Insights from the Top .001: Transforming Vision into Wealth with Strategic Investing

strategic investing

strategic investingToday we had the honor of having Salvatore M. Buscemi, a titan in the realms of finance and real estate. With a storied career and an enviable portfolio, Salvatore has cemented his reputation through astute investment strategies and dynamic leadership roles.

As the CEO and Co-Founding Partner of HRN, LLC, Salvatore spearheads a private multi-family investment office that boasts a diverse range of successful ventures. His prowess extends to his role as CEO of Dandrew Partners Capital Management, where he navigates the complexities of various investment vehicles across commercial real estate, credit, fine art private credit facilities, and more.

In our captivating discussion, Salvatore shared an insider’s perspective on the intricacies of real estate finance and private equity investment. His deep dive into targeted allocations, particularly in emerging sectors like life sciences, illuminated the pathways to success in a rapidly evolving market.

His insights into navigating special situations and capitalizing on basis-driven opportunities underscored the importance of agility and foresight in today’s investment landscape. Moreover, Salvatore’s pragmatic approach to fund management offered invaluable lessons for both seasoned professionals and budding entrepreneurs alike.

In This Episode

  1. Salvatore Buscemi’s background and career trajectory from Goldman Sachs to CEO and Co-Founding Partner of HRN, LLC
  2. Diversification across multiple asset classes, including commercial real estate, credit, fine art private credit facilities, and life sciences investments.
  3. Authorship of books on fund management and real estate private lending.
  4. Insights into real estate finance, private equity investment strategies and capitalizing on basis-driven opportunities.

Jump to Links and Resources

Sal, welcome to the show.

Dave, it’s a pleasure and a privilege. Thank you for having me.

A hundred percent. I’m looking forward to the discussion today, Sal. What’s exciting is your latest book that you’ve put out and is going to be fascinating to our audience today to learn how the top .001 investors are investing their wealth, mitigating the risk.

How they see wealth, and define wealth in terms of building a legacy. That can be often elusive for many. In a lot of cases, it’s opaque on purpose. One of the purposes of our show is to try to help investors demystify some of these things and get these important learning lessons that the best of the best have uncovered. 

I look forward to diving into your book today, Sal. Before we get started, if people aren’t familiar with you, let’s jump into where it all started for you.

People with significant wealth need to understand what the richer individuals are doing.

It started when I was pre-med in college and I was working for a surgeon who was championing me. This is on the Upper East Side of Manhattan. He had a beautiful apartment, with a beautiful wife, and an Aston Martin. He told me the future, this is back in ‘96 when I was in Plastic surgery. He’s right. If you fast forward today, that’s where it was. The problem is the summer during my internship between junior and senior college, I passed out holding a Fibula in the Cadaver room. 

After that, I was involved in another circumstance where I was working with another doctor. The side of blood in large quantities wasn’t something that I could deal with. At this point, I had invested a lot of money. My parents were fortunate enough to pay for my college education and my brothers as well. I was thinking to myself, “Did I just waste four years studying Biology and Chemistry for nothing?” I had a talk to the surgeon who I was interning for at the time at Beth Israel Hospital, which is now condos over on the Upper East Side of Manhattan. 

The punch line is, “That’s fine. I understand that, Sal. You’re a great person, a hard worker. By the way, I want you to meet my brother. He just made a partner with Goldman Sachs.” Then the rest is history at that point. You learn a lot more about the relationship of people, especially as it relates to money, but also how trust is built on relationships today. 

If you fast forward to where we are, we’re in a transactional relationship today. Money’s been very easy. The Crypto crowd came out and they were creeping into your direct messages and emails, selling you Crypto. But the way we work and the way a lot of families work, that interactivity is a new currency today. We’re always on top of our families, taking care of them, and investing on their behalf. We’re a glorified investment manager. We’re a Multi-family Office.

We’ve invested in companies that have two rules. Number one, no first-time founders. This isn’t Shark Tank. We only invest in founders who have pedigrees and have had exits before. Number two, I like to make sure that there’s other investors who are smarter than I am on the Cap Table. The cap table to me is the soul of the asset. 

What we’ve been able to do is build a formidable portfolio, not just in Real estate, but also in earlier-stage ventures, such as technology and Life Sciences, using those two rules. It stared us out of trouble, especially since the Silicon Valley Bank debacle and so forth. 

I have had two institutional Real estate funds that have been very successful. Just recently, I released my letter to Real estate investors that I’d love to give a copy to your listeners too, if they want, where we go over the successes that we’ve had and the reasons for those successes.

Excellent. Tell us a little bit about your business model. Are you primarily running a Multi-family Office? What does it look like?

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You learn a lot more about the relationships between people, especially concerning money, and how trust is built in today’s relationships.

I spend my day to day about 50% of my time talking to new investors and current investors. We have thirteen families that we invest on behalf of, and that takes a lot of time. That’s thirteen different kids that I never had if that makes sense. Then when you pile in the CEOs, that’s another fifteen companies that we have. I have about thirty-one kids right now. 

I don’t have any natural kids myself, but it takes the same amount of time to be on top of them, being responsive, and cater to their demands and needs. Not necessarily the investors, but also making sure that I’m communicating to the investors where things are. They like to know that, especially older investors. 

The second generation today has a different mentality. They like to look at the money first before looking at where it comes from. They have a different understanding or expectations about how things work. For us, it’s been great because we’ve had a great track record and that allows us to be able to raise capital whenever we need to and to certain companies. 

If you have a good reputation and a good track record in this industry, you’re invited to do things that many people aren’t. That’s to invest alongside some of the world-famous companies and bring in new investors into your startups that you might not have been able to get into before. 

We’ve been invited to invest in things like SpaceX. We’re in the middle of that right now. We’ve invested in Stripe. We’re going into Neuralink. There are some of the more household names. There are other household names that you might not have heard of, but you’ll hear of soon, such as Thrive Bioscience.

That’s an example of a founder who’s had eighteen exits. In Thrive Bioscience, it will be his eighth exit. What we concentrate on is quality. I spent a lot of my time putting people at bay. There’s a lot more sell side, what we call people selling their deals than there are people with capital, which it seems like today. 

We spend a lot of our time making sure that we organically grow our deal flow so that we’re not looking at it from Broker-dealers or anyone else. We’re curated and it’s based off of the reputations of myself and my partner in the industry.

Do you have a particular focus on certain sectors or Asset classes?

We do not lay Consumer Discretionary. Anything that you see on Shark Tank is something we would never invest into, something that’s usually knocked off by a kid in a garage, or someone in China. We don’t want to deal with that. We like a higher barrier to entry businesses that have the chance for outsized returns but also leave an incredible amount of legitimacy as it relates to the performance and the impact that these companies will have. 

For example, we have a company in our portfolio called ENVIVE Solutions. ENVIVE Solutions has democratized the artificial Defibrillation device. For the first time in 30 years, it’s democratized. People will have it in their purse. They were the youngest team ever to get FDA approval for this artificial defibrillation device. They sell for about a thousand dollars a piece, but they’ve been selling very quickly, mostly in fleet accounts – such as FIRE, EMT, schools, universities, churches, and so forth. 

Everybody’s got it, but not everybody knows where to put it.

Unfortunately, it’s become the norm rather than the exception for athletes to completely collapse on the field. Any mother, anyone with one of these in their hip pocket are going to be able to provide some life-saving, that’s the word I’m looking for. It will be able to save the life or extend the life of someone who might not have been able to get medical help in that short period of time. 

That leaves a legacy and we get to see how many times that that thing’s been used. So we gauge from the CEO that if it’s pulled a thousand times, it’s almost saved a thousand lives. A lot of my investors like to hear that. That will have an outsized return at some point later on. 

They’re going into a different financing round right now that we’re participating in. We’re very happy with that because, you’re working with best-in-class people, with best-in-class investors. That, for us, gives us the certainty that we need to make sure that we’ll have an exit at some point in the future, rather than hoping that someone will figure it out.

Right. How have you been able to map the alignment of your family’s investor mandates, with your focus on where you’re looking for opportunities?

It depends on the family. A Family Office to me is someone with a hundred million dollars worth of investable assets. They usually have their own mandates. Some of them who are around between 50 to 100, don’t know what’s going on. They usually just have a liquidity of that. They’re trying to figure it out themselves, and we provide the guidance for them to be able to do that by showing what the bigger people are doing and why they’re doing it. 

If you see the leadership in numbers and people start to take notice of it, they’re not going to be listening. These are not the same people who are going to be listening to Dave Ramsey or Suze Orman. These are not the same people who are going to be listening to basic financial advice. 

They want to get into the same Asset classes, whether it’s life sciences, whether it’s Class A Industrial Real estate. Then their older brothers and sisters are doing what richer brothers and sisters are doing. A great example of this is the person known as Zara. He buys $1.3 billion worth of Real estate free and clear.

He only buys what we call ‘Statement Class Real Estate’, and so do we. Because our investors are already wealthy, Dave. They’re not looking to get rich quickly by investing in a multi-family conversion in Columbus, Ohio. They’re looking to get into something where they can brag to their friends that they own it, and they have credit quality tenants, that they know are richer than they are.

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Make sure that we’ll have an exit at some point in the future, rather than hoping that someone will figure it out.

More of a concentration on wealth preservation at that point as well versus growth. Interesting. Are you seeing any particular trends right now? We’re entering Q2 of 2024. Many things are going on geopolitically around the world, the dollar, all of these types of things. Have you seen any particular trends that you’re either A: trying to avoid or B: where you’re seeing opportunities?

We’re seeing a lot of opportunities right now in distressed Real estate. That’s my pedigree in the whole situation. We’re looking at these opportunities. When we look at these deals, we’re not buying them ourselves. What we’re doing is investing in the GPs (General Partner) or sponsors that have done this before. The secret to success is this, there are three rules. Number one, any GP worth their salt, I want to have been through at least two cycles. This cycle has not even started yet. 2008 was a cycle.

When I started working at Goldman Sachs in the late nineties, that was another cycle. We started to see Interest rates rise commensurately as sharply as they have today. The second one is I want to see audited financials. Third, I want to see a meaningful co-invest. For one of our deals, the Family Office that we worked with that developed the industrial building, they put in 50%, we put in 50%, and it’s overperforming right now. We like that.

If you have the belt and suspenders on like we have, then you’re able to take advantage of a lot more opportunities. We’re very agnostic as it relates to it, only that we wanted to make sure that our families want statement-quality assets. If it’s a hotel in Miami Beach that’s in distress, but there’s a family coming. They’re going to put it under a new flag, and they have a proven model of doing that. We want to get involved in it.

If it’s a development of an industrial property at the Port of Tampa (Bay) which is one of these opportunities we’re looking for – a class C to class A conversion, that’s something we’re going to be looking at. If it’s an office building in New York, which we’re also looking at, where it’s a good deep discounted basis, we’re ready for that.

Industrial is always going to be considered one of the strongest asset classes.

As long as we don’t violate the belt suspenders and life jacket that I told you about, the three rules. As it relates to other things, you’re starting to see a lot of families move into getting very well companies at discounted prices, especially as direct private investments continue to go on. No more people get these outsized valuations and ventures. Things are coming in pretty well and pretty steady.

A lot of the families too that we work with prefer to go direct rather than working in funds. Funds to them is a four-letter word because they see Fund Managers, making a lot of money off of fees for the funds but not necessarily showing performance. If you have a billion dollars under management, 2% is 20 million a year at the top of my head. That buys a nice portfolio of artwork per year, but it doesn’t incentivize your investors.

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Raising Real Money by Salvatore M. Buscemi

We have gone out of our way and I talk about this in my third book (Raising Real Money), making sure that we have an alignment of interest and asymmetrically structured to do that to the benefit of our investors. Our investors come first and foremost. There’s always going to be other deals out there, but we are very thankful for the CEOs that we have because they’ve shepherded us through some tight times. 

Of course, the profitability too, which we’ve seen recently with one of our deals. The FinTech company that just got acquired by Sumitomo Life, the name of the company was Singlife. Our investors got a nice return on that, and what are they doing? They’re putting it into Industrial Real estate or in-kind.

You’re spot on with that. One of the missions of this show is to try to raise financial literacy for people. Wherever you were raised or brought up, we were all surrounded by this Wall Street mentality, Stocks, Bonds, and Mutual funds are the only way to invest. When you break down that model and you understand how it works, over 90% of it is an AUM (Assets Under Management) model.

All they’re trying to do is get more assets under management, and more investors. They’re just milking everyone from that. Even when the market goes down, they’re still making their fees. Which is why, one of the reasons that led me into the private space is, that it’s much more of a performance-driven model. 

Are there any other things or lessons that you could share with investors of reasons why to avoid Wall Street, to look at some of these other Asset classes, or Private equity?

That is, you’re either rich or you’re not. The people who gravitate, the pandemic exasperated this, I think. I was writing my book at this time, and a lot of people are going into Meme stocks. These are mostly men who are trying to legitimize themselves by getting rich quickly. 

With all the conviction, they’re telling you about an ICO (Initial Coin Offering), some Cryptocurrency. Maybe a meme stock that they’re asking about, but they don’t understand. They don’t have the long-term in mind. A lot of the people who make decisions today and hold the purse strings, honestly, are women. They have much more of a longer-term focus. They’re more focused on legacy and impact too, to a certain degree. As long as they can understand it and it matches their profile for impact. 

Not everybody wants to, for example, plant a billion trees. There are other initiatives that people would rather be a part of and our investments provide that. The other thing too is that when you look at the mainstream financial advice, nobody ever really got rich off of that. We’re starting to see that right now where people have barely been able to retire. If you have all your money in common stocks, which can be wiped out in bankruptcy at any given point, any company can go bankrupt and wipe out the equity, then what do you have? 

A lot of people have not understood that. They look at everything as far as the gross terms that everything grows. But they’re forgetting that over that term, a lot of companies drop out, a lot of them lose their valuation, and they lose their listings. You have to be understanding. It’s like, “Am I looking to create wealth or keep wealth? Or am I looking to get rich quickly?” The middle class, unfortunately, is looking to get rich quickly. 

That’s why you’ve had over the past 20 years, people like Jim Cramer come on and basically, turned buy and hold into a WWE match. That’s what it is. He’s out there making people day trading and racking up lots of fees for Schwab and for all other brokerages out there. But rarely, does it ever help any of the listeners or the viewers of those shows? People who do have a lot of wealth need to understand what are the richer people doing. 

They’re not going into say, Real estate, they’re also buying sports teams. We’re looking at buying smaller ownership stakes and some professional stakes right now because there is going to be a lot of wealth transfer right now happening between the Boomers and what we call the ‘next gens’ who will be accumulating that wealth too.

Sal, we had Michael Sonnenfeldt on from TIGER21 a few months ago, and we were talking about Portfolio Allocation strategies. Have you developed a particular investment thesis or portfolio allocation strategy that you typically see or advise for your families?

Yes and no, it’s a function of their own risk. When you look into portfolio allocation, it brings the negative normative connotations of an 80/20 Bond portfolio. That’s been blown out of the water now that rates have gone up and things have turned upside down. All the wealthy families I know when they get into it, they’re looking to preserve that and they want to get into the safest, but also the nicest Real estate they can get into. 

About 50% to 70% of their portfolio was put into what we call ‘Statement Class Real Estate’. I can show you examples of what that looks like. That could be a building in New York City. You can read The Real Deal. That goes over all the trades that are happening in the Real estate market. They’re all gravitating towards those larger Asset classes because to them, that’s seen as a store of wealth. They don’t know that, but that’s what we tell them to do. That’s what we direct them into. 

If the world ends, there’s always going to be needs for industrial. People are always going to be buying from Amazon, for example. Industrial is always going to be considered to be one the strongest Asset classes, even though it’s been bit up a little bit. Not just Real estate, not just industrial. The rest is usually in cash, and then about 20% of it goes into venture. That’s what we manage, but not Venture Funds, more private direct investments where the investors have implicit direction and control over the investment. 

For example, in 2006, when Martha Stewart went to jail, if you owned her stock, you’re not going to get her on the phone. Investors like the fact that either me or they, can call the CEO and ask questions at any given time. What they’re gravitating towards is the discretion of having a direct private investment or direct private investors.

For sure. How about from a tax strategy standpoint? Is that one of the alluring aspects of investing in Real estate, so they can have that circuitous motion that’s always driving that tax efficiency, the income, and forced depreciation?

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It’s not so much a productivity hack. It’s a hack of making sure you’re in front of people who are important and meaningful to you, and that you’re meaningful to them.

Of course. America is still a great place for wealthy people to invest worldwide and it always will be. If every Real estate agent knew that, they would be looking for buyers overseas to invest in areas in Miami, Southern California, and New York. There’s always going to be a Tax advantage, but that’s not necessarily the only reason why people go into it. There’s a lot of people that went into Real estate and lost their shirts, but they thought they were getting tax advantages.

Of course, there’s always going to be the 1031 Exchange. Hopefully, that will continue to go on. I don’t see that being legislated away anytime soon. At first, they’re looking for the safety of the investment, durability of the investment, and the duration of the investment rather than looking for the tax advantages, because that just comes automatically. You have to choose your investments wisely.

Personally, Sal. Are you co-investing in these types of opportunities? Is that your strategy as well? 

Yes, we are. Building this Family Office costs probably close to about half a million dollars just in legal fees. This has been the result of people following me after leaving Goldman Sachs. Going into some of the riskier things in life sciences, technology, and other types of opportunities that are more considered to be a venture. Once you build a track record of that and people see you investing alongside, then they continue to build on it.

We do that in our deals because we have exits that we do appreciate, so we naturally reinvest our money. It’s not like we’re taking the proceeds from say, Singlife from a week ago and putting it into Tesla stock.

That’s not what we’re doing. We’re looking to put it into other places and that provides a leadership for other families to follow in. Say, “Sal’s going into this one deal. We want to go into it”, “Here’s why you should look at it.” ‘Leadership with a checkbook’ is what we call it.

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Investing Legacy by Salvatore M. Buscemi

I like that. That’s great. Let’s unpack your book a little bit. Investing Legacy, what inspired you to write the book? Can you highlight a couple of the big lessons learned?

Sure. During the pandemic, I got bored and I was also dealing with the loss of my mother at that point, so I needed something to do. I had rented a house out in The Hamptons for a week with some friends. I was kicking around the idea of writing the book. Then finally, I called my publisher. I went with a female publisher, Andrea Albright of Beverly Hills Publishing. The reason is because 70% of all book buyers are women. A lot of the conversations I had have been with women, especially when it comes to money.

The reason for that is because, as I said before, they’re looking for things that are much more durational focus. They’re looking not just for legitimacy, but also a legacy. Whereas their male counterparts are looking for legitimacy – trying to get rich fast, trying to be the next Steve Cohen, trying to be the next Kenneth Griffin, whatever suits you from that standpoint. 

But the allure of not having fast money was something that a lot of people resonated with. It was an eye-opening account because it was a recollection of conversations that I’ve had with people over the years saying, “What is this guy doing?”, “I just inherited this much money. What is this big rich guy doing? I want to invest like he does”, “Why do people invest in sports teams?” Answering all these questions in the book. I was able to get it done. 

After I wrote the first version, I ripped it up because I wasn’t happy with it. It sounded too textbook-y. What I did was, I started soliciting people because at the time everybody was calling me, telling me they were sorry for my loss. I said, “By the way, now that I have you on the phone, former Goldman Sachs partner boss. I’m writing a book and I’d like to quote you on it.” I’ve been able to amass a lot of people to legitimize a lot of the crazy things that I would say on there. Like why people don’t invest in Crypto, the type of people who invest in Crowdfunding. More like the lower-to-barrier entry things that everybody avoids.

I sit on the board of a company called Genus Biotechnology, which is in Boston. I’d sit on the board with Steven Rockefeller. I was able to get him in the book as well. It brings to the picture what the wealthy are investing in. It is not the same thing as what the middle class is investing in. 

They’re investing in name-brand statement-class assets run by people who have had many exits. Or Real estate sponsors, GPs, owner-operators, and landlords who have been through many cycles. They’ve seen this before and they know how to navigate it, they have the maturity but also the network to be able to get themselves out of trouble, and they’re not overpaying for things as well. 

That implicit safety of the reason why I wrote the book because there’s been a tremendous amount of wealth creation happening, especially since the pandemic where money is basically in a commodity today. Everybody’s got it, but not everybody knows where to put it. It is like having a gym membership. Everybody has a gym membership at some point, but that doesn’t necessarily mean you know how to get into shape. 

That’s why I put the book together as a community handbook, where not only do I have my coworkers in the book – past and present. It is to show the narration and give a story, but in order to impress upon people. This is how the real world works when you’re dealing with the top 1000 to the 1% of the wealthy people in the world.

Interactivity is the new currency today.

Outstanding. What would you say, given all of your experience as well as working for all these families in that relationship capital that you have, how would you actually define wealth?

Wealth to me is 100 million or plus in investable assets.

Anything beyond that in terms of social capital? Anything more from a holistic perspective, any thoughts?

From a holistic standpoint, it’s your character. At the end of the day, it’s your character. I would not be able to be where I am today if I didn’t have a good reputation and character. That’s what it is. What these wealthy families are looking for, if you’re from a wealthy family, say from Texas, they’re looking for being around people who are like them. I read about that in the book. 

The single greatest networking opportunity that I’ve ever been in has been with a bunch of professional sports team owners. There’s no other society like it on earth. It’s like YPO on steroids. These are people who are at the top of their game and they are looking to be with other people who are in-kind like them. 

There’s some implicit mentorship too as well where you see some people bringing them up the ladder and things as it relates to that, and introducing them to investments that they’re in. But when it comes down to it, it’s the networking that’s the most important today. We live in a world today where there’s a loneliness pandemic, I feel. It’s even more acute with the wealthier people. If you’re able to put together social situations where people can benefit off of that, then it’s going to be a lot more fun. 

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In these deals, or anything you’re doing right now, you’re always betting on the jockey, not the horse.

You don’t get that from Raymond James, for example. You know the guy that owns part of say, the Dallas Cowboys. Then that might be someone who you want to network with to figure out why he’s doing it. Pretty soon you’ll be like some of these sports owners that own parts of many teams. 

There’s all sorts of stories about that all over the press with Wrexham and some other teams that are owned by famous people. That’s the networking. They’re getting into it not just for the legitimacy, but for the legitimacy of the network that they’re in. Anybody can have a tremendous amount of followers, but to have a real core group of people to help you is something that is very hard to find today.

A hundred percent. How about from a personal perspective in terms of productivity, and self-improvement, what’s your best morning routine or productivity hack that you could share?

That’s a very good question. I like to wake up and go to the gym in the morning. When I’m on the treadmill, if I finish the financial podcast that I want to listen to, I will immediately go in and start dictating emails and sending them to myself to write later to send out to either our investors or to other people, and just networking with people. 

I get bored easily. There’s only so much music I can listen to sometimes. I like to listen to stuff, but I use that time sometimes just to be interacting with people. Sometimes I’ll go to the treadmill here in my apartment in Miami at around eight o’clock at night. I know some people in California that I haven’t reached out to for a while. I’ll put half an hour aside on the treadmill and talk to them to do that. 

It’s a stacking of activity for me. It’s an excuse also for me to go out there and do that. Another thing too, which is great is, there’s technology which keeps everybody together. Since moving to Miami, there’s been a bunch of people who were from New York and Boston, and I put together a WhatsApp group called ‘305 Intelligencia’, for example. 

We meet for coffee or pizza with some social setting. Or if I’m going to a conference, which many conferences going on this week in Miami, for example, I’ll always do that. It’s interactivity, which is the new currency today. The attention is the most important. It’s not so much of a productivity hack. It’s a hack of making sure how are you in front of people who are important and meaningful to you, and that you’re meaningful to them.

Right. Because relationships are so important. Working on those connections. Yet oftentimes, we can be distracted and pulled in so many different directions in our day unless we’re intentional about it. I love how you’ve created some parameters and a system around in making that effective.

If you could give just one piece of advice to the audience about how they could accelerate their own wealth trajectory? What would it be?

At the end of the day, it’s your character that matters.

You need to start networking and get out of your comfort zone. The hardest time it is with people today is that they tend to stay siloed with people who they feel safe with. A common example of this would be doctors. Doctors take financial advice from doctors who appear to be more successful than they are, but it’s usually in the Stocks and Crypto or some other liquid security that’s more speculative. 

But if you want to start growing your prominence, you are thinking about your legacy, then it might behoove you to start being involved in certain organizations and clubs where you actually might have to travel a few hours to go somewhere to meet with other people who are just like you. In Miami, New York, and San Francisco. Especially in Miami where I am, there are always Family Office conferences that are going on here. Ask someone. Feel free to reach out to me, I can definitely guide you there.

But you need to get involved in the ecosystem in order to keep yourself interested, number one. You don’t want to get discouraged earlier on. A lot of people get discouraged because they make an investment in something and it was investing for example, in their brother-in-law’s company who’s an alcoholic, and it didn’t go anywhere. 

They say the venture is too risky. In these deals or anything that you’re doing right now, you’re always betting on the jockey, not the horse. You have to have a strong network in order to see the opportunities that we see to be able to get into that. The people who are serious about that need to learn how to network with people who are investors, not necessarily sell-side advisors.

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Download a free audible copy of The Top 10 Mistakes That Prevent You from Building an Investing Legacy

Sal, I really appreciate your time today. This has been insightful and I look forward to digging into your book some more. If people want to connect with you, check out your book, what’s the best place?

Thank you, Dave. They can go to investinglegacy.com to download a free audible code of it that I’ve opened up just for your listeners. It’s free. They get an audible code from Amazon, which is great. I narrated it myself. I was told by someone I respect named Mel Robbins to narrate my third book myself, which I did. 

A lot of people like listening to it. I heard I have great Iambic pentameter. It’s been cynically reviewed and people enjoy it. Also, you’ll be onboarded onto our Multi-family Office newsletter so you can see all the stuff that we’re doing and look under the teepee.

That’s awesome. I give you a lot of credit for doing that because being in the studio for a couple of days to record your own book is quite a job there. That’s excellent. We will make sure to put all those links into the show notes so people can find that as well. I want to thank you again, Sal. It’s been insightful and I look forward to staying connected in the future.

Thank you, Dave. The pleasure’s mine. Thank you.

Important Links

Connect with Salvatore Buscemi

Connect with Pantheon Investments



Innovative and Leading Enterprises Mentioned

Further Resources

Your 10-Step Actionable Checklist From This Episode

✅ Instead of focusing on the middle class seeking quick returns, target high-net-worth individuals and families seeking to preserve wealth and build a legacy. Consider a minimum investable asset threshold.

Focus on statement-quality assets. These are high-profile, well-regarded assets in strong locations across various sectors like Class A industrial real estate, high-end office buildings, or signature sports teams.

When investing in distressed assets or alternative investments, look for GPs with a proven track record who have been through multiple economic cycles.

✅ Direct investments offer more control and potentially higher returns for your investors. Focus on structuring these deals with clear terms and alignment of interests.

Wealth preservation, legacy building, and impact investing are all important considerations for high-net-worth clients. Tailor your investment strategies to these goals.

Building relationships with other wealthy families and industry professionals can lead to valuable investment opportunities and social connections. Consider hosting events or joining exclusive groups.

✅ Educate potential clients on the benefits of alternative investments and how your strategies can help them achieve their financial goals. Consider writing a book or creating content to position yourself as a thought leader.

✅ Utilize tools like conference calls, project management software, and secure messaging platforms to streamline communication with investors and partners.

✅ Building trust and a good reputation is essential for attracting and retaining high-net-worth clients.

Stay up-to-date on Sal Buscemi’s latest insights and investment strategies through his website and by connecting with him on LinkedIn.

About Salvatore M. Buscemi

strategic investingSalvatore M. Buscemi, CEO of HRN, LLC, and Dandrew Partners Capital Management, is a finance and real estate expert managing diverse investments across real estate, credit, fine art, and life sciences. He co-founded the Oasis Fractional Real Estate Equity fund and has invested in companies like Airbnb and Lyft. In 2018, he launched Dandrew Partners Encore Ventures. Buscemi is also an author and frequent contributor to major publications. A Fordham University graduate, he started his career at Goldman Sachs and lives in Miami, Florida.

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