#389 - Imran Khan - Founder @ Proem Asset Mgmt - Investing In The Fourth Industrial Revolution

Imran Khan is the Founder at Proem Asset Management. In this episode we explore the arc of his remarkable career—from his early days as one of Wall Street’s top-ranked analysts to leading global IPOs and eventually launching his own hedge fund.  We discuss: - Why gross margins are a critical indicator of fundamental shifts in a business - How he met Joe Tsai and helped lead Alibaba’s record-setting IPO - The vision Evan Spiegel had that made Snap a generational product - His criteria for identifying high-quality public companies and warning signs to avoid - How private market hype has skewed investor incentives—and why that might be changing Links: Proem Asset Management - https://www.proemasset.com/ Imran on LinkedIn - https://www.linkedin.com/in/dotkhan/ Imran on X - https://x.com/dottkhan Support our Sponsors: Ramp: https://ramp.com/fort Vesto: https://www.vesto.com/fort BetterPitch: https://bit.ly/42d9L0I Topics: (00:00:00) - Intro (00:03:17) - Becoming a great research analyst (00:06:44) - The difficulty in controlling gross margins (00:08:25) - How to research companies to invest in (00:12:53) - Are there similarities today in technology to the 2001 tech bubble? (00:17:11) - The state of AI investing (00:20:04) - The America/China AI race (00:23:26) - Imran’s experience with Alibaba (00:26:26) - The state of China’s inevitability (00:31:11) - Imran’s experience working at Snap (00:39:09) - Leaving Snap (00:40:26) - Imran’s fund structure (00:43:00) - Being drawn to bias (00:45:05) - Mercenaries vs. missionaries (00:47:07) - The market likes to fool the greatest number of people (00:50:18) - The pendulum of private and public market investing Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO

Today’s guest is Mark Toro, Chief Vision Officer @ Toro Development Co, based in Atlanta, GA.   Mark unpacks the philosophy, economics, and human-centered detail behind some of the most successful mixed-use developments in the country. We talk through his journey from building suburban power centers to pioneering immersive experiences like Avalon, Colony Square, and the upcoming Medley.  Mark shares how the 2008 financial crisis sparked his rethinking of real estate as a service business rather than just a physical asset—and how ideas like hospitality, branding, and community integration became central to his playbook.  This episode is packed with specific examples, war stories, and lessons on what it really takes to develop places people never want to leave. We discuss: - Why demographics and household income drive everything in site selection - How do vertically integrated, mixed-use developments function financially and operationally - The importance of patios, music, and concierge-level service in creating “third places” - Why tenant selection is both science and art—and what betting on the right jockey really means - How a bottle of tequila became a company tradition symbolizing intentionality and pride in execution Topics: (00:00:00) - Intro (00:03:43) - Mark’s career and background (00:08:03) - The gutted middle in retail (00:09:38) - Site selection criteria for a “fortress” (00:18:45) - Seamless integration (00:26:27) - The art of pitching tenants (00:31:42) - Mark’s approach to “opening” dates (00:33:28) - Betting the farm on tenants (00:35:46) - Office (00:40:18) - Parking strategies (00:41:51) - Hospitality vs. real estate (00:45:23) - Being Disney-esque (00:49:22) - Low-hanging fruit that properties can implement today (00:54:17) - Marketing funds (00:57:55) - Equity partners (00:58:56) - Why isn’t this model scalable? (01:04:10) - How much more profitable can a fortress be than other mixed-use areas (01:07:12) - Eric Weatherholtz & extending patio season (01:10:49) - The tequila story Support our Sponsors: Ramp: ⁠https://ramp.com/fort⁠ Vesto: ⁠https://www.vesto.com/fort⁠ BetterPitch: ⁠https://bit.ly/42d9L0I⁠ Links: Mark Toro on LinkedIn - ⁠https://www.linkedin.com/in/marktoro/⁠ Toro Development Co. - ⁠https://torodevco.com/⁠ Chris on Social Media: The Fort Podcast on Twitter/X: ⁠https://x.com/theFORTpodcast⁠ Instagram: ⁠https://www.instagram.com/thefortpodcast⁠ LinkedIn: ⁠https://bit.ly/45gIkFd⁠ Watch The Fort on YouTube: ⁠https://bit.ly/3oynxNX⁠ Visit our website: ⁠https://bit.ly/43SOvys⁠ Leave a review on Apple: ⁠https://bit.ly/45crFD0⁠ Leave a review on Spotify: ⁠https://bit.ly/3Krl9jO⁠

Since 2016, Ken Hersh has served as President and CEO of the George W. Bush Presidential Center which houses the George W. Bush Library and Museum and the George W. Bush Institute.  In 1988, he co-founded NGP Energy Capital Management, one of the nation’s largest natural resources private equity firms which pioneered private capital investing in the sector. Until 2016, he served as CEO, investing over $12 billion, earning a 27-year 30% annualized rate of return, making it one of the nation’s leading private investors.  In 2023, the Oil and Gas Investor magazine inducted Ken into its Hart Energy Hall of Fame as one of the top 50 “pioneering men and women who have shaped energy over the last half century.” Additionally, Ken manages his family office that invests across multiple industries. He sits on numerous corporate and not-for-profit boards, including the Texas Rangers Baseball Club. He sits on the Board of Overseers of the Hoover Institution and is a member of the Council on Foreign Relations. Links:  George W. Bush Presidential Center - https://www.bushcenter.org/ Support our Sponsors Ramp: https://ramp.com/fort Vesto: https://www.vesto.com/fort Topics: (00:00:00) - Intro (00:03:53) - Ken’s early career (00:16:36) - Richard Rainwater and creating NGP (00:29:25) - The original thesis for NGP (00:34:55) - Scaling NGP (00:46:36) - The Shale revolution (00:49:29) - Horizontal Drilling in 2025 (00:51:45) - The importance of having a great business partner (00:54:01) - Is “Let’s back teams” still the best investment model? (00:55:01) - Ken’s approach to raising capital (00:56:37) - Is there a modern-day Richard Rainwater? (00:58:34) - When a deal goes wrong (01:06:04) - The global state of energy in 2025 Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO

Trent and Tyler Leon are the Co-Founders of Tilden Capital. Today, their business, Tilden Capital, has deployed billions of dollars into oil & gas minerals, royalties, and non-operated positions across the Permian and other domestic basins.   We talk about growing up in a golf-obsessed family, attending IMG Academy, and competing at the highest levels of amateur and professional golf—then making the decision to walk away and start something new. We also cover: - What they learned from life on the road as pro golfers - How and when they knew it was time to pivot into business - Early lessons from starting an oil and gas company from scratch - The current outlook on the Permian Basin and broader energy trends - How they build conviction around long-term bets and stay optimistic - What it’s like working together as brothers and business partners You’re in for a wide-ranging conversation about life, business, and the journey from competitive sports to entrepreneurship. We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.  https://www.thefortpod.com/survey Links: Tilden Capital - http://www.tildencapitalllc.com/ Who Moved My Cheese? by Spencer Johnson - https://a.co/d/ax5DRLz Support our Sponsors: Ramp: https://ramp.com/fort Vesto: https://www.vesto.com/fort BetterPitch: https://bit.ly/42d9L0I Topics: (00:00:00) - Intro   (00:04:16) - Trent and Tyler’s early childhood and developing a passion for Golf   (00:15:36) - Moving to IMG Academy to pursue Golf   (00:23:19) - The college recruiting process   (00:31:54) - The parenting style that leads to 3 kids becoming Division 1 athletes   (00:35:39) - Winning a national championship in college   (00:41:25) - The realities of life as professional golfers   (00:47:49) - The state of Oil and Gas   (00:51:40) - The Permian Basin   (00:55:18) - Trent and Tyler’s approach to buying mineral rights   (00:58:08) - Drill Baby, Drill!   (01:02:26) - Will AI play a part in drilling rigs?   (01:04:10) - Running a lean team at Tilden   (01:09:19) - Developing relationships in the industry   (01:12:09) - Staying laser-focused   (01:13:48) - 4-year predictions   Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  The FORT is produced by Johnny Podcasts

Andrew Yaffe is the CEO of Dude Perfect. Prior to joining Dude Perfect, he served as Executive Vice President, Head of Social, Digital and Original Content at the NBA, leading the department responsible for all video, editorial, and documentary content produced and distributed by the NBA.  We dive into the evolution of content strategy, how vertical video, AI-driven editing, and fan-driven content are reshaping how people consume sports and entertainment. We also talk about the massive shift toward family-friendly entertainment, why authenticity matters more than ever in building a trusted brand, and how Dude Perfect is capitalizing on a deep relationship with its audience to expand into products, experiences, and live events. We also cover: - Why YouTube dominates digital content consumption and how Dude Perfect leverages it - How user-generated and behind-the-scenes content outperforms traditional highlights - The growth of Dude Perfect’s live shows and the company's focus on family-first experiences - Building long-term brand equity without sacrificing core values - How the next wave of growth will come from new talent, products, and experiences under the Dude Perfect umbrella This conversation offers a behind-the-scenes look at how one of the most iconic creator-led brands is thinking about the next decade of growth—and why the future of entertainment looks a lot more personal, community-driven, and mission-focused. We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.  https://www.thefortpod.com/survey Topics: (00:00:00) - Intro (00:02:55) - Andrew’s career in the NBA: Starting as a Ticket Pricing Analyst and becoming the EVP of Content (00:07:54) - How “Content” has evolved in the past 5 years (00:13:50) - The NBA vs. NBA China (00:14:37) - Content distribution strategies (00:16:20) - Are professional sports audiences declining? (00:19:46) - Becoming CEO of Dude Perfect (00:23:23) - How do you filter opportunities for the brand? (00:28:37) - Battling the algorithm: Family content (00:30:39) - Cultural differences between Dude Perfect and the NBA (00:33:54) - Who’s coming up with content ideas at this stage of the brand? (00:38:21) - The Gravity of YouTube (00:41:51) - What kind of production goes into a typical Dude Perfect video? (00:44:20) - What does working with YouTube look like when you have 62 million subscribers? (00:47:05) - What types of data matter at Dude Perfect? (00:52:01) - What is the target market for Dude Perfect? (00:54:09) - Should we be encouraging our kids to be content creators? (00:57:24) - What are the primary revenue streams? (00:59:15) - Why do the live shows perform so well with audiences? (01:00:12) - Are there plans for more “Dudes”? (01:01:37) - Does the brand's growth mean taking audiences away from professional sports? (01:03:22) - Does the audience age out? (01:04:39) - Is there one metric that matters more than anything else? (01:06:04) - What does this brand look like in 5 years? Links: Dude Perfect - https://dudeperfect.com/ Support our Sponsors Ramp: https://ramp.com/fort BetterPitch: https://betterpitch.com/ Fort: https://bit.ly/FortCompanies Follow Fort on LinkedIn: https://www.linkedin.com/company/fort-companies/ Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  The FORT is produced by Johnny Podcasts

In this episode, Jason and I discuss one of the biggest challenges facing America today: the health crisis fueled by our food system.  Jason, a former hedge fund manager turned health entrepreneur, shares how his personal journey through professional burnout, depression, and physical illness opened his eyes to the systemic problems in the way America produces, regulates, and consumes food. We explore how decades of misaligned incentives, corporate lobbying, and regulatory failure have created a food environment that prioritizes profit over public health. Jason explains why rates of chronic disease, obesity, and metabolic disorders are worse than ever despite record healthcare spending and how other countries have taken a much stricter, more effective approach to food safety and nutrition. We also cover: - How Big Food and Big Pharma have benefited from keeping Americans sick - The differences between food standards in the U.S. and Europe - Why eating closer to nature is essential for reversing chronic disease - Practical steps individuals can take today to avoid the worst parts of the American food system - The urgent need for policy reform and better consumer education We also discuss the growing role of psychedelics in mental health treatment, healing trauma, and helping individuals reconnect with themselves in an increasingly disconnected world. This conversation is a candid look at why health outcomes in the U.S. continue to decline—and what it will take to fix it. Whether you're a consumer, an entrepreneur, or simply someone trying to live a longer, healthier life, Jason’s insights are a wake-up call and a call to action. We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.  https://www.thefortpod.com/survey Links: Jason on X - @HumanKarp HumanCo brands - Cosmic Bliss & Against The Grain Gourmet: www.instacart.com/store/brands/humanco-brands/humanco-lp Amara: HUMANCO (20% off discount) - Amara True Food Kitchen: Mention to your server “JUSTTRUE10” for $10 off of $50 at True Food Kitchen through June 30th - TFK Grove Collaborative: "HUMANCO" will give new customers 25% off orders $75+. Grove Support our Sponsors: Vesto: https://www.vesto.com/fort Fort: https://bit.ly/FortCompanies Follow Fort on LinkedIn: https://www.linkedin.com/company/fort-companies/ Mentioned in this episode: How to Change Your Mind by Miachael Pollan - https://a.co/d/dm4RwMY The Immortality Key by Brian Muraresku - https://a.co/d/4u4dJw5 Fruit Loops in the U.S. vs. Candada - https://youtu.be/4uH6Yooxr0Y?si=D7nIZU_-0SaScpSB The American Heart Association opposes bill to ban soda from being purchased with SNAP benefits - https://www.youtube.com/watch?v=tTN2SdMMiig Topics: (00:00:00) - Intro (00:03:58) - Jason’s career (00:17:51) - Psychedelic therapy (00:42:47) - Making the decision to leave a 20-year hedge fund career (00:50:46) - How did America become such an unhealthy country? (01:01:01) - Big food vs. big pharma (01:03:25) - Lab grown food (01:05:54) - What’s being done to make us healthy again? (01:10:35) - How can the average person start to be healthier (01:15:50) - The truth about alcohol Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  The FORT is produced by Johnny Podcasts

Hunter Pond is the founder of Vandelay Hospitality Group, one of the most recognizable restaurant portfolios in Texas. From dropping out of law school mid-exam to launching East Hampton Sandwich Co. with no industry experience, Hunter shares how a love for restaurants kickstarted a hospitality empire. We dive into the creation and evolution of VHG. Hunter breaks down the art and science behind successful concepts, why restaurants fail, and how his team approaches everything from vendor relationships to tip pooling and fraud prevention. This episode covers: - The impulsive moment that launched his restaurant career - How a $20K investment and Craigslist chef shaped East Hampton’s early days - The balance of creativity and discipline in full-service dining - Building menus for flavor, efficiency, and profitability - Lessons learned from private equity and selling his first concept - Why restaurant success is often more about square footage than food We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.  https://www.thefortpod.com/survey Support our Sponsors: Vesto: https://www.vesto.com/fort BetterPitch: https://bit.ly/42d9L0I Links: Vandelay Hospitality Group - https://vandelayhospitality.com/ Topics: (00:00:00) - Intro (00:03:20) - Dropping out of law school to pursue a career in the restaurant industry (00:10:31) - Lessons learned from working the back of the house (00:14:01) - Developing and opening East Hampton Sandwich Co. (00:23:47) - How to build a menu (00:29:44) - The importance of seat count (00:34:57) - How DoorDash killed the fast-casual restaurant (00:37:02) - Service vs. product in the success of a restaurant (00:42:21) - Blocking and tackling in the business (00:44:06) - Where people fail in the restaurant industry (00:49:56) - Selling East Hampton (00:52:56) - Cloud Kitchens (00:54:43) - Developing Hudson House (00:58:01) - Determining seat count ratios (01:01:03) - Lessons from working with PE (01:05:29) - Sources of turnover in restaurants (01:06:49) - Why certain concepts don’t work in different cities (01:08:48) - The impact of real estate on restaurants (01:12:02) - Creating new concepts vs. acquisitions Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  The FORT is produced by Johnny Podcasts

Hiten Samtani is the founder and editorial director of ten31, a new media company focused on market-moving insider coverage of the most important and least understood industries. He is the author of The Promote, a newsletter that readers have likened to commercial real estate's answer to Matt Levine's "Money Stuff," and a publication that has built the most highly engaged audience in B2B media (open rate: 70%). Hiten founded ten31 after a decade at The Real Deal, where he ran the newsroom and shepherded coverage of the most important stories in real estate. Chris and Hiten get into the early days of the brand, what inspired it, and why the real estate world needed a publication that’s bold, sharp, and unapologetically honest. They talk about the stories that hit hardest, what makes for a good scoop, and how Hiten has built trust with sources while keeping the content unfiltered and highly readable. They also cover: Why commercial real estate is full of big personalities and even bigger stakes How operators and investors can actually get covered by the media What it’s like growing a niche media company from scratch Lessons from Hiten’s years at The Real Deal and why he walked away Navigating the gray areas of journalism—anonymity, accuracy, and when to publish Links: Hiten on X The Promote CRE newsletter The Promote Podcast A specialist playbook on how to get ink for your deal or company Understanding the different modes of talking to the press Key industry storylines for 2025 Support our Sponsors: Vesto - https://www.vesto.com/fort Better Pitch - https://betterpitch.com/ Topics: (00:00:00) - Intro (00:05:33) - Hiten’s journey into real estate journalism (00:08:24) - Lesson from working at the Real Deal (00:12:39) - Who is the audience? (00:16:28) - Is your style of journalism unique to real estate? (00:19:40) - What it took to launch ten31 Media (00:27:55) - Where do you get inspiration, and how do you get access to the information you can get? (00:35:32) - HFCs (00:39:03) - How do you determine what is truth and what isn’t? (00:48:42) - How can CRE companies get press? (00:55:40) - On the record vs. off the record (00:59:12) - CRE themes of 2024 and what to look for in 2025 (01:04:19) - Attending a Jewish circumcision ceremony in a NYC boardroom Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  The FORT is produced by Johnny Podcasts

Today’s episode is with Co-Founder, Jason Baxter, to introduce our latest venture, FOSTR AI—a company built to solve one of the most pressing challenges facing businesses today: how to implement AI in your business in a meaningful, aligned, and scalable way. We unpack the fragmented state of AI adoption across small to mid-sized businesses and explain why most organizations, despite interest, are either stuck in experimentation or using disconnected tools that don’t move the business forward.  FOSTR AI is the answer to that problem—an execution intelligence layer that creates a company's “digital twin,” aligning AI usage with team structure, goals, and strategy from day one. We discuss how FOSTR helps companies: - Onboard and operationalize AI in a matter of minutes - Centralize AI usage across teams while maintaining control, security, and context - Reduce risk from siloed tools and misaligned AI use Links: FOSTR AI - https://fostrai.com/ If you are interested in investing, please email:  [email protected] If you are interested in becoming a customer or getting involved with/joining the Fostr AI team, please email:  [email protected] Topics: (00:00:00) - Intro (00:00:52) - Introducing FOSTR (00:02:40) - The Challenges Businesses Face with AI Today (00:05:14) - How Companies and Employees Are Misusing AI (00:10:29) - Additional Challenges (00:12:33) - How FOSTR Is Creating Alignment Between Companies and AI Solutions (00:25:57) - Where FOSTR Is in Its Life Cycle (00:30:39) - How to Get in Touch With, Work At, or Invest in FOSTR Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  The FORT is produced by Johnny Podcasts

Paul Hedrick is the Founder of Tecovas, the leading high-quality western footwear, apparel, and accessories brand.  In today’s episode, we discuss: - the origins of Tecovas and early founding stories, - what it takes to build an incredible brand - Tecovas’ retail “moat” - radical hospitality - how they managed through COVID - and more As Executive Chairman, Paul works with the Tecovas board and executive team on brand, product, and marketplace strategy so that Tecovas fulfills its mission to steward the next generation of western. Tecovas is in its 10th operating year in business and now operates over 40 retail stores in over 30 cities and 20 states, with total annual revenue eclipsing $250 million in 2024. We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.  https://www.thefortpod.com/survey Links:  Tecovas - https://www.tecovas.com/ Topics: (00:00:00) - Intro (00:02:35) - Starting Tecovas (00:13:01) - The Mission of Tecovas (00:16:29) - Finding Manufacturing (00:24:55) - Moving from Online to In-Person Retail (00:32:27) - Store Design (00:38:23) - Radical Hospitality (00:42:22) - "Don’t Say No to the Customer" vs. "The Customer Is Always Right" (00:45:12) - Scaling Radical Hospitality (00:52:47) - Surviving Covid (01:01:27) - Developing a Great Brand Support our Sponsors: BetterPitch: https://bit.ly/42d9L0I Fort: https://bit.ly/FortCompanies Follow Fort on LinkedIn: https://www.linkedin.com/company/fort-companies/ Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  The FORT is produced by Johnny Podcasts