POPULARITY
Categories
Baseball America National College Reporter Jacob Rudner is joined by Editor In Chief JJ Cooper to discuss the College Baseball Rules Committee's vote to bring ABS to college ball starting in 2027. Rudner and Cooper also take a closer look at the top three transfer classes in the country: Tennessee, LSU and Texas.(2:30) Final takeaways from the 2026 MLB Draft(6:00) ABS is coming to college(11:56) The tech behind ABS(14:28) How ABS could impact college umpires(23:07) The importance of a good transfer class(25:45) The SEC dominates the portal(31:37) Why Tennessee has the No. 1 transfer class(33:09) LSU reloads with stars(35:24) Texas layers transfer haul onto sturdy core(37:47) One non-SEC team with an intriguing transfer classSEAT GEEKUse our code for 10% off your next order of MLB tickets on SeatGeek*: seatgeek.onelink.me/RrnK/TERRITORY10 Sponsored by SeatGeek. *Restrictions apply. Max $20 discountOur Sponsors:* Check out BetterHelp and use my code betterhelp.com for a great deal: https://www.betterhelp.com* Check out Quince and use my code quince.com/ba2022 for a great deal: https://www.quince.com* Check out Shopify and use my code shopify.com/baseballamerica for a great deal: https://www.shopify.comAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy
Today's Sports Daily covers the World Cup ratings being huge, how have the umpires adjusted to the ABS system this season, who are the best batter and catcher challengers, ESPN's layoffs, and season 3 of WWE's Unreal. Music written by Bill Conti & Allee Willis (Casablanca Records/Universal Music Group) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Welcome back to another week of the Pick & Go. It's a full house on today's episode with Steve Devine, Jeff Wilson, Piri Weepu, and Searley all joining Paul to discuss the impressive start to this new All Black era. Rennie may have a perfect record, but have the performances been perfect? Are players and fans falling back in love with the ABs after a few rough years? Of course, the team has a break before heading off to South Africa, and does the panel think the way the ABs have started this year will be enough to beat the Boks in their own backyard?
In Pacific Waves today: New reintegration policy for people deported back to Tonga; Norfolk dancers inspired after Cook Islands cultural exchange; ABs on cloud nine but winless weekend for Pacific rugby sides. Go to this episode on rnz.co.nz for more details
Recorded at Posidonia 2026 in Greece, this episode of the Seatrade Maritime podcast features correspondent Gary Howard in conversation with Maria Kyratsoudi, business development director, Greece, at ABS.Together they explore how Greek shipowners are responding to tightening IMO and EU regulations, and why energy efficiency and performance optimisation are taking priority over early bets on alternative fuels.In this episode:ABS as “Greece's trusted class” How ABS's role has evolved from traditional classification to technical and sustainability advisor.Expanded engineering, sustainability, and advisory capabilities for Greek clients.Newbuilding trends in the Greek fleetStrong increase in tanker, VLCC/Suezmax, and bulk carrier orders, with LNG and LPG also in the mix.How owners are aligning fleet renewal with regulatory and commercial pressures.Decarbonisation and regulation: IMO + EU Why Greek owners are looking at the combined impact of IMO and EU rules rather than single regulations in isolation.The drive for energy efficiency upgrades, fuel readiness, and robust compliance documentation.Efficiency first, fuels later Why the immediate focus is on energy efficiency and performance optimisation for both newbuilds and retrofits.Making vessels more commercially attractive through measurable real‑world gains.Digitalisation and data How regulatory demands for accurate data are pushing pragmatic adoption of digital tools.The link between digitalisation and decarbonisation, and using performance data to support charterers and financiers.
The End of the Bench with Jeff McGuire and David Collier tells you what you need to know in the world of sports both locally and nationally. Does it bother you that some professional athletes don't recognize where they went to school? The guys check the calendar today and tell you today's holidays and who has a birthday today and what happened today in history, and they read your comments from the chatline. The Texas Rangers on BZZR is a terrible idea and here is how they fix it. Does Darrion Williams come back to Texas Tech? Should the MLB have ABS call all the calls and just use the umpires to voice it, and we end the show with Jeff asking the burning questions.
In dieser Folge, die am 20. Juli 2026 erscheint, geht Dennis Hillemann der Frage nach, ob Geschäftsführer und Gesellschafter für Rückforderungen der Corona-Überbrückungshilfen persönlich haften. Er erklärt, wann die Haftung tatsächlich greift und warum er eine allgemeine Geschäftsführerhaftung für nachträgliche Rückforderungen nicht sieht.Bei GbR und OHG haften die Gesellschafter persönlich für die Verbindlichkeiten ihrer Gesellschaft, also auch für eine Rückforderung. Ist ein Gesellschafter ausgeschieden, ist im Einzelfall zu prüfen, ob seine Haftung fortbesteht.Bei GmbH, AG und KG ist der Zuwendungsempfänger die juristische Person oder die Kommanditgesellschaft. Für Rückforderungen haftet grundsätzlich nur sie, nicht der Geschäftsführer oder Gesellschafter. In der Praxis versuchen die Bewilligungsstellen seit einigen Wochen zunehmend, Geschäftsführer persönlich in Anspruch zu nehmen.Klar ist die persönliche Haftung, wenn der Geschäftsführer bei der Antragstellung vorsätzlich falsche Angaben gemacht hat, etwa über § 823 Abs. 2 BGB in Verbindung mit § 264 StGB. Die Bewilligungsstellen wollen sich davon lösen. Schon wenn sich Angaben zum coronabedingten Umsatzeinbruch oder zum Unternehmensverbund im Nachhinein als unzutreffend erweisen, sollen Geschäftsführer auch unterhalb der Strafbarkeitsschwelle haften. Die Rechtsgrundlage dieser fahrlässigen Haftung bleibt unklar.Dennis Hillemann sieht keine allgemeine Geschäftsführerhaftung für Rückforderungen, gerade nicht in den Fällen, in denen die Rückforderung allein auf einer nachträglich geänderten Auslegung der Bewilligungsstelle beruht. Auch die teils herangezogene Haftung der Gesellschafter analog zum Aktienrecht, bis hin zum Minderheitsgesellschafter, hält er für nicht tragfähig. Rechtsprechung dazu ist nicht ersichtlich.Sein Rat: Nehmen Sie einen Bescheid, der sich persönlich gegen Sie richtet, ernst. Wird er bestandskräftig, kann aus ihm gegen Sie persönlich vollstreckt werden. Wehren Sie sich früh und holen Sie anwaltlichen Rat.Dennis Hillemann auf LinkedIn: https://www.linkedin.com/in/dennis-hillemanMehr Informationen & Fachlicher Austausch: www.überbrückungshilfe-netzwerk.deMehr Beiträge finden Sie hier: https://www.advant-beiten.com/kompetenzen/spotlight/corona-ueberbrueckungshilfenKontaktdaten Dennis Hillemann:Rechtsanwalt Dennis Hillemannc/o Rechtsanwälte Advant BeitenNeuer Wall 7220354 HamburgE-Mail: dennis.hillemann@advant-beiten.comwww.advant-beiten.comTelefon +49.(0)40.68 87 45 - 132
Andrew Saville and Jason Pine join Mike Hosking to review the weekend's sport. On the table today: Ryan Fox has won the British open. The World Cup Final is underway - and the weekend gave us a third-place playoff of the ages. And it's been a positive weekend for NZ Rugby, with both the ABs and Warriors winning in Auckland. LISTEN ABOVE See omnystudio.com/listener for privacy information.
"Our situation is worse than COVID," says hotelier Jatinder Bir Singh, who says rising living costs, repeated interest rate hikes and higher fuel prices have taken a heavy toll on his business. He is among many small business owners across Australia reporting ongoing financial pressure. Australian Bureau of Statistics data shows around one in seven businesses needs assistance as operating costs continue to rise. Business owners say government support has largely focused on consumers and workers, with less attention paid to small-scale business owners. SBS Punjabi speaks with community members about the challenges facing their small businesses and the support they say their sector needs. - ਵੱਧਦੀਆਂ ਵਿਆਜ ਦਰਾਂ, ਮਹਿੰਗਾਈ ਅਤੇ ਤੇਲ ਦੀਆਂ ਕੀਮਤਾਂ ਕਾਰਨ ਛੋਟੇ ਕਾਰੋਬਾਰ ਮੁਸ਼ਕਲ ਦੌਰ ਵਿੱਚੋਂ ਲੰਘ ਰਹੇ ਹਨ। ਕਈ ਕਾਰੋਬਾਰੀਆਂ ਦਾ ਕਹਿਣਾ ਹੈ ਕਿ ਮੌਜੂਦਾ ਹਾਲਾਤ ਕੋਵਿਡ ਦੇ ਸਮੇਂ ਨਾਲੋਂ ਵੀ ਵੱਧ ਚੁਣੌਤੀਪੂਰਨ ਹਨ। ਐਸ ਬੀ ਐਸ ਪੰਜਾਬੀ ਨਾਲ ਗੱਲਬਾਤ ਦੌਰਾਨ ਭਾਈਚਾਰੇ ਦੇ ਕਾਰੋਬਾਰੀਆਂ ਨੇ ਕਿਹਾ ਕਿ ਸਰਕਾਰੀ ਸਹਾਇਤਾ ਯੋਜਨਾਵਾਂ ਵਿੱਚ ਜ਼ਿਆਦਾ ਧਿਆਨ ਕਰਮਚਾਰੀਆਂ 'ਤੇ ਹੈ, ਪਰ ਛੋਟੇ ਕਾਰੋਬਾਰੀਆਂ ਦੀਆਂ ਸਮੱਸਿਆਵਾਂ ਬਾਰੇ ਵੀ ਸੋਚਣ ਦੀ ਲੋੜ ਹੈ। ਆਸਟ੍ਰੇਲੀਅਨ ਬਿਊਰੋ ਆਫ਼ ਸਟੈਟਿਸਟਿਕਸ (ABS) ਦੇ ਤਾਜ਼ਾ ਅੰਕੜਿਆਂ ਮੁਤਾਬਕ ਛੋਟੇ ਕਾਰੋਬਾਰਾਂ ਦੇ ਖਰਚਿਆਂ ਵਿੱਚ 14 ਫੀਸਦ ਅਤੇ ਕਰਮਚਾਰੀਆਂ ਨਾਲ ਸਬੰਧਤ ਖਰਚਿਆਂ ਵਿੱਚ 9 ਫੀਸਦ ਦਾ ਵਾਧਾ ਹੋਇਆ ਹੈ। ਇਸ ਪੌਡਕਾਸਟ ਵਿੱਚ ਸੁਣੋ ਭਾਈਚਾਰੇ ਦੇ ਛੋਟੇ ਕਾਰੋਬਾਰੀਆਂ ਨੂੰ ਦਰਪੇਸ਼ ਚੁਣੌਤੀਆਂ ਬਾਰੇ ਗੱਲਬਾਤ।
This week's episode has a little bit of everything I love. First, I share why I'm heading back to EAA AirVenture Oshkosh, a place that's become much more than the world's largest aviation gathering for me. It's where I spent countless summers with my dad, and every time I go back I find myself reconnecting with those memories while getting excited about the future of aviation. This year I'm especially looking forward to seeing TurboTech's regenerative turbine engine, a technology that could completely change general aviation by delivering turbine reliability with piston-engine fuel economy. If you're an engineering geek like me, you're going to enjoy this discussion. Next, I have another Dallas Kibbe Racing Update, including race broadcast audio from Charlotte Motor Speedway. Dallas continues battling through one of the toughest Late Model fields in the country, and while the wins haven't come yet, the progress absolutely has. We talk about why racing is about much more than trophies, the importance of learning race craft, and why I believe he's building the foundation that will eventually put him in Victory Lane. Then it's time for one of the most candid interviews I've ever had on this show. Chris "Smitty" Smith from Smitty's Custom Automotive joins me to talk about what it really takes to build a modern Pro Touring car that can compete at the highest level. Chris doesn't hold anything back. We discuss suspension systems, ABS braking, chassis design, budgets, what parts are worth the money, what parts aren't, and the lessons he's learned after nearly three decades of building and racing some of the fastest street cars in the country. If you've ever wondered what separates a good Pro Touring build from a championship contender, this is an interview you won't want to miss. The post TMCP #654: Chris Smith of Smitty's – UNFILTERED Pro-Touring Cheat Code: Which Suspension and Parts to Use to Win, Why You Need ABS, and $300K 2nd Gen Camaros Are the New Normal first appeared on The Muscle Car Place.
Chỉ còn ít tuần trước đêm Census 2026, Nha Thống kê Úc (ABS) kêu gọi mọi người hoàn thành điều tra dân số đúng quy định. "Mỗi câu trả lời đều có ý nghĩa, góp phần bảo đảm cộng đồng người Việt được ghi nhận và phản ánh trong bức tranh nước Úc ngày nay," bà Cúc Nguyễn, người phát ngôn tiếng Việt của ABS, cho biết.
In unserem Grundgesetz sind Mittel verankert, mit denen sich unsere Demokratie gegen ihre Abschaffung wehren kann. Wie gut schützen diese Instrumente die Demokratie tatsächlich vor ihren Feinden? Ein Vortrag des Staatsrechtlers Horst Dreier. Horst Dreier war bis zu seiner Emeritierung im Jahr 2020 Professor für Rechtsphilosophie, Staats- und Verwaltungsrecht an der Julius-Maximilians-Universität Würzburg. Die Grundfragen des Verfassungsrechts gehören zu seinen Forschungsschwerpunkten. Sein Vortrag "Vom Schutz der Verfassung" wurde am 21. Mai 2026 im Rahmen der Legal Masterclass des Alfried Krupp Wissenschaftskollegs Greifswald aufgezeichnet. ******* +++ Deutschlandfunk Nova +++ Hörsaal +++ Deutschlandradio +++ Wissen +++ Wissenschaft +++ Vortrag +++ Wehrhafte Demokratie +++ Militant Democracy +++ Streitbare Demokratie +++ Politik +++ Staatsrecht +++ Verfassungsrecht +++ Rechtsphilosophie +++ Rechtsextremismus +++ Linksextremismus +++ Extremismus +++ Grundgesetz +++ Verfassung +++ Demokratie +++ Demokratiekrise +++ Vereinigungsverbot +++ Parteiverbot +++ AfD +++ AfD-Gutachten +++ Parteiverbotsverfahren +++ Ewigkeitsklausel +++ Grundrechtsverwirkung +++ Verfassungsschutz +++ Bundesverfassungsgericht +++ Parteienfinanzierung +++ Verfassungstreue +++**********In dieser Folge mit: Moderation: Katrin Ohlendorf Vortragender: Horst Dreier, Rechtsphilosoph und Staatsrechtler, ehem. Professor für Rechtsphilosophie, Staats- und Verwaltungsrecht an der Uni Würzburg**********HörtippHologrammatica, Science-Fiction-Thriller, eine Podcast-Serie des Deutschlandfunks**********Ihr hört in diesem Hörsaal:1:56 - Vortragsbeginn3:54 - Gliederung des Vortrags4:47 - Die sogenannte Ewigkeitsklausel (Art. 79 Abs. 3 GG)8:01 - Die wehrhafte / streitbare Demokratie10:34 - Das Konzept der wehrhaften Demokratie15:40 - Der Einwand des Selbstwiderspruchs21:57 - Die Instrumente der wehrhaften Demokratie22:08 - Grundrechtsverwirkung (Art. 18 GG)23:49 - Vereinigungsverbot (Art. 9 Abs. 2 GG)30:05 - Parteiverbot (Art. 21 Abs. 2 GG)34:21 - Verfassungstreuepflicht der Beamten (Art. 33 GG)35:21 - Der Extremistenbeschluss des BVerfG von 197539:11 - Kritik am Beschluss des BVerfG43:59 - Die "Streubreite" der verwaltungsgerichtlichen Judikatur48:14 - Fazit49:30 - Verfassungsschutz durch die Zivilgesellschaft51:49 - Hörtipp: Hologrammatica**********Quellen aus der Folge:Dreier, H. (2023). Die grundgesetzliche "Ewigkeitsklausel" zwischen Demokratieermöglichung und Verfassungszementierung. In: van Ooyen, R.C., Möllers, M.H. (eds) Handbuch Bundesverfassungsgericht im politischen System. Springer VS, Wiesbaden.Horst Dreier: Selbstschutzmechanismen des Grundgesetzes - Zum politischen System der wehrhaften Demokratie. KEB Thementage - Zur Debatte, 2/2024.Horst Dreier: Grundrechte als Gefahr? Die Risiken einer freiheitlichen Verfassung. FAZ, 26.08.2021. **********Mehr zum Thema bei Deutschlandfunk Nova:Big Tech: Wie Künstliche Intelligenz die Demokratie zerstörtSchule und Uni: Was politische Neutralität in der Bildung bedeutetUnzufrieden: Warum wählen so viele Deutsche die AfD?**********Den Artikel zum Stück findet ihr hier.**********Ihr könnt uns auch auf diesen Kanälen folgen: TikTok und Instagram .
Welcome back to another week of the Pick & Go. The All Blacks managed to dispathced Italy after a slow start, but Ireland will not be as forgiving should the ABs start the same way this weekend. Of course, both teams will be motivated by the unbeaten streak at Eden Park and this Ireland side has momnetum and will be a major threat to the fortress. Last week the Nations Championship was full of entertainment, but has the desire to speed up the game been slowed by the TMO. So, we're asking when should the TMO get involed in the game and what should they be allowed to look at? Lastly we pick our team to battle Ireland and give out predictions for how it will go.
This week on the show, I share a diagnostic on a 2019 Subaru Impreza that has communication codes setting in the ABS module for several other modules on the car. The scan tool can talk with those modules, as well as the ABS. The ABS has been replaced with the same issue. Listen to find out the cause. Website- https://autodiagpodcast.com/Facebook Group- https://www.facebook.com/groups/223994012068320/YouTube- https://www.youtube.com/@automotivediagnosticpodcas8832Email- STmobilediag@gmail.comPlease make sure to check out our sponsors!SJ Auto Solutions- https://sjautosolutions.com/Automotive Seminars- https://automotiveseminars.com/L1 Automotive Training- https://www.l1training.com/Autorescue tools- https://autorescuetools.com/
(0:00) Felger, Mazz, and Murray open Agenda-Free Friday discussing Mike Macdonald's comments on the person he reached out to before the Super Bowl.(16:08) Caller reactions to ABS, the Celtics, and more.(25:55) The guys react to Greg Bedard and Christian Gonzalez' comments.(35:09) The hour closes with a conversation about Tom Brady's comments about having no dog in the fight before the Patriots' Super Bowl defeat.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
2026年人口普查(2026 Census)将于 8 月 11 日进行,澳大利亚统计局(ABS)提醒华人社区如何获得协助,顺利完成人口普查(收听播客,了解详情)。
Cov kev tos thiab tawm tsam India tus coj tuaj xyuas Australia; tub ceev xwm tshuaj ntsuam tus neeg tas sim neej cuam tshuam txog cov kev sib tsis tau Telstra network; hnub neeg Palestinian xaiv nom; Iran thiab Meskas cov kev rov qab sib tua; SBS cov kev tiv thaiv nws tus kheej txog cov kev nthuav xov xwm txog antisemitism thiab social cohesion nrog Royal Commission; tej lus taw qhia kom tsim kev pab tu tsom kwm neeg txum tim tej laus; Australi atej nom tswv cov kev tsis pom zoo nrog Suav cov kev sim foob pob ntawm Pacific; ABS tej xovxwm taw qhia kom neeg paub koom Australia cov kev txheeb pej xeem; UNESCO thiab Australia tej paj pob zeb hiav txwv; Nplog tej tswv yim txhim kho 5 xyoos; Cob tsib tej tswv yim ua luam thiab nqus cov kev nqes peev ua luam; Thaib cov kev xav thov ntes thiab xa ob tug neeg Nplog cuam tshuam txog Thai Airways cabin crew tej yaj yeeb txhaum cai, Fabkis yeej Morocco mus sib tw World Cup 2026 semi final.
- Justin Verlander to retire- Eury Perez, Jared Jones pulled from perfect games- Ryan O'Hearn's 10-RBI game- Tyler Tolbert 12 straight ABs with a hit- The MLB Gold Lifetime Pass- DRAFT: Selecting the worst HR Derby Field everListen/watch: https://bio.link/threeohtakePATREON: https://www.patreon.com/c/threeohtake“THREEOHTAKE” for 10% off your Chinook Seedery order: https://www.chinookseedery.com/discount/THREEOHTAKE"THREEOHTAKE" for $20 off your first SeatGeek order: https://seatgeek.com/
Roki Sasaki bounced back from a couple rough innings to put up a quality start, Mookie Betts had a huge game-winning hit in the bottom of the eighth, Tanner Scott got back on his horse, and the Los Angeles Dodgers beat the Rockies in the rubber match of their three-game series. Alex Call lost both of LA's ABS challenges on consecutive pitches in the first inning, which ended up being more of a talking point than a key point in the game. But it's definitely a talking point! Jeff Snider and Kevin Skinner are here to talk about it all! Get your thoughts in on the Friend of the Show hotline! Send a voice memo to CallAllDodgers@gmail.com Or call = (562)373-4095 #Dodgers Tube in all season long! Join our Discord by supporting the show on Patreon! ️ https://patreon.com/realFRG Or on YouTube Members! ️ https://youtube.com/@alldodgers/join All Dodgers is presented by FanDuel, part of the Bleav Network of podcasts. Please like and subscribe on YouTube! Hit that notification bell to get alerts on new content! PODCAST: Listen on BLEAV! ️ https://bit.ly/adbleav Listen on iTunes! ️ https://apple.co/3TXL8Vv Listen on Spotify! ️ http://bit.ly/3I9nW2S Listen on iHeart! ️ https://ihr.fm/3TXV5Cy SOCIAL: Follow Clint on Twitter/X ️ twitter.com/realFRG Follow Clint on Instagram ️instagram.com/realfrg Follow Jeff Snider on Twitter/X ️ twitter.com/snidog Follow Jeff Spiegel on Twitter/X ️ twitter.com/JeffSpiegel Follow Kevin on Twitter/X ️twitter.com/skinner7kevin Follow the show on Twitter/X ️ twitter.com/alldodgersla Follow the show on Instagram ️ instagram.com/alldodgerspod Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
The world of soccer with Glenn Davis Would trading Yordan Alvarez be like trading Juan Soto What have the Astros struggles been? What is the effect of ABS on umpires?
We all know him, the guy who wrote the bestseller (which still sells BIG TIME!) Burn the Fat, Feed the Muscle.He's Mr Abs, and he knows a thing or three about training bodies to look and feel their best. Old school. Real. Book a complimentary Body Breakthrough strategy call with Karen and move into YOUR Best Body and Life beyond 40! www.warriorwomanfitness.com/apply
Los Angeles Angels OF Jo Adell sits down with LA Dodgers star Mookie Betts to discuss becoming the first player ever to rob THREE home runs in a single game, and explains why he's banned from doing ABS challenges. Betts reacts to Shohei Ohtani's early-season struggles at the plate, and Adell discusses what it was like to play with both Ohtani and Mike Trout. Learn more about your ad choices. Visit podcastchoices.com/adchoices
Welcome back to another week of the Pick & Go. The All Blacks were finally back in action. The new look team were playing under a new regime, in a new competition against the old foe the French. One offence the ABs looked almost unstoppable, but on defence the team looked leaky, so what grade does Dave Rennie and the team get for their opening game. Of course, as mentioned, the Nations Championship is a new competition so how do the panel feel it has gone, and what improvements could be made to the comp going forward?
272 | Was ist, wenn du glaubst, ein Unicorn zu werden - und dann fängt der Gegenwind an? Hanna Maria Asmussen hat Localyze gegründet und war 2020 der erste Gast in diesem Podcast. Jetzt hat sie ihr Startup verkauft und berichtet ganz offen von den Aufs & Abs eines Gründerlebens.Partner dieser Folge:Readly5000 nationale und internationale Zeitschriften lesen. Hier 1 Monat komplett kostenlos: https://get.readly.co/optimistensommer?promocode=READLYDEOPTIMISTENSOMMERMach das 1-minütige Quiz und finde eine Geschäftsidee, die zu dir passt: digitaleoptimisten.de/quiz.Kapitel(00:00) Intro(02:38) Die Zauber des Anfangs - Gründen, Y-Combinator(16:15) Der Höhepunkt: Hohe Bewertungen in 2021 trotz Covid(28:35) Die Wende: 2023 und harte Entscheidungen(43:10) Der Verkauf in 2025 (48:10 Reflektionen & Learnings(58:14) Hannas beste GeschäftsideeSo erreichst du uns:Sprachnachricht senden: https://www.speakpipe.com/digitaleoptimistenEmail schreiben: alexander@digitaleoptimisten.deLearningsSchnell testen statt perfekt bauen.Das Problem wird erkannt und in zwei Tagen auf den Markt gebracht, um es zu validieren statt monatelang zu entwickeln.Formulare im Frontend und manuelle Prozesse ermöglichen schnelle Testläufe, ohne vollständiges Produkt.Warum wichtig: so lassen sich Hypothesen früh prüfen und Ressourcen sparen.Erster zahlender Kunde als Signaleffekt.Der erste zahlende Kunde zeigte, dass es echtes Zahlungsinteresse gibt.Dieses Feedback war der Beleg für Marktbedarf und inspirierte weitere Produktentwicklung.Warum wichtig: Frühe Bestätigung reduziert Risiko und erhöht Lerntempo.Passender Hiring-Pattern für Startups.Zu frühe Hiring von Konzern-Leuten führte zu kulturellen Konflikten und fehlender Go-to-Market-Expertise.Die besten Ergebnisse kamen von Kandidaten mit Start-up-Hunger und kleinem CV, die sich ins Team einfügten.Eine Mischung aus erfahrenen Rollen und internen Talenten, mit robustem Onboarding, wäre besser gewesen.Krisenmanagement: GTM pivot und Fokussierung.Covid 2020 führte zu massiven Umsatzverlust; 2021/22 wurde die Go-to-Market-Strategie auf Enterprise fokussiert (Lufthansa) und internationale Expansion vorangetrieben.Die Lehre: Eine rein inbound-getriebene GTM-Struktur reicht bei Skalierung nicht; man braucht systematische Prozesse, klare Rollen und eine gut geölte Akquise-Strategie.Externe Hiring-Experimente halfen kurzfristig, funktionierten aber oft nicht nachhaltig; daher gilt: Bau das Playbook intern, bevor man externe Führungspositionen besetzt.Liquidationspräferenz beachten.In Exit-Situationen sichern Investoren oft zuerst ihr Kapital über Liquidationspräferenzen, was Gründer-Auszahlungen schmälert.10% Gründeranteil sind eine gängige Orientierung, bleibt aber je nach Deal unterschiedlich; daher frühzeitig klären.Frühzeitige Verhandlung über Exit-Mechanik und Anreizstrukturen ist entscheidend, damit Gründer auch nach dem Exit motiviert bleiben.KeywordsLocalizeY CombinatorSeries AGo-To-Market-StrategieEnterprise-VerkaufLufthansa Großkunde HR-RelocationLiquidationspräferenz Auswirkungen GründungVerkaufsprozess Startup AblaufCovid-19 Auswirkungen HRTech StartupsGründungserfahrungTeamkulturHiring-FehlerInvestorennetzwerkProfitabilität
Daniel Mahncke and Shawn O'Malley take a deep dive into Auto1 Group (ETR: AG1), the Berlin-based used-car platform. What trips most investors up about Auto1 is that it's two different businesses in one – a capital-light merchant marketplace on one side, a capital-heavy consumer retail bet on the other – and the asset-heavy model that everyone points to as the risk is arguably the same thing that kept Auto1 alive while better-funded competitors went bankrupt. The market tends to fixate on the inventory sitting on Auto1's books and misses that the two halves of the business earn their returns in entirely different ways. Daniel and Shawn walk through how the thin margins on each car turn into something far more attractive once you account for how fast Auto1 cycles its inventory, and why none of it works without the funding structure underneath: a non-recourse ABS architecture that lets Auto1 carry enormous inventory without raising equity to match. That's the piece capital-light rivals skipped, and a large part of why they didn't survive. Daniel and Shawn examine whether Auto1's instant-guaranteed-pricing model is a genuine consumer moat or a balance-sheet liability in disguise, what the economics actually look like in 2026 once you separate the merchant flywheel from the retail build-out, and the more uncomfortable side of the bull case – that net income can read positive while cumulative free cash flow stays deeply negative when new debt is funding operations. They also assess whether Auto1 Group deserves a spot in The Intrinsic Value Portfolio. IN THIS EPISODE YOU'LL LEARN: (00:00:00) Intro (00:00:31) Why the traditional used-car market doesn't work well (00:07:42) About the size of the used-car market (00:10:32) How Auto1's business model works (00:13:58) Who Auto1's founders are (00:19:43) How Auto1 buys and sells cars (00:32:20) How the unit economics work (00:54:25) Valuation discussion of AG1 (00:58:08) Whether Auto1 is valued attractively (01:00:14) Whether Shawn and Daniel add AG1 to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. Value Investors Club Pitch on Auto1. Business Breakdowns Episode on Auto1. Auto1 Investor Relations. Check out our previous Intrinsic Value breakdowns: Copart, Ferrari, Uber, Grab, Lyft, Exor NV, Mercedes-Benz. Follow Daniel on X and Linkedin. Follow Shawn on X and Linkedin. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor's Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor's Podcast Network is not responsible for any claims made by them. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Nathan Baker discusses the latest injury and trade news, provides a pitching streamer for Saturday, and breaks down how ABS could be implemented in fantasy baseball, and how to prepare for scoring changes in dynasty leagues in the offseason and at the trade deadline. Presented by FanDuel SUBSCRIBE, Rate and Review on Apple and Spotify! Follow us on Twitter: @EthosFantasyBB Follow us on Bluesky: @ethosfantasymlb Join our Fantasy Sports Discord Server: https://discord.gg/jSwGWSHqaV Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
The Giants are on the move, but not just on the field. In this episode of the Giants Executive Show, General Manager Zach Manasian shares his thoughts on the team's recent struggles and what's next for the organization. From the pitching staff's high walk rate to the farm system's promising prospects, Zach gives us the inside scoop on what's really going on behind the scenes. This episode is a must-listen for any Giants fan looking for insight into the team's decision-making process. Zach Manasian breaks down the challenges the team is facing, from the bullpen's struggles to the farm system's potential solutions. He also discusses the upcoming trade deadline and what the team might do to shake things up. With the Giants' season on the line, Zach's candor and expertise make for a fascinating conversation. One of the key takeaways from this episode is the importance of patience when evaluating the farm system. Zach emphasizes that the Giants are looking for the best player available, rather than trying to fill specific needs. He also highlights the team's reliance on analytics and the role of the ABS system in helping pitchers call their own games. With the team's struggles on the field, it's clear that there's a lot of work to be done, but Zach's optimism and commitment to improvement are reassuring. If you're a Giants fan looking for a deeper understanding of the team's inner workings, this episode is a must-listen. Zach Manasian's insights and expertise make for a compelling conversation that will leave you feeling informed and engaged. So grab your headphones and tune in to hear the full conversation.See omnystudio.com/listener for privacy information.
Paul Skenes turned in the worst start of his major league career, allowing a career high seven earned runs over four innings as the Pittsburgh Pirates lost 10-6 to the Philadelphia Phillies. The Pirates have now lost nine consecutive games started by Skenes, while his declining fastball velocity and recent performance are becoming legitimate concerns. Jim and Tyler break down what went wrong for Skenes, how Henry Davis and the Pirates' defense helped a five run second inning unravel, Nick Gonzales' struggles at third base and whether pitching coach Bill Murphy should still have his job. They also credit the offense for knocking Zack Wheeler out before the end of the fifth inning and continuing to fight after falling behind 8-2. Chapters: 0:00 Pirates lose 10-6 1:18 Paul Skenes' worst start 6:10 How the second inning unraveled 8:00 Henry Davis and the ABS failures 10:15 Pirates' defensive breakdown 14:05 Offense battles Zack Wheeler 17:15 Skenes' velocity becomes a concern 21:30 Should Bill Murphy be fired? 23:35 Pirates keep fighting 26:05 Johan Ramirez stays effectively wild 30:20 Looking ahead to the series finale Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
The Giants are on the move, but not just on the field. In this episode of the Giants Executive Show, General Manager Zach Manasian shares his thoughts on the team's recent struggles and what's next for the organization. From the pitching staff's high walk rate to the farm system's promising prospects, Zach gives us the inside scoop on what's really going on behind the scenes. This episode is a must-listen for any Giants fan looking for insight into the team's decision-making process. Zach Manasian breaks down the challenges the team is facing, from the bullpen's struggles to the farm system's potential solutions. He also discusses the upcoming trade deadline and what the team might do to shake things up. With the Giants' season on the line, Zach's candor and expertise make for a fascinating conversation. One of the key takeaways from this episode is the importance of patience when evaluating the farm system. Zach emphasizes that the Giants are looking for the best player available, rather than trying to fill specific needs. He also highlights the team's reliance on analytics and the role of the ABS system in helping pitchers call their own games. With the team's struggles on the field, it's clear that there's a lot of work to be done, but Zach's optimism and commitment to improvement are reassuring. If you're a Giants fan looking for a deeper understanding of the team's inner workings, this episode is a must-listen. Zach Manasian's insights and expertise make for a compelling conversation that will leave you feeling informed and engaged. So grab your headphones and tune in to hear the full conversation.See omnystudio.com/listener for privacy information.
Episode 2326 - With Hat Trick out, Kid and El Pres settle into a classic two-man show full of the kind of unprompted rants that only happen when it's just the guys. It starts with Kid watching actual television for the first time in forever and getting annoyed at a local news segment celebrating women starting alcohol brands, complete with the usual "first woman to do the thing" framing that feels more like a pat on the head than actual news. This leads into a broader complaint about how advertising has been sanitized — no more bikini girls selling beer, which Kid argues might be contributing to younger generations not banging enough. From there they move into body count math, with Kid admitting he used to keep a detailed note in his phone and still gets regular clean bills of health from the doctor. Solo activities become a running theme: going to the Tigers game by himself with new AirPods and a scorebook turns out to be one of the most relaxing ballpark experiences he's had in years. The same energy carries over to golfing alone and upcoming concerts. Sports talk gets heated when they land on baseball's new ABS challenge system (sponsored by T-Mobile, of course) and the completely unnecessary cheerleaders hanging out on the dugout at Tigers games. Kid makes it clear baseball has fans, not cheerleaders, and the distraction is real. The conversation gets nostalgic with old SNL sketches that wouldn't survive 2026 (Pat, Church Lady, Robert Goulet doing rap songs), a quick debate on which Williams sister you'd rather sleep with, and a genuinely sweet story about an 80-year-old bike mechanic who still loves his job and looks 15 years younger because of it. They also revive the ancient "hoggin'" bit from the early days of the show, share some questionable high school hookup updates (one girl turned out to be a lesbian, another hit the wall hard), and close with a rant about an absurdly long government acronym and a comedian destroying gender-neutral bathroom complaints. Listener calls for 4th of July fireworks disaster stories are teased at the end.
Ledn Co-Founder Mauricio Di Bartolomeo joins Natalie Brunell for a first-time announcement: Tether's tokenized gold (XAUt) is coming to Ledn — the first step toward gold-backed loans later this year. He answers the Bitcoin purists on adding gold, breaks down Ledn's first S&P investment-grade bond backed by Bitcoin loans, and gives a firsthand account of Venezuela after Maduro's capture. Topics we cover: XAUt tokenized gold (real bars in Tether's Swiss vaults) coming to Ledn, with gold-backed loans later this year Inside Ledn's first S&P investment-grade bond backed by Bitcoin loans — and how the ABS market could scale Bitcoin credit toward $1 trillion Mauricio's answer to Bitcoiners who don't like credit products or investing in other assets Natalie's experience taking her first Ledn loan: https://youtu.be/xD3ZoZ2woPk?si=ix0HKnD85hqMTokU Why Ledn caps loans at 50% LTV, and how auto top-off protects borrowers from liquidation His read on "seller exhaustion" and why he expects a summer price come-back Venezuela after Maduro's capture — and the crackdown on its illegal gold mines Follow Mauricio Di Bartolomeo on X https://x.com/cryptonomista and sign up for Ledn at ledn.io/natalie to get .25% off your first loan. ---- Order Natalie's new book "Bitcoin is For Everyone," a simple introduction to Bitcoin and what's broken in our current financial system: https://amzn.to/3WzFzfU ---- Have you downloaded SPEED WALLET yet? It's my go-to Lightning wallet — send, receive, and swap Bitcoin, stablecoins, and digital gold in one app. Run a business? Speed powers Bitcoin payments for Steak 'n Shake, and it can do the same for you. Download at www.speed.app/natalie and use code COINSTORIES10 for 5,000 free sats after your first transaction. ---- Ledn is the global leader in Bitcoin-backed loans, issuing over $10 billion in loans since 2018, and they were the first to offer proof of reserves. With Ledn, you get custody loans, no credit checks, no monthly payments, and more. Get .25% off your first loan, learn more at https://www.Ledn.io/natalie ---- Abundant Mines is a fully-managed Bitcoin mining in the U.S. You own the miners. You keep 100% of the Bitcoin. Voted #1 mining company by peers. Get 1 month of free hosting: AbundantMines.com/Natalie ---- Natalie's Bitcoin Product Partners: Block's Bitkey Cold Storage Wallet was named to TIME's prestigious Best Inventions of 2024 in the category of Privacy & Security. Get 10% off using code STORIES at https://bitkey.world/STORIES Master your Bitcoin self-custody with 1-on-1 help and gain peace of mind with the help of The Bitcoin Way: https://www.thebitcoinway.com/natalie With BitcoinIRA, you can invest in bitcoin 24/7 inside a tax-advantaged IRA. Choose a Traditional IRA to defer taxes, or a Roth IRA for tax-free withdrawals later. Take control of your future with BitcoinIRA: https://www.bitcoinira.com/natalie ---- Natalie's Upcoming Events: Join us for the biggest Bitcoin conference in Europe at BTC Prague this June 10-13 with a keynote from Michael Saylor, Code HODL for discounted passes: https://btcprague.com/ The best time to plan for Bitcoin 2027 is right now. Early bird tickets are live — grab the lowest pricing available and use code HODL for 10% off: https://tickets.b.tc/event/bitcoin-2027?promoCodeTask=apply&promoCodeInput=HODL ---- Extra Services to Consider: Protect yourself from SIM Swaps that can hack your accounts and steal your Bitcoin. Join America's most secure mobile service, trusted by CEOs, VIPs and top corporations: https://www.efani.com/natalie Ditch your fiat health insurance like I did four years ago! Join me at CrowdHealth: www.joincrowdhealth.com/natalie ---- This podcast is for educational purposes and should not be construed as official investment advice. Ads in this episode are baked-in and may reference promotions or offers that are no longer available at the time of listening. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories #money #Bitcoin #investing
Turns out being a lefty in MLB is VERY nice in the ABS era.
Paraguay's dramatic penalty shootout upset over Germany leads Joe Rose and Dave Hyde into a discussion about the pressure of performing in the biggest moments and Team USA's chances of making a deep World Cup run. The guys also react to Uruguay reportedly making its players pay their own way home after a disappointing tournament exit. Dave shares why he's not a fan of deciding matches with penalty kicks, sparking a broader conversation about rule changes in sports, including MLB's pitch clock, ghost runner, the ABS challenge system, and the role of umpires. Joe wraps up the segment with a funny story about former MLB pitcher Al Leiter and his memorable relationship with umpires.
10am hour of The K&C Masterpiece! Rangers-Guardians. NBA Free Agency has arrived - who is available, who has already re-signed and what assets do the Mavs actually have? Baseball Nuggets: Has the ABS helped elevate left-handed hitters?
Joe Giglio and Hugh Douglas propose a hypothetical trade involving Trea Turner and Ranger Suárez while evaluating Aaron Nola's performance under the ABS system. They also examine Nick Sirianni's perspective on turnover battles and the necessity for Jalen Hurts to embrace more explosive plays despite the risk. 01:50 - Trea Turner Trade Proposal 05:17 - Aaron Nola ABS Impact 13:02 - Red Sox Swap Feasibility 18:25 - Hugh's Clues Contest 22:42 - All-Star Game Voting 33:36 - Nick Sirianni Philosophy 48:03 - Nola Performance Debate
Help Persecuted Christians TODAY: https://csi-usa.org/quickstart/ Christian Solidarity International On today's Quick Start podcast: NEWS: Texas is moving to put the Bible back into the classroom—not as religious instruction, but as literature and history. The State Board of Education has approved a Bible-infused reading list for public schools beginning in 2030. One of America's best-known Christian seminaries has been removed from the United Methodist Church's list of approved schools. The denomination decided to delist Asbury Theological Seminary after the school reaffirmed its biblical belief that marriage is between one man and one woman. On June 29, Christians around the world marked the Day of the Christian Martyr, honoring believers who gave their lives rather than deny Jesus Christ. FOCUS: A famous TikToker is abandoning the occult for Jesus. MAIN THING: What do Americans believe about angels, demons, and the supernatural? That was a question the American Bible Society (ABS) recently asked US citizens, and it yielded some fascinating results. Dr. John Plake, editor-in-chief of the State of the Bible series and chief innovation officer at ABS, told CBN News that a majority of Americans believe in spiritual beings. He joins me for today's main thing. Ephesians 5:8 SHOW LINKS Radical Revelations with Raj Nair https://podcasts.apple.com/us/podcast/radical-revelations/id1888511250 Faith in Culture: https://cbn.com/news/faith-culture Heaven Meets Earth PODCAST: https://cbn.com/lp/heaven-meets-earth NEWSMAKERS POD: https://podcasts.apple.com/us/podcast/newsmakers/id1724061454
Joe and Dave lean into some hilarious youth sports stories as Joe shares his experience umpiring youth baseball and Dave talks about coaching youth soccer, including dealing with over-the-top parents arguing balls and strikes. That leads into a broader discussion on how baseball has evolved, with the guys debating the impact of rule changes like the pitch clock, ghost runner in extra innings, and ABS challenges, and whether fully automated balls and strikes is the inevitable next step. While they agree most changes have helped the game speed up and improve, the one adjustment they still aren't fans of is the elimination of the shift.
The guys were back from the weekend and broke down the series loss to the Dodgers. They talked about the non-ABS challenge and Manny Machado's baseball IQ. Plus, Matt Snyder of CBS Sports joined us to talk some baseball.
We look back at some of the conflicting eye witness statements given on 9/10, another person comes forward to give testimony about the Erika Kirk connection to Next Model Management & Jeffrey Epstein, and Tim Dillon's "reading" of JD Vance's new book is hilarious. 00:00 - Start. 02:10 - What Brian Harpole did with Charlie's shirt. 12:20 - Email about potential ABS shattered glass in the car. 17:36 - Conflicting eye witness statements. 22:45 - Updated list on why the exploding mic theory could work. 24:45 - Lance Twiggs will not be compelled to show up to the preliminary hearing. 32:11 - Erika Frantzve, Jeffrey Epstein, and the Next Model Management connection. 39:05 - Erika potential dissociative identity disorder? 47:07 - Tim Dillon's "reading" of JD Vance's new book. 52:12 - Comments. Ground News Check out Ground News today at https://groundnews.com/candace to get 40% off the Vantage subscription to see through mainstream media narratives. Dose Get 35% off your first month subscription with promo code CANDACE at http://www.DoseDaily.co/Candace Ethos Protect your family with life insurance from Ethos. Get up to $3 million in coverage in as little as 10 minutes at https://ethos.com/CANDACE. Application times may vary. Rates may vary. American Financing NMLS 182334, http://www.nmlsconsumeraccess.org. APR for rates in the 5s start at 6.327% for well qualified borrowers. Call 800-795-1210 for details about credit costs and terms. Visit http://www.AmericanFinancing.net/Owens. Average savings based on borrowers who save over $199.99. Candace Clips Channel: https://www.youtube.com/@ClipsCandaceOwens Candace Official Website: https://candaceowens.com Candace Merch: https://shop.candaceowens.com Candace on Apple Podcasts: https://t.co/Pp5VZiLXbq Candace on Spotify: https://t.co/16pMuADXuT Candace on Rumble: https://rumble.com/c/RealCandaceO Candace en Español: https://www.youtube.com/@CandaceOwensEnEspanol Candace Owens em Português: https://www.youtube.com/@CandaceOwensemPortugues Candace Owens en Français: https://www.youtube.com/@CandaceOwensEnFrançais Learn more about your ad choices. Visit megaphone.fm/adchoices
Evan Roberts, Tiki Barber, and Shaun Morash debate Evan's decision to be completely out on ABS. Julius Randle to the Nets. NBA Draft coming up. Jazz Chisholm blow pop.
Evan Roberts, Tiki Barber, and Shaun Morash continue to debate Jazz Chisholm's Blow Pop, discuss the Nets' addition of Julius Randle, and Evan declares that ABS is officially dead to him. 01:50 - ABS System Critique 06:00 - MLB Review Technology 08:45 - Jazz Chisholm Lollipop 11:38 - Jaylen Brown Rumors 15:50 - Draft Party Plans 20:34 - NBA Draft Preview 23:00 - Wembanyama Face Debate 28:29 - NFL Supplemental News 33:07 - Domínguez Defense Struggles 36:30 - Baseball Focus Habits
Evan Roberts is officially done with ABS, and he explains his stance to Tiki Barber and Shaun Morash.
In this episode we channel our inner He-Man with the upcoming 2026 Masters of the Universe movie and King Conan news! We dive deep into reloading basics — starting with straight-wall cases then moving to rifle calibers. We compare Hodgdon Varget, RCBS presses, and why .223/5.56 is way more forgiving than a hot .220 Swift or precision setups. We roast keyboard commandos in reloading groups, test a 3D-printed ABS holster for the Sig P365XL, and break down Lee vs RCBS vs Dillon presses for 9mm, .45 ACP, .223, .308, and .300 Win Mag. Plus we review the Bus Built Systems Poor's Bag Plate — an awesome shooting setup — and the Diefree Co Kung Fu grip. We also recap two range sessions this week and drop plenty of laughs (including some ass-sucking buttermilk stories). If you reload, shoot, 3D print holsters, or just love guns and good banter — this one's for you! Drop your reloading tips, press recommendations, or favorite He-Man memories in the comments — we read every one! Smash Like if you've got the POWER! Subscribe and hit the bell for weekly firearms, reloading, and range content. Where to find us: Livefire-media.com Rangehot.com Social Links: IG - @livefirem - @rangehot.com_offical X - @LiveFireM - @rangehotdotcom FB - Live Fire Media - Range Hot Live Fire Media on RSS.com Live Fire Media Show | Podcast on RSS.com
Seth and Sean discuss how the Astros have been doing with the ABS this season on each side of the ball, and react to LeBron saying his goal was to get his mom a pantry.
Seth and Sean discuss JJ Watt hooking up Freddy the German, how the Astros have been on both sides of the ball with the ABS this season, the news that Giannis will be traded sometime in the next 24 hours, and see what the ITL question of the day is with Reggie and Lopez.
Seth and Sean discuss the Astros winning 2 of 3 vs the Guardians over the weekend, how they're doing since the "Great Reset of 2026," the USMNT advancing, Freddy the German visiting Niagara Falls, go through the day's Headlines, talk about how JJ Watt decided to help out Freddy the German man, Ben Solak's piece listing Stroud's 2025 nosedive as a fluke, give credit in Acknowledge Me, react to Kevin Durant using the word "underdog" when talking about when he went to play for the Warriors, breaking news that Giannis will be traded before the draft, discuss some of what Reed Blankenship said about the Texans offense, assess Ochocinco's notion that Watson has 6 games to prove himself for the Browns, look at what Bob Nightengale thinks the Astros' mindset heading into the trade deadline will be, talk with Rob Stone of FOX about all the World Cup games excitement, discuss JJ Watt hooking up Freddy the German, how the Astros have been on both sides of the ball with the ABS this season, the news that Giannis will be traded sometime in the next 24 hours, and see what the ITL question of the day is with Reggie and Lopez.
As AI investment keeps growing, our strategists Carolyn Campbell and Vishwas Patkar discuss the many ways tech infrastructure gets financed and the opportunities for investors.Read more insights from Morgan Stanley.----- Transcript -----Carolyn Campbell: Welcome to Thoughts on the Market. I'm Carolyn Campbell, Morgan Stanley's Asset-Backed Securities Strategist. Vishwas Patkar: And I'm Vishwas Patkar, Morgan Stanley's Head of U.S. Corporate Credit Strategy. Carolyn Campbell: Today, how fixed income markets are helping fund the AI build-out. It's Thursday, June 18th, at 10am in New York. Let's get right into it, Vishwas. We've both come on this podcast before to talk about how credit markets are financing the AI build-out. And over the last ten months, I think it's fair to say that things are faster, broader, deeper than we perhaps expected initially. This investment now spans investment-grade corporate bonds, high yield loans, and a range of securitized products. From your seat in corporate credit, why does AI infrastructure matter so much, to investors right now? Vishwas Patkar: This is a big talking point in our client discussions. it's also telling that less than a year ago, we wrote about this topic for the first time, identifying a $1.5 trillion financing gap that credit markets could help bridge. At that time, data center debt was not something that investors were really focused on. Yet less than 12 months forward, this, I think, is the number one theme dominating both your and my market. And why it's important, I would say, is across, three key vectors. First, just the scale. So, if you look at overall AI-related debt issuance so far this year, we're close to $250 billion. For the balance of the year, we expect that number to double, so about $500 billion of total AI debt financing for 2026. Increasingly the second vector, I think, is around the complexity of deals. So initially, while AI financing was dominated by vanilla investment-grade corporate bond deals, we are now seeing that broaden out into project finance style deals in the high-yield market. We have seen an uptick in chip financing across the different credit silos. And that's important for investors, as identifying value across these different options does require deep credit expertise. And third, as this investment cycle rolls along, it's also important to be cognizant of risks that are building. Not just from a very broad top-down sense around the demand for compute. But also, what are some of the nuances in these different structures – whether it is in data center construction or is in chip financing that investors will need to monitor. So, it's across these three themes that we think data center debt financing is gaining importance. Carolyn Campbell: Now, the underlying demand for AI infrastructure is very strong. That doesn't necessarily mean that every bond tied to this theme is automatically going to be attractive. And as you mentioned, [$]500 billion of supply for the year; a large amount of complexity between those structures.How should credit investors think about the various risks within these different structures? Vishwas Patkar: So, in investment grade, the story is a bit simpler. So, we have had unsecured hyperscaler bond issuance. We have had issuance from semiconductor names. And then we've had some, what we call, private style data center deals. But the vast majority still comes from hyperscaler investment grade rated bonds. For this market, our focus is less on fundamentals because fundamentals are very strong. And then hyperscaler are some of the more most creditworthy companies that we've seen in the history of the market. Our emphasis more is on just the quantum of supply. So, year to date, we have had north of [$]100 billion of hyperscaler debt in the dollar market. We've had north of [$]50 billion being issued in other currencies. If you look at the overall investment grade market, supply is up almost 25 percent versus last year. That's consistent with our call for a year of record issuance this year. And increasingly, if you look forward and then map these issuance numbers to our CapEx estimates, where we could very much be on track for another record to be hit next year. So, the issue of the investment grade market is not around the fundamentals of the companies or these deals. It's more about the quantum of supply, which we think eventually will test the demand capacity of this market. And our base case for the investment grade space is similar to 1997-1998, where credit was starting to finance the business cycle, spreads widened modestly, and IG could underperform other risk assets. But over a longer time horizon, spreads still look historically very low. Carolyn Campbell: Now, what about further down the credit spectrum into the non-investment grade portion? What about that part of the issuance spectrum for AI? Vishwas Patkar: Yeah. So, what we're seeing in the sub-investment grade space, especially in high yield, is very different. There, the growth in data center financing has happened around project finance deals for data center construction. In many cases, these have come from crypto miner companies that effectively provide what we call speed to power solutions. We've also had some unsecured issuance from neo clouds, although that's relatively small. But this sector has expanded from effectively zero billion around the fall of last year to about [$]40 billion this year. We expect to see another [$]20 billion of issuance by the end of 2026. And the way they fit into this whole ecosystem is – these project finance deals we think are interesting diversifiers for regular credit investors. They do come with construction risks, especially initially for the first two to three years till the data center is up and running. But on the flip side, you do get a lot of structural enhancements and creditor protections, which is something you don't see in the vast majority of the high yield market. So, I think a key shift in the framework that investors have to do for these deals is focus on asset-level risk, which is again, I think a big divergence from how the vast majority of the credit market trades, which is largely unsecured corporate-level risk that investors have been used to. Carolyn Campbell: All right. You just brought up construction risks. Do you think that's the biggest risk facing the high-yield investors today? Vishwas Patkar: Yes. I think for the high-yield deals in particular, construction risk is the dominant vector that investors are focused on. Because it's important to remember a lot of the debt issuers are first-time borrowers. And they have a limited track record of construction in the past. So, you could see potential delays and things like cost overruns that can affect sentiment on the sector. Or at least on specific bond deals. And this will be especially important to monitor going into the second half of the year, as we have some of the first delivery dates coming up for the deals in the sector that were announced last year. That being said, you know, even though some of the tenants have termination rights, if delays go beyond 180 days, our view is that given the structural power constraints, these termination rights are unlikely to be exercised. So, while construction milestones can affect sentiment and short-term valuations, we would look at any blips as buying opportunities in the space. Alright. So Carolyn, let me throw this back to you. So, construction risk clearly very important for the corporate credit market, especially for high yield investors. Is that something ABS investors or commercial mortgage-backed investors care about? And in what other ways are these asset classes different from corporate credit? Carolyn Campbell: Okay. So first and foremost, the biggest difference is that in securitized products, the assets are stabilized, they're cash flowing, they're online. We don't have that first vector of construction risk in our space. The second biggest difference is while in high yield and IG we've mostly seen – or we've entirely seen single campus, single tenant data centers; in securitization issuance, it's mostly multi-tenant, multi-asset, multi-regional, deals that have come to market. And so, it's a very different risk profile. And as a consequence, investors are focused not just on who is behind this one single lease and what are the termination rates, but what does the landscape look like in general for compute? How does that affect vacancy and churn rates? And then lastly, the issuers themselves are different. You talked about the crypto companies. You get a little bit more of the data center, data center construction. Whereas in securitized products, these are companies that have been around for 5, 10, 20 years. They're accustomed to managing a fleet of assets, dozens if not hundreds of tenants. They've got a little bit more of a track record for the most part, than the types of issuers we're seeing in the credit market. Vishwas Patkar: Your market post-construction, more leverage to the thematic of demand for compute – and how the AI investment cycle is playing out. Versus the corporate credit market, which is largely exposed to construction risks as the data centers get built out. So that's a very important difference.That being said, one theme that ties both our markets are just healthy fundamentals, but at the same time heavy supply. So, I talked about how we see that affecting our view on investment grade. How is that same tension showing up in securitized products? Carolyn Campbell: So exactly as you said, the fundamental story is very strong. We don't see deterioration in performance of the assets either that has happened yet or that we expect to come in the near term. So, it really is a technically driven story. Supply in this space, we're forecasting at around [$]30 billion for year, so smaller in magnitude, but relatively large for the market. That has very elevated supply expectations, and so as a consequence, we've seen spreads back up across the space. We do think that some of the cross-asset comparisons will help keep spreads contained from here. And so, we do see value in securitized credit across the stack for the rest of the year. Vishwas Patkar: All right. So, you brought up the cross-asset comparison. And so, we've discussed the fundamental differences in our market, how much issuance we expect. But, you know, just to end on a commercial note – if we are advising investors on where is the best relative value and what's the framework for comparing opportunities, how do you think about that? Where do we see value across the ecosystem? Carolyn Campbell: I mean, I think this is probably the biggest question that investors that are looking at this space are facing today. And there's... If we're thinking just about the data center backed assets, I think there are two main things. One is the asset itself, where we're focused on things like the geography, the tenant, the interconnectivity, the flexibility of this asset for multiple uses. And then the second is on the structure of the deal itself. How much leverage is being raised against the asset? How cash flowing is it? And then of course, the duration as well. But it's a great question. And because of the complexity of this space, it can be really hard to compare one to the other. Vishwas Patkar: Yeah. And, at the risk of providing a non-answer, I very much think investors are in the process of coming up with a framework because these deals have come very quickly. This is a new sector for most credit investors to analyze. But I think what we can say with a high degree of certainty is this is blurring the lines between corporate credit and securitized credit. So, you know, this opens up more avenues for us to collaborate on this topic going forward. Carolyn Campbell: All right. That's a great place for us to leave it today with that nice cross-collaboration. Vishwas, thank you so much for taking the time to talk. Vishwas Patkar: Great speaking with you, Caroline. Carolyn Campbell: Thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.
We are the Automotive Authority when it comes to car repair advice given over the air and on podcast. You can call us live and get your car questions answered for free. Here are todays callers. Why does my ABS activate by itself just before a stop sign? 14 Sierra Why is my check light out light on when my lights are good? 04 Volvo S60 Why is my 99 Mustang engine knocking? Fixing oil leaks on my 13 F150 ecoboost Subaru Cross Trek oil cooler update 65 Corvair oil and fuel additive 19 Escape randomly dies and won't crank 67 MGB how to stop rust in the fuel tank? 17 Subaru Outback using e15 13 e350 Mercedes runs bad after switching from e85 to regular fuel