Please stay tuned for important disclosure information at the conclusion of this episode.

Hi, and welcome to the Longview. I'm Amy Arnott, portfolio strategist for Morningstar.

And I'm Jeff Battack, managing director for Morningstar Research Services.

Our guest on the podcast today is Leila Kunimoto. Lela is the founder and editor of Accredited Investor Insights,

a newsletter that helps investors navigate private markets. She writes about private equity,

private credit, and real estate, focusing on the practical realities of evaluating alternative

investments from the limited partner perspective.

Layla began investing in public markets in 2001 and expanded into private markets in 2020,

with current holdings spanning public equities, real estate, and alternatives.

She started her career in finance and management consulting after graduating from the University of Washington.

She also worked in advisory services at a big four accounting firm.

Layla, welcome to the Longview.

Thank you for having me.

Well, it's great to have you here.

We wanted to start out by talking a bit about your background.

You've been investing in single-family housing since back in 2006 and manage a small real estate portfolio in the Seattle area.

How did you first get interested in real estate investing?

Yeah, so the timing, of course, was good on our end.

I first got introduced to this because after reading the rich dad, poor dad, which probably

defined my generation of investors at the time, we did fairly well with singlefamily homes. It was my husband and I who started

kind of assimilating a portfolio, and time-wise it worked in our favor. And I've always liked

real estate because it's a little bit less of an efficient market. There are some pockets of

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