Groundfloor CEO Brian Dally continues the conversation with Ray Yousefian of Serengeti Asset Management on where the market cycle stands, key signals like interest rates, demand, and hyperscaler CapEx. They discuss volatility across public equities and private credit, including pressure on software values, semiconductor strength, and credit stress from over-levered software firms. Ray contrasts equity’s compounding returns with private credit’s income-oriented cash yield and says both markets remain healthy absent major macro dislocations. They outline the Groundfloor–Serengeti partnership, positioning stock finance as a way to offer downside protection with capped upside relative to direct late-stage equity.

00:00 Welcome Back

00:27 Market Cycle Signals and AI CapEx

02:39 Public Equities vs Private Credit

05:50 Equity Compounding vs Credit Income

07:02 Groundfloor Serengeti Partnership

08:19 Big Cat Fund Return Profile

10:30 What’s Next for Serengeti

12:20 Rapid Fire Investing Q&A

14:57 Closing

Beyond the Stock Market podcast: https://groundfloor.com/podcast

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Ray Yousefian on LinkedIn: https://www.linkedin.com/in/raymond-yousefian/

References:

• Serengeti Asset Management: https://serengeti-am.com/

The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.