UPTHINKING FINANCE

I'm excited to welcome Julia Hermann, CFA, Global Market Strategist at New York Life Investments, to today's episode. As a director on the Global Market Strategy team, Julia provides valuable economic research, asset allocation insights, and thought leadership that help guide investment decisions. She's also the co-host of the “Market Matters” podcast.Before joining New York Life, Julia worked as a Global Market Strategist for an emerging markets equity fund. She's a CFA Charterholder, a summa cum laude graduate from the University of Notre Dame, and holds a Master's in International Economics from Johns Hopkins SAIS. Today, Julia will share her insights on global market narratives and their impact on investment strategies moving forward.You will want to hear this episode if you are interested in...Welcome to UPThinking Finance (0:00)How Julia discovers what information is important to investors (1:30)How should people develop a reliable market view? (7:00)The narratives Julia believes have a significant impact on market decision-making (8:30)Julia's research strategies about USA Federal debt (10:10)AI's influence on the market (16:10)Impacts of tariffs on businesses and the market (25:00)Global markets exploring alternatives to the US dollar (31:40)Julie Herrman is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedMarket Matters PodcastConnect With Julia Hermann, CFAJulia Hermann, CFAConnect on LinkedInConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

In this episode of UPThinking Finance™, Chris Hoke shares the story behind Underground Ministries, an organization dedicated to helping incarcerated individuals reintegrate into society. Also joining us is Corrina Lozano, a former participant whose journey of struggle and redemption highlights the transformative power of the ministry's support. Through their key programs—gang outreach and One Parish, One Prisoner—Underground Ministries is making a lasting impact on individuals and communities alike.You will want to hear this episode if you are interested in...Underground Ministries with Chris Hoke and Corrina Lozano (00:00)How the organization Underground Ministries got started (01:30)Corrina Lozano's story, from being served to serving others (05:30)Barriers people getting out of prison face with housing (13:36)Are barriers and stigmas changing? (22:18)Intentional giving, telling your money where to go (23:50)How Underground Ministries gets its funding (25:20)Chris Hoke and Corrina Lozano are not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedChecking in with Charles Hugh Smith, Ep #54Thoughtful Giving by Peter C CaveltiConnect with Chris Hoke and Corrina LozanoUnderground MinistriesChris's WebsiteConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

How do we reinvigorate a global resistance that seems to have lost its way? In this thought-provoking episode of UPThinking Finance®, John Waters reflects on the challenges facing modern movements for change. Drawing comparisons to the unity and purpose of past revolutions, like the Velvet Revolution of 1989, Waters questions why today's resistance struggles to attract artists, intellectuals, and the broader public. He argues that fear, gatekeeping, and fragmentation have stifled the creative voices essential for meaningful progress.Waters offers a hopeful perspective, urging us to reclaim faith in humanity's potential for redemption and change. By fostering unity, humility, and purpose, he believes we can inspire the global resistance to serve its true goal—benefiting humanity, not power or profit. This reflection is a call to action, reminding us that hope and belief in a better world remain the most powerful tools for change.You will want to hear this episode if you are interested in...Finding John Waters on substack (00:00)How to talk to people who are unaware of a problem (1:51)You can't trust people who are incentivized to follow the narrative (8:18)Why people won't speak out about the problems (12:30)Do we have hope—or do we surrender to the way things are? (16:07)Concerns and hopes of Trump's team (27:00)What do the political changes in America mean globally? (31:02) Question what technology and political systems are for (36:07)New hope, new thinking (40:00)Renewed Faith in things to change (52:10)John Waters is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedThe Mythology of Progress by Charles Hugh SmithConnect With John WatersJohn's SubstackConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Today's guest is economist Lyn Alden, an independent analyst and founder of Lyn Alden-Investment Strategy, where she publishes monthly research reports for both retail and institutional investors. With a background in electrical engineering and a master's in engineering management specializing in financial modeling, Lyn excels at breaking down complex economic trends into plain English. She is also a general partner at Ego Death Capital and the author of the 2023 bestseller “Broken Money,” which examines the evolution of money through the lens of technology. In this episode, Lyn offers her perspective on the macroeconomic factors shaping 2025, including political uncertainty, fiscal dominance, and more.You will want to hear this episode if you are interested in...How Lyn got into investment research [1:50]The 2024 election's influence on the economy [8:00]What happens with the debt ceiling? [16:25]What Lyn likes better than the dollar and why [22:09]Lyn's view on BRICS plans [22:45]Expiring tax cuts and bank lending [28:40]Lyn's experience with Bitcoin [33:55]Lyn's advice to avoid complacency [41:40]Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedBroken Money, Lyn AldenEgo Death CapitalLyn Alden-Investment StrategyConnect With Lyn AldenLyn AldenConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Today, I want to share a message of hope—one that invites us to reflect on what progress truly looks like in our world today and how it should look moving forward. To help explore this topic, I'm joined by my business partner, Amy LeNoble, and returning guest Charles Hugh Smith.Charles has been writing about social, economic, and technological trends since 2005 on his widely followed blog. He's also the author of several thought-provoking books, including his most recent, “Mythology of Progress, Anti-Progress, and a Mythology for the 21st Century.”In this episode, Charles challenges us to rethink the foundation of our hope. He shares a powerful insight: hope is essential to humanity, but when it's based on fantasies or delusions, it becomes false hope. He explains how our understanding of progress—both its perception and its reality—plays a critical role in shaping genuine hope.We'll unpack the core ideas from Charles's latest book and discuss the broader implications of progress for individuals and humanity as a whole.You will want to hear this episode if you are interested in...Where society stands today and the path that led us here [3:40]How defining progress has impacted our purchasing power [10:00]Real progress as the wellbeing and sustainability of life [18:30]The key triggers that drive social change [24:40]Solutions that prioritize people over profit [42:30]Finding hope in the possibility of meaningful change [47:42]Charles Hugh Smith is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedMythology of Progress, Anti-Progress, and a Mythology for the 21st CenturyConnect With Charles Hugh SmithCharles Hugh SmithConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

In today's episode, we dive into the significance of the 2024 Presidential Election. While every election impacts the country, this one feels especially critical, with far-reaching consequences that extend beyond U.S. borders.Our guest is Alex Krainer, a former hedge fund manager, market analyst, and creator of the I-System trend-following model. With his unique global perspective, we explore the potential implications of this election on both the U.S. and the world.You will want to hear this episode if you are interested in...Is it possible that the 2024 presidential election won't happen? [2:15]What is really going on? A clash of systems of governance [8:12]What's weighing on voters, domestic policies for candidates [12:20]What Alex says is the only choice in the election [16:13]Are people waking up to the corruption of the systems? [21:52]How do you know what to believe or trust anymore? [27:55]Anything that gives Alex hope about the political system? [40:39]The American people have all the potential to build the US back up [48:55]Resources & People MentionedTrend Investing ModelsThe Wisdom of CrowdsThe Trend Following BibleConnect With Alex KrainerFollow on XAlex's SubstackThe Naked HedgieConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Today's episode is for anyone interested in learning about the intricacies of investing in the financial markets. Are you wondering what the fiat currency system is, or are you curious about how financial analysis works? We explore perspectives on the currency market and how it impacts investment strategies. We discuss the complex relationships between financial concepts that influence the value of currency. We discuss quantitative analysis and how leveraging it can help maximize investment portfolios.Charles Ashley, a portfolio manager at Catalyst Funds, holds a Bachelor of Arts degree from Michigan State University and an MBA from the University of Michigan, Ross School of Business. In this episode, he breaks down abstract financial concepts with real-world market applications.You will want to hear this episode if you are interested in...How does the currency market work? [1:40]The strength of the dollar is a matter of perspective [4:15]How the balance of trade influences the value of the dollar [6:15]The relationship between currency yield and inflation [10:20]What the currency carry trade is, and how it affects the market [16:30]How does quantitative analysis compare to mutual funds [31:00]The need for human logic in quantitative analysis [36:20]Quantitative analysis investing strategies [43:40]Charles Ashley is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedTwenty One Lessons from Financial History for the Way We Live NowConnect With Charles AshleyCharles Ashley - Catalyst FundsConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to UpThinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Is the U.S. economy heading for a crisis, or is it still the safest bet in the global marketplace?Peter Cavelti, an expert with over 50 years of experience in investment and geopolitical analysis, returns to talk about the Fed's recent rate cut, the future of the U.S. dollar, and global economic shifts.In our wide-ranging conversation, Peter goes pretty deep into why predictions of the dollar's imminent collapse might be exaggerated. Plus we talk about the rising influence of the BRICS nations, and how the United States' debt burden could lead to significant economic consequences. Cavelti also shares insights into the challenges facing global powers like Europe and Japan, and the shifting dynamics in international capital flows. You will want to hear this episode if you are interested in...Are recent Fed rate cuts a game-changer for the U.S. economy? [0:28]Will the Fed's policy shifts shake up the global economy? [2:57]Is the U.S. dollar's dominance under serious threat?. [7:00]Is the growing U.S. debt leading us to a financial crisis? [4:00]What does the wealth gap mean for the future of America's middle class? [20:00]Why should you avoid investing in liabilities during uncertain times? [27:10]Could negative interest rates hit the U.S.? [34:10]Are Europeans more disillusioned with their governments than Americans? [42:10]Peter Cavelti is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedU.S. Federal Reserve recent developmentsBRICS U.S. Treasury BondsConnect With Peter CaveltiPeter Cavelti's website: www.cavelti.comConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

A common theme among the guests of UPThinking Finance™ is that the global economy is derailing, and wealth and inequality are leading us to a day of reckoning. However, this sense is not just about monetary implications—there is a spiritual element as well. There's a concern that a personal consciousness or self-awareness is needed to create a global transformation. My guest, Emma Slade, is here to talk about her transformative shift from being a global chartered financial analyst to a Buddhist Monk.You will want to hear this episode if you are interested in...How Emma became interested in the financial world [2:40]Emma's survival of a traumatic event led to a change of heart about her work [11:25]Emma's transformation from Market Banker to Buddhist [15:20]Emma's Buddhist training created desire to start her charity [21:10]How Emma describes the Kingdom of Bhutan [28:10]Emma's belief in transforming from a material state to spiritual development [32:30]Emma Slade is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.Connect With Emma SladeOpening Your Heart To BhutanOpening Your Heart To Bhutan on FacebookEmma's YouTube ChannelEmma's TEDx TalkEmma's WebsiteEmma's Book: Set FreeConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

How will the upcoming US elections impact the geopolitical landscape? We recently saw an attempt on former President Trump's life. Biden “bowed out” of running for another term. How does that play a role in upcoming elections? We've seen and continue to see the pollution of elections worldwide. Will things change? John Waters and Alex Krainer return to discuss the current geopolitical landscape in episode #59 of UPThinking Finance™.You will want to hear this episode if you are interested in...Running for office in Ireland [1:40] The pollution of elections worldwide [7:31] Dissecting the attempted assassination [12:07] Why the upcoming US election is important [23:12] It's either Trump or hell on earth [29:06] The dictatorship of compassion [38:54] Will we see an awakening in Europe? [44:29] John and Alex's final thoughts [52:18] John Waters and Alex Krainer are not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Connect With John Waters and Alex KrainerAlex Krainer's TrendCompassJohn Waters UnchainedConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

What is the status of Central Bank Digital Currencies (CBDCs)? How could creating global division ultimately lead to humanity's loss of control? How can we open our eyes and really see what's going on before it's too late? In this episode of UpThinking Finance™, Melissa Ciummei—an independent investor and researcher in Northern Ireland—returns to revisit CBDCs, the balance of power, and what individuals can do to fight for their freedom. You will want to hear this episode if you are interested in...The status of CBDCs [1:03] Eyes are being opened [16:33] Division is the ultimate goal [30:35] The status of Ireland [37:40] The world's perception of the US [40:04] Melissa's final thoughts [45:36]We must hope in humanity [50:37] Melissa Ciummei is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedBIS Annual Report 2023/2024CBDCs and the Coming Reset with Melissa Ciummei, Ep #35CBDC TrackerConnect With Melissa CiummeiFollow on TwitterConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Tom Luongo is a former research chemist and part-time goat farmer. He publishes the “Gold Goats ‘N Guns” blog, a monthly newsletter, and records podcasts. His work is also published in Bitcoin magazine and syndicated regularly on sites like ZeroHedge, Investing.com, etc. Tom has a unique way of connecting geopolitical dots. In this episode of UPThinking Finance™, I pick his brain about some of the latest things he's written about. You will want to hear this episode if you are interested in...The parallels between Shadowfist and geopolitics[1:56] The last 10 years of history [12:53] Does the long-term end goal ever change? [22:18] Welcome to Splitsville [28:09] Is it “every man for himself?” [34:17] LIBOR, SOFR, and the Fed [38:03]Chevron, Trump, and Jarkesy [49:00] Tom Luongo is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedThe Jarkesy CaseShadowfistConnect With Tom LuongoTom's PatreonGold Goats ‘N GunsConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Cynthia Chung's education taught her that energy consumption is destroying our world. It taught her that the hole in our ozone layer was growing. It taught her that the destruction of rainforests was wreaking havoc on humanity. Industry was portrayed as something that killed anything it touched.Cynthia's research paints a far different picture. Cynthia dives into the fallacy of green energy in her docuseries, “Escaping Calypso's Island.” In her series, Cynthia points out that our entire lives revolve around energy usage. Access to the best medical care, nutritious food, clean water, and adequate shelter depends on energy. Access to affordable energy has diminished poverty, lengthened life, and increased quality of life. We're being told that there isn't enough energy to go around, and that we have to focus on green initiatives. But is that true? Dive deeper with us in this episode of UPThinking Finance™. You will want to hear this episode if you are interested in...Learn about Cynthia Chung and the Rising Tide Foundation [2:01] Why “specialization” is a new and often unnecessary concept [10:11] Your reality won't always meet your expectations [14:38]Explaining Cynthia's reference to Calypso's Island [17:41] The fallacy of game theory [21:05] How Cynthia discerns through the BS [32:37] Why renewable energy doesn't help the environment [36:05] Dissecting the lies we're being fed [38:32]Green energy is causing worldwide suffering [39:57] Through a Glass Darkly [44:51] Resources & People MentionedThe Empire on which the Black Sun Never Set https://www.youtube.com/watch?v=J7-7NxjVy0AConnect With Cynthia Chunghttps://cynthiachung.substack.com/https://risingtidefoundation.net/Connect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking Finance

Richard Laterman is a Portfolio Manager at ReSolve Asset Management, Inc. with 18 years of investment experience in capital markets. He has the unique ability to take complex information and boil it down into something concise and understandable. In his role, he provides us with invaluable information about geopolitical events, economic events, and the markets. In this conversation, we get Richard's opinion on the world, the drive to embrace alternative strategies, and the necessity of leaning into discomfort. You will want to hear this episode if you are interested in...The typical day in the life of Richard Laterman [2:39] Richard's current view of the world [6:58] Living to work instead of working to live [18:55] The drive to embrace alternative strategies [22:51] Let's get comfortable being uncomfortable [32:26] What will accelerate change? [39:10] Richards Laterman is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedDoomberg SubStackThe Master and His Emissary by Iain McGilchristConnect With Richard LatermanReSolve Asset ManagementConnect on LinkedInConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Can we find an answer to the world's ills? Is a return to a gold standard feasible? Can we keep our current system from imploding? Do we even want to? In this conversation, Charles Hugh Smith gets into the weeds on the socioeconomic issues we're facing. We talk about whether or not a new economic system is the answer or if a focus on relocalization and self-reliance may be key to inciting change.You will want to hear this episode if you are interested in...Why the gold standard isn't sustainable [2:34] Can we keep our current system from imploding? [8:47]What could a new economic system look like? [14:50]What about a universal basic income? [21:32]Increasing rates of hopelessness and depression [27:23] Relocalization: Self-reliance in the 21st century [37:34] The next generation was born for this time [42:43] The systems we rely on are failing, so what's next? [44:12] Why we're positive about the future of humanity [49:29] Charles Hugh Smith is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedThe Myth of CapitalismConnect With Charles Hugh SmithCharles' blog: Of Two MindsCharles' Patreon Self-Reliance in the 21st CenturyConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Inflation continues to rise. Interest rates are at 30-year highs. Gold is at all-time highs. There's geopolitical conflict and confusion everywhere. Yet most global equity markets continue to go up. Where do you turn to get rational analysis, advice, or opinions? Today's guest brings three decades of experience to the equation. Charles Heenan is the Co-Investment Director at Kennox Asset Management. He's adopted a distinct value approach to global investing over the last 30 years. He shares some insight into global investing (and why it's important to diversify internationally) in this episode of UPThinking Finance™! You will want to hear this episode if you are interested in...Learn more about Charles' equity firm: Kennox [2:27] How things have evolved since the 90s [9:07] A perspective from the other side of the ocean [12:13] The impact of global debt on global economies [15:23]Diversification and trusting the process [20:59] The Kennox approach to global investing [25:55] Many investments require patience [31:32]How Kennox conducts global research [40:43] How instinct plays a role in decision-making [43:25] Charles Heenan is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedThe Price of Time: The Real Story of Interest by Edward ChancellorConnect With Charles Heenanhttps://kennox.co.uk/Connect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Kevin Flanagan started his career as a Fed watcher i.e. money market economist working on the trading floor. As a fixed-income strategist, he looks at things from a broad perspective because numerous things impact the bond market—economics, geopolitics, elections, etc. All play a role in how the bond market and interest rates are developed. He found it fascinating that you could look at the past and present to gain insight into the future. Kevin joins me in this episode of UPThinking Finance™ to shed some light on this confusing topic. You will want to hear this episode if you are interested in...The “new” old-rate regime [1:59] When the Fed's role shifted [8:36] Politics playing a role in policy [14:51] Current impacts on inflation [16:55] The impact of foreign money [21:55] What will happen with US debt? [24:50] The performance of the municipal market [28:40] Where Kevin sees the bond market headed [30:45] The connection between the 10-year and gold [32:47] How Kevin got into the fixed-income arena [35:02]Kevin Flanagan is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Connect With Kevin FlanaganWisdom TreeBasis Points PodcastFollow on TwitterConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

This episode marks the second anniversary of UPThinking Finance™. Alex Krainer was our guest for our first anniversary, so it made perfect sense to invite him back again. In this episode of UPThinking Finance™, he speaks on both financial topics and the ever-changing geopolitical landscape. You will want to hear this episode if you are interested in...The turmoil in the financial markets [2:02]How does this thing blow up? [6:45] Is a black swan event going to happen? [9:56] Will the Fed eventually lose its power? [15:09] Numerous countries are united in a hatred of the US [17:11] Why it's time to find a different way [23:58] How Alex would overhaul the financial system [26:34] The current social arrangement doesn't work [36:51] Alex Krainer is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Connect With Alex Kraineralexkrainer.substack.com/Connect on LinkedInConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Our thoughts and ideas are being molded through the clever use of psychology. Our enemies aren't generals and admirals but behavioral scientists and psychologists. They know how the brain operates and how to manipulate it. In 2010, after years in the music industry, DJ Mark Devlin underwent a “conscious awakening.” He started to study the mainstream music industry and how A-list artists have been used to manipulate and mind-control the masses. In 2016, He published “Musical Truth: Exposing the Mind-Control Manipulations of the Corporate Music Industry.” We discuss how humanity is being manipulated through music and popular culture in this fascinating episode of UPThinking Finance™.You will want to hear this episode if you are interested in...Mark's awakening about the music industry [5:32] The history of manipulation [20:37] What music isn't manipulated? [28:35] What is the price of fame? [34:52] We have the power of choice [40:41] Mark's upcoming tour in the US [43:00]DJ Mark Devlin is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.The opinions expressed in this material do not necessarily reflect the views of LPL Financial.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedThe Cause & The CureThe Sound of FreedomConnect With DJ Mark DevlinMark's websiteOdyseeMusical TruthConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

The media is completely disconnected from reality. We've all known it for a while. The challenge becomes—if we don't trust the news—where do we source information? How do we filter it? How do we discern the truth? When did spreading propaganda begin? When did the news become a source we could no longer trust? Michelle Stiles wrote the book, “One Idea To Rule Them All: Reverse Engineering American Propaganda,” to answer these questions. It's written to expose the realities of the world we live in, in terms of the role of propaganda and manipulation. Don't miss this eye-opening conversation. You will want to hear this episode if you are interested in...What propelled Michelle to study propaganda [3:34]George Creel's WWI propaganda [6:57] Le Bon: The origins of mass persuasion [10:47] Bernays: The idea of stagecraft [13:45] The infrastructure of belief [16:35] Why do we trust the propaganda? [23:37] Deconstructing what we've been told [30:25] Michelle's research on the American Red Cross [37:47] Resources & People MentionedThe Crowd: A Study of the Popular MindPropaganda by Edward BernaysThe Four Agreements: A Practical Guide to Personal FreedomConnect With Michelle StilesMichelle's website: Smart SheepeGet the book and study guideOne Idea To Rule Them All: Reverse Engineering American PropagandaConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

If there was ever an industry where history repeats itself, finance is at the top of the list. Russell Napier has worked in investing for over 30 years. He's written exceptional books, including “The Anatomy of the Bear” and “The Asian Financial Crisis.” He's the Founder and Course Director for the Practical History of Financial Markets, an online course at the Edinburgh Business School. In 2014, he founded the charitable venture, “The Library of Mistakes,” a business and financial history library based in Scotland with branches in India and Switzerland. They recently threw their “Mistake of the Year Awards.” Listen to our conversation to learn from the mistakes that were made so that history doesn't have to repeat itself. You will want to hear this episode if you are interested in...Learn more about the Library of Mistakes [1:57] 4The Mistake of the Year Awards nominations [8:42]How quickly money can be lost [11:05] European governments backing pensions [13:09] The rapid decline of Farfetch [15:49] 3rd Place: Credit Suisse [19:33] 2nd Place: FTX [25:46] 1st place: The Silicon Valley Bank [32:33] The lessons learned from great mistakes [42:45] Russell Napier is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Emerson Fersch is a registered representative with and securities and advisory services are offered through LPL Financial, a registered investment advisor. Member FINRA/SIPCThe financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedThe Mistake of the Year AwardThe Library of MistakesThe Library of Mistakes PodcastsThe Psychopath Test: A Journey Through the Madness IndustryConnect With Russell NapierConnect on LinkedInThe Solid Ground NewsletterConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

I often feel like I'm living two lives. There's the world I live in that I can see around me. Then there's the world I can't see but can feel in my heart. The gap between them seems to be getting wider and wider. Something is amiss. Is there a day of reckoning coming? Is change going to happen? John Waters is a man who isn't afraid to speak the truth. He's able to put words to how many of us are feeling. In this captivating episode of UPThinking Finance™, John Waters returns to talk about the current state of the world, whether or not we're in a spiritual war, and how to take steps in the right direction.You will want to hear this episode if you are interested in...The current state of Ireland (and the world) [2:07] What can we anchor ourselves to? [12:12] Is change going to happen? [17:51] Are we in a spiritual war? [23:18] The God we found in Alcoholics Anonymous [29:47]Taking steps in the right direction [41:08] Live your life to the fullest today [44:07]Resources & People MentionedThe Sibling Society by Robert BlyNot God: A History of Alcoholics AnonymousJohn Waters & Dr Thomas Binder on The Abi Roberts ShowEpisode #38: As Goes Ireland, So Goes the WorldConnect With John WatersJohn's SubstackJohn's WebsiteConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Peter Cavelti is a financial advisor who shares a similar worldview as we do. He was one of the first investment managers to recognize some of the defining trends of our time, such as the ascent of emerging economies and the dramatic reversal of globalization. In this episode of UPThinking Finance™, we have a conversation about his career, his opinion on the US debt, and how he navigates financial planning with the future in mind. You will want to hear this episode if you are interested in...Learn more about Peter Cavelti [3:23]Peter's thoughts on the Covid conversation [7:34] The biggest challenge Peter's had to overcome [13:36] Is the US debt spiraling out of control? [19:32] How Peter structures their investment portfolio [28:25]Navigating the narrative within the industry [36:42]Peter Cavelti is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Connect With Peter CaveltiSubscribe to Peter's newsletter at Cavelti & Associates, Ltd.Connect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking Finance

Dr. Tess Lawrie is the Founder and Director of The Evidence-Based Medicine Consultancy (EBMC). She also sits on the steering committee for the World Council of Health, which sponsors The Better Way Conference. She is committed to improving the quality of healthcare through rigorous research. She envisions a healthier world in which science and learned wisdom are brought together to empower people to take responsibility for their own health. That's why she helped found the World Council for Health and The Great FreeSet. Learn what pushed Dr. Lawrie to take a stand—and what you can do to join the Great FreeSet—in this episode of UPThinking Finance™.You will want to hear this episode if you are interested in...When Dr. Lawrie worked as an external consultant [3:18] The power of the World Health Organization (WHO) [10:33] Learn about the Great FreeSet and its mission [16:22] Why it's time to do some research [29:20]The goal of The Better Way Conference [34:13]Resources & People MentionedThe Great FreeSetThe Better Way ConferenceWorld Council for HealthThe Conscience of MedicineMy Letter to Dr Andrew Hill VideoDr. Lawre's Speech at IICC ConferenceEarly Covid-19 Treatment GuidelinesConnect With Dr. Tess LawrieDr. Lawrie's SubstackConnect on LinkedInWorld Council for Health (WCH) on TwitterConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Wealth planning is an exercise in risk management. Our role as advisors is to manage risks for our clients. We place our clients and their goals first. That means that we do things differently than most. In this episode of UPThinking finance™, Amy and I will share why “This time is different” and how we operate, keeping our client's best interests in mind. You will want to hear this episode if you are interested in...Our backgrounds in the financial industry [2:41]This time it's different [9:12]Risk definitions for today [13:01] How do we proceed? [16:07]We can't rely on the past [23:25]What we're grateful for [27:35] Amy LeNoble and Emerson Fersch are Registered Representatives with, and securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedThe Asian Financial Crisis 1995–98 by Russell NapierChina, Saudi Drive BRICS' Push to Erase Dollar in Global EconomyTop 10 Dow Jones Drops2008 Recession: What It Was and What Caused ItUS Debt ClockUS Government DebtAdaptive Asset AllocationConnect with Emerson Fersch and Amy LeNobleCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Foresight is an act of thinking about and looking toward the future. Those who engage in foresight are working toward building the future, not just predicting what may happen. Today's guest, John Smart, has a Master's Degree in Future Studies and 22 years of experience as a Foresight Consultant. John's mission is to help others achieve more adaptive futures for themselves, their teams, and their organizations. He shares more about the psychology of foresight and how it should influence the decision-making process in this episode of UPThinking Finance™. You will want to hear this episode if you are interested in...What is the practice of foresight? [3:13]Thinking, Fast and Slow (dual-process thinking) [8:10] The importance of dissecting knowns and unknowns [11:23] How “Accelerating Change” affects decision-making [16:45]Does God play a role in foresight? [23:07] How John has impacted us personally and professionally [34:30] Getting to the point where we flourish [38:03]John Smart is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedIntroduction to ForesightThinking, Fast and SlowRethinking Positive ThinkingThe Fearless OrganizationFuture ShockSuperforecastingMindsetThe Righteous MindThe Dragons of EdenCliftonStrengths assessmentConnect With John SmartConnect on LinkedIn

For the last 400–500 years Western Powers controlled and dominated global trade and finance. Alex Krainer believes that the current empire is coming to an end. The world is shifting, both politically and economically. He also believes that these inevitable processes are leading us toward better things. It may seem that the world is falling apart but we might actually be working toward a better future. He shares his thoughts in this episode of UPThinking Finance™.You will want to hear this episode if you are interested in...Alex's thoughts on the world right now [2:57]The two forces that can't be defeated [16:29]We need to stop fighting change [30:52] How the movement in Europe impacts the US [37:17] Alex's message of unity and hope [46:44] Connect With Alex KrainerConnect on LinkedInFollow on TwitterI-System Trend FollowingThe Naked HedgieConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Almost every financial services firm does the same thing for people. They're operating following same-old same-old principles. Why is it a problem? Firms are seeking ways to differentiate themselves but are doing so in external ways. Some are trying to leverage technology. Others are focusing on credentials that set them apart. Measuring performance via benchmarks has been the most detrimental to today's investors. Why do they matter? Your investments should be about your individual goals. We've been operating in a bubble in an artificially built-up market that is beginning to shift because interest rates are going up. I can't continue to operate and advise clients the same way I was five years ago. We must adapt. Mike Philbrick—the Chief Executive Officer of ReSolve Global—shares why adaptive asset allocation is going to become increasingly important in this episode of UPThinking Finance™.You will want to hear this episode if you are interested in...The state of the financial services industry [0:41]How Mike landed in quantitative analysis [8:06] The Tetlock study on “Expert Political Judgment” [9:25] The problem with bench marketing [16:13]Strategic vs tactical vs dynamic asset allocation [21:06] The role of volatility and correlation in asset management [30:54]The importance of dynamic portfolio management [37:10] The point of return stacking and adaptive asset allocation [42:55]What retirees should be thinking about [45:32] Resources & People MentionedAdaptive Asset AllocationJust 10 Stocks Drive Half The Year's Monster $2.5 Trillion RallyThe Tetlock study on “Expert Political Judgment”Against the Gods by Peter L. BernsteinConnect With Mike PhilbrickReSolve Asset ManagementConnect on LinkedInConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

In today's interview, you'll get to meet my business partner: Amy LeNoble. Amy always dreamed of becoming a professional dancer. She attended Loyola Marymount University to pursue her vision, graduating with a bachelor's degree in dance (while minoring in business administration).But Amy also developed a passion for finance. Over the last nine years, Amy grew from receptionist to administrative assistant to becoming a Licensed Registered Representative with LPL Financial, the largest independent brokerage in the United States.Now, Amy is my partner at Capital Investment Advisers. She shares her journey and the value she strives to bring to our clients in this episode of Upthinking Finance™. You will want to hear this episode if you are interested in...Amy's dream to become a professional dancer [3:55]Why Amy made a career shift from dance to finance [11:26] Would Amy do anything differently? [14:53]Diving into the world of finance [18:34]Amy's experience climbing the ladder in finance [23:29]Amy's strategy focuses on building relationships [28:43] The changes coming to the Upthinking Finance™ podcast [37:33]Amy LeNoble is a Registered Rep with securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Connect With Amy LenobleCapital Investment Advisers Connect on LinkedInConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Christof Plothe, D.O. is a Dr. of Osteopathic Medicine who currently works as a naturopath in Germany. He's authored and co-authored numerous books and studies.He currently serves as a steering committee member of the World Council for Health, which is a global coalition of health-oriented organizations and civil society groups designed to inform people about health and human rights. Christof seeks to bring humans back into cooperation with their environment to create a sustainable recovery of humans and the planet. Christof shares his thoughts on many topics in this episode, prioritizing our need to advocate for our rights. He covers why what's happening in the world isn't just a conspiracy theory, but reality. What can we do to embrace a better way of living? Listen to this episode of UpThinking Finance™ to learn more. You will want to hear this episode if you are interested in...Being raised under the “weight of fear” [2:56]Christof's thoughts on the European Union [6:30] Why is the World Health Organization making policies? [11:31]Why what's happening isn't just a “conspiracy theory” [13:00] Is money enough for people to compromise integrity? [19:12] The concept of a 15-minute city [24:05] Is technology negatively impacting our bodies? [29:58]Resources & People MentionedThe effects of unregulated digitalization on health and democracyDr. Neal Barnard's Program for Reversing DiabetesAssociation of Vitamin D Status and Other Clinical Characteristics With COVID-19 Test ResultsCould diet and exercise reduce risk of COVID-19 syndemic?Connect With Christof Plothe, D.O.Christof's websiteConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

In the early 1980s, John Waters—an Irish thinker, talker, and author—was a correspondent for Ireland's “The Hot Press,” a Rock & Roll newspaper. He contributed reviews and interviews and wrote a regular radio review column. He shifted the paper from rock and folk music to a wider engagement with politics and culture. He's written several books, including his most recent, “Give Us Back the Back Roads.” In this episode of Upthinking Finance™, John joins me to discuss what's happening in Ireland and how it reflects on the greater world. From a loss of pride in one's country to a shift in morality, we cover it all. You will want to hear this episode if you are interested in...Notable transitions happening in Ireland [1:38]The loss of pride in one's country [7:27] Covid led to connections [10:51] A discussion of Philip Rieff's three worlds [16:04] Why are people so easily bought? [22:33] Where is the world headed? [32:55] John Waters is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedGive Us Back the Back RoadsTrend Following with Alex KrainerThe Asian Financial Crisis with Russell NapierThe Wretched of the EarthBlack Skin, White MasksThe Collapse of AntiquityGood Life Project podcastConnect With John WatersJohnwaters.substack.comJohn's WebsiteConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Have you ever thought about the impact that gambling has on the global economy? Jeremy Olson, with Online United States Casinos, points out that casino gaming and sports betting are multi-billion-dollar industries. And each nation has its own laws about gambling and takes its own approach based on cultural preferences. But what are the economics of gambling? Marty Goldman—the SVP of Global Casino Operations at Carnival Corporation—leads a team of 2,600 casino professionals internationally. In this episode of Upthinking Finance™, we have a conversation about the side of gambling most people don't think about. You will want to hear this episode if you are interested in...The history of the gaming industry [2:51] What's driving the expansion of gaming? [8:43] The demographics gaming companies market to [10:41] States where gambling isn't legal [12:32] Why sports betting has become a hot topic [15:45] The positive impact of the gambling industry [18:32] Is the gaming industry inherently bad? [23:31] Security and compliance in gaming [26:33] Cultural differences in the gaming industry [29:31] What is the house advantage? [34:22] Why include gambling on a cruise ship? [38:10] Marty's favorite gaming movie(s) [41:09]Marty Goldman is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedThe HOPE ScholarshipCalifornia SplitCasinoRounders21Connect With Marty GoldmanConnect on LinkedInConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Alex Sanchez grew up in an area where drug use, gangs, poverty, and racism were a part of everyday life. He lost his dad at the young age of two. He just wanted to be accepted, but society rejected him. But the gang culture accepted him. He was constantly told he wasn't going to amount to anything. He lived into what they said he would be. His aggression fueled by the gang culture and drug addiction led to violence and inflicting pain on others. Ultimately, he landed a 10-year prison sentence. Underground Ministries directly changed his life. Now, Alex works with Underground Ministries to help others reenter society. He shares his story of heartbreak and triumph in this moving episode of Upthinking Finance™. You will want to hear this episode if you are interested in...Learn more about Alex's background [3:05] What changed the trajectory of Alex's life [6:38]Navigating reentry into society [12:35] Alex's experience hiking in the wilderness [17:56]Working with Underground Ministries [21:38] How your contributions support Underground Ministries [24:48] What “love” means to me [29:06]Open your mind before you judge others [30:12]Alex Sanchez is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedEpisode #3: Interrupting Mass Incarceration with Chris HokeUnderground Ministries Connect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Is the fiat currency system about to implode? Could Central Bank Digital Currencies (CBDCs) be the financial system of the not-too-distant future? What would be the long-term ramifications of CBDCs? Melissa Ciummei—an independent investor and researcher—joins me in this episode of Upthinking Finance™ to discuss the implications of CBDCs and the global move toward digitalization. You will want to hear this episode if you are interested in...Central Bank Digital Currencies (CBDCs) [1:56] The long-term ramifications of CBDC [6:00]Who is controlling the CBDC? [10:32] Are there obstacles to the central bank agenda? [13:14] Is this takeover actually going to happen? [18:48]When Melissa began to notice the beginning of the end [22:48] What can we do to prevent a global currency takeover? [29:35] How we can cultivate more awareness of what's going on [31:56]Where is God in all of this? How can we remain hopeful? [35:53] Melissa Ciummei is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedThe BISThe IMFThe Better Way ConferenceRussell NapierWEF: Identity in a Digital WorldNote about the BIS: The content on that page is Established in 1930, the BIS is owned by 63 central banks, representing countries from around the world that together account for about 95% of world GDP. Its head office is in Basel, Switzerland and it has two representative offices: in Hong Kong SAR and in Mexico City, as well as Innovation Hub Centres around the world. They are not independent if they are owned by the global central bank system.Connect With Melissa CiummeiFollow on TwitterConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Have you ever wondered whether or not a vaccination that you get every year is necessary? Have you questioned the logic of sticking our children with needles within days, weeks, and months after birth? Have you hit the realization that big pharma might not be helping us but simply trying to make a profit? Leveraging her degrees in psychology and immunology, Deanna McCloud worked in the pharmaceutical industry for over 10 years in medical marketing and sales, specializing in oncology. Deanna realized that big pharma was hijacking healthcare. In this episode of Upthinking Finance™, she shares how everything big pharma does is driven by profit, including creating what we think are life-saving vaccines. You will want to hear this episode if you are interested in...When Deanna realized Big Pharma was hi-jacking healthcare [3:03] How does Big Pharma market vaccines to the masses? [7:52] How the Covid vaccine bypassed standard clinical testing [19:05] Covid vaccinations led to the loss of informed choice [33:31] The general reaction to the clinical data [43:08]How to find more objective data/research [45:35] Resources & People MentionedThe Canadian Covid Care AllianceWorld Council for HealthThe Better Way ConferenceConnect With Deanna McLeodKaleidoscope StrategicConnect on LinkedInConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

What does the scripture about tithing really mean? Can we be in alignment with God if we embrace success and abundance? These are just a couple of the questions that Reverend Dale Allen Hoffman tackles in part II of “The Spiritual Side of Wealth.” (If you haven't listened to part one, make sure to check it out). Dale Allen Hoffman is a world-renowned author, actor, musician, performance artist, and professional speaker. He's also the author of “Echoes of an Ancient Dream: Aramaic Toning on the Path of Light.” You will want to hear this episode if you are interested in...Humility dictates your alignment with Christ [0:43]Success doesn't have to consume you [7:43] Are you searching for the truth? [12:37] What tithing scripture really means [21:22] Rev. Dale Allen Hoffman is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.Connect With Dale Allen HoffmanRev Hoffman's WebsiteWatch on YouTubeFollow on InstagramConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

How do you build the kingdom versus simply trying to build wealth? Today's guest will help us navigate the dynamics of the spiritual side of wealth. Reverend Dale Allen Hoffman is a world-renowned author, actor, musician, performance artist, and professional speaker. He's also the author of “Echoes of an Ancient Dream: Aramaic Toning on the Path of Light.” He shares his wisdom in this episode of Upthinking Finance™. You will want to hear this episode if you are interested in...You cannot serve both God and mammon [2:29]Heaven, omnipresence, and treasure [13:36] Is the love of money the root of all evil? [19:11] The concept that God is everything [26:50] Is it ethical to monetize spirituality? [35:19] Reverend Dale Allen Hoffman is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedEchoes of an Ancient Dream: Aramaic Toning on the Path of LightMeeting Yeshua Again for the First Time by Marcus BorgMan's Search for Meaning by Viktor FranklConnect With Dale Allen HoffmanRev Hoffman's WebsiteWatch on YouTubeFollow on InstagramConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

I've been lifting weights since my early 20s. I've done everything from playing basketball to mixed martial arts. Recently, I found CrossFit. Running a gym as a whole is a difficult business to manage. Jason Jamison and his wife Tessa are co-owners of the CrossFit Modern gym in Long Beach, CA. Jason played hockey when he was nine. He taught P90X classes for a while before experiencing a CrossFit workout. It was love at first sweat. He started teaching in a local park and opened his own gym in 2019.He's competed in 11 CrossFit open events. He's reached the quarterfinals four times, the regionals twice, and just recently he competed in the Worldwide Rogue 1,000-pound challenge and finished 61st in the world. In this episode of Upthinking Finance™, Jason shares some of the struggles and triumphs he's faced as a gym owner and what he's learned on his journey of self-discovery that's made a positive impact in all areas of his life. You will want to hear this episode if you are interested in...What is CrossFit? How is it different from a normal workout? [3:33]Jason's passion for movement drove the life of his business [7:57] Why Jason decided to open a CrossFit gym [10:36] The financial challenges faced running a gym [15:26]Navigating gym ownership during the Covid pandemic [18:35]Working through depression changed Jason's outlook [25:00]Finding one's identity outside of what they do or have done [34:16]CrossFit is built so that you can adapt and grow in every way [40:58]Jason Jamison is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Connect With Jason JamisonCrossFit ModernConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Behavioral finance emerged in the late 80s to address why people make the investment decisions they make. According to DALBAR, the S&P 500 averaged 9.5% in 2021 and the average investor only averaged a return of 3.6%. The question becomes, what happened to that extra 5.9% of gains? The role of emotion in making decisions when to buy and sell is saignificant.Today's guest is Paul Strehle, President and Senior Portfolio Manager at USA Mutual Advisors Inc. In this episode of Upthinking Finance™, Paul will share how to understand why people make decisions—and how to profit from them. You will want to hear this episode if you are interested in...How Paul got into qualitative analysis [2:54]How Paul's portfolio strategy works [11:36] Accept small losses for the long-term wins [13:17] The psychology of herd mentality [16:09] Everyone trades on their own interests [25:39] How people react to managed futures [30:46] What drives Paul to choose the “hard road” [37:00] Paul Strehle is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Resources & People MentionedA Random Walk Down Wall Street: The Time-Tested Strategy for Successful InvestingThe Man Who Solved the MarketThe Wisdom of CrowdsMarket WizardsConnect With Paul StrehleUSA MutualsConnect on LinkedInConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

The Iditarod is a sled dog race that covers 1,000 miles of Alaska that happens every March (and just celebrated its 50th anniversary). Dallas Seavey is the youngest ever to run and win the race, accomplishing this at age 25. Now 36, he's only the second Iditarod racer to win the race five times. In this episode of Upthining Finance™, Dallas brings us deep into the world of sled dog racing. He shares what managing the financial side looks like, how he leverages the tourism industry to fund his kennel, and his goals for the future. You will want to hear this episode if you are interested in...How an 18-year-old builds a sled dog team [2:13] What changed after Dallas won his first race [6:53] Managing the financial side of dog racing [10:31] The challenges that come alongside success [14:46] How sponsorship works in the mushing world [20:25] Dallas's experience on “Race to Survive: Alaska” [24:08] Leveraging the tourism industry to fund mushing [26:22] Dallas's goals in both racing and business [33:13] Finnmarksløpet: Europe's dog-sled race [38:16] Learn more about AK Sled Dog Tours [43:21] How an 18-year-old builds a sled dog teamDallas has been mushing dogs his entire life. His grandfather started mushing dogs when his dad was only four. Dallas and his brothers grew up in the sport. He was always surrounded by 60–100 dogs. He was also the youngest person to ever race in and complete the Iditarod. Most people start running for a kennel as interns trying to move up the ranks. They work with dogs around two years old, with the lead being older. When Dallas raced for the first time, the goal wasn't to win—the goal was to build better sled dogs so they could come back as better athletes. They'd be rookies on the pro team the following year. It was an educational experience and a lot of responsibility. He and his brothers learned how to manage an entire operation including managing staff, vehicles, equipment, and the dogs. If they broke down during the race, they couldn't just call for help. They had to figure it out. They became self-sufficient quite young. Dallas started his own kennel when he was 21. Dallas always looks at where his team is relative to the competition. He looks at where other mushers have gotten hung up. He studies why some racers have raced 20+ times and never won. He looks for room to improve. He focuses attention on the weakest points of his teams to continue to improve. People tend to avoid where they need to improve. Managing the financial side of dog racingBut finances are also a large part of the sport. You have to be great business managers so they aren't handicapped on the finance side. Financing affects the team in many ways, including the number of dogs they can maintain and train. If you have a larger group of dogs to choose from, you can develop better individual athletes.For every 10 dogs, you need another human to develop and train those dogs. There's a tremendous amount of work that goes into the physical development and individual needs of each dog. The infrastructure has to grow to correlate with the number of dogs. And there are a million financial things to consider, from equipment, to feed, supplements, and more.Managing the financial aspects also includes sponsorships, tourism, public speaking, etc. If something has a positive return, you can't turn it down. It can be a time strain. You have to love what you do to make this a career. Dallas is training and managing people to create more than a one-man organization. His focus is creating systems that make success repeatable.Leveraging the tourism industry to fund mushingTourism is Dallas's primary source of funding for his operation. They offer...

Over the years we've been married, we've been blessed to have five cats and seven dogs. We rescued all but one of them. We adopted two of them from Shadow Husky Rescue—Hatchi and Storm. Today's guest Tim McVicker—also known as Master Wolf ™—is the President of Shadow Husky Rescue, the #1 Husky Rescue in California. Shadow Husky Rescue's mission is to rescue Huskies and provide them with a second chance at living full lives. In this episode of Upthinking Finance™, Tim and Liz share more about their rescue, what the foster-to-adopt process is like, and what you can do to support them.You will want to hear this episode if you are interested in...Why Tim chose to run a Husky rescue [3:23] What's special about the Husky breed? [5:28] How do you start an animal rescue? [6:27] The typical dog fostering and adoption process [8:34] How they cover the costs associated with a dog rescue [16:07]What happens when they get a phone call from a shelter [21:15] Tim and Liz's favorite dog rescue story [28:04]How to learn more about Shadow Husky Rescue [31:37]Connect With Tim and Elizabeth McVickerwww.shadowhuskyrescue.comShadow Husky Rescue on InstagramFollow Shadow Husky Rescue on FacebookConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

The people I've interviewed are inspiring. They aren't just in this field for financial gain but are passionate about what they do. One year ago I had my first interview with Alex Krainer. In honor of the anniversary of this podcast, Alex Krainer will join me again. Alex is the founder of Krainer Analytics and the creator of I-System Trend Following. Alex is a former market analyst, Futures trader, and hedge fund manager. Alex also authors the daily “Trend Compass Report,” with both economic and political commentary. In this episode, we talk about the large-scale developments happening in Eurasia, the significance of the Federal Reserve, and why we can remain hopeful about the future. You will want to hear this episode if you are interested in...The shift in economic alliances in the East [4:24]Why is there resistance? [10:28]Where are things headed economically? [15:30] The success of Germany's decentralized banking system [22:20] The significance of the Federal Reserve [29:45] Why we can remain hopeful about the future [37:38]Alex Krainer is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Connect With Alex KrainerConnect on LinkedInConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

What do you know about gold? Why is it an asset that we see as valuable? Why are people drawn to it in times of uncertainty? Gold is often touted as a hedge against inflation. So is an investment in Gold worth it? Max Belmont—a Senior Research Analyst with First Eagle Management—joins me in this episode to cover all things AU 79. You will want to hear this episode if you are interested in...What drew Max Belmont to Gold/precious metals [2:13] How do you manage a precious metal? [4:04]What drives the profitability of a mining company? [9:54] Factors to consider when investing in mine startups [17:09] What happens to gold after it's mined? [19:49] Why would you want gold in your portfolio? [22:40] The arguments for paper gold versus physical gold [30:07] How to measure success as a gold portfolio manager [34:37] Max shares his favorite mining research trip [36:37] How do you manage a precious metal?Max's job is researching gold mining entities. He reads quarterly and annual reports. He meets with management teams. He looks at earnings transcripts. He even goes and visits active mines. It is the pursuit to build a mosaic that validates or negates an investment thesis. Max focuses on understanding if a mining business is viable and what could go wrong. Max shares that since gold was discovered, all of the gold that's ever been mined and sits in above-ground stock (jewelry, in banks, etc.) amounts to approximately 210,000 metric tons. All of the gold that has ever been mined fits in a cube the size of a tennis court. Gold doesn't rust or tarnish. Gold is an asset that is dense and scarce. It's always in limited supply. Gold is also becoming harder to mine. The gold industry is worth around 500 billion dollars. What drives the profitability of a mining company?A gold miner cannot set the price of gold—the market sets it. The only thing that miners can do is work on their cost structure. A large part of their costs is on labor, consumables, and energy. The topline is impacted by how many ounces of gold the miner produces. That is a function of the throughput, the grade, and the recovery rate: Throughput: This is how much you can dig up. One million tons? Two million?The grade: What is the grade of the gold deposit? Some areas of a mine have a higher grade than others. It's different in underground mines versus open pits. The recovery rate: Most mills can't recover 100% of the gold; there is always a small loss that must be accounted for. If you were expecting one million ounces in a deposit, you might only recover 900,000. These factors all play into the cashflow generation of a miner. Listen to find out what else can impact their cost structure.Why would you want gold in your portfolio?Gold is a polarizing asset. People need to be educated on the investment class overall. Is it a commodity? Is it a currency? Is it just an element on the periodic table? In the book, “The Golden Constant: The English and American Experience 1560-2007” by Roy Jastram, he looks at the purchasing power of gold versus a fixed basket of goods from 1560–2007 in England. Throughout this time there were wars, currency devaluations, hyperinflationary environments, and more. After 1971, gold started trading freely. Throughout time, you could swap an ounce of gold for a certain amount of goods. Gold has always maintained its purchasing power.Gold is a paradox. Why is it useful as an anchor to diversify your portfolio? It's not a productive asset. It...

As humans, when should we be concerned about our impact on nature? I think there is an argument to be made for balance. I respect animals and their role on this earth. I believe they have souls and a purpose just like humans. Today's guest, Aaron Bott, is going to help us navigate the economic and ecological concerns of humans interacting with nature. Aaron is a Biologist and Doctorate Student at Utah State University studying wolves to promote human and carnivore coexistence. He is employed as a Regional Manager for the Utah Division of Wildlife Resources.You will want to hear this episode if you are interested in...Learn more about Aaron Bott and his role [2:34]How Aaron became interested in wolves [6:30]The conflict between wolf populations and ranchers [9:18] Analyzing the benefit versus the cost of wolf populations [13:51] Employing empathy for both wolves and ranchers [17:42]The economic cost of eradicating wolves in the US [20:05] How does humanity fit in with the equation? [23:11] The economic barrier to coexistence with nature [25:47] Humanity is starting to recognize change needs to happen [29:51] Why we struggle to coexist with animals [32:33] Why we can remain optimistic about coexistence [35:38] How Aaron became interested in wolf behavior and wildlife managementAaron's family moved to the West in the mid-1800s. As Mormon pioneers, they came straight from Europe and settled in Utah. They've been there for 175 years—over 6 generations. Aaron's family has ranched, farmed, and built railroads. Aaron thought he'd farm but as he went to college, he realized he lived in an amazing ecosystem.Wolves were reintroduced into Yellowstone when he was five. Growing up, they had many conflicts with bears. Aaron realized he wanted to work outdoors with large carnivores. His goal was to reduce conflict wherever possible. Humans need space and animals need space. Now, Aaron is a researcher that studies wolf behavior and ecology while also working full-time in Wildlife management. The research he does helps him understand the real world. Management is where they create regulations to protect, preserve, and manage wildlife according to human needs and what's best for the environment. The conflict between wolf populations and ranchersAs Americans expanded westward, they brought their worldview with them. Because they practiced agriculture, they removed native herbivores from the landscape. Elk, bison, deer, etc. were removed so they could grow crops without interference. When people settled the remaining west, there were far more carnivores. The herbivores were replaced with livestock. Predators killing livestock became a serious concern for ranchers and the government. From 1915–36, the US effectively eradicated many carnivores, including grizzly bears, mountain lions, and wolves. Wolves used to live everywhere but they were systematically eradicated in almost all of the lower 48 states. Society's values began to change and we realized we were destroying the environment. In 1974, The Endangered Species Act was created and wolves were listed as an endangered species. So the United States began the work to preserve the habitat of wolves. Wolves were reintroduced into Yellowstone in the 1990s. The economic cost of eradicating wolves in the USComplexities come from coexisting with large carnivores. But olves are important to helping the ecosystem function in a healthy way. If you have a predator on the landscape it influences how prey behaves and uses their resources. It creates a cascade of effects. We've removed a lot of predators and replaced them with domestic livestock that behaves differently than native...

Tim & Stephany Mauer discovered the British Virgin Islands in 2000 while on a charter. The experience was intoxicating and changed the course of their lives. They made it their goal to buy a boat and spend their years sailing the Caribbean islands. In this episode of Upthinking Finance™, they share how they made their dream a reality.You will want to hear this episode if you are interested in...The story behind how Tim and Stephany met [2:43]How their dream to sail the world came to fruition [7:05] The moment they realized they could make a living [18:54] What it's like spending their days in the Caribbean [21:20] The moments that made them realize they made the right move [27:59] What they've learned about themselves by taking a leap of faith [33:05] They share why you shouldn't wait to chase your dreams [36:49] Learn how Tim and Stephany met Tim landed in the medical technology field after college. A friend that worked for World Sports Promotions called him up and asked him to ski for a promotion in Jackson, WY. Long story short, he took a leave of absence to do that job. He skied, ran marketing promotions, and worked harder than ever. He constantly traveled and worked crazy hours. Tim thrived in this life and loved every minute of it. Eventually, he went to work for this company full-time, working his way up the ladder. The company continued expanding, hiring, and growing. One of his colleagues asked him to interview a potential hire—Stephany. Tim ended up recommending her for the job. He was in awe of her. She had already traveled the world and was living the life he loved. Eventually, they started a relationship. Tim booked a sailboat for a sunset cruise and proposed to Stephany over dinner. They had hundreds of ideas of how to get married. But they decided to go sailing with a crew and close friends. They constantly talked about that trip. How their dream to sail the world came to fruitionTim had parted ways with his company and launched his own business with a friend. Their business continued to grow. Tim and Stephany spent all of their free time sailing and their interest in sailing full-time never faded. They went to boat shows every year. They read boating magazines. They started telling people that their goal was to sail around the world. Then they created a 10-year plan to retire early and sail the world.After a series of events, Tim exited his company and they started traveling Central and South America. They wanted to experience different cultures. They always found themselves by the water. They finally decided to buy their boat ahead of schedule and start living their dream.They spent the first year learning the boat, exploring the islands, obtaining licenses, and learning to be jacks of all trades. They had to learn the roles of electrician, plumber, sailor, weatherman, navigator, bartender, host, and chef. They needed first responder, water rescue, and firefighting training.What it's like spending their days in the CaribbeanTim notes that there's nothing like waking up in the morning, grabbing a cup of coffee, and walking out to see the beautiful bay you're anchored in. You're surrounded by beautiful beaches, lush jungles, and sparkling water. They're running luxury yachts with all of the creature comforts of home. They get to go to all of their favorite places. They can drop anchor and go explore.Your office moves wherever you want to go. It's a slower, more relaxed life.There are some creature comforts that they miss. It takes time and planning to buy something and wait for it to get shipped to the island. They can't just call an ambulance if there's a medical emergency. There aren't large grocery stores with aisles of food. But they're...

Today's guest is Charles Hughes Smith, who's been writing about socioeconomic and technology trends since 2005 on his blog, “Of Two Minds.” His blog hosts over 4,000 pieces of original content. His work is also on Patreon and ZeroHedge. Charles seeks to understand why our sociopolitical and economic systems are failing and lays out alternative ways to find a sustainable way of living. His work doesn't fit into an ideological box and he believes that ideologies are obsolete and misleading.Charles has written 16 books, the most recent entitled “Self-Reliance in the 21st Century.” His blog, “Of two minds” means that he is open to changing his views when presented with new knowledge. Secondly, the blog itself is the result of two minds—his and his global readership. You will want to hear this episode if you are interested in...[4:28] Why Charles started his blog, “Of two minds”[7:13] Will 2023 be just an average recession?[11:53] Three signs that the tides are turning [17:53] Inequality has been stretched too far[19:43] Is a huge wake-up call coming?[25:20] Each of our lives is a system and an enterprise[31:55] What next steps should we take?[38:17] The way that social change occursWill 2023 be just an average recession or will it be transformational?Charles wrote this article to cover two concepts: the mainstream idea that we will see a small recession and the small outlier camp that believes this will be something bigger. Charles points out that humanity sees great periods of socioeconomic and political change. In the 20th century, there was the Russian and Chinese revolution, World War II, The Civil Rights Movement, The Women's Movement, and so much more.Charles believes that we need a transformation because the system we have isn't sustainable. We've had a long trend of everything stabilizing back to a bull market. In the last 20 years, we've seen hyper-globalization and hyper-financialization which accelerated trends, destabilizing the system. The tides are turning. Three signs that the tides are turningWhat we are seeing and feeling isn't aligning. We might see decay and renewal. We might have periods of flux that launch a renaissance. How can we deal with the unsustainability of the current system? Problem #1: Energy is not forever. Energy is a limited resource and there are constraints and costs associated with every form. We've indulged in “easy” energy with hydrocarbons. That industry is so large it's beyond comprehension. It's an incredible system that we take for granted. Green energy systems have their own constraints. It's not an easy problem to replace hydrocarbons and people are ignoring that.With degrowth, a new model of growth and prosperity, we use less energy, materials, capital, labor, etc. When we use “more,” we contribute to what Charles calls the “landfill economy.” GDP is essentially measured by waste. Globalization has led to everything becoming disposable. Problem #2: The quality of life, goods, and services is enormous and consequential. The decline in the quality of goods and services is a decline in well-being and a waste of irreplaceable resources that people take for granted. Problem #3: The collapse of morality where anything goes as long as you make money. In a technocratic mindset, morality doesn't count. The corruption that's become pandemic has a consequence that people don't measure. The average person realizes the system is unfair. Humans are wired to be attuned to fairness. When things are systematically unfair, people get upset. They may not know why. A lot of the

I received my first securities license 30 years ago. Over these years, I've been exposed to many investment options. I've never been drawn to taxable bonds as an investment option. In my opinion, they've never been a good hedge against inflation and just don't make sense. You're giving the government money without any idea what it will be used for and expecting them to pay you back.But there is a sector of the bond market that has made sense to me for certain clients—the municipal bond market. Municipal bonds are issued by the state or local governments to build new roads, hospitals, schools, etc. You know exactly what the money will be used for. You also usually know how the money will get paid back. The interest from these bonds is exempt from Federal income tax—and depending on the state—state income tax. Today's guest, Jonathan Mondillo, is an expert in the municipal bond market. He's the head of the North American Fixed Income Division at Abrdn Asset Management. He's also responsible for the firm's municipal bond franchise and the Abrdn family of Municipal Bond Mutual Funds. We dive into a conversation about municipal bonds in this episode of Upthinking Finance! You will want to hear this episode if you are interested in...[3:46] What drew Jonathan to the municipal bond sector[5:17] The difference between treasury and municipal markets [7:17] What does limited liquidity with bonds mean?[9:18] What Jonathan looks for with individual securities [14:22] Should insurance be a significant consideration? [17:08] A conversation about municipality bankruptcies[18:54] Navigating managed portfolios through the Great Recession[23:40] Two things advisors look at in the treasury markets[27:40] How politics influence municipal bonds [29:20] The impact of choosing municipal bonds [34:00] Are municipal bonds a separate asset class?The difference between treasury and municipal marketsThe municipal market is always compared to the treasury market. It introduces a bit more credit risk relative to treasuries. There tends to be some liquidity (which you are compensated for) and they are typically tax-exempt securities. The coupon you receive in treasury markets is taxable at the Federal tax rate. Investors choose municipal securities over treasury securities for several reasons, such as additional yield and credit exposure. What does limited liquidity mean?Over 50% of the marketplace is retail holders. They follow buy-and-hold strategies. When the market is going haywire and you need liquidity, it impacts your ability to sell the security. You have to wait for a retail holder to want to buy the security. But the treasury market is full of global buyers—institutional, retail, and government. One of the benefits of municipals is that they're less volatile than the treasury market. We've seen that as international buyers have stepped away from the treasury market. What Jonathan looks for when choosing individual securitiesThere are distinct differences between municipal securities. A municipal bond is either a general obligation bond of a local municipality or a revenue-backed bond. If you're looking at a general obligation bond, you start with both qualitative and quantitative factors. At a high level, you want to look at the governing structure, how consistent they are at passing budgets on time, budget performance, and socioeconomic factors of the municipality (wealth, unemployment rates, and where the revenue mix comes from). There's a host of qualitative factors.When you shift to quantitative metrics, it has to do with budgets:What budgetary surplus have they run historically relative to the total budget? What does their balance sheet look...

Steve Knight has been in the aviation industry for 50 years. He holds an airline transport pilot certificate, a commercial pilot certificate, a flight engineer certificate, and a certified flight instructor certificate. He's flown more than 22,000 hours on seven types of aircraft, all over the world. He's been Chief Pilot, Director of Operations, Fleet Captain, and Standards Captain. He spent 39 years at United Airlines, flying the Boeing 777 and 747, before retiring. In this special episode of Upthinking Finance™, Steve Knight shares a view from the cockpit. You will want to hear this episode if you are interested in...[2:21] The importance of standard operating procedures (SOPs)[10:07] Steve's experience(s) navigating problems outside the cockpit[11:55] Why developing friendships with coworkers can be difficult [13:05] Is a 40-year tenure with an airline common? [14:28] When the government no longer subsidized air travel [17:27] The impact of technology on aircraft [21:10] How Steve reconciles technology with experience[24:10] Two crash landings that changed the industry[28:08] The most challenging airports for pilots[33:23] Steve's favorite views from the cockpit[36:22] How Steve's travel has changed his view of the worldSteve Knight is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Connect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Today's guest, Rich Solomon, is an attorney, author, and public speaker that runs a local radio station in New York. In this episode of Upthinking Finance™, we build on last week's episode with Sunil Dovedy and cover the practical aspects of starting a business. What are the common roadblocks? Why do partnerships seemingly always fail? How do you keep viable businesses alive? Rich shares how his “reality check” conversations with aspiring entrepreneurs help them build stronger businesses. Don't miss this episode!You will want to hear this episode if you are interested in...[1:48] Common roadblocks to starting a business[6:43] The reason(s) partnerships rarely work out[9:00] Facing challenges topples many businesses[14:28] Rich's “Reality check” conversations [22:11] Adapt to keep viable businesses alive[29:05] The dynamics of family-owned businesses[35:25] People desire the personalization of business[38:14] Learn all about Rich's radio showRich Solomon is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Connect With Rich SolomonThe Solomon ChannelConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

Starting a business is both challenging and exciting. I cannot deny the hand of God in my work at Capital Investment Advisors. I'm surrounded by some of the best people I could collaborate with daily.But a lot can go wrong when you run your own business. A lot can go wrong when you take an idea and create something that generates revenue and makes a difference in people's lives. You can get to a point where everything is exactly how you want it—but you have to work to keep it there.Today's guest, Sunil Dovedy, is with a company that specializes in change management—the Adizes Institute. They strive to help companies create a healthy culture of collaborative leadership. He's worked in fast-paced and innovative environments to drive organizations to superior levels of achievement. He shares how to navigate the challenges many businesses face in this episode of Upthinking Finance™.You will want to hear this episode if you are interested in...[4:04] Learn more about Adizes Institute[6:32] Applying life cycles to business [15:38] Saving an organization past its prime[19:39] The problems companies face with growth[28:01] The dynamics of family businesses[39:15] The heartfulness connection[46:55] How to connect with Sunil DovedyResources & People MentionedBreakthrough to PrimeThe Myth of CapitalismSmall is BeautifulConnect With Sunil DovedyAdizes Institute Worldwideadizesinfo(at)adizes.comConnect with Emerson FerschCapital Investment AdvisersOn LinkedInSubscribe to Upthinking FinanceAudio Production and Show Notes by - PODCAST FAST TRACK

One of the challenges financial planners face is figuring out how to determine an individual's risk tolerance and explain it to them. The challenge is helping clients understand what a downside looks like and feels like. It's hard to prepare people for the ups and downs of the market. In 2011, software was developed to more effectively communicate the declines in the market. That software is better known as Riskalyze. In this episode of Upthinking Finance™, Aaron Klein—the Co-Founder and CEO of Riskalyze—shares more about the company that invented the risk number to help quantify, explain, and define risk. You will want to hear this episode if you are interested in...[3:30] The origins of Riskalyze[10:04] Aaron's experience developing Riskalyze[14:09] How Riskalyze helps financial advisors[19:28] The Riskalyze stress test [28:32] Can you misuse the tool?[31:04] How I came across Riskalyze[33:35] Using Riskalyze for portfolio research[38:28] Riskalyze's commitment to treating people well[44:25] Aaron's favorite thing about Riskalyze[47:34] The important work Aaron is doing in Ethiopia The origin story of RiskalyzeWhen Aaron was 12, he worked for his dad after school. It taught him a love for business. He learned that your customers are everything. If you take care of your clients, they'll take good care of you. Secondly, all you have is your reputation. If you invest in your reputation for serving your clients, it will turn out well. Aaron also realized he wanted to be in a business that had better margins.Aaron was running global product for a division of an options brokerage firm, building technology tools for traders. He'd always known he wanted to start his own company. He was talking to a friend who was a financial advisor about the fact that financial advisors didn't have the tools to understand a client and match them with the right risk in their portfolio. They used words like “conservative,” “moderate,” and “aggressive” with no idea if the advisor and client were on the same page.They had a mutual friend who had invented and patented a system for creating a mathematical function that represented risk tolerance (built on Kahneman's Prospect Theory). It was a three-hour-long process that resulted in a good outcome. They partnered together, raised some capital, and launched in 2011. Two years later, the product was brought out of beta testing and advisors could implement it. What does Riskalyze do?Riskalyze is designed so that a financial advisor can tell their story. It's a technology that helps determine how much risk a customer is comfortable with in their portfolio. It also helps measure the risks you need to take towards reaching your goals. It helps you see the risk you currently have in your portfolio. Once you understand those factors, you can answer how much risk you should have.Riskalyze helps financial advisors simplify risk toleranceAaron points out that they didn't invent the concept of getting clients to understand risk. There are two things financial advisors have been told to never address—risk and short-term. The challenge is that investors react to risk in the short term. Everyone understands on some level that when you invest in something, you run the risk of the value dropping. A large part of their success is that Aaron's co-founder is a financial advisor. He brought a unique perspective. But shaping the product was Aaron's full-time job. He always approached it from a lens of, “How would I explain this to my dad? How would I explain this to my wife?” They want Riskalyze to be the tool that financial advisors use to help their clients see and understand...