Concentrated investing and building companies

Find me on Substack!

Arie van Gemeren is a CFA, Goldman Sachs veteran, and CEO of Lombard Equities Group who translates 2,000 years of wealth-building history into actionable modern real estate and investment strategy.

Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/

3:00 – Ari's family origin story: grandmother fled Nazi Berlin to South America, father grew up fatherless in Bolivia, came to the U.S. at 18 speaking no English, put himself through medical school. History was alive in the household.

5:15 – The contrarian leap from Wall Street to real estate. Started at Fisher Investments, moved to Goldman Sachs, but it was his Persian father-in-law who kept asking: "Why would I do that when I could buy a good property?"

7:30 – The live-in flip that changed everything. Bought a Bay Area bungalow for $515K, invested $60K in renovations, saw equity jump to $850–900K. "I was hooked."

9:18 – At Goldman, wealthiest clients — especially Middle Eastern tech entrepreneurs — were pouring profits into real estate, not stocks. Pattern recognition clicked.

11:59 – Real estate vs. stocks: "They're both tremendous wealth-building asset classes." Ari argues for a portfolio approach — stocks as majority for passive investors, real estate as complement. Introduces the scarcity insight: the stock market is the only market where inventory shrinks over time via buybacks.

19:51 – Timeless principles and behavioral finance. Nothing new under the sun — 8,000 years of recorded history isn't enough for human nature to evolve. Patience, discipline, avoiding excessive leverage are the throughlines of lasting fortunes.

21:43 – Hitler's invasion of the Soviet Union as an investing parable: certainty vs. conviction. "If you are so convinced of your thesis that you cannot hear contrary advice… guys confuse having a strong thesis with it being the absolute truth."

33:27 – Concentrated wealth creation. 67% of the world's billionaires are self-made first-generation who built companies — a form of concentration investing.

40:17 – Generational wealth traps. The "first generation builds, second maintains, third loses" proverb exists in Italian, Japanese, Mandarin, Russian, Spanish. Contrasts Vanderbilt collapse with Walton and Grosvenor family structures.

47:12 – The Hanseatic League: 500+ years of patient, boring warehouse ownership that generated extraordinary wealth and even conquered Copenhagen.

57:33 – Success redefined: "What we're really looking for is freedom and independence."

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.