Podcasts about bear case

What does managing $600 billion teach you about risk that most investors never learn?Jeffrey Blazek, Co-CIO of Multi-Asset at Neuberger Berman, joins Prashant on VC10X to challenge the assumptions that have quietly shaped — and quietly undermined — institutional portfolios for a generation. From the macro shift that is more permanently broken than rates or geopolitics, to the asset class generating 10 to 15 percent returns with zero correlation to equities, to whether AI is the internet bubble all over again — this is one of the most substantive allocator conversations we have had on the show.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comIn this episode:— Why deglobalization is the one macro assumption that will not reverse— The difference between short-term volatility risk and the purchasing power risk that actually destroys portfolios— Why bonds have failed as a diversifier and what replaces them— Catastrophe bonds: the non-consensus case for an asset class most institutions will not touch— The $1B to $10B institutional sweet spot and why scale is not always an advantage— AI investment: real conviction, real concentration risk, and the winner-take-most bear case— What the private markets miscalibration of the last decade means for LP portfolios today— The off-script manager due diligence technique that separates process from performance— Career risk as the hidden driver of institutional conservatism— Where rates are headed and why the old fixed income playbook is goneJeffrey Blazek is Co-CIO of Multi-Asset at Neuberger Berman, a $600B global asset management firm with over 700 investment professionals across 30+ offices worldwide.Links:Neuberger - https://www.nb.com/Jeffrey on LinkedIn: https://www.linkedin.com/in/jeffrey-blazek-cfa-a0a57212Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.comTimestamps:(00:00) - Preview(01:39) - Introduction to Jeffrey Blazek(03:16) - Which Macro Assumptions Are Permanently Broken Today?(05:03) - Key Drivers of Long-Term Returns Most Investors Underestimate(06:24) - Coaching Clients to Embrace Appropriate Equity Exposure(07:55) - What Real Diversification Looks Like in Practice(09:51) - How Portfolio Construction Changes as Institutions Scale(11:55) - Should Investors Change Their Approach to Equity Markets Now?(13:31) - Evaluating a New Asset Class for Permanent Allocation(15:16) - AI: A Genuine Secular Shift or a Narrative-Driven Boom?(17:26) - The Bear Case for AI: Commoditization and Concentration Risk(19:30) - Uncovering a Non-Consensus Asset Class: Catastrophe Bonds(21:09) - Common Mistakes LPs Make in Private Market Allocations(22:58) - The Key to Effective Investment Manager Selection(24:25) - Analyzing Past Portfolio Mistakes: Errors of Analysis vs. Behavior(26:24) - The Gap Between Institutional Goals and Portfolio Realities(27:38) - What Drives Over-Conservatism in Institutional Investing?(29:15) - How Investment Needs Differ Across Institutions (Hospitals vs. Endowments)(31:38) - Advising Family Capital: Avoiding Common Mistakes(33:43) - Career Lessons Learned from Navigating Market Crises(36:01) - The Most Misunderstood Risk of the 2020s(37:22) - Is the AI Boom a Repeat of the Dot-Com Bubble?(38:15) - The Three Most Important Bets for the Next Decade(40:00) - Outlook on the Future Interest Rate Environment(41:19) - Where to Find Jeffrey Blazek and Neuberger Berman

After years of AI euphoria, a growing bear case is emerging around the mega-cap tech companies pouring hundreds of billions into AI infrastructure — with serious questions about when, or if, those returns will materialize. This week's tech selloff and tumbling AI-related stocks suggest the market may finally be demanding answers.Today's Stocks & Topics: Primoris Services Corporation (PRIM), Market Wrap, Oil Stocks, Is the AI Trade Over? The Bear Case Against Hyperscaler Spending, 401k Allocation, Vanguard Emerging Markets Stock Index Fund (VEMAX), iShares Residential and Multisector Real Estate ETF (REZ), K92 Mining Inc. (KNT.TO), Vanguard S&P 500 ETF (VOO), Vanguard Total Stock Market Index Fund ETF Shares (VTI), The IPO Market.Our Sponsors:* Check out Anthropic and use my code Claude.ai/invest for a great deal: https://www.anthropic.com* Check out Chilipad and use my code sleep.me/INVEST for a great deal: https://sleep.me* Check out Plaud AI and use my code INVEST for a great deal: https://plaud.ai* Check out Progressive: https://www.progressive.com* Check out Quince and use my code quince.com/invest for a great deal: https://www.quince.com* Check out Scribe and use my code scribe.how/invest for a great deal: https://scribe.com* Check out TaskRabbit and use my code INVEST for a great deal: https://taskrabbit.com* Check out TruDiagnostic and use my code INVEST20 for a great deal: https://www.trudiagnostic.comAdvertising Inquiries: https://redcircle.com/brands

Four stories today — starting with the controversydominating Chinese automotive social media right now.Li Auto posted a chassis comparison video on theirofficial platform comparing the Li L9 Livis to theNIO ES9. The video was designed to make the ES9 lookinferior. NIO's VP of Branding Ma Lin went public onWeibo and challenged the video's authenticity — statingthat what it showed was physically impossible given theES9's suspension specifications. Li Auto deleted thevideo without responding. This is not the first time.The pattern is a company under sales pressure reachingfor competitive tactics that keep backfiring. Li Auto'syear-over-year sales have been falling for most of thepast 12 months. A company that is winning doesn't needto manufacture evidence against a competitor.NIO president Qin Lihong confirmed the All-New ES8 willcomplete its 120,000th delivery in June. At the same timethe ES9 hits its 10,000th delivery — in its very firstfull month of production. Two milestones. Same month.The barbell is working. NIO June total deliveries areexpected to top 40,000 units.My Discord raised the honest bear case questions thisweek. NIO is running on a few demand engines. If thoseslow down without new ones behind them Q3 and Q4 getscomplicated. The R&D restructuring concern — subsidiariesabsorbing innovation spend off the consolidated books —is a real question. Is profitability being achieved byweakening the long-term innovation engine? I don't wantthat trade. NIO's approach is more conservative thanXpeng's physical AI moonshot. Conservative can be right.Conservative can also mean getting outflanked. The juryis still out and these questions deserve honest answers.NIO fell 5.8% on the week because the May jobs reportdoubled consensus at 172,000 added. The 10-year yieldspiked to 4.54%. "Good news is bad news" — strong jobsmeans the Fed doesn't cut. Kevin Warsh walks into a ratehike environment nobody expected. This is a macro storynot a NIO thesis story. Watch oil. Watch the Iran deal.That's your real signal.

On this episode of CoinDesk's Public Keys from the New York Stock Exchange, host Jennifer Sanasie unpacks a busy weekend — SpaceX's S-1 revealing 18,712 BTC on the balance sheet, Kevin Warsh's first full week as Fed Chair, and the SEC pushing back its innovation exemption for tokenized stocks. Bitwise Asset Management Head of Research Ryan Rasmussen joins to break down the bull and bear case for Hyperliquid, how Bitwise is differentiating BHYPE with in-house staking and 10% of management fees reinvested into HYPE, and why wealth managers are finally moving beyond BTC and ETH. Hyperliquid Strategies CEO David Schamis lays the foundation on how crypto margin trading works and why leverage amplifies timing risk. Plus, Calamos Global Head of ETFs Matt Kaufman explains how the firm's protected Bitcoin ETFs are pulling in fresh capital as spot Bitcoin funds bleed $1.26 billion in a single week. - This episode of Public Keys is brought to you by Kraken. For more: https://pro.kraken.com/ - Timecodes: 00:00 Welcome to Public Keys 00:30 BTC Bounces as US-Iran Peace Talks Cool Oil Prices 01:00 SpaceX S-1 Reveals 18,712 BTC on the Balance Sheet 01:45 SEC Delays Tokenized Stocks Innovation Exemption 02:05 Kevin Warsh's First Week as Fed Chair Begins 02:30 HYPE ETFs Pull $72M, Bitwise's Ryan Rasmussen Joins 06:30 The Bull and Bear Case for Hyperliquid 11:30 Wealth Managers Move Beyond BTC and ETH 14:30 Margin Trading 101 With David Schamis 17:00 Crypto Margin vs. Equities and the Timing Trap 19:30 Trading 24/7 and the Rise of AI Agents 23:30 BTC ETFs Bleed $1.26B, Capital Rotates Into HYPE/SOL/XRP 25:30 Calamos' Matt Kaufman on Protected Bitcoin ETFs 28:30 Advisors Rotate From Spot BTC Into Protected Wrappers 30:00 The Calamos ETF Roadmap 32:30 Fear & Greed Index Sits at 34 - This episode was hosted by Jennifer Sanasie.

David Woo explains why stocks keep moving higher and his bear case for AI despite the recent rally. He argues AI models may already be hitting limits. David discusses Anthropic's "Mythos" model and why only 50 users have access due to cybersecurity risks. On greater market movers, he talks about what he believes is really driving earnings growth, and why stock and bond markets see the Middle East conflict differently.David Woo explains why stocks keep moving higher and his bear case for AI despite the recent rally. He argues AI models may already be hitting limits. David discusses Anthropic's "Mythos" model and why only 50 users have access due to cybersecurity risks. On greater market movers, he talks about what he believes is really driving earnings growth, and why stock and bond markets see the Middle East conflict differently.

AGENDA:  00:00 – Anthropic Eyes $900B Valuation & Andre Karpathy's Shock Move 04:46 – Unpacking Anthropic's $30 Billion War Chest 10:52 – The True Cost of AI Tokens: Is Salesforce Spending Too Much? 15:59 – The Bear Case for Token Growth & Why Software Leaders Must Adapt 22:56 – Public Tech Rebound: Figma & Datadog Crush Expectations 26:59 – The Death of Traditional Web Builders? The Decline of Wix & Squarespace 36:59 – Compute Starvation: Is the Semiconductor & Hardware Boom Sustainable? 45:59 – Cerebras IPO Smashes Day One: The Biggest Tech Public Debut Since Snowflake 48:17 – SpaceX Sets Date For the Largest IPO in History 57:28 – Y Combinator's Mic Drop Deal & The Drama Behind Elon Musk's OpenAI Lawsuit 01:11:57 – The Looming Backlash: Mass Tech Layoffs and the Politics of AI 20VC: 

On this episode of CoinDesk's Public Keys from the New York Stock Exchange, Jennifer Sanasie is joined by Fundstrat Head of Digital Asset Strategy Sean Farrell to unpack the crypto IPO slowdown, the Fed's hawkish pivot, and why Bitcoin miners pivoting to AI infrastructure remain one of the year's best places to hide in crypto. 21Shares Global Head of Research Eli Ndinga breaks down the launch of the first Hyperliquid ETF in the U.S. market, makes the bull and bear case for HYPE, and shares his $75 price target. Plus, NUVA Labs CEO Anthony Moro discusses the company's launch with nearly $19 billion in tokenized real-world assets from Figure Technologies and his vision for bringing TradFi to DeFi. - Timecodes: 00:00 Welcome to Public Keys 00:38 Clarity Act Passes, Macro Headwinds Hit Crypto 01:53 Crypto IPO Boom Hits a Speed Bump 02:09 Fundstrat's Sean Farrell Joins Public Keys 03:30 Why AI Is Driving the Tech IPO Market 05:00 Bitcoin Miners Pivot to AI for Higher Yields 06:13 Macro Outlook and Fed Chair Warsh 08:12 Hyperliquid's $850M Revenue and Pre-IPO Markets 12:23 Bitcoin and Ethereum ETFs See Major Outflows 13:48 Two HYPE ETFs Launch on Wall Street 14:25 21Shares' Eli Dinga on the THYP Debut 17:30 The Bull and Bear Case for Hyperliquid 22:30 21Shares' $75 Price Target for HYPE 23:55 Nuva Labs Launches with $19B in Tokenized RWAs 30:00 The Nuva Roadmap and Token Generation Event - This episode was hosted by Jennifer Sanasie.

The S&P 500 just surged 8.2% off its March lows—reclaiming key technical levels and sitting within striking distance of all-time highs. But is this the start of a sustained move higher, or just a reflexive rally before another pullback? Lance Roberts & Jonathan Penn break down what drove the rally—from extreme bearish sentiment and a volatility reset, to easing geopolitical tensions—and why those factors matter for investors right now. We also examine the critical technical signals, including the reclaiming of the 200-day moving average, and what history suggests about forward returns after similar setups. Key topics include: 0:00 - INTRO 1:08 - Is the Correction Over? 4:50 - When Markets Are Correcting... 8:39 - Earnings Season Commences 10:12 - Now is the Time to Rebalance Risk 16:37 - Lance's U.K. Vacation 21:09 - Big Rally Last Week - What Happens Next - Factors to Watch 26:43 - Bull Case vs Bear Case 30:00 - Lance's Investor Guidelines 33:09 - Markets Feel Worse Than They Are 36:08 - The Southpark Market 40:09 - Why You Should Be Buying the Crash 42:07 - What Everyone Knows... 44:12 - Nothing Stays Static 47:03 - The Hard Part of Investing ------- Do you enjoy our content? Rate us on Google: https://bit.ly/4b9JtEo ------- Watch Today's Full Video on our YouTube Channel: https://youtube.com/live/ylJqaK248pk ------- Watch our previous show, "What To Do After You Inherit Money," https://youtube.com/live/PfgdqYStb70 ------- The latest installment of our new feature, Before the Bell, "Back Above 200-DMA?" is here: https://youtu.be/_JrTG3hB_co ------- Articles Mentioned in Today's Show: "S&P 500 Outlook: The 8.2% Rally & What Comes Next." https://realinvestmentadvice.com/resources/blog/sp-500-outlook-the-8-2-rally-what-comes-next/ "Oil Shock: Will The Fed Intervene" https://realinvestmentadvice.com/resources/blog/oil-shock-will-the-fed-intervene-part-2/ "The South Park Investment Curse" https://realinvestmentadvice.com/resources/blog/lets-knock-on-wood/ ------- Download Lance's Latest e-book, "Laws of Money & Wealth:"https://realinvestmentadvice.com/ria-e-guide-library/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #SP500 #StockMarket #Investing #TechnicalAnalysis #MarketOutlook #InvestingStrategy #FinancialMarkets

Derek Moore is joined by Mike Snyder and Shane Skinner to look at the bull case vs. the bear case in markets. Plus, which company the gang is most looking forward to seeing what their earnings release shows and how the big tech names are all cheaper on a forward valuation basis. Why doesn't the market always go up when earnings grow? Now people are tracking sailings in the Strait of Hormuz. Later, examining whether Friday's recovering from a rough open is a good sign for markets or just an anomaly.   Strait of Hormuz ship tracking Earnings growth vs the market return in a given year Odd to see the market down while earnings revisions have grown positively +8% Nvidia vs Microsoft for who everyone is most looking forward to earnings wise SpaceX files for an IPO but we'll have to wait on the S-1 release Market bull and bear case   Mentioned in this Episode   Article with Peter Lynch video link plus forward valuation charts on the market, Nvidia, and Exxon. https://zegainvestments.com/blog/is-the-market-getting-cheaper-or-just-early-ahead-of-analyst-revisions   Podcast Explaining The Big Short Movie & Credit Default Swaps https://podcasts.apple.com/us/podcast/the-big-short-movie-credit-default-swaps-explained/id1432836154?i=1000465683509   Margin Call Movie and VaR Value at Risk Explained https://open.spotify.com/episode/2XJ58KAoQKw2sdC48KHyPp   Derek Moore's book Broken Pie Chart https://amzn.to/3S8ADNT   Jay Pestrichelli's book Buy and Hedge https://amzn.to/3jQYgMt   Derek's book on public speaking Effortless Public Speaking https://amzn.to/3hL1Mag   Contact Derek derek.moore@zegainvestments.com

"Oracle (ORCL) is the first canary in the coal mine" to David Trainer's AI bear case, followed by Meta Platforms (META) and other Mag 7 names committing hundreds of billions to CapEx. He adds, "spending isn't going to end any time soon," arguing these companies need to show a stronger road map to profitability. David also points out risks to jobs and rising monopolistic concerns are other headwinds facing the AI trade. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

In this episode of the Why Invest? podcast, hosts Luke Hyde-Smith and Tom Saville speak with Matthew Smith, Co-Founder of QSM Asset Management and a global equities investor. Taking the bearish side of our AI Bull vs Bear series, Matthew shares his perspective on why the current wave of enthusiasm around AI may not translate into the investment returns many expect.The conversation explores the scale of the recent AI-driven investment boom and the role it has played in driving equity market performance, particularly in the US. Matthew explains why he believes the market may be pricing in too much optimism and discusses some of the economic and competitive challenges facing the sector.They also examine the broader implications for investors and the global economy, including how the AI cycle could influence markets, interest rates and sector opportunities over the coming years.If you would like further information about anything discussed in this episode, please do get in touch: whyinvest@w1m.com.This podcast is issued by W1M Wealth Management Limited which is authorised and regulated by both by the Financial Conduct Authority of 12 Endeavour Square, London E20 1JN, with firm reference number 120776 and the U.S. Securities and Exchange Commission of 100 F Street, NE Washington, DC 20549, with firm reference number 801-63787. Registered in England and Wales, Company Number 02080604.The information provided in this podcast is for information purposes only and W1M Wealth Management Limited does not accept liability for any loss or damage which may arise directly or indirectly out of use or reliance by the client, or anyone else, on the information contained in this recording. This podcast should be used as a guide only is based on our current views of markets and is subject to change.The information provided does not constitute advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular wealth management or investment objectives, strategies, tax status or investment horizon.All materials have been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Hosted on Acast. See acast.com/privacy for more information.

In this week's Market Maker Podcast M&A episode, we break down the biggest deals moving markets right now. We start with Axel Springer's $770 million acquisition of the Daily Telegraph, the proposed Airbus–Leonardo–Thales space merger aimed at competing with SpaceX, and the latest developments in the Monte dei Paschi–Mediobanca deal. We also discuss a new take-private bid for Papa John's and a recent investment into AmplifyME.We then dive into the rapid rise of prediction markets like Kalshi and Polymarket. These platforms allow users to trade contracts on real-world outcomes—from crypto prices and politics to economic events. With valuations potentially approaching $20 billion, we explore how prediction markets work, why hedge funds are beginning to exploit arbitrage opportunities, and whether this could evolve into a new financial market infrastructure or remain a controversial betting niche.Chapters(00:00) Introduction(01:18) Axel Springer Buys the Telegraph(05:11) European Space Merger vs SpaceX(06:52) Monte dei Paschi–Mediobanca Deal(07:24) Papa John's Take-Private Bid(10:27) AmplifyME Investment Explained(13:33) What Are Prediction Markets?(20:06) Prediction Market Size(22:52) Who Built Polymarket & Kalshi?(29:02) Hedge Funds Enter Prediction Markets(32:49) Market Manipulation Risks(38:42) Regulation & Legal Risks(41:51) The Bull Case for Prediction Markets(42:43) The Bear Case for Prediction Markets(46:01) Final ThoughtsFind out more about simulation in attraction, training and assessment www.amplifyme.comSubscribe to the Market Maker daily newsletter

This week, Mippo, Myles, and Xavier sat down to discuss Hyperliquid's rapid growth, competitive advantages, what the team did right, and potential bull and bear cases for Hyperliquid's long-term outlook. Thanks for tuning in! — The Canton Network is the only public, permissionless blockchain built for institutional finance— combining privacy, compliance, and scalability. It enables real-time, secure synchronization and settlement across asset classes on a shared, interoperable infrastructure. It's the link between the promise of blockchain and the power of global finance, making finance flow as it should.  Learn more about the Canton Network here: https://www.canton.network/?utm_source=podcast&utm_medium=shownotes&utm_campaign=cantonprivacy&utm_id=blockworks -- Join us at DAS (Digital Asset Summit) in New York City this March! Follow the link below to grab your ticket, and use code BELL200 to get $200 off your ticket! See you there! Tickets: https://blockworks.co/event/digital-asset-summit-nyc-2026 – Follow Myles: https://x.com/MylesOneil Follow Xavier: https://x.com/0xave Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH —- Timestamps (00:00) Introduction (05:14) The Across Token to Equity Proposal (14:15) Canton Ad (14:48) What Has Hyperliquid Done Right? (40:51) Canton Ad (41:28) Hyperliquid's Bull Case (50:21) Hyperliquid's Bear Case (55:48) The Everything Exchange (01:03:04) Closing Predictions —-- Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Xavier, Myles, and our guests may hold positions in the companies, funds, or projects discussed.

What sparked the recent “SaaSpocalypse” conversation across social media, news outlets, and investor circles? In episode #358 of SaaS Metrics School, Ben Murray explains how the debate around AI potentially disrupting SaaS began. Ben breaks down what actually started the conversation, the major concerns investors and operators are discussing, and why SaaS founders and CFOs should pay attention to the shift. Resources Mentioned Ben's blog post: The SaaSpocalypse — Bull Case, Bear Case, and How to Assess SaaS Defensibility: https://www.thesaascfo.com/the-saaspocalypse-ai-agents-vibe-coding-and-the-changing-economics-of-saas/ What You'll Learn What triggered the “SaaSpocalypse” narrative in early 2026 Why AI coding tools are accelerating the build vs. buy decision for software How agentic workflows could pressure traditional SaaS products Why seat-based pricing models may face scrutiny in an AI-driven world How investors may rethink the durability of SaaS revenue and growth Why It Matters AI agents capable of executing workflows could reshape how software is delivered SaaS pricing models tied to seats may become less durable if AI reduces headcount needs The build vs. buy equation is shifting as AI coding tools make software easier to create Investors may begin reassessing SaaS valuations based on AI disruption risk SaaS operators must stay informed and proactive as AI reshapes the software landscape

The big things you need to know:First, we review the results of a survey we conducted of RBC's equity analysts on the conflict in Iran, which helps explain the resilience we've seen in the S&P 500.Second, the valuation and sentiment barometers we're tracking point to room for further downside in the S&P 500 in the near-term in absolute terms, while our work on US valuations vs. other global developed markets highlights why the US equity market has been embraced as a safe haven, helping outperformance versus global peers to re-ignite.

The spike in crude oil is a "civilized" move higher compared to the "uncivilized" headlines over the weekend, says Carley Garner. She also calls the crude rally "unsustainable." Oversupply leads her to believe markets have priced in a $20 premium into oil prices and will fall back to $50 once geopolitical risk subsides. However, Carley says that doesn't mean there won't be another opportunity to buy. Headlines also lifted prices in natural gas. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Invest Like the Best: Read the notes at at podcastnotes.org. Don't forget to subscribe for free to our newsletter, the top 10 ideas of the week, every Monday --------- My guest today is Dan Sundheim. Dan is the founder and CIO of D1 Capital Partners. He thinks about markets and businesses constantly, and has built a career entirely around that obsession. He manages over $30B across both public and private markets, with investments in SpaceX, OpenAI and Anthropic, and a public portfolio of names you may never have heard of. Dan shares the story of the short case he wrote on Orthodontic Centers of America and posted on Value Investors Club, which crashed the stock, and helped him land his first job. He shares why he backed Anthropic at a moment when many people told him it was the Lyft to OpenAI's Uber, what reading Dario Amodei's essays reminded him of Jeff Bezos, and how he thinks about LLM business models through the lens of Netflix and Spotify. We spend time on the extraordinarily stressful moment in early 2021 when GameStop hit the firm, and what Dan believes is the single biggest tail risk facing the global economy right now. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit ⁠vanta.com/invest⁠.  ----- ⁠WorkOS⁠ is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. Visit⁠⁠ ⁠WorkOS.com⁠⁠⁠ to transform your application into an enterprise-ready solution in minutes, not months. ----- ⁠Rogo⁠ is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps: (00:00:00) Welcome to Invest Like the Best (00:02:43) Intro: Dan Sundheim (00:03:58) The State of Public & Private Investing (00:07:32) Investing in OpenAI and Anthropic (00:10:22) LLMs Business Model (00:14:13) How LLMs are like Netflix and Spotify (00:17:08) Focus v. Scope (00:22:43) The Bear Case for Hyperscalers (00:26:36) The Software Sell-Off (00:31:08) If Scaling Laws Stopped (00:32:18) Advice to a 12-Year-Old Investor (00:33:54) GameStop: D1's Darkest Hour (00:37:14) The Pivotal Dinner with LPs (00:40:56) Staying Calm and Confident (00:42:08) Economic Optimism vs. Societal Uncertainty (00:44:26) Investing on SpaceX and Rivian (00:48:09) Why Dan Loves Shorting (00:48:51) Sources of Inefficiency in Today's Markets (00:51:45) The Importance of Loyalty (00:53:11) Dan's Group Chat for Founders (00:55:39) What Motivates Dan (00:57:28) Posting on Value Investors Club (01:01:46) What Dan Learned at Viking (01:04:22) The Beauty of Art (01:06:49) Under-appreciated Parts of the Global Economy (01:08:00) The US-China-Taiwan Collision Course (01:12:10) Good Leaders vs. Good Businesses (01:13:15) The Kindest Thing

My guest today is Dan Sundheim. Dan is the founder and CIO of D1 Capital Partners. He thinks about markets and businesses constantly, and has built a career entirely around that obsession. He manages over $30B across both public and private markets, with investments in SpaceX, OpenAI and Anthropic, and a public portfolio of names you may never have heard of. Dan shares the story of the short case he wrote on Orthodontic Centers of America and posted on Value Investors Club, which crashed the stock, and helped him land his first job. He shares why he backed Anthropic at a moment when many people told him it was the Lyft to OpenAI's Uber, what reading Dario Amodei's essays reminded him of Jeff Bezos, and how he thinks about LLM business models through the lens of Netflix and Spotify. We spend time on the extraordinarily stressful moment in early 2021 when GameStop hit the firm, and what Dan believes is the single biggest tail risk facing the global economy right now. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit ⁠vanta.com/invest⁠.  ----- ⁠WorkOS⁠ is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. Visit⁠⁠ ⁠WorkOS.com⁠⁠⁠ to transform your application into an enterprise-ready solution in minutes, not months. ----- ⁠Rogo⁠ is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps: (00:00:00) Welcome to Invest Like the Best (00:02:43) Intro: Dan Sundheim (00:03:58) The State of Public & Private Investing (00:07:32) Investing in OpenAI and Anthropic (00:10:22) LLMs Business Model (00:14:13) How LLMs are like Netflix and Spotify (00:17:08) Focus v. Scope (00:22:43) The Bear Case for Hyperscalers (00:26:36) The Software Sell-Off (00:31:08) If Scaling Laws Stopped (00:32:18) Advice to a 12-Year-Old Investor (00:33:54) GameStop: D1's Darkest Hour (00:37:14) The Pivotal Dinner with LPs (00:40:56) Staying Calm and Confident (00:42:08) Economic Optimism vs. Societal Uncertainty (00:44:26) Investing on SpaceX and Rivian (00:48:09) Why Dan Loves Shorting (00:48:51) Sources of Inefficiency in Today's Markets (00:51:45) The Importance of Loyalty (00:53:11) Dan's Group Chat for Founders (00:55:39) What Motivates Dan (00:57:28) Posting on Value Investors Club (01:01:46) What Dan Learned at Viking (01:04:22) The Beauty of Art (01:06:49) Under-appreciated Parts of the Global Economy (01:08:00) The US-China-Taiwan Collision Course (01:12:10) Good Leaders vs. Good Businesses (01:13:15) The Kindest Thing

AGENDA: 04:14 Anthropic's $30B Raise at $380B 06:18 Why SaaS Stocks Keep Getting Crushed 18:15 Wall Street's New Religion: AI Replaces Headcount  22:42 The Bear Case for Shopify: What Could Go Wrong? 31:51 Replit and Lovable are Proof Figma Missed Out: Figma; Buy or Sell?  48:42 Stripe Raises at $140BN: Is Stripe Wildly Overvalued or Adyen Undervalued?  54:36 OpenAI Buys OpenClaw 01:06:28 Thrive's $10B Growth Fund 01:09:10 Arif Janmohamed Leaves Lightspeed for New Firm 01:17:12 Workday's Founder Returns as CEO: Will it Work?  01:20:34 Which Founder Returns Next: HubSpot, Twilio, Gitlab? 01:24:03 Is Monday.com a Screaming Buy? 01:28:25 Jason and Harry Bet $200,000  

In this episode of WealthVest: The Weekly Bull&Bear, Drew and Tim discuss employment data, the global bond market, deficits, inflation, and critical mineral price floors.WealthVest – based in Bozeman, MT– is a financial services marketing and distribution firm specializing in fixed and fixed index annuities from many high-quality insurance companies. WealthVest provides the tools, resources, practice management support, and products that financial professionals need to provide their clients a predictable retirement that has their best interest in mind.Hosts: Drew Dokken, Tim PierottiAlbum Artwork: Matt LueckShow Editing and Production: Matt LueckDisclosure: The information covered and posted represents the views and opinions of the hosts and does not necessarily represent the views or opinions of WealthVest. The mere appearance of Content on the Site does not constitute an endorsement by WealthVest. The Content has been made available for informational and educational purposes only. WealthVest does not make any representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the Content.WealthVest does not warrant the performance, effectiveness or applicability of any sites listed or linked to in any Content. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning. Investment and investing involves risk, including possible loss of principal. Hosted on Acast. See acast.com/privacy for more information.

Amazon's new AI shopping agent could reshape how people discover and buy products online. Scott breaks down Amazon's “Buy for Me” initiative, which is an AI-driven shopping flow that can surface off-site products and redirect shoppers to external stores. He unpacks what it could mean for conversion, attribution, and Shopify seller economics. Learn how it works in practice, and why it matters for sellers who rely on traditional storefront traffic. If the shopping experience starts on Amazon and finishes elsewhere, the rules around discovery, trust, and conversion can shift fast. Scott also explains agentic commerce, where AI drives more purchase decisions, and why the impact will vary: small businesses can adapt faster, while larger organizations face more friction. Zooming out to 2026, Scott weighs bearish risks, such as white-collar layoffs, against bullish tailwinds that could keep demand strong and create new e-commerce opportunities. Episode Notes: 00:40 - Amazon's Buy for Me AI Agent 04:51 - Agentic Commerce & Human-in-the-Loop vs. Human-Out-of-the-Loop 05:59 - Widespread AI Adoption and Its Impact 10:45 - Amazon Reviews: Policy Update 12:31 - Bear Case for Amazon & E-Commerce in 2026 15:13 - Bull Case for Amazon & E-Commerce in 2026   Related Post: Top 10 TikTok Marketing Agencies for DTC and CPG Brands   Scott's Links: LinkedIn: linkedin.com/in/scott-needham-a8b39813 X: @itsScottNeedham Instagram: @smartestseller YouTube: www.youtube.com/@smartestamazonseller2371 Newsletter: https://www.smartscout.com/newsletter-sign-up Blog: https://www.smartscout.com/blog

In this episode we discuss our 2026 outlook and the bull vs bear scenarios we’re tracking across AI monetization, the consumer, and the policy path. #SightLines #Outlook2026 #AI #Consumer #Policy #Markets #Macro To read this week's Sight|Lines, click here. The views expressed in this podcast may not necessarily reflect the views of Stifel Financial Corp. or its affiliates (collectively, Stifel). This communication is provided for information purposes only. Past performance does not guarantee future results. Investing involves risk, including the possible loss of principal. Asset allocation and diversification do not ensure a profit or protect against loss. © Stifel, Nicolaus & Company, Incorporated | Member SIPC & NYSE | www.stifel.com See omnystudio.com/listener for privacy information.

AppLovin just crossed $250 billion in market cap. Stock up 127% YTD. EBITDA margins at 82%. Is this the beginning—or the top?We assembled the most qualified panel possible to break it down: an operator running millions through AppLovin's platform, a gaming-focused financial analyst, and an institutional investor who's seen these cycles before.What emerged isn't your typical bull-bear debate. It's a breakdown of how dominance actually works in ad tech—and what could break it.IN THIS EPISODE→ Why AppLovin doesn't need to be better than competitors—just 95% as good→ The MAX/Axon lock-in that keeps publishers captive→ E-commerce expansion: AppLovin is beating Google on Android→ The SEC investigation and deplatforming risk (how worried should you be?)→ What one operator's portfolio data reveals about where the cracks are forming→ Each panelist's prediction for AppLovin in 2026SPEAKERSJosh Chandley — President & CEO, WildCard GamesMatthew Kanterman, CFA — Director of Research, Blue River Financial GroupBrian Peganoff — Former TMT Investor, Founder Timber AdvisorsJoseph Kim — CEO, Lila GamesTIMESTAMPS[00:00] Introduction & Panel Overview[01:22] AppLovin Financial Recap: 127% YTD, 82% Margins[04:52] Valuation Analysis: Is Growth Priced In?[07:15] The Bull Case: Infrastructure Lock-In[10:30] How MAX & Axon Create Publisher Dependency[15:45] E-Commerce Expansion: Beating Google on Android[22:10] Why Meta & Google Can't Compete on iOS[28:40] The Bear Case: Five Risks[35:20] SEC Investigation & Deplatforming Risk[42:15] The Infrastructure Risk Nobody Discusses[48:30] Competitive Landscape: Unity, Moloco, Meta[58:20] Connected TV: Wild Card or Dead End?[1:05:40] Panel Predictions for 2026[1:15:30] Key TakeawaysLINKSNewsletter: https://www.gamemakers.comFull article: https://www.gamemakers.com/p/applovin-bull-bear-casePixels & Profits is a GameMakers series covering the business and investing side of the gaming industry.

Canada's rental market experienced a dramatic shift in 2025, with vacancy rates rising to 3.1% nationally (the highest in a decade) due to record-high rental construction meeting slower population growth and reduced immigration. This has flipped the market from landlord-favored to renter-favored, with landlords now offering incentives like free months of rent to fill units. Vacancy hit 3.7% (highest since 1988), with landlords competing for tenants for the first time in a generation and offering significant incentives. Calgary maintained a balanced 5% vacancy despite adding 11% to its rental stock, thanks to strong interprovincial migration and employment. Despite rising vacancies, national rents increased ~5%, with landlords raising rates on existing tenants, and affordable units remain scarce. Exchange-Traded Funds (ETFs) | BMO Global Asset Management MULTIPLEX MASTERCLASS LISTEN AD FREE free 1 week trial for Realist Premium Deal AnalyzerSee omnystudio.com/listener for privacy information.

Volatility hit Nvidia (NVDA) late Thursday morning following its earnings report, though Hatem Dhiab sees the company maintaining strength for the long-term. He calls the report "fantastic" and its $500 billion Blackwell guidance "really insane." That said, he sees the company hitting the metrics due to its "full stack" approach. Louis Kondratev adds that it's "hard to make a bear case" against Nvidia, saying that the company's poised growth will accelerate the A.I. rally. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

BlackRock's Head of Crypto Robbie Mitchnick joins Ryan to unpack how institutions are actually allocating (and why correlation to “digital gold” matters), what the ETF data says about demand for BTC and ETH, and why the October leverage flush didn't dent long-term adoption. We dig into BlackRock's tokenization roadmap, from the BUIDL-style tokenized money market funds and the Genius Act angle to the stablecoin flywheel, plus what's still missing: secondary liquidity and pragmatic regulatory clarity. Robbie lays out a realistic 24–36 month path, a 2026 “show-me” phase for real utility, and candid advice for allocators on sizing and asset selection. ------

If you've been enjoying The Independent Advisors podcast for a while now and want to take the next step in your financial journey, I'd encourage you to head to our website, jessupwealthmanagement.com (https://www.jessupwealthmanagement.com/) . Matt offers a 15-minute initial call where you can discuss your financial goals and see if JWM is a good fit for your needs.Scheduling is easy—once you land at jessupwealthmanagement.com (https://www.jessupwealthmanagement.com/) just click “Schedule Initial Call” and select a time that works best for you!There's a quick survey to fill out that will help guide the conversation and ensure your time is used efficiently.If you're ready to learn more, visit jessupwealthmanagement.com (https://www.jessupwealthmanagement.com/) and book your call today!Show Notes:Blog Post from Ryan Detrick titled “Lets Talk About A Government Shutdown” on 9.16.25 - https://www.carsongroup.com/insights/blog/lets-talk-about-a-government-shutdown/ Blog Post from JC Parets titled “Here's The Bear Case” on 10.2.25 - https://trendlabs.com/heres-the-bear-case/ Foreigners Snap Up US StocksSource: Bloomberg 9/26https://www.bloomberg.com/news/articles/2025-09-26/foreigners-are-buying-us-stocks-at-record-pace-despite-trade-war?A Little History on Government ShutdownsSource: Bloomberg 9/30https://www.bloomberg.com/news/articles/2025-09-30/dollar-weakness-is-a-common-feature-of-government-shutdowns?Will vs Trust: Which is Right for Your Estate Plan?https://www.plancorp.com/blog/will-vs-trust#321 Topics:Government Shutdowns and Market PerformanceConsumer discretionary outperformance versus staples reflects healthy economic leadership and a robust consumer-driven market Joel Tillinghast's quote on the best investors' ability to change their minds underscores the importance of flexibility in investing Foreign investors' ownership of US stocks reached all-time highs despite tariff talkEstate Planning: Wills vs. Trusts

This week, we dig into the government shutdown, weakening labor markets, AI's role in productivity, Michael Howell's demographic analysis, and how fiscal and market structure dynamics set the stage for a potential risk-asset melt-up. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Join us at Digital Asset Summit in London October 13-15. Use code FORWARD200 for £200 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ Weekly Roundup Charts: https://drive.google.com/file/d/1qHbnslxFOFZXswRiw0yv1JCyplgm8haE/view?usp=sharing — This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (03:09) DAS London! (04:06) Government Shutdown (06:42) Labor Weakness Continues (13:45) VanEck Ad (14:31) Demographic Decay of Advanced Economies (17:18) Are You Ready for Negative Real Yields? (19:20) The Macro Stars Are Aligning (24:40) Is it a Bubble or Not? (29:53) VanEck Ad (30:33) Is it a Bubble or Not? (31:40) Gaming Out Trump Admin Policy (38:06) Is there a Bear Case? (41:27) Strong USD, Strong Economy (43:52) Does the Bull Market Have Legs? (51:14) Best Bear Case (53:16) Final Thoughts — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

Sylvia Jablonski and Ivana Delevska debate the future of Apple (AAPL) AI. Sylvia is bullish on its tech development and says, “Once they catch up, you get an upgrade cycle out of this.” Apple has “no choice but to play in this space,” she says, and thinks they will initially partner with third parties while developing their own in-house version. Ivana thinks they're hitting a major headwind: “they're starting to fail” in their innovation cycle and they aren't “leveraging their consumer.” She argues that using a third-party product for AI removes their edge. She warns that if Apple can't deliver, an upstart competitor could take over.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

JPMorgan Chase (JPM) and Bank of America (BAC) have recently outperformed the SPX, but Baird downgraded both stocks as the macro environment shifts. Canaccord downgraded and cut price targets on Uber Technologies (UBER) and Lyft Inc. (LYFT) as Tesla (TSLA) ramps up its showing in autonomous driving. However, Estée Lauder (EL) got an upgrade with a "lipstick indicator" pointing to bullish momentum. Diane King Hall talks about what's behind today's morning movers.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Chris Vermeulen of The Technical Traders offers a wide perspective on the markets. He talks about the FOMO-driven rally led primarily by tech, which he perceives being a "wild card" moving forward. While Chris sees short-term bull trends holding, he expects bears to re-enter markets and send levels near April lows. ======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

A string of recent economic data has encouraged investors, argues Ted Thatcher, pushing markets towards new all-time highs. He thinks this has cut through a lot of the volatility and geopolitical uncertainty. He makes a bullish case for Nvidia (NVDA) and Alphabet (GOOGL), calling the latter a “value buy” vs the rest of the Mag 7. On the other hand, he thinks Apple (AAPL) has “lost its way” – he's especially tough on Siri capabilities vs AI rivals.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

AI coding is in full-blown gold-rush mode, and GitHub sits at the epicenter. In this episode, GitHub CEO Thomas Dohmke tells Matt Turck how a $7.5 B acquisition in 2018 became a $2 B ARR rocket ship, and reveals how Copilot was born from a secret AI strategy years before anyone else saw the opportunity.We dig into the dizzying pace of AI innovation: why developer tools are suddenly the fastest-growing startups in history, how GitHub's multi-model approach (OpenAI, Anthropic Claude 4, Gemini 2.5, and even local LLMs) gives you more choice and speed, and why fine-tuning models might be overrated. Thomas explains how Copilot keeps you in the “magic flow state,” how even middle schoolers are using it to hack Minecraft. The conversation then zooms out to the competitive battlefield: Cursor's $10 B valuation, Mistral's new code model, and a wave of AI-native IDE forks vying for developer mind-share. We discuss why 2025's “coding agents” could soon handle 90 % of the world's code, the survival of SaaS and why the future of coding is about managing agents, not just writing code.GitHubWebsite - https://github.com/X/Twitter - https://x.com/githubThomas DohmkeLinkedIn - https://www.linkedin.com/in/ashtomX/Twitter - https://twitter.com/ashtomFIRSTMARKWebsite - https://firstmark.comX/Twitter - https://twitter.com/FirstMarkCapMatt Turck (Managing Director)LinkedIn - https://www.linkedin.com/in/turck/X/Twitter - https://twitter.com/mattturck(00:00) Intro (01:50) Why AI Coding Is Ground Zero for Generative AI (02:40) The $7.5B GitHub Acquisition: Microsoft's Strategic Play (06:21) GitHub's Role in the Azure Cloud Ecosystem (10:25) How GitHub Copilot Beat Everyone to Market (16:09) Copilot & VS Code Explained for Non-Developers (21:02) GitHub Models: Multi-Model Choice and What It Means (25:31) The Reality of Fine-Tuning AI Models for Enterprise (29:13) The Dizzying Pace and Political Economy of AI Coding Tools (36:58) Competing and Partnering: Microsoft's Unique AI Strategy (41:29) Does Microsoft Limit Copilot's AI-Native Potential? (46:44) The Bull and Bear Case for AI-Native IDEs Like Cursor (52:09) Agent Mode: The Next Step for AI-Powered Coding (01:00:10) How AI Coding Will Change SaaS and Developer Skills

On this edition of the ArsenalVision Podcast, Elliot is joined by Clive and Tim to discuss the lessons for Arsenal from PSG's Champions League Victory. They also revisit the pre-season predictions to determine what went right and what went wrong. Finally there's a long section answering listener questions on transfers primarily. Chapter timings are below. All that and more on this edition of the ArsenalVision podcast!Chapters:00:00 Intro Music01:01 Opening Banter & Clive's Birthday & a Community Loss07:27 PSG Champions League Victory Analysis28:44 Re-visiting Pre-Season Predictions48:31 Listener Question: Ideal Left-Winger to Buy54:11 Listener Question: Approach to Domestic Cups01:00:50 Listener Question: FA Cup vs 90 League Points01:07:26 Listener Question: Havertz's Role After Signing a Striker01:09:32 Listener Question: Physicality vs Technicality—Are Arsenal Behind the Curve?01:31:32 Bull and Bear Case for LFC and MCFC Next SeasonSignup for our Patreon at https://www.patreon.com/arsenalvisionpodcast (Get 50% off first month with code AVP)You can now gift a Patreon membership https://www.patreon.com/arsenalvisionpodcast/giftGet The White Hot Lawn Mower® 5.0 Ultra for 15% OFF with code arsenalvision at Manscaped.com! #ManscapedPartnerInterested in advertising on this podcast? Email sales@bluewirepods.com

On this Dialogue episode of The Synopsis, we give an update on CoStar Group and Copart. Check out our written business updates for $CSGP and $CPRT below!  CoStar Group 4Q24 Business Update  Copart: 2Q25 Business Update (Calendar 4Q24) ~Mentioned Memos~ Accounting Memo: Alibaba, JD, and the $330bn Footnote ~*~ For full access to all of our updates and in-depth research reports, including our CoStar Group and Copart Extensive Research Reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro ~CoStar Group~ (1:58) — CoStar Overview  (10:55) — Sales Force, Growth, Homes.com  (23:06) — Better Bear Case, Valuation, Andy Florance as a CEO ~Copart~ (31:51) — Copart Overview and Tailwinds (47:45) — International, Purple Wave, Tariffs, Valuation  -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in CSGP and CPRT. Furthermore, accounts one or more contributors advise on may also have a position in CSGP and CPRT. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

The big things you need to know: First, we review our basic framework for thinking about drawdowns in US equities, a topic that's been coming up in client meetings over the past few weeks, as investor uncertainty regarding the economy has increased. Second, we have refreshed the math behind our YE 2025 bear case of 5,775, specifically our valuation/EPS stress test. Third, we run through our latest updates on the vibes breakdown in the US, where investor sentiment has plunged to crisis lows on one key metric. Fourth, some of our work suggests opportunity is opening up in Small Caps, though we think it's too early to go overweight.

Chris Vermeulen warns investors to expect a "pretty big" market correction sometime this year. He believes correction concerns can be seen in a rotation out of Nvidia (NVDA) ahead of its earnings. Chris makes the bear case for gold by saying "most upside is done" for metals. Small caps are another corner of the market he thinks bulls should steer clear of as the Russell 2000 trades in negative territory so far in 2025.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

In this episode we discuss possible paths if our bear case scenario unfolds in 2025. To read this week's Sight|Lines, click here. The views expressed in this podcast may not necessarily reflect the views of Stifel Financial Corp. or its affiliates (collectively, Stifel). This communication is provided for information purposes only. Past performance does not guarantee future results. Investing involves risk, including the possible loss of principal. Asset allocation and diversification do not ensure a profit or protect against loss. © Stifel, Nicolaus & Company, Incorporated | Member SIPC & NYSE | www.stifel.com See omnystudio.com/listener for privacy information.

Today's slide deck: https://bit.ly/417UZv0   - While we have made the USD bear case to materialize at some point, we don't have much in the way of confirmation that it will arrive sooner rather than later, even if USDJPY may have posted a significant top. Today, a look at what is needed to get that confirmation while also running through the news of the day and what to watch for next across asset classes. Hosting today's podcast is John J. Hardy, Global Head of Macro Strategy.   Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today's slide deck: https://bit.ly/3ECSW9o   - Today, we round up Amazon.com's results and the refrain we are hearing from them that rhymes with Meta, Microsoft and Alphabet's complaints on capacity constraints and the need for massive further capital expenditures to build out data centers. And that being the case, how to position the DeepSeek news? Also on this podcast, Macro Strategist John J. Hardy lays out the US dollar bearish case as the US government will find that its chief priority is getting its fiscal house in order. Also on today's call is Jacob Falkencrone, Global Head of Investment Strategy.   Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Despite a strong earnings beat, PayPal (PYPL) sold off on Tuesday. Dan Dolev says the company "fed the bear case" to investors on a silver spoon, but it can get bulls back by pivoting its focus to international markets. He still tells investors, "buy the dip," believing the company is poised to hit $100. Dan later notes other companies he considers buys in fintech like Block Inc. (XYZ) and Affirm (AFRM). ======== Schwab Network ======== Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribe Download the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185 Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7 Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watch Watch on Vizio - https://www.vizio.com/en/watchfreeplus-explore Watch on DistroTV - https://www.distro.tv/live/schwab-network/ Follow us on X – https://twitter.com/schwabnetwork Follow us on Facebook – https://www.facebook.com/schwabnetwork Follow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

The U.S. reportedly delayed its 25% tariffs on Mexico by a month as President Trump discusses Canada's tariffs with Prime Minister Justin Trudeau. Vincent Deluard believes the unpredictability of tariffs will damage the U.S. markets long-term. He expects stocks to turn bearish as early as the spring in a market "vulnerable to correction." ======== Schwab Network ======== Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribe Download the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185 Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7 Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watch Watch on Vizio - https://www.vizio.com/en/watchfreeplus-explore Watch on DistroTV - https://www.distro.tv/live/schwab-network/ Follow us on X – https://twitter.com/schwabnetwork Follow us on Facebook – https://www.facebook.com/schwabnetwork Follow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Dr. Cruse (@predoctit) argues that Pete Hegseth, Trump's nominee for Secretary of Defense, is much less likely to get confirmed than the current markets prices indicate. Dr. Cruse and Pratik Chougule also discuss the universe of Republican senators who are willing to vote against Trump nominees. Timestamps 0:00: Pratik introduces episode 0:11: Thune whip count on Hegseth 8:05: Intro ends 10:06: Interview with Cruse begins 10:42: Trump nominees' confirmation prospects 11:24: Democratic Senators 12:11: Rubio 15:44: Most controversial nominees 16:27: Hegseth scandals 31:14: Factors in likelihood of confirmation 33:46: Republican Senators 46:41: Influence of Hegseth markets 46:56: Sexual harrassment allegations Follow Star Spangled Gamblers on Twitter @ssgamblers  Trade on Hegseth's nomination at Polymarket.com, the world's largest prediction market. https://polymarket.com/event/of-senate-votes-to-confirm-hegseth-as-secretary-of-defense?tid=1736804670342 https://polymarket.com/event/which-trump-picks-will-be-confirmed/will-pete-hegseth-be-confirmed-as-secretary-of-defense?tid=1736804692254 https://polymarket.com/event/who-will-be-trumps-defense-secretary/will-pete-hegseth-be-trumps-defense-secretary?tid=1736804733018 Join us for our first DC Forecasting & Prediction Markets meetup of the year! This will be a very casual meetup to meet and socialize with others interested in forecasting, prediction markets, political gambling, sports betting, or anything else relating to predicting the future. Location is TBD but you'll be notified when we've finalized a venue. Last-minute/onsite walk-in RSVPs here on this Partiful event page are welcomed! Who are we? We are prediction market traders on Manifold (and other prediction markets like PredictIt, Kalshi, and Polymarket), forecasters (e.g. on Metaculus and Good Judgment Open), sports bettors (e.g. on FanDuel, DraftKings, and other sportsbooks), consumers of forecasting (or related) content (e.g. Star Spangled Gamblers, Nate Silver's Silver Bulletin, Scott Alexander's Astral Codex Ten), effective altruists, rationalists, and data scientists. Forecast on Manifold how many people will attend this month: https://manifold.markets/dglid/how-many-people-will-attend-a-forec-OzPZILyc5C?play=true Forecast on Manifold how many people will attend meetups this year: https://manifold.markets/dglid/how-many-attendees-will-there-be-at?play=true This meetup is hosted by the Forecasting Meetup Network. Help us grow the forecasting community to positively influence the future by supporting us with an upvote, comment, or pledge on Manifund: https://manifund.org/projects/forecasting-meetup-network---washington-dc-pilot-4-meetups Get notified whenever a new meetup is scheduled and learn more about the Forecasting Meetup Network here: https://bit.ly/forecastingmeetupnetwork Join our Discord to connect with others in the community between monthly meetups: https://discord.com/invite/hFn3yukSwv

In this episode, we're joined by Max from HyperActive, Omnia from Kinetiq, and Tolks to discuss all things Hyperliquid! We covered the early days of Hyperliquid, competition with Solana, and Hyperliquid's growth thus far. Finally, we dove into whether or not Hyperliquid is an L3, and the bear cases for Hyperliquid going forward. Thanks for tuning in! As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. -- Follow Max: https://x.com/fiege_max Follow Omnia: https://x.com/0xOmnia Follow Tolks: https://x.com/_tolks Follow Boccaccio: https://x.com/salveboccaccio Follow Blockworks Research: https://x.com/blockworksres Subscribe on YouTube: https://bit.ly/3foDS38 Subscribe on Apple: https://apple.co/3SNhUEt Subscribe on Spotify: https://spoti.fi/3NlP1hA Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ Join the 0xResearch Telegram group: https://t.me/+z0H6y2bS-dllODVh -- Timestamps: (0:00) Introduction (3:49) The Early Days of Hyperliquid (12:18) Solana's Competition & Hyperliquid's Growth (25:26) Is Hyperliquid an L3? (33:18) Hyperliquid's Bear Case (43:44) Building in the Hyperliquid Ecosystem -- Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place Blockworks Research: https://www.blockworksresearch.com/ Free Daily Newsletter: https://blockworks.co/newsletter -- Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Dan, and our guests may hold positions in the companies, funds, or projects discussed.

FERMAT Create funnels the same way you create ads with FERMAT by visiting ⁠⁠https://fermatcommerce.com/af // Get the best media buying training on the Internet + a free coaching call with Common Thread Collective's media buyers when you sign up for ADmission here: ⁠https://bit.ly/3x99lip⁠ // SUBSCRIBE TO MY CHANNEL! FOLLOW UP WITH ANDREW X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://x.com/andrewjfaris ⁠ Email: podcast@ajfgrowth.com Work with Andrew: ⁠https://ajfgrowth.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

In this special early access episode we're joined by Paradigm's Georgios Konstantopoulos and Charlie Noyes, along with Max Resnick from Special Mechanisms Group to discuss a possible change in direction for one part of the Ethereum Roadmap. This is a deeply technical episode that covers the history of MEV and new innovations that plan to change it all from the comfort of David's apartment studio, enjoy. ------

Jason Lemkin is one of the OG SaaS investors with all of his first five investments turning into unicorns with Pipedrive, Algolia, Talkdesk, Salesloft and RevenueCat all in his portfolio. SaaStr is the largest global community in SaaS and he has taught a generation the fundamentals of SaaS on saastr.com. In Our Second Episode of This Week in SaaS: 1. Wiz Rejects Google's $23BN Acquisition Offer: How does Jason analyse the price of the offer? $23BN for a $500M ARR business growing 120% YoY? What is the reasoning for Google in pursuing the acquisition? If Wiz had of proceeded in the process, what are the chances it would have made it through regulators? Why did Wiz walk away from the offer? If Jason were on the board, what would he have done? Is there a correlation between the downfall of Crowdstrike and Wiz turning down the offer? What does this mean for the M&A market moving forward? Will there be a secondary round now in place for Wiz at $23BN? 2. Crowdstrike: WTF Happens from Here: Did Crowdstrike manage the crisis in the right way? What would Jason have done differently? What is the bull case for Crowdstrike moving forward from this point? What are the bear case for the company? Could this snowball and be the end? What will this do to company requirements on having single point of failure solutions? Where will the market cap of Crowdstrike be at the end of 2024? 3. LegalTech: Show Me the Money: $1BN in a Single Day: Clio announced a $900M round at a $3BN valuation. How does Jason analyse this? What does Jason make of Harvey's $100M raise at a $1.5BN valuation? Why does Jason think 2025 will be the year for AI parity? Why will we see the majority of SaaS features be commoditised in 2025? What is the single biggest regret that Jason has in his investing career?

The ETF approval deadline is coming on May 23rd and the odds just got.... wayyyy higher! Ryan and David explain.  ------

On today's episode, Clay chats with Kyle Bass, the founder and principal of Hayman Capital Management. Hayman's first major success came from effectively shorting the housing market in 2008, and Kyle was profiled in Michael Lewis' book The Big Short.  After seeing Chinese stocks drop 20% over the past year, I invited Kyle back onto the show because he has been sounding the alarm bells for years on a market correction in Chinese markets.  IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 02:01 - Why China is potentially preparing to invade Taiwan. 06:59 - How China has been restricting data and information flow to foreigners. 09:16 - Major military, mainland, and legal actions the CCP has taken in the past few years. 19:55 - Why foreign direct investment to China has collapsed in recent years. 25:53 - Potential sanctions the US may implement if China invades Taiwan. 33:38 - What Kyle is seeing in the Chinese real estate market. 39:33 - Whether he sees the crisis in Chinese affecting other markets globally. 47:10 - Why he believes the Fed is out of touch with reality. 54:48 - How Kyle is positioned as an investor today. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Hayman Capital Management's website. Conservation Equity Management's website. Related Episode: TIP396: China and the Macro Impact w/ Kyle Bass | YouTube Video. Follow Kyle on Twitter. Follow Clay on Twitter. Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com. Check out all the books mentioned and discussed in our podcast episodes here. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Fidelity NetSuite Toyota TurboTax Wise NerdWallet Linkedin Marketing Solutions Babbel Shopify Fundrise Vacasa HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices