Phil Bak is the CEO of Armada ETFs. Phil has been innovating in the ETF industry for over 15 years. Armada specializes in REIT ETFs, and we go on a deep dive into real estate investing, how investors can use REITS and what’s going on with the Blackstone BREIT Fund.Listen to InvestOrama on your favourite podcast app: https://pod.link/1511595070EPISODE LINKShttps://philbak.substack.com/https://twitter.com/philbak1https://www.armadaetfs.com/https://www.breit.com/QUOTES“I started looking deeper and deeper into the REIT market, and it, you know, really found some, some very interesting things that I thought nobody was talking about. And you know, specifically, the definition of what a REIT is had been expanding and things that you and I would not consider real estate. And what that means is that investors who are in traditional REIT funds, especially index-based market cap weighted funds, are getting exposure to things that they don't really know that they're getting exposure to that they might not really want.”"The correlations between the different sub-sectors of REITs are very low, meaning that they trade differently than themselves. They're different economies within the REIT world. So where within REITs would you want to be in a more difficult market environment? And for us, that answer is very clearly in the residential space because, the residential REITs are generating their income through rents paid."ABOUT BREIT“ I feel like this fund is  now standing on the edge of a cliff,  at a precipice, right?  Not through mismanagement the opposite, right? Through their success, they are, in fact a victim of their own success. And how does that happen?  Well, embedded in this fund is a lot of leverage, and they have raised a tremendous amount of assets.And they own about 120 billion worth of real estate. And they've had so much success and so many assets coming in that  they've been buying all along the way, and all along at the top.“TIME STAMPSABOUTInvestorama is your guide to the future of investing without the hype. In each episode, reformed investment banker and marketer George Aliferis and his guests take a deep dive into a key topic that shapes our financial future. George is the founder of Orama.tv (podcast & video company), as well as its content arm Investorama, a podcast, YouTube channel and Newsletter.https://linktr.ee/investoramaIf you’d like to partner with us, sponsor the podcast, or be featured as a guest, please get in touch [email protected]