Podcasts about Bankers Trust

Tom welcomes back David Kranzler of Investment Research Dynamics to the show. Dave discusses his perspectives on various risks that he sees in the current economic and geopolitical landscape. He expresses concerns about the growing federal debt load in the US and the potential implications of the dollar losing its status as the world's reserve currency. Kranzler also touches upon the geopolitical tensions between major powers like China, Russia, and the US, which he believes could lead to significant consequences for the global financial system if cooler heads don't prevail. On a more positive note, Kranzler emphasizes the potential opportunities in the mining sector, specifically gold and silver miners, as these metals continue to perform well during this economic climate. He highlights several companies that he believes have strong potential for growth. He shares his thoughts on the recent M&A activity in the mining industry and the implications of a potential shift towards a gold-backed currency monetary standard. Throughout the interview, Kranzler offers insights into his investment strategies, discussing the importance of due diligence and staying informed about economic and geopolitical developments while trying to enjoy life despite uncertain times. Time Stamp References:0:00 - Introduction0:58 - Ignoring Current Risks4:32 - U.S. Debt & DOGE7:10 - Trump & China Clash9:50 - Trillion Defense Budget12:08 - Global Dollar Trends14:58 - China T-Bill Holdings17:17 - Trust & Gold Holdings19:13 - Counterparty Risk24:35 - C.B. Secrecy27:56 - Gold Price & GSR31:00 - China Industry & Silver35:43 - Bank Reports & Gold39:12 - Thoughts on Bessent43:53 - A U.S. CBDC Coming?47:28 - Gold & Producers57:14 - Mergers & Acquisitions1:02:15 - Gold/Miner Downside?1:08:04 - Concluding Thoughts Guest Links:Substack: https://miningstockjournal.substack.comTwitter: https://twitter.com/InvResDynamicsWebsite: https://investmentresearchdynamics.comNewsletter: https://investmentresearchdynamics.com/mining-stock-journal David Kranzler spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, he traded junk bonds for Bankers Trust. Dave earned a master's degree in business administration from the University of Chicago, concentrating on accounting and finance. He writes a blog to help people understand and analyze what is going on in our financial system and economy.

Tom Bodrovics your host welcomes back Dave Kranzler from Investment Research Dynamics. Kranzler discusses the impact of the upcoming election on national debt and market conditions, expressing concern over the mounting deficit and lack of government spending reductions. He highlights the importance of military spending, handouts, and domestic spending in keeping the economy afloat, but warns of potential economic collapse without significant spending cuts. Kranzler expresses concerns about the U.S. Treasury and the Federal Reserve's gold holdings. He questions their true possession of reported reserves and lack of audits. Kranzler believes that liquidity, not monetary policy, is the crucial factor keeping markets and banks functioning in today's hyper-financialized economy. Despite the Fed's reduction in its balance sheet and hawkish monetary policy, M2 has continued to grow, and over $2 trillion has been drained from the reverse repo facility to finance the treasury deficit and prop up sagging markets. Kranzler expresses his belief that gold's price in dollars is setting up a favorable position and silver's cup-and-handle formation and industrial usage make it an attractive investment opportunity. He also shares his concerns about banks' actual silver positions, the opacity surrounding these positions, and potential consequences if hedge funds request delivery of actual bars from the COMEX market. Kranzler discusses the importance of understanding the production deficit in the silver market and investing in pure silver plays. He emphasizes that all stock purchases involve risk but is currently watching closely mid-tier producers. Kranzler also discusses the role of confidentiality agreements and feasibility studies in attracting larger companies to junior mining projects. He encourages investors to focus on a few stocks they believe in and learn how to analyze these stocks for potential returns. Time Stamp References:0:00 - Introduction0:42 - Election & Market Effects3:24 - Implosion Inevitable4:20 - U.S. Gold Audits & Fed11:57 - Liquidity & Banks16:09 - Fed's Next Move?20:36 - Precious Metals Outlook28:38 - Silver Production Deficit33:26 - Mexico & Mining?36:34 - Silver Miners?43:05 - Silver Speculation?44:44 - Eric Sprott47:07 - M&A Targets?50:23 - Feasibility Studies?55:10 - Streaming Agreements56:34 - Finding Value in Miners1:01:02 - Risks & Considerations1:05:39 - Wrap Up Talking Points From This Episode David's insights on the current state and future trends of the precious metals market. Kranzler expresses concern over mounting national debt and potential economic collapse without spending cuts. The role of royalties and streams in funding mining projects, and the pros and cons. Kranzler's advice to investors regarding focusing on a few stocks and analyzing them thoroughly. Guest Links:Twitter: https://twitter.com/InvResDynamicsWebsite: https://investmentresearchdynamics.comNewsletter: https://investmentresearchdynamics.com/mining-stock-journal David Kranzler spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, he traded junk bonds for Bankers Trust. Dave earned a master's degree in business administration from the University of Chicago, concentrating on accounting and finance. He writes a blog to help people understand and analyze what is going on in our financial system and economy.

Dave has over 30 years of experience managing risk across global markets. He is the founder and CIO of Convex Strategies, based in Singapore. Previously, he built and ran emerging markets trading at Fortress, RBS, Bankers Trust, and Bank of America. Dave shares insights about risk management, including identifying flaws in conventional risk frameworks.

Guest: Paul Warley CEO and President Ascent Solar Technologies Website: https://ascentsolar.com Ticker Symbol: ASTI Bio: Chief Executive Officer Prior to Ascent, Warley was president of Warley & Company LLC, a strategic advisory firm from 2015 to 2022 – providing executive management services, capital advisory, and M&A to middle-market companies in the service, construction, technology, oil & gas, clean energy, food, retail and green-building sectors. While at Warley & Company from 2018 to 2019, he was engaged as chief executive officer and CFO of 360Imaging, a provider of products and services for implant surgery and digital dentistry. From 2011 to 2015, Warley served clients in the alternative energy industry as a managing director and chief compliance officer with Deloitte Corporate Finance. From 1997 to 2011, Warley was managing director and region manager for GE Capital. From 1984 to 1997, Warley served as senior vice president with Bank of America and Bankers Trust. Company Bio: Backed by 20+ years of R&D, 17 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. (ASTI) is a leading provider of innovative, high-performance, flexible thin-film solar panels for use in scenarios where traditional rigid solar panels don't work. Ascent's photovoltaic (PV) modules have been deployed on space missions, multiple airborne vehicles, agrivoltaic installations, in industrial and commercial construction, and in consumer goods, revolutionizing the use cases and environments for solar power. Ascent Solar's Headquarters & Perovskite Manufacturing Center of Excellence are located in Thornton, Colorado. --- Support this podcast: https://podcasters.spotify.com/pod/show/smartmoneycircle/support

On today's podcast, we'll chat with two global asset-allocation specialists, Omar Aguilar from Charles Schwab and Sébastien Page from T. Rowe Price. Omar is CEO and chief investment officer for Schwab Asset Management. Before joining Schwab in 2011, he worked at a variety of firms including Financial Engines, ING Investment Management, Lehman Brothers, Merrill Lynch Investment Management, and Bankers Trust.And Sébastien Page is head of Global Multi-Asset Investing at T. Rowe Price, where he oversees a team of investment professionals dedicated to the firm's multi-asset portfolios. He's a member of T. Rowe Price's Asset Allocation Committee, and he's also a member of the Management Committee of T. Rowe Price Group. Prior to joining the firm in 2015, Sébastien was an executive vice president at Pimco, where he led a team focused on research and development of multi-asset solutions. And he was a senior managing director at State Street Global Markets before that.BackgroundBios: Omar AguilarSébastien PageBeyond Diversification: What Every Investor Needs to Know About Asset Allocation, by Sébastien PageCurrent Economic Environment“Eight Ways RIAs, Investors View Markets Over the Next Year: Schwab,” by Dinah Wisenberg Brin, thinkadvisor.com, June 14, 2024.“The Fed Will Now Focus on Unemployment and Labor Markets, Says Charles Schwab's Omar Aguilar,” Video interview on Closing Bell: Overtime, cnbc.com, July 15, 2024.“All Eyes on Central Banks,” 2024 Global Market Outlook Midyear Update, troweprice.com, June 2024.“Inflation's Ripple Effect on the Economy,” Market Overtime interview with Omar Aguilar, youtube.com.“Why a Weaker Jobs Market Is Sparking Recession Fears,” by Scott Horsley, npr.org, Aug. 2, 2024.“Inflation Coming Down Too Fast Could Hurt Earnings, Says T.Rowe Price's Sebastien Page,” Video interview on Closing Bell: Overtime, cnbc.com, Jan. 30, 2024.“The Four Horsemen of the Recession,” by Sébastien Page, linkedin.com, June 2, 2023.“US Economy in ‘Solid Position' Despite Slowing Job Growth, Says Schwab's Aguilar,” Video interview on Squawk on the Street, cnbc.com, Aug. 4, 2023.“Special Topic: Can the Fed Cut Rates With Financial Conditions This Loose?” by Sébastien Page, linkedin.com, June 27, 2024.“2024 Global Market Outlook: Tectonic Shifts Create New Opportunities,” by Arif Husain, Sébastien Page, and Justin Thomson, linkedin.com, Dec. 21, 2023.Asset Allocation“Perspective: Asset Classes Versus Risk Factors or Asset Classes and Risk Factors?” by Sébastien Page, The Journal of Portfolio Management, Dec. 31, 2023.“The Myth of Diversification Reconsidered,” by William Kinlaw, Mark Kritzman, Sébastien Page, and David Turkington, The Journal of Portfolio Management, August 2021.“Personalized Target-Date Funds,” by Kobby Aboagye, Sébastien Page, Louisa Schafer, and James Tzitzouris, The Journal of Portfolio Management, March 2024.“The Hottest Debate in Asset Allocation: Value vs. Growth Stocks,” by Sébastien Page, linkedin.com, April 25, 2024.“The Sector X-Ray,” by Sébastien Page, linkedin.com, Aug. 31, 2023.Valuation and Interest Rates“When Valuation Fails,” by Sébastien Page, linkedin.com, May 29, 2024.“Relative Valuation: A Crucial but Imperfect Guide,” by Sébastien Page, linkedin.com, Feb. 8, 2024.“Is the Market Broadening?” by Sébastien Page, linkedin.com, Jan. 8, 2024.“Let's Get Real (About Interest Rates),” by Sébastien Page, linkedin.com, March 7, 2024.Other“The Sahm Rule Recession Indicator Definition and How It's Calculated,” by Mallika Mitra, Investopedia.com, Aug. 5, 2024.

Dr. Ari Bergmann is the founder and Managing Principal of Penso Advisors, LLC, a New York-based global macro and risk management boutique specializing in derivatives structuring/trading and systemic risk mitigation. Prior to founding the firm in 1997, Dr. Bergmann was a Senior Managing Director at Bankers Trust.    Ari received a BTL from Ner Israel Rabbinical College in 1981 and furthered his graduate studies at many prestigious Yeshivot in Israel. He holds an MA and Ph.D. in Comparative Religion from Columbia University, where he studied with Professors Yosef Hayim Yerushalmi and David Weiss Halivni. Ari is an Adjunct Professor at Yeshiva University and before coming to YU, he taught at Columbia University and at the University of Pennsylvania. Ari lectures extensively in Israel, Brazil, Europe and the US on topics of Finance, Talmud and Jewish Thought. In this episode Ari discuesses lessons from the Talmud, and how money is fundraised and spent in the Orthodox Jewish Community    ►Ceremian (Alpert and Associates)   Achieve financial liberty   Email Alpertmoshe@gmail.com    Or call 718-644-1594    What's App Message Here- https://wa.link/w9hdyt __________________________________________   ►Colel Chabad Pushka App   The easiest way to give Tzedaka download the Pushka app today    https://pushka.cc/meaningful _____________________________________   ►Toveedo   The Jewish videos your kids will love all in one happy place!    Stream unlimited videos on your phone, tablet, laptop, desktop, and smart TV.    From new releases, to your favorite classics, and exclusive originals, there's always something new to discover.       See our full library on https://toveedo.com ______________________________________________   ►Nishmat, The Jeanie SchottensteinCenter for Advanced Torah Study   New Classes Start Srptember 8th!   For full class and registration, go to    https://2ly.link/1zLOz ______________________________________________________     ►Town Appliance    Visit https://www.townappliance.com   Message Town Appliance on WhatsApp: https://bit.ly/Townappliance_whatsap ______________________________________________________   ►

Dr. Pippa Malmgren is an American economist, technology entrepreneur, and author known for her expertise in global economics and geopolitics. She served as a Special Assistant to President George W. Bush for Economic Policy on the National Economic Council and was a member of the President's Working Groups on Financial Markets and Corporate Governance. Additionally, she advised on economic risks following 9/11, focusing on terrorism and technology as sources of geopolitical competitiveness. Dr. Malmgren has held significant positions in finance, including Chief Currency Strategist at Bankers Trust and Deputy Head of Global Strategy at UBS. She is the co-founder of H Robotics, a company specializing in commercial drone technology, and the founder of DRPM Group, which helps clients anticipate global economic trends. An accomplished author, her books include "Signals: How Everyday Signs Can Help Us Navigate the World's Turbulent Economy," "The Leadership Lab," and "The Infinite Leader," the latter two having won awards for their contributions to business and leadership literature. She is also a sought-after public speaker and has lectured at institutions such as Sandhurst and the Duke Fuqua Business School.

In this episode of the Grow Your Wealth podcast, we delve into the impressive career of Drew Bradford, a seasoned finance executive with over 30 years of experience in global financial markets. From his beginnings at Bankers Trust and Deutsche Bank to his significant leadership roles and current ventures in blockchain and cryptocurrency, Drew shares his journey and the strategic insights that have propelled him to success. He discusses the evolving landscape of global markets, strategic decision-making, and offers practical advice for both seasoned investors and newcomers alike. [00:00:00] - Introducing Drew Bradford [00:01:00] - Drew's Early Career and Background [00:05:00] - Importance of Relationships with Regulators [00:11:00] - Navigating Cultural Differences in Global Markets [00:15:00] - Pivotal Career Moments [00:19:00] - Challenges and Opportunities in Blockchain [00:21:00] - Tips for Aspiring Entrepreneurs [00:25:00] - Managing Risk and Strategic Decision Making [00:29:00] - Quickfire Questions Follow Drew: https://www.linkedin.com/in/drew-g-bradford iPartners Website: www.ipartners.com.au Register Here: https://ipartners.iplatforms.com.au/register/register-as-wholesale/ iPartners LinkedIn: https://www.linkedin.com/company/ipartners-pty-ltd Follow Travis Miller: https://www.linkedin.com/in/travismilleripartners

Tom welcomes back David Kranzler from InvestmentResearchDynamics.com and Mining Stock Journal to explore the precious metals market's current state, particularly during the summer months. Kranzler anticipates heightened demand in India's largest buying season despite typical decreased volumes. He addresses gold price manipulation by western central banks and institutions, highlighting the influence of eastern hemisphere markets like Shanghai. Banks, such as JP Morgan and Citigroup, dominate Comex trading, making substantial profits through short contracts, technical indicators, and sell stops. Central banks reportedly authorize these actions, making price manipulation lucrative. Kranzler remains optimistic about precious metals, predicting higher prices by the end of Q4 or mid-Q3. Dave shares past experiences in analyzing gold and silver markets by monitoring open interest and positions held by banks and hedge funds. He observes a correlation between net short bank positions and net long hedge fund positions, leading to price rallies or smashes. Reflecting on 2008, he recounts how the financial system's instability did not result in gold and silver price increases due to manipulation. Current concerns include regional banks and commercial real estate debt, potentially leading to another crisis and further precious metals market suppression. Well-run mining producers are thriving amidst rising gold and silver spreads versus production costs, acting like monetary printing presses. Junior project development companies face feast or famine situations, with some easily raising funds while others struggle. Institutional investors like Paul Singer and Stanley Druckenmiller invest in larger mining stocks for leverage effects. The speaker predicts a major shift into the mining sector once the stock market experiences a downturn, leading to price increases for gold, silver, and mining stocks by year-end. The podcast also touches upon the significant impact of Apple, Microsoft, and NVIDIA (the 'magnificent seven') on the stock market. These companies have driven most gains in the S&P 400 and NASDAQ 100. A catalyst, possibly a financial crisis, could trigger capital to shift from these stocks into the mining sector when investors need to liquidate quickly. This occurred in 2008 with Fidelity's funds investing in junior microcap mining companies due to their size. The speaker encourages precious metals sector investors to remain persistent despite current trends and anticipates price increases by year-end. 0:00 - Introduction0:44 - Summer Doldrums?3:30 - Mr. Slammy at Mkt. Opens7:10 - Eastern Pricing & Effects10:00 - Eastern Buying Demand11:20 - Bank Incentives & Metals14:54 - Price Predictions17:32 - Bank Status Now & 200824:39 - Low Grade Q.E. Chart28:29 - Feds 'Control' & Markets32:29 - Buy Now Don't Pay Later33:43 - Middle Class Decline?36:44 - Recession is Here?39:29 - CPI & Health Insurance43:52 - Miners & Capital Issues53:52 - Wrap Up Talking Points From This Episode Kranzler anticipates heightened demand during India's buying season despite decreased volumes and price manipulation by western central banks and institutions. Well-run mining producers are thriving amidst rising gold and silver spreads versus production costs, while junior project development companies face challenges. Institutional investors invest in larger mining stocks for leverage effects, predicting a major shift into the sector when the stock market experiences a downturn. Guest Links:Twitter: https://twitter.com/InvResDynamicsWebsite: https://investmentresearchdynamics.comNewsletter: https://investmentresearchdynamics.com/mining-stock-journalArticle: https://brownstone.org/articles/is-the-global-inflationary-depression-already-here/ David Kranzler spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, he traded junk bonds for Bankers Trust.

 #Classical Liberals: Joseph Stiglitz vs Friedrich Hayek as narrated by Richard Epstein https://www.hoover.org/research/progressive-confusion-about-human-welfare 1912 BANKERS TRUST

PREVIEW: #MAG7: Conversation with colleague Elizabeth Peek re the shakiness of the stock market built upon the success of a handful of big tech stocks -- reminding of the Nifty Fifty of the 1950s snd its disappointing end. Details tonight. 1912 Bankers Trust on Wall street

David Dredge is the Chief Investment Officer of Convex Strategies, which is an agnostic value investor in volatility. David has over 30 years experience managing risk across global markets. Prior to launching Convex Strategies, David served as a Managing Director and Portfolio Manager at Artradis Fund Management in Singapore, where he was responsible for the fixed income aspects of their volatility strategy. Earlier in his career, David built and ran Asian and Global EM trading businesses for RBS (ABN AMRO Group), Bankers Trust, and Bank of America. He currently sits on the Monetary Authority of Singapore Markets Committee (SFEMC). This podcast covers: the problem with the BoJ's timid hike, fiscal dominance and the need for bond buyers, how central banks have shifted goalposts on inflation, and much more.    Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive

In this episode of Pints of View, Gary Goldsmith talks to Kenny Lawrence about his career in finance and entrepreneurship.   They discuss Kenny's journey breaking into the elite world of banking and private equity without the typical pedigree, and how he was able to create success by thinking differently and adding value when companies needed help. Kenny rose through the ranks at banks like Bankers Trust and restructured troubled businesses. He also shares how he co-founded a drinks distribution company and acquired a stake in Red Bull early on.   You'll also learn about deals he worked on and some of the connections he made in the industry. Kenny provides advice on success in interviews and investing in yourself to control your own destiny.   In this episode you will hear:  Kenny's unconventional path from working at Her Majesty's Treasury to senior roles in banking Deals Kenny worked on and some of the connections he made in the industry  Advice on success in interviews and investing in yourself to control your own destiny   For more information about this episode, Gary's advisory services or the RDLC please email us on POV@garys.world   Follow us on Instagram https://www.instagram.com/pints_of_view_pod/   Pints Of View is the podcast hosted by socialite, in-demand Non-Exec Director, recruitment legend and all-around nice guy Gary Goldsmith. In this podcast, Gary opens up his eclectic Black Book of friends that ranges from international footballers, high street moguls, champion boxers, investment oracles, national team coaches, royal correspondents, business leaders, military special forces, sports club owners, scale-up experts and even conspiracy theorists with a sense of humour! They're all interesting, they've all got different stories, they've all got different backgrounds and they have all got lessons that you will learn a great deal from, alongside a fair few belly laughs too. Plus, as well as the amazing guests, you will also learn that there is a lot more to Gary Goldsmith than what the headlines might have had you believe! Far from just being a loveable rogue and famous royal Uncle, there are insights and wisdom shared that reveal why Gary has been integral to hundreds of millions of pounds of business growth over the years. So, join us for some real, raw and interesting chats down at the pub - yes, this show is really shot on location at an actual, working West End boozer!

Tom Bodrovics your host welcomes back Dave Kranzler from Investment Research Dynamics. They discuss the media interview with Vladimir Putin, the contemporary stock market, economic uncertainties, and potential financial reforms. Kranzler appreciates the Carlson interview as a rare example of genuine journalism that reveals Putin's motives and the U.S.' provocative interventions in stark contrast to the narratives of mainstream media. Speaking as an investor, Kranzler analyses the dominance of a few companies in the S&P, suggesting it to be an indicator of a stock market bubble. He posits that the Federal Reserve may be trying to avert a banking crisis by reinflating the bubble, but warns this could lead to inflation and social disparity. Recognizing vulnerabilities in the commercial real estate sector, Dave anticipates a black swan event caused by the overwhelming debt of $117 billion this year and over $1.5 trillion by 2025. The implications of escalating U.S federal debt are also discussed, suggesting the Federal Reserve may need to print more money if a significant foreign financier withdraws. They examine the deceptive representations in government economic reports and the prevailing economic hardships ignored by these reports. Despite partisan politics obstructing genuine reform, they urge for term limits and campaign finance reform, while recognizing the improbability of such changes without a societal reset. Dave stresses the importance of rigorous analysis rather than relying on company reports alone when investing, suggesting that companies like Snap and Tesla are overvalued. He predicts that the market may eventually favor companies producing essential raw materials, following a market crash. They comment on the current investment culture, dictated by momentum and technological influence, and advocate for traditional metrics and investing standards. Investments in well-run gold and silver companies are presented as a prime example of value stocks. Discussing market competitiveness, they denote the need for companies to maintain their share price, using Fortuna Silver as an example. Despite a temporary setback, its future prospects appear promising due to new discoveries and share buyouts. Despite the uncertainty and price manipulation in the precious metals sector, they remain optimistic of a future bull cycle, driven by factors such as high inflation, political instability, and geopolitical risks. International demand also provides a safety net for gold prices. Time Stamp References:0:00 - Introduction0:43 - Putin/Tucker Interview4:40 - Bias & Poking The Bear11:00 - S&P500 & Tech Bubbles15:05 - Perception & Risk20:54 - Looming Black Swans24:40 - Federal Debt Refinancing29:28 - GDP "Growth", CPI & Reality32:47 - The Silent Recession36:42 - Unfixable Problems41:00 - Pain Before Reset42:50 - Company Valuations49:26 - Miners & Valuations55:07 - Sentiment & Apathy58:08 - Metal Fundamentals1:03:52 - Market Behavior & Risk1:07:54 - Concluding Thoughts1:12:52 - Wrap Up Talking Points From This Episode Kranzler identifies a stock market bubble, warns of potential inflation and social disparity instigated by Federal Reserve actions. Discussions forecast a 'black swan event' in the commercial real estate sector and potential money printing due to increasing U.S. federal debt. Kranzler advocates for rigorous, unbiased investment analysis and prefers value stocks in gold and silver companies despite market uncertainties. Guest Links:Twitter: https://twitter.com/InvResDynamicsWebsite: https://investmentresearchdynamics.comNewsletter: https://investmentresearchdynamics.com/mining-stock-journal David Kranzler spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, he traded junk bonds for Bankers Trust. Dave earned a master's degree in business administration from the University of Chicago, concentrating on accounting and finance.

Episode Summary In this episode of the Solar Maverick Podcast, Benoy speaks with Paul Warley who is the CEO of Ascent Solar Technologies which is manufacturer of innovative, high performance, flexible thin-film solar panels for both existing and emerging agrivoltaic, space, and aerospace applications.  Paul talks about how thin-film solar will play a vital role with the renewable energy transition specially in space and agrivoltaics and the rapid rise of solar power in space. Benoy Thanjan Benoy Thanjan is the Founder and CEO of Reneu Energy and he is also an advisor for several solar startup companies.  He has extensive project origination, development, and financial experience in the renewable energy industry and in the environmental commodities market.   This includes initial site evaluation, permitting, financing, sourcing equipment, and negotiating the long-term energy and environmental commodities off-take agreements. He manages due diligence processes on land, permitting, and utility interconnection and is in charge of financing and structuring through Note to Proceed (“NTP”) to Commercial Operation Date (“COD”). Benoy composes teams suitable for all project development and construction tasks. He is also involved in project planning and pipeline financial modeling. He has been part of all sides of the transaction and this allows him to provide unique perspectives and value. Benoy has extensive experience in financial engineering to make solar projects profitable. Before founding Reneu Energy, he was the SREC Trader in the Project Finance Group for SolarCity which merged with Tesla in 2016.  He originated SREC trades with buyers and co-developed their SREC monetization and hedging strategy with the senior management of SolarCity to move into the east coast markets.  Benoy was the Vice President at Vanguard Energy Partners which is a national solar installer where he focused on project finance solutions for commercial scale solar projects.  He also worked for Ridgewood Renewable Power, a private equity fund, where he analyzed potential investments in renewable energy projects and worked on maximizing the financial return of the projects in the portfolio.  Benoy also worked on the sale of all of the renewable energy projects in Ridgewood's portfolio.   He was in the Energy Structured Finance practice for Deloitte & Touche and in Financial Advisory Services practice at Ernst & Young.  Benoy received his first experience in Finance as an intern at D.E. Shaw & Co., which is a global investment firm with 37 billion dollars in investment capital. He has a MBA in Finance from Rutgers University and a BS in Finance and Economics from the Stern School of Business at New York University.  Benoy was an Alumni Scholar at the Stern School of Business.     Paul Warley Prior to Ascent, Warley was president of Warley & Company LLC, a strategic advisory firm from 2015 to 2022 – providing executive management services, capital advisory, and M&A to middle-market companies in the service, construction, technology, oil & gas, clean energy, food, retail and green-building sectors. While at Warley & Company from 2018 to 2019, he was engaged as chief executive officer and CFO of 360Imaging, a provider of products and services for implant surgery and digital dentistry. From 2011 to 2015, Warley served clients in the alternative energy industry as a managing director and chief compliance officer with Deloitte Corporate Finance. From 1997 to 2011, Warley was managing director and region manager for GE Capital. From 1984 to 1997, Warley served as senior vice president with Bank of America and Bankers Trust.   Stay Connected: Benoy Thanjan Email: info@reneuenergy.com  LinkedIn: Benoy Thanjan Website: https://www.reneuenergy.com   Paul Warley Website:  https://ascentsolar.com/ Linkedin:  https://www.linkedin.com/in/paul-warley-015203a/   Our Sponsor: We would like to thank Schwerd Consulting for sponsoring this episode of the Solar Maverick Podcast. Schwerd Consulting is a leading solar consulting firm dedicated to design, engineering, owner representation and technical consulting in all areas of solar photovoltaics and energy storage for the Commercial & Industrial and Utility markets.  At Schwerd Consulting we like to say that We Know Solar. We don't just Do Solar. What sets us apart is our 100% focus on solar, while having an extensive background in building and utility engineering, and understanding the business of our clients. We are involved with the trends, technologies, vendors, policies, utilities, codes, and financial considerations for the industry. Therefore, value add for us is not just a slogan, it's what we practice in order to have loyal customers and gain trust. In its 9 years of business, Schwerd Consulting has provided services for approximately 1 GW of PV across over 800 sites and 17 US states plus the Caribbean.  Let Schwerd Consulting take the burden off you and bring ease and expertise in all areas of Engineering & Design or help you navigate the technical world of solar.  If you are interested in learning more about Schwerd Consulting, you can call 215-219-6718 or email to admin@schwerdconsulting.  Schwerd Consulting's website is www.schwerdconsulting.com.    

In this FESTIVE SPECIAL edition of our banking litigation podcast, we consider some recent cases that will be most relevant to in-house lawyers at banks and financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guests Mark Tanner, Charlotte Benton, Scott Warin, Tom Wyer, Catherine Bagge and Janelle Chang. You can find links to our blogs on the cases covered in this podcast below: - High Court refuses interim payment application in Russian sanctions-related litigation https://hsfnotes.com/bankinglitigation/2023/11/28/high-court-refuses-interim-payment-application-in-russian-sanctions-related-litigation/ - High Court finds that lender suffered no loss despite negligent valuation of security https://hsfnotes.com/bankinglitigation/2023/11/28/high-court-refuses-interim-payment-application-in-russian-sanctions-related-litigation/ - Privy Council considers Norwich Pharmacal and Bankers Trust disclosure orders against banks https://hsfnotes.com/bankinglitigation/2023/11/01/privy-council-considers-norwich-pharmacal-and-bankers-trust-disclosure-orders-against-banks/ - Company not ordered to disclose privileged documents to shareholders in context of late application in securities class action https://hsfnotes.com/litigation/2023/11/23/company-not-ordered-to-disclose-privileged-documents-to-shareholders-in-context-of-late-application-in-securities-class-action/ - Trilogy of decisions shows English courts' approach to granting anti-suit injunctions in support of foreign-seated arbitrations https://hsfnotes.com/bankinglitigation/2023/10/17/trilogy-of-decisions-shows-english-courts-approach-to-granting-anti-suit-injunctions-in-support-of-foreign-seated-arbitrations/ - High Court confirms that conscious "awareness" of a representation is an essential (and distinct) element to a claim for misrepresentation https://hsfnotes.com/bankinglitigation/2023/12/06/high-court-confirms-that-conscious-awareness-of-a-representation-is-an-essential-and-distinct-element-to-a-claim-for-misrepresentation/ Don't forget to subscribe to the banking litigation blog https://hsfnotes.com/bankinglitigation/subscribe/

In this FESTIVE SPECIAL edition of our banking litigation podcast, we consider some recent cases that will be most relevant to in-house lawyers at banks and financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guests Mark Tanner, Charlotte Benton, Scott Warin, Tom Wyer, Catherine Bagge and Janelle Chang.You can find links to our blogs on the cases covered in this podcast below:High Court refuses interim payment application in Russian sanctions-related litigationHigh Court finds that lender suffered no loss despite negligent valuation of securityPrivy Council considers Norwich Pharmacal and Bankers Trust disclosure orders against banksCompany not ordered to disclose privileged documents to shareholders in context of late application in securities class actionTrilogy of decisions shows English courts' approach to granting anti-suit injunctions in support of foreign-seated arbitrationsHigh Court confirms that conscious "awareness" of a representation is an essential (and distinct) element to a claim for misrepresentationDon't forget to subscribe to the banking litigation blog.

In today's episode Managing Partner, Tim Whybourne, sits down with David Bassanese, the Chief Economist for Betashares. In their discussion they cover everything from the current economic outlook and view of interest rates to the sustainability of the US debt position and why there is cause for optimism in markets over the coming 5-10 years.David is responsible for developing economic insights and portfolio construction strategies for adviser and retail clients. Prior to Betashares, David was an economic columnist for The Australian Financial Review (AFR) for over a decade. Prior to the AFR, David spent several years in the financial markets as a senior economist and interest rate strategist at Bankers Trust and Macquarie Bank. He started his career as a Commonwealth Treasury official, after which he spent three years as a research economist at the Organisation for Economic Cooperation and Development (OECD) in Paris, France. He graduated with first-class honours from the University of Adelaide, and a master's in public policy from the J.F. Kennedy School of Government at Harvard University.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

“Climate change is a matter now of extreme urgency.  Our failure to act is a failure of imagination but recent developments suggest the pace is picking up. Within asset management, climate change and specifically carbon emissions are central factors within the broader sustainability/ESG approach. Finance is a key conduit and asset managers now need to assess the climate risk within their investments.   The need to extract this information from the companies in which they invest will not only create greater transparency in terms of disclosing climate risk but it also  will force change on companies who are not making the necessary adjustments.” Jean-Jacques Barrow   Jean-Jacques Barrow, a member of the Harvard and Radcliffe class of 1992, shares his journey since graduating from Harvard. He began his career as an English major and moved to Paris for a four-month contract as an editorial assistant with the International Herald Tribune, which has since been rebranded the International New York Times. He learned about how journalism functions and how it is required that one serves their time on the periphery and provinces. One of his tasks was transcribing key data from the Bloomberg terminal for the financial section, so he began educating himself about the world of finance. After this position ended, he moved back to Geneva during a recession and took many jobs, including working at a construction work removal company. He eventually secured a job as an editor at Capital International, one of the world's largest asset managers where his job was to take minutes and write reports on investment meetings.    Working in Swiss Private Banking He was initially impatient to secure an opportunity in the investment industry, but eventually landed a job at Swiss private banking. The Swiss private banking industry was built around tax evasion and tax optimization, but over the last 20-25 years, the industry has changed due to pressures from the European Union and the US following many scandals. The industry has become more regulated, open, and legitimate, with a focus on decoding assets and legitimate tax optimization. He believes that the key driver for change in the industry is the pressure from the US around undeclared funds from people who had not survived the Second World War, particularly Jewish, deposited in Switzerland. This pressure has led to a shift in the industry's focus on decoding assets and legitimate tax optimization. Jean-Jacques shares what he learned about tax evasion when he moved to the investment desk and started his apprenticeship, knowing very little and learning on the job. He worked for Bankers Trust, which was a pivotal moment in his career, but it ended up collapsing due to the Russia bond crisis and Korea's aggressive approach. He learned the basis of implementation and focused on discretionary portfolio management. His experience in private banking was interesting, and he talks about the many interesting developments he witnessed. He was also involved in the world of events and geopolitical forces.  He later moved to the Royal Bank of Canada, where he was assigned to the French Canadian market and North American markets. However, due to the Canadian bank's regulated status, there was limited investment content based in Switzerland.    Investment Management, Social Entrepreneurship, and Microfinance Jean-Jacques decided to pivot towards investment management and pursued an executive MBA at INSEAD. He became interested in social entrepreneurship and microfinance. After graduating, he found himself in the midst of a potential slowdown in 2008, which was a challenging time for job opportunities. He found a disconnect between what microfinance was supposed to be and the reality. However, the initial concept has evolved, and he was inspired by the business model developed by Bangladeshi economist Muhammad Yunus, who aimed to help the poor with micro loans.   Sustainable Investing as a Growing Trend JJ talks about sustainable investing as a growing trend in the financial sector. This shift has been driven by the changing regulatory environment in Europe, which is becoming more strict about financial reporting on portfolio content. The screening process has evolved, with companies now actively screening companies within sensitive sectors, such as the extraction industry and energy banking. The process has also been refined, with a global climate 2035 portfolio focused on names and companies related to fighting climate change. This  approach is a reaction to the increasing regulatory environment in Europe, which is becoming more strict about financial reporting on portfolio content. He talks about investing in secondary markets and how investing in companies with technology can help support the emergence of technology in the mainstream. However, when investing in secondary markets, the capacity to generate changes may be muted. The regulators are pushing companies to be more explicit about their environmental risks and more detailed about the externalities they generate. This will drive change, if companies are not open about their environmental risk, they may face punishment from shareholders and public challenges in general meetings. In Switzerland, the collapse of a major Swiss bank, Credit Suisse, was a prime example of how minority shareholders pushed companies to exit investment banking to stop funding fossil fuels. This has led to the closure of investment banks and the need for companies to be more transparent about their environmental risks.   ESG Investing and Shareholder Power Jean-Jacques mentions the importance of ESG investing and its potential to drive change in the energy sector. He explains that ESG investing has outperformed the broader market over the last five years, with a natural quality bias and exposure to tech. However, the recent increase in enthusiasm for this style of investing in 2022 has led to delays in good intentions. He discusses the evolution of ESG investing in Europe, with companies realizing that stricter regulations will require more disclosure of information. This has led to companies realizing they need to be more open or push back. The energy sector is experiencing a shift towards clean energy from companies like Macau and BP, and moving towards electric generation and grid technologies. Despite the pessimistic mood in Europe, he believes there are reasons to be hopeful about the scale of investment and deployment. He points out that banks can add value by engaging and challenging major companies to change their remuneration policies and CEOs. He also emphasizes the importance of shareholder cooperation and the power of shareholders to influence corporate behavior. He cites the example of a company that failed to listen to dissenting shareholders, but he believes that if shareholders work together, they can make a significant difference in the industry.    The ESG Scorecard and How it Works JJ explains that analysts typically have a scorecard across ESG, with different industries having different weights. For example, in the mining industry, the environmental side is higher, and there are subset segments in terms of water usage, pollution risk, and other externalities. To have an ESG rating, a company must meet a certain score. The industry has a lot of topsy-turvy stuff going on, and some analysts don't consider Tesla to be eligible because of the GE and Tesla, the government side is diabolical, and Exxon has extraordinarily good governance. Companies with good ESG attract good talent, draw upon a broader pool of talented individuals, and have better employer loyalty. The urgency around emissions has led to a sense of urgency in engagement in company response, investment, fairs, exchanges, and industry discussions. He  explains that he played his cards differently in his first job at Capitol International by keeping his big mouth shut and being less confrontational. He learned to respect rules and respect rules in the American corporate environment, and he learned to source his views from different areas. He also appreciates that he has a different educational and career route, having attended Harvard and a level of intellectual curiosity. He emphasizes the importance of going off the intellectual print, orthodoxy, and looking beyond traditional sources. He advises interns and juniors to listen to other reports and sources, as it helps him understand viewpoints from classmates in different areas and doing different things.   Influential Courses and Professors at Harvard JJ discusses his time at Harvard and the two key takeaways he learned from his time there. He highlights the expository writing course he took as a freshman year and the masters swimming course, which he found to be a valuable source of learning. He also highlights the importance of being clear, concise, and succinct in his daily work, especially when dealing with an audience not necessarily in English. These two key takeaways have shaped his future, particularly in terms of his interests and the core curriculum. He mentions the Behavioral Biology and Evolution courses, as well professor Neil Wilson and professor Raymond Siever's class on geology, which exposed him to the world's cycles of physical life and the impact of man on the planet.    Recommended Reads: Saving the Plant without the Bullshit, Assaad Rarrock. Don't let the title put you off, this is good starting point. How the World Really Works, Vaclav Smil Makes clear the scope of the transition. Great reality check and myth buster.  Petroleum Papers. Geoff Dembicki  The role of energy companies in the current climate debate. I would not be long oil stocks… Learning to Die in the Anthropocene, Ray Scranton Bleak but an eye opener on the worst case scenario. Five Times Faster. Simon Sharpe. The author is active within government, policy making and the COP meetings. Very insightful, and great primer on why we are where we are. There is still time but we need to move five times faster. Useful Sources: Bloomberg Green, MSCI ESG. In terms of sustainability disclosure,  ISSB has launched  IFRS Sustainability Disclosure Standard (S1 General disclosures, S2 Climate related).   Timestamps: 02:16 The start of his career in finance 09:11 Pursuing a career in social entrepreneurship and micro finance 18:09 The evolution of sustainable investing 21:09 How sustainable investing makes a difference 25:51 ESG reporting requirements 27:42 The current state of the energy sector 30:55 How banks can add value to their shareholders 37:40 The ESG scorecard   CONTACT: LinkedIn: https://www.linkedin.com/in/jean-jacques-barrow-710a606/

Today we were delighted to host Dr. Pippa Malmgren. Pippa is an experienced economist, author, and speaker, served as an advisor to President George W. Bush, and has advised the British Cabinet and the Cabinets of several Asian nations on economic policy. She has held several significant positions throughout her career including Senior Advisor to Monaco Foundry and Avonhurst, Board Member at Premios Verdes, former Managing Director at Bankers Trust, and the author of several award-winning books. She is a founder and co-founder of tech ventures spanning robotics, cleantech, space, and more. We were thrilled to get Pippa's perspective on current global economic trends and geopolitical events. Our discussion explored a range of topics starting with Pippa's experience in the White House during 9/11 and her team's challenging task of re-creating a market for US Treasuries and re-opening the NYSE. Pippa shares her outlook on today's stress-filled geopolitical environment, the unique and often misunderstood relationship between the US and China, and why Pippa thinks the world is at a peak in geopolitical tension (and trending down from here). We discuss the potential for war between China and Taiwan, what surprises might happen there, geopolitics in Latin America including Chinese and Russian influence in the area, and the possibilities for the often-dismissed potential of space-based solar power. We then explore leadership and leaders around the world, Pippa's latest book “The Infinite Leader,” autocracy vs. democracy, Europe's seat at the table geopolitically, AI's potential and the importance of the human element and creativity, and more. We ended with Pippa's thoughts on the current culture at universities and her advice to all of us to shift from a “scarcity mindset” to the “possibility of abundance.” We look forward to continuing to follow Pippa's work on SubStack (linked here) and can't thank her enough for sharing her geopolitical wisdom, for stimulating our thinking, and for encouraging all of us to think outside our own boxes. Mike Bradley kicked us off by highlighting this week's FOMC meeting, noting that consensus was placing near zero odds for a rate hike at this meeting but roughly 50% odds of a rate hike at the next FOMC meeting. From a commodities standpoint, he highlighted that Brent and WTI prices surpassed $95/bbl. and $$92/bbl. respectively. He also noted that there was an interesting back and forth last week between the IEA (Financial Times Op-Ed from Fatih Birol linked here) and OPEC (statement linked here) regarding peak oil demand prior to 2030. He ended by highlighting that energy equities have lagged the surge in crude oil price, mostly because equity investors need to see how crude oil price trades when Saudi begins pushing crude barrels back into the market before there can be energy equity multiple expansion. Jeff Tillery shared a few observations of the public energy markets over the past 8-9 months, noting an overall trend towards normalcy in the energy sector. We greatly enjoyed the conversation with Pippa and hope you find it as interesting as we did. Thanks to you all!

El 17 de julio de 2008, la entonces presidenta Cristina Fernández de Kirchner daba a conocer la decisión política de impulsar la estatización de Aerolíneas Argentinas, Austral Líneas Aéreas y las demás empresas pertenecientes al Grupo Aerolíneas Argentinas. El 24 de julio, el Gobierno remitió al Congreso de la Nación el proyecto de estatización que fue aprobado el 22 de agosto en Diputados por 167 votos a favor y 79 en contra. Apenas unos días después, el 3 de septiembre, el proyecto fue sancionado por el Senado con 46 votos en favor y 21 en contra, convirtiéndose en la Ley 26.412 publicada en el Boletín Oficial el 22 de septiembre de 2008. Aerolíneas Argentinas nació en 1949 por un decreto del presidente Juan Domingo Perón, mediante la unión de cuatro aerolíneas y luego en 1979 la compañía se transformó en Sociedad del Estado. En los `90, durante la presidencia de Carlos Menem, el consorcio español Iberia se hizo cargo de la empresa, que cambió su razón social a Aerolíneas Argentinas S.A. La compañía se transfirió sin ningún pasivo, ya que antes el Estado absorbió su deuda. Iberia abonó 1610 millones de dólares en títulos públicos y apenas 260 millones en efectivo. Para conseguir el dinero, se endeudaron y transfirieron el pasivo a la cuenta de la propia Aerolíneas Argentinas. Vendieron oficinas comerciales en el país y el exterior, los simuladores de vuelo y las 28 aeronaves que conformaban la flota. También desmantelaron los talleres y levantaron decenas de rutas y escalas. Posteriormente, en 1996, accedieron al capital bancos de Estados Unidos, como Merrill Lynch, Bankers Trust, entrando también la aerolínea de Estados Unidos American Airlines. La situación no mejoró y en el 2000 se declararon en convocatoria de acreedores. En junio de 2001, Aerolíneas sufrió la peor crisis en su historia: se suspendieron vuelos a siete destinos internacionales y la aerolínea entró en convocatoria de acreedores. En julio del mismo año, la aerolínea Aero Continente presentó a la SEPI una oferta de compra de la empresa argentina por 100 millones de dólares. En octubre del 2001, el control de Aerolíneas Argentinas y Austral Líneas Aéreas se cedió al Grupo Marsans (un consorcio español formado por las aerolíneas privadas Spanair y Air Comet), que adquirió el 92,1 % de las acciones. Air Comet se equipó a través de las empresas del Grupo Aerolíneas: se basaron en los negocios de las empresas del Grupo Aerolíneas para apalancar el crecimiento de unidades de negocios distintas, como Air Comet Europa, Air Comet Chile, Marsans Internacional Argentina y Marsans Internacional Chile" que hizo llevar a Aerolíneas a un estado de precariedad extrema. El Grupo Marsans transfirió dinero, aviones y combustible para mantener las operaciones de Air Comet y Air Comet Chile. El 10 de julio de 2008, representantes del Estado argentino dentro del directorio del Grupo Aerolíneas, denunciaron a la empresa ante la Justicia, solicitando la intervención judicial. En ese contexto, la entonces presidenta Fernández de Kirchner anunció la reestatización de la línea de bandera. Lo recordamos a partir de testimonios conservados en el Archivo Histórico de Radio Nacional. Edición: Fabián Panizzi    

GUEST OVERVIEW: Jeff Morris has worked in financial services since graduating in Economics and Law from Sydney University in 1985. He became a Vice President of the investment bank Bankers Trust and worked for the Commonwealth Bank as a financial planner in 2008. He became a whistleblower to ASIC in 2008 and achieved a measure of vindication when CBA was hit with an enforceable undertaking and forced to compensate victims of malpractice. He suffered retaliation, including a death threat, was diagnosed with PTSD in 2011 and resigned from CBA in February 2013 with a resolve to pursue a Royal Commission into the banking industry, teaming up with journalist Adele Ferguson and Senator John 'Wacka' Williams to secure a Senate Inquiry in June 2013 as a first step. He testified and provided 9 submissions to the Inquiry. The Senate Inquiry reported in June 2014 and its' damning report fully vindicated Jeff Morris and endorsed the call for a Royal Commission. The Banking Royal Commission was finally called in December 2017, exposing egregious misconduct and fully vindicating the stance he had taken since 2008. Literally $Billions in compensation has been paid to victims of bank malpractice as a result of the fire lit by Jeff Morris. Both the Chairman and CEO of CBA eventually apologised to him personally.. His career in financial services was however ended by his whistle blowing. Today he tries to help others going through the whistle blowing journey and campaigns for the reform of whistle blower laws.

Clive Ponsonby graduated from Cambridge University as a Mathematician and then ventured into the dynamic and unpredictable world of Spot FX trading in the 1990s. This move was unconventional for someone with a highly academic background, transitioning to an environment dominated by fast-paced, streetwise, and quick-witted traders, many of whom hailed from non-academic backgrounds.Clive developed a deep passion for this wild world and quickly applied his own skills and abilities to excelling in this space. Over the next two decades, Clive thrived in FX trading, securing positions at some of the world's leading Investment Banks. His journey started at Bankers Trust, a renowned hub of trading talent in the 1980s and 1990s, followed by the Swiss Banking giant UBS, and finally culminating at JP Morgan, where he served as an Executive Director of FX trading until his departure from the banking world in 2018.In this interview, Clive candidly shares his experiences as a trader, delving into the challenges of applying various types of analysis in the trading process. He also explores the essential mindset, behaviours, and attitudes necessary for effective analysis in trading, while expressing his passion for the exhilarating trading floor atmosphere, particularly during significant events like the monthly Non-Farm Payrolls.Clive recounts some fascinating stories from across his career in major market-making roles, trading spot FX, forward FX, non-deliverable forwards, and rates products for various banks, including JP Morgan where he led a global team across three different time zones. Clive still trades on his own account, he also provides outstanding regular research as a currency fellow at ‘Hedder', where he contributes exceptional research as a currency fellow at 'Hedder,' providing high-quality analysis of currency markets. Hedder provide world-beating institutional-quality research which is available both to retail investors and high-end market, assisting them in making well-informed trading decisions. You can find out more about Hedder and the research work he does there at this link.Powering Performance in Global Markets AlphaMind brings powerful change, growth and development to people and businesses within global markets. Driven by a deep understanding of how markets work, and how people and businesses function within them, we partner with clients to create personal performance improvements that elevate returns across their trading activities.Go to the AlphaMind website to know more.

Peter Scholtz founded Scholtz & Company in 1994 and has over 30 years of professional investment experience. Following three years (1974-77) at Bankers Trust in New York, Peter attended Columbia Business School in 1978. After receiving his MBA, Peter joined Smith Barney where he worked for 14 years. At Smith Barney, Peter started in Institutional Equity Sales before becoming a Portfolio Manager after several years. In 1986, Peter was part of the initial team to create a customized, individually managed high net worth service which eventually grew to seven portfolio managers that invested over one billion dollars. While at Smith Barney, Peter developed some quantitative models in 1991 that represent the first investment quantitative work ever done at Smith Barney. These models focused on earnings estimate revisions, earnings surprises and relative stock strength. These models today are used for screening stock ideas for investigation. Peter graduated with a B.S. degree in Economics from Ohio Wesleyan University in 1974 and an MBA from Columbia University in 1979. Additionally, Peter Scholtz has passed several licensing exams including the Series 65, 63, 7, and 5. Peter currently lives in Darien, CT with his wife of over 35 years. In his free time, he enjoys sailing, fishing, swimming and spending time with his three children and three grandchildren.   Listen to this insightful RIA episode with Peter Scholtz about being the first quant. Here is what to expect on this week's show: - How running a company perfectly isn't cheap and they outperform others in the long run. - Why you want to buy a good company for fair price instead of a bad company for a cheap price. - How AI can't predict human emotion which is what drives the market. - How the stock market can stay irrational longer than you can stay solvent. - How when the Fed speaks the market automatically moves.   Connect with Peter: Links Mentioned: https://www.scholtzandco.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Tom welcomes back David Kranzler of Investment Research Dynamics to the show. David discusses how companies often reframe their results to be more "socially acceptable". During the tech bubble the game of earnings management evolved; analyst's influence drove the consensus estimates down and then, when the company beat the estimates, it painted a manipulated picture of their financial standing. David explains the effect that higher rates have on the housing sector; many households are already overstretched and not prepared to pay for house payments when interest rates increase. We are beginning to return to the liar loan phase which helped cause the 2008 housing crisis with Mortgage-Backed Securities. Similarly, auto loans are also being bundled with both prime quality and riskier loans being sold to investors. The financial system is dependent on continued growth of the money supply, which drives it. However, if the increase is pulled back too quickly, the entire system can collapse, which will eventually happen. Lastly, David urges people to ignore mainstream media and do their own research. Time Stamp References:0:00 - Introduction0:40 - Reframing Results10:31 - Rates & Housing Impacts18:45 - Lending Shenanigans24:49 - Banking Crises & Rates29:44 - Inflation Themes & M244:50 - Gold & Monetary Systems49:22 - Confidence in Miners?56:33 - Mining Risk & Returns57:45 - Gold & Rising Tides1:00:00 - Putting a Pin In It Talking Points From This Episode Factors driving the debt cycle globally.Why we're in a dangerous period with housing and auto loans .Risks around earnings and company financials statements. Guest Links:Twitter: https://twitter.com/InvResDynamicsWebsite: https://investmentresearchdynamics.comNewsletter: https://investmentresearchdynamics.com/mining-stock-journal David Kranzler spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, he traded junk bonds for Bankers Trust. Dave earned a master's degree in business administration from the University of Chicago, concentrating on accounting and finance. He writes a blog to help people understand and analyze what is going on in our financial system and economy.

Episode SummaryUrsula Spencer is a super dope nerd. She is a Black woman in STEM who has overcome all the -isms to lead her own company that serves kids all over the world.  Early on in her career, she took ownership and wrote her own path. She is an entrepreneur and tech guru that is investing in our future through Dope Nerds and AR/VR. This episode takes the listener through some of her past experiences and give insight into why she feels so strongly about giving back to the community and bringing young, gifted, and Black students into the world of tech. Ursula Spencer BioThe founder of Dope Nerds is a self-taught technologist and accomplished tech entrepreneur. At the young age of 11, she taught herself how to hack and launched her first tech company at 21 years of age. With over 30 years of experience as a Sr. Consultant, Subject Matter Expert, and Technical Advisor, she has worked for organizations such as the Federal Reserve Bank, Chase, and Bankers Trust, ultimately leading technology teams for the Federal Reserve System's twelve banks. Her interest in virtual reality began in 2009 when she became an early adopter of online virtual worlds to understand its potential impact on industries beyond entertainment and gaming. In 2019, she founded Dope Nerds as a brand, focusing on leveraging her technical expertise to provide innovative and impactful learning experiences for youth and under-represented communities. Website: https://dopenerds.techLinkedin: https://www.linkedin.com/in/ursulaspencer/ Buzzsprout - Let's get your podcast launched! Start for FREEDisclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the showYou can find out more information about Dr. Toshia here:https://www.drtoshia.comSTEMming in Stilettos Youtube Channel: https://youtu.be/xAc25J7UH9A

Alejandro Muñoz regresa a Value School para explicarnos cómo invertir en compañías con negocios robustos capaces de prosperar en un entorno inflacionario. Para respaldar sus conclusiones analizará algunas de las inversiones que integran la cartera Equam y comentará su desempeño a lo largo del año 2022. Alejandro Muñoz es cofundador, socio y gestor de fondos de Equam Capital. Antes de crear Equam trabajó durante ocho años como gestor de carteras en March Gestión y Angulo Verde Sicav. Antes fue director de inversiones en capital público y privado de Corporación Financiera Alba y analista de M&A en Bankers Trust.  Alejandro es licenciado en Derecho y en Administración de Empresas por ICADE y máster en Políticas Públicas. También es profesor de value investing en OMMA Business School.   Si te ha gustado el programa, déjanos un comentario y danos una valoración alta en la plataforma donde lo hayas escuchado. No olvides darte de alta en www.valueschool.es para obtener información sobre nuestras actividades y acceder a todo nuestro material gratuito. Recuerda que también puedes seguirnos en Facebook, Twitter, Instagram, LinkedIn y en nuestro canal de YouTube. (Música: "Corporate Innovative" by Scott Holmes). http://www.scottholmesmusic.com 

This episode is sponsored by Amber Group Jim Leitner serves as President of Falcon Management Corporation and CIO of Falcon Family L.P., a family office. Previously, he worked as a foreign exchange trader at Morgan Guaranty, as Chief Dealer at Bank of America International, as Vice President for proprietary trading at Shearson Lehman and as Managing Director in the Global Trading Department at Bankers Trust. Jim was a member of the Yale Investment Committee from 2004 through to 2010. In this podcast we discuss why inflation could be more persistent, thoughts on bank crises, owning rather than using options, and much more.   Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive

Inflation is a term that has been on everyone's lips recently. For investors and policymakers alike, staying on top of the latest trends in the inflation market is essential for making informed decisions about their investments and financial strategies.  In this episode, Rusty and Robyn talk with Michael Ashton, a.k.a. The Inflation Guy. Michael, Managing Principal at Enduring Investments, is one of the pioneers in U.S. inflation market innovation. Since 2003, Michael has played a role in developing the U.S. inflation derivatives markets and is a subject matter expert on inflation products and inflation trading. Before founding Enduring Investments, Michael worked in research, sales, and trading for several large investment banks, including Bankers Trust, Barclays Capital, and J.P. Morgan. Michael talks with Rusty and Robyn about inflation and economics from a trader's seat. He speaks about his inflation outlook, how people should think and respond to inflation, and what makes a good trader. Key Takeaways [03:32] - An overview of Michael's professional history. [05:36] - What Michael says about the current inflation environment. [06:43] - Michael's outlook for inflation for the rest of the year. [10:49] - How people should think about inflation. [11:28] - What Michael has to say about the Fed's efforts to combat inflation. [13:44] - Why the markets are more optimistic about inflation dropping right now. [16:08] - Michael's outlook on interest rates, stocks, and real assets. [19:38] - What the government debt levels mean for the economy and the markets. [24:39] - How investors should manage their portfolios in an inflationary environment. [28:57] - How investors and advisors should think about high-frequency economic data.  [31:05] - Michael's approach to using consensus expectations and surveys. [35:53] - What Michael meant when he said boredom is winning. [37:51] - How AI is going to change investing. [41:56] - What Michael advises people about consuming content. [45:05] - Michael's favorite investment idea. [47:06] - How Michael maintains his energy to perform at his best. Quotes [06:17] - "The inflation derivatives markets are pricing in that inflation would reach two and a quarter by June, and that's just not going to happen. Core inflation and median inflation will take a long time to get back to any semblance of what we thought and what used to be normal. And when I say a long time, I mean years." ~ Michael Ashton [10:50] - "The debate coming into this year wasn't whether inflation would decline as much as the market thought. The question was, when does everyone realize that inflation won't be 2% by the middle of the year?" ~ Michael Ashton [24:55] - "One of the things that happen when you get to higher inflation, in addition to having more volatile inflation, is all of the financial variables get more volatile. You need to diversify more than you otherwise would have in real assets, particularly commodities." ~ Michael Ashton Links  Michael Ashton on LinkedIn Michael Ashton on Twitter Enduring Investments Cents and Sensibility: The Inflation Guy Podcast Lampshades on Fire by Modest Mouse J.P. Morgan Barclays Corporate and Investment Bank Deutsche Bank John Huston Trinity University The Magnus Archives Inflation Guy Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 0584-OPS-2/23/2023

Good morning and happy Friday! Today we are excited to be joined by Maria Milis, Fixed Income credit specialist at Barrenjoey. With over 20 years of industry experience across markets, Maria shares her expertise and incredible journey in today's episode. Maria has had an impressive career in the financial services industry providing senior sales coverage to clients on Australian Dollar / New Zealand Dollar credit and rates products, with a recent focus on credit and securitisation markets. Throughout her corporate career, Maria has completed roles at Westpac, UBS, Bankers Trust and Macquarie Bank prior to joining Barrenjoey. Maria gives us insights into her non-linear career path, talking to the benefits of taking a career-break and living overseas. She speaks to the amazing experience of immersing yourself in different cultures and how her mindset has evolved across the years. Maria is very passionate about family and provides us with insights into her early and evolving experiences of work-life balance and fundamentally the developments and strengths which come with the flexibility which working from home provides. Finally, she offers advice to students exploring career options at all stages including both those at university only entering the workforce to individuals fully i in the workforce. Show your support for BoW Talks by subscribing on Apple Podcasts or following on Spotify. Alternatively, you can leave a review on Apple Podcasts. Looking to join Banking on Women? Connect with us on Instagram, LinkedIn or visit our website. Looking to collaborate on BoW Talks episode? Say hi at podcast.director@bankingonwomen.org.au

This is Stephen Schmidt from the Gazette digital news desk and I'm here with your update for Friday, February 17.Friday will be cold, but still not too bad for February-- and then it will warm up again over the weekend. According to the National Weather Service it will be sunny, with a high near 21 degrees. The wind chill values will be as low as -5 degrees. On Friday night it will be clear, with the temperature rising to 1 degree below the high at 20 degrees. Nearly five years after the “newbo evolve” festival featuring national recording stars and reality TV personalities turned into a financial debacle instead of a signature event, two of its key organizers were ordered Thursday to report to prison and pay over $1 million to a bank they defrauded to help bankroll it.Doug S. Hargrave, 56, now of Puyallup, Wash., and Aaron McCreight, 47, now of Dothan, Ala., each pleaded guilty last year in U.S. District Court to one felony count each of bank fraud.Hargrave was sentenced to 15 months and McCreight was sentenced to 18 months in prison. The two also are jointly liable for $1.4 million in restitution to be paid to Bankers Trust.The 2018 three-day festival featured headliners Kelly Clarkson and Maroon 5, and speakers including fashion designers Carson Kressley and Christian Siriano, filmmaker John Waters, woodworker Clint Harp and U.S. Olympian Adam Rippon, among others.During Hargrave's plea hearing last year, he admitted that before the festival he sent a fraudulent budget, under McCreight's direction, to Bankers Trust in support of a request for an increased loan. The budget misrepresented how many tickets already had been sold and how many more ticket sales were anticipated.Cash awards for pain, suffering and other non-economic complications from medical malpractice lawsuits will be capped under a new provision signed into law Thursday by Iowa Gov. Kim Reynolds.Those non-economic damages in medical malpractice cases are now capped at $2 million for cases in which a hospital is found to be at fault, and $1 million when the doctor is at fault.The new law, which becomes effective immediately, does not cap jury awards for economic or punitive damages.Proponents of the legislation said it's needed to help contain insurance costs for hospitals, and to help recruit and retain doctors, especially in rural areas of the state. While opponents pointed out that most malpractice cases do not go to trial, and states without caps are having trouble recruiting doctors as well.While efforts stalled last year, U.S. Sens. Chuck Grassley, R-Iowa, and Amy Klobuchar, D-Minn., say they have new confidence a pair of bills they are pushing forward can pass this Congress and help Americans save millions each month on prescription drug costs.The bills — the Preserve Access to Affordable Generics and Biosimilars Act and the Stop STALLING Act — recently passed the Senate Judiciary Committee with strong bipartisan support.The bills would limit larger pharmaceutical companies from trying to keep generic forms of certain prescription drugs from going to market. In some cases, Klobuchar and Grassley say, the bigger companies pay the generic drugmakers to keep the cheaper products off store shelves or even try to stop the approval process.

Welcome to the 65th Episode of the #100MasterCoaches​ Show. In this episode, Mel interviews Andrew Sheridan from Luxembourg. Andrew is a Certified Professional Co-Active Coach (CPCC), holds the Master Certified Coach (ICF), and is a founder, past (and once again current) President of the ICF Luxembourg Chapter. Andrew is a founding partner of several international firms specializing in organizational development and change management, with a strong focus on leadership impact, emotional intelligence, and effective communication. Andrew's early career was in international banking, where he spent 10 years working as a sales and relationship manager in the securities divisions of Bankers Trust and Deutsche Bank. Managing a portfolio of institutional clients including ABN Amro Bank, Bank of England, and Barclays among others, Andrew went on to become Vice President of Sales for Benelux. In 2007, he left the corporate world and undertook in-depth study and research in the fields of social science, psychology, and management theory at the Australian College of Applied Psychology in Brisbane. He further strengthened his skills within the coaching arena by pursuing professional accreditation at the highest industry standards, and is also a certified Process Communication Coach, using the tools of transactional analysis to help develop client awareness regarding impact and behaviour. Andrew is also certified in the use of the Leadership Circle 360 Profile as well as being a Team Diagnostic Assessment Facilitator for Team Coaching International. Andrew is a current senior member of the CTI faculty, delivering coach training programs globally in both English and French, in public and organizational forums. He also carries out Certification, Supervisory, and Examiner roles for students undergoing professional accreditation. Andrew is also part of Google's Internal Mastery Faculty Team, delivering online and in-person events to their global community. In recent years, Andrew has worked extensively with General Managers, Country Managers, and Executive Committees in a wide range of industries. Both a Luxembourgish and British national, Andrew has lived in Luxembourg, Germany, Australia, the UK, Malaysia, and Hong Kong. His central European upbringing coupled with an extensive work focus in the Asia Pacific have shaped his strong interest in cultural communication and diversity. Fluent in French and with strong working knowledge of German, Andrew is currently based in both Luxembourg and Hong Kong. Desire to become a Master Coach like Andrew? Then start your transformative coaching journey here at Catalyst Coach. www.catalystcoach.live.

The cybersecurity landscape continues to evolve. Health Care Companies Are the #1 Target for Cyberattacks and Data Breaches. The pace of the release of cybersecurity guidance and regulations for medical devices across the globe has been accelerating. Globally, some regulatory bodies have restricted their guidance to premarket concerns, and others have provided guidelines to include post-market considerations. One of the key tenants of all post-market cybersecurity guidance and regulations is the manufacturer's responsibility to evaluate and maintain their product cybersecurity continually. This additional level of scrutiny and regulations only increases the need to act now. To prepare for and combat these cyberattacks, healthcare companies must make the necessary investments in people, processes, and technology. A reactive approach to cybersecurity is no longer feasible. It's time to anticipate and prevent these attacks before they even arrive. Learn in this episode how new, predictive technologies analyze past threats to identify future threats. Ideally, this results in the detection of potentially harmful files or behaviors before an attack is successful.   About Our Speaker: As Ortho Clinical Diagnostic's Chief Information Security Officer, Patty Ryan is responsible for defining the firm's global Information Security strategy, roadmap, and operating infrastructure. Partnering globally with IT, Compliance, Commercial, Regulatory, Legal, Quality, R&D, and Strategic Marketing resources, she ensures that all Information Security controls operate effectively and efficiently, that staff is aware of their responsibility to protect client and proprietary information, and that the security team defines and manages information risk appropriately. Patty has over 30 years of IT experience, over half of that in Information Security executive positions. She has worked in financial services (Bankers Trust, Citi, CitiStreet), life sciences (Johnson & Johnson), and legal (Fragomen, Del Rey, Bernsen, and Loewy LLP) and brings a wide range of experience to Ortho. She holds a BA in Economics from Columbia College, Columbia University, and an Executive MBA from the Stern School of Business at New York University. 

Basil Demeroutis (@Basil_FORE) is the Managing Partner of FORE Partnership, a purpose-driven real estate investment firm active in the UK and Western Europe. Basil founded FORE Partnership believing in a low carbon future in which property can be a force for social good and his mission has been to prove that driving environmental sustainability and positive social outcomes is good for investors' financial returns. Basil is passionate about sustainable property and has aligned FORE Partnership's investment strategy with his, and the company's investors' core values.Born in Toronto, Basil studied Aerospace Engineering at Cornell University thinking that he would work for NASA or at the Jet Propulsion Lab building rovers and spacecraft. In the end, after he graduated, he changed his mind and began his career in finance at the Bankers Trust analyst training program in the United States, after feeling that engineering was too slow moving for him in terms of making an impact. After five years there, he moved to Bear Stearns and eventually moved to London.After spending a total of eleven years in asset finance, where he was financing everything from ships and aircraft to satellites and real estate, Basil made the move from advising people on real estate investing, to actually becoming an investor in real estate and joined Jargonnant Partners in Germany, as Managing Partner. In 2008, he became a Partner at Capricorn Investment Group, the family office of Jeff Skoll, before founding FORE Partnership in 2012.In this episode, we discuss the integration of social and environmental impact in the built environment, how Basil puts the “E” and the “S” into their real estate projects. We hear about some of FORE's projects and examples of the real social impact they have made, and we get a true definition of social impact and what it really means. We discuss how social impact can be measured in the real estate arena and the future of biodiversity within real estate investment. Basil also discusses why he decided to forgo a typical private equity structure that pits GPs against LPs when he set up FORE's unique ‘club' structure, how FORE became one of the first real estate investors to become a certified B Corporation, and a whole lot more.Show notes: https://sri360.com/podcast/basil-demeroutisAbout the SRI 360° Podcast: The SRI 360° Podcast is focused exclusively on sustainable & responsible investing. In each episode, Scott Arnell interviews a world-class investor who is an accomplished practitioner from all asset classes. In my interviews, I cover everything from their early personal journeys—and what motivated and attracted them to commit their life energy to SRI—to insights on how they developed and executed their investment strategies and what challenges they face today. Each episode is a chance to go way below the surface with these impressive people and gain additional insights and useful lessons from professional investors. Connect with SRI 360°: Sign up for the free weekly email update: https://sri360.com/newsletter/ Visit the SRI 360° PODCAST: https://sri360.com/podcast/ Visit the SRI 360° WEBSITE: https://sri360.com/ Follow SRI 360° on TWITTER: https://twitter.com/SRI360Growth/Follow SRI 360° on FACEBOOK: https://www.facebook.com/SRI360Growth/

GUEST OVERVIEW: Jeff Morris has worked in financial services since graduating in Economics and Law from Sydney University in 1985. He became a Vice President of the investment bank Bankers Trust and worked for the Commonwealth Bank as a financial planner in 2008. He became a whistleblower to ASIC in 2008 and achieved a measure of vindication when CBA was hit with an enforceable undertaking and forced to compensate victims of malpractice. He suffered retaliation, including a death threat, was diagnosed with PTSD in 2011 and resigned from CBA in February 2013 with a resolve to pursue a Royal Commission into the banking industry, teaming up with journalist Adele Ferguson and Senator John 'Wacka' Williams to secure a Senate Inquiry in June 2013 as a first step. He testified and provided 9 submissions to the Inquiry. The Senate Inquiry reported in June 2014 and its' damning report fully vindicated Jeff Morris and endorsed the call for a Royal Commission. The Banking Royal Commission was finally called in December 2017, exposing egregious misconduct and fully vindicating the stance he had taken since 2008. Literally $Billions in compensation has been paid to victims of bank malpractice as a result of the fire lit by Jeff Morris. Both the Chairman and CEO of CBA eventually apologised to him personally. His career in financial services was however ended by his whistle blowing. Today he tries to help others going through the whistle blowing journey and campaigns for the reform of whistle blower laws.

La caída o crash del mercado mundial de 1987 fue una grave crisis que comenzó en Hong Kong y, rápidamente, se extendió hasta Europa y Estados Unidos. Sin embargo, una de sus principales víctimas fue Nueva Zelanda, que experimentó caídas cercanas al 60% de sus mercados bursátiles. Durante la jornada Andy Krieger, un joven trader de divisas de Bankers Trust, decidió apostarle al dólar neozelándes o kiwi, pero no como otros lo harían. De hecho, tomó una posición en corto “en contra” de esa moneda que estaba valorada en cientos de millones de dólares. Es decir que buscó ganar dinero con su caída.

This episode of the CRA Podcast highlights the community development work of Joshua Kummer of Bankers Trust. Joshua is the bank's CRA and Fair Banking Officer overseeing the bank's Fair Banking Program, which includes CRA, Fair Lending, HMDA, UDAAP, and Complaint Management. You will find Joshua to be very passionate about this work and this episode shares the high impact community development partnerships he has forged within his community. Not only does he have the heart for this work; you will also hear how his passion and drive has helped Bankers Trust sustain an Outstanding Community Reinvestment Act (CRA) rating!Here are the programs that are referenced within the episode:Community Development Financial Institutions (CDFI) Involvement Iowa Community CapitalSolidarity Microfinance is a non-profit program of Iowa Community Capital to create economicopportunities through small business loans, training and support, and savings services.ICC's Solidarity Microfinance program provides small loans of $500 to $8000, savings services, and financial learning opportunities for eligible low-income entrepreneurs in the Greater Des Moines Metro Area. The Solidarity Microfinance program uses Grameen peer-group lending methodology and targets women entrepreneurs from diverse new resident cultures. Neighborhood Finance CorporationNFC provides unique lending programs and other services to facilitate neighborhood revitalization in Polk County and Cedar Rapids, Iowa through partnerships with residents, governments, community-based organizations, lending institutions and the business community. For more information on our programs and services, please visit our Loan Programs page. NFC is a proud Chartered Member of NeighborWorks America. TrellisTrellis (originally started as Neighborhood Housing Services of Phoenix) was formed in 1975 with help from the City of Phoenix and NeighborWorks America. NeighborWorks America is a national nonprofit organization, federally funded by appropriations from Congress that provide financial support, technical assistance and training for community-based revitalization efforts in all 50 states.Access to homeownership is for all of us. Individuals and families become stable and more economically secure; neighborhoods become vital, active communities; and cities gain jobs and tax revenues. It's an investment with positive returns for everyone.                Other Community Involvement InitiativesHOME, Inc.HOME, Inc. is the oldest private nonprofit housing organization in Des Moines. Our mission is to meet individuals and families where they are in their housing journey. We surround our clients with compassion, support, and education so they feel empowered to make a safe, stable home for themselves or their family.  To accomplish our mission, we…– Provide counseling and education to help people become successful homeowners, landlords, and tenants.– Develop, rehab, and build affordable housing units.– Help families through counseling and education to become homeowners.          Newtown Community Development CorporationOur mission is to help people improve their financial well-being while strengthening communities through education, counseling, coaching, and the development and stewardship of permanently affordable homes.Newtown Community Development Corporation (Newtown) is a Tempe-based nonprofit founded in 1994. Newtown is recognized throughout the Phoenix Metro Area as a leading provider of homebuyer education, homeownership counseling, credit counseling, financial coaching, financial literacy education, and down-payment assistance. Newtown is a HUD-Approved Housing Counseling Agency and adheres to national industry standards for homeownership education and counseling.  Services are provided in English and Spanish.Newtown also operates an innovative Community Land Trust, which builds and renovates permanently affordable houses, providing successful homeownership opportunities for generations of lower-income families. Created in 2001, Newtown's Community Land Trust is the largest in Arizona with homes across Maricopa County.BIOJoshua Kummer is the AVP, Fair Banking Officer at Bankers Trust; Iowa's largest privately owned bank headquartered in Des Moines, Iowa with assets totaling over $6 billion. The bank operates branches in Central Iowa, Cedar Rapids, IA, and Phoenix, AZ, as has offices in Omaha, NE and Sioux Falls, SD. Joshua started his banking career over 11 years ago as a part-time teller while attending college. Since then, he's held various positions including Personal Banker, Sales & Service Manager, Branch Manager, CRA Officer and now Fair Banking Officer. He holds two compliance-related certifications: Certified Community Bank Compliance Officer (CCBCO) and Fair Lending Expert (FLE). He is also involved in his community and currently sits on the Neighborhood Finance Corporation Board of Directors, Greater DesMoines Habitat for Humanity Access to Credit Committee, Iowa Bankers Association DEI Committee and Special Olympics Iowa Fundraising Committee. Joshua has a passion for ensuring customers receive fair and equitable treatment while banking with Bankers Trust and advocates for those with limited financialresources. Bankers Trust: As Iowa's largest privately owned bank, Bankers Trust serves the personal and business banking, lending and wealth management needs of our community.Bankers Trust Core Value: CommunityWe will strive to be the best corporate citizen by supporting diverse community organizations, both financially and through employee volunteerism. We invest in the community by nurturing and encouraging growth, stability and continued success.

En décembre 1990, Jeff Bezos quitte la Bankers Trust pour travailler chez D.E Shaw, un fond spéculatif qui utilise des programmes informatiques pour prendre des décisions... Learn more about your ad choices. Visit megaphone.fm/adchoices

In 2007, Dr. Ari Bergmann saw an iceberg approaching. Looking at the housing market, Dr. Bergmann's firm (then called Sentinel Advisors) noticed the leverage of the banks increasing and the banks' exposure to the housing market increasing—but no one seemed to be hedging the risk. After recognizing the house-of-cards situation, the team decided to open their own overlay, betting against the banks.   Dr. Bergmann is adamant that a strong hedging strategy is not designed to be an “insurance policy.” After all, the insurance companies are the only ones making the money, not the policy owners. The ideal strategy must also make money over the market cycle—a criteria that many hedge funds fail to meet.   Always a student of the market, Dr. Bergmann shares, “The market is greater than you, and that is something that always informs you. If the market tells you that you're wrong, get out. Reassess.”     Ari Bergmann is Founder and Managing Principal/CIO at Penso Advisors, LLC. He leads the firm's investment committee and manages various Penso funds and clients' mandates. Starting his professional career at Price Waterhouse as an accountant, Dr. Bergmann then worked in precious metals and commodity training at Drexel Lamber Trading Crop, followed by a twelve-year tenure at Bankers Trust. Prior to his current role, Dr. Bergmann served as CEO of Sentinel Advisors, LLC; this involved management of multiple funds with strategies including derivatives arbitrage, fund of funds, and risk overlay. Dr. Bergmann holds a master's degree in Liberal Studies and a Ph.D. in Comparative Religion, both from Columbia University.   Disclaimer: This podcast is not investment advice, and should not be relied upon as a basis for investment decisions. All content in this podcast reflects the opinions and views of the speakers. This podcast is for informational purposes only, without representation as to accuracy or completeness. The guest interviewed on this podcast was not a client of SEI Novus at the time of recording.  

Inflation is an enduring economic challenge that has persisted throughout human history. Despite the many efforts of economists and governments to control it, inflation remains a problem. What can advisors do to prepare and protect their investment portfolios? In today's episode, Rusty and Robyn talk with Michael Ashton, a.k.a. "The Inflation Guy", Managing Principal at Enduring Investments. Michael is recognized as one of the pioneers in U.S. inflation market innovation. Prior to founding Enduring Investments, he worked in research, sales and trading for several large investment banks including Bankers Trust, Barclays Capital, and JP Morgan. As a result of his deep experience and knowledge about inflation and how it impacts markets, Michael is considered the expert to the experts in the world of inflation. Michael talks with Rusty and Robyn about the causes and concerns around inflation, how investors can potentially adjust their investment portfolios in an inflationary environment, as well as his outlook on inflation over the next few years.   Key Takeaways [03:20] - An overview of Michael Ashton's professional career. [05:40] - What Enduring Investment has to offer investors. [09:41] - Michael's forecast on inflation over the next few years. [12:46] - How investors can prepare for inflation. [14:19] - The pros and cons of TIPS. [17:00] - Michael's perspective on I Bonds. [19:07] - Can digital assets or cryptocurrencies be used to fight inflation? [21:53] - The best time to purchase a car or to build a house. [28:16] - Michael's outlook on grain prices and food prices. [31:08] - Michael's forecast on educational inflation. [34:40] - What global debt means for financial portfolios. [39:10] - Why “defend your money” became Michael's tagline. [45:02] - What makes a good investment manager. [46:41] - How Michael maintains his physical and mental health. Quotes [16:49] - "Inflation exposes securities. That's what regular treasuries are. And TIPS are immune to inflation." - Michael Ashton  [18:05] - "If you're a small investor, the first investment you should be making is to take everything and put in into I Series Savings Bonds which have no interest rate risk, have no credit risk, and pay you inflation." - Michael Ashton [30:13] - "Food and energy prices change a lot. They also feedback very quickly on our perceptions of inflation as well. And global food shortages lead to political unrest at home and abroad and further the deglobalization trend that's in process." - Michael Ashton   Links  Michael Ashton on LinkedIn Michael Ashton Email Michael Ashton on Twitter Michael Ashton Blog Enduring Investments Red Barchetta by Rush You Can't Roller Skate In A Buffalo Herd by Roger Miller  Cents and Sensibility:  The Inflation Guy Podcast Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 0631-OPS-4/18/2022

Tom welcomes back David Kranzler of Investment Research Dynamics to the show. Dave argues that the weekly economic data is indicative of the U.S. already in a recession. Eighty percent of all U.S. households have been experiencing the characteristics of a recession. Credit card usage is spiking and this is likely because people are relying on them to make ends meet. Inflation remains rampant at double digits. It seems unlikely that the Fed will conduct quantitative tightening. Government spending deficit continues to balloon. This year's tax receipts will likely be down and the deficits will only increase. Who will be buying that debt other than the Fed? In addition, there appear to be major problems occurring behind the curtains with the credit markets. The quality of corporate credit is deteriorating quickly. We've been seeing a slow steady shift away from the dollar for the past decade. China has been utilizing its own currency in bilateral trade for some time. China has increased the size of its Asian trading markets so they are now less reliant on trade with the United States. The derivatives markets are the Achilles heel of the system. An example is the paper 'gold' derivatives versus the actual physical markets. They rely on investors leaving their 'metal' on the exchanges. Their worst nightmare would be for numerous funds and investors to demand delivery. He discusses what happens when general investors start moving into the miners and the outsized returns one can expect. Dave discusses the lack of investigation of fraud by the SEC. Every market cycle seems to make these investigations less likely. A lot of fraud continues to be perpetuated and there is a revolving door between government and corporations. Time Stamp References:0:00 - Introduction1:26 - Recession is Here4:18 - Household Debt7:14 - Quant Tightening11:00 - Dollar Status16:23 - The Achilles Heel19:30 - Comex Terms21:06 - Recent Sell-Off28:58 - Gold Movements35:56 - Taking Profits37:00 - Physical Demand42:27 - Elon, Tesla & Twitter48:34 - SEC & Corruption54:10 - Wrap Up Talking Points From This Episode Declining economic data and why we're in a recession already.Fed is unlikely to conduct Quantitative Tightening.The U.S. dollar and China's continued trade diversification.Why derivatives are the Achilles heel for the system. Guest Links:Twitter: https://twitter.com/InvResDynamicsWebsite: https://investmentresearchdynamics.comNewsletter: https://investmentresearchdynamics.com/mining-stock-journal David Kranzler spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, he traded junk bonds for Bankers Trust. Dave earned a master's degree in business administration from the University of Chicago, concentrating on accounting and finance. He writes a blog to help people understand and analyze what is going on in our financial system and economy.

In August of 2017, High Alpha welcomed Lisa Coca, as our featured guest at our August Speaker Series. At the time of the interview, Lisa was the Managing Director of Corporate Venture Investments and Commercial Development at GE Ventures. In addition to her role as Managing Director at GE Ventures, Lisa was also the architect of GE Ventures' EDGE program which leverages the global scale, expertise and resources of GE to provide start-up partners with programs and tools to help them grow and scale their enterprise. Prior to joining GE Ventures, her professional career spanned a number of other disciplines including finance, sales & marketing, strategy, and business development at major financial institutions such as GE Capital, Bankers Trust, and Deutsche Bank. Lisa is now a Partner at Toyota Ventures, where she serves as the lead for the Climate Fund. In this role, she invests in the best entrepreneurs developing technologies and solutions focused on fighting climate change. In this episode, we revisit Lisa's Speaker Series where you'll learn: Key learnings from her experiences in venture capital The risks and rewards she has encountered throughout her career GE Ventures industrial journey

Find out more on our website: https://bit.ly/3L7QciZ In 2007 the world suffered the Global Financial Crisis. The most serious financial crisis since the Great Depression of 1929. Citizens lost faith in the financial services and the ability of governments to protect their financial wellbeing. This presentation is based on a practitioner's point of view and his experiences in implementing Operational Resilience. Who, What, What Is, Why and How he has defined new ways of working in support of Operational Resilience in an agile digital transformational world. Speaker: Terry Downing FBCS F.ISRM MBCI CITP CBCP NCSP: An operational resilience, business continuity, crisis management information security, systems engineering and IT professional with extensive hands on and leadership experience. His career includes British Army, Accenture, IBM, Colt, CMA, Camelot, RCR, UUNET, MCI WorldCom, EMC, GrIDsure, CitiCorp, Bankers Trust, Legal and General. He holds Chartered Fellow BCS, Freeman of the Worshipful Company of Information Technologists and the City of London, Member Business Continuity Institute, Senior Member ISSA, Financial Services panel member (WCIT), NIST Cyber Security Professional.

One of the first strategies I like to work on with my clients is helping them lower their costs. Sometimes, professionals like my guest on this show are great to help aid in that process because they have the relationships and teams to review the various bills and programs in place to see if there may be a better solution to the procurement of said service/product. On today's show, we're talking with Kevin O'Shaughnessy who is a cost-containment expert who helps businesses find savings on services like telecom, waste management solutions, shipping services, and more. But it's not just about the savings - after all, if a program is not going to be good for the business, it would not make sense. This is where Kevin works alongside the business to ensure everything works out according to plan. Listen in and see how you might start saving some money today on the services you're using! About Kevin: Kevin O'Shaughnessy is the owner of Schooley Mitchell of Red Bank. Schooley Mitchell is one of the largest cost reduction consultancy firms in North America. Kevin works with mid-to-large size companies to improve profitability with proven cost reduction strategies. He brings over 30 years of experience to Schooley Mitchell specializing in finance, sales/trading, and general management. His diverse Wall Street experience includes working for banking stalwarts JP Morgan and Bankers Trust, well-regarded hedge fund firm Harbert Management Corp, and the premier international brokerage firm TP Icap. Kevin spent more than 20 years at TP Icap/Tullet Prebon fighting to bring the best price for his clients in the commodity markets, ranging from interest rate products to energy. His responsibilities included general management of operations, strategic business development, and client relations. Connect with Kevin on Facebook, LinkedIn, Instagram, and on the web at https://www.schooleymitchell.com/koshaughnessy/

This is Stephen Schmidt from the Gazette digital news desk and I'm here with your update for Wednesday, January 5. The weather will be chilly and windy on Wednesday. According to a forecast from the National Weather Service it will be partly sunny and cold in the Cedar Rapids area with a high near 8 degrees Wednesday. Wind chill values will be as low as 15 degrees below zero with a wind of 15 to 25 mph gusting as high as 40 mph. The low Wednesday night will be -3 degrees. It's been more than three years since the infamous “newbo evolve” festival brought headliners including Maroon 5 and reality TV stars to Cedar Rapids along with a financial disaster, resulting in jilted vendors and an unpaid $1.5 million bank loan. On Tuesday, federal authorities announced two men who headed the event face charges of fraud. According to documents filed in U.S. District Court, former GO Cedar Rapids president and chief executive officer Aaron McCreight, 46, now of Dothan, Ala., and former GO Cedar Rapids finance director Doug Hargrave, 54, now of Puyallup, Wash., each face one count of bank fraud. Court documents accuse McCreight and Hargrave of a scheme to defraud a bank — Bankers Trust of Iowa — by making misrepresentations about the festival's ticket sales, projected revenue, projected expenses and the amount of loss that McCreight and Hargrave expected the event to generate. If convicted, McCreight and Hargrave each face up to 30 years in federal prison, a fine and supervised release following any prison terms. A judge hasn't set first appearance dates for them yet. Republican Gov. Kim Reynolds said Tuesday she will present an agenda to the Iowa Legislature that includes state income tax cuts, plans to address workforce issues and reforms to K-12 education policy. Legislative Republican leaders pledged to present a tax cut plan that will be both significant and, in their words, sustainable. They have stated a moonshot goal of taking advantage of the current budget surplus to help them in their goal to eliminate the state income tax, but concede this may not be totally doable this session. Anyone seeking details on any of those plans will have to stay tuned. Specifics were scarce Tuesday, when Reynolds and legislative leaders participated in the Iowa Capitol Press Association's annual legislative preview forum at the Iowa Capitol. Reynolds, who faces re-election in 2022, said she plans to unveil her self-described “bold and historic agenda” next Tuesday during her annual Condition of the State address to the Iowa Legislature. The 2022 session of the Iowa Legislature begins next Monday. An Iowa City man was arrested and jailed after police say he shot his landlord, who was at his residence to fix a plumbing problem last month. Carter Wolf, 24, is accused of firing through his bedroom door at least six or seven times in the direction of the landlord, according to a Johnson County criminal complaint. The victim was struck by multiple bullets and needed immediate surgery and hospitalization. Police say the landlord of the residence in the 400 block of E. Fairchild Street in Iowa City had made arrangements to fix a plumbing issue at the house on Dec. 21. He later proceeded upstairs to knock on a bedroom door to gain access to plumbing, which is when Wolf fired his weapon. Wolf's door was not the door the landlord was knocking on, according to police. Police say Wolf admitted to firing his gun through his closed door in the direction of the victim, and that he never saw the victim before shooting. Support for this podcast provided by New Pioneer Food Co-op. Celebrating 50 years as Eastern Iowa's source for locally and responsibly sourced groceries with stores in Iowa City, Coralville and Cedar Rapids; and online through Co-op Cart at http://www.newpi.coop/ (newpi.coop). Support this podcast

We're all familiar with CEOs and CFOs, but we're well overdue for a Chief Officer in the HR department. That's why Amanda Young is here as Chief Human Resources Officer at Bankers Trust — to talk about what that role means and how the expectations have changed over the past two decades. Amanda started her career in HR, working through internships and learning from mentors along the way. She found herself as an HR manager at 27, and today she is one of Fortune's 40 under 40 as the CHRO at Bankers Trust. She manages a team of 525 employees and, although banks are known for being stuffy and structured, Amanda brings new life to the industry by focusing on creating the meaningful work experiences employees want. Just over the past two years, the talent landscape has changed. People are leaving behind traditional roles for a variety of experiences that bring new depth to their careers. It's less about climbing the corporate ladder and more about enriching the work experience. For Amanda, it's about creating the flexibility for her team to do just that. Like many businesses, Bankers Trust transitioned to a more flexible workplace over the pandemic. But more than going online, the bank relaxed the dress code and maintained its focus on leadership and managerial training. Amanda is still facing a few obstacles in the coming year, but learning to respond to changes instead of just reacting to them isn't one. Her intentional responses and the deliberate and collaborative programs she's implemented for her team continue to provide them with the meaningful experiences they need. Of course, not every program can be a success story. Amanda shares her pitfalls and what happens when the programs you plan don't have any follow-through. It really takes a team to manage a company, and she takes care to enrich and empower her team just as much as she empowers herself. Tune in now to hear more about the role of a Chief Human Resources Officer and the resources Amanda uses for herself. If you would like more information on the resources Amanda discusses in this episode, check out: Fear Is Not The Boss Of You by Jennifer Allwood

In this episode of The Propcast, Louisa speaks with Peter Gibbons, MD of Openn Negotiation and Jeffery Gray, Founder and CEO of PROPIC about what it takes to exit and IPO a real estate company. They discuss how to set your company up to be IPO ready, how exciting it is to be in the Proptech sector right now, and how to maintain resilience when working in a Proptech startup.   Companies Mentioned: Openn Negotiation https://www.openn.com.au/  PROPIC https://www.propic.com.au/  REACH Australia https://nar-reach.com/  Domain Group https://www.domain.com.au/group/  Second Century Venues https://www.scv.vc/ National Association of Realtors https://www.nar.realtor/  MRI Group https://www.mrisoftware.com/ Fleet https://fleetspace.com/    Shout Outs Ash from ActivePipe (Ashley Farrugia) https://www.linkedin.com/in/ashley-farrugia-99bb0616/?originalSubdomain=au  MRI Group https://www.linkedin.com/company/mri-software-llc/    Key Insights From This Episode: Australia is quite advanced in terms of the technology we're using this vertical... there's probably a contact every two or three months from potential investors, from the US. So they are clearly watching what's happening with technology in PropTech, in Australia – Jeffery Gray 80% of all consumer inquiries for real estate happen out of work hours. - Jeffery Gray   Forbes has estimated by 2025, 95% of all consumer interactions are going to be supported by AI technology. Residential real estate is the largest asset class in the word. And you look at it as a vertical, it is well behind any other consumer facing vertical, arguably in the world. - Jeffery Gray VC's and investors in America are...scouring the word, looking for technology companies that are investing in artificial intelligence. It is the next generation of technology and that's why they're reaching out. - Jeffery Gray There's positives and negatives to being listed. For us it was overwhelmingly a positive on balance, particularly around securing the funding so that we don't need to worry about funding now in terms of our runway, but more importantly, we've got a very clear roadmap that needed funding to execute it. - Peter Gibbons To me real estate is that last great bastion. It is a great industry to be in, but there's so many areas for improvement, and that improvement is all about customer journey. So the buyer and seller journey, how do we make their lives easier? And the key conduit to that is help out the agents. - Peter Gibbons COVID was a bit of a wakeup call to maybe there are other ways of doing things that aren't the traditional way that we've undertaken it. So agents have really embraced it from that perspective because a) they either had time on their hands to learn about new things, and b) they had to come up with solutions that they probably haven't thought of before. - Peter Gibbons     Keywords: proptech, AI, IPO, listing, public, exit, property, real estate, funding, VC, investors   About Our Guests: Peter Gibbons, Openn Negotiation https://www.linkedin.com/in/peter-gibbons/?originalSubdomain=au  Peter Gibbons has extensive experience in property investment banking, property development and financing and technology development. He has held senior roles in some of the world's largest investment banks, including Macquarie Bank, Bankers Trust and Deutsche Bank, as well as Board roles at Landcorp, the Western Australian Football Commission, Silver Chain, and Chairman of the Bethanie Group.   About Openn Negotiation Openn Negotiation is an Australian property technology company offering a proprietary cloud-based software platform to support real estate agents in selling property online with greater transparency. The Openn platform facilitates a negotiation process, featuring streamlined digital contracting and automated communication tools, which enhances a property transaction. The solution provides buyers with real-time feedback through their device on how much competition exists and where their price stands in the negotiation, resulting in an optimal sales outcome.   Jeffery Gray, PROPIC https://www.linkedin.com/in/jeffery-gray-8b3216a/?originalSubdomain=au  Jeffery Gray the founder and CEO of Propic. He has extensive experience in property technology, data and AI. Jeffery was a former executive of Domain Group, Aristocrat, Lexis Nexis and numerous other data and technology companies. After a successful exit from a prior start up, he be came a Real Estate agent for a period, prior to joining Domain Group. As such has first hand experience with the pain points, challenges and opportunities that the Real Estate vertical has.   About PropicPropic is an Australian based data and AI company that delivers conversational AI and data solutions to residential real estate agents spanning, Sales, Property Management and Project Marketing, House and Land and Build to Rent Propic's conversational AI (Enliven AI) serves consumers 24/7 enabling its customers to scale with out people and in real time. ReVeal AI is a data platform that tracks every property and listing in australia, ingests customer data and its algorithms works out who has the highest propensity to transact in the future. The agent app tells and agent, who to call, when and most importantly why, all in natural language.   About Our Host Louisa Dickins https://www.linkedin.com/in/louisa-dickins-ab065392/?originalSubdomain=uk Louisa started her career in property working at a well-known estate agency in London. Realising her people skills, she moved over to Lloyd May to pursue a career in recruitment. She now is a Director at LMRE, who are a specialist recruitment firm driven by PropTech and recruitment professionals, and Louisa oversees their 5 core areas. Louisa co-founded LMRE and provides a constructive recruitment platform to the new disruptors in real estate. Louisa is also on the board of Directors at UK PropTech Association (UKPA).   About LMRE www.lmre.tech LMRE believe there is a better way to recruit. LMRE focus on a more comprehensive, client led focus delivering exceptional talent to the place at the time. They are passionate about the industry and passionate about people's careers. LMRE spend time with each client to become and an extension of the business, and their transparency and core values help them grow with the sector. LMRE simplify recruitment and innovate with our clients and evolve the people driven, PropTech community.

Sholom Ber was the Chief Technology Officer and Head of Global Infrastructure at Bankers Trust, Lehman Brothers and Goldman Sachs; Head of IT Risk Management at JPMorgan Chase; Head of Global Products & Services at Credit Suisse. Experienced in architecture, engineering and operations of global technology infrastructure with specialization in information security. In this interview: Growing up in Crown Heights of the 1960's The Rebbes guidance to a non-conformist teen The role of hashgacha pratis in career pathway Amazing opportunity of a tech career The definition of a secure job To climb the ranks become the best If you go with pride they will respect you You are a representative of the Jewish People A mentch is respected in Corporate America When an opportunity presents itself step forward Tips to thrive in Corporate America

In this episode, Hall welcomes John McEvoy, Managing Partner at Tribeca Early Stage Partners (ESP).Headquartered in New York, New York, and founded in 2014, Tribeca ESP is an early-stage venture group primarily focused on pre-A and A-stage companies in FinTech. They have brought together a network of entrepreneurs and business leaders with deep domain expertise in institutional finance and technology. With approximately 50 accredited investors, they have the collective experience and perspective that touches virtually every facet of the institutional finance landscape. While they enjoy socializing, they are not a social club. They are here to invest capital and leverage their strong network to assist the companies in which they invest.John is a passionate, serial entrepreneur who, since 1999, has started three companies focused on using technology to alter the traditional rhythms of the institutional finance space. His first venture, Creditex – a hybrid electronic and voice brokerage trading platform for the credit derivatives market – was acquired by IntercontinentalExchange (ICE) in 2008 for over $600 M. He was also a founder and operating partner of eBond Advisors, which brought financial technology to the product level of a corporate bond – creating a more liquid financial instrument for investors while lowering financing costs for issuers. Finally, John founded a Bermuda-based reinsurance company backed by Wachovia Corp. Prior to his entrepreneurial pursuits, John spent 13 years on Wall Street at PaineWebber, Bankers Trust, and Deutsche Bank in derivative structuring and sales. He has been an active angel investor, board member, and advisor to many young companies. He loves the entrepreneurial environment and process and is always willing to lend a hand or give advice when asked. John advises entrepreneurs and investors in the fintech industry and discusses his investment thesis and some of the startups that fit his thesis.  You can visit Tribeca Early Stage Partners at , and via LinkedIn at .  You can contact John via email at , and via LinkedIn at .  __________________________________________________________________________ For more episodes from Investor Connect, please visit the site at:    Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact info@tencapital.group    Please subscribe, share, and leave a review. Music courtesy of .

About Sylvana Caloni: https://sylvanacaloni.com/about-me/Humble Crumbles: Savouring the crumbs of wisdom from the rise and fall of Humble Pie: https://sylvanacaloni.com/humble-crumbles/ https://www.amazon.com/HUMBLE-CRUMBLES-Savouring-crumbs-wisdom/dp/1916328571/ https://sylvanacaloni.com/book-reviews/ https://sylvanacaloni.com/testimonials-2/ FULL EPISODE TRANSCRIPTMitch: (00:05) Welcome back to count me in, IMA's podcast about all things affecting the accounting and finance world. I'm your host Mitch Roshong and today you will hear from Sylvana Caloni, as she joins us for episode 142 of our series. Sylvana is a former equities fund manager, a professional certified coach and author of the book, Humble Crumbles. She was an executive vice president when she was privileged to partner with an executive coach. She is now a leadership consultant committed to paying it forward by enabling clients to make an impact at their companies and in their communities. In this conversation, you will hear Sylvana discuss the value of failure, the benefits of clear communication and ways to propel business. Let's head over and listen to her now.   Adam: (00:57) Sylvana, I just want to thank you so much for coming on the count me in podcast today.   Sylvana: (01:01) Thank you, Adam. I really appreciate the opportunity to speak with you and to explore failure and entrepreneurship and all sorts of different ideas coming from our book, Humble Crumbles.  Adam: (01:13) So speaking of your book, Humble Crumbles, you say in that book, failure has a purpose and failure's a part of the process. So can you just start by giving us some more insight into that statement?   Sylvana: (01:25) Yeah, absolutely. So I guess we see across different cultures and across different types of businesses, if you like and academia, that there is a fear of failure. And we, as individuals often are constrained in what we do because of that fear of failure. It may be so great that we prevent ourselves from jumping in taking the leap and starting up a business, or perhaps we have started the business, but because of that fear of failure and because of a fear of not meeting the commitments we've made to our stakeholders, et cetera, again, it constrains what we can do. So if you look at tech companies, for instance, you'll often hear the phrase fail fast, fail often, or if you look at scientific revolutions and innovations and how things have pivoted during this pandemic, actually, if there had not been failures, there wouldn't have been learning. There wouldn't have been multiple iterations. There wouldn't have been new responses to the challenges that are out there. So for Paul O'Donnell my co-author and I, the idea that failure is part of the process is that we do need to sort of remove ourselves from that view that it's first time only time, and we're going to be successful from the get go, because in fact, most successful businesses have started out in some other form in their initial iterations. And it's the ability of the business owners and entrepreneurs to be flexible and to pivot and, you know, take on constructive criticism or take on impartial advice to modify their product or service, which means that ultimately it is successful.   Adam: (03:15) So when you look at these leaders who are having to transition and fail and become more successful, how do you, you know, how do you understand what makes them tick? What do you, what, what can we do to, to look at these people and see what can, what can cause you to fail and keep coming back and keep coming back?   Sylvana: (03:34) It's a great point that I think one of the key points we're trying to make in Humble Crumbles it's that the failure of the business is often attributed to external factors. So someone will say, well, you know, the economic environment deteriorated or technology changed or legislation was too prohibitive. And that's true. I mean, absolutely there can be external factors that impact the success or failure of a business. But what I found when I was an equity analyst and funds manager, was that more often than not the failure of a business was to do with the owners or the leaders, the management of the companies and the problems I often saw were whether they were not self-aware. So they didn't have a sense of, okay, well what makes me tick? What, what are my drivers? What are my motivations? How do I make sense of my world? And in having that lack of self-awareness, they're not then able to engage successfully with others because they take the view that well, it's my way or the highway, or this is the way the world works. So they don't have an appreciation that their own norms, standards, practices, ways of behaving are not universal. They could differ with other people because other people have different cultural backgrounds, ethnic backgrounds, gender backgrounds, it could be a different set of, drivers within an organization. And if at what we show in the book, Humble Crumbles, and it's full title is Humble Crumbles: Savoring the Crumbs of Wisdom From The Rise and Fall of Humble Pie. We share Paul O'Donnell's story. So Paul is my co-author and Paul like me had come from the financial services world. We had both worked at Bankers Trust. So BT co. Us company. In fact, even though we were both Australians and you can hear that in my accent. So we were working in Bankers Trust in Sydney, Australia, and Paul eventually left BT and started up a couple of his own businesses. So he's a serial entrepreneur and his first couple of businesses were in what you might call financial adjacent. So they were similar types of businesses, you know, financial advisory or publishing a financial material, fundraising, that type of thing. And then he wanted to go into a business that was more real in the sense of making something so humble pie was a business that manufactured pies for the retail sector. And then ultimately also he got into wholesale. So it was, it was pies that we eat sweet and savory pies that we eat. And he came from that financial services background with the number of ways of seeing the world behaving and business traditions, if you like, or business practices that certainly worked for him, but there were others that were more relevant to financial services, but not so much to a factory where he had people in the factory kitchen making the pies or sweeping the floors or delivering the pies to the shops, et cetera. So what we found Paul was blindsided in that he just assumed for instance, that the factory workers would, like him, have a view around equity as a way of incentivizing behavior or around bonuses as a way of, you know, promoting work, et cetera. Whereas these people had different concerns, different cares, you know, for them the weekly pay pack. It was what was really important, not some notion of equity or a bonus at the end of the year. So the blind sidedness or the lack of Paul's self-awareness, which he courageously, I have to say. I mean, he fesses up basically in the book and looks at some of the errors he made with. I think, I think he's very generous and very courageous in doing that because what he's doing is he's demonstrating how sometimes the very things that we think are our strengths, if taken to an extreme can actually turn into a weakness or can turn into a vulnerability in a negative sense.   Adam: (08:00) That almost makes me think of too much of a good thing, becomes a bad thing when you say that.   Sylvana: (08:06) Absolutely. Absolutely. And to your point earlier, and I guess I went a little off base, but you're asking me, how do we know if managers or leaders are likely to have failures or create phase? And my point about the self-awareness was that often what I would see when I was an equity analyst is when a manager or leader of a company got onto the front pages of Newsweek business week, wall street journal, quite frequently, thereafter, the company would go down the tubes or at least would not do as well. And that was because those leaders were very egocentric. They were very much about, you know, puffing their own chests and they weren't necessarily engaged with their own teams and succession plans and understanding the different communication styles or the different working styles, or, you know, what were the values of the firm? How did the employees feel aligned with the firm, et cetera? So where there is a high likelihood of failure, because as I say, the leader or the business owner, the entrepreneur isn't sufficiently self-aware to know that his or her way of seeing the world is not universal. Other people respond differently. Other people have different standards, different norms, different practices.   Adam: (09:29) That's really interesting that you say that, there's even in the sporting world, there's a video game called Madden and the person who would be highlighted each year, the next year after they were highlighted on the cover of that one would have a very bad year as in terms of their performance in the game. And I wonder if it's that same kind of, thing that you're mentioning about that, where they're so focused on themselves that they lose sight on what they're supposed to be doing from day to day. And that, that self-awareness.   Sylvana: (09:57) Yeah, I think so. And sometimes they can generate a sort of a false sense of security or a complacency actually, often you find that people become, and we mentioned it earlier about too much of a good thing. Sometimes people become so confident in their strengths that they just think they're infallible, you know, that they walk on water or that, that particular way they've done something works in all situations. But again, going back to that key point of self-awareness, if you're self aware, you'll recognize that the model you use or the way you solve a problem is relevant to a specific set of circumstances and may not be relevant across the board. And if you are self-aware, you're more likely then to be curious and ask other people, well, how do you see it? You know, how would you approach this problem? What am I missing out on? Where am I blind here? You know, I've been successful in this thing before, but tell me what you think might be different this time around. And, in fact, that's another point we make frequently in the book, Humble Crumbles is that, you know, for you to succeed, you need, you, you clearly need conviction. You know, entrepreneurs believe their stuff, right? They believe that their product or service is going to solve a problem that exists out there, and they can become again, too much of a good thing in that they can become so stubborn about that idea, that they don't do the testing, learning, and tweaking, or the, you know, the shifting in, well, how could this product be better? Or how could this service not be working here? You know, what are the nuances of this particular market or this sub segment of the market? So that idea of continually testing and tweaking, being curious, asking for impartial advice, not being offended, if someone sort of mentioned to you that there's some aspect of your product or service that, you know, just doesn't work or it's complicated, or, you know, doesn't really meet the demand.   Adam: (12:06) So it's almost like I hear you saying that, like, things like clear communication and connections are like a very essential part of business. So how can you like nurture your network to make sure that you have those people that you can have those almost fierce conversations with to, to be brutally honest, to help your business succeed and go further?   Sylvana: (12:25) Yeah, absolutely. That's, that's a great point. So the networks are really critical and, you know, often people talk about someone's who self-made millionaire or a self-made entrepreneur, or self-made something else. And I get that point to the extent that they may not have inherited their business or, or whatever the successes they're millions, but they're not self-made in the sense that they don't do it on their own. Nobody does things on their own. They will have been someone who's advised them, someone who's supported them, someone who's championed them, or for that matter, there may be someone who's been an obstacle who's criticized. And, you know, sometimes we hear of great leaders or great entrepreneurs who sort of had a grudge match as it were, it was a teacher, maybe in their youth or a, you know, a stern dad or someone who sort of told them that they were never going to succeed. So they went out of their way to prove them wrong. And that gives them the catalyst or the impetus to go out and, you know, keep working at it and improving the product or service. And as you say, you need a network, you need to cultivate a network. And I mean, that from a positive sense, I don't mean it from an manipulative sense, but ideally what you would do within your network is it you'd go out and find people who sure, are like you, because it's easier to communicate with people who have a similar view of the world or a similar sense of values or similar things that they're passionate about, but you also want to find the naysayers or the people who have very different lived experiences from you, because that will actually help you in terms of testing your idea and testing your blind spots and helping you with risk. Because if you're only mixing with the people who had the same ideas as you, then you're like, it's like group think, right? The financial crisis of 2008, 2007, 8, 9, to me, a large part of that was everybody was on the same merry-go-round and people weren't listening to the signs that things were going astray. And there were too many yes people. So the idea of cultivating a network and making sure that you find people who are very different from you and have very different lived experiences, I think is critical to success and minimizing failure, or more importantly, finding that failure much sooner, because you can, you can rebound if you like from a smaller failure, like a series of small failures, rather than a massive failure, you know, where you put your house at risk or you've put your business completely at risk.   Adam: (15:07) So I have to ask, was Paul able to rebound from his failure in his blind spots, in the factory floor?   Sylvana: (15:16) Yes and no, I mean, I guess in some cases it's tough when your business fails. I mean, we can't take away from it. It, it, you know, it does deflate your sense of self-worth or your sense of what you can do next. What I'd say has been a real strength for him in a real rebounding is that he purposely used those experiences to share his story and then write this book. And in this book, we do a sort of, he says, she says, in a way, so Paul narrates the story from A-Z or soup to nuts to some of your compatriots might say. So he gives that story of starting up this business from having previously a financial services background to moving into the retail pie, making business. And then he, through sharing those experiences starts to eliminate or reveal some of those blind spots. And then I use my lens of both that equity analysts background, and also the coach and mentor to dig a little bit deeper. One of the examples we use is that, you know, clearly Paul could do spreadsheets. In fact, he had amazing spreadsheets. He did the three scenarios of positive, negative, and neutral. What he wasn't aware of was that he has a tendency to be incredibly positive. He's always looking on the bright side and, you know, as a previous salesman, he has what some people might call happy years. So even when he did his spreadsheets, the negative scenario, frankly, was still very positive. You know? So the sales that he had projected even in negative or neutral environments were still overly optimistic. And so again, that opportunity to dig deep and start to notice, okay, so frankly, I'm always positive. So who could I go to? Who could I ask? Where could I get some impartial advice or a different set of eyes to look over my plans, to look over my assumptions, to sort of poke holes in the argument and not take it as I say, as an offense, or become defensive or become even more convicted in terms of your stubbornness around your idea, but taking it on the chin and sort of thinking, okay, all right, well, what could I do differently? And where might that chink in the armor be?   Adam: (17:41) So as we wrap up our conversation, I wanted to come back to that word failure. It's clear that you embrace that word. So can we just talk about why should we not be scared to fail? And, you know, what are some things we can learn from it? And, you know, cause there's gotta be some positives in the actual failure.   Sylvana: (17:58) Yeah, absolutely. And, and so I personally call myself a recovering perfectionist. So I'm someone that historically would have, you know, revised a piece of work 12 times, you know, wouldn't have wanted to put out something that had typos in it, or wouldn't want to lead a group until I had the argument inside out upside down, and I was the expert, et cetera. But what I've found is that if you look again at some of the greatest successes, be it in science or in business, they often did start from what were failures or from an idea that didn't reach its completion in its first iteration. So the thing about failure is if you start to see failure as just part of the process, it's, you know, part of the, the tweaking and the finessing, if you like of the idea, it's just, it comes with the territory there. If you look at Netflix, Netflix, these days is so phenomenally successful, you know, the pandemic obviously has helped. And people being glued to box sets has definitely been a positive for them, but Netflix in its current iteration is not how it started out and its founders and CEO's and management. We're able, again, to tweak, we're able to take advice or at least test the market and make adjustments, modifications, et cetera. So if we can look at failure as part of the process and the more we fail in a managed sense, right? So again, not put the whole house at risk, but you know, grow our capacity, grow our comfort zone and take it on the chin. Then we're more likely to have longer, longer success down the track. And we go to build in, in ourselves and in our businesses, a resilience that you don't have if you always been successful. You know, if you see that with university students, for instance, Paul and I mentor a number of students at entrepreneurial schools or in entrepreneurship, and they may be a star students and they're so frightened of not getting it right. That again, they don't get out of their comfort zone. They don't have resilience. So learning to take small steps coming back from the failure learning well, okay, so I didn't get it right. What could I have done differently? What have, what do I now see was the thing I missed out on? Or what do I now have experience on, or who could I go to, who can give me a different set of eyes that builds resilience that builds a new way of adapting.   Adam: (20:50) It sounds like it does. And you know, you mentioned Netflix was able to adapt itself. And then you think of the opposite of Netflix, which is blockbuster, which didn't adapt itself and ended up not being able to continue or redevelop into a new company.   Sylvana: (21:03) Yeah, absolutely. And see to me, and it's, again, something we speak about in the book is that, you know, being a successful entrepreneur or business person is about managing opposites in some ways, right? Because you have to have conviction, you have to have a sense of competence in the idea. So in a way you're stubborn, but you can't be so stubborn that you're blind and that you don't take on new information or you don't take on legitimate concerns or things that people point out to you. So it's that balancing if you like of, yes, I have conviction, so I'm not going to be swayed from my idea just from, you know, someone who doesn't believe I can do it because they don't know me very well because they're fearful, you know, they wouldn't put themselves in those shoes versus well, actually what they're pointing out to me has some real legitimacy because they have a different experience. They've seen some risks that I'm not aware of. They have had a similar business or whatever. So again, you, you know, you want to reach for the stars, but keep your feet on the ground. You want to have conviction, but not be stubborn. You want to pivot, but you also wanted to develop more in one line as well. So again, it's balancing those opposites.   Closing: (22:26) This has been count me in IMA's podcast, providing you with the latest perspectives of thought leaders from the accounting and finance profession. If you like, what you heard and you'd like to be counted in for more relevant accounting and finance education, visit IMA's website at www.imanet.org.

David has over 30 years' experience of managing risk across global markets. David is the CIO of Singapore-based Convex strategies - which focuses on risk management including protecting against dislocations in asset markets. Prior to launching Convex Strategies, he served as a Managing Director and Portfolio Manager at Artradis Fund Management in Singapore. Earlier in his career, David built and ran Asian and Global EM trading businesses for RBS (ABN AMRO Group), Bankers Trust and Bank of America. David holds an MBA from University of California, Berkeley. He currently sits on the Monetary Authority of Singapore Markets Committee (SFEMC). In this podcast we discuss: The confusion between measuring risk and managing risk The problem with value-at-risk and defining risk What is convexity Why buying options is not ‘expensive' Importance of compound returns over arithmetic returns How to think about ergodicity Why allocation to bonds don't provide the right downside protection Getting your defense right, insurance and long vol strategies The role of central banks in shifting equity-bond correlations The importance of time in convexity strategies The growing fragility in the financial system Managing correlation risk Books that influenced David: How Nature Works (Bak), The Misbehaviour of Markets (Mandelbrot), The Incerto Collection (Taleb), The Road to Serfdom (Hayek), Ubiquity (Buchanan), Radical Uncertainty (King)

"You can imagine the guilt - here I was building my startup when my actual baby was not coping well in school; with a learning disability, and recent epilepsy incident."We love rooting for the underdog- but what does it really take to rise despite the odds, as THE underdog? Rosaline Koo founded CXA Group from her living room in 2013 after a storied career with multinationals, with ambitions to transform health benefits for employees. Tune in to her story from risking all her family savings to build her startup; to scaling to over a million users, raising over $50M from the likes of Facebook co-founder Eduardo Saverin's B Capital Group, EDBI, Openspace Ventures and more.--Billion Dollar Moves is THE show for the top US-Asia funders, founders and execs.  From building a unicorn to IPO, and scaling a VC firm - all of these efforts require vision from the leaders at the helm. -- 

Sitting down with host Colbert Cannon this week is President of Corporate Banking at Capital One, Darren Alcus. We'll hear about his education at Dartmouth and earning his MBA at Duke's Fuqua School of Business. Darren walks us through his time at Bankers Trust in Atlanta before spending two decades at GE, resulting in him becoming President and CEO of GE's health care financial services business unit. We'll also hear how Capital One came to purchase the branch Alcus ran at GE and why he's stayed with Capital One to this day.   Learn more about Darren's role at Capital One here. Take a look at Darren's Best Idea, the book The Splendid and the Vile by Erik Larson, here. Colbert's Best Idea this week is to take a trip to New Orleans - check out one of his favorite NOLA restaurants, August, here.

Tom welcomes David Kranzler of Investment Research Dynamics back to the show. David discusses what to look for in the coming rally and why it's challenging to pick tops and bottoms. Any experts that claim to be able to do so accurately are questionable. The Comex and banks have been unloading many positions over the last year. As a result, it seems likely that the bottom may be in for gold. They are having trouble pushing gold down under 1800, and this week is a good example. The real physical gold market is primarily driven by buyers in the East, mainly through the Shanghai Gold exchange. India has been dormant for the past three months due to the virus but has begun to reopen. China is also showing more imports, and we are now entering the high season for gold in that region. David questions the overall usefulness of the COT reports. Much of what is reported is questionable, but the prevailing trends and reversals at peak open interest may be a helpful indicator. Dave is also skeptical of the impact of the Basel III regulations. These changes depend heavily on local government enforcement. Moreover, the banks created these regulations, so they are unlikely to have done anything that would damage their business. There are government declassified documents between Henry Kissinger after the closing of the gold window. These discuss finding ways to deflect investor money from gold into paper markets. Arguably, that is why the futures markets were created shortly after that. The best comparisons to today's equity markets are the dot.com bubble and the roaring 1920s. Both ended with massive crashes, and the only difference today is likely in the overall magnitude of the markets. Many investors today are getting maxed out on margins, and some are even taking personal loans. Eventually, something will break that will trigger an avalanche of selling, and the Fed will be unable to stop it. David explains the true definition of inflation as money printing and why that money printing has only begun to affect prices. The Fed funneled much of the money into financial markets, which include the overleveraged housing markets. The Fed's constant rolling forward of the Repo markets is likely an indication that something is very rotten behind the financial curtains. Lastly, he argues that central bank digital currencies will only increase their control over money. There is a growing movement by the BIS to encourage the creation of these new monetary systems. He expects a massive attempt at suppressing cryptocurrencies like Bitcoin at some point. Time Stamp References:0:00 - Introduction0:38 - Silver/Gold Factors8:30 - Gold Chart10:08 - COT Reports Significance14:20 - LBMA Basel Exemption21:30 - Equity Markets24:39 - Deflation?29:09 - Fed & Reverse Repo33:20 - Money Velocity35:29 - CB Digital Currencies38:15 - Concluding Thoughts Talking Points From This Episode Predicting market tops and bottoms and the outlook for gold.Usefulness of COT Reports and the LBMA Basel ExemptionEquity market risks and the inflation/deflation debate.FED Charts, Money Velocity, and Central Bank plans. Twitter: https://twitter.com/InvResDynamicsWebsite: https://investmentresearchdynamics.comNewsletter: https://investmentresearchdynamics.com/mining-stock-journal David Kranzler spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, he traded junk bonds for Bankers Trust. Dave earned a master's degree in business administration from the University of Chicago, concentrating on accounting and finance. He writes a blog to help people understand and analyze what is going on in our financial system and economy.

Frank Packard takes us through his journey in Japan as well as different cultures and business experience in the financial industry. Mr. Packard was originally born in Japan and grew up in the US hoping to pursue law or journalism at Princeton University. After graduating, he lived in Cairo, Egypt for a while before returning to Wall Street to enter the financial industry, starting as an analyst at Paine Webber in 1984. He rapidly worked his way up and arrived in Tokyo in 1986 as the Vice President of the Tokyo branch. Since then, Mr. Packard has held leadership positions covering not only Japan but Asia Pacific regions at multinational financial corporations including Drexel Burnham, Bankers Trust and Bank of America. He is the Founder and President of Triple A Partners, an independent company focused on third-party fund-raising, equity research and corporate finance.   Much of his leadership style is modelled after what he had learned from his early days in finance from his mentors. On his first multinational leadership experience, Mr. Packard recalls trying to break down the hierarchy by making an open office seating arrangement, which was uncommon during the 80s and early 90s. Mr. Packard also recognized the diversity of Japanese people, with different interest, hobbies and background, which he found shocking in the beginning. He also points out that though he found it challenging to hold non work-related conversations initially, he gradually learned to “let people go at their own pace” to learn something outside of work about his staff. On engaging with the younger generation, Mr. Packard admits it is difficult as the youth have many more choices than those in the 1980s. On gaining trust, Mr. Packard claims that listening to people and having patience is key to winning them over in Japan. After gaining further experience leading a team in Hong Kong for Bankers Trust, Mr. Packard began a joint securities company focused on fund placement. He built on this experience as the HSBC head of North Asia of the Alternative Investment Group.   On team engagement, Mr. Packard consistently communicates to his staff about the mantra of the company which is broken down to three goal: to do legal business, do rewarding business and add value. He also notes the importance of ensuring the experience is enjoyable. Mr. Packard states that because of his team's bilingual capabilities, they have been successful in dealing with clients who need support in both languages that cannot be delivered by larger Japanese firms. Mr. Packard is also keen to providing people with more opportunities to expand and develop their career. For example, he has had an administrative staff take on more active roles in finance. Additionally, Mr. Packard emphasizes the importance of giving women equal opportunities as men in developing their career paths. Mr. Packard shows he trusts his team by allowing unlimited holidays, which allows people to work in a more flexible manner.   To newcoming leaders, Mr. Packard advises to be clear and transparent when communicating with Japanese staff, as they will take everything literally. On a similar note, he does not encourage people to work long hours in the office as executive assistants think they also have to work longer hours. Secondly, Mr. Packard has observed that Japanese are very state conscious and want to have consensus over large decisions. In order to be mindful of this, Mr. Packard advises to learn about the educational background of people to better understand them. Lastly, he advises to not forget to laugh and have moments of joy by being vulnerable and authentic.

The path to practice ownership for most dentists will almost certainly involve borrowing money.  In the latest episode of The Practice Growth Podcast, Chad Solberg with Bankers Trust shares his insights from 20 years in the business banking and lending industry.  Listen to learn more about:  The three most common paths to lending in the dental industry.  How Bankers Trust differentiates itself with a customizable approach. The advantages of partnering with a local bank for lending. Plus more.  You can contact Chad at csolberg@bankerstrust.com or 515-710-7703. You can find more information about Bankers Trust at bankerstrust.com 

In this episode, Christian sits down with Kevin Gold of VVA. With over 28 years of architectural and project management experience, and a veteran of VVA for over 16 years, Kevin has completed some of the largest, most complex technology, financial services, education, residential, retail and law firm projects for VVA. He maintains an active position directly managing consultant and construction teams while ensuring schedule, budget, and value goals are met. Prior to joining VVA, Kevin worked as an Architect and Project Manager for such prestigious clients as DoubleClick, Cadwalader, Pillsbury Winthrop, Jones Day, Chase Manhattan Bank, Morgan Stanley, and Bankers Trust. He has held positions with prominent Architectural firms including Butler Rogers Baskett, The Phillips Group US/UK, and Rafael Vinoly Architects. https://www.vvallc.com/ https://theantiarchitect.com/

Rita Mitjans is the President and Founder of Bizguru Consulting; a firm focused on accelerating performance through sustainable cultures and business practices. Rita is an award-winning certified executive coach and senior executive. In her previous role of Head of Diversity and Social Responsibility at ADP, she significantly increased the number of women and minorities in executive leadership. She has held leadership roles at ADP, Deutsche Bank, and Bankers Trust and serves on the World Trade Resource Advisory Board. Rita earned her MBA from Harvard University and her Bachelor's degree from St. John's University. Rita joins me today to discuss how self-awareness is a crucial ingredient of learning to grow. She shares what she has learned throughout her career and highlights why it is essential to know when to ask for help and say no. She shares how perfection syndrome can affect women's careers and the struggle women endure with the work/life balance. We also discuss the importance of self-awareness, self-forgiveness, and the value of learning from our mistakes and weaknesses. “Without self-awareness, it is very difficult to achieve any level of true growth - because that's where it starts.” - Rita Mitjans This week on The Unwritten Rules Podcast: How to embed inclusion and diversity in an organization The lessons Rita learned in her career including knowing when to ask for help How perfection syndrome can affect women in their careers Finding the work/life balance and job expectations of doing more with fewer resources Knowing that you can say no and make your opinion heard Why it is vital to recognize that you don't need to be perfect Self-awareness and how true personal growth begins with turning our failures into opportunities to learn Our Favorite Quotes: “In order to embed the concept of diversity and inclusion in a company or organization, you need to understand the organization and what it's like to be one of those leaders.” - Rita Mitjans “When you move into leadership you need to now be able to develop others to do what you are able to do well.” - Rita Mitjans “No one is perfect. No one has all the answers.” - Rita Mitjans Connect with Rita Mitjans: Bizguru Consulting Rita@bizgurullc.com Rita Mitjans on LinkedIn Rita Mitjans on Instagram Rita Mitjans on Twitter  Writing the Rules of Women Leadership Thanks for tuning into today's episode of The Unwritten Rules with your host, Helen Appleby. If you enjoyed this episode, please head over to Apple Podcasts to subscribe and leave a rating and review. Don't forget to follow us on Facebook and LinkedIn and share your favorite episodes across social media. And for even more great content, insight, and inspiration on women's leadership, visit our website. While you're there, be sure to grab your free gift - the first chapter of my latest book, The Unwritten Rules of Women's Leadership, is available to hear for free on my website. Visit www.theunwrittenrules.com to listen today.

Has anyone ever told you to trade stocks because it's “quick and easy to get into”? Well, they might be a little off target - or a lot. You see, the stock market is not just about opening an account and buying and selling stocks...  And just like property, it's a volatile market that requires focus, intent, and the right approach for you to do well in.   Today, share and stock specialist Jason McIntosh from Motion Trader shares his expertise on how you can win against the volatile stock market.   We'll talk about the current phase of the share market and how to respond to it… How to balance & spread risks in stock trading… The difference between investing in property and stocks... And heaps more! See you on the inside!   In this episode we cover: Jason McIntosh and Motion Trader [04:20] The problem with “black box” systems [06:22] Failure is essential in refining your strategy & gaining experience [07:21] Jason's cornerstone setback [10:42] Moments of adversity pushes creativity [14:19] What made shares, business, and property your asset classes of choice? [18:06] The advantage of starting your investing journey while still at university [20:42] Current phase of the share market and how to respond to it [22:15] Planning your own investment and exit strategies [26:31] What strategies will work best under the current 2020 situation? [31:48] The benefits of spreading your risks [32:46] Trading with the trend [33:29] Balancing the risk reward of shares and property in a volatile environment [34:56] If you want thrill and excitement, the stock market isn't for you [39:39] Between stocks and yield, what should you consider when investing? [41:04] To buy or not to buy: An approach to purchasing stocks [45:07] snippet - 50:49 What is Jason's property investment strategy? [50:50] The difference between investing in stocks versus property [54:21] Investing is a career [1:01:28] Get a boost by learning from someone else's experiences [01:03:11]     Links from the show: How to Build a Profitable Share Portfolio Free Workshop (https://www.motiontrader.com.au/theinvestorlab) Market Wizards: Interviews with Top Traders (https://amzn.to/37bmExY)   About Jason: Jason McIntosh is a share and stock specialist and the brain behind Motion Trader. Motion Trader specializes in share trading advisory service based solely on hard data. Jason's expertise and years of experience at Bankers Trust in the 90s has helped him guide everyday people on how to invest and trade like pros.      Connect With Us: The Investor Lab Membership (https://theinvestorlab.com.au/jointhecommunity) Dashdot Buyers Agents Website (https://www.dashdot.com/au/)   Limitless: The Renegade's Guide to Building Wealth Through Property - Goose McGrath (https://www.renegadespropertybook.com)   Ready to work with us directly? (https://dashdot.as.me/discoverycall)   If you liked this episode, please don't forget to subscribe, tune in, and share this podcast. Thanks for tuning in! See omnystudio.com/listener for privacy information.

Tom welcomes David Kranzler of Investment Research Dynamics back to the show. David discusses how banks like JP Morgan leverage commodity market options via manipulating prices via massive amounts of paper contracts. This manipulation is a source of massive profits for these bullion banks and is permitted because it benefits Central Banks. These shock and awe hits to the market are designed to shake out weak participants. There are indications that a larger population of retail investors are looking to take physical delivery. However, many Comex deliveries remain on the exchange for safekeeping. The Comex encourages this by charging lower fees for storage than other vault services. If a run on those stored bars was to occur, there could be a default. David outlines how the miners are cheaper now than at any point in the last twenty years. For example, the HUI index should be much higher based on the price gold has reached. David discusses what he defines as a junior mining company. Large-cap companies are waiting until the last minute to decide who they should buy. A lot of these junior companies with good prospects will be taken over by the majors. Time Stamp References:0:00 - Intro0:57 - Options and Gold6:36 - Comex Deliveries11:45 - Who is taking delivery?15:00 - Run on the Comex17:42 - Gold Hypothecation20:24 - Manipulation28:50 - Gold Price and Central Banks31:49 - Stimulus and Gold Higher?36:00 - Junior Miners41:53 - Takeover Targets44:09 - Junior Considerations45:58 - Economy is Weak Talking Points From This Episode Comex Delivery and ManipulationHow the Manipulation works.Central Bank Involvement.Juniors Explorers and Takeovers. Guest Links:Twitter: https://twitter.com/InvResDynamicsWebsite: https://investmentresearchdynamics.comNewsletter: https://investmentresearchdynamics.com/mining-stock-journal David Kranzler spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, he traded junk bonds for Bankers Trust. Dave earned a master's degree in business administration from the University of Chicago, concentrating on accounting and finance. He writes a blog to help people understand and analyze what is going on in our financial system and economy.

On this episode of the TBG Real Estate podcast, we welcome Jim Simmons, CEO and Founding Partner at Asland Capital Partners. We discuss his journey from engineering to trader to founder of his own company. We also walk through the real estate climate in New York, talk diversity in real estate and tackle the issue of affordability in America. Jim is a true legend in New York real estate space so this is an episode you do not want to miss. EPISODE NOTES:01:26 - What is Asland Capital Partners?03:25 - Sharing a brownstone 05:50 - Upper Manhattan 09:10 - The NY equation 12:10 - Couple of Jersey kids falling into real estate 17:15 - Changing the neighborhood 19:57 - From derivatives trader to real estate investor 21:30 - 80 to 90% relationship-driven 25:17 - Dealing with the lack of diversity 29:52 - The affordability issue in America 36:54 - What’s next for Asland?39:35 - Creating something from scratch 41:24 - The Hot Seat presented by KK Reset Jim is CEO & Founding Partner of Asland Capital Partners, serving as head of the investment committee with responsibility for the strategic direction and investment strategy of the firm. Over his 20 years of industry experience, Jim has focused on managing, originating, and structuring various types of real estate transactions including portfolio acquisitions, single asset acquisitions, and joint ventures through his deep relationships across the public and private sectors.Prior to joining Ares Management in 2013 as a Partner, Jim was a Partner at AREA Property Partners and Apollo Real Estate Advisors. Prior to his employment at Apollo, he led the Upper Manhattan Empowerment Zone as President and CEO and had tenures at Salomon Smith Barney, Bankers Trust and General Electric.

Jason McIntosh is the creator of Motion Trader — an online advisory service for retail investors and SMSFs. Listen to this episode now and subscribe via Apple Podcasts, Spotify, PlayerFM, search Google Podcasts.  Jason’s career began in 1991 on the trading floor at Bankers Trust where he got to work with some of the best investment traders in […] The post 137. Part 1: Jason McIntosh on systemising your investment success appeared first on Bushy Martin.

Jason McIntosh is the creator of Motion Trader — an online advisory service for retail investors and SMSFs. His career began in 1991 on the trading floor at Bankers Trust where he got to work with some of the best investment traders in the world. He gave up the hustle and bustle of the CBD in 2007. Nowadays he manages his family's investments from his home in Sydney because at the end of the day investment should be all about lifestyle. And what Jason enjoys most is teaching every day hard working Aussies to invest like the pros. He loves helping struggling investors to become successful. And if you're ready, he’d love to help you too. In technical terms, Jason is a share market algorithm investor. He’s developed a proven, profitable and robust share investing system that has personally returned his investment portfolio over 10-12% per annum, as you’ll hear during our discussion. Jason’s Motion Trader is a medium term trend following strategy. The aim is to use proven algorithms to identify stocks which meet the entry criteria. It’s then a case of letting profitable investments run, and cutting losing ones relatively early. Winning trades often last for around a year (some last several years), whereas losing trades typically last a few months (but some exit within days).   And the good news is that he now helps you remove yourself and your self-sabotaging ways from your investing through his service, incorporating all of the good habit forming system principles we cover about today. Jason doesn’t talk about success rates, he talks about the probability and profitability of your trading system – systems where you can have more losers than winners and still end up making money. How? Because your many losses are small compared to the much bigger size of your few wins. It’s how I had 60% losing trades but was still profitable. It all relies on a good investing system with a proven set of predetermined rules for entering and exiting share purchases that follows trend patterns. And the beauty of Jason’s Motion Trader approach is that his algorithms do all of the homework and research for you, and because the work is technically based, the trading rules remove our subjective emotional judgement and reactivity - which is the cause of most investment underperformance. I’ve always said that investment is all about the numbers and I don’t even need to see the property or know anything about the company I’m buying shares in, in fact I prefer not to because I then start getting emotionally attached - which can result in poor judgement and bad decisions. And in line with this thinking, Motion Trader’s algorithm analysis along with his email potential trade notification service means you don’t need to do the homework, you just need to follow his signals.   Jason says that people often say that successful trading is all about secrets. They believe the best traders have special knowledge that regular people can’t access. But do you know what? In his opinion, there are no ‘secrets’. The strategies the best traders use are nothing new. They’re mostly variations of the same winning tactics that have been in use for decades, if not centuries. Many traders make the mistake of focusing on one thing: when to buy. And yes, entries are important. But they’re just one cog in the machine. The difference between success and failure are the rest of the cogs, although many people lose money long before figuring this out.   So how do some of the best traders make millions? In Jason’s opinion, it essentially comes down to five rules: Trade with the trend Have many relatively small trades Get good at quitting Be slow to take profits Give winners room to move If you’re interested in learning more about the details of these secrets, Jason and Motion Trader have kindly given you free access to his exclusive report ‘Five Secrets of the World’s Best Traders’ so if you’d like an electronic copy, just email me at bushy@khgroup.com.au and we’ll get it to you. And if you’re interested in Motion Trader assisting you to invest in the Australian Stock Market more successfully after listening to Jason’s engaging conversation, go here https://www.motiontrader.com.au/learn-to-trade-shares for his free online event on how to build a profitable share portfolio now and mention my name BUSHY when you register and Jason will look after you. Stick around for part 2 of this discussion! Get Invested is the podcast dedicated to time poor professionals who want to work less and live more. Join Bushy Martin, one of Australia’s top 10 property specialists, as he and his influential guests share know-how on the ways investing in property can unlock the life you always dreamed about and secure your financial future. Remember to subscribe on your favourite podcast player, and if you're enjoying the show please leave us a review. Find out more about Get Invested here https://bushymartin.com.au/get-invested-podcast/  Want to connect with Bushy? Get in touch here https://bushymartin.com.au/contact/  This show is produced by Apiro Media - http://apiropodcasts.com

Wondering what makes a strong brand in the Investment Banking Sector and surviving several major crises? Then tune in to this episode with Bernhard Weninger. Bernhard Weninger, founding partner of IIS Asset Management and MDnomics, has a 35-year career in international investment banking and capital markets. He was advisor to senior management and Board of Directors of insurance companies across Europe with expertise in global capital markets and strategic asset-liability management advisory, including substantial restructuring & balance sheet risk management transactions, development of innovative capital raising, large scale asset placements and disposals and structured debt financings. Moreover, he was responsible for multi-disciplinary teams at major international financial institutions, such as Bankers Trust, Goldman Sachs, Merrill Lynch, Morgan Stanley, and more.He holds an MBA from Northwestern University - Kellogg School of Management, a Bachelor of Accounting and Finance from University of Notre Dame, and studied Japanese Language and Asian Political History at Sophia University in Japan.In this interview Bernhard talks about the most important characteristics an investment banker needs to bring along to do this job as well as the resources an investment bank needs to have to be a leading brand long term. He also provides us his perspective on the consequences of the COVID-19 pandemic investment banks will face and how this crisis compares to the consequences for investment banks of the 2008 great recession. Moreover, he gives some insights into his motivation of founding two companies, IIS Asset Management and MDnomics, respectively.Find Bernhard Weninger on LinkedInFind MDnomicsFind Brigitte Bojkowszky, host and producer of BrandsTalk at brandfit

LAUNCH YOUR OWN PODCAST: https://londonreal.tv/by/ 2021 SUMMIT TICKETS: https://londonreal.tv/summit/ NEW MASTERCLASS EACH WEEK: http://londonreal.tv/masterclass-yt LATEST EPISODE: https://londonreal.link/latest When Jim Rogers shows up with that Southern drawl and Seersucker suit, you know some Investing science is about to be dropped on your dome. Jim Rogers has been there and done that. He co-founded the Quantum Fund with George Soros in 1973 which later became one of the most successful funds ever created returning over $32 Billion to its investors over the decades. Retiring from Wall Street at age 37, he rode his motorcycle across China from 1990-1992 before ANYONE was talking about China and wrote the bestselling book "Investment Biker" describing his journey. He is legit, I remember the Wall Street traders talking Jim up when I started my career at Bankers Trust in 1993. Since then he's circumnavigated the globe AGAIN and become very bullish on agriculture, commodities, China, Russian, and, wait for it, North Korea! Jim likes to look at his investments on a very long time horizon. As he tells me on the show, "no matter what you think is true today it's not going to be the case in 15 years."

Speaker: Lily Wu, Chief Investment Officer, China Prosper Group In over 40 years of opening and reform (改革开放, foreign and domestic direct investment has been a critical economic growth driver, and change driver. However, both drivers face significant challenges today, which could limit their role or efficacy in the future. What is the state of China’s investment environment today, how did we get here, and what is the outlook? Lily Wu is Chief Investment Officer Taiwan private equity investment company China Prosper Group. She has 30 years of investment research, and investment management experience in China, for various Taiwan investment companies and US brokerages Salomon Brothers and Bankers Trust. She graduated from Caltech with a BS in engineering, and attended Peking University for post-graduate work in history as a Thomas Watson Fellow in 1985. This webinar is part of the Critical Issues Confronting China lecture series, hosted by the Fairbank Center for Chinese Studies at Harvard University.

Sir John Key was Prime Minister of New Zealand from 2008 to 2016, having commenced his political career in 2002. Sir John had a long career in international finance, primarily for Bankers Trust in New Zealand and Merrill Lynch in Singapore, London and Sydney. He was previously a member of the Foreign Exchange Committee of the Federal Reserve Bank of New York (from 1999-2001).Sir John was made a Knight Grand Companion of the New Zealand Order of Merit in the 2017 Queen's Birthday Honours. In 2017 Sir John became a Companion of the Order of Australia for advancing the Australia-New Zealand bilateral relationship.Chairman: ANZ Bank New Zealand Limited (from 2018, Director from 2017).Director: Australia and New Zealand Banking Group Ltd (from 2018), Palo Alto Networks (from 2019).

This week we return to our multi part profile of the infamous Deustche Bank. This episode looks at the 50 years after world war 2 and the beginning of this century. We continue to discuss the Nazi gold they stole from the teeth of people to fund the will of the Nazi’s, to the multiple connections to the CIA over the years and lastly the acquisition of Bankers Trust that would add to the hooligans of corruption empowered by the bank that funded the construction of Auschwitz. Also, at one point you can hear Andy’s cat.

Tom welcomes David Kranzler of Investment Research Dynamics to the show. Dave became interested in gold and silver back in 2003 by trading futures. In 2008, he noticed the increasing amounts of market manipulation, which resulted in a significant sell-off that year. The dollar index doesn't explain the recent move up in gold and particularly silver. While the dollar has room to move quite a bit lower, the world still has a solid need for dollars. The excessive money printing could put a lot of pressure on the dollar, and the recent move in gold could be due to investors anticipating such a drop. India has opened up, importing gold again after an import shut down due to the virus. Currently, they don't seem that sensitive to the price and continue to import. The Indian public appears to be starved for it. Many wealthy entities and individuals are taking delivery of gold. Dave believes that physical demand is the impetus pushing prices higher, and this pressure is overpowering the paper derivatives markets. If a large number of people decide to take delivery on the Comex, there could be many unhappy customers due to the excess of paper promises. "This bull run will last as long as the central banks can keep the fiat currency gerbil on the wheel. Look at all that money they are printing as cocaine that they inject into that gerbil to keep it running and alive. At some point, that gerbil is going to collapse and die. We are in the early stages of another cyclical move higher." Guest Links:Twitter: https://twitter.com/InvResDynamicsWebsite: https://investmentresearchdynamics.comNewsletter: https://investmentresearchdynamics.com/mining-stock-journal Time Stamp References: Talking Points From This Episode• What is pushing gold higher.• Taking physical and demand from India.• How the Comex discourages investors from taking physical.• Momentum investors are starting to take notice. David Kranzler spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, he traded junk bonds for Bankers Trust. Dave earned a master's degree in business administration from the University of Chicago, concentrating on accounting and finance. He writes a blog to help people understand and analyze what is going on in our financial system and economy: investmentresearchdynamics.com.

In this episode I talk with Jason McIntosh, the founder of Motion Trader, a subscription-based trading service for ASX listed stocks. I’ve known Jason since 1994 when I first joined Bankers Trust in their foreign exchange department where Jason was the Yen Forwards trader. I’ve always known Jason to be patient and disciplined in his... The post Beyond the Obvious – Episode with Jason McIntosh appeared first on DavidHobart.com.

Mark Burgess is Chairman of the Investment Committee and Director of HESTA and advisor to global asset owners.He was previously CEO of the Future Fund, Australia's Sovereign Wealth Fund. He has worked internationally including as London based Executive Vice-Chairman and CEO of Credit Suisse Asset Management (EMEA) and Global CIO of Equities/Multi Assets. Other global CIO roles for American Express, Colonial First State and Bankers Trust.He is also currently Chairman of Yarra Capital, Chairman of Advisory Board of Jamieson Coote Bonds, Chairman- Asia for OMFIF – a global think tank focused on central banking and financial markets, board member of a large family office, advisor to IP Group – a leading investor in early stage academic research, Enterprise Professor at University of Melbourne and Chairman of Melbourne Girls Grammar School. He is governor of Cerebral Palsy Foundation and Chairman of DB Foundation – supporting state school students who reach tertiary education.

Suku Radia, retired CEO of Bankers Trust, talks about challenges he's faced, how he and his teams overcame those challenges, and the lessons he learned that can be applied to today's coronavirus pandemic

Dr. William Overholt, Senior Research Fellow, Harvard Kennedy School, presents the first of the Fairbank Center's online lectures as part of the Critical Issues Confronting China Lecture Series. This series is hosted by Professor Ezra F. Vogel. William Overholt joined the Rajawali Foundation Institute for Asia in July 2008 and conducts research on development and governance issues. Previously, he served as a visiting scholar with the Institute for Asia and continues to be a frequent visitor and speaker at Harvard University. As the former director of RAND’s Center for Asia Pacific Policy, Overholt held a distinguished chair at the Center. He has long been an important analyst of Asia. Dr. Overholt is the author of America and Asia: The Coming Transformation of Asian Geopolitics (RAND, 2007), as well as The Rise of China (W.W. Norton, 1993), which won the Mainichi News/Asian Affairs Research Center Special Book Prize. He has also written or co-written, Political Risk (Euromoney, 1982), Strategic Planning and Forecasting, with William Ascher (John Wiley, 1983), and Asia’s Nuclear Future (Westview Press, 1976). In 1976, he founded the semi-annual Global Assessment, with Zbigniew Brzezinski, and edited it until 1988. He has also spent 21 years running research teams for investment banks, including Nomura Securities, Bankers Trust, and BankBoston, mostly in Hong Kong or Singapore. Prior to his banking career, he was at the Hudson Institute, directing planning studies. This event was recorded on Zoom on April 15, 2020. The recording features the lecture, but not the public Q&A.

There is one big topic on everyone's mind at the moment. The coronavirus is shutting down cities and requiring co-ordinated actions between Government's and its citizens in a way we haven't seen previously in our lifetime. Financial markets have lost about one-third of their value, and economists suggest that unemployment could get as high as 1-in-5 people. At this point, a recession seems inevitable. To help us understand what is happening in the economy, and how governments and central banks have responded, Alec (Ren) was joined by David Bassanese, the Chief Economist at Betashares - one of Australia's largest ETF providers. David has worked as an economist at the OECD, Treasury, Bankers Trust and Macquarie Bank, and comes with a wealth of experience and insight. In this episode, David makes clear that we must think about this as a health crisis first and an economic crisis second. As much as we can look at economic indicators to get a gauge of the economy's performance, the health indicators - testing numbers, infection rate, ICU capacity etc. - are ultimately going to be determinative for how the economy performs in 2020. We then chat about the response to this crisis - both from the Australian Government and the Reserve Bank of Australia - before finally discussing how individual investors can think about their personal investments at a time like this. For more information on David - check out his writing on the Betashares website here. Want more Equity Mates? Subscribe to Equity Mates Investing Podcast, social media channels, Thought Starters mailing list and more here. Equity Mates is a part of the Diamantina Media Network – the home of Australia’s favourite podcasts. For more information, visit http://diamantina.com.au/

Bienvenue à cette douzième émission qui vous permettra d’entendre une entrevue avec Marc Prensy, écrivain et conférencier américain en éducation. Il est surtout connu pour être l'inventeur et le vulgarisateur des termes "digital native" et "digital immigrant". Marc Prensky est diplômé de l'Oberlin College, du Middlebury College, de l'Université Yale et de la Harvard Business School en 1980. Il est l'auteur de sept livres dont; "Don’t Bother Me Mom - I’m Learning" publié en 2006 et "Teaching Digital Natives" publié en 2010. Marc Prensky a commencé sa carrière en tant qu'enseignant dans le quartier d’Harlem à New York. Il a aussi travaillé en tant que stratège en entreprise et au développement de produits pour le Boston Consulting Group, et un peu plus tard pour le Bankers Trust à Wall St., où il a créé une formation basée sur le jeu et une division interne appelé Corporate Gameware, qui devint plus tard game2train, disponible au game2train.com J’ai eu la chance de rencontrer Marc Prensky récemment lorsque celui-ci présentait une conférence lors du tout premier sommet de l’Éducation présenté à Fredericton sur l’invitation du Ministre de l’éducation du Nouveau-Brunswick M. Dominic Cardy et suite à la publication du fameux livre vert en Éducation. Voici donc mon entrevue avec Marc Prensky.

We celebrate Employee Ownership Month and four great ESOP companies; we explain how a trustee ensures a company pays fair rent; and we continue our look at what it means to #ActLikeAnOwner. Shoutouts and congratulations to the following employee owned companies: - Cemen Tech, Inc. (www.cementech.com) with a hat tip to Joe DeJong of Bankers Trust (www.bankerstrust.com), - The Davey Tree Expert Company (www.davey.com), - Bollman Hat Company (www.bollmanhats.com), and - Scott Insurance (www.scottins.com)! Bonus thanks to ButcherJoseph & Co. for "13 Resources for Employee Ownership Month": https://www.butcherjoseph.com/blog/esop/10-resources-for-employee-ownership-month/5190 The full transcript of this podcast, with links and images, is available at: https://www.theesoppodcast.com/post/mini-cast-54-examining-leases-and-esop-valuations-and-what-does-it-mean-to-act-like-an-owner

Interest rates could be a significant risk to retirement savers that is hiding in plain sight. During my conversation with Mike Barry, President of O3 Advisory Services, we connect a lot of dots on how low interest rates could impact the retirement of current and future retirees.  We also hit on several reasons why interest rates have been trending lower, whether student debt plays into the conversation and why employers who are even considering pursuing a retirement income strategy should think very carefully about all of this prior to making a decision.  Mike and I definitely get into the weeks on a few things but pull everything together in a way that will leave you with a better understand of the impact of interest rates on retirement plans.   Before we get started, a simple rating or comment on  your favorite podcast app goes a long way to help others discover the podcast. Next time you log on, if you could give us a rating or leave a comment that would be great. Also, if you have a favorite podcast app that you can’t find us on please shoot me an email to feedback@401kfridays.com and we will get the show added.   Guest Bio Michael P. Barry is a senior consultant at October Three and President of O3 Plan Advisory Services LLC, which provides retirement plan regulatory analysis targeted at plan sponsors and those who provide services to them. Plan Advisory Services publishes analyses of regulatory developments affecting private employer defined benefit and defined contribution plans, focusing on the challenges, opportunities, and consequences for sponsors that regulatory changes present. Mike has had over 40 years’ experience in the benefits field, in law and consulting firms, concentrating on the regulation of private employer DB and DC retirement plans. Beginning law practice in 1976, the year that the Employee Retirement Income Security Act (ERISA) became effective, Mike has worked with and studied the evolving complexities of regulation in this heavily regulated field. Before founding Plan Advisory Services in 1998, Mike was Managing Director at Bankers Trust and, before that, a New York benefits partner at LeBeouf, Lamb, Greene & McRae. He writes a regular column for PLANSPONSOR magazine (“Barry’s Pickings”). Mike blogs at moneyvstime.com, and you can follow him on Twitter @PlanAdvisorySvc. His book – Retirement Savings Policy – Past, Present, and Future, published by De|G PRESS is available on Amazon.  401(k) Fridays Podcast Overview Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 175 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

Jason McIntosh has been a professional trader for over 3 decades. His trading psychology and methodology dovetail Louise Bedford’s so well that she swears he is a “trading brother from another mother”. You will love hearing his specific strategies to make the most out of today’s markets. Mindpower  Louise Bedford As adults, we have forgotten to play. What did you like to do when you were a 10-year old when you had no time pressures? Remember what they were so you can incorporate them into your life now.   Jason McIntosh Jason McIntosh had a dream beginning to a trading career. At 21 he stepped onto the floor of Bankers Trust dealing room and into another world. As soon as he stepped off the elevator he heard the yelling and screaming of prices across the floor from people with phones up to their ears. The next few years were a whirlwind as he went from being a dealer's assistant to trading currencies, bonds and commodities. He learnt to trade from the best, rumour had it that the average salary on the dealing floor at Bankers Trust was higher than anywhere in the country. At (18.10 mins) hear how Jason made the transition to becoming an independent trader in 2007 and the amount of flexibility he has in life now. Louise Bedford even swears that Jason is "a brother from another trading mother".  His trading psychology as well as methodology, are so similar that Louise Bedford's husband was even trading Jason's system. At (20.30 mins) hear the key components of Jason's trading method and how the best traders have been using the same strategies for decades. You will love him. Want to Duplicate Jason's System? Wouldn’t you agree that if you could duplicate a professional trader’s system, you’d buy yourself back years... Years of pain if you were to learn by trial and error... Years of frustration as you fumbled around, trying to work out what makes the markets tick... But there is a different way… a simpler way. Learn from Jason McIntosh, a professional trader with three decades of trading experience. He’s prepared a 4-part video series called The Trader's Workshop for our traders and he’s giving it to you for free.

In this final episode of the Deutsche Bank story we look at the acquisition of Morgan Grenfell and Bankers Trust along with the banks somewhat strange relationship with Donald Trump. We also mention "The Dark Money Files Live" event which is coming soon to a location in London (with others to follow, we hope.Support the show (https://www.patreon.com/TDMF)

For Think Bigger, Grow and Succeed, we’re pleased to welcome Chris Golis, Company Director & Chairman of 30 companies, Author, Presenter and Coach on Emotional Intelligence. Chris is in his third career as a Sydney-based professional speaker, trainer and coach. Armed with a Cambridge University degree and an MBA from the London Business School, Chris spent the late 1960s and 70s working with some of the leading IT companies of the time, including IBM and GEC. Chris then changed direction in 1980 and joined Bankers Trust where he started the Financial Services division and helped raise over $1.5 billion for BT. Chris then morphed into a venture capitalist raising over $150million for 5 separate VC funds. Institutional investors regard Chris as an expert in recognising business opportunities and has solid and practical grounding in dealing with people, particularly in high pressure, conflict situations. 1. What are the pro’s and con’s of staying in your comfort zone? 2. What are your recommendations for thinking bigger about your goals and aspirations 3. What happens when one goes out of their comfort zone and test new approaches? 4. What is the best way to approach achieving a goals

Cooper is the former head of Human Capital Management at Goldman Sachs, and in partnership with her former colleagues, was responsible for the recruitment, development, promotion, and well-being of the firm's 35,000 people around the world. At Goldman Sachs she worked hard to sustain a culture and create an experience in which each individual's full talents, unique backgrounds, and distinctive perspectives can contribute to the personal and professional growth and to the continued progress of the bank's clients, shareholders and communities. Prior to that role, Cooper worked in Sales Management and led several businesses within the Securities Division. After a combined 10 years at Morgan Stanley and Bankers Trust, she joined Goldman Sachs in 1996 to build and lead the firm’s Energy Sales Group. In 2002, she was responsible for the firm’s Futures business and prior to that, she was co-head of the commodities business in Europe and Asia, based out of London. Cooper earned an MBA from the Kellogg School of Management at Northwestern University and a Bachelor of Arts from Harvard and Radcliffe Colleges.Cooper also serves on the Board of Trustees of the Museum of Modern Art as well as the Northwestern University Board of Trustees. She is also a member of the Boards of Directors of Horizons at Brunswick School and ExpandED Schools.

Dr Pippa Malmgren (@DrPippaM) is a futurist trend spotter, public speaker, best selling author and advisor to investors and governments about macroeconomic policy and investment strategy. She is a former Presidential Advisor who served on The National Economic Council in the White House where she was the point person on Enron and Terrorism Risks to the Economy after 911. She was the initial negotiator on Sarbanes Oxley and the Patriot Act and was on the President’s Working Group on Corporate Governance and the President’s Working Group on Financial Markets.Pippa anticipated the Financial Crisis in 2007, the slowdown in China, Brexit, Trump and the return of inflation. She is ranked in the top 25 Most Influential Economists in the World and one of the top 10 of global experts on Geopolitics and she was ranked in the top 5 on the Most Powerful Women in Finance list, all in 2017.As an economist, she focuses on how new technologies solve old problems and generate new forms of growth. In 2015 she won the Intelligence Squared Debate on Robotics alongside Walter Isaacson, which was broadcast by the BBC to 80 million homes worldwide, has been published in Wired Magazine, Monocle, The International Economy and other publications and is a regular guest anchor for CNBC, Bloomberg and often on the BBC (radio and TV).In 2016, her book Signals: How Everyday Signs Can Help Us Navigate the World's Turbulent Economy became a best-seller on Amazon in four categories after being crowd-funded on Indiegogo. She also wrote Geopolitics for Investors which was commissioned by the CFA:She is a Non-Executive Board Member of the Department of International Trade in the UK, advising on Brexit. She also serves on the British Ministry of Defence Working Group on Global Strategic Trends and briefs Britain’s top Generals at Sandhurst. She serves on several advisory boards and working groups: She Chairs the Lewis PR Advisory Board (LAB) and is on the Advisory Boards at Real Vision TV, the Ditchley Foundation and Indiana University’s School of Public Policy and Environmental Affairs as well as the Indiana University Manufacturing Initiative.Pippa founded DRPM Group, an economic advisory firm that helps global firms understand the economic landscape and before that was the Deputy Head of Strategy for UBS and the Chief Currency Strategist for Bankers Trust, ran Bankers Trust’s Asset Management business in Asia from Hong Kong and was named a Global Young Leader by the World Economic Forum.You can listen right here on iTunesIn our wide-ranging conversation, we cover many things, including: * How automation equals more jobs * The reason Pippa is optimistic about the world economy * Why China is investing heavily in Mexico * How the 21st century is flipping leadership and business on its head * Why entrepreneurship is the future and education is broken * The reason our world is becoming more polarized, separated and populist * How drones and autonomy will impact our economy * The problem with healthcare and technological solutions to fix it * Understanding ways of rewriting government * Why capitalism is the best system we have * What Pippa learned from advising George W Bush--Make a Tax-Deductible Donation to Support FringeFMFringeFM is supported by the generosity of its readers and listeners. If you find our work valuable, please consider supporting us on

Maybe you’re are like me, you have heard the term blockchain before, but if someone asked you to define it, you would have a tough time.  Hopefully after you listen to my conversation with Micheal Barry, an author and President of O3 Plan Advisory Services, you will have a better idea of what blockchain is, and how it could impact 401(k) and other workplace retirement plans in the future. During our conversation we hit on distributed ledger technology and how it relates to blockchain, how providers will use blockchain in the future & the issues that could come up. We also hit on bitcoin and how it does or doesn’t relate to blockchain as they seem to be used in the same sentence often times and share some thoughts on the balance between privacy and universal data. We touch on a ton of new topics here and hopefully do it in a way that won’t leave you with a headache.   Guest Bio Michael P. Barry is a senior consultant at October Three and President of O3 Plan Advisory Services LLC, which provides retirement plan regulatory analysis targeted at plan sponsors and those who provide services to them. Plan Advisory Services publishes analyses of regulatory developments affecting private employer defined benefit and defined contribution plans, focusing on the challenges, opportunities, and consequences for sponsors that regulatory changes present. Mike has had over 40 years’ experience in the benefits field, in law and consulting firms, concentrating on the regulation of private employer DB and DC retirement plans. Beginning law practice in 1976, the year that the Employee Retirement Income Security Act (ERISA) became effective, Mike has worked with and studied the evolving complexities of regulation in this heavily regulated field. Before founding Plan Advisory Services in 1998, Mike was Managing Director at Bankers Trust and, before that, a New York benefits partner at LeBeouf, Lamb, Greene & McRae. He writes a regular column for PLANSPONSOR magazine (“Barry’s Pickings”). Mike blogs at moneyvstime.com, and you can follow him on Twitter @PlanAdvisorySvc. 401(k) Fridays Podcast Overview Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over one hundred prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

Welcome to Episode 17 – Motorsport Coaching Podcast PAUL MANN – CO FOUNDER TRUE FINANCIAL DIRECTION Who is Paul? Paul has been involved in Financial Services and Financial Markets for the past 25 years. His first job was as a “Chalkie” on the Sydney Stock Exchange trading floor and this began a career that has revolved around various aspects of the financial markets ever since. Paul moved to the Sydney Futures Exchange working for various firms over a 12-year period trading Bank Bills, Government bonds and Equities contracts. Paul also spent 3 years working on the London Futures floor with Bankers Trust during this time. Paul changed career direction in 2000 and became a Licensed Financial Adviser, working at St George Bank and the Commonwealth Bank (where he also learnt the lending/debt side of Financial Services) before joining Flight Centre's Moneywise Global as the NSW Team Leader in 2004. Paul was appointed as the National Business Leader in 2006, finishing with them in 2017 as the Global business Leader and Managing Director, responsible for all aspects of its Financial Advice, Home Loans Broking and Tax services businesses globally. In 2017 Paul left Moneywise to start his own Financial Advice business True Direction Financial, with his long time business partner Cath Navarro, with the intention to build a great advice business that they can both be very proud of. Paul is a Chartered Practitioner Member of the AFA (FChFp), holds a Diploma Of Financial Planning and a Certificate IV in Mortgage Broking. This show you'll learn: ▶ How to work out your budget for racing ▶ Longer term strategies for savings ▶ Should you use a credit card reward system Contact with Paul directly to find out more about True Financial: paul.mann@truedirection.com.au ▶ Website: https://www.truedirection.com.au/ ▶ Facebook: https://www.facebook.com/truedirectionfinancial/ DOWNLOAD THIS WEEK'S SPECIAL: To grab Paul's budget sheet head to: www.motiv8training.com.au/17 Reviews: Have some feedback on the show? I would love to hear it! Please leave a review on itunes or stitcher and I will read them out on next week's show, good or bad! Every review will go in the draw to win a prize. Recommend a guest: Is there someone you would love to hear from? Is there story inspiring to you? If so, please let us know who, so we can try and get them onboard! Email win@motiv8training.com.au Thank you again for taking the time to listen to the podcast!

Welcome to Episode 17 – Motorsport Coaching Podcast   PAUL MANN – CO FOUNDER TRUE FINANCIAL DIRECTION   Who is Paul? Paul has been involved in Financial Services and Financial Markets for the past 25 years. His first job was as a “Chalkie” on the Sydney Stock Exchange trading floor and this began a career that has revolved around various aspects of the financial markets ever since. Paul moved to the Sydney Futures Exchange working for various firms over a 12-year period trading Bank Bills, Government bonds and Equities contracts. Paul also spent 3 years working on the London Futures floor with Bankers Trust during this time. Paul changed career direction in 2000 and became a Licensed Financial Adviser, working at St George Bank and the Commonwealth Bank (where he also learnt the lending/debt side of Financial Services) before joining Flight Centre’s Moneywise Global as the NSW Team Leader in 2004. Paul was appointed as the National Business Leader in 2006, finishing with them in 2017 as the Global business Leader and Managing Director, responsible for all aspects of its Financial Advice, Home Loans Broking and Tax services businesses globally. In 2017 Paul left Moneywise to start his own Financial Advice business True Direction Financial, with his long time business partner Cath Navarro, with the intention to build a great advice business that they can both be very proud of. Paul is a Chartered Practitioner Member of the AFA (FChFp), holds a Diploma Of Financial Planning and a Certificate IV in Mortgage Broking.   This show you’ll learn: ▶ How to work out your budget for racing ▶ Longer term strategies for savings ▶ Should you use a credit card reward system     Contact with Paul directly to find out more about True Financial: paul.mann@truedirection.com.au ▶ Website: https://www.truedirection.com.au/ ▶ Facebook: https://www.facebook.com/truedirectionfinancial/   DOWNLOAD THIS WEEK’S SPECIAL: To grab Paul’s budget sheet head to: www.motiv8training.com.au/17     Reviews: Have some feedback on the show? I would love to hear it! Please leave a review on itunes or stitcher and I will read them out on next week’s show, good or bad! Every review will go in the draw to win a prize.     Recommend a guest: Is there someone you would love to hear from? Is there story inspiring to you? If so, please let us know who, so we can try and get them onboard! Email win@motiv8training.com.au   Thank you again for taking the time to listen to the podcast!

Aaron is a serial entrepreneur who has previously founded and sold three other successful startups Techrigy, DbSecure, and Application Security, Inc. Aaron authored the books Enterprise 2.0, printed by McGraw-Hill, and the Oracle Security Handbook, printed by Oracle Press. He is an acclaimed international speaker on technology topics and has been awarded multiple patents in database security and social media. Aaron was Founder and President of Techrigy, Inc, until the summer of 2009 when Techrigy was acquired by Alterian, PLC. At Techrigy, Aaron led the organization and defined the company's overall vision. Prior to Techrigy, Aaron founded and served as CTO at Application Security, Inc. Since its founding, Aaron helped grow AppSecInc to more than 2,500 enterprise customers and 200 employees. Aaron continued to sit on the AppSecInc board and provide strategic direction for the company until January 2013. Prior to AppSecInc, Aaron founded DbSecure, Inc. and then led the acquisition of DbSecure by the publicly-traded company Internet Security Systems (ISSX) in 1998. Prior to DbSecure, Aaron held technology positions at Price Waterhouse, Bankers Trust, and as an independent IT consultant. Aaron proudly served in the U.S. Army during the First Gulf War. Aaron currently serves as a Trustee of the Strong National Museum of Play. What you’ll learn about in this episode: Surrounding yourself with people who are smarter than you are and listening to what they have to say How Aaron began his career as an entrepreneur and how he credits being at the right place at the right time for much the success in his first startup Why the first company is the hardest and how this manifested for Aaron in his journey Why timing is one of the most critical elements in creating a successful startup How Aaron got the idea for starting the company Cloud Checker (his fourth successful business) and what the company does Seizing opportunities when you recognize them The importance of responsiveness to the customers and their needs, even if it takes your business in a different direction, so you can give your customers what they need How little failures along the way can ultimately drive your business forward Why Aaron always works with a cofounder when beginning a new startup and how it can help you to do it as well How Aaron believes that sometimes the most important attributes someone has are the craziness to get on board with the idea and the stubbornness to see it through Ways to contact Aaron: Email: aaron.newman@cloudcheckr.com

Joan Trant is a Managing Partner and a key member of the TriLinc Global Executive Management team, a member of the Investment Committee and of the Sustainability and Impact Committee. Her primary responsibilities include accelerating fund sales through specific channels, helping build the TriLinc brand, and leading the Company’s efforts to support the continued development of the impact investing industry. Prior to joining TriLinc Global, Joan launched and was Executive Director of the International Association of Microfinance Investors (IAMFI). IAMFI’s Limited Partner members’ microfinance commitments/investments totaled $780 million, and General Partner members managed an aggregate portfolio of $1.84 billion. IAMFI led the microfinance investment industry with proprietary research, contributions to third party publications, educational and networking meetings, tailored member services and consensus-building for investor best practices. Prior to IAMFI, Joan was Deputy Executive Director of The Resource Foundation, supporting community-building programs in 20 Latin American countries, benefiting annually 4.6 million underserved children, youths, women and men. Previously, Joan spent 15 years in the financial services industry, holding international sales, financial advisory and operations management positions at Bankers Trust and Citibank, with direct experience in the Spanish, Mexican and Argentine markets. She oversaw a combined portfolio of $225 million in client assets. Joan is a graduate of Columbia University’s Graduate School of Business Executive Level Nonprofit Management Certification Program. She graduated magna cum laude with a B.S. from Georgetown University. Joan serves as an advisor to Inspiring Capital and co-leads the Georgetown Alumni College program in New York City. She is fluent in Spanish with working knowledge of Portuguese. Joan is based in Manhattan.

This week, Michael Radziemski joins Anthony and James on the podcast to discuss tech evolutions taking place in financial markets. Radziemski has 30 years of experience in the industry, with stints at Bankers Trust, Citigroup and Lord Abbett, where he was chief information officer from 2003 to 2016. 1:30 Radziemski looks at the problem of convenience overshadowing need in technology. 4:00 How has the industry evolved in his time as a technologist? 6:30 How do you take advantage of new tools such as machine learning without creating spaghetti infrastructures—and where do firms tend to fail when implementing new technologies? 10:30 The industry’s infrastructure isn’t up to snuff, according to Radziemski, but that’s also helping to drive public cloud infrastructure adoption. 13:00 How has the public cloud space evolved? 18:30 What skills do developers need to have in today’s environment? 22:45 Radziemski’s predictions for the top three trends in 2018: Robotic process automation; Machine learning; Public cloud adoption.

It is an age of heightened global angst and uncertainty, an era of discontent. An age which gives birth to brazen, Never-In-a-Million-Years political outsiders like Donald Trump. And Brexit, Britain’s equally shocking decision to exit the EU. Political “elites” might argue recent voting decisions of their electorate are chaotic, or mad. Whatever you call it, it’s the reality we must grapple with today, says Pippa Malmgren, founder of economic consultancy DRPM Group and author of the best-selling book “Signals.” “The philosophical question of our time is are you a globalist or are you a patriot,” she says. “And can you be a global patriot or a patriotic globalist?” Once you accept that the global zeitgeist is divided along these two competing interests, Malmgren says, the world falls more neatly into place. Malmgren knows a thing or two about simplifying the complex. She’s had a storied career on Wall Street and in Washington, having served as special assistant to President George W. Bush for economic policy on the National Economic Council. She also has considerable experience interpreting financial markets, serving as Deputy Head of Global Strategy at UBS and Chief Currency Strategist for Bankers Trust. “What I find is that people in financial markets love to go around blind in one eye. They only look at things through a mathematical or data lens,” Malmgren says in the Real Conversations interview above with Hedgeye CEO Keith McCullough. These people miss a lot of things. On Brexit or Trump’s victory, Malmgren had the foresight to see both coming long before these events shocked markets. “What’s fascinating is that you see this populist uprising everywhere in the world and everywhere people think it’s a local issue,” Malmgren says. The underlying driver is really simple. The debt burden is so big it can’t be paid down so that causes lack of jobs, slow economic growth and kills your hope for the future, she says. Meanwhile, the only solution policymakers have come up with is to inflate away that debt by devaluing the currency. This hurts domestic purchasing power as citizens see their paychecks worth less and less. “The question then becomes how come my wealth is being distributed to some other guy and not me?” Malmgren says. That leads to a final question that should frighten any career politician desperately clinging onto their post, “Why are you in charge?” If you follow this line of logic the rise of Trump in the U.S. or Le Pen and Macron in France isn’t a big leap. Malmgren has some intriguing ideas on Trump: “I’ve been describing Trump as the “Uber of politics.” It’s important to think this way because he is literally disrupting, displacing, disintermediating the traditional power structures. That includes the media. It also includes the fundraisers, because there’s no need for them if you can win the presidency without them. It’s the technocracy, where I come from, and where people are normally hired into the senior jobs in bureaucracy and expect to get big titles. They’ve all been told we can run the government without you.” Populist tides are clearly rising in Europe too. Malmgren lives with her family in London. She watched as the Brexit vote unfolded in real-time. As freaked-out investors watched at home, Malmgren watched with curiosity as Italian banks got whacked in early morning trading as British voters repudiated their EU membership. The market was sending a clear message to politicians across the continent. Get your act together or more countries could leave the Eurozone. The reaction also served as a self-perpetuating feedback loop. With share prices tumbling, the pressure was on Italian banks to come up with more capital. The government stepped in: “Italian politicians said we’ve got to have a bailout because this is such a structurally important institution. And the public heard this and said ‘We’re going to find $5 billion to bail out a bank

Jeff Bezos, el fundador de Amazon.com y emprendedor ícono que cambió para siempre el comercio al transformar internet en un nuevo retail. Jeff Bezos realizó diversos trabajos relacionados a su profesión. Después de graduarse, encontró trabajo en varias empresas de Wall Street, incluyendo Fitel, Bankers Trust, y la firma de inversiones DE Shaw donde conoció a su esposa Mackenzie siendo nombrado el vicepresidente más joven en 1990. En el año 1994 que se decidió a abrirse camino, fundando en aquel momento la librería en línea llamada Cadabra.com. Desde el principio, Jeff Bezos había logrado tener la visión de lo que se convertiría Internet en pocos años, apostando por la masificación de la red, la cual muy pronto tendría presencia en todos los mercados. Por ello, le pareció una idea brillante poder ofrecer un catálogo de libros en línea en el que estuvieran compiladas las diferentes publicaciones de las editoras, y a través del cual el público podría buscar los libros disponibles dentro de un stock, para finalmente pedirlos de manera directa a través de Internet. Aquel primer proyecto, que aún no había sido llamado Amazon, tuvo su primera oficina en el garaje de una casa que habían alquilado Jeff y su esposa Mackenzie en la ciudad de Flor del Camp. Allí instalaron los tres servidores con los que comenzaron a procesar la información del sitio.

This week we’re looking at Investing for Income. Is your portfolio earning you the best possible rate of income? Are you prepared for this year's interest rate rise? We tell you how to maximise yield and where to find dividend payers in our Guide to Income Investing. Thanks to the closed-end structure and careful stock selection Bankers Trust has grown its dividend for half a century. Morningstar Editor Emma Wall kicks us off with an insight into the success of this Trust with manager Alex Crooke. Where Can Income Investors Find Dividends Now? The outlook for dividend stocks is looking gloomy - but there are still opportunities out there for the income investor. Evenlode's Hugh Yarrow reveals what to avoid and where to look. Up next, George Boyd-Bowman manager of the Neptune Global Income Fund highlights for us 3 Global Stocks Offering Dividend Growth that could and should pay bigger dividends in the future. You should be aware of high yielding stocks - they may not be sustainable sources of income. Instead stick to companies with lots of cash and a stable outlook says Evenlode’s Ben Peters who gives us his 3 UK Income Stock Picks. Which Bonds Deserve a Place in Income Investors' Portfolios? With gilt yields falling - and inflation set to rise - should income investors still consider bonds as part of their portfolios? Morningstar's Dan Kemp says yes - but be selective. There have been a slew of multi-asset income fund launches recently - targeted at the post-retirement investor. But what do fund analysts think of the offerings? Morningstar FUND ANALYST Randal Goldsmith explains more.

David Kranzler and David Wolfin return. The eagle-eyed former Bankers Trust junk bond trader David Kranzler noticed the largest ever Treasury collateral injection into the repo market in September. There have been similar market manipulations by the Fed that have tended to correspond to crisis – the most notable being the collapse of the financial system in 2008. Could this far larger intervention be indicating another bank liquidity crisis is around the corner? Could this be one of the warnings of the next bubble bursting akin to what Kevin Duffy spoke of last week? We will ask David Kranzler to explain. David Wolfin, President of Avino Silver and Gold Mines will join us to talk about the company's latest earnings report. If Michael Oliver is right with in his view that silver is not only about to break out to the upside but that it will outperform gold, then this already profitable little company could be a huge winner.

For me Alternative Finance is the most exciting sector in Fintech by far in terms of near term impact as competition for the “Old FS” and as choice for both borrowers and lenders. In this episode I am delighted to be joined by Christian Faes CEO of Lendinvest. In the world of Fintech froth that has been 2014 Lendinvest and Christian are the real deal. In this episode we “kick the tyres” of P2P and have an organic conversation exploring some key angles in the sector right now.  There is plenty of “linear” content out there (eg this concise YouTube explaining Lendinvest), and conference panel discussions (eg this LendIt one with Christian on the panel) – and they are all great.  However as usual on the podcast I aim more for the kind of conversation that one might have with the insiders in the bar after the formal conference. This is also a special episode in being rather longer than normal – there is so much to be discussed as the sector is very active right now and the future is busy taking place with lots of seismic shifts happening beneath our feet. We discuss a whole variety of topics as we kick the four tyres around the car – Lendinvest; penetrating the subsector’s opaque/confusing terminology; understanding the risks; and the future of the industry. In editing the podcast (which means I listen to it many times) I progressed my own thoughts on how I see the risk in P2P and how to describe it simply.  So for the avoidance of doubt I put the risk thoughts in a “Postscript” section down below to make it obvious that these are my afterthoughts and language (Christian’s comments are in the podcast).  However I think that the terminology will be helpful in listening to the podcast so it’s not an “unrelated” mini essay Lendinvest In the AltFi awards Lendinvest was ranked as the best UK fintech-real estate platform (which has done over £166m of deals to date). Recently I heard a leading Fintech analyst describe them as the best dark horse bet for London’s first major fintech IPO. They have grown organically from being a “non-digital” real estate lending business to the world’s largest real estate platform. And all of this without raising any VC money. Since 2008 they have returned (in one incarnation or another – more on that in the show) over 6% to investors via secured short-term bridging loans (1mt-1yr) with LTV’s (loan-to-value ratios) of around 60% and no capital losses. More recently they have added a 1-3yr buy-to-let mortgage product. Lendinvest also have a (relatively?) unique twist to their business model in that their (financially separate) fund management company Montello pre-funds/underwrites the deals they list on their platform.  In other words they put their money where their mouth is – if no investor buys that asset Lendinvest’s sister company is left holding it “themselves”. For the borrower this means there is no uncertainty as to whether a loan will be funded (whereas on a typical platform they have to wait to see if it gets funded). For the lender its a whole extra dimension of confidence above and beyond “we rate this X” – rather it’s “our sister company has already bought this asset – that’s how much confidence we have in it”. A recent bank line application led to the bank’s Head of Credit saying that Lendinvest’s credit quality procedures (that the bank audited) were better than the bank’s Towards the end Christian explains more about, not just Lendinvest’s history, but also their direction going forwards – in particular their investment in tech to improve deal origination, credit and the time it takes to offer a buy-to-let mortgage (currently around two weeks, hoping to move it to a matter of days (which is of course tremendous compared to the banks processing time)) Opaque Terminology Shakespeare may have been right about the fragrance of roses for more abstract matters naming is everything – the words we use condition our thinking – a point marketers spend years studying in degree courses. If I said to you “do you want to lend money to dozens of folks you have never met so they can splash out on a new car, have a fancy wedding, get a house extension etc, and you will have no security?”, you might think one thing. If I said to you “do you want a team, who are incredibly motivated to make a success out of your investment, and who have got a brilliant credit track record over a decade, including one of the worst recessions ever, to invest your money in consumer finance and get you a return ten times what you get from a bank?”, you might think another. So words are important. What else do we speak and write with? In LFP010 “The 3,000 feet overview of Alternative Finance”, Rupert Taylor mentioned how he dislikes jargon which serves only to (1) form a barrier between insiders and outsiders and (2) a block to understanding. He also mentioned that there is no commonly agreed definitions in the sector (I am sure I saw the FSA include P2P within crowdfunding recently (?!)). Language also (3) leads to groupthink (which is a factor in many FS risk disasters in the past decades/centuries). Peer-to-peer is originally a tech phrase which describe a de-centralised network (in contrast with client-server architecture all “peers” are both “clients” and “servers”). Napster was really peer-to-peer in this sense. If you look up “P2P” on Wikipedia right now it doesn’t have any reference to Alternative Finance! [Note to P2PFA edit that wiki page?! :-)] As if to make matters worse, following on from using phrases like peer-to-peer, the sector is now taking up the (very tech, very VC) term of “marketplace lending”.  This is in large part a “valuation play” – “marketplaces” are more highly rated and there are billion dollar IPOs coming in the US .. so the #OldFS hype machine is busy. Now once again I don’t feel that this is a widely comprehensible term, nor do I feel it’s accurate – eBay is a marketplace – which to me means that plenty of folks can come and sell their stuff and plenty of folks can come and buy.  We discuss this term – Christian is a fan and I am not.  You can form your own opinion Another term we don’t discuss (but it came to me many times when I was when editing the audio) is “exchange” [and coincidentally today I heard Ron Suber President of Prosper describe themselves as “an online exchange for consumer credit” which I thought clear, simple and with the right implications (after all compare and contrast two exchanges – the London Stock Exchange and AIM – it’s clear which is a more reliable market)]. Most importantly I don’t think any single term can cover the disparate models in P2P right now (see below in the Risk comments).  For investors my advice is both to dig below any label and not to read too much into any label. “Alternative Finance/Online-lending&borrowing” is something that (a) never existed before (hence no vocabulary to fit it) and (b) is evolving over time (hence a label that worked last year might not next). THE FUTURE – Where the P2P Industry is Heading The US model is much more institutional and “marketplacey” – hedge funds for example being well able to make their own credit decisions (assuming they can “see through” to the asset).  The UK has to date been much more of a “savings substitute” design (lower yielding, minimal losses on the top platforms). In the US the market has been heavily regulated (enabling a few platforms to grow very large and their owners very wealthy (sound familiar?)). Lending Club alone is forecast to do perhaps $10bn of business next year – more than the entire UK P2P industry put together. In the UK regulation has been light touch, it’s easy to enter (maybe even “from your bedroom”). Both the government and the London Mayor’s office have been a major part of the 2014 promotion/hype – talking of vocab … take your pick – of Fintech as a whole.  The government has been a heavy supporter not just in terms of considering including P2P assets as viable ISA investments but also in terms of investing tax payers money in deals via some platforms. In the UK there are a lot of players ~150 in the P2P Finance Association – even Christian who is full-time in this sector and attends many conferences doesn’t know many of them. A “Goldilocks” growth curve is very important – not too hot, not too cold. P2P is still a tiny portion of the market (eg the UK mortgage market is £1.6trn) and therefore unlikely to be constrained in terms of quality asset acquisition in the near term. So “external” constraints aren’t that significant right now. However internal constraints are always significant – Fintech is not Tech – you are dealing with people’s money.  There will be a spectrum across P2P of how automated the process can be  – more automatable in consumer-P2P due to big data? less in real estate as one needs “boots on the ground” eg re valuation.  Where there is manual intervention – especially around credit (far more common in the UK than in the US) – you can’t “just add another server” – “adding another person” takes longer to do well. To wrap up the show Christian outlines the rosy scenario, the downside scenario and his central scenario – you’ll have to listen to find out the details but his conclusion is “there is a rough ride ahead but the long-term viability of the concept is very real”. Everyone has an important job in deciding how the market evolves. Platforms; regulators/industry associations; the government and last but not least the investors – caveat emptor – plenty of real opportunities out there for great risk;returns – but be wise! Personal Afterthoughts – Rewording the P2P Risk Debate These comments are all my own – even if all being inspired by listening to our conversation.  Whilst we touch on a number of these topics in the episode these are my afterthoughts. The industry is very focused (correctly) on credit analysis. However personally – as an outsider (mind you if I am an outsider I wonder what the average member of the public is) – I feel it is less easy to ascertain all the risks the investor takes. In a sense this is a question of evolution. Historically the main platforms have done an excellent job of risk management – I don’t wish to question that for one minute. However going forward – especially given the possible ISA flood – can we be certain that all platforms will do as good a job?  My view of FS as a whole is that on the one hand much of #OldFS needs to wake up to an epochal shift.  On the other much/most/all of #NewFS needs to get ever more professional/solid/reliable over time. What happens, post ISA-flood when a hundred or more platforms are listed on a consumer “price comparison website”?  Hard to see how one avoids a whole tsunami of unsophisticated investors being attracted to the biggest headline rates rather than assessing quality. On a price comparison site one could see headline rates and volumes perhaps. But what about the platform risk/quality?  Clearly not all platforms are as strong/good/reliable – you name it – as each other. How would one even assess a simple red/amber/green measure? In LFP006 I discussed this problem over the lack of quality assessment on price comparison sites in the insurance marketplace. Price comparisons websites are just that – they compare the prices of your insurance. They do not compare the quality of the insurance (you only find that out when you claim). That the public is rate-driven we know – witness in 2008 how many people had money with Landsbanki in the UK (as it had had the “best” rates in the market). Few folks are able to assess the risk of banks or platforms.  Even banking analysts don’t have a great record of predicting demises .. just to name a few – Barings, Bankers Trust, Lehmans, Landsbanki were all (as far as I recall) unheralded by the analysts. RISK I/II – Asset Risk (Principal) vs Platform Risk (Agent) What the use of the term P2P is trying to convey is that the investor ends up with a direct exposure to the underlying loans. I get that.  However there are less obscurantist ways of doing that Arguably the “peer-to-peer” phrase itself distracts one from the central role of the platform. To me this is the most important point – vocabulary apart – AltFinance-borrowing&lending is absolutely not “disintermediated”.  The role of the platform as an intermediary/agent is absolutely central, absolutely vital. As Christian says all of the (sensible?) platforms have segregated client bank accounts (and one assumes a settlement mechanism re investing in the loans which means you are not on risk to the platform (not discussed)).  So you shouldn’t have a direct cash-asset risk on the platform. However even though you end up with a principal exposure to the specific loan-asset(s) you also have an agency exposure to the platform. What do I mean by agency exposure? Well let’s assume you have a holiday home abroad which you rarely visit. The general solution is to have some agent looking after it for you. And if they do that well your asset remains in good shape.  However if the agent goes bust or disappears your asset is more exposed to deterioration as any problems that arise aren’t  addressed immediately etc. This agency role is far more vital than say an estate agent – when you buy a house you see it, you decide if you want to buy it and you get an independent survey, valuation etc – so you have little exposure to an estate agent as such (and none post-purchase). All (?) platforms accept their agency responsibilities – and will live or die by their ability to – source quality deals, filter out fraud, service payments flows, chase late payments, work out defaults etc etc etc. Owning assets (secured (0.00001% of 1 Park Lane or unsecured loans (£70 to Mr Bloggs1-100)) is one thing if you have a platform there fulfilling all the agency responsibilities. Even if technically your asset exposure doesn’t change if a platform disappears your asset servicing (“agency”) exposure certainly does. It would become a huuuuuge hassle to start collecting yourself on all those loans etc – in fact in the general case it would be inconceivable (and by definition you couldn’t do it as well as the platform, especially as, in most cases, you would become just one of many many tiny creditors). If we fast forward many years to the first platform to fail, in practice the “book”/”portfolio” would have to be transferred (/sold) to another platform to fulfill the agency duties. Maybe this agency risk is obvious to some of you (it wasn’t to me despite watching a whole host of conference videos!).  However as Christian points out whilst the industry (of course) loves volume figures and does publish loss rates, all too often it doesn’t publish and measures of platform profitability or other measures of financial viability/longevity.  So how can you assess this agency risk? This is clearly key.  Especially now loan terms are increasing (out to 5yrs) I, having worn a number of FS Risk hats, certainly would not invest any money of that term without assessing my agency risk exposure over that time horizon to the platform. And don’t forget these platforms are not covered by the Bank Deposit protection scheme, nor do they have an industry guarantee scheme (unlike eg travel agents and ABTA/ATOL). If you are an investor who is considering investing in all 100++ P2Ps but first you want to select which ones to rule in and rule out, it is essential to measure this “agency risk”. Firstly what is the chance of the platform running into financial problems? I absolutely don’t know myself – but generalising from Fintech as a whole – most Fintech startups are not going to survive. Secondly what is their equivalent of “banks living wills”? That is, in the worst case of the platform falling over, do they have a new agent lined up?  I believe in Lendinvest’s case Montello Capital (a related but separate company with experience of loan servicing/agency duties) would step in as the fallback/”safety net” agent. Based on a quick straw poll of P2P websites I just checked “not everyone” (being polite) has such arrangements.  Some P2Ps merely have vague comments saying the servicing fee should be enough for you to pay for someone else to service your assets. I am not making these points merely to be critical or to throw rocks at other people’s greenhouses. Rather I am: (a) trying to help lenders understand the risks they are taking and flag up due-diligence issues to consider; and (b) trying to help the evolution of Fintech as a whole, but in this case P2P by flagging up my perception of how to make them even more solid and robust than they are right now. RISK II/II – P2P Two Main Subtypes – YOU select your asset(s) or THEY select your assets Revisiting the vocabulary point – no single term right now meaningfully covers all of Fintech hence the subsectors. Nor does any term now cover all the “P2P” subsector. There are many models within P2P.  If we ignore the “shades of grey” and simplify into a black and white schematic we could say that “P2P” (the debt subsector of AltFinance) has bifurcated into two main subgroups. Both approaches are perfectly valid – however they are sufficiently different to explain the fact that no single term fits both. One type of “P2P” is the P2P/You-Select subtype (eg Lendinvest).  They are (somewhat) like a marketplace – or perhaps more like a shop that sources all the things it sells. The platform’s main role re principal risk is, like a stock exchange perhaps, to be a quality control on the individual assets “sold in the shop”. The other main subtype one might call P2P/They-Select. They are (somewhat) like a fund (albeit neither structured nor regulated as such).  In this case your agency exposure is much greater as they are making your principal investment decisions for you. One key difference with a fund is that in some cases there is no transparency – ie you may legally own a bunch of loans (or rather parts-thereof) but you have no knowledge of them, and no auditing that you would get if you invested in a fund. There are further bells and whistles in that some “P2P-They-Select”s may run provision funds, take out insurance, run “rolling 1mt investments”, have “rate promises”. There is a further agency wrinkle that touches on principal (which we don’t go into) around liquidity – how easy is it on various platforms to get your cash back before the term of the asset?  The agency role there gets very close to your principal risk bone if you need to rely on the agent to (effectively) re-sell your asset.  One for another day – and I have written faaaaar too much lol – am sure next to none of you made it this far – but wearing my old bloodhound hat I would want to sniff some of those quite hard to ensure that principal risk on any given platform hasn’t slipped back in. Did anyone read all of this? Say hi if you did