Fishfeld: Right now, we are seeing 30-40% discounts to published NAV as the average discount in pricing secondary market securities. This is a large discount given the available information and performance of these assets. We believe that with a centralized location and increased awareness, we can bring these discounts much lower. Our goal is to trade within a single digit discount of NAV this year.
Hortz: You mention in your executive summary handout that your team is looking for strategic partners to join in your efforts to create efficiency and transparency in this archaic space.
Who are you looking for as strategic partners and how would that partnership look like?
Fishfeld: We are looking for investors with a specific knowledge in capital markets to join our board of advisers, but mostly, we are looking for market making customers. These partners can buy and sell product through our platform. They have the capability to buy large blocks and allow retail investors to purchase from them in amounts they choose, rather than the blocks available.
Hortz: Based on your experience in creating a new solution to an industry problem, what advice would you give advisors on handling their business challenges?
Fishfeld: My basic advice is to focus on problems that frustrate you personally. It is very easy to spend the time and energy fixing a problem that you personally have experience with, because nothing else about fixing the problem will be easy. As for more general advice to advisors in the changing industry that they find themselves in… always be growing and adapting.
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