Podcasts about u s

In this weekend's episode, three segments from this past week's Washington Journal. First: U-S- Iran nuclear talks continue –as the U-S continues its military buildup in the Persian Gulf. We talk about where things stand and the risks of an all-out war with Rose Kelanic of Defense Priorities & Danielle Pletka of the American Enterprise Institute. Then: This year's tax filing system is well underway. We speak with former IRS Taxpayer Advocate Nina Olsen about what you need to know -- including changes from the passage of the "Big Beautiful Bill." And finally: author & English professor Dan Chiasson discusses his new book on Sen. Bernie Sanders' early political life, titled "Bernie for Burlington." Learn more about your ad choices. Visit megaphone.fm/adchoices

On this Salcedo Storm Podcast:Robert Montoya is an investigative reporter for the Texas Scorecard.

Political pressure is intensifying over the release of Jeffrey Epstein investigation files as Hillary Clinton appears before U-S leaders, and Democrats accuse the Justice Department of withholding key records.

During the longest State of the Union address in history, United States President Donald Trump has declared the U-S is in its "golden era," with him at the helm. The almost two-hour long speech was filled with dramatic moments, as the President boasted about his successes and outlined his agenda for the coming year.

Specialty crop growers are paying close attention as the USDA announced up to $1 billion, and possibly more, in bridge assistance payments available for Specialty Crop growers.

Today on the @EricMetaxasShow, I react to Snowmageddon in New York City, break down the Huckabee Tucker conversation and the Israel controversy, and talk through the U S hockey win, a Trump security scare at Mar a Lago, and what Iran and rising Islamist extremism could mean for American safety. I also share an update on my Revolution book, America 250, and why I believe the Super Centennial moment matters right now. TIMESTAMPS 0:00 Intro 3:28 Huckabee Tucker Israel Controversy 12:29 Hockey Win And Patriotism 16:03 Trump Security Scare At Mar a Lago 18:28 Iran, Safety, And The West 27:01 Eric's Revolution Book Update

War Room Massie Drops Redacted Epstein Names On House Floor, U.S. F-22 Stealth Fighters Deployed to Southern Israel Amid Iran Tensions, PLUS Trump SOTU to Focus On Economy & Middle Class

War Room Massie Drops Redacted Epstein Names On House Floor, U.S. F-22 Stealth Fighters Deployed to Southern Israel Amid Iran Tensions, PLUS Trump SOTU to Focus On Economy & Middle Class

Good afternoon, I'm _____ with today's episode of EZ News. Tai-Ex opening The Tai-Ex opened up 247-points this morning from yesterday's close, at 34,020 on turnover of 14-billion N-T. The market closed higher on Monday, as the market reopened following its 11-day Lunar New Year holiday, but the gains were capped amid concerns over U-S tariff policies. Opposition calls for talks on format of Lai's legislative report Opposition parties are calling for cross-party negotiations over how President Lai Ching-te should deliver a national affairs report at the Legislative Yuan. The statement comes after Lai announced that he's willing to deliver (發表) a national affairs report at the Legislative Yuan "in accordance with constitutional procedures" following a meeting with the heads of the five branches of government at the Presidential Building. K-M-T and Taiwan People's Party lawmakers are seeking a question-and-answer format. Legislative Speaker Han Kuo-yu proposed a questions-first-answers-second format after Lai hosted the meeting - saying he invited the president to personally explain issues of concern to lawmakers. According to Han, Lai "gladly accepted" the invitation. Lunar New Year ER visits down as more clinics stay open, UCCs expand The Ministry of Health says visits to emergency rooms over the Lunar New Year period were down from last year as more clinics stayed open and urgent care centers expanded capacity. According to the ministry, data shows there were 232,397 visits to hospital ERs from February 14 to 21 - and that total was down by 22.5-per cent from the number of visits reported during the same holiday period of last year. Visits to the hospital ERs over the holiday period this year were closely watched after what happened last year - when ERs across Taiwan became so overcrowded that the Taiwan Society of Emergency Medicine called the situation "unprecedented (史無前例的)". The government spent 1.6-billion N-T in funding to encourage medical providers to stay open during this year's holiday. Trump threatens higher tariffs for countries who "play games" after Supreme Court ruled tariffs illegal US president Donald Trump has threatened (威逼) to put higher tariffs on countries that want to "play games" after a key U.S. Supreme Court tariff ruling. Kate Fisher report from Washington Canada Calls OpenAI Reps to Ottawa The Canadian government has called representatives of ChatGPT-maker OpenAI to Ottawa. The company says it considered but did not alert Canadian police about the activities of a person who months later committed one of the worst school shootings in the country's history. Canada's artificial intelligence minister says he expects the company's top safety representatives to explain its protocols and how it decides to forward cases to law enforcement when he meets with them today. OpenAI said last June that the company identified the account of Jesse Van Rootselaar via abuse detection efforts. The 18-year-old killed eight people in a remote (偏僻的) part of British Columbia this month and died from a self-inflicted gunshot wound. That was the I.C.R.T. EZ News, I'm _____. －－－－以下為 SoundOn 動態廣告－－－－ 新感覺夾心土司 多種口味隨心挑選 讓你隨時隨地都有好心情 甜蜜口感草莓夾心、顆粒層次花生夾心、濃郁滑順可可夾心 主廚監製鮪魚沙拉、精選原料金黃蛋沙拉 輕巧美味帶著走，迎接多變的每一天 7-Eleven多種口味販售中 https://sofm.pse.is/8rcv29 -- Hosting provided by SoundOn

Fast facts about music legends Gordon Lightfoot and Bing Crosby.

The number of farms in the U.S. fell by 15,000 in 2025, continuing a decline in the nation's agricultural landscape, and U.S. ag equipment market expects steady growth over the next several years, driven by demand for precision technology.

The number of farms in the U.S. fell by 15,000 in 2025, continuing a decline in the nation's agricultural landscape, and U.S. ag equipment market expects steady growth over the next several years, driven by demand for precision technology.

When your corporate job feels "secure" until it suddenly isn't, real estate can become the Plan B that turns into your best move…  In this episode of the #DoorGrowShow, DoorGrow founder Jason Hull sits down with John Casmon (multifamily syndicator, host of Multifamily Insights, and co-creator of the Midwest Real Estate Networking Summit) to break down how corporate professionals can transition into multifamily investing without becoming a stressed-out landlord. They dive into how John went from corporate bankruptcies to building a multifamily portfolio, what passive investors actually need to know before putting money into a deal, and why trust + clear expectations matter just as much as the numbers.  Jason and John also unpack what this means for property managers: how to align with investor goals, why the best operators project calm control (even in chaos), where syndicators hang out, and how PMs can position themselves to win more multifamily doors.    You'll Learn (00:00) Transforming Property Management: An Introduction  (00:59) John Casmon's Entrepreneurial Journey  (02:56) Transitioning to Multifamily Investing  (04:33) Understanding Investor Types and Property Management  (05:48) The Role of Property Managers  (07:49) Investor Control vs. Trust in Management  (09:33) Challenges in Property Management  (11:17) Aligning Goals with Property Managers  (14:19) The Real Product of Property Management  (17:14) Managing Investor Expectations  (19:50) Syndication: A New Avenue for Property Managers  (23:44) Legal Considerations in Syndication  (26:41) Calmness in Chaos: The Key to Success  (31:40) Partnering with Syndications  (33:54 The Role of Property Management in Syndication  (38:29) Finding Syndicators and Building Relationships  (42:24) Understanding Passive Investment in Syndication  (47:45) Identifying Your Investment Goals  (51:54) Assessing Risk in Real Estate Investments  (55:15) Choosing the Right Market for Investment  (01:00:12) The Three C's of Raising Capital Quotables "The first C is confidence. Confidence comes from preparation." "The investment itself, we got to go out there and execute. But that investor psyche is a completely different game."  "It is not your job to hope. Your job is to analyze the information in front of you and make an informed decision." Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive Transcript Jason Hull (00:01) All right, five, four, three, two, one. All right, I'm Jason Hull, the founder and CEO of DoorGrow, the world's leading and most comprehensive coaching and consulting firm for long-term residential property management entrepreneurs. And for over a decade and a half, we have brought innovative strategies and optimization to the property management industry. At DoorGrow, we are on a mission to transform property management business owners and their businesses.   We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market and help the best property management entrepreneurs win. Now let's get into the show. So my guest today, I'm hanging out here with John Casman, a multifamily syndicator, host of the multifamily insights podcast and the co-creator of the Midwest real estate networking summit. And in today's episode, John's going to break down how corporate professionals can transition.   into multifamily investing, how to find the best markets, how to raise capital effectively, and what separates successful operators from everyone else. John, welcome to the DoorGrowth Show.   John Casmon (01:10) Yeah, Jason, thank you for having me. I'm really excited to be here. Love the intro, your intro, not my intro, ⁓ but excited to be here and share as much as we can on our journey to help all of your listeners reach their goals.   Jason Hull (01:22) Cool. So John, ⁓ it's great to have you. I would love for people to hear about your entrepreneurial journey. How did you get to where you are now? And then we can get into your business.   John Casmon (01:34) Well, the short answer is bankruptcy, right? I worked for a couple of different companies that went through bankruptcy and that really made me consider my other options. You know, I was at General Motors back in 2007, 2008, 2009 when we went through bankruptcy and I was there and I watched what that did to a lot of my peers. I one day in particular when we were going to have a lot of layoffs, I went to work as late as I could. But when I got there, I had a red message, a little red dial on your phone.   for anybody who's worked in corporate and remember voicemails. So I had a red dot on my phone, picked it up, pushed the play button and my heart skipped a beat because I thought maybe I was getting to the can, right? And it was actually a colleague of mine who sat kind of kitty corner in front of me and he had been let go. He, you know, was diabetic. He didn't know I was going to pay for his medication. He just was venting in his voicemail. And I just remember feeling empathy for him, but also   a sense of I just never wanted to be in that situation. So it made me really start to think about Plan B. Eventually I moved to Chicago, realized real estate was going to be that path and learned everything I could about investing. So it kind of took me down that pathway to say, you know what, I need a Plan B because no matter what you do, when you work in corporate America, you do not control your future. You know, there's politics, there's policy, there's a lot of different things involved that you do not control.   And sometimes it does just come down to someone not liking you for whatever reason, or they think you're a threat. And I didn't want to spend the rest of my career navigating those issues. So I figured I had to take more into my own hands.   Jason Hull (03:16) got it. And so you start taking things in your own hands and what was the result?   John Casmon (03:20) Yes. So we landed on multifamily investing, started with small multifamily. My first investment was a two unit building. We house hacked it, which is a common popular phrase now. But back then it wasn't quite as common. But we lived upstairs. We rented out the first floor unit and it worked great. You know, it worked so great that we went to refinance and we had created enough equity in that first investment to pull out a six figure line of credit and go out and buy another property. So.   Jason Hull (03:45) Nice.   John Casmon (03:47) That really got the ball rolling. bought a three unit building, we bought an eight unit building, and at this time I'm still working in advertising, still working in corporate America, and I enjoyed what I was doing, and I just had my second child, but the agency I was working for also went through bankruptcy right at this time. We had expanded, we were growing, and we had kind of combined with a few other agencies and kind of became this little conglomerate, and it just eroded just as quickly as it grew.   I remember again, just sitting there and I've got some real estate. I've got a little bit of cashflow, but not enough to pay all my bills. New baby. And I just realized this real estate thing is working, but the exact strategy I'm employing doesn't allow me to insulate myself from these economic changes and shifts. So I had to change my strategy and that led me to syndication. Since then, we've acquired over $150 million worth of apartments.   We've partnered with busy professionals to buy these properties and give them some passive income. And that's what we've been doing ever since.   Jason Hull (04:50) Got it. So your area of genius really is helping these people that were similar to you, they're in the corporate environment transition into being an investor in real estate.   John Casmon (05:01) Yeah, exactly. And I would say too, it doesn't have to be you're going to quit your job and do this full time. And in fact, most people don't, you know, but most people do want a little bit more control over their life. You want a little bit more flexibility. You want to earn and start building up, you know, your net worth. You want to have a little bit more liquidity. You have to look at your investments to say, what should you be doing? I think most people know that their 401k, their, you know, company issued life insurance.   probably not enough to really get you on the fast track to retirement. So what else could you do? Certainly you can invest in the stock market. Lots of folks do that. But real estate is a proven vehicle. The challenge is, I don't know anyone who really wants to be a landlord, right? ⁓ Certainly you want the benefits of real estate investing, but very few of us want to get those 2 a.m. phone calls. So the shortcut there is, ⁓ hire a property manager. Great solution. But now you have to be able to manage   property managers, right, which is this whole other business. And if you don't have enough scale, then it's hard to get that person really focused on your business. So we offer an alternative, right? You get all the benefits of real estate investing, all the ownership perks without any of the headaches of being the landlord yourself. So it really is a great marriage of being in real estate without having to do the heavy lifting yourself.   Jason Hull (06:15) Okay.   Okay, so ⁓ the target audience of this show are property managers. So if they're not gonna use property managers, then what's the alternative? How does this work?   John Casmon (06:29) Well,   first of all, what we do is not always for that individual. So I think that's the key, right? You've got to understand who you are from a psychological standpoint. So when it comes to investors, there's two types of investors. One wants control, right? They're not willing to be passive. And some people think they want to be passive until they're in a passive situation and then they're calling and they want to know why you did this and why you did that and how come you did do that. That's not a passive investor. And that's fun.   Jason Hull (06:45) Yeah.   Yeah, they're anxious. Yeah. Yeah.   John Casmon (06:58) And   if that's you, you should be active, right? And you should work with a property manager, but you also want to work with the property manager who is going to be right for you, right? Because sometimes that is not how they operate. So you want to understand that. And that's a process to understand who you are as an investor, what kind of investment strategy fits you and what's going to be right there. When it comes to property managers, though, I think there are a couple of things. And as a matter of fact, we just left out of meeting with   property management company yesterday. They have 2000 units. We talked about some other services that we offer. And one of things that stood out to me was just understanding some of the challenges that property managers face. And one of them is property managers are really in a position to think like everyone. They're supposed to think like an investor. They're supposed to understand maintenance and kind of the construction arm enough to understand what needs to happen at a property. But they are really little CEOs, right? Because for   Our stuff, the large apartment stuff, those are typically million dollar annual revenue businesses. And this person is in charge of that asset of that business. They are making the day to day decisions. They are the face for the residents, aka the customers of that business. They are the face and their experience with that individual is how they view that business. So it really is an important role. And if you're working with property managers, it's really important to understand how to find the right people.   to connect with them and have them represent your business, your brand, company in the right light.   Jason Hull (08:30) So now you left an open loop that I want to close. So you said there's two types of investors, those that want control and maybe should go find a property manager, you said. And then what's the other type?   John Casmon (08:34) Yeah.   The other type is those who don't want control and they trust someone else to handle that. And for them, there are a couple of different ways of investing. One is investing passively with a group like ours. The other is turnkey investing where again, you hire a property manager, but you really entrust them to manage the property. The only thing I would say for either one of those groups, myself included, is you want to trust but verify. Okay. You've got to do a lot of your due diligence upfront. You want to understand how they operate. You want to talk to   some of their other clients, some of their other investors, because you need to get a really good sense of what to expect. And a lot of people are great at selling themselves upfront, right? I can tell you everything you want to hear upfront. You want to know what is it like once you sign the paperwork? How often are we going to talk? How frequently am I going to get updates? And at what point am I able to weigh in and make decisions? Because if, if you are someone who wants to be more active or be heard, or you've got thoughts and opinions,   Jason Hull (09:18) yeah.   John Casmon (09:35) You want to make sure you have a voice in your investment. Otherwise you may get really disappointed or you may bring on someone who has a different perspective of what that relationship looks like and that never is going to work out.   Jason Hull (09:47) Yeah, there's a big challenge in the industry and that's that most property management companies suck. so most investors that have dealt with property management to some degree are they have some scar tissue, they've been burned a little bit. They've a lot of property managers that started their businesses that come to me for help to grow their business. They started because they were investor and they couldn't find anyone else to manage the property good enough. And that's why they started their business, but it can be a difficult business to run. so none of them start their business saying, I want to suck.   But that's kind of the default unless they get some really good support or figure some things out through a lot of trial and error. And so that's where DoorGrow comes in. We help them with that. But one of the things I coach my clients on a lot is that they need to shift into being daddy over these rental properties. They need to like tell the owner, hey, you need to trust me. And they need to be able to have a really effective business so that they can lean into that trust.   because a lot of people are anxious. They'll come to them with concerns, but generally if a property manager is good, they're much better at this investing stuff than most investors. And they're much better at coordinating maintenance. They're much better at handling leasing. And so when an owner tries to micromanage a property manager, it kind of doesn't make sense to hire somebody to manage your asset just so you can manage them to do the job. And so I think the secret is finding a really good property manager that you can   let go of control because you can trust them. And but yes, you need to verify that they can do the job that you need them to do. And so a good property manager will take ownership of it and they'll take control and they will, they'll display a lot of certainty and confidence in how they communicate and they won't allow you to micromanage them is what I've seen. So.   John Casmon (11:37) Yeah, Jason, and I'll add to it. There's a two way street there. And I think it's easy for people to say, ⁓ most property managers suck or they're not good or whatever. And listen, there's certainly a lot of challenges there. A lot of folks who are not living up to par to the standards. But I will go back to this. We ask property managers to do the work of generally like a CEO. Right. I mean, again, they're managing million dollar businesses in many cases, yet they don't have that training. They don't have that experience. They don't have the ability to navigate.   all of these various things. So part of what owners and investors need to also understand is that you play the role of asset manager. And that means giving clear direction of what success looks like so that that property manager has a framework to make decisions. It's not to micromanage those decisions, but to help them understand how their decisions impact the greater good. And part of that is like, again, just sitting down with annual goals. What are revenue goals? What are our goals on?   Occupancy, what are our goals on in a lot? And this may seem simple, but I promise you a lot of folks don't do this. And if you don't do that, then that property manager is going to default to, for instance, I'll give you a great example. I've got a property manager. She's awesome rock star. But she always gets nervous when occupancy is not at like 96 or 97 percent of this property. So she is, you she starts apologizing profusely and all I did this or done that and like.   Jason Hull (12:58) Yeah.   John Casmon (13:04) Occupancy is one of our KPIs for sure. It's important, but that is not the KPI. I am focused on my net operating income. And if we're going to push rents, the impact of that is you're going to have higher vacancy and she is not comfortable with that. And that's probably because she's used to working with owners who want that thing fully rented and they are comfortable having 100 % occupancy.   Jason Hull (13:13) Yeah.   Hmm.   Yeah.   John Casmon (13:33) if they're leaving 50 bucks, 75 bucks, whatever it is of rent on the table. And that's the part where you've got to really align with your vision versus their vision, because what they have in the back of their mind may not completely align with what you have. Or they have residents in their face who are coming into the office. They want something fixed. They want it done quickly. They want it done right. They want it done yesterday.   Jason Hull (13:49) Right.   .   John Casmon (13:59) So they've got that pressure of this person in their face. So they may go out there and spend the money or authorize the money to get spent. And maybe they're not picking the most cost effective measure. So you have that. And I'll give you one third one. A lot of times when you run into the flip side of that is maybe occupancy is low. They say, hey, we need to increase our marketing spend, right? We got to increase our marketing budget. know, ox is down to 88 or 90%. We got to spend more money. And we're not necessarily.   really zeroing in on what the specific issue or challenge is at that property. So for an owner, your job as an asset manager is to partner with them and to help them see what the options are, help them work through with some of those challenges and solutions are and partner with them to find success. It's not to micromanage them and tell them what to do, but it's really to understand the situation better and give them that perspective.   Jason Hull (14:49) Yeah, that makes a lot of sense. think, you know, one of the things I've seen is that I've noticed a lot of property managers, they make the mistake of thinking that the goal or the product that people want to buy from them is property management. But investors don't wake up in the morning and go, man, I'm so excited to get property management today. The thing that they want. And so the way I describe it to them as they say, property management is like the flight to Hawaii. It's not Hawaii.   and you're trying to sell the flight. That's not the exciting part. You need to figure out what the investor wants, what their goal is. Where do they want to go? What's Hawaii for them, right? What's paradise? And then how do we optimize for that? And how do we help them create a path for that? Because the actual product that a property manager is selling is not what they do. It's not property management. The actual product is them. It's them and their values and their belief system and how they create trust and the team they build and the system and mechanism they build around them.   That's the actual product the property manager is selling. so a lot of property managers make that mistake. They sit there and talk to you about maintenance coordination and leasing and inspections. And meanwhile, you're just wondering as an investor, can I even trust this person? Like do our values align? Yeah. So I don't know what your thoughts are on that, but.   John Casmon (16:11) I think you're spot on, right? Because, I mean, ultimately, as an investor, you are only as good as the team you can build. And that property manager is in charge of the day-to-day aspects of the business. especially when you, you know, I've heard horror stories of folks who have done like turnkey investing, right? Where the property manager, someone owns it, they buy it, they fix it up, and then they rent it back to...   an investor. And I've heard horror stories where that property was not being well managed. And that's the fear. If you're not in that marketing, you can't come and see it. So if you got an out of town investor, you really are trusting that property manager. So that is the most important thing, right? Everything else are tactical, daily situational things that can change. But it comes down to do I have the right people, people that I can trust, people who are going to make the right decision based on the information they have.   because they may not know what I know or maybe something shifted and changed where they would have made a different decision. We can't, you know, ache on that. It really comes down to are they doing their best? Are they making good decisions? If they're not making good decisions, is it because they didn't have the correct information, which again, could fall back on you as the investor to say, hey, are they aware of what your goals are? Are they aware of maybe this situation, these tools, these resources, whatever it is? And that's on you to sit and collaborate.   But trust is absolutely paramount because at end of the day, the thing that I think most of us are concerned with is who we partner with. And there's a great book I'm reading right now. And it gets into decision making and the fear of decision making for most of us and why deals stall. Why didn't you hire somebody? Why didn't you, you know, go with the vendor or go with the contractor or with the company? And the biggest thing is we are scared of making the wrong choice. All of us in decision and no action.   Jason Hull (17:43) Absolutely.   John Casmon (18:04) is better than the wrong action for many people because they once they take action. Well, now they're blaming themselves because you didn't pick the right person. Why did you hire that guy? You should have like now this starts to go on in their head versus doing nothing. Well, at least it's you know, it's not going to get worse, you know, it will in lot of cases get worse. So for a lot of people, that is the scariest thing. So if you can take that fear off the table as far as being the right person or being someone who is trustworthy.   Jason Hull (18:07) Right, yeah.   John Casmon (18:32) everything else gets easier. So if you can do that, that's, you know, the best thing you can do as an investor or as a property manager.   Jason Hull (18:38) Yeah, I agree. think one of things that I talk about a lot is that clarity has to come before action because if you don't have clarity and you start taking a bunch of action, doing stuff, every action you take is a little bit wrong. Sometimes it's a lot wrong. so, yeah, we need to get that clarity first before we start ⁓ making moves. And you talked about, I love the example of your property manager that is trying to   optimize maybe for the wrong thing. They're like, want to optimize to the, making sure their vacancy is super low. But that might not be the goal. That's not the primary goal. The goal is money, you know, and there's a really good book is by Elihu Goldratt. It's a good book for operations people, but it's called The Goal. And spoiler alert, the guy's trying to figure out the goal through this whole book, the story and it's money. That's the secret. The goal is the of the business, should be making making money.   And what happens in this book is that people are over optimizing individual pieces in this flow at this warehouse. And it's actually not helping to make money. It's causing more constraint. And so if we over optimize at one stage, it actually creates waste, bloat, inventory, additional work for the next stage. And so sometimes the best thing certain departments can do is slow down and do less in order to get the outcome to be maximized outcome.   And there's some really great examples in that that I think are really powerful. But I think the if you're optimizing for the wrong thing, then you're not making it effective. So you want to make sure you're optimizing for the right thing. Otherwise. ensues. You get mad at somebody, but nobody understood what the goal was. And so I think, yeah, getting a greed upon set of criteria of what what the outcome is and asking the property manager, can you help me achieve this?   And they know, they know if they know what the problem is, usually they can, they know how to help you get whatever goal that you have. And they know whether your goal is probably realistic or not, because they've helped probably a lot of people do this similarly. And so, but yeah, I think it's very important. Make sure you know, where's Hawaii and maybe property management is the vehicle. Now you had mentioned like, I'm really curious about this idea of, you know, maybe creating syndications.   Some property managers are now starting to think, maybe I should create a syndication. What's your criteria for, what's a good syndication and what are some of the, I'd be really curious to get into if some of the property managers listening were wanting to do kind of a little bit of what you do, how they might be able to get started in that. Like what are the beginning steps to make sure they don't make the mistakes you probably already figured out in the beginning?   John Casmon (21:27) Well, I think the first thing is, you really want to get into it? Right. Because for a lot of people, you got to understand it's a different business. Now you're not talking about real estate investing. You're not talking about property management. You're really talking more about, you know, investment management. You're talking about bringing on private investors who are looking for a return. That is communication skills. That's building up a network and a database of   Jason Hull (21:35) Mm-hmm.   Right, returns.   John Casmon (21:54) prospective investors, it's understanding the return projections that they're looking for. And it's really kind of managing the investor expectations, not necessarily the investment. And to give you a great example here, I had a deal where the investment went great, but it was slightly lower than what we initially projected. And I had an investor who was upset.   Jason Hull (22:07) Yeah.   Yeah.   John Casmon (22:23) about that. And we had communicated all throughout the entire process where things sat and he wasn't too upset, but he still made it a point to let me know, hey, well, this is less than what you initially thought. And that's challenging because the market shifts, right? Anybody who's bought properties in 2022 and beyond knows the market has shifted drastically over the last three or four years. So those projections made in a 2021-22 environment   Have a hard time standing up in a 25 26 environment We still make good money on that deals double-digit returns for investors ⁓ But you know there was that that was that feedback I got from one of the investors conversely We just exited deal a couple months ago, and we completely exceeded our return projections You know we delivered on a almost a 2.7 equity multiple Hit all you know mid 20s on the IRR completely unheard of stuff in this environment   And I have one investor call me and say, hey, John, I just checked my account. Is this right? And I'm like, yeah, it's it's right, man. He's like, my gosh, you guys killed it, man. my. Like, this is amazing. And it's great to hear. But again, that is separate from the investment. Right. Happy to manage the investor expectations and concerns. But that was an up and down investment where we had, you know, a moment where we actually had to put some of our general partner capital into the deal to keep it going.   Jason Hull (23:27) Yeah.   Yeah.   John Casmon (23:48) We have floating rate debt. had to refinance out of that. And we had to kind of rush to do that before rates started to go crazy. We had moments where our construction or renovation costs were much higher than we anticipated. So there are a lot of things that we had to navigate. And I think what happens for a lot of operators, a lot of people who get into syndication, they know the real estate and want to do the real estate, but they do not understand the perspective of the investor. And when you don't communicate to investors on a frequent basis and a clear, transparent nature,   Jason Hull (24:19) Yeah. Yeah.   John Casmon (24:19) They fill in the blanks and   the first concern every investor has and they won't say it. Most of time they don't say it, but I promise you they're thinking it after they make that investment. my gosh, did I make a mistake? Am I going to lose money? Is this person going to run off? Is this going to be some sort of fraudulent thing? Is this deal going to fail? These are all that we're wired like that. This is caveman stuff, right? We're wired to protect ourselves.   Jason Hull (24:36) Hmm.   Right.   John Casmon (24:45) And when you make an investment, and by the way, our investments are typically $50,000 and up, right? So these are not small investments. So when you make that investment, people start to second guess that decision. So my job when it comes to this side of the business is to keep them grounded that, hey, you've done your research, you've made an informed decision, you've picked a good partner, we've done this before. ⁓   Jason Hull (24:50) Yeah. Right.   John Casmon (25:13) And it's really to make sure that they feel comfortable with that decision. It has nothing to do with the investment, right? The investment itself, we got to go out there and execute. But that investor psyche is a completely different game. So first thing I would tell any of your property managers when they get into this business is understand, do you actually like people? Do you want to manage investors? Are you comfortable managing people's money? ⁓ And then beyond that, you have to do it the legal way. There are a lot of regulations around accepting capital from other people.   Jason Hull (25:31) you   John Casmon (25:42) So you can do it as a joint venture. The more common way of doing it, the more accepted way of doing this is by doing a formal syndication, which requires you to file SEC documentations. ⁓ know, there's regulation D and regulation A and there's some couple others, but typically it's going to be reg D 506 B or 506 C filing, which basically is the the structure that allows you to offer ⁓ passive investment opportunity or a security to investors. So again, for some people,   It's overwhelming. they're like, nope, never mind. But for some people, they love it. They want to get into it and they can learn more about that process.   Jason Hull (26:19) Got it. Yeah. I think I love your idea that it's more about managing expectations rather than the investments. And I think, I think that's good advice for all the property managers listing. This is something we spend a lot of time coaching clients on because they think their job is to manage properties. But really, if they're not strong in managing expectations and managing the relationship, it's 10 times to 100 times harder to manage the properties.   their operational costs go through the roof because owners are getting anxious. They're asking more questions. They're getting all these interruptions and calls, tenants, owners constantly. And if they had just managed the relationship and expectations and set strong boundaries at the outset, everybody would feel calmer. And I think really for business owners, I think the thing that really stood out to me that I've been focused on, and this is I've done some personal coaching and this is just nervous system regulation.   If you can, and John, seem like you're pretty chill and pretty calm and I'm sure the investor feel safe with you, which is why you've had success. If you are a person that is anxious and you're running around like a chicken with your head cut off, you're going to have, you're going to struggle in leading anybody, especially in relationships to your spouse and like everybody else. so having a calm, regulated nervous system allows your investors.   to entrain to your nervous system and to feel safer and to calm down. And that's not something you can pretend or you can just fake. You have to be that and they can sense and they can feel that it'll come across in your tone and in your body language and how you communicate. But if you can make sure that you're in that space and that you're able to regulate your own system, you're able to stay calm when other people are coming at you.   and other people are angry and other people are emotionally heightened. And you recognize this isn't really you. It's just that's them. And you can maintain that calm. You will be able to create a lot more safety. And that's really what people want to buy. Most people out there, their primary basic need is safety and security. Most people. That's why they aren't entrepreneurs. That's why they don't go start jobs. That's why they aren't like you and me. And if you're a property management business owner listening to this,   Most people are not like you. They want safety and security. That's why they get a property manager. They want peace of mind. And so, and I'm sure investors in a syndication, they also want some peace of mind because this is a big chunk of change.   John Casmon (28:55) They do. And I will say to most of the property managers I come across thrive in chaos. Right. They're used to stuff getting thrown at them. Right. And when you talk to them and get to know them, you learn very quickly. They like it. They do. They like the fact that they don't know what the day is going to bring. It could be a. Yeah, yeah. Could be a tenant coming with some crazy issue. It could be something from it's never boring and they thrive in it. However.   Jason Hull (29:00) Yeah.   Yeah.   They like the variety and unique challenges that property management brings, for sure.   It's never boring.   John Casmon (29:25) What happens then if you if they're going to look to work with investors and particularly raise capital and kind of do their own syndications, they have to understand that while they may thrive in chaos and uncertainty, most other people want organization. You want everything you said right. You want to have the calmness. You are looking for a captain to steer the ship. And for that part of the personality, they're going to have to tap into a different side of it to demonstrate how they handle chaos.   Jason Hull (29:37) Hmm.   Yeah.   Yeah.   John Casmon (29:54) not that they are chaotic. And I think what happens a lot of times when you're working with property managers is that they don't project that level of control. It just feels like they're reacting. So part of it is that, and they're really, really good ones. The ones who make it to that next level who are the regional managers and get those promotions, well, that's what they do. They manage the chaos and they manage up. They do a great job of telling the owners,   Jason Hull (30:06) Yeah.   Mm.   John Casmon (30:23) the leadership, whoever they need to talk to, they're telling them, hey, here's how here's our process. Here's how we're managing the situation. Here's what's going on. Here's what we're into. Hey, we had a water main burst here. Here's we bought. call three companies. We've got three quotes, but it's calm, right? It can be the worst. I'll give you a real example, right? At a fire, one of my properties and I was going to meet a property manager and I just happened to have a meeting with her that day at the property. She called me.   I was literally about to get in the car. She called me and said, Hey, I just want to let you know we've got a fire going on at the property. I'm not sure if you still want to meet. You're happy to come. We already have, you know, the fire department's here. They're they're putting the fire out right now. We already have another company that's coming in. They're going to walk through the damages once this is kind of settled. And I've already talked to the residents. Residents are good. We've got them hotels for the evening. We've checked with insurance. This is covered in your policy. So they're good to go. So you're happy to come down and talk and all of that if you want to.   Or we can let things settle down and maybe we can meet next week. This is a fire, right? This is like a scary situation. She called me.   Jason Hull (31:26) Right. A literal fire. Yeah. And there's plenty of fires   in managing properties. The literal ones.   John Casmon (31:33) Her calmness, she was so calm. Not only was   she calm, she had handled 90 % of it, right? It was the stuff you could handle in the moment. She handled it. So was like, hey, I don't think it makes sense for me to because I'm probably just going to add more anxiety to the situation at this point, right? It seems like you've got it under control. Why don't we let things settle, literally let the dust settle? And then once it's there, I'll come down. We can assess the damages, figure out what else needs to happen, what other next steps need to take place, right?   Jason Hull (31:41) Yeah? huh.   question. Yeah.   John Casmon (32:03) but had it handled like a rock star. Now, a lot of other folks would have saw the flames, called immediately, my God, there's a fire. ⁓ my God, what are we gonna do? So now you freaking out, everyone's freaking out, no one's controlling the situation, right? So now everyone's mind is just spinning and going. it does really take, kind of go back to where we started the conversation, that mindset of someone who was the boss, who was leading.   Jason Hull (32:05) Yeah, I love that.   Yeah. Freaking out. Yeah.   Hmm. Yeah.   John Casmon (32:32) who is going to take charge, even though it's not their property, they're going to take charge. Here's what needs to happen next. Maybe you have an emergency response plan already put in place, but you have these things already scheduled and ready to go. So when they happen, you're not shocked. You're not surprised. You're not asking questions that maybe you should have figured out upfront. And that's what a great property manager does. And if you convey that to owners, you're going to stand out above and beyond your competition because most people cannot convey that level of control, the level of   planning and the level of expertise that it takes to truly and effectively manage properties from the front, being proactive as opposed to just reacting to whatever the issue of the day is.   Jason Hull (33:13) Got it, okay. So ⁓ I'm reading, I just read, well, I didn't just read. I read in the past a really great book called Extreme Ownership. Really good book. Yeah, phenomenal book. ⁓ I'm going through their newer book, which I think is even better, called The Dichotomy of Leadership. leadership is what we're talking about right now, is that that,   John Casmon (33:23) Yeah, I think I got it like right here. It is right there.   Absolutely.   Jason Hull (33:38) creates a huge impact and there's a lot of misunderstandings of what leadership is, like it's control or it's being aggressive or, but yeah, it's really that calm presence of letting people know I've got it. Like we can take care of this. We've got a plan and staying regulated and calm. So I love that. ⁓ have a, so another question I have is how can the property managers listen to this? How could they maybe target or partner   with, if possible, syndications like you, like people that are doing what you're doing. Is there a chance that they could be a resource or do most syndications just in-house and do, they are a property management business?   John Casmon (34:19) No, no, most ⁓ most that I know work with third party manager companies. So I would say first and foremost, if you and syndications, I mean, it sounds like a big, huge, fancy word. But I mean, honestly, anytime you work with passive investors is technically a syndication. So it really comes down to figuring out who is looking for third party management and whether or not it's technically a syndication or not is really irrelevant. You want someone who is going to be managing or owning the property.   Jason Hull (34:24) Okay.   Yeah.   John Casmon (34:49) They want third party, but you have to understand their plan, going back to understanding the goals, right? Most syndications are looking to sell in a three to seven year timeframe, typically five to seven years. Most buy and hold owners have not decided or have not identified their exit strategy. So that's probably the biggest difference is when you have, let's just call it an individual investor or maybe it's a   Jason Hull (35:01) Okay.   Right.   John Casmon (35:17) a family or whatever that's buying and they want a third party manager, they don't know the exit. They haven't predetermined that they're going to sell in five years. So they are buying and holding it. And that goes back to the the I think the separation of understanding the objective, because for that person, having a full property is great. It means they're maximizing the revenue potential today. When you are syndicating.   most syndicators already assume 5 % vacancy. That's that's in everyone's underwriting. So you being at 100, they won't even give you credit banks don't even give you credit for it. So all of these things are already assumed. So for us to be above that is actually a miss, because it means we're not being as aggressive on the rent. So just understanding the mindset of a syndicator, which is they are looking to sell typically they're looking to double their money over a five or six year period. So how can you create value?   And that's something most property managers don't fully understand. But I would sit and I would talk to that syndicator. And if you want to be a syndicator or partners, not just be a third party vendor, but you actually want a partner, which we have seen a lot of folks look to do. You want to figure out how you can bring value to the table, because now we are aligning your interest with that syndicators interest. And now you've got a great partnership.   because every syndicator is going to need property management and they're going to need construction management to drive value. So if they can bring those people in as partners, that's a great opportunity for you. And if you're a property manager, you may have phenomenal relationships. You may already have contractor or the vendor partners that you trust in that marketplace. And if you could then take that and get a slice of the equity, that makes you very valuable for both sides.   Jason Hull (37:08) Do syndications, do they also need investors in capital or do most of them have that, are they really good at that? Okay.   John Casmon (37:15) Absolutely. Yeah. Yeah. Yeah.   mean, I mean, syndication at its core really just comes down to the need of capital. If someone had the capital themselves, they would probably just buy it directly and not go through the process of syndication. Because the syndication is literally just raising the money from passive investors. And in that scenario, again, being able to manage that, manage the communication, ⁓ that's really what a syndication truly is.   Jason Hull (37:42) So a really good property management partner could bring property management, some of the construction elements and investors and capital to the table. So it could be a nice little.   John Casmon (37:51) That would be amazing.   I'll be honest, man. That's because I don't want your listeners sitting here like, oh, I don't have one of those. I don't know if I've ever met one that had all of those. If you do have all of them, yes, you should consider syndicating yourself because you got all the pieces to the puzzle. Typically, what happens is a property manager has the property managers. I'll give you a great example. I got a 54 unit down in North Carolina. OK, so I came in as a key principal. I've got a.   Jason Hull (38:03) Okay.   Okay.   John Casmon (38:20) to my coaching clients. It's his property that he found. He asked me to come help him with the loan, which I did. One of the members, one of the partners is the property manager. So that's kind of their role to the table is they're managing the property. That's what they kind of came on. They had a couple of relationships, but their main role is the asset and property management side of it. So that's a great way to come to the table. But. Just like anything else in business.   Jason Hull (38:33) Mm-hmm.   John Casmon (38:49) It's very hard to find someone who checks every single box. I mean, that's like finding the marketer who's a CMO, who's also the CFO, who's also the COO, who's also the chief of human resource. very like no one, people don't really have like top notch excellent skills at every single one of those, right? Like you might be great at business, great at sales, great at marketing. You're probably terrible at finance, right? Like you just, you just forget to do your expense report type person, right? So it's hard to find someone who's   checks all those boxes. And I think typically when comes to property management, you want someone who's great with people, can resolve issues, but also has to be somewhat, you know, sufficient when it comes to the numbers, tracking all the data, tracking all the, you know, the rent roll, the leases, the income and expense statements, things like that. So usually they're not going to do every single box. But again, if you can find someone or that's where partnerships make sense.   Jason Hull (39:24) Mm-hmm.   John Casmon (39:43) If you've got that awesome. And again, I'm not saying a company doesn't have that. I'm just saying a single individual doesn't, which is why it's great to partner. If you can find someone who maybe brings a set of skills that you don't have, whether they're joining you in your property management business or they're partnering up where you're bringing your property management skills to the table with their investing or their networking skills, that makes for a good partnership.   Jason Hull (39:43) Mm-hmm.   Yeah, I got it. Well, we've got several clients, you know, all over the U S that are really good at property management. They're really good at handling the maintenance stuff and they obviously have a pool of investors as clients and, and, know, and they know that they can't do everything. So we coach them in making sure that they would do time studies. They figure out which, what their purpose is. We start to align them towards more fulfillment, more freedom, more contribution and more support in their business.   John Casmon (40:32) Yeah.   Jason Hull (40:38) And they start to build the right team. So they're getting operators, they're getting BDMs, they're getting the things they're not like strong in. And so we just make healthier businesses. So for those of maybe my clients listening that have healthy property management companies. And, but they don't want to do syndication. They're just like, man, that's a whole nother business. If I stay in my lane, I can grow that faster. How do they find syndicates? Like, how do they find people like you? Cause you've got a lot of properties connected to you.   and they would probably love to chat with somebody like you. Where do you syndicate people hang out? What's the title? Who runs a syndicate? What are they called? Do they have a specific title?   John Casmon (41:15) You   Yeah.   Yeah, great. Great question. Multifamily syndicator is is kind of the name just syndicator. We're all over. So I've got a podcast called Multifamily Insights. I interview like minded individuals. I've been doing that for a long time. We've done our seven hundred and seventy plus episode. So lots of people, lots of syndicators there. Definitely conferences. So if you look up any multifamily conference in your city.   Jason Hull (41:25) Okay.   Nice.   Okay.   John Casmon (41:46) meetups, lot of meetups in different cities as well. Those are great places to find syndicators. I think the biggest thing though is this.   Figure out who your avatar is. Because while we're talking about syndicators, ultimately, if you want to scale your property management business, I presume you're trying to scale with folks who are looking for third party management and the best option for that. OK, and let me back up. had one of the guests out of a podcast some years back, ⁓ Ashley Wilson. Love Ashley. As you said, something really changed when I thought about the business.   And she said the best way to find any vendor, any vendor is to figure out who relies on that vendor next and ask them for referral. So if you think about it, if you want a great drywall person, ask a painter. A painter is going to know who's great at drywall because they're going to know who makes their job easy and they can come in and just start painting versus a drywall guy who maybe doesn't, you know, you know.   Jason Hull (42:38) I like it.   John Casmon (42:55) mud the drywall properly or doesn't sand it down. So they got to do all this extra work before they start their process. Right. So a painter is going to know a great drywall guy. And in this case, it's really hard on ⁓ the property manager because you guys are the ones who do the work. But if you are looking for syndicators, OK, well syndicators, person who buys the deal. Well, who sells the deal? A broker. Find brokers. Go to a broker, commercial multifamily broker and ask them, hey,   Jason Hull (43:01) I love this.   Yeah.   John Casmon (43:25) Do you know some groups or you have properties that you're going to list? Here are the kind of deals we want to do now on the flip side of that. You got to be good at your job, right? You got to sell yourself and share what you do. So if you've got a great track record, a great resume, showcase that, bring that broker through and let them know, hey, we're looking to scale our property management business here. Here are the kind of assets that we want to manage. If you come across any of these that you're going to list, would you mind keeping our main name out there or referring us or giving us introductions to any of those buyers?   Jason Hull (43:53) Yeah.   John Casmon (43:54) so that we can throw our hat in the running to manage these properties. That's a phenomenal way to do that. And it allows you to shine and expand your relationships in your core networks and in your core markets.   Jason Hull (44:06) Brilliant. think I love the, I love Ashley's idea that you shared, you know, the drywall. Yeah. The painters, like they don't want to be painting over a crappy drywall. They're like, this is a mess. Like this doesn't even look good in my job. Now I'm going to look bad. Yeah. So the brokers know who maybe those best syndicators are. And so they could just go to the brokers and say, Hey, who's, who's doing deals like this? Who who's got things going on? Like who could you connect me with?   And I avoid maybe.   John Casmon (44:36) And on top of that, keep in mind, too, like what   are the times when? Yeah, but think about to like when is a property hiring or bringing on a new property manager? Right. So it's either a current owners firing the existing property manager or the property is being sold. Right. So, I mean, if you can get in during that transition phase, that's going to help you tremendously. And if even if they're firing their existing property manager, you can think through, OK, how do I?   Jason Hull (44:51) Yeah. Yeah.   John Casmon (45:06) work myself and get my name out there. And a lot of times, again, you're going to ask, right? You're going to ask other investors. If I were going through that process, I'm going to call my buddies into space, right? And say, hey, man, having a hard time, my current PM is not working out or we're not hitting our objectives, looking at some other options. Do you have any experience with these guys? What do you know about these guys? Or do you have anybody you could recommend? It's word of mouth, right? So that's what's going to start happening as well. So you kind of have to get out there and network and let folks know who you are, what you do. But you want to be someone who   people can say, yeah, these guys are amazing. You know, they, they only had an eight unit, but they crushed my eight unit for me. I'm sure they kill your 25 unit or your 50 unit. And you've got to start building that rapport and building your reputation in your market.   Jason Hull (45:44) Yeah.   Nice. This is good advice, my friend. So, cool. For those that maybe are investors listening to this show, ⁓ I'd love to hear a little bit about what you do, how you do run your syndication, and how they can ⁓ make things more passive, if that's what they're looking   John Casmon (46:08) Yeah, man. So there are lots of different ways to get in. If you are looking to be more passive, ⁓ high level, here's how it works. OK, so first and foremost, me and my team would go out. We look for the deals. We focus on a really tight radius. So we're in Cincinnati. We like Cincinnati, Columbus, Louisville, Kentucky. Really a two hour radius of the Cincinnati market is where we focus. And right now we actually think there's more opportunities locally. So we're really honed in on Cincinnati right now. But we focus on that once we find a deal.   We reach out to folks in our network. So we have folks in our investor list. ⁓ Once they're on our list, we kind of have a quick vetting process and then we can share opportunities with them. Once they see that opportunity, they get a chance to review it. We like to have a webinar where we answer any questions about the deal. I think for new investors, it's a great way to learn because we have a lot of experienced investors who ask very intelligent, thoughtful questions that   Many first time investors probably would not even think of. And that's a great way to learn, right? And ultimately when it comes to this space, it's really about education. know, it's educating yourself, understanding how you think about risk, how you mitigate risk in your investment choices. And those webinars are a great chance for you to learn about that the first time. Once you've done that, you can go ahead and fill out our official paperwork with our SEC documents.   Jason Hull (47:30) Mm-hmm.   John Casmon (47:30) And then   once you're through there, you can make the investment. But the first thing is just to get on our list, you can have access to the deals. And before you do that, we've actually put together a guide that can help people because I found that when I have these calls, people don't ask great questions. Sometimes they do. But I want to make sure that you are informed and well educated because this is a big investment. You know, this is not a 599 thing. And if it doesn't work out, OK, well, I just wasted six bucks. No.   Jason Hull (47:54) .   John Casmon (47:59) We're asking you to make a pretty large investment, whether it's with us or with others. If that's what you're looking to do, I want to make sure you're well informed. So we put together a guide. It's seven questions you must ask before investing in apartments. You can get that on our website. It's casmancapital.com slash seven questions, but it gets into questions around the market itself, the operating team, what you should be looking for, the deal. What is the story of this property? What's the business plan? And it helps you identify different levels of risk because the reality is   Anything can work, but you want to mitigate risk as much as possible, particularly when you're a passive investor, because you are basically saying, I'm trusting these people to find the right deal and execute. And you want to make sure that you are finding and identifying the right individuals who have a proven track record doing the thing that they are asking to do. When I hear about people losing money in real estate. At least 50, if not 70 % of the time.   Jason Hull (48:35) Hmm.   John Casmon (48:57) It is someone doing something for the first time. It is the first time in the market, first time doing this kind of deal, first time doing this kind of business plan. And. I can't tell you how frustrating it is because it's a big red flag, and it's not to say they can't do it and can't have success. But if it's your first time, I want to see how you're mitigating that right. You want to partner with someone who does have the experience you want. Like there are lot of things that you can do to put the odds in your favor. And when you're a passive investor.   Jason Hull (48:59) Mm, yeah.   John Casmon (49:26) It is not your job to hope. Your job is to analyze the information in front of you and make an informed decision. So this guide can help you do that.   Jason Hull (49:34) Yeah, love it. I'm going to run a quick word from our sponsor real quick. Our sponsor for this episode is Vendero. And many of you tell me that property management maintenance is probably the least enjoyable part of being a property manager and definitely the most time consuming. But what if you could cut that workload by up to 85 percent? That's exactly what Vendero has achieved. So they leverage cutting edge AI technology to handle nearly all your maintenance tasks from initiating work orders.   Troubleshooting, coordinating with vendors and reporting. This AI doesn't just automate, it becomes your ideal employee. Learning your preferences, executing tasks flawlessly and never needing a day off and never quitting. This frees you up to focus on the critical tasks that really move the needle for your business, whether that's refining operations, expanding your portfolio or even just taking a well-deserved break. Don't let maintenance drag you down. Step up your property management game with Vendero. Visit vendero.ai slash door grow today and make this the last maintenance hire you'll ever need.   All right, so John, this is super helpful. love you've got your list. ⁓ You got your webinar, you've got your guide. I would recommend property managers listening to this. If they're curious about the world of syndication, that they start getting into your stuff and seeing how an expert like you is doing this and maybe even get involved in some of the deals with you or something might be a good idea. And they can kind of get a feel for how this works. And then maybe they'll say, I don't want to do what John does.   And I'll just find people that do, but they'll at least understand how they could partner with people like that. then, or they may decide, you know what? John's clever, but I'm clever too. I might be able to figure out how to do this too. And maybe they'll do it too. And, but I think there's a solid opportunity for property managers that want to be in the multifamily space and do multifamily management to find third party people that are doing these syndication deals. They need good property managers and property managers want more doors and they want to grow.   And if you don't, because your business sucks and it's uncomfortable, then reach out to me. I'll help you out. We'll get you dialed in. But ⁓ John, what else would you say to the investors that are maybe they're familiar with this and they've done some real estate investing and they've worked with some syndications ⁓ and they get on your list to do the webinar. What would you say to them next?   John Casmon (51:56) Yeah, I think the biggest thing is understand what you're looking for. You know, I think one of the biggest challenges for investors is when you can't pull the trigger, it's typically because you haven't figured out what you're solving for. Are you looking for passive income? So you're just looking for a cash flow? Are you looking for long term wealth appreciation? Are you looking for tax benefits and to reduce kind of your tax liability? Do just want to diversify? Maybe you got feel like you have too much in a stock market, just like we put something somewhere else. So.   Figure out what you're actually solving for. Understand your risk tolerance, you know, because every deal is different. In our case, we do value add B class deals. That's a fancy way of just saying we like properties that already making money that are solid, solid tenant based. Think of when I say B class, I'm thinking of all stuff that was built maybe 30 years ago, maybe 40, maybe 20 years ago. Stuff that.   your teachers, your firefighters, your police officers, places where they might rent. So desirable locations, not luxury, not super high end, not, you know, super courts, everything. ⁓ But, you know, places that you would want your kid, your kid was in college, places you would be fine with your kid living, right? So you're thinking about that stuff. That's, you know, I don't say affordable stuff. That's not crazy price. So that's kind of what we focus on.   Jason Hull (53:15) So would   that be like, is that how you find the best markets then?   John Casmon (53:21) That's part of it. That's our strategy. There are different strategies that people utilize. I have found for us that is a sweet spot where we can take those kind of assets, modernize them and create value for potential renters. Some people like to focus only on they call it core plus right where they're buying newer stuff, stuff built five years ago or three years ago. And maybe it was, you know, leased up and they're just going to go in and hold it longer. You'll find other ways to add more money through amenities.   Jason Hull (53:35) Okay.   John Casmon (53:50) So some people do that strategy. Some people like older properties where they're buying more distressed or much older properties and are trying to fully renovate them and bring them up. There are strategies out there, something like new construction, stuff that doesn't exist. They want to build from the ground up. So it really comes down to you. Every investing strategy has a different level of risk. This has nothing to with real estate, right? This is investing in general. you're buying, you know, know, value stocks versus growth stocks versus Internet, it's the same stuff, right?   So you just have to figure out your level of risk. We like value at B-class multifamily deals. Once you understand your level of risk and balance that with your return expectations or projections, that's when you can figure out which investments actually make sense. You know, I have some folks who they like to invest in what we call trophy assets. And...   They may not know that right away, but when you send them a couple of deals and they look at the property like, ⁓ it's okay. They want something. They want something they can brag about. They want to drive you by like, see that building over there? That's me. And if that's fine, if that's what you want, understand what comes with that, right? That's going to be a lower term, right? Because these are, there's not much value to create, right? You've got a brand new property. It's A class, rents are $2,500. There's not a whole lot you can do there. And because of that,   Jason Hull (54:49) Yeah, they don't want to show that off. Look what I'm connecting.   OK, right.   Thank   Yeah.   John Casmon (55:13) There's not as much risk. So you're going to get less return because there's less risk. That's fun. Some people want to maximize their return, right? Hey, I don't need this money. I want to let it ride for 20 years. So they might want to do new construction or they might want to do a deep discount, highly distressed vacant property that needs, you know, $50,000 per unit to renovate it and turn around because the upside is there. So it just depends on that investor and your level of risk. Right. And most of us fall somewhere in the middle.   Jason Hull (55:27) Thank   John Casmon (55:43) which is kind of our strategy. figure out your level of risk tolerance, what you're looking for. And sometimes you don't know until you start looking at a Because you might think you're a cashflow person until I show you what cash flows. And you're like, oh, no, I don't want to be in that de

The Coalition unveils a plan to criminalise the helping of I-S group connected families, More nuclear talks between Iran and the U-S will go ahead amid threats of war, South Africa ends India's winning streak in the T20 World Cup.

The Supreme Court turned the U.S. trade landscape upside down with a decision Friday striking down the centerpiece of President Trump's tariff program, and the National FFA will cooperate with a congressional inquiry examining one of its corporate sponsors, Syngenta.

Team Canada settles for silver after 2-1 overtime loss to U-S in Olympic men's hockey final. Olympic officials call for urgent funding boost as Canada's "pay-to-play" model hits a breaking point. Secret Service kills armed Mar-a-Lago intruder who was recently reported missing from North Carolina. Pakistan launches deadly retaliatory airstrikes in Afghanistan as Taliban warns of a "calculated response." Russia launches massive aerial barrage as Slovakia issues power ultimatum to Ukraine. TSA PreCheck is back online despite the ongoing shutdown.

Welcome to this fact-laden, episode of Light ‘Em Up.As we go to air - we're halfway through Black History Month.2026 marks the 100th anniversary of Black History Month, first established as "Negro History Week" by Dr. Carter G. Woodson in February 1926. The 2026 national theme is “A Century of Black History Commemorations”, honoring 100 years of recognizing the achievements and contributions of Black Americans to U.S. history.Black history is American history!We feel richly blessed and highly favored to sit down and visit, honoring Black History Month, with a dear friend of ours and a show favorite.  Dr. Sandy Womack, Jr.Dr. Womack Jr. has devoted his life to being a servant leader, educator and striving to be the best at whatever he attempts. He is an NCAA All-American wrestler with a doctorate in educational leadership, author, former principal, district administrator, equity trainer, motivational speaker, and much more.He is retired from his current role at the close of January (2026) after a generation (33+ years) of dedicating his life to urban education.This year's Black History Month arrives as our democracy is being tested in unprecedented ways, and the future of the republic hangs in the balance.Dr. Womack expressed grave concerns that we are “in an in between place similar to the times during the Reconstruction era after the Civil War (1865 – 1877) where the Federal Government sent in troops to ensure that the freed Blacks had and maintained the right to vote, to assemble, and the rights to a public education”.Based on reports, executive actions, and policy initiatives from 2025 and early 2026, the second Trump administration has pursued a broad agenda focused on rolling back diversity initiatives, changing civil rights enforcement, and altering educational and economic policies that critics argue disproportionately affect Black Americans.  And federal agents are arresting journalists (Don Lemon) and gunning down civilians in the streets.In this exclusive interview, we'll drill down on:— Assessing the pulse of the country — where are we as a nation and as people with the recent killings of Renee Good and Alex Pretti in Minneapolis?— The importance of taking an active role in the franchise (voting) how voting “changes policy, policy impacts practices and practices impact politics”.He feels deeply that the future “depends on the youth of today” — to see wide eyed the abuses and oversteps by this administration which will “serve as the catalyst to push the younger generation to the polls to vote in large and impressive ways”.He stressed the importance of “collectively coming together” and working to find some “communality” — at the end of the day, we have “more things that unite us than divide” — we sadly choose to focus and give attention to those aspects that are tribal and exacerbate division.We've strayed beyond an inflection point — democracy is actively in peril.“We have to become students of history. We have to read, write, speak and most importantly be able to think critically” to be educated and informed sufficiently to question the current status quo — for those who fail to learn from history are doomed to repeat it.He emphatically declares that: “Outcomes won't change until incomes change.” He urges all who will listen to “don't let your lying eyes fool you”.“The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command.” ― George Orwell, 1984Tune in to our sponsors Newsly & Feedspot! We want to hear from you!Support the show

Renewal of the US-Mexico-Canada Agreement won strong bipartisan support at a Senate Finance hearing as the trade deal that replaced NAFTA comes up for its six-year review.

Ag Secretary Brooke Rollins and Secretary of War Pete Hegseth signed a Memorandum of Understanding to implement the National Farm Security Action Plan, and Taiwan will eliminate or reduce tariffs on 99% of U.S. products.

The Daily Quiz - Music Today's Questions: Question 1: Which American rapper, producer and actor released the studio album 'Encore'? Question 2: Which English rock band released the album 'Abbey Road'? Question 3: Which band did Zayn Malik belong to? Question 4: Which English rock band released the song 'Helter Skelter'? Question 5: Which singer released the song 'Run This Town'? Question 6: Which British musician collaborated with Queen on the song 'Under Pressure'? Question 7: Whose real name is Annie Mae Bullock? Question 8: Which English rock band released the song 'Us and Them'? This podcast is produced by Klassic Studios Learn more about your ad choices. Visit megaphone.fm/adchoices

With the review process of the U.S.-Mexico-Canada Agreement sent to begin later this year, the Senate Finance Committee took a closer look at the deal last week.

Liberal leader Angus Taylor unveils his new shadow frontbench; U-S civil rights leader Reverend Jesse Jackson dies in the US at the age of 84; Cronulla prop Addin Fonua-Blake sets his sights on the State of Origin series.

The USDA's World Agricultural Supply and Demand Estimates report shows the 2025-26 U.S. corn outlook is for greater exports and lower ending stocks, and the USDA is facing doubts about the reliability of its data from farmers, grain traders, and economists.

Enjoy this special feed drop of our sister show 'In This Economy?!'Canadian restaurant operators could be in for another rough year – thanks to uncertainty around trade with the U-S and higher food costs – along with a few other factors.And the industry, which has been struggling for years, is important to the country's economy. But the numbers are not trending in the right direction.Hope is not lost.Host Kris McCusker takes a closer look at a report from Restaurants Canada with the President and CEO, Kelly Higginson. We love feedback at The Big Story, as well as suggestions for future episodes. You can find us:Through email at hello@thebigstorypodcast.ca Or @thebigstory.bsky.social on Bluesky

X: @GarrettInExile @americasrt1776 @ileaderssummit @NatashaSrdoc @JoelAnandUSA @supertalk Join America's Roundtable radio co-hosts Natasha Srdoc and Joel Anand Samy with the Honorable Thomas Garrett, Jr., member of the Commonwealth of Virginia's House of Delegates and former US Congressman. The conversation will focus on the state of America's economy, Trump's economic reforms, US-Iran Talks, America's ties with Israel, Virginia's radical changes with major tax hikes and sweeping gun control legislation and a new redistricting initiative which may leave Virginia's Congressional delegation with a 10-1 in favor of Democrats rather than the current 6-5 Republican edge. This could pose challenges in the mid-term elections.a leading attorney, currently serving as a legislator in the Commonwealth of Virginia, former Assistant Attorney General and former U.S. Congressman. The Washington Post's Editorial Board: "Brass-knuckled hypocrisy in Virginia" Quote: _The self-styled democracy party isn't behaving democratically. Democrats in Richmond are trying to effectively disenfranchise millions of Virginians by redrawing congressional maps to give themselves 10 of the commonwealth's 11 House seats — giving Democrats control of 91 percent of House seats in a state where Republicans lost the last presidential election by just six points. Most know better, including the governor. Abigail Spanberger was among the two-thirds of Virginians who voted in 2020 to transfer once-a-decade redistricting from the legislature to a bipartisan commission. “Gerrymandering is detrimental to our democracy,” she said back then. On Friday, Spanberger signed a bill to schedule an April 21 referendum that would move it back. The governor said it was necessary “to let voters respond to extreme measures taken by other states.”_ Bio | Tom Garrett Virginia Delegate Tom Garrett earned his Bachelor's degree from the University of Richmond. After the University of Richmond, Tom Garrett became an artillery officer in the United States Army. Achieving the rank of Captain, Tom led soldiers overseas—most notably while deployed in Bosnia. Upon returning to the States, Tom earned his J.D. from the University of Richmond and quickly became an Assistant Attorney General for Virginia. In 2016, Tom was elected to represent Virginia's 5th Congressional District in the United States House of Representatives. Tom won that election with the most votes ever in the 5th Congressional District. While in Congress, Tom served on the Foreign Affairs Committee, Homeland Security Committee, Education and Workforce Committee and was a member of the Freedom Caucus. An expert on Iran and the Middle East, Tom Garrett's analysis and insights are enlightening as America's foreign policy and national security concerns are focused on a strategic region adversely impacted by Iran, a state sponsor of terrorism. In the years since, Tom Garrett has dedicated his life to fighting for the oppressed and forgotten not only here in America, but around the world. Tom has been working on a global docu-series project, Exile, which tells the untold stories of those who are persecuted based on their faith or ethnicity. In addition to continuing his work as a defense attorney, Tom has served as a consultant and most recently, cofounder for firms working in global energy development. americasrt.com https://summitleadersusa.com/ | https://jerusalemleaderssummit.com/ America's Roundtable on Apple Podcasts: https://podcasts.apple.com/us/podcast/americas-roundtable/id1518878472 X: @GarrettInExile @americasrt1776 @ileaderssummit @NatashaSrdoc @JoelAnandUSA @supertalk America's Roundtable is co-hosted by Natasha Srdoc and Joel Anand Samy, co-founders of International Leaders Summit and the Jerusalem Leaders Summit. America's Roundtable radio program focuses on America's economy, healthcare reform, rule of law, security and trade, and its strategic partnership with rule of law nations around the world. The radio program features high-ranking US administration officials, cabinet members, members of Congress, state government officials, distinguished diplomats, business and media leaders and influential thinkers from around the world. Tune into America's Roundtable Radio program from Washington, DC via live streaming on Saturday mornings via 68 radio stations at 7:30 A.M. (ET) on Lanser Broadcasting Corporation covering the Michigan and the Midwest market, and at 7:30 A.M. (CT) on SuperTalk Mississippi — SuperTalk.FM reaching listeners in every county within the State of Mississippi, and neighboring states in the South including Alabama, Arkansas, Louisiana and Tennessee. Tune into WTON in Central Virginia on Sunday mornings at 6:00 A.M. (ET). Listen to America's Roundtable on digital platforms including Apple Podcasts, Spotify, Amazon, Google and other key online platforms. Listen live, Saturdays at 7:30 A.M. (CT) on SuperTalk | https://www.supertalk.fm

AI disruption fears hit equity markets once again, sending the S&P 500 and Nasdaq lower with transport, commercial real estate and software stocks all under pressure. Meanwhile, global leaders gather for the Munich Security Conference as U.S. allies in Europe look to chart a more independent course. And in corporate news, L'Oreal Q4 sales miss expectations as strong numbers out of the U.S. and Europe fail to offset weakness in China, sending U.S.-listed shares sharply lower, but CEO Nicolas Hieronimus tells CNBC he's confident the French beauty giant will bounce back.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

From rewriting Google's search stack in the early 2000s to reviving sparse trillion-parameter models and co-designing TPUs with frontier ML research, Jeff Dean has quietly shaped nearly every layer of the modern AI stack. As Chief AI Scientist at Google and a driving force behind Gemini, Jeff has lived through multiple scaling revolutions from CPUs and sharded indices to multimodal models that reason across text, video, and code.Jeff joins us to unpack what it really means to “own the Pareto frontier,” why distillation is the engine behind every Flash model breakthrough, how energy (in picojoules) not FLOPs is becoming the true bottleneck, what it was like leading the charge to unify all of Google's AI teams, and why the next leap won't come from bigger context windows alone, but from systems that give the illusion of attending to trillions of tokens.We discuss:* Jeff's early neural net thesis in 1990: parallel training before it was cool, why he believed scaling would win decades early, and the “bigger model, more data, better results” mantra that held for 15 years* The evolution of Google Search: sharding, moving the entire index into memory in 2001, softening query semantics pre-LLMs, and why retrieval pipelines already resemble modern LLM systems* Pareto frontier strategy: why you need both frontier “Pro” models and low-latency “Flash” models, and how distillation lets smaller models surpass prior generations* Distillation deep dive: ensembles → compression → logits as soft supervision, and why you need the biggest model to make the smallest one good* Latency as a first-class objective: why 10–50x lower latency changes UX entirely, and how future reasoning workloads will demand 10,000 tokens/sec* Energy-based thinking: picojoules per bit, why moving data costs 1000x more than a multiply, batching through the lens of energy, and speculative decoding as amortization* TPU co-design: predicting ML workloads 2–6 years out, speculative hardware features, precision reduction, sparsity, and the constant feedback loop between model architecture and silicon* Sparse models and “outrageously large” networks: trillions of parameters with 1–5% activation, and why sparsity was always the right abstraction* Unified vs. specialized models: abandoning symbolic systems, why general multimodal models tend to dominate vertical silos, and when vertical fine-tuning still makes sense* Long context and the illusion of scale: beyond needle-in-a-haystack benchmarks toward systems that narrow trillions of tokens to 117 relevant documents* Personalized AI: attending to your emails, photos, and documents (with permission), and why retrieval + reasoning will unlock deeply personal assistants* Coding agents: 50 AI interns, crisp specifications as a new core skill, and how ultra-low latency will reshape human–agent collaboration* Why ideas still matter: transformers, sparsity, RL, hardware, systems — scaling wasn't blind; the pieces had to multiply togetherShow Notes:* Gemma 3 Paper* Gemma 3* Gemini 2.5 Report* Jeff Dean's “Software Engineering Advice fromBuilding Large-Scale Distributed Systems” Presentation (with Back of the Envelope Calculations)* Latency Numbers Every Programmer Should Know by Jeff Dean* The Jeff Dean Facts* Jeff Dean Google Bio* Jeff Dean on “Important AI Trends” @Stanford AI Club* Jeff Dean & Noam Shazeer — 25 years at Google (Dwarkesh)—Jeff Dean* LinkedIn: https://www.linkedin.com/in/jeff-dean-8b212555* X: https://x.com/jeffdeanGoogle* https://google.com* https://deepmind.googleFull Video EpisodeTimestamps00:00:04 — Introduction: Alessio & Swyx welcome Jeff Dean, chief AI scientist at Google, to the Latent Space podcast00:00:30 — Owning the Pareto Frontier & balancing frontier vs low-latency models00:01:31 — Frontier models vs Flash models + role of distillation00:03:52 — History of distillation and its original motivation00:05:09 — Distillation's role in modern model scaling00:07:02 — Model hierarchy (Flash, Pro, Ultra) and distillation sources00:07:46 — Flash model economics & wide deployment00:08:10 — Latency importance for complex tasks00:09:19 — Saturation of some tasks and future frontier tasks00:11:26 — On benchmarks, public vs internal00:12:53 — Example long-context benchmarks & limitations00:15:01 — Long-context goals: attending to trillions of tokens00:16:26 — Realistic use cases beyond pure language00:18:04 — Multimodal reasoning and non-text modalities00:19:05 — Importance of vision & motion modalities00:20:11 — Video understanding example (extracting structured info)00:20:47 — Search ranking analogy for LLM retrieval00:23:08 — LLM representations vs keyword search00:24:06 — Early Google search evolution & in-memory index00:26:47 — Design principles for scalable systems00:28:55 — Real-time index updates & recrawl strategies00:30:06 — Classic “Latency numbers every programmer should know”00:32:09 — Cost of memory vs compute and energy emphasis00:34:33 — TPUs & hardware trade-offs for serving models00:35:57 — TPU design decisions & co-design with ML00:38:06 — Adapting model architecture to hardware00:39:50 — Alternatives: energy-based models, speculative decoding00:42:21 — Open research directions: complex workflows, RL00:44:56 — Non-verifiable RL domains & model evaluation00:46:13 — Transition away from symbolic systems toward unified LLMs00:47:59 — Unified models vs specialized ones00:50:38 — Knowledge vs reasoning & retrieval + reasoning00:52:24 — Vertical model specialization & modules00:55:21 — Token count considerations for vertical domains00:56:09 — Low resource languages & contextual learning00:59:22 — Origins: Dean's early neural network work01:10:07 — AI for coding & human–model interaction styles01:15:52 — Importance of crisp specification for coding agents01:19:23 — Prediction: personalized models & state retrieval01:22:36 — Token-per-second targets (10k+) and reasoning throughput01:23:20 — Episode conclusion and thanksTranscriptAlessio Fanelli [00:00:04]: Hey everyone, welcome to the Latent Space podcast. This is Alessio, founder of Kernel Labs, and I'm joined by Swyx, editor of Latent Space. Shawn Wang [00:00:11]: Hello, hello. We're here in the studio with Jeff Dean, chief AI scientist at Google. Welcome. Thanks for having me. It's a bit surreal to have you in the studio. I've watched so many of your talks, and obviously your career has been super legendary. So, I mean, congrats. I think the first thing must be said, congrats on owning the Pareto Frontier.Jeff Dean [00:00:30]: Thank you, thank you. Pareto Frontiers are good. It's good to be out there.Shawn Wang [00:00:34]: Yeah, I mean, I think it's a combination of both. You have to own the Pareto Frontier. You have to have like frontier capability, but also efficiency, and then offer that range of models that people like to use. And, you know, some part of this was started because of your hardware work. Some part of that is your model work, and I'm sure there's lots of secret sauce that you guys have worked on cumulatively. But, like, it's really impressive to see it all come together in, like, this slittily advanced.Jeff Dean [00:01:04]: Yeah, yeah. I mean, I think, as you say, it's not just one thing. It's like a whole bunch of things up and down the stack. And, you know, all of those really combine to help make UNOS able to make highly capable large models, as well as, you know, software techniques to get those large model capabilities into much smaller, lighter weight models that are, you know, much more cost effective and lower latency, but still, you know, quite capable for their size. Yeah.Alessio Fanelli [00:01:31]: How much pressure do you have on, like, having the lower bound of the Pareto Frontier, too? I think, like, the new labs are always trying to push the top performance frontier because they need to raise more money and all of that. And you guys have billions of users. And I think initially when you worked on the CPU, you were thinking about, you know, if everybody that used Google, we use the voice model for, like, three minutes a day, they were like, you need to double your CPU number. Like, what's that discussion today at Google? Like, how do you prioritize frontier versus, like, we have to do this? How do we actually need to deploy it if we build it?Jeff Dean [00:02:03]: Yeah, I mean, I think we always want to have models that are at the frontier or pushing the frontier because I think that's where you see what capabilities now exist that didn't exist at the sort of slightly less capable last year's version or last six months ago version. At the same time, you know, we know those are going to be really useful for a bunch of use cases, but they're going to be a bit slower and a bit more expensive than people might like for a bunch of other broader models. So I think what we want to do is always have kind of a highly capable sort of affordable model that enables a whole bunch of, you know, lower latency use cases. People can use them for agentic coding much more readily and then have the high-end, you know, frontier model that is really useful for, you know, deep reasoning, you know, solving really complicated math problems, those kinds of things. And it's not that. One or the other is useful. They're both useful. So I think we'd like to do both. And also, you know, through distillation, which is a key technique for making the smaller models more capable, you know, you have to have the frontier model in order to then distill it into your smaller model. So it's not like an either or choice. You sort of need that in order to actually get a highly capable, more modest size model. Yeah.Alessio Fanelli [00:03:24]: I mean, you and Jeffrey came up with the solution in 2014.Jeff Dean [00:03:28]: Don't forget, L'Oreal Vinyls as well. Yeah, yeah.Alessio Fanelli [00:03:30]: A long time ago. But like, I'm curious how you think about the cycle of these ideas, even like, you know, sparse models and, you know, how do you reevaluate them? How do you think about in the next generation of model, what is worth revisiting? Like, yeah, they're just kind of like, you know, you worked on so many ideas that end up being influential, but like in the moment, they might not feel that way necessarily. Yeah.Jeff Dean [00:03:52]: I mean, I think distillation was originally motivated because we were seeing that we had a very large image data set at the time, you know, 300 million images that we could train on. And we were seeing that if you create specialists for different subsets of those image categories, you know, this one's going to be really good at sort of mammals, and this one's going to be really good at sort of indoor room scenes or whatever, and you can cluster those categories and train on an enriched stream of data after you do pre-training on a much broader set of images. You get much better performance. If you then treat that whole set of maybe 50 models you've trained as a large ensemble, but that's not a very practical thing to serve, right? So distillation really came about from the idea of, okay, what if we want to actually serve that and train all these independent sort of expert models and then squish it into something that actually fits in a form factor that you can actually serve? And that's, you know, not that different from what we're doing today. You know, often today we're instead of having an ensemble of 50 models. We're having a much larger scale model that we then distill into a much smaller scale model.Shawn Wang [00:05:09]: Yeah. A part of me also wonders if distillation also has a story with the RL revolution. So let me maybe try to articulate what I mean by that, which is you can, RL basically spikes models in a certain part of the distribution. And then you have to sort of, well, you can spike models, but usually sometimes... It might be lossy in other areas and it's kind of like an uneven technique, but you can probably distill it back and you can, I think that the sort of general dream is to be able to advance capabilities without regressing on anything else. And I think like that, that whole capability merging without loss, I feel like it's like, you know, some part of that should be a distillation process, but I can't quite articulate it. I haven't seen much papers about it.Jeff Dean [00:06:01]: Yeah, I mean, I tend to think of one of the key advantages of distillation is that you can have a much smaller model and you can have a very large, you know, training data set and you can get utility out of making many passes over that data set because you're now getting the logits from the much larger model in order to sort of coax the right behavior out of the smaller model that you wouldn't otherwise get with just the hard labels. And so, you know, I think that's what we've observed. Is you can get, you know, very close to your largest model performance with distillation approaches. And that seems to be, you know, a nice sweet spot for a lot of people because it enables us to kind of, for multiple Gemini generations now, we've been able to make the sort of flash version of the next generation as good or even substantially better than the previous generations pro. And I think we're going to keep trying to do that because that seems like a good trend to follow.Shawn Wang [00:07:02]: So, Dara asked, so it was the original map was Flash Pro and Ultra. Are you just sitting on Ultra and distilling from that? Is that like the mother load?Jeff Dean [00:07:12]: I mean, we have a lot of different kinds of models. Some are internal ones that are not necessarily meant to be released or served. Some are, you know, our pro scale model and we can distill from that as well into our Flash scale model. So I think, you know, it's an important set of capabilities to have and also inference time scaling. It can also be a useful thing to improve the capabilities of the model.Shawn Wang [00:07:35]: And yeah, yeah, cool. Yeah. And obviously, I think the economy of Flash is what led to the total dominance. I think the latest number is like 50 trillion tokens. I don't know. I mean, obviously, it's changing every day.Jeff Dean [00:07:46]: Yeah, yeah. But, you know, by market share, hopefully up.Shawn Wang [00:07:50]: No, I mean, there's no I mean, there's just the economics wise, like because Flash is so economical, like you can use it for everything. Like it's in Gmail now. It's in YouTube. Like it's yeah. It's in everything.Jeff Dean [00:08:02]: We're using it more in our search products of various AI mode reviews.Shawn Wang [00:08:05]: Oh, my God. Flash past the AI mode. Oh, my God. Yeah, that's yeah, I didn't even think about that.Jeff Dean [00:08:10]: I mean, I think one of the things that is quite nice about the Flash model is not only is it more affordable, it's also a lower latency. And I think latency is actually a pretty important characteristic for these models because we're going to want models to do much more complicated things that are going to involve, you know, generating many more tokens from when you ask the model to do so. So, you know, if you're going to ask the model to do something until it actually finishes what you ask it to do, because you're going to ask now, not just write me a for loop, but like write me a whole software package to do X or Y or Z. And so having low latency systems that can do that seems really important. And Flash is one direction, one way of doing that. You know, obviously our hardware platforms enable a bunch of interesting aspects of our, you know, serving stack as well, like TPUs, the interconnect between. Chips on the TPUs is actually quite, quite high performance and quite amenable to, for example, long context kind of attention operations, you know, having sparse models with lots of experts. These kinds of things really, really matter a lot in terms of how do you make them servable at scale.Alessio Fanelli [00:09:19]: Yeah. Does it feel like there's some breaking point for like the proto Flash distillation, kind of like one generation delayed? I almost think about almost like the capability as a. In certain tasks, like the pro model today is a saturated, some sort of task. So next generation, that same task will be saturated at the Flash price point. And I think for most of the things that people use models for at some point, the Flash model in two generation will be able to do basically everything. And how do you make it economical to like keep pushing the pro frontier when a lot of the population will be okay with the Flash model? I'm curious how you think about that.Jeff Dean [00:09:59]: I mean, I think that's true. If your distribution of what people are asking people, the models to do is stationary, right? But I think what often happens is as the models become more capable, people ask them to do more, right? So, I mean, I think this happens in my own usage. Like I used to try our models a year ago for some sort of coding task, and it was okay at some simpler things, but wouldn't do work very well for more complicated things. And since then, we've improved dramatically on the more complicated coding tasks. And now I'll ask it to do much more complicated things. And I think that's true, not just of coding, but of, you know, now, you know, can you analyze all the, you know, renewable energy deployments in the world and give me a report on solar panel deployment or whatever. That's a very complicated, you know, more complicated task than people would have asked a year ago. And so you are going to want more capable models to push the frontier in the absence of what people ask the models to do. And that also then gives us. Insight into, okay, where does the, where do things break down? How can we improve the model in these, these particular areas, uh, in order to sort of, um, make the next generation even better.Alessio Fanelli [00:11:11]: Yeah. Are there any benchmarks or like test sets they use internally? Because it's almost like the same benchmarks get reported every time. And it's like, all right, it's like 99 instead of 97. Like, how do you have to keep pushing the team internally to it? Or like, this is what we're building towards. Yeah.Jeff Dean [00:11:26]: I mean, I think. Benchmarks, particularly external ones that are publicly available. Have their utility, but they often kind of have a lifespan of utility where they're introduced and maybe they're quite hard for current models. You know, I, I like to think of the best kinds of benchmarks are ones where the initial scores are like 10 to 20 or 30%, maybe, but not higher. And then you can sort of work on improving that capability for, uh, whatever it is, the benchmark is trying to assess and get it up to like 80, 90%, whatever. I, I think once it hits kind of 95% or something, you get very diminishing returns from really focusing on that benchmark, cuz it's sort of, it's either the case that you've now achieved that capability, or there's also the issue of leakage in public data or very related kind of data being, being in your training data. Um, so we have a bunch of held out internal benchmarks that we really look at where we know that wasn't represented in the training data at all. There are capabilities that we want the model to have. Um, yeah. Yeah. Um, that it doesn't have now, and then we can work on, you know, assessing, you know, how do we make the model better at these kinds of things? Is it, we need different kind of data to train on that's more specialized for this particular kind of task. Do we need, um, you know, a bunch of, uh, you know, architectural improvements or some sort of, uh, model capability improvements, you know, what would help make that better?Shawn Wang [00:12:53]: Is there, is there such an example that you, uh, a benchmark inspired in architectural improvement? Like, uh, I'm just kind of. Jumping on that because you just.Jeff Dean [00:13:02]: Uh, I mean, I think some of the long context capability of the, of the Gemini models that came, I guess, first in 1.5 really were about looking at, okay, we want to have, um, you know,Shawn Wang [00:13:15]: immediately everyone jumped to like completely green charts of like, everyone had, I was like, how did everyone crack this at the same time? Right. Yeah. Yeah.Jeff Dean [00:13:23]: I mean, I think, um, and once you're set, I mean, as you say that needed single needle and a half. Hey, stack benchmark is really saturated for at least context links up to 1, 2 and K or something. Don't actually have, you know, much larger than 1, 2 and 8 K these days or two or something. We're trying to push the frontier of 1 million or 2 million context, which is good because I think there are a lot of use cases where. Yeah. You know, putting a thousand pages of text or putting, you know, multiple hour long videos and the context and then actually being able to make use of that as useful. Try to, to explore the über graduation are fairly large. But the single needle in a haystack benchmark is sort of saturated. So you really want more complicated, sort of multi-needle or more realistic, take all this content and produce this kind of answer from a long context that sort of better assesses what it is people really want to do with long context. Which is not just, you know, can you tell me the product number for this particular thing?Shawn Wang [00:14:31]: Yeah, it's retrieval. It's retrieval within machine learning. It's interesting because I think the more meta level I'm trying to operate at here is you have a benchmark. You're like, okay, I see the architectural thing I need to do in order to go fix that. But should you do it? Because sometimes that's an inductive bias, basically. It's what Jason Wei, who used to work at Google, would say. Exactly the kind of thing. Yeah, you're going to win. Short term. Longer term, I don't know if that's going to scale. You might have to undo that.Jeff Dean [00:15:01]: I mean, I like to sort of not focus on exactly what solution we're going to derive, but what capability would you want? And I think we're very convinced that, you know, long context is useful, but it's way too short today. Right? Like, I think what you would really want is, can I attend to the internet while I answer my question? Right? But that's not going to happen. I think that's going to be solved by purely scaling the existing solutions, which are quadratic. So a million tokens kind of pushes what you can do. You're not going to do that to a trillion tokens, let alone, you know, a billion tokens, let alone a trillion. But I think if you could give the illusion that you can attend to trillions of tokens, that would be amazing. You'd find all kinds of uses for that. You would have attend to the internet. You could attend to the pixels of YouTube and the sort of deeper representations that we can find. You could attend to the form for a single video, but across many videos, you know, on a personal Gemini level, you could attend to all of your personal state with your permission. So like your emails, your photos, your docs, your plane tickets you have. I think that would be really, really useful. And the question is, how do you get algorithmic improvements and system level improvements that get you to something where you actually can attend to trillions of tokens? Right. In a meaningful way. Yeah.Shawn Wang [00:16:26]: But by the way, I think I did some math and it's like, if you spoke all day, every day for eight hours a day, you only generate a maximum of like a hundred K tokens, which like very comfortably fits.Jeff Dean [00:16:38]: Right. But if you then say, okay, I want to be able to understand everything people are putting on videos.Shawn Wang [00:16:46]: Well, also, I think that the classic example is you start going beyond language into like proteins and whatever else is extremely information dense. Yeah. Yeah.Jeff Dean [00:16:55]: I mean, I think one of the things about Gemini's multimodal aspects is we've always wanted it to be multimodal from the start. And so, you know, that sometimes to people means text and images and video sort of human-like and audio, audio, human-like modalities. But I think it's also really useful to have Gemini know about non-human modalities. Yeah. Like LIDAR sensor data from. Yes. Say, Waymo vehicles or. Like robots or, you know, various kinds of health modalities, x-rays and MRIs and imaging and genomics information. And I think there's probably hundreds of modalities of data where you'd like the model to be able to at least be exposed to the fact that this is an interesting modality and has certain meaning in the world. Where even if you haven't trained on all the LIDAR data or MRI data, you could have, because maybe that's not, you know, it doesn't make sense in terms of trade-offs of. You know, what you include in your main pre-training data mix, at least including a little bit of it is actually quite useful. Yeah. Because it sort of tempts the model that this is a thing.Shawn Wang [00:18:04]: Yeah. Do you believe, I mean, since we're on this topic and something I just get to ask you all the questions I always wanted to ask, which is fantastic. Like, are there some king modalities, like modalities that supersede all the other modalities? So a simple example was Vision can, on a pixel level, encode text. And DeepSeq had this DeepSeq CR paper that did that. Vision. And Vision has also been shown to maybe incorporate audio because you can do audio spectrograms and that's, that's also like a Vision capable thing. Like, so, so maybe Vision is just the king modality and like. Yeah.Jeff Dean [00:18:36]: I mean, Vision and Motion are quite important things, right? Motion. Well, like video as opposed to static images, because I mean, there's a reason evolution has evolved eyes like 23 independent ways, because it's such a useful capability for sensing the world around you, which is really what we want these models to be. So I think the only thing that we can be able to do is interpret the things we're seeing or the things we're paying attention to and then help us in using that information to do things. Yeah.Shawn Wang [00:19:05]: I think motion, you know, I still want to shout out, I think Gemini, still the only native video understanding model that's out there. So I use it for YouTube all the time. Nice.Jeff Dean [00:19:15]: Yeah. Yeah. I mean, it's actually, I think people kind of are not necessarily aware of what the Gemini models can actually do. Yeah. Like I have an example I've used in one of my talks. It had like, it was like a YouTube highlight video of 18 memorable sports moments across the last 20 years or something. So it has like Michael Jordan hitting some jump shot at the end of the finals and, you know, some soccer goals and things like that. And you can literally just give it the video and say, can you please make me a table of what all these different events are? What when the date is when they happened? And a short description. And so you get like now an 18 row table of that information extracted from the video, which is, you know, not something most people think of as like a turn video into sequel like table.Alessio Fanelli [00:20:11]: Has there been any discussion inside of Google of like, you mentioned tending to the whole internet, right? Google, it's almost built because a human cannot tend to the whole internet and you need some sort of ranking to find what you need. Yep. That ranking is like much different for an LLM because you can expect a person to look at maybe the first five, six links in a Google search versus for an LLM. Should you expect to have 20 links that are highly relevant? Like how do you internally figure out, you know, how do we build the AI mode that is like maybe like much broader search and span versus like the more human one? Yeah.Jeff Dean [00:20:47]: I mean, I think even pre-language model based work, you know, our ranking systems would be built to start. I mean, I think even pre-language model based work, you know, our ranking systems would be built to start. With a giant number of web pages in our index, many of them are not relevant. So you identify a subset of them that are relevant with very lightweight kinds of methods. You know, you're down to like 30,000 documents or something. And then you gradually refine that to apply more and more sophisticated algorithms and more and more sophisticated sort of signals of various kinds in order to get down to ultimately what you show, which is, you know, the final 10 results or, you know, 10 results plus. Other kinds of information. And I think an LLM based system is not going to be that dissimilar, right? You're going to attend to trillions of tokens, but you're going to want to identify, you know, what are the 30,000 ish documents that are with the, you know, maybe 30 million interesting tokens. And then how do you go from that into what are the 117 documents I really should be paying attention to in order to carry out the tasks that the user has asked? And I think, you know, you can imagine systems where you have, you know, a lot of highly parallel processing to identify those initial 30,000 candidates, maybe with very lightweight kinds of models. Then you have some system that sort of helps you narrow down from 30,000 to the 117 with maybe a little bit more sophisticated model or set of models. And then maybe the final model is the thing that looks. So the 117 things that might be your most capable model. So I think it has to, it's going to be some system like that, that is really enables you to give the illusion of attending to trillions of tokens. Sort of the way Google search gives you, you know, not the illusion, but you are searching the internet, but you're finding, you know, a very small subset of things that are, that are relevant.Shawn Wang [00:22:47]: Yeah. I often tell a lot of people that are not steeped in like Google search history that, well, you know, like Bert was. Like he was like basically immediately inside of Google search and that improves results a lot, right? Like I don't, I don't have any numbers off the top of my head, but like, I'm sure you guys, that's obviously the most important numbers to Google. Yeah.Jeff Dean [00:23:08]: I mean, I think going to an LLM based representation of text and words and so on enables you to get out of the explicit hard notion of, of particular words having to be on the page, but really getting at the notion of this topic of this page or this page. Paragraph is highly relevant to this query. Yeah.Shawn Wang [00:23:28]: I don't think people understand how much LLMs have taken over all these very high traffic system, very high traffic. Yeah. Like it's Google, it's YouTube. YouTube has this like semantics ID thing where it's just like every token or every item in the vocab is a YouTube video or something that predicts the video using a code book, which is absurd to me for YouTube size.Jeff Dean [00:23:50]: And then most recently GROK also for, for XAI, which is like, yeah. I mean, I'll call out even before LLMs were used extensively in search, we put a lot of emphasis on softening the notion of what the user actually entered into the query.Shawn Wang [00:24:06]: So do you have like a history of like, what's the progression? Oh yeah.Jeff Dean [00:24:09]: I mean, I actually gave a talk in, uh, I guess, uh, web search and data mining conference in 2009, uh, where we never actually published any papers about the origins of Google search, uh, sort of, but we went through sort of four or five or six. generations, four or five or six generations of, uh, redesigning of the search and retrieval system, uh, from about 1999 through 2004 or five. And that talk is really about that evolution. And one of the things that really happened in 2001 was we were sort of working to scale the system in multiple dimensions. So one is we wanted to make our index bigger, so we could retrieve from a larger index, which always helps your quality in general. Uh, because if you don't have the page in your index, you're going to not do well. Um, and then we also needed to scale our capacity because we were, our traffic was growing quite extensively. Um, and so we had, you know, a sharded system where you have more and more shards as the index grows, you have like 30 shards. And then if you want to double the index size, you make 60 shards so that you can bound the latency by which you respond for any particular user query. Um, and then as traffic grows, you add, you add more and more replicas of each of those. And so we eventually did the math that realized that in a data center where we had say 60 shards and, um, you know, 20 copies of each shard, we now had 1200 machines, uh, with disks. And we did the math and we're like, Hey, one copy of that index would actually fit in memory across 1200 machines. So in 2001, we introduced, uh, we put our entire index in memory and what that enabled from a quality perspective was amazing. Um, and so we had more and more replicas of each of those. Before you had to be really careful about, you know, how many different terms you looked at for a query, because every one of them would involve a disk seek on every one of the 60 shards. And so you, as you make your index bigger, that becomes even more inefficient. But once you have the whole index in memory, it's totally fine to have 50 terms you throw into the query from the user's original three or four word query, because now you can add synonyms like restaurant and restaurants and cafe and, uh, you know, things like that. Uh, bistro and all these things. And you can suddenly start, uh, sort of really, uh, getting at the meaning of the word as opposed to the exact semantic form the user typed in. And that was, you know, 2001, very much pre LLM, but really it was about softening the, the strict definition of what the user typed in order to get at the meaning.Alessio Fanelli [00:26:47]: What are like principles that you use to like design the systems, especially when you have, I mean, in 2001, the internet is like. Doubling, tripling every year in size is not like, uh, you know, and I think today you kind of see that with LLMs too, where like every year the jumps in size and like capabilities are just so big. Are there just any, you know, principles that you use to like, think about this? Yeah.Jeff Dean [00:27:08]: I mean, I think, uh, you know, first, whenever you're designing a system, you want to understand what are the sort of design parameters that are going to be most important in designing that, you know? So, you know, how many queries per second do you need to handle? How big is the internet? How big is the index you need to handle? How much data do you need to keep for every document in the index? How are you going to look at it when you retrieve things? Um, what happens if traffic were to double or triple, you know, will that system work well? And I think a good design principle is you're going to want to design a system so that the most important characteristics could scale by like factors of five or 10, but probably not beyond that because often what happens is if you design a system for X. And something suddenly becomes a hundred X, that would enable a very different point in the design space that would not make sense at X. But all of a sudden at a hundred X makes total sense. So like going from a disk space index to a in memory index makes a lot of sense once you have enough traffic, because now you have enough replicas of the sort of state on disk that those machines now actually can hold, uh, you know, a full copy of the, uh, index and memory. Yeah. And that all of a sudden enabled. A completely different design that wouldn't have been practical before. Yeah. Um, so I'm, I'm a big fan of thinking through designs in your head, just kind of playing with the design space a little before you actually do a lot of writing of code. But, you know, as you said, in the early days of Google, we were growing the index, uh, quite extensively. We were growing the update rate of the index. So the update rate actually is the parameter that changed the most. Surprising. So it used to be once a month.Shawn Wang [00:28:55]: Yeah.Jeff Dean [00:28:56]: And then we went to a system that could update any particular page in like sub one minute. Okay.Shawn Wang [00:29:02]: Yeah. Because this is a competitive advantage, right?Jeff Dean [00:29:04]: Because all of a sudden news related queries, you know, if you're, if you've got last month's news index, it's not actually that useful for.Shawn Wang [00:29:11]: News is a special beast. Was there any, like you could have split it onto a separate system.Jeff Dean [00:29:15]: Well, we did. We launched a Google news product, but you also want news related queries that people type into the main index to also be sort of updated.Shawn Wang [00:29:23]: So, yeah, it's interesting. And then you have to like classify whether the page is, you have to decide which pages should be updated and what frequency. Oh yeah.Jeff Dean [00:29:30]: There's a whole like, uh, system behind the scenes that's trying to decide update rates and importance of the pages. So even if the update rate seems low, you might still want to recrawl important pages quite often because, uh, the likelihood they change might be low, but the value of having updated is high.Shawn Wang [00:29:50]: Yeah, yeah, yeah, yeah. Uh, well, you know, yeah. This, uh, you know, mention of latency and, and saving things to this reminds me of one of your classics, which I have to bring up, which is latency numbers. Every programmer should know, uh, was there a, was it just a, just a general story behind that? Did you like just write it down?Jeff Dean [00:30:06]: I mean, this has like sort of eight or 10 different kinds of metrics that are like, how long does a cache mistake? How long does branch mispredict take? How long does a reference domain memory take? How long does it take to send, you know, a packet from the U S to the Netherlands or something? Um,Shawn Wang [00:30:21]: why Netherlands, by the way, or is it, is that because of Chrome?Jeff Dean [00:30:25]: Uh, we had a data center in the Netherlands, um, so, I mean, I think this gets to the point of being able to do the back of the envelope calculations. So these are sort of the raw ingredients of those, and you can use them to say, okay, well, if I need to design a system to do image search and thumb nailing or something of the result page, you know, how, what I do that I could pre-compute the image thumbnails. I could like. Try to thumbnail them on the fly from the larger images. What would that do? How much dis bandwidth than I need? How many des seeks would I do? Um, and you can sort of actually do thought experiments in, you know, 30 seconds or a minute with the sort of, uh, basic, uh, basic numbers at your fingertips. Uh, and then as you sort of build software using higher level libraries, you kind of want to develop the same intuitions for how long does it take to, you know, look up something in this particular kind of.Shawn Wang [00:31:21]: I'll see you next time.Shawn Wang [00:31:51]: Which is a simple byte conversion. That's nothing interesting. I wonder if you have any, if you were to update your...Jeff Dean [00:31:58]: I mean, I think it's really good to think about calculations you're doing in a model, either for training or inference.Jeff Dean [00:32:09]: Often a good way to view that is how much state will you need to bring in from memory, either like on-chip SRAM or HBM from the accelerator. Attached memory or DRAM or over the network. And then how expensive is that data motion relative to the cost of, say, an actual multiply in the matrix multiply unit? And that cost is actually really, really low, right? Because it's order, depending on your precision, I think it's like sub one picodule.Shawn Wang [00:32:50]: Oh, okay. You measure it by energy. Yeah. Yeah.Jeff Dean [00:32:52]: Yeah. I mean, it's all going to be about energy and how do you make the most energy efficient system. And then moving data from the SRAM on the other side of the chip, not even off the off chip, but on the other side of the same chip can be, you know, a thousand picodules. Oh, yeah. And so all of a sudden, this is why your accelerators require batching. Because if you move, like, say, the parameter of a model from SRAM on the, on the chip into the multiplier unit, that's going to cost you a thousand picodules. So you better make use of that, that thing that you moved many, many times with. So that's where the batch dimension comes in. Because all of a sudden, you know, if you have a batch of 256 or something, that's not so bad. But if you have a batch of one, that's really not good.Shawn Wang [00:33:40]: Yeah. Yeah. Right.Jeff Dean [00:33:41]: Because then you paid a thousand picodules in order to do your one picodule multiply.Shawn Wang [00:33:46]: I have never heard an energy-based analysis of batching.Jeff Dean [00:33:50]: Yeah. I mean, that's why people batch. Yeah. Ideally, you'd like to use batch size one because the latency would be great.Shawn Wang [00:33:56]: The best latency.Jeff Dean [00:33:56]: But the energy cost and the compute cost inefficiency that you get is quite large. So, yeah.Shawn Wang [00:34:04]: Is there a similar trick like, like, like you did with, you know, putting everything in memory? Like, you know, I think obviously NVIDIA has caused a lot of waves with betting very hard on SRAM with Grok. I wonder if, like, that's something that you already saw with, with the TPUs, right? Like that, that you had to. Uh, to serve at your scale, uh, you probably sort of saw that coming. Like what, what, what hardware, uh, innovations or insights were formed because of what you're seeing there?Jeff Dean [00:34:33]: Yeah. I mean, I think, you know, TPUs have this nice, uh, sort of regular structure of 2D or 3D meshes with a bunch of chips connected. Yeah. And each one of those has HBM attached. Um, I think for serving some kinds of models, uh, you know, you, you pay a lot higher cost. Uh, and time latency, um, bringing things in from HBM than you do bringing them in from, uh, SRAM on the chip. So if you have a small enough model, you can actually do model parallelism, spread it out over lots of chips and you actually get quite good throughput improvements and latency improvements from doing that. And so you're now sort of striping your smallish scale model over say 16 or 64 chips. Uh, but as if you do that and it all fits in. In SRAM, uh, that can be a big win. So yeah, that's not a surprise, but it is a good technique.Alessio Fanelli [00:35:27]: Yeah. What about the TPU design? Like how much do you decide where the improvements have to go? So like, this is like a good example of like, is there a way to bring the thousand picojoules down to 50? Like, is it worth designing a new chip to do that? The extreme is like when people say, oh, you should burn the model on the ASIC and that's kind of like the most extreme thing. How much of it? Is it worth doing an hardware when things change so quickly? Like what was the internal discussion? Yeah.Jeff Dean [00:35:57]: I mean, we, we have a lot of interaction between say the TPU chip design architecture team and the sort of higher level modeling, uh, experts, because you really want to take advantage of being able to co-design what should future TPUs look like based on where we think the sort of ML research puck is going, uh, in some sense, because, uh, you know, as a hardware designer for ML and in particular, you're trying to design a chip starting today and that design might take two years before it even lands in a data center. And then it has to sort of be a reasonable lifetime of the chip to take you three, four or five years. So you're trying to predict two to six years out where, what ML computations will people want to run two to six years out in a very fast changing field. And so having people with interest. Interesting ML research ideas of things we think will start to work in that timeframe or will be more important in that timeframe, uh, really enables us to then get, you know, interesting hardware features put into, you know, TPU N plus two, where TPU N is what we have today.Shawn Wang [00:37:10]: Oh, the cycle time is plus two.Jeff Dean [00:37:12]: Roughly. Wow. Because, uh, I mean, sometimes you can squeeze some changes into N plus one, but, you know, bigger changes are going to require the chip. Yeah. Design be earlier in its lifetime design process. Um, so whenever we can do that, it's generally good. And sometimes you can put in speculative features that maybe won't cost you much chip area, but if it works out, it would make something, you know, 10 times as fast. And if it doesn't work out, well, you burned a little bit of tiny amount of your chip area on that thing, but it's not that big a deal. Uh, sometimes it's a very big change and we want to be pretty sure this is going to work out. So we'll do like lots of carefulness. Uh, ML experimentation to show us, uh, this is actually the, the way we want to go. Yeah.Alessio Fanelli [00:37:58]: Is there a reverse of like, we already committed to this chip design so we can not take the model architecture that way because it doesn't quite fit?Jeff Dean [00:38:06]: Yeah. I mean, you, you definitely have things where you're going to adapt what the model architecture looks like so that they're efficient on the chips that you're going to have for both training and inference of that, of that, uh, generation of model. So I think it kind of goes both ways. Um, you know, sometimes you can take advantage of, you know, lower precision things that are coming in a future generation. So you can, might train it at that lower precision, even if the current generation doesn't quite do that. Mm.Shawn Wang [00:38:40]: Yeah. How low can we go in precision?Jeff Dean [00:38:43]: Because people are saying like ternary is like, uh, yeah, I mean, I'm a big fan of very low precision because I think that gets, that saves you a tremendous amount of time. Right. Because it's picojoules per bit that you're transferring and reducing the number of bits is a really good way to, to reduce that. Um, you know, I think people have gotten a lot of luck, uh, mileage out of having very low bit precision things, but then having scaling factors that apply to a whole bunch of, uh, those, those weights. Scaling. How does it, how does it, okay.Shawn Wang [00:39:15]: Interesting. You, so low, low precision, but scaled up weights. Yeah. Huh. Yeah. Never considered that. Yeah. Interesting. Uh, w w while we're on this topic, you know, I think there's a lot of, um, uh, this, the concept of precision at all is weird when we're sampling, you know, uh, we just, at the end of this, we're going to have all these like chips that I'll do like very good math. And then we're just going to throw a random number generator at the start. So, I mean, there's a movement towards, uh, energy based, uh, models and processors. I'm just curious if you've, obviously you've thought about it, but like, what's your commentary?Jeff Dean [00:39:50]: Yeah. I mean, I think. There's a bunch of interesting trends though. Energy based models is one, you know, diffusion based models, which don't sort of sequentially decode tokens is another, um, you know, speculative decoding is a way that you can get sort of an equivalent, very small.Shawn Wang [00:40:06]: Draft.Jeff Dean [00:40:07]: Batch factor, uh, for like you predict eight tokens out and that enables you to sort of increase the effective batch size of what you're doing by a factor of eight, even, and then you maybe accept five or six of those tokens. So you get. A five, a five X improvement in the amortization of moving weights, uh, into the multipliers to do the prediction for the, the tokens. So these are all really good techniques and I think it's really good to look at them from the lens of, uh, energy, real energy, not energy based models, um, and, and also latency and throughput, right? If you look at things from that lens, that sort of guides you to. Two solutions that are gonna be, uh, you know, better from, uh, you know, being able to serve larger models or, you know, equivalent size models more cheaply and with lower latency.Shawn Wang [00:41:03]: Yeah. Well, I think, I think I, um, it's appealing intellectually, uh, haven't seen it like really hit the mainstream, but, um, I do think that, uh, there's some poetry in the sense that, uh, you know, we don't have to do, uh, a lot of shenanigans if like we fundamentally. Design it into the hardware. Yeah, yeah.Jeff Dean [00:41:23]: I mean, I think there's still a, there's also sort of the more exotic things like analog based, uh, uh, computing substrates as opposed to digital ones. Uh, I'm, you know, I think those are super interesting cause they can be potentially low power. Uh, but I think you often end up wanting to interface that with digital systems and you end up losing a lot of the power advantages in the digital to analog and analog to digital conversions. You end up doing, uh, at the sort of boundaries. And periphery of that system. Um, I still think there's a tremendous distance we can go from where we are today in terms of energy efficiency with sort of, uh, much better and specialized hardware for the models we care about.Shawn Wang [00:42:05]: Yeah.Alessio Fanelli [00:42:06]: Um, any other interesting research ideas that you've seen, or like maybe things that you cannot pursue a Google that you would be interested in seeing researchers take a step at, I guess you have a lot of researchers. Yeah, I guess you have enough, but our, our research.Jeff Dean [00:42:21]: Our research portfolio is pretty broad. I would say, um, I mean, I think, uh, in terms of research directions, there's a whole bunch of, uh, you know, open problems and how do you make these models reliable and able to do much longer, kind of, uh, more complex tasks that have lots of subtasks. How do you orchestrate, you know, maybe one model that's using other models as tools in order to sort of build, uh, things that can accomplish, uh, you know, much more. Yeah. Significant pieces of work, uh, collectively, then you would ask a single model to do. Um, so that's super interesting. How do you get more verifiable, uh, you know, how do you get RL to work for non-verifiable domains? I think it's a pretty interesting open problem because I think that would broaden out the capabilities of the models, the improvements that you're seeing in both math and coding. Uh, if we could apply those to other less verifiable domains, because we've come up with RL techniques that actually enable us to do that. Uh, effectively, that would, that would really make the models improve quite a lot. I think.Alessio Fanelli [00:43:26]: I'm curious, like when we had Noam Brown on the podcast, he said, um, they already proved you can do it with deep research. Um, you kind of have it with AI mode in a way it's not verifiable. I'm curious if there's any thread that you think is interesting there. Like what is it? Both are like information retrieval of JSON. So I wonder if it's like the retrieval is like the verifiable part. That you can score or what are like, yeah, yeah. How, how would you model that, that problem?Jeff Dean [00:43:55]: Yeah. I mean, I think there are ways of having other models that can evaluate the results of what a first model did, maybe even retrieving. Can you have another model that says, is this things, are these things you retrieved relevant? Or can you rate these 2000 things you retrieved to assess which ones are the 50 most relevant or something? Um, I think those kinds of techniques are actually quite effective. Sometimes I can even be the same model, just prompted differently to be a, you know, a critic as opposed to a, uh, actual retrieval system. Yeah.Shawn Wang [00:44:28]: Um, I do think like there, there is that, that weird cliff where like, it feels like we've done the easy stuff and then now it's, but it always feels like that every year. It's like, oh, like we know, we know, and the next part is super hard and nobody's figured it out. And, uh, exactly with this RLVR thing where like everyone's talking about, well, okay, how do we. the next stage of the non-verifiable stuff. And everyone's like, I don't know, you know, Ellen judge.Jeff Dean [00:44:56]: I mean, I feel like the nice thing about this field is there's lots and lots of smart people thinking about creative solutions to some of the problems that we all see. Uh, because I think everyone sort of sees that the models, you know, are great at some things and they fall down around the edges of those things and, and are not as capable as we'd like in those areas. And then coming up with good techniques and trying those. And seeing which ones actually make a difference is sort of what the whole research aspect of this field is, is pushing forward. And I think that's why it's super interesting. You know, if you think about two years ago, we were struggling with GSM, eight K problems, right? Like, you know, Fred has two rabbits. He gets three more rabbits. How many rabbits does he have? That's a pretty far cry from the kinds of mathematics that the models can, and now you're doing IMO and Erdos problems in pure language. Yeah. Yeah. Pure language. So that is a really, really amazing jump in capabilities in, you know, in a year and a half or something. And I think, um, for other areas, it'd be great if we could make that kind of leap. Uh, and you know, we don't exactly see how to do it for some, some areas, but we do see it for some other areas and we're going to work hard on making that better. Yeah.Shawn Wang [00:46:13]: Yeah.Alessio Fanelli [00:46:14]: Like YouTube thumbnail generation. That would be very helpful. We need that. That would be AGI. We need that.Shawn Wang [00:46:20]: That would be. As far as content creators go.Jeff Dean [00:46:22]: I guess I'm not a YouTube creator, so I don't care that much about that problem, but I guess, uh, many people do.Shawn Wang [00:46:27]: It does. Yeah. It doesn't, it doesn't matter. People do judge books by their covers as it turns out. Um, uh, just to draw a bit on the IMO goal. Um, I'm still not over the fact that a year ago we had alpha proof and alpha geometry and all those things. And then this year we were like, screw that we'll just chuck it into Gemini. Yeah. What's your reflection? Like, I think this, this question about. Like the merger of like symbolic systems and like, and, and LMS, uh, was a very much core belief. And then somewhere along the line, people would just said, Nope, we'll just all do it in the LLM.Jeff Dean [00:47:02]: Yeah. I mean, I think it makes a lot of sense to me because, you know, humans manipulate symbols, but we probably don't have like a symbolic representation in our heads. Right. We have some distributed representation that is neural net, like in some way of lots of different neurons. And activation patterns firing when we see certain things and that enables us to reason and plan and, you know, do chains of thought and, you know, roll them back now that, that approach for solving the problem doesn't seem like it's going to work. I'm going to try this one. And, you know, in a lot of ways we're emulating what we intuitively think, uh, is happening inside real brains in neural net based models. So it never made sense to me to have like completely separate. Uh, discrete, uh, symbolic things, and then a completely different way of, of, uh, you know, thinking about those things.Shawn Wang [00:47:59]: Interesting. Yeah. Uh, I mean, it's maybe seems obvious to you, but it wasn't obvious to me a year ago. Yeah.Jeff Dean [00:48:06]: I mean, I do think like that IMO with, you know, translating to lean and using lean and then the next year and also a specialized geometry model. And then this year switching to a single unified model. That is roughly the production model with a little bit more inference budget, uh, is actually, you know, quite good because it shows you that the capabilities of that general model have improved dramatically and, and now you don't need the specialized model. This is actually sort of very similar to the 2013 to 16 era of machine learning, right? Like it used to be, people would train separate models for lots of different, each different problem, right? I have, I want to recognize street signs and something. So I train a street sign. Recognition recognition model, or I want to, you know, decode speech recognition. I have a speech model, right? I think now the era of unified models that do everything is really upon us. And the question is how well do those models generalize to new things they've never been asked to do and they're getting better and better.Shawn Wang [00:49:10]: And you don't need domain experts. Like one of my, uh, so I interviewed ETA who was on, who was on that team. Uh, and he was like, yeah, I, I don't know how they work. I don't know where the IMO competition was held. I don't know the rules of it. I just trained the models, the training models. Yeah. Yeah. And it's kind of interesting that like people with these, this like universal skill set of just like machine learning, you just give them data and give them enough compute and they can kind of tackle any task, which is the bitter lesson, I guess. I don't know. Yeah.Jeff Dean [00:49:39]: I mean, I think, uh, general models, uh, will win out over specialized ones in most cases.Shawn Wang [00:49:45]: Uh, so I want to push there a bit. I think there's one hole here, which is like, uh. There's this concept of like, uh, maybe capacity of a model, like abstractly a model can only contain the number of bits that it has. And, uh, and so it, you know, God knows like Gemini pro is like one to 10 trillion parameters. We don't know, but, uh, the Gemma models, for example, right? Like a lot of people want like the open source local models that are like that, that, that, and, and, uh, they have some knowledge, which is not necessary, right? Like they can't know everything like, like you have the. The luxury of you have the big model and big model should be able to capable of everything. But like when, when you're distilling and you're going down to the small models, you know, you're actually memorizing things that are not useful. Yeah. And so like, how do we, I guess, do we want to extract that? Can we, can we divorce knowledge from reasoning, you know?Jeff Dean [00:50:38]: Yeah. I mean, I think you do want the model to be most effective at reasoning if it can retrieve things, right? Because having the model devote precious parameter space. To remembering obscure facts that could be looked up is actually not the best use of that parameter space, right? Like you might prefer something that is more generally useful in more settings than this obscure fact that it has. Um, so I think that's always attention at the same time. You also don't want your model to be kind of completely detached from, you know, knowing stuff about the world, right? Like it's probably useful to know how long the golden gate be. Bridges just as a general sense of like how long are bridges, right? And, uh, it should have that kind of knowledge. It maybe doesn't need to know how long some teeny little bridge in some other more obscure part of the world is, but, uh, it does help it to have a fair bit of world knowledge and the bigger your model is, the more you can have. Uh, but I do think combining retrieval with sort of reasoning and making the model really good at doing multiple stages of retrieval. Yeah.Shawn Wang [00:51:49]: And reasoning through the intermediate retrieval results is going to be a, a pretty effective way of making the model seem much more capable, because if you think about, say, a personal Gemini, yeah, right?Jeff Dean [00:52:01]: Like we're not going to train Gemini on my email. Probably we'd rather have a single model that, uh, we can then use and use being able to retrieve from my email as a tool and have the model reason about it and retrieve from my photos or whatever, uh, and then make use of that and have multiple. Um, you know, uh, stages of interaction. that makes sense.Alessio Fanelli [00:52:24]: Do you think the vertical models are like, uh, interesting pursuit? Like when people are like, oh, we're building the best healthcare LLM, we're building the best law LLM, are those kind of like short-term stopgaps or?Jeff Dean [00:52:37]: No, I mean, I think, I think vertical models are interesting. Like you want them to start from a pretty good base model, but then you can sort of, uh, sort of viewing them, view them as enriching the data. Data distribution for that particular vertical domain for healthcare, say, um, we're probably not going to train or for say robotics. We're probably not going to train Gemini on all possible robotics data. We, you could train it on because we want it to have a balanced set of capabilities. Um, so we'll expose it to some robotics data, but if you're trying to build a really, really good robotics model, you're going to want to start with that and then train it on more robotics data. And then maybe that would. It's multilingual translation capability, but improve its robotics capabilities. And we're always making these kind of, uh, you know, trade-offs in the data mix that we train the base Gemini models on. You know, we'd love to include data from 200 more languages and as much data as we have for those languages, but that's going to displace some other capabilities of the model. It won't be as good at, um, you know, Pearl programming, you know, it'll still be good at Python programming. Cause we'll include it. Enough. Of that, but there's other long tail computer languages or coding capabilities that it may suffer on or multi, uh, multimodal reasoning capabilities may suffer. Cause we didn't get to expose it to as much data there, but it's really good at multilingual things. So I, I think some combination of specialized models, maybe more modular models. So it'd be nice to have the capability to have those 200 languages, plus this awesome robotics model, plus this awesome healthcare, uh, module that all can be knitted together to work in concert and called upon in different circumstances. Right? Like if I have a health related thing, then it should enable using this health module in conjunction with the main base model to be even better at those kinds of things. Yeah.Shawn Wang [00:54:36]: Installable knowledge. Yeah.Jeff Dean [00:54:37]: Right.Shawn Wang [00:54:38]: Just download as a, as a package.Jeff Dean [00:54:39]: And some of that installable stuff can come from retrieval, but some of it probably should come from preloaded training on, you know, uh, a hundred billion tokens or a trillion tokens of health data. Yeah.Shawn Wang [00:54:51]: And for listeners, I think, uh, I will highlight the Gemma three end paper where they, there was a little bit of that, I think. Yeah.Alessio Fanelli [00:54:56]: Yeah. I guess the question is like, how many billions of tokens do you need to outpace the frontier model improvements? You know, it's like, if I have to make this model better healthcare and the main. Gemini model is still improving. Do I need 50 billion tokens? Can I do it with a hundred, if I need a trillion healthcare tokens, it's like, they're probably not out there that you don't have, you know, I think that's really like the.Jeff Dean [00:55:21]: Well, I mean, I think healthcare is a particularly challenging domain, so there's a lot of healthcare data that, you know, we don't have access to appropriately, but there's a lot of, you know, uh, healthcare organizations that want to train models on their own data. That is not public healthcare data, uh, not public health. But public healthcare data. Um, so I think there are opportunities there to say, partner with a large healthcare organization and train models for their use that are going to be, you know, more bespoke, but probably, uh, might be better than a general model trained on say, public data. Yeah.Shawn Wang [00:55:58]: Yeah. I, I believe, uh, by the way, also this is like somewhat related to the language conversation. Uh, I think one of your, your favorite examples was you can put a low resource language in the context and it just learns. Yeah.Jeff Dean [00:56:09]: Oh, yeah, I think the example we used was Calamon, which is truly low resource because it's only spoken by, I think 120 people in the world and there's no written text.Shawn Wang [00:56:20]: So, yeah. So you can just do it that way. Just put it in the context. Yeah. Yeah. But I think your whole data set in the context, right.Jeff Dean [00:56:27]: If you, if you take a language like, uh, you know, Somali or something, there is a fair bit of Somali text in the world that, uh, or Ethiopian Amharic or something, um, you know, we probably. Yeah. Are not putting all the data from those languages into the Gemini based training. We put some of it, but if you put more of it, you'll improve the capabilities of those models.Shawn Wang [00:56:49]: Yeah.Jeff Dean [00:56:49]:

Pakistan's Khawaja Asif said,'US used & dumped us like toilet paper'. He was speaking about Pakistan's terror problem and the country's involvement in Afghanistan conflict. #CutTheClutter Episode 1795 looks at Pakistani Defence Minister's comments in detail, and the country's Afghanistan dilemma, in the backdrop of escalating tensions. ThePrint Editor-In-Chief Shekhar Gupta also takes you back to 2011, when he had explained why India should stay away from Afghanistan after US withdrawal, and leave it to Pakistan.

WAC President, Michael Schadler says a major focus for them this year will be the U.S.-Mexico-Canada Agreement that is scheduled for an update in the coming months.

Good afternoon, I'm _____ with today's episode of EZ News. Taipei signs NT$12.2 billion Nvidia deal The Taipei City Government has signed a 12.2-billion N-T agreement with Nvidia for the T-17 and T-18 plots of land at the Beitou-Shilin Technology Park. Mayor Chiang Wan-an says construction on the U-S technology company's new Taiwan headquarters could now begin as early as June. The deal grants Nvidia 50-year land surface rights, extendable by up to 20 years and Chiang is describing the agreement as a major milestone and is also pledging (保證) full municipal support. Under Nvidia's investment plan, more than 40-billion N-T will be spent during construction, and operations are expected to create over 10,000 jobs. Nvidia C-E-O Jensen Huang is scheduled to visit Taiwan from June 2 to 5 for Computex Taipei. TSMC shares surge almost 69% in 'Year of Snake' Shares in Taiwan Semiconductor Manufacturing soared almost 69-per cent in the Year of the Snake. T-S-M-C shares closed at a record high of 1,915 N-T on Wednesday - the final trading day of the Year of the Snake - despite coming off off a historic intraday high of 1,925 N-T early in the session. The chipmaker's share price jumped 780 N-T during the Year of the Snake and contributed about 6,262 points to the Tai-Ex's overall rise for the year. The strong showing raised T-S-M-C's market capitalization by more than 20-trillion N-T during the year. Taipei Zoo to renovate its tropical rainforest area And, The Taipei City Zoo has announced plans to renovate its tropical rainforest area. According to the zoo,the renovations will improve animal welfare, update some of its aging facilities and are in line with (與…一致,符合,按照) international trends in professional zoo development. The Asian tropical rainforest area opened in 1997. The zoo will be relocating its Asian elephants Yu-Hsin and Yu-Kai to the African animal area later this year during the renovation period. The zoo will also be transfering other animals, such as the Malayan tiger, sun bear, and leopard, following the elephants' move. Republicans join Democrats to rebuke Trump's Tariffs on Canada US lawmakers have voted to terminate President Donald Trump's tariffs on Canada - with six Republicans joining Democrats in the House of Representatives. The resolution passed 219 to 211 - sending the bill to the Senate where a similar (相似的) measure passed last year. Toni Waterman has more. Sci Initiative Finds HumanCaused Climate Change Drove Wildfires A team of researchers say that human-caused climate change had an important impact on the recent wildfires that engulfed parts of Chile and Argentina's Patagonia region. That's according to a report released Wednesday by World Weather Attribution, a scientific initiative that investigates extreme weather events. The report says the hot, dry and gusty weather that fed last month's deadly wildfires in central and southern Chile was made around 200% more likely by human-made greenhouse gas emissions. Ande the high-fire-risk conditions that fueled (激起，助長) the blazes still racing through southern Argentina were made 150% more likely. World Weather Attribution says “These trends are projected to continue in the future as long as we continue to burn fossil fuels.” That was the I.C.R.T. EZ News, I'm _____. －－－－以下為 SoundOn 動態廣告－－－－ 新感覺夾心土司 多種口味隨心挑選 讓你隨時隨地都有好心情 甜蜜口感草莓夾心、顆粒層次花生夾心、濃郁滑順可可夾心 主廚監製鮪魚沙拉、精選原料金黃蛋沙拉 輕巧美味帶著走，迎接多變的每一天 7-Eleven多種口味販售中 https://sofm.pse.is/8qdyge -- Hosting provided by SoundOn

In episode 2005, Jack and Miles are joined by host of There Are No Girls on the Internet, Bridget Todd, to discuss… Difference Between Europe and The US, The Best We Can Do In The US Is A MAGA Senator Saying NOW I SEE WHAT THE BIG DEAL IS, “Penisgate” Is The Latest Olympics Cheating Scandal and more! The Epstein scandal is taking down Europe’s political class. In the US, they’re getting a pass. The Best We Can Do In The US Is A MAGA Senator Saying NOW I SEE WHAT THE BIG DEAL IS What US ski jumpers think about ‘wild’ penis-gate scandal at 2026 Winter Olympics Who is Anthony Ammirati? Meet the French pole vaulter whose ‘bulge’ cost him a medal Ski jumpers sceptical of penis injection reports Skisprung-Verband reagiert auf Penis-Wirbel Rumors Fly Claiming Olympic Ski Jumpers Are Injecting Their Genitals LISTEN: Slipping Into Darkness by The FunkeesSee omnystudio.com/listener for privacy information.

On this Salcedo Storm Podcast:JOE DIGENOVA IS A FORMER UNITED STATES ATTORNEY FOR WASHINGTON, D.C.  AND VICTORIA TOENSING IS THE FORMER CHIEF COUNSEL FOR THE SENATE INTELLIGENCE COMMITTEE.

Episode 375 of RevolutionZ has as guest Kathy Kelly. When journalists are barred and killed, doctors are targeted, and mountainous rubble hides unexploded ordnance, a society is violated twice—physically and narratively. Our guest, Kathy Kelly, connects what headlines obscure: how U.S. weapons shipments function as political green lights, how “ceasefire” rhetoric papers over daily violations, and how displacement in the West Bank is driven by soldiers, settlers, and a structure designed to make staying impossible.Kathy brings the human scale back into focus. From a makeshift white flag walk into Jenin to evenings with families in Gaza, she shares the intimate choices people make under siege—protecting elders, scavenging firewood, teaching children to read the sky for drones. These stories resist the flattening of body counts, revealing what war does to witnesses and perpetrators alike. Kathy explores how international law erodes when powerful states flout norms, why nuclear ambitions can spread under the guise of “civilian” programs, and how those choices ricochet into U.S. life through policing exchanges, PTSD, and the quiet normalization of force.Kathy also talks strategy. She tells how student encampments and divestment campaigns pried open university endowments and hedge fund ties. How cultural voices amplify names and memories that institutions try to erase. How growing activism keeps movements alive and oriented. Kathy reflects on practical commitments—from tax resistance to hospitality—that shift resources away from violence and toward care and building a revolution of values sturdy enough to change institutions: living more simply, sharing more fairly, ending the reflex to eliminate those who resist subordination to “national interests,” and actively organizing sustainable resistance. Her message: read and remember, organize locally, join boycott and divestment efforts, and align daily choices with the future you want. Support the show

Growing speculation over a proposal to hand Australians' personal and biometric data to the United States is raising alarm among privacy and security experts. As other countries with visa-free arrangements with the U-S consider proposals to expand their data-sharing agreements, the Australian Government is yet to clarify if they're considering the move.

Lecture par Marie Constant Entretien mené par Sophie Joubert « Le 22 février 1947, par temps d'orage, il arriva en train à Brême. C'est ce qu'il crut du moins. » Pendant les grands procès visant à éradiquer le nazisme dans la vie publique allemande, Jacob Lenz, avocat et capitaine de l'US army est convoqué par l'un de ces tribunaux afin de juger une affaire hors du commun. Des oiseaux parleurs – des mainates – nichant dans une forêt des environs, ont appris à chanter des hymnes nazis et les transmettent à leur descendance. Quel sort doit-on leur réserver ? Est-il, en quelque sorte, leur avocat ? À lire – Jean-Yves Jouannais, Une forêt, Albin Michel, 2026

;By Request: Steve Stockton's LESSER-KNOWN CRYPTIDS of the U.S. Vol 1-4. Written and narrated by Steve StocktonBecome a supporter of this podcast: https://www.spreaker.com/podcast/missing-persons-mysteries--5624803/support.

Republican gubernatorial candidate Stacy Garrity says an Allegheny County party leader is her choice for a running mate. The city of Philadelphia is headed to court, demanding the National Park Service return its exhibit depicting the lives of enslaved persons under President George Washington. The exhibit was recently removed by federal employees, acting on a White House executive order calling for the removal of displays in U-S national parks that "disparage" the nation. Authorities in Lebanon County have released the identity of the man fatally shot by State Police early Wednesday while troopers were attempting to serve a warrant. A new Pennsylvania law designed to keep unregulated vapes out of the hands of kids may not actually work as planned. PennDOT is announcing more than 300 new parking spaces are now available for truckers across Pennsylvania. And a deep dive: Pittsburgh’s oldest print newspaper is set to shut down in just a few months. According to the Nieman Lab, that would make Pittsburgh the largest city in the country without a real daily newspaper. Did you know that if every one of WITF’s sustaining circle members gives as little as $12 more a month, we'd close the gap caused by federal funding cuts? Increase your gift at https://witf.org/increase or become a new sustaining member at www.witf.org/givenow, and thanks!Support WITF: https://www.witf.org/support/give-now/See omnystudio.com/listener for privacy information.

The Justice Department has released its final tranche of the Epstein files - we'll look at what they have and haven't included. And, the U.S. in a partial government shutdown again, although this is one is expected to be shorter than the record-breaking shutdown that happened during the fall. Plus, another winter storm is hitting the U-S this weekend, this time, hitting parts of the Southeast.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

In this weekend's episode, three segments from this past week's Washington Journal. First: A conversation with Jillian Snider – a former law enforcement officer and senior fellow at the R Street Institute. We talk about ICE operations in Minneapolis – and best practices for law enforcement in the wake of another fatal shooting there. Then: Amid the fallout in Minnesota, President Trump tried to pivot back to the economy and efforts on affordability. We dig into the numbers with Natalie Baker of the Center for American Progress and Brittany Madni from the Economic Policy Innovation Center. Finally: President Trump may have backed off his threat to takeover Greenland – but relations are still frayed between the U-S and Europe. That conversation with Andrew Roth of The Guardian -- and Stefanie Bolzen of the German News channel VELT. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 1997, Jack and Miles are joined by comedian, actor, writer, and host of Worse Than You, Mo Fry Pasic, to discuss… That’s why Teenage Mutant Ninja Goebbels Is In The Hot Seat... Not Under The Bus Yet, TikTok Isn’t The Only Tech Company Backing ICE, Melania Doc Watch and more! Daily Zeitgeist: Our 2000th Episode is Here!!!... Chuck E Cheese - Most Perfect Day (Rap Song) Scoop: Blame game erupts over Trump team's false claim Alex Pretti sought "massacre" Pressure grows on Stephen Miller after Alex Pretti killing but Trump unlikely to cut ties TikTok users say they can’t upload anti-ICE videos. The company blames tech issues TikTok is investigating why some users can't write 'Epstein' in messages The Trump-approved US TikTok is off to a rough start TikTok Says It’s Not Censoring ‘Free Palestine’ Comments. Users See Something Different TikTok now specifically tracks immigration status and gender identity TikTok alternative Skylight soars to 380K+ users after TikTok US deal finalized TikTok's new terms of service spark backlash, but experts say they're an industry standard Meta Is Blocking Links to ICE List on Facebook, Instagram, and Threads How Amazon Powers ICE’s Deportation Machine Apple Took Down These ICE-Tracking Apps. The Developers Aren't Giving Up SCOOP: Apple Made ICE Agents a Protected Class “Melania” Movie Popcorn Bucket Hits ebay for $29.99 — Can Be Purchased Without Actually Seeing the Film Fuming Melania Puts Trump Aides at Risk of Ouster: Wolff Melania Invites Host of Z-List Celebs to Vanity Doc Premiere LISTEN: Danger by The Lijadu Sisters and also check out NUR-D's music here: https://nurdrocks.com/See omnystudio.com/listener for privacy information.

'End of Times' Utah mom is nabbed in Croatia for kidnapping. Her terrified tots are trapped in an overseas orphanage - while their dad wages war to bring them home to the U-S. A sick Iowa mom is busted for trying to hawk her tot for a five-figure payday. Plus, bitter sports betters target a preschooler over her pigskin picks. Jennifer Gould reports. See omnystudio.com/listener for privacy information.

Ukrainian President Volodymyr Zelenskyy says a US document on security guarantees is "100 per cent ready" to be signed. He also indicated some progress was made at tri-lateral talks on the weekend between Ukraine, the US and Russia. But he called on the U-S and Europe to keep up pressure on Russia, through sanctions.

Foreign Options for US Citizens Summary: https://www.youtube.com/watch?v=d-Jnr3Go2Gg In this conversation, Frazer Rice of Next Vantage and Judi Galst of Henley and Partners discuss the increasing interest among U.S. citizens in exploring global mobility options amidst geopolitical chaos. We delve into the distinctions between residency and citizenship, the implications of U.S. taxation, and the motivations driving individuals to seek alternative living arrangements. The discussion also covers the potential for citizenship through ancestry, popular destinations for relocation, and investment opportunities in countries like New Zealand and Australia. Judi emphasizes the importance of understanding the legal and practical aspects of relocating, as well as the need for personal exploration before making significant decisions. Takeaways Interest in global mobility has surged among U.S. citizens. Many seek residency as an insurance policy rather than leaving the U.S. Understanding residency vs. citizenship is crucial for potential expatriates. Residency can lead to citizenship but often requires time and investment. Tax implications are complex; relocating should not be primarily for tax benefits. Ancestry can provide a pathway to citizenship in several countries. Popular destinations for U.S. citizens include Europe, the Caribbean, and New Zealand. Investment opportunities exist in countries like New Zealand and Australia. Emerging markets in South America and Asia are gaining attention. Practical steps include consulting experts and visiting potential countries. Chapters 00:00 Navigating Geopolitical Chaos: The Rise of Global Mobility 02:55 Understanding Residency vs. Citizenship: Key Differences 06:06 Tax Implications and Motivations for Seeking Alternatives 08:48 Exploring Ancestry-Based Citizenship: Opportunities and Challenges 11:54 Popular Destinations for U.S. Citizens: Europe, Caribbean, and Beyond 15:10 Investment Opportunities: New Zealand and Australia 17:59 Emerging Trends in South America and Asia 20:50 Practical Steps for U.S. Citizens Considering Relocation Transcript I’m Frazer Rice. We’re certainly living in crazy political times right now, and a lot of US citizens are worried about what’s happening here and abroad. And they’re starting to think about other residencies and citizenship options. I talked to Judy Gost at Henley and Partners about what is and isn’t possible on that front. By the end of this, you’re going to understand the locations that are interesting, the difference between residency and citizenship, and why that may matter as you make choices for your retirement and your location long-term, both for yourself and for your kids. Frazer Rice (00:00.874)Welcome aboard, Judy. Judi Galst (00:03.022)Thanks for having me. Frazer Rice (00:04.244)Well, we’re in the midst of a lot of geopolitical chaos, and I think you have seen and I’ve seen a lot of interest in United States citizens looking abroad for either places to live or other situations to either get away from the chaos or try to address some other needs in their lives. What is the state of the union? assume interest has ticked up. Judi Galst (00:27.874)Yes, I’ve seen more business than I could have ever predicted, but it’s not necessarily people that are leaving the United States. For the most part, most of the clients that I’m working with are doing it as an insurance policy. A lot of the conversations I have with a client start out with them saying, I don’t want to leave the United States, but I’m feeling unsettled and the way to mitigate the way that I’m feeling is to have options. So they want to understand what if I did want to have a guaranteed right to go live in another part of the world? What is available to me? How do I pursue this? How long will it take? Frazer Rice (01:08.434)And we’ll get into some of the technical aspects here, but one of the concepts is understanding the difference between being able to reside somewhere else and being a citizen of another country, and then how that interacts with being a citizen of the United States. Maybe take us through the comparison of residents versus citizenship. Judi Galst (01:28.748)Yeah, that’s actually a really important distinction. And it doesn’t mean that one is better than the other, but they do have different benefits. And so it’s important to understand the difference. So let’s start with residents. Residents doesn’t mean the ability to have a house in another country. It means the ability to reside legally in another country. So the US passport is very strong. You can go into a lot of different countries even without having a visa. But we can’t stay there forever. We have limits, for example, in Europe. We can go in for 90 days, but then we have to leave for 90 days before we can go back in for another 90 days. So if you become a legal resident of another country, you have the ability to live there unlimited for a certain period of time. Residency is not permanent unless there’s a path to permanent residency. So usually you’re going to have to renew it and there may be some conditions in order to maintain it. Now, how frequently you have to renew it is going to vary by the country. For example, in Greece, you can become a Greek resident via a golden visa and that is good for five years and you’ll renew for another five years. In Italy, it’s good for two years. Then you renew for another three years. In Portugal, it’s good for two years. Then you renew for another three years. And as I said, there could be conditions. So in Greece, you qualify via purchasing real estate. If you sell the real estate, you’re going to lose your golden visa, not be able to renew it. In Italy, you qualify via purchasing stock. Frazer Rice (02:51.925)Right. Judi Galst (02:55.945)If you sell the stock, you’re not going to be able to renew it. You can get some travel rights by being a resident. Usually this benefit is not as important to a U.S. person because we already have really good travel benefits with our U.S. passport. But it can often be a strategy for someone from a country with a weaker passport, say even someone living in the United States that has only a Chinese passport. If they want to go into Europe, they have to get a Schenken visa. So a strategy for them might be let me become a resident of say Greece and then I gain Schengen access. Not unlimited, but I get that 90 days out of 180 days. Finally, I would say that residency can have a path to citizenship. Usually it’s a pretty arduous path. For example, in Italy, you can become a resident. You have to live in the country of Italy for six months a year for 10 years before you’d be eligible to apply. In Greece, six months a year for seven years. But there is ultimately a path in most residency programs. Frazer Rice (03:56.755)So let’s dive into citizenship, which my predilection on that is that it’s a much more permanent component, but it’s also a much more difficult process in general. Judi Galst (04:05.646)It doesn’t necessarily have to be difficult. It really depends on what program you’re doing. But you’re right. It’s a guaranteed right. It’s very difficult for a country to take away someone’s citizenship. The other big difference is that you get a passport. So in addition to gaining the ability to live in the country that you’re a citizen of, you also get another travel document. So depending upon what treaties have been done between your country of citizenship and other countries, it may really improve your mobility. Again, U.S. passport is pretty strong. you’re U.S. passport holder, unless there’s something unexpected like a pandemic when borders close to Americans, you already have a good travel document. But it can be another mobility option. Perhaps you’re going into a country you don’t want to identify as a U.S. passport holder, or perhaps you have a weaker passport and you want to travel on a secondary citizenship passport that might improve your mobility. Where citizenship is particularly powerful is in Europe. Because if you become a citizen of one country in the European Union, you gain the right to reside and work in any country in Europe. Frazer Rice (05:11.104)And just to distinguish, how does that impact UK people after they Brexited? Judi Galst (05:16.942)Sadly, with Brexit, the UK is no longer part of the EU. So many people in the UK are quite upset about this because no, you’re not going to gain the ability as a citizen of an EU country to live in the UK, nor are citizens of the UK now able to live anywhere in the European Union as they were previously. Frazer Rice (05:36.992)So let’s apply this directly to US citizens. So US citizen taxed on worldwide wealth. Let’s start with that. sure because I just got a Twitter fight with somebody who said, well, if you’re crypto, you can move away and you’re not out of the system. I’m like, that’s just no. We’ll start with that. But taxed on worldwide wealth, good passport can travel, but there are limitations as far as how long you can stay in various countries, probably around Judi Galst (05:52.622)Mm-hmm. Frazer Rice (06:06.578)Investment options, land ownership, things like that, depending on it. Where are the benefits of that U.S. person looking for another place to either reside or gain citizenship? Judi Galst (06:20.312)Well, it’s not a tax benefit. You started out with taxes and I know when someone, a client calls and says, you know, can you tell me what my options are? I’m really sick of paying us taxes. I’m like, well, this isn’t the right call for you. Yeah. So, but it’s important to understand. It doesn’t mean you’re going to be double taxed because that is a misconception that many people have about whether they should pursue a strategy of alternative residents or citizenship, because unlike the U S and Eritrea, Frazer Rice (06:22.079)Right. Frazer Rice (06:30.08)Puerto Rico that that’s it. That’s your best bet if you’re gonna try if you’re gonna try to play games Judi Galst (06:49.774)Every other country in the world, you don’t automatically become a tax resident by being a legal resident or even by being a citizen. Usually, you’re not going to trigger tax residency unless you reside 183 days in another country, but there are some exceptions. Switzerland is 90 days. Some, like New Zealand, will say it’s 183 days, but in a 12-month period, not necessarily in a year. I’m not licensed to give tax advice, so I’m giving high-level answer to this question. But in general, just by pursuing an alternative residence or citizenship, there’s no tax consequences. And if you were to become a tax resident, many of the countries that we support programs in have treaties. So it doesn’t necessarily mean that you’re going to pay double tax, but it does mean it has to be looked at. If I am talking to a client and they really have full intention of relocating to another country, immediately I want them to have a local tax consultation, which I set up for them to understand what, if any, consequences they have to be aware of. Frazer Rice (07:50.322)And those consequences can change. did an episode probably about six months ago on the change in law in the UK. And it’s a different environment than it was even six months ago for people either going in or coming out of that country as it relates to their US intersection. So I think that the summary on all of that is, look, if you’re going there, A, don’t do it for tax purposes, B, If you’re going to do it, make sure you get local tax counsel because those relationships can be complicated and will affect your planning. Judi Galst (08:25.198)Let’s talk about why people are doing it because taxes is not the strategy. And I would say, and my clients are almost exclusively Americans. So why are people calling me about this? There’s really four key motivators that tend to come up in the conversation. The first is because they do want another mobility option. They kind of have some PTSD still from the pandemic. They remember that feeling. Frazer Rice (08:27.935)Mm. Judi Galst (08:48.226)We could all work remotely. You had the vacation house in Italy or you had the private plane and all of a sudden you couldn’t take advantage of it because all the borders are closed to you and we could only stay in the United States. So some people are just realizing there is some risk to having one mobility option and they want to have an alternative. But I would say 90 % of the conversations I have there’s some reference to a plan B. People are feeling unsettled for so many different reasons. You know, I talked to people whose family fled the Holocaust. It is literally in their DNA where their family thought it could never happen here. And that comes up in every conversation with them. But I have same sex, you know, couples, have transgender clients, I have people whose family lived in other countries where they saw the fall of democracy. And then I just have a lot of wealthy clients, and they’re diversifying their assets right now. And they want to diversify their mobility. They pay a lot of money in insurance and they say, Judy, this is just another line item. Frazer Rice (09:45.896)You Judi Galst (09:46.703)I’d say some are thinking not just about themselves, but they’re thinking about protecting generational opportunity and legacy. Some say, you know, I’m a student of history and yeah, maybe it’s going to take 10, 15, 20 years, but I’ve seen this happen before. And I want to know that my kids and my grandkids are going to have options to either live a life in another part of the world for cultural or educational opportunities or in a worst case scenario, because the U.S. isn’t where they actually want to be. And finally, I’d say it fits nicely in a diversification of asset strategy, which many, many people are thinking about right now. Maybe they don’t want to hold all their money in the United States. Maybe they don’t want to all their real estate in the United States. And there can be strategies that are separate from what I do in terms of opening bank accounts in Switzerland or Singapore or other parts of the world. But really, all the programs that I do require you to move some assets. You’re either investing in stock or venture capital or private equity or real estate. So it does complement a diversification of asset strategy. Frazer Rice (10:42.911)Cool, so let’s think about, we sort of beat the tax horse to death a little bit here, but relocating versus renouncing. And different things, know, people probably come up to you with questions, do I have to fully leave? Do I have to renounce my US citizenship? How does all of that Judi Galst (10:51.608)Mm-hmm. Judi Galst (10:58.222)Great questions. So I’ve never had a client renounce. The US right now does not limit the number of passports one can have or citizenships one can have or how many residences they can have. Now, there is a congressperson who has just decided he wants to introduce some sort of bill that’s going to eliminate dual citizenship for Americans, although most constitutional scholars feel that’s like dead on arrival. But I have to acknowledge that. So no, you don’t need to renounce. And frankly, if you have a lot of money, renouncing is quite complicated and expensive, and you need really good counsel to make that very, very significant decision. In terms of relocation, almost all of the programs that we support require little to no physical presence. You’re always going to probably have to go for biometrics and give fingerprints. But a lot of these programs, you don’t actually have to come back to that country again, except to renew it. So for people that really want it as a Plan B and have no intention of really going to live in another part of the world at this stage in their lives, there’s not an obligation for you to spend time in order to maintain the ability to live in another country if you so choose. Frazer Rice (12:08.017)One thing that comes up that people ask me about and I only vaguely understand it is the concept of being able to get citizenship via ancestry. Comes up with a lot of people of Irish descent, Germany and Austrian especially. What’s the state of that and how realistic is it across different countries? Judi Galst (12:15.993)Mm. Mm-hmm. Judi Galst (12:26.767)It’s very realistic. And in fact, I’m doing German citizenship for myself. So for anyone whose family fled due to Nazi persecution from Germany and Austria, you and all future generations are entitled to citizenship. And my friends are like, why do you want German passport? But first of all, my kids got it. So my kids can go now live and work in Europe if they want, which is great, tremendous optionality. If you remember, I said before, it’s not just Germany. It’s any country in the European Union. Frazer Rice (12:30.473)Okay. Frazer Rice (12:47.956)Right. Judi Galst (12:56.899)And it’s very affordable if you actually are entitled to it. At Henley and Partners, we have established relationships with experts, lawyers in several countries that specialize in citizenship by ancestry. It’s very complex. And every country has different rules about like, it was passed down on the mother’s side, or if there was a break in the bloodline, or if it was passed a certain generation, or if there was a name change, there’s a lot of complexity to it. But clients who think they may be eligible can contact us and we will have an assessment done. And if there is a case, we’ll refer them to someone that can help them through the process. And, you know, it can cost around 5,000, 7,500 euros versus I have clients getting EU citizenship through, you know, Malta and they’re 1.5 million out of pocket. So if you can qualify via Ancestry, I’d say certainly it’s worth considering. Frazer Rice (13:50.879)Terrific. Judi Galst (13:51.311)But don’t call me and say, like, I did 23andMe and I’m Irish. Because you do actually have to produce documents. Not a humongous list of documents, but you’re going to need naturalization certificates for the descendant. You’re going to need marriage certificates, birth certificates, and other documents. Frazer Rice (13:55.187)Ha ha ha! Frazer Rice (14:10.844)So there’s definitely an exercise involved with it, but if you can legitimately trace lineage, you may have a shot. So let’s talk about what jurisdictions are popular with United States citizens. We talked a little bit about Europe, and I’m sure there’s some, let’s call it, some that are easier than others. But then Caribbean, South America, Australia, New Zealand, maybe even Asia, what comes across your desk as being Judi Galst (14:14.094)Mm-mm. Exactly. Frazer Rice (14:40.488)more reasonable than others maybe. Judi Galst (14:43.246)So I’d say clients that I’m talking to are basically going in one of four different directions. One is Europe. For residency, we’re looking at Portugal, Greece, Italy, and Malta. Those are all great programs because they require little to no time in the country to maintain the residency rights. So for people that really have no intention of spending significant time in another country, they’re really good solutions. And for citizenship in Europe, there very limited options. There’s ancestry, which we just talked about. But the concept of citizenship by investment in Europe essentially was killed by the European Court of Justice in the spring of 2025. To give a little bit of explanation, Malta used to have a citizenship by investment program. And it basically said, do these three things, make a large gift to the Maltese economy, rent a property for six years and spend somewhere around 21 days in the country. And you will have a path. to citizenship in Malta, which is an EU country. And the EU hated it. They felt it was transactional, that the passport was being sold, and they felt that people were being granted citizenship that didn’t show a tie to the country. And when this court ruling came out and deemed Malta’s program illegal, it essentially killed citizenship by investment programs in Europe. So I don’t think you’re going to see any European Union country have a citizenship by investment program, nor any country that wants to join the EU have one. But many countries in Europe have provisions in their constitution that say, if you are an exceptional person that make an exceptional contribution to our country or to humanity, we have discretionary ability to grant you citizenship. And so there are some paths to citizenship via merit, specifically through Malta and Austria right now, as well as some other places. So that’s Europe, snapshot of Europe. Let’s talk a little bit about Caribbean, which you specifically brought up. Frazer Rice (16:35.581)Right. Judi Galst (16:40.862)So Caribbean is a path to citizenship. If you remember, said citizenship, lifelong, right? Not many countries have a path to citizenship. It’s very fast. It’s very affordable. What does it give you? So there are five countries in the Caribbean that have programs St. Kitts, Antigua, Grenada, Dominica, St. Lucia. It gives you citizenship in one of those countries. A passport, another passport that you can travel on. Right now, it’s pretty strong. You can go into Europe with it, the UK, Ireland, not unlimited, same as the US, limited amount of time. Although I’m not sure the strength of the Caribbean passports is always going to be. as strong as it is today. Europe doesn’t love these programs. And I wouldn’t be surprised if the Caribbean passports tend to get weaker. However, for a client that says to me, this is purely an insurance policy. I want to cover my kids and my kids are in their 20s because a lot of times these program kids are going to need their own investment if they’re over the age of 18 or 21. Caribbean wouldn’t be a bad place for us if we felt we wanted to get out of town for a little while. Frazer Rice (17:23.23)Sure. Judi Galst (17:50.031)The Caribbean’s a great solution for a very affordable amount, maybe 400,000 for family. You can get and make an investment in real estate that you can sell in five or seven years and your entire family can gain citizenship. So that’s Caribbean. I can pivot to something else that you want to ask a question. OK, so I actually love the program that New Zealand has out right now, especially for a high net worth person. Frazer Rice (18:05.342)Okay, no, let’s try Australia and New Zealand. Judi Galst (18:18.414)I think every high net worth person should do New Zealand. And for a couple of reasons. First of all, it’s purely investment driven. You have to move a lot of money. So it has to be for a high net worth person because they’re going to move three million US dollars to be invested in private equity, venture capital and private credit in New Zealand for around a three year period. And children up to the age of 25, provided that they’re single and not working full time can be included in that investment. There’s very little time that the family needs to spend in New Zealand. As soon as you move the money there, you gain the right to live unlimited in New Zealand. But the main applicant only has to do 21 days, and the other family members only have to enter and exit for one day in the first year. At the end of three years, provided you didn’t invest in things that have a longer holding period, but from an immigration perspective, you can liquidate your investment. And then you can become a permanent resident. So you have a lifelong right at any time to relocate to New Zealand, or you never have to go back again. English speaking, good healthcare, good education. You could have a life there, unlike I don’t think people really want to envision spending 10 years in the Caribbean. But 10 years in New Zealand, you know, there’s many industries and many things that you could be doing. And you could have a quality of life, maybe not akin to the United States, but good. So I love the New Zealand program. Australia used to have a citizenship by investment program. They do not have one any longer. There is a route that they extend to people, which they call sort of like a talent visa. So there are certain sectors that are important to Australia and they would very much like to attract talent in those sectors. Usually it’s younger talent. So when I’m talking to a client that’s over 55, it can be difficult to get you approved for it. But I’ve had people over 55 that have gotten approved. And if you have the background that Australia deems valuable, they’ll grant you a five-year visa for you and your family at no cost. Children have to be under the age of 18 or financially dependent up to age 23 to be included. But this is a visa that’s only good for five years. And if you don’t contribute to Australian society, it’s not getting renewed. Judi Galst (20:38.082)But I’ve had people from Hollywood, I’ve had songwriters, I’ve had producers, directors, people in private equity that specialize in sectors that are important to Australia. People in finance have been approved. So it’s worth considering if the idea of being able to live in Australia means something to you. Interestingly with that visa, you can also live in New Zealand. Frazer Rice (20:58.095)Okay, it’s one of those things too. If people aren’t forcing you to say, don’t hate me because I’m beautiful, that might not be a good route, but if you are talented or bring something to bear, it may be worth taking a stab at. Is it reciprocal? If you’re in New Zealand, can you go to Australia? Got it. So let’s pivot to Asia and or South America, which you hear about Singapore, you hear about… Judi Galst (21:16.194)No. Good question. Frazer Rice (21:27.131)Other different sort of haveny types of places where people place their wealth or establish family offices and South America I think is, know, think about like Uruguay and places like that which, you know, have the reputation of being the Switzerland of South America. What’s the state of play there? Judi Galst (21:44.527)So I have actually had a few clients that have done residency in Uruguay. They don’t have a formalized program, although I think a more formalized program is going to come out of there. Henley and Partners actually has a government advisory line of business, so we design a lot of these programs and we’re very active in South America. There’s a lot of interest in South America to have citizenship and residence by investment programs, so I think you’re going to see a lot coming from that region in the near term. But Uruguay does have a path to residency. You have to spend time there. Frazer Rice (21:58.611)Mm-hmm. Frazer Rice (22:12.893)Judi Galst (22:13.251)And they don’t tell you exactly how much. Yeah. But most of my clients went with the expectation that maybe they’d have to stay for 30 days and they ended up getting the visa approved faster. You have to go back every year for a period of time or not renew renewing it. But yes, there is a path in Uruguay and more in Central America. People are doing Panama. Frazer Rice (22:36.637)Costa Rica. Judi Galst (22:37.773)Costa Rica is really interesting, very affordable. know we wanted to talk a little bit about the range, but in Costa Rica, you can gain temporary residence by demonstrating you have $2,500 a month in passive income. Many people will have that with interest and dividend income. Or you could invest $150,000 in real estate. It’s a temporary residence for two years, and then you renew for another two years. But at three years, you can transition to permanent residence. As a temporary resident, cannot work for a company in Costa Rica, so you’d have to be able to work remotely. And then once you become a permanent resident, that requirement disappears. Once you are approved, you do have to pay into Social Security in Costa Rica that gives you access to health care. So it’s about $300 per application per month. But Costa Rica is very interesting, I think. Frazer Rice (23:26.67)As we go back, pivot back to Asia, are there any countries with Singapore or others that are possibilities for people in the US? Judi Galst (23:33.722)So Singapore is a possibility. However, you have to move a family office with over 200 million there, or investment levels are around 30 million, and you have to relocate, and the ability to renew it is contingent upon how much time you spend in Singapore. So I would say a very niche client could do Singapore. A more affordable option might be Thailand, which you can get a residence permit very… Frazer Rice (23:44.125)Mm-hmm. Frazer Rice (23:52.605)To be sure. Okay. Judi Galst (24:00.782)Inexpensively. mean, a five-year permit for $25,000. Frazer Rice (24:05.159)Wow. And to round out our tour of the world here, Middle East countries, maybe the UAE, you hear about that as a place where a lot of Europeans go to move their wealth. Is that becoming popular with United States citizens? Judi Galst (24:16.463)Mm-hmm. Judi Galst (24:22.381)Golden Visa in Dubai is very popular. Honestly, not so much among Americans. It’s usually people from other parts of the world. mean, my firm has 70 offices around the world and we do a lot of UAE Golden Visas. I don’t have a huge amount of interest from Americans. I’ve done a couple of them. It’s not hard. You do have to spend time, like 30 days as part of the process there. Frazer Rice (24:26.525)Mm-hmm. Judi Galst (24:46.703)You can invest in real estate at 550,000, but there’s like 19 different visa types. You can set up a company. If you’re a member of YPO, Young Presidents Organization, they’re deemed talented and they don’t even make an investment. So, you know, it’s an option and we could certainly help it. But to be honest, I don’t see huge demand among Americans. Frazer Rice (25:03.259)Interesting. So let’s round this out a little bit here. For a U.S. citizen who is feeling unsettled or is just curious what’s out there. They want the ability to go live in Madeira, buy a place there. And to be able to go unfettered or something like that. What’s a good thought process or sequence of events for them to go through in order to make that happen? Judi Galst (25:31.344)I mean, we don’t charge for consultations. So I don’t know if you’re going to share my email at the end of this, but just hit me up. To me, any client conversation is about educating. This is generally a new topic for someone. It’s very rare that someone calls me and they really understand what is available to them and also what would be a good fit for them. They may not understand if they want to include their children. There are going to be some that are going to be better fits for them than other based on the ages of the kids. They may not understand how much time they have to spend in a country to make it happen. How much it’s going to cost, and just learn about it. Learn what your options are. I can usually pretty quickly. Once I understand a client’s objectives, tell them. This is a strategy that I think makes sense for you and exactly how it would Frazer Rice (26:14.206)And it strikes me too, that for people who are exploring different places, it’s probably a good idea to have visited them first before just jumping in, jumping in feet first and sort of solving a problem without understanding what actually implementing the solution looks like. Judi Galst (26:21.111)Yeah. Yeah. Judi Galst (26:29.177)For sure. I because many of the clients that I work with are of higher wealth, they usually have done a fair amount of traveling. So the idea of envisioning, know, residency in Italy, they’ve been to Italy. But when I talk to clients, especially about the Caribbean, where they might be investing in real estate and they have to decide between which country makes the most sense, I always tell them they should try and go because it can be a lifestyle decision. And they want to see where they could actually envision themselves if, in fact, they triggered this insurance policy. Frazer Rice (26:58.59)Judy, great stuff. Here it is. Put your email out there in case people want to reach out and find out more. Judi Galst (27:05.099)Okay, amazing. So my email is my first name, Judy, J-U-D-I dot my last name, GALST, G-A-L-S as in Sam T, at henleyglobal.com, H-E-N-L-E-Y, global.com, or you can give me a call at 646-856-3712. Frazer Rice (27:29.406)Great stuff. We’re going to have that in the show notes too so people can look on webpage, etc. to get that information. Thank you so much. It’s something, you know, when you’re at the desk and dreaming wistfully about what life looks like, what you’re done working, if you’re done working, my calculation is I’ll be able to retire when I’m 127. But it’s great just to sort of envision what that looks like. the expertise is out there. Thanks for being on. Judi Galst (27:56.047)My pleasure. HENLEY & PARTNERS DAVID LESPERANCE ON CITIZENSHIP DIVERSIFICATION DAVID LESPERANCE ON US EXPATRIATION https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ #familyoffices #citizenship #residency #residencybyinvestment #citizenshipbyinvestment #austriancitizenship #newzealand #portugalproperty #portugalresidency #uscitizens #stkitts #malta #eucitizenship #wealthcitizenship #Californiawealthtax #puertorico #puertoricotax

with @PalmerLuckey @cdixonIn this special episode — our 100th on the a16z crypto show! — Chris Dixon interviews Palmer Luckey (founder of Anduril; founder of Oculus VR and designer of the Oculus Rift) to talk about the future of technology, belief, and building.What does it take to build hardware at scale? Where are many of today's tech bottlenecks? And what's the case for optimism about the future despite growing geopolitical turmoil, regulatory constraints, and other blockers to innovation? The candid, wide-ranging conversation covers crypto, banking, and stablecoins, as well as modern warfare, the U.S.–China technology race, AI and manufacturing, and much more. Dixon also digs into company building in good times and bad with Luckey; the conversation was recorded live at our Founders Summit. Highlights:0:00 — Introduction2:08 — Early Oculus: Why VR was hard8:02 — Bitcoin & early crypto days9:49 — The Facebook acquisition13:36 — How successful was VR, really?18:59 — Starting Anduril20:01 — Hiring for mission ("Don't Work at Anduril")23:59 — How Anduril works (product dev, org design)27:47 — How Palmer stays ahead of the curve33:00 — The US-China technology race34:40 — What Putin understood early about AI39:45 — Stablecoins & banking risk45:00 — Politics as bottleneck47:00 — Future of technology: AI, fusion, quantum50:23 — Automation, abundance, and optimism53:23 — Ukraine, drones, and the reality of warFollow a16z crypto for more...X: https://x.com/a16zcryptoLinkedIn: https://www.linkedin.com/showcase/a16zcrypto/posts/Spotify: https://open.spotify.com/show/7pMZvsNXEnb0CYcPiDQywEApple Podcasts: https://podcasts.apple.com/us/podcast/web3-with-a16z-crypto/id1622312549Youtube: https://www.youtube.com/@a16zcrypto

In episode 1993, Jack and Miles are joined by English professor, author of The New Mutants: Superheroes and the Radical Imagination of American Comics, and host of Nerd from the Future, Ramzi Fawaz, to discuss… Trump Continues To Prove The Haters Right, Minneapolis PD Says Off Duty Officers (Of Color) Being Targeted by ICE, The Right Is Trying To Claim Star Trek and more! Trump: We've done more than any other administration has done by far—in terms of military, in terms of ending wars, in terms of completing wars, nobody's really seen very much like it. Trump: These are professional agitators and professional people that want to see our country do badly. But that's not happening because we have the hottest country. Trump: I'm glad my finger wasn't in that sucker. That could have done some damage. But you know what? I wouldn't have shown the pain. Trump: "Your lover isn't going to be killed anymore, so you can act like a real lover. You can walk right through the middle of the town. And DC is beautiful again too." Minneapolis PD Says Off Duty Officers (Of Color) Being Targeted by ICE William Shatner eats a bowl of cereal while driving and more star snaps William Shatner boldly devours cereal while driving his SUV in Studio City Stephen Miller Has a Truly Rancid Star Trek Opinion William Shatner Pokes Fun at Stephen Miller for Calling on Him to Control ‘Star Trek’ Franchise How Stephen Miller Rode White Rage from Duke’s Campus to Trump’s West Wing ‘Star Trek: Starfleet Academy’ Debuts With Positive Reviews And Political Nonsense Musk and Hegseth vow to “make Star Trek real” but miss the show’s lessons "Star Trek is inherently right wing and Christian and no amount of modern rewriting or changing of canon can remove that." Elon Musk and Stephen Miller’s culture war against Star Trek is built on ignorance Hollywood Flashback: ‘Star Trek’ Showed TV’s First Interracial Kiss in 1968 How ‘Star Trek’ Survived the Vietnam Era and Took Over the World Star Trek's Prime Directive Had A Grim Real-Life Inspiration William Shatner responds after Ted Cruz says Captain Kirk was likely a Republican LISTEN: PARTO NATURALE by MarteSee omnystudio.com/listener for privacy information.

In episode 1992, Miles and guest co-host Blake Wexler are joined by comedian and producer of the monthly Facial Recognition Comedy show, Pallavi Gunalan, to discuss… President Pump Fake? One of Our Sh*ttiest Senators Is Being Sued Under A HOMEWRECKER LAW? Analyst Warns: The Bank Of England Should Prep For Aliens, Brooklyn Beckham Calls Out His Famous Parents and more! “Let Me Speak Your Language, Trump—F* Off”: EU Lawmaker Explodes in Parliament Over Greenland | AC1G BESSENT: I'd tell everyone sit back. Take a deep breath. Do not retaliate. Do not retaliate. Kilmeade: Greenland Will Cost GOP The Midterms Kyrsten Sinema Faces ‘Homewrecker’ Lawsuit for Alleged Affair With Former Bodyguard Bank of England must plan for a financial crisis triggered by aliens, says former policy expert The Disclosure of Aliens Could Cause a Bitcoin Rush, Former Bank of England Analyst Says Brooklyn Beckham Calls Out His Famous Parents Brooklyn Beckham: ‘I do not want to reconcile with my family’ David Beckham breaks silence after son Brooklyn Beckham post LISTEN: Chill Me Out by Masayoshi TakanakaSee omnystudio.com/listener for privacy information.

Concern about the possibility of a Chinese attack against Taiwan has surged in recent years. Wargames and research studies have focused primarily on identifying gaps in US and allied capabilities with the goal of strengthening deterrence. A relatively understudied question, however, is the potential consequences for China if a military operation against Taiwan were to fail. To address this gap, the German Marshall Fund led a study of the possible costs that China would incur across four different, but interrelated areas: the Chinese economy, the military, Chinese social stability, and international costs.GMF commissioned four papers on these key areas. We considered two scenarios that could realistically take place in the next five years. In the first scenario, a minor skirmish escalated into a multi-week maritime blockade of Taiwan by China. Although several dozen members of the Chinese and Taiwanese military were killed, US intervention eventually forced China to de-escalate.  In the second scenario, a conflict escalated into a full-fledged invasion, with Chinese strikes on not only Taiwan but also U.S. forces in Japan and Guam. After several months of heavy fighting, Chinese forces were degraded and eventually withdrew after suffering many tens of thousands of casualties.The authors found that the costs to China of a failed military action against Taiwan would likely be considerable. We believe their findings are important and warrant wide dissemination. In this podcast, we'll discuss the report's major conclusions and implications. Then we'll talk about the potential impact of a failed Chinese attempt to take Taiwan on China's military capabilities and the possible international costs that Beijing could face.  Our next two China Global podcasts will examine the implications of a failed military operation against Taiwan for China's economy and social stability.Our guests today are Zack Cooper and Joel Wuthnow. Zack is a senior fellow at the American Enterprise Institute and lecturer at Princeton University.  Joel is a senior research fellow in the Center for the Study of Chinese Military Affairs within the Institute for National Strategic Studies at NDU. Joel's paper and this interview reflect only his personal views and not those of the National Defense University, the Department of War, or the US government.Timestamps: [00:00] Introduction  [03:22] Implications for China, the United States, and Taiwan [06:31] Actions to Strengthen Deterrence  [08:50] Evaluating Costs and Risks for Chinese Decisionmakers[11:46] Lessons Learned for the PLA [14:05] Steps to Avoid Another Attack [17:14] Intensifying Frictions between Party and Military?  [19:53] Anticipating US Intervention as a Military Variable [22:49] Countries and Organizations Likely to Respond to China[25:55] Potential Diplomatic Actions and Costs[31:50] A Treaty Alliance with Taiwan [34:44] Why International Costs Matter to China

In episode 1989, Jack and guest co-host Mort Burke are joined by comedian, Blake Wexler, to discuss… At Least Zohran Is Getting Busy, The Trump Administration Wants Us To Believe That They Havana Syndrome-d Venezuela, Finally An App To Ensure You’re Not Dead, Now Stranger Things Fans Are Convinced That ChatGPT Wrote The Finale and more! US used powerful mystery weapon that brought Venezuelan soldiers to their knees during Maduro raid: witness account This Pain-Inducing Acoustic Device Used to Control Crowds in Azerbaijan Might Be U.S.-Made How to Dodge the Sonic Weapon Used by Police Are You Dead?: The viral Chinese app for young people living alone An App Called ‘Are You Dead?’ Is Climbing the Apple Charts A record share of Americans is living alone Why humans are increasingly choosing to live alone Rising numbers of people found long after death in England and Wales – study The Backlash Against Netflix’s ‘Stranger Things 5’ Documentary, Explained Stranger Things Fan Tweet: "is that a f**kin chatgpt tab i see" LISTEN: Victory Lap by Fred again.., Skepta, PlaqueboymaxSee omnystudio.com/listener for privacy information.

In episode 1984, Jack and Miles are joined by comedian and host of Rebrand, Mort Burke, to discuss… Trump: People Say I’m Jealous But My Kink Is Just Karma, Benny Johnson: Venezuela Rigged The 2020 Election! So Yeah! Trump Health? John Krasinski Laid The Groundwork For Venezuela Attack and more! U.S. plan to ‘run’ Venezuela clouded in confusion Benny Johnson: Venezuela Rigged The 2020 Election! So Yeah! Trump Health? John Krasinski Laid The Groundwork For Venezuela Attack Jack Ryan clip about Venezuela gets viral amid capture of Nicolàs Maduro. Did ‘Jack Ryan’ Predict U.S.’ Venezuela Intervention? Co-Creator Carlton Cuse Reacts To Season 2 Clip Going Viral, Shares Hopes For “Stability And Peace” Amazon's 'Jack Ryan' TV series lambasted for promoting Venezuela 'invasion' Jack Ryan is the Latest TV Show to Film at CIA Headquarters How Does Amazon's 'Jack Ryan' Compare to Real Life at the CIA? LISTEN: 4 Raws by EsDeeKidSee omnystudio.com/listener for privacy information.