# PPMs That Scare the Sh*t Out of Me (Real Investing Horror Stories)

Page: https://stenobird.com/podcast/invest-like-a-billionaire-4346750/ppms-that-scare-the-sh-t-out-of-me-real-investing-horror-stories
Text version: https://stenobird.com/podcast/invest-like-a-billionaire-4346750/ppms-that-scare-the-sh-t-out-of-me-real-investing-horror-stories.md
Podcast: [Invest Like a Billionaire](https://stenobird.com/podcast/invest-like-a-billionaire-4346750)
Published: 2026-03-17T12:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/invest-like-a-billionaire/episodes/PPMs-That-Scare-the-Sht-Out-of-Me-Real-Investing-Horror-Stories-e3gdr6o
Audio file: https://anchor.fm/s/4e9bae1c/podcast/play/116894360/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-2-14%2F419977064-44100-2-b0f4092226026.mp3
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Duration seconds: 1894

## Resource

What should investors actually look for in a Private Placement Memorandum (PPM)? In this episode, Ellis Hammond sits down with Ben Fraser and Bob Fraser to break down real examples of PPMs that raised major red flags — including unlimited sponsor expenses, huge placement fees, and deal structures that shift risk entirely onto investors. They walk through what a private placement memorandum is designed to do, why experienced investors focus more on the risks than the upside, and the specific sections you should read before investing in a private deal. If you invest in real estate syndications, private equity, private credit, or alternative investments , learning how to evaluate a PPM can help you avoid costly mistakes. Have more questions, or want more resources like a tax calculator? Go to ⁠⁠⁠⁠⁠⁠⁠https://investlikeabillionaire.org/⁠⁠⁠⁠⁠⁠⁠ to learn more about our community. Check out Ben & Bob’s company and invest along at ⁠⁠⁠⁠⁠⁠⁠https://aspenfunds.us/

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