedian opened for her and said that Israel was a pile of garbage.  Do you think the reaction would have been the same? Do you believe there would have been a division between conservative and liberal Jewish people about whether the joke was appropriate at a political rally? Just ask yourself that question.  You probably know where I am going with this, but let me give you one big example of why the narrative about Latinos matters.  A couple of years ago, I had the privilege of participating in raising $100M for L’ATTITUDE Ventures, a venture capital fund that invests exclusively in Latino-led companies and start-ups. I saw firsthand what these people think about Latinos from a business standpoint.  Through that process, I learned that roughly 70 trillion dollars of investment capital are floating around the globe and that a relatively small number control it. These people are under pressure to make good investments - that will give them a good return. So, again

For years, I have been one of many people who spoke about creating an accurate and positive narrative about Latinos in America. It is one of the goals of NAHREP, and it was talked about frequently at L’ATTITUDE. We pointed at the media and entertainment industries as often portraying Latinos negatively and how politicians all-too-often characterize Latinos as takers who are a drain on the economy and a burden to our systems. While this is something that we have spoken about frequently, I don’t think we have spent enough time explaining why the narrative about Latinos matters from a practical standpoint.  A couple of years ago, I participated in raising $100M for L’ATTITUDE Ventures, a venture capital fund that invested exclusively in Latino-led startups. Even though our company included two prominent former Fortune 500 CEOs, I saw firsthand the skepticism many people had toward our investment strategy.  L’ATTITUDE Ventures was created to solve a problem. The data shows that Latinos comprise 18% of the U.S. population and nearly 25% of the millennial population, yet receive less than 2% of the investment capital needed to grow their businesses. I learned through that fundraising process that trillions of dollars of investment capital are floating around the globe, controlled by a relatively small number of people. Those people are under tremendous pressure to earn a strong return on their capital and, therefore, don’t want to invest in communities rife with problems.  If the narrative about the Latino population is that it is a community with a ton of problems: immigration problems, financial problems, and problems with the law, it’s not surprising that capital, in all forms and all sectors, has been nearly impossible to obtain. It is also not surprising that Latinos are almost totally absent from the C-suite of many Fortune 500 companies.  Conversely, communities with a positive narrative can raise capital and achieve success in corporate America at astonishing levels. Indian Americans (from India) account for 1.35% of the U.S. population. Yet, in recent years, the CEOs of many of America’s top companies, including Microsoft, Google, IBM, Twitter, and PepsiCo, are all of Indian descent. Is it possible that people of Indian descent are just better at running big companies, and there are no Hispanics capable of the same thing? Sure, it’s possible, but it’s not likely.  What is more likely is a narrative about Indian Americans being outstanding business leaders has permeated boardrooms across America, paving the way for dozens of competent Indian Americans to lead the C-suites of some of the most valuable companies in the world. Latinos aren’t the first community to recognize the importance of a positive narrative. On the contrary, we may be one of the last. Organizations like the Anti-Defemination League combat antisemitism. Their work is not limited to explicit attacks against Jewish people; they are equally vigilant in fighting implicit biases and essentially anything that undermines the reputation of Jewish people in all forms. The image of Latinos is not just a nice thought; it affects everything from business opportunities and access to capital to how our children are treated at school. Latinos are among the hardest workers and most entrepreneurial of any group in America. However, negativity has dominated the narrative about Latinos for far too long. This one is on us. It is high time that we take control of our brand and protect it vigilantly and with prejudice. 

NAHREP has reasons for both optimism and concern about a second Trump term:Realtor Lawsuits – Net Positive While it’s far too early to know how a Trump DOJ will address issues like broker compensation cooperation, the Clear Cooperation Policy, or other antitrust issues, the consensus is that a Trump administration would be more favorable to the industry. NAHREP will continue its leadership in ensuring that policymakers at the DOJ and Congress know how these potential new business rules impact Latinos and first-time homebuyers. Interest Rates – Net Neutral While the stock market initially responded positively to Trump’s election, the bond market was less enthusiastic. Concerns that Trump’s tax policies and tariffs will lead to increased deficits and renewed inflation. Last week, the Fed lowered interest rates by a quarter of a percent but signaled that future cuts are uncertain.   Deportations – Net Negative Trump’s commitment to mass deportations is a reason for concern. The cost and complexity of deporting 10 million people would be enormous, and the impact on the economy would be devastating. The greatest impact would be on the construction industry. Overall, mass deportations would cause inflation to skyrocket, services to suffer, and the economy would likely dive into a recession.  If Trump doesn’t know this already, he will find out soon enough. A more likely scenario is a significant slowdown in illegal immigration and a modest increase in deportations. In his first term, Trump said he built a wall that doesn’t exist. I would guess that in his second term, we will see some high-profile deportations of gang members and criminals, and Trump will claim that millions of immigrants self-deported out of fear of him.  Overall, the country needs more workers, and the only way we can meet this demand is through immigration. People come to this country illegally because there are jobs, and our legal immigration system is broken. At some point, our dysfunctional relationship with immigration will have to be resolved.    DEI Programs – Net Negative Less than five years after the George Floyd murder inspired billion-dollar corporate commitments towards programs that aim to close racial wealth and prosperity gaps, less committed corporations have ended DEI programs and terminated DEI staff. A Trump administration will likely exacerbate this trend. NAHREP views this as an opportunity to grow and expand its relationships with corporations because of its scale and success in providing tangible business opportunities. Despite these headwinds, NAHREP will continue to advocate for diversity in an industry where all the growth comes from diverse communities nationwide. DEI budgets may dwindle, but corporations needing growth will continue to pursue partnerships with large, well-managed organizations like NAHREP.      Conclusion The housing market will continue to be challenged by affordability issues primarily driven by inventory shortages. The threat of mass deportations could make it harder for builders to recruit construction workers and will likely drive up labor costs. However, a positive resolution related to agent compensation would relieve agents and get confused and hesitant buyers off the fence, thereby increasing overall transactions. Real Estate agents will continue to be major influencers in Hispanic communities, guiding a variety of financial decisions. NAHREP intends to invest substantially in its Hispanic Wealth Project to ensure our members are armed with the best...