This was a March 2017 presentation for Cole Capital Partners in AZ. The speech covered the US & International economy, Trump administration policies and future growth opportunities for CRE.

1. Political Economy
Hope for 2017!

2. Change=Opportunity
US & Intl Economic Situation
The Trump Effect
Growth Solutions

3. Opportunity created
from challenges

4. Treasury Secretary Steven Mnuchin said Thursday that
he wants to see "very significant" tax reform passed
before Congress' August recess, in what could prove a
tough task as lawmakers work through a complex
agenda."We want to get this done by the August
recess. We've been working closely with the leadership
in the House and the Senate and we're looking at a
combined plan," he told CNBC in his first television
interview since assuming office.
2/23/17

7. Opportunity to
understand economy

8. 2.2%
6.5%
1.5%

10. 4.8%
4.5%
9.6%

12. 2.2%
2.1%
1.1%

18. Quiz Time!

20. Summary of Fed policy

21. “There are limits to what monetary policy can
and, indeed, should, do. The burden must also
fall on fiscal and other policies to do their part
to help create conditions conducive to economic
stability.”
SF Fed President John Williams

22. Policy solutions for growth
Free Trade=lower tariffs
Reg. Relief=reduced costs
Tax reform=capital formation
w/incentives
Infrastructure=efficiency
Energy=low prices

23. Opportunity to
anticipate policy

25. Trump tax reform
Cut Corp Tax to 15%
Limit Pass Thru 15%
1x 10% Repat Tax
Big Drop in Interest Deductibility
Full expensing!

31. 100 day deregulation plan
Cancel Paris Climate Agreement
& TPP
& Climate Action Plan
& WOTUS
& Overtime rule
& Fiduciary rule
Repeal and Replace:
ACA
Dodd-Frank
Obama Executive actions

32. US Treasury Secretary Steve Mnuchin
National Economic Council Gary Cohn
Federal Reserve Janet Yellen (term ends 2018)
Federal Reserve Vice-Chair Regulation Daniel Tarullo (leaves April)
Office of the Comptroller of the Currency (OCC) (?Tom Vartanian?)
Federal Deposit Insurance Agency (FDIC)
Securities and Exchange Commission (SEC) Jay Clayton nominee
Commodity Futures and Trading Commission (CFTC) Christopher Giancarlo, ranking Republican
Consumer Financial Protection Bureau (CFPB)
Department of Labor nominee Alexander Acosta
Office of Management and Budget (OMB) nominee Mick Mulvaney
Senate Banking Committee chair Sen. Michael Crapo (R-ID)
Senate Banking Committee ranking minority Sen. Sherrod Brown (D-OH)
Senate Banking Committee minority member Sen. Elizabeth Warren (D-MA)
Senate Committee on Health, Education, Labor & Pensions Lamar Alexander (R-TN) chair
Senate Committee on Health, Education, Labor & Pensions Patty Murray (D-WA) ranking minority member
House Financial Services Committee chair Jeb Hensarling (R-TX)
House Financial Services Committee ranking member Maxine Waters (D-CA)

35. "Mr. Trump," a 9-year-old said to the Republican
presidential candidate aboard his self-branded
private helicopter at the fair on
Saturday, according to CNN, which reported on
the video after the exchange surfaced online.
"Yes," Trump replied.
"Are you Batman?" the boy asked.
"I am Batman," Trump said, before the
helicopter thundered upward.
8/17/2016

36. CORE PRINCIPLES FOR REGULATING
THE UNITED STATES FINANCIAL SYSTEM
By the power vested in me as President by the Constitution and the laws of the United States of America, it
is hereby ordered as follows:
Section 1. Policy. It shall be the policy of my Administration to regulate the United States financial system in
a manner consistent with the following principles of regulation, which shall be known as the Core
Principles:
(a) empower Americans to make independent financial decisions and informed choices in the marketplace,
save for retirement, and build individual wealth;
(b) prevent taxpayer-funded bailouts;
(c) foster economic growth and vibrant financial markets through more rigorous regulatory impact analysis
that addresses systemic risk and market failures, such as moral hazard and information asymmetry;
(d) enable American companies to be competitive with foreign firms in domestic and foreign markets;
(e) advance American interests in international financial regulatory negotiations and meetings;
(f) make regulation efficient, effective, and appropriately tailored; and
(g) restore public accountability within Federal financial regulatory agencies and rationalize the Federal
financial regulatory framework.
Sec. 2. Directive to the Secretary of the Treasury. The Secretary of the Treasury shall consult with the heads
of the member agencies of the Financial Stability Oversight Council and shall report to the President within
120 days of the date of this order (and periodically thereafter) on the extent to which existing laws, treaties,
regulations, guidance, reporting and recordkeeping requirements, and other Government policies promote
the Core Principles and what actions have been taken, and are currently being taken, to promote and
support the Core Principles. That report, and all subsequent reports, shall identify any laws, treaties,
regulations, guidance, reporting and recordkeeping requirements, and other Government policies that
inhibit Federal regulation of the United States financial system in a manner consistent with the Core
Principles.
Sec. 3. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:
(i) the authority granted by law to an executive department or agency, or the head thereof; or
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary,
administrative, or legislative proposals.
(b) This order shall be implemented consistent with applicable law and subject to the availability of
appropriations.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural,
enforceable at law or in equity by any party against the United States, its departments, agencies, or entities,
its officers, employees, or agents, or any other person.

38. Presidential Memorandum on Fiduciary Duty Rule
MEMORANDUM FOR THE SECRETARY OF LABOR
SUBJECT: Fiduciary Duty Rule
One of the priorities of my Administration is to empower Americans to make their own financial
decisions, to facilitate their ability to save for retirement and build the individual wealth necessary to
afford typical lifetime expenses, such as buying a home and paying for college, and to withstand
unexpected financial emergencies.
Term "Fiduciary"; Conflict of Interest Rule Retirement Investment Advice, 81 Fed. Reg. 20946 (April 8,
2016) (Fiduciary Duty Rule or Rule), may significantly alter the manner in which Americans can receive
financial advice, and may not be consistent with the policies of my Administration.
Accordingly, by the authority vested in me as President by the Constitution and the laws of the United
States of America, I hereby direct the following:
Section 1. Department of Labor Review of Fiduciary Duty Rule. (a) You are directed to examine the
Fiduciary Duty Rule to determine whether it may adversely affect the ability of Americans to gain
access to retirement information and financial advice. As part of this examination, you shall prepare an
updated economic and legal analysis concerning the likely impact of the Fiduciary Duty Rule, which
shall consider, among other things, the following:
(i) Whether the anticipated applicability of the Fiduciary Duty Rule has harmed or is likely to harm
investors due to a reduction of Americans' access to certain retirement savings offerings, retirement
product structures, retirement savings information, or related financial advice;
(ii) Whether the anticipated applicability of the Fiduciary Duty Rule has resulted in dislocations or
disruptions within the retirement services industry that may adversely affect investors or retirees; and
(iii) Whether the Fiduciary Duty Rule is likely to cause an increase in litigation, and an increase in the
prices that investors and retirees must pay to gain access to retirement services.
(b) If you make an affirmative determination as to any of the considerations identified in subsection (a)
or if you conclude for any other reason after appropriate review that the Fiduciary Duty Rule is
inconsistent with the priority identified earlier in this memorandum then you shall publish for notice
and comment a proposed rule rescinding or revising the Rule, as appropriate and as consistent with
law.

39. Trump plans recap
Help: big tech & big pharma
Hurt: debt heavy balance sheets
Help: industrials & manufacturers
Hurt: free trade & immigration
Help: energy production
Help: Transportation/Engineering
Help: reduce regulations
Help: Financial Services

41. Major CRE/REIT Issues
DOL Fiduciary Rule ?s
US & Intl. economy momentum
Dodd-Frank uncertainty
Tax reform and phase-in timeframe

42. TONIGHT SHOW
POPULAR MATHEMATICS
WARM-UP
+ =

43. > <
Policy Solutions
You
are
here

44. Opportunity to
grasp future

45. Growth Solutions
AI
3-D Printers
CREtech

46. “…we have seen how the great acceleration is
being driven forward by a powerful alliance between
hardware and software – between technology and
ideology. Day by day, year by year, this process is
reaching further into our lives, as the billionaires
and would-be billionaires of Silicon Valley widen
their ambitions. Space travel, education, energy,
agriculture, transportation – all these sectors and
more are in their sights. In their quest to disrupt the
world, they and their cousins around the world are
aided and abetted by the availability of raw
computing power on a scale unimaginable a few
decades ago.
Robert Colvile in “The Great
Acceleration: How the World is Getting
Faster, Faster”

51. Opportunity=Change