# Why Billionaires Only Put 20% in the Stock Market w/ Bob Fraser Page: https://stenobird.com/podcast/real-estate-investing-with-realdealchat-933377/why-billionaires-only-put-20-in-the-stock-market-w-bob-fraser Text version: https://stenobird.com/podcast/real-estate-investing-with-realdealchat-933377/why-billionaires-only-put-20-in-the-stock-market-w-bob-fraser.md Podcast: [Real Estate Investing with RealDealChat](https://stenobird.com/podcast/real-estate-investing-with-realdealchat-933377) Published: 2026-05-06T20:00:00+00:00 Episode link: https://realdealcrew.com/real-estate-investing-podcast Audio file: https://episodes.captivate.fm/episode/cca06a48-5150-479f-922d-beb2cba4b2b6.mp3 Processing state: not_requested JSON: https://stenobird.com/v1/public/podcasts/real-estate-investing-with-realdealchat-933377/episodes/why-billionaires-only-put-20-in-the-stock-market-w-bob-fraser Duration seconds: 1980 ## Resource Bob Fraser reveals why billionaires keep only 20% in public markets and how private alternatives can protect and grow wealth โ€” without chasing returns. In this episode of RealDealChat, Jack Hoss sits down with Bob Fraser , CFO and chief macro strategist of Aspen Funds and co-author of the USA Today bestseller Invest Like a Billionaire , to break down how the ultra-wealthy structure their portfolios and why most investors are playing the wrong game entirely. Bob covers: Why billionaires keep only 20-30% of their wealth in public markets The difference between diversification and true mathematical uncorrelation Why the S&P 500 index is more concentrated than most investors realize Why public markets are driven by emotion and narrative rather than fundamentals The current valuation argument against public equities and what history says about forward returns How to evaluate private alternative investments by risk profile Why oil and gas can function as an uncorrelated, cash-flowing asset The natural gas thesis and its connection to AI energy demand How the JOBS Act of 2012 opened private investing to accredited investors Red flags to watch for when vetting syndicators and sponsors Why losses hurt compounding more than gains help it Bob's personal story of being wiped out twice and what it taught him This episode is essential for: Accredited investors looking to move beyond a traditional 60/40 portfolio Real estate investors who want to add true uncorrelation to their holdings Anyone vetting private deals and syndications Investors trying to understand where risk actually lives in their portfolio ๐Ÿ”— Learn more about Bob and Aspen Funds: https://aspenfunds.us ๐Ÿ”— Build systems for your investing business: https://realdealcrew.com Work With RealDealCrew If youโ€™re already cloโ€ฆ ## Actions - request_transcript: `POST https://stenobird.com/v1/public/podcasts/real-estate-investing-with-realdealchat-933377/episodes/why-billionaires-only-put-20-in-the-stock-market-w-bob-fraser/transcription-requests` โ€” Idempotently request low-priority transcript generation for this episode. - read_markdown: `GET https://stenobird.com/podcast/real-estate-investing-with-realdealchat-933377/why-billionaires-only-put-20-in-the-stock-market-w-bob-fraser.md` โ€” Read the agent-friendly Markdown representation of this episode resource. A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed. ## Transcript Full transcripts are not published on public pages unless there is a clear rights basis.