Podcasts about Berkshire

On this episode of Chit Chat Stocks, Brett speaks with Jim Gillies from Motley Fool Canada on how to invest in hidden gems in 2026. We discuss: (00:00) - Introduction (00:58) - Reviewing Nelnet: Operations, the Huddle stake, and its Berkshire-esque qualities (06:04) - Investing philosophy: Absolute vs. relative returns and Peter Lynch's portfolio accuracy principle (10:48) - The impact of gold mining stocks on the TSX index performance (14:47) - Analyzing Nelnet's dividend growth, cash-flowing assets, and conservative lending (18:23) - Reviewing RCI Hospitality: Examining a portfolio loser and navigating corporate fraud (24:27) - Reviewing International Petroleum: The Lundin family, share buybacks, and the Blackrod project (34:39) - Portfolio strategy: How to manage massive winners and establish allocation limits (40:02) - Checking in on winners: Re-evaluating Shopify's valuation and growth story (45:27) - Reviewing Winmark: Franchise cash flows and capital allocation through special dividends (51:10) - Reviewing TFS Financial: Boring mortgage lending and buying during bank panics (57:10) - Jim's current watchlist: Auxly Cannabis Group (XLY), accelerating free cash flow (01:02:31) - A bizarre microcap: Vitreous Glass (VCI), the "management avarice" thesis, and beating the S&P 500 (01:11:03) - Closing words, Dumbledore quotes, and where to follow Jim's work Hidden Gems Canada: https://www.fool.ca/premium/ ***************************************************** Subscribe to our newsletter and join our interactive chat community, Emerging Moats: emergingmoats.com  ********************************************************************* Chit Chat Stocks is presented by Interactive Brokers. Get professional pricing, global access, and premier technology with the best brokerage for investors today:  https://www.interactivebrokers.com/  Interactive Brokers is a member of SIPC.  ********************************************************************* Fiscal.ai is building the future of financial data. With custom charts, AI-generated research reports, and endless analytical tools, you can get up to speed on any stock around the globe. All for a reasonable price.  Use our LINK and get 15% off any premium plan: ⁠https://fiscal.ai/chitchat  ********************************************************************* Disclosure: Chit Chat Stocks hosts and guests are not financial advisors, and nothing they say on this show is formal advice or a recommendation. Learn more about your ad choices. Visit megaphone.fm/adchoices

Harry and Simon reveal what drives value in today's auction market. Hear how global online bidders, unexpected trends and standout lots from quirky ceramics to an original Charles Mackesy watercolor shape results, plus how auction houses handle charity sales, fraud concerns and the unpredictable stories behind the bids.CONTACTmailto:thegavelandthegabble@gmail.comLinktreeYouTube / @thegavelandthegabbleInstagram @thegavelandthegabbleTwitter @GavelandGabbleTikTok @laughingauctioneerhttp://www.windsorauctions.co.ukhttp://www.lymebayauctions.co.ukABOUT THE PODCASTThe Gavel and The Gabble is a podcast hosted by Harry and Simon who, together, are lucky enough to run two provincial Auction Houses in Windsor, Berkshire and Seaton, Devon.Now we know there are lots of TV shows about buying and selling antiques and collectables but we thought followers of this podcast would like to hear about what goes on behind the scenes of an actual working auction house as we go about our daily business, the characters we meet, the things we find, and the things we wished we had never found.Famed for our slightly different auctioneering style, constant chatting on the rostrum, awful jokes. Stick with us as we bunk off to record anecdotes, interview others in the industry and basically gabble on. If you enjoy the podcast, please leave us a rating.Music from LemonmusicstudioProduction by David Burd Hosted on Acast. See acast.com/privacy for more information.

Bill Ackman is the founder and CEO of Pershing Square Capital Management, one of the most closely watched investment firms in the world. In this conversation, he breaks down how he tells the difference between real innovation from hype, what he looks for before making a billion-dollar investment, and why he sold Netflix—and later bought it back. He also shares the mistakes that reshaped his investment process and his plan to build a modern-day Berkshire Hathaway. Bill also opens up about something far more personal: his daughter Lucy's sudden brain hemorrhage, the hours before surgery, and her ongoing recovery. He describes running his business from a hospital room and the institute he and his wife are building to help other families facing similar challenges. Enjoy! ----- Chapters: (00:00) Intro (00:53) The Night His Daughter Nearly Died (08:49) His Plan to Rethink Brain Recovery (16:15) Could Her Ring Have Raised the Alarm? (17:07) How He Holds It Together (23:17) How Bubbles Pull You In (23:49) Is Venture in a Bubble? (25:23) When Easy Money Runs Out (28:05) He Hated the Idea. He Invested. (30:05) Who Actually Profits From AI? (35:53) The Rules He Carved in Stone (39:15) The Trade He Won't Make Again (42:02) Why He Consults "Dr. Claude" (46:14) Waiting for a Cheaper Market? (48:20) Netflix: Why He Changed His Mind (51:36) Howard Hughes and The Assets Nobody Wanted (53:22) What If You Owned a City? (01:00:02) Berkshire's Most Overlooked Advantage (01:04:36) From Watch Buyer to Company Owner (01:09:42) How He Judges CEOs in an Hour (01:14:19) What's Left to Achieve at 60? ----- Follow Bill Ackman: X: ⁠https://x.com/BillAckman⁠ ----- Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it's completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish: X: ⁠⁠⁠⁠⁠⁠⁠https://x.com/shaneparrish⁠⁠ Insta: ⁠⁠https://www.instagram.com/farnamstreet/⁠⁠ LinkedIn: ⁠⁠https://www.linkedin.com/in/shane-parrish-050a2183/⁠⁠ ----- Thank you to the sponsors for this episode: +Applovin: Launch your first AppLovin campaign and grow your business: ⁠https://applovin.com/shane⁠ +HeyGen is a message-first AI video platform that helps people and AI agents turn ideas into professional video in minutes. Try for free at ⁠https://www.heygen.com/tkp⁠ +Matic: the robot vacuum that does it all—grab yourself a year of free bags here. ⁠http://maticrobots.com/shaneparrish⁠ +LMNT: My go-to zero sugar electrolytes — get a free LMNT Sample Pack here: ⁠https://DrinkLMNT.com/TKP⁠ ----- + Members get the longer, extended version of this conversation, with additional content not included in the public release.Learn more: ⁠https://fs.blog/membership/⁠ ----- Note: ‍Shane and guests may hold positions in assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. Nothing in this conversation should be considered investment advice, financial guidance, or a recommendation to buy or sell any security. Always do your own due diligence or consult with a qualified financial advisor before making investment decisions. Learn more about your ad choices. Visit megaphone.fm/adchoices

2,6% Zinsen p.a. auf ein unbegrenztes Guthaben mit bis zu fünfmal der gesetzlichen Einlagensicherung*. Auch für Kinder. Das gibt's bei Scalable Capital. Mehr Infos hier: https://de.scalable.capital/tagesgeld?utm_medium=affiliate&utm_source=qualityclick&utm_campaign=broker&utm_term=655&c_id=QC5a486e706d75r687A578577c4a5a406d7364766d717e557847 BASF will Evonik. Nubank will Monzo. Trump lehnt Iran-Waffenstillstand ab. MGM dreht Spieß um und will People Inc. kaufen. Novo Nordisk pusht Nanexa um 100%. Meta vor 2.000 Mrd. $. Berkshire verdoppelt Lennar-Wette. Uniphar (WKN: A2PNWJ) aus Irland bringt Medikamente in neue Märkte, bevor die Hersteller selbst kommen. Exklusivlizenz für ein potenzielles 20 Mrd. $ Medikament. Börsenwert: 1 Mrd. €. Ziel: 140 Mio. € freier Cashflow bis 2028. BIC (WKN: 860804) will mit Feuerzeugen wachsen. Der neue CEO setzt auf Cannabis-Shops in den USA und streicht digitale Spielereien. Feuerzeuge liefern über 30% Marge. Dazu Tangle Teezer als Wachstumstreiber. KGV bei 13, Dividende über 3,5%. Diesen Podcast vom 28.09.2026, 3:00 Uhr stellt dir die Podstars GmbH (Noah Leidinger) zur Verfügung. *Veränderlicher Zins auf unbegrenztes Guthaben. Konditionen sowie Guthabenverteilung auf scalable.capital/tagesgeld. Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the hardest financial decisions you'll ever face isn't how to make your money grow — it's what to do when someone you love needs it. This week we take on the show that's long overdue: helping family with money without hurting them, your relationships, or your own retirement. On this week's Money On Tap, we combine the two things people are most emotional about — loved ones and money — and walk through how to help from strength instead of hope. It starts with the oxygen mask principle: secure your own financial stability first, because two people going downhill financially is not a rescue. From there we get practical: the questions to ask before any check gets written (emergency or recurring problem? give, lend, or pay directly?), why where the money comes from can double the cost of the same act of love, and a college approach that teaches kids to swim instead of holding them up forever. We cover the sandwich generation and why a parent's ask for time carries real financial cost, the special needs planning traps that can accidentally cost a loved one their benefits, and the gift-versus-loan playbook — documentation, matching, the enforcement question, and the case for sometimes just saying "forget about it." What you'll learn:The first questions: give it, lend it, or pay the expense directly?Emergency or recurring problem — and why the answer changes everythingThe oxygen mask principle: protecting your retirement isn't selfishYour real number: income need and genuine surplus, not net worthWhy retirement account withdrawals can double the cost of helpingCollege help that teaches: hard dollar amounts, real responsibility"You can't take a loan out to retire on — but a kid can for tuition"Treating children fairly when circumstances won't cooperateThe sandwich generation: when they ask for time, not moneySpecial needs planning: ABLE accounts, trusts, and the beneficiary-form trapGift, loan, match, or direct payment — and the loan-as-gift mindsetUsing your planner as the excuse — and when to just forgive the loanPlus Money In The News:Medicare's projected 2027 changes — why this enrollment season demands real homeworkWarren Buffett steps down as Berkshire chairman at 96 — the lessons and quotes he leaves behindRetirees are fleeing to no-tax states in search of financial heaven — and don't always find itWant this week's white paper — the Family Financial Assistance Stress Test? Email us at info@yourmoneyontap.com and we'll send it over. Read our most recent Blog Post on this topic here: https://www.fmgwebsites.com/d772de05-9833-44e4-9676-f510f85cef74/blog/family-generosity-help-without-the-hurt-the-oxygen-mask-principleSchedule a free consultation: https://app.greminders.com/t/9f3ce72e/initialconsultaBrowse the full Money On Tap library: https://www.brayshawfinancial.com/money-on-tap Contact UsPhone: 855-226-8551Email: info@yourmoneyontap.comOffice: 116 South River Road, Bedford, NH 03110Web: brayshawfinancial.comSecurities and advisory services offered through Osaic Wealth, Inc., member FINRA/SIPC. All other services offered through Brayshaw Financial Group, LLC are independent of Osaic Wealth, Inc. Osaic Wealth, Inc. and Brayshaw Financial Group do not provide tax or legal advice. Retirement account withdrawals may be subject to income taxes and, before age 59½, an additional 10% federal penalty. ABLE accounts, trusts, and public benefit programs are subject to federal and state eligibility rules that vary and change — coordinate with qualified legal and tax professionals. Medicare figures referenced are projections as of the air date and subject to change. Past performance is not a guarantee of future results.Should I lend money to a family member?Only after you've secured your own oxygen mask. Before helping anyone, confirm your own financial stability: your retirement income need, your healthcare runway, and your spouse's full agreement. Then ask whether this is a one-time emergency or a recurring pattern, and choose the form deliberately — a gift, a documented loan, a matched contribution, or a payment made directly to the vendor. Avoid funding help from retirement accounts, where taxes, early-withdrawal penalties, and lost compounding can double the cost. And if you do lend, follow the oldest advice on family money: never lend what you aren't prepared to never see again.

This week on the BBC Introducing in Oxfordshire and Berkshire podcast, Dave meets Double Yellow Lines - "a throbbing expulsion of mariachi rock, psychedelic-doom metal and Balkan Jazz" - to hear about their debut EP 'Is There Anything Further?'.Plus, Alex catches up with Nick from Riverwolf and The Bobo after her gig at Other Space Arts in Windsor.Here's this week's track list: • Mac Adams - Sunrise V.I.C - Zombie Niki Kini - Hate About Me Harvey Lodge - Cigarette Papers Garfield & Nico - The Pine Folly Oh Yes - All That I Have Shaolin Cowboy - Next Time Around P.S. Finn - This Is 30 Shiny Brain Crayons - Cutie Piece Drawing Room - Only You Finlay C & Caitlyn Scarlett - Beyond The Stars Tyler Lewis - yesterday Double Yellow Lines - King Laugh prodbear - You Gotta Work Nicole Allan - Tomorrow Comes LMNL - Venus Return Logan Cannon - The City Ricky Ensku - Just Feel the Heat Oversize - Separate porcelain angel - andromeda Rebecca Poole - In Another Life Ralph Clayton - Tenebrous (feat. Francesca Payne and Antonia Pagulatos) darqwud - No Sound Left Unturned (Vocal Mix) The Bobo - Nonsense • If you're making music in Oxfordshire and Berkshire, send us your tunes with the BBC Introducing Uploader: https://www.bbc.co.uk/introducing/uploader

How perceptions of Freemasonry are changing in today's society. How has the way Freemasonry is perceived changed over time? Shaun Butler, Director of Membership and Communications, and Anthony Howlett-Bolton, Provincial Grand Master in Berkshire, will explore the changing conversation around Freemasonry, what may have influenced these shifts and what they could mean for the future.

In this episode, we break down the latest Canadian and U.S. ETF flows, including growing demand for fixed income, gold and crypto, while looking at a notable shift in capital toward Canadian markets. We also dig into a U.S. homebuilder Berkshire Hathaway has been buying, a fast-growing Canadian fashion retailer, a tiny Mexican discount retailer attracting investor attention, and WSP walking away from a major acquisition. Stocks/ETFs discussed: LEN, GRGD, WSP, PESO.V, CASH, HSAV, ZMMK Subscribe to Our New Youtube Channel! Check out our portfolio by going to Jointci.com Our Website Canadian Investor Podcast Network Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital Dan’s Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor Spotify - The Canadian Real Estate Investor Web player - The Canadian Real Estate Investor Asset Allocation ETFs | BMO Global Asset Management Sign up for Fiscal.ai for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.See omnystudio.com/listener for privacy information.

Graham Laycock talks with Jon Joy, who volunteers with British Hen Welfare Trust rehoming teams across Berkshire, Surrey and Oxfordshire is taking on the Berlin Marathon on Sunday for the British Hen Welfare Trust — usually racing in a full chicken hat.

GESTIONNAIRES EN ACTION. On a beau aimer Warren Buffett, reste qu'à 96 ans, son départ pourrait générer un vent de fraîcheur chez Berkshire Hathaway, estime Vincent Fournier, gestionnaire de portefeuille à Claret. Le 18 septembre dernier, Berkshire Hathaway publiait un communiqué dans lequel elle confirmait que le légendaire investisseur, qui a célébré son 96e anniversaire le 30 août, quittait son poste de président du conseil d’administration «avec effet immédiat» pour devenir « président émérite ». Il sera remplacé par son fils, Howard G. Buffett, conformément au plan de succession établi de longue date. Vincent Fournier, gestionnaire de portefeuille à Claret, rappelle que le retrait de Warren Buffett s’est fait très progressivement. «La transition a tellement été bien planifiée que l’équipe de direction devrait garder une stratégie similaire à ce qui prévalait lorsqu’il était PDG», estime-t-il. «Il va peut-être y avoir de légères déviations artistiques avec la nouvelle équipe en place, mais la méthode, l'éthique et surtout la culture d'entreprise resteront inchangées», dit-il. Selon lui, les investisseurs ne devraient pas vendre les actions de Berkshire Hathaway (BRK.B, 505,18$US) parce que le milliardaire se retrouve dans un rôle beaucoup moins important au sein de l’entreprise qu’il a contribué à bâtir. «Berkshire Hathaway aujourd'hui, c'est l'équivalent d'un gros portefeuille diversifié. Ça ressemble un petit peu à un fonds commun combiné à une compagnie d'assurance. Ce qui fait la force de Berkshire, c'est le fait que c'est une compagnie d'assurance qui a possède des actions et des liquidités pour payer les assurés en cas de sinistres, alors que d’autres préfèrent détenir des titres obligataires», raconte-t-il. Une équipe de direction sous le signe de la continuité Il soutient que le plus grand changement chez Berkshire Hathaway est la taille de l’entreprise, dont la valorisation boursière est supérieure à 1000 milliards de dollars américains (G$US). «Si on regarde juste en dessous de Warren puis Charlie Munger (ce dernier est décédé en novembre 2023), on a Greg Abel qui est là depuis 1999 et qui est PDG depuis janvier. Il y a aussi Ajit Jain qui dirige les activités d’assurance depuis très, très, très longtemps. Ça fait 40 ans qu'il est avec la société. Puis on a déjà désigné son successeur lorsqu’il va prendre sa retraite : Charlie Shamieh», explique le gestionnaire de portefeuille. Il soutient que les dirigeants actuels sont tout autant outillés, intelligents et expérimentés. «Le deuxième point, c'est qu'on a beau aimer Warren Buffett, mais il a quand même 96 ans. L'arrivée d'une nouvelle garde, je pense que ça peut sincèrement apporter de bonnes choses, ou du moins, un vent nouveau pour l’entreprise à long terme», croit-il. Un risque à surveiller Vincent Fournier note un risque important que l’entreprise devra un jour affronter, soit celui du décès de son emblématique dirigeant. «On sait que, lorsque Warren Buffett va décéder, il va laisser une grosse partie de sa fortune à des œuvres de charité. Alors, est-ce que la vente des actions pourrait agir comme un vent contraire pour le titre de Berkshire? Ça reste à voir», dit-il. Selon Bloomberg, la fortune de Warren Buffett est évaluée à 145 G$US et la quasi-totalité de celle-ci est liée à Berkshire Hathaway. Chose certaine, l’entreprise possédait des liquidités de 365 G$US à la fin du mois de juin. Est-ce que la nouvelle direction pourrait retourner du capital aux actionnaires sous la forme d’un dividende spécial? Le gestionnaire de portefeuille pense que non. « Le fait que Berkshire Hathaway se garde autant de liquidités, c’est peut-être pour racheter les actions que Warren Buffett léguera à divers organismes de charité à son décès. Ces derniers vont alors vouloir vendre leurs actions pour financer leurs activités. Les liquidités pourraient servir, dans le fond, à ce que la société rachète les actions pour ensuite les annuler», raconte-t-il. Ce serait une bonne manière, selon lui, de diminuer grandement le nombre d’actions en circulation, ce qui équivaudrait à retourner du capital aux actionnaires.Pour de l'information concernant l'utilisation de vos données personnelles - https://omnystudio.com/policies/listener/fr

Maybe people are just unhappy – says Goldman. Counterfactualzzzz – that is why bonds are still up. Are we getting $5,000? Bitcoin is running again. PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env:'production', hosted_button_id:'JJJHP2GDEJC7J', image: { src:'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt:'Donate with PayPal button', title:'PayPal - The safer, easier way to pay online!', } }).render('#donate-button'); Follow John S. Dvorak on X Follow Andrew Horowitz on X Warm-Up - Greenland (Renamed Red White and Blue Land?) - Consumers and People are JUST UNHAPPY - No more press coverage? Maybe people are unhappy (see above) because of all of the shenanigans going on. ---- Maybe we will all be happier without all of the White House coverage Markets - New Highs - NASDAQ 100 moving up with risk assets. (Breath poor though) --- Close enough to end of month, quarter to be window dressing ---- Buy Yom Kippur!!! - 10YR Treasury at 5% again  - wait until you hear Bessent's victory speech DHU MAILING LIST! - Go to DHUnplugged.com MARKET MOVE - On the heels of SoftBank Group Corp. seeking the equivalent of more than $11 billion in a junk bond deal to fund investments in ChatGPT creator OpenAI. - The company is looking to issue $10 billion of dollar securities and €1 billion of euro debt to fund a follow-on investment in OpenAI expected to close next month. - SoftBank and its lead banks are sounding out investors on potential pricing for the proposed junk bond offering, with yields that would be records for SoftBank in those specific currencies and tenors if priced at those levels. - Could it be that simple why NAZ 100 is at new highs? BESSENT'S "COUNTERFACTUAL" DEFENSE - This is darling... - Rep. Jim Himes questioned Bessent on September 15 at a House Financial Services Committee hearing. - Himes: "The 10-year went up by 20 basis points. How can you say it was successful?" - Bessent: "Well, there is a counterfactual of what would it have done." - Bessent added: "We then proceeded to have the two most successful Treasury auctions that we've had in 20 years." - Goes into the Alternative Facts and Fake News Category. BESSENT'S MYSTERY BANK - Treasury Secretary Scott Bessent said a large unnamed bank would be sanctioned over Iran. - The administration has targeted Iranian oil, shipping, finance and weapons networks. - "Operation Economic Outcast" had already targeted nearly 60 entities, people and vessels. - Treasury later sanctioned Russia's VTB Bank over alleged Iran-related sanctions evasion. GOLDMAN: MAYBE CONSUMERS ARE JUST UNHAPPY - Michigan consumer sentiment fell nearly 8% from August and 13% year over year. - Goldman says weak sentiment may increasingly reflect broader unhappiness, not just economic conditions. - "Very happy" Americans fell to 23% in 2024 from 31% in 2016. - Inflation still weighs on confidence, but distrust and pessimism may also be distorting surveys. - Goldman says sentiment may be becoming less useful for predicting actual activity. GREENLAND DEAL - Trump announced a deal expanding the U.S. security role in Greenland while it remains Danish territory. ---So it seems we are not going to "take it" - The agreement aims to settle the dispute over greater U.S. strategic control. - Rubio said the U.S. has greater financial and military capacity to defend Greenland. - Arctic security, Russia, China and critical minerals remain the core issues. - See Greenland Energy (GLND), Greenland Mines (GRML) and Critical Metals (CRML) SMART GLASSES MEET THE REGULATORS - Paris prosecutors opened an investigation into alleged secret filming using camera-equipped smart glasses. - Meta-EssilorLuxottica glasses hold roughly 76% of the global market. - About 7 million units were sold last year. - French regulators are getting workplace complaints and questions over whether the devices can be banned. - Australia and some UK cinemas are also moving toward restrictions. EUROPE LOSES SAUDI BARRELS - Saudi Aramco told European customers they will receive no crude allocations next month. - The cutoff follows an attack on the East-West pipeline. - European refiners are scrambling for replacement barrels, lifting North Sea premiums. - Saudi Arabia is working to restore pipeline capacity and reroute supply. - Oil still fell for a third straight session Friday. BUFFETT LEAVES THE CHAIR - Warren Buffett, 96, stepped down as Berkshire chairman and became chairman emeritus. - Howard Buffett becomes non-executive chairman; Greg Abel is already CEO. - Berkshire is worth roughly $1.1 trillion. - Cash stood at $364.7 billion at the end of June. - Shares barely moved, suggesting investors saw the transition as expected. WHITE HOUSE MEDIA BAN - Trump said CNN, MS NOW and Politico would be banned from the White House. - He cited what he called persistent false reporting. - The move raises First Amendment and press-access issues. - It escalates an already long-running fight with major media outlets. CREAM CHEESE INNOVATION CYCLE - Kraft Heinz launched Mike's Hot Honey, salted caramel and cranberry orange Philadelphia flavors. - Mike's Hot Honey launches at Walmart first. - Philadelphia plans about 10 new varieties over the next two years. - Brand investment is up 63% versus 2025. - Spending on new flavors has quadrupled. MICROSOFT WRITES RULES FOR THE MACHINES - Microsoft published a draft AI code focused on keeping humans in control. - Systems must accept correction and shutdown. - The rules bar help with weapons and other dangerous areas. - Microsoft also says AI should not claim consciousness, personhood or legal rights. - Mustafa Suleyman called it a "constitution" for future models. CHATGPT INVENTS WITNESSES - A New Mexico lawyer filed a murder appeal containing fabricated witnesses and police testimony. - The material was generated with ChatGPT. - The state Supreme Court fined attorney Stephen Aarons $5,000. - The court cited "false testimony from wholly fabricated witnesses." - Aarons said he expected ChatGPT to produce a "bulletproof summary." RICH PEOPLE NEWS BENTLEY'S $300K ELECTRIC SUV - Bentley is preparing its first fully electric SUV, expected around $250,000-$300,000. - The Torcal is scheduled to debut September 23. - Bentley isn't using traditional fake engine noise. - Instead, its EV soundtrack reportedly uses drums, bass guitar and viola. - Expected range is more than 300 miles with ultra-fast charging. MIAMI AIRPORT GETS A $5,000 "SUPER LOUNGE" - LET THEM EAT CAKE - PS opened a private terminal at Miami International Airport this summer. - It operates from the restored former Pan Am headquarters. - The Salon starts at about $1,295 per person. - A private suite runs about $4,950 for up to four travelers. - Guests get private TSA screening, customs, luxury lounges and direct tarmac transfers to the aircraft. - The private suites include marble bathrooms, balconies and private lounge space. - It is essentially private-jet treatment while still flying commercially.   Love the Show? Then how about a Donation? PayPal.Donation.Button({ env: 'production', hosted_button_id: 'JJJHP2GDEJC7J', image: { src: 'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt: 'Donate with PayPal button', title: 'PayPal - The safer, easier way to pay online!' } }).render('#donate-button-2'); THE CLOSEST TO THE PIN for SpaceX (SPCX) Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!   FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John S. Dvorak on Twitter Follow Andrew Horowitz on Twitter

Step inside our brand-new Colleton showroom! In this episode, we celebrate our warm welcome from the local community and dive into the changing world of auctions. We explore how modern features like eBay's new soft close are reshaping online bidding, break down the intriguing concept of wheel auctions, and look at what these shifts mean for buyers and sellers alike. Tune in to get the inside scoop on where the industry is heading!CONTACTmailto:thegavelandthegabble@gmail.comLinktreeYouTube / @thegavelandthegabbleInstagram @thegavelandthegabbleTwitter @GavelandGabbleTikTok @laughingauctioneerhttp://www.windsorauctions.co.ukhttp://www.lymebayauctions.co.ukABOUT THE PODCASTThe Gavel and The Gabble is a podcast hosted by Harry and Simon who, together, are lucky enough to run two provincial Auction Houses in Windsor, Berkshire and Seaton, Devon.Now we know there are lots of TV shows about buying and selling antiques and collectables but we thought followers of this podcast would like to hear about what goes on behind the scenes of an actual working auction house as we go about our daily business, the characters we meet, the things we find, and the things we wished we had never found.Famed for our slightly different auctioneering style, constant chatting on the rostrum, awful jokes. Stick with us as we bunk off to record anecdotes, interview others in the industry and basically gabble on. If you enjoy the podcast, please leave us a rating.Music from LemonmusicstudioProduction by David Burd Hosted on Acast. See acast.com/privacy for more information.

This week, the crew gets philosophical fast. Jesse makes the case that cornhole can cure the loneliness epidemic, Derek wants to bring back boredom and we figure out how doing nothing on a flight became an achievement. Derek also plays his new single 'Lift Me Up' and explains why he built it on the old synths instead of the easy way.In RELEVANT Buzz, Greta Gerwig cast Meryl Streep as the voice of Aslan in the upcoming Narnia movie, and the comments did what the comments do. Jesse defends it, Derek explains it with potato salad and a text from someone who's actually seen the movie changes the conversation. Then Christian Bale opens a village so foster siblings don't get split up, which makes him the real Batman. Elevation Worship and Chandler Moore's 'God I'm Just Grateful' just did something a worship song hasn't done since 'Oceans.' And Jesse brings a CDC report that says most of us are exhausted, which turns into Bob Goff quitting something every Thursday and why no one ever preaches "pray for less." Then a new game, Take Sides, closes it out: Chick-fil-A vs. Raising Cane's, window vs. aisle, Waffle House as a life stage and Derek's very strong feelings about hot tubs.Highlights:01:28 — Jesse's plan to cure loneliness with cornhole 07:54 — Derek deleted social media. Bring back boredom 10:33 — Raw dogging a flight and the David Puddy origin story 17:22 — Derek's new single 'Lift Me Up' and curating Apple Music's Elevate playlist 24:09 — RELEVANT Buzz: The CDC says 3 in 4 Americans are exhausted (guess who's most tired) 29:35 — Bob Goff quits something every Thursday 32:15 — Why nobody preaches "pray for less" 34:14 — Warren Buffett hands Berkshire to his son 35:00 — The real Batman: Christian Bale's foster village opens 38:32 — Meryl Streep as Aslan? The Narnia fight 42:04 — Derek's potato salad theory of Narnia 48:34 — A text from inside the movie 50:51 — Elevation Worship & Chandler Moore crack the Hot 100 53:01 — Take Sides: Chick-fil-A vs. Raising Cane's, hot tub vs. pool

Jennifer Berkshire talks about the anti-school voucher backlash. Heather Berg, author of Notes from the Sex Worker Left, discusses what that formation brings to politics. Read Jennifer's article for Jacobin, “Americans Are Turning Against School Vouchers,” here: https://jacobin.com/2026/09/school-choice-vouchers-public-opposition Behind the News, hosted by Doug Henwood, covers the worlds of economics and politics and their complex interactions, from the local to the global.

Citi Wealth's Olaolu Aganga breaks down the market setup and where investors should look as AI continues to drive leadership. Our Kate Rooney reports on Anthropic's new “safer” AI model and the intensifying U.S.-China battle over artificial intelligence. Zelman's Alan Ratner discusses housing and KB Home earnings as investors also assess the latest from Lennar and Berkshire. UBS Global Head of Capital Markets Origination Gareth McCartney weighs the outlook for tech and capital markets as the AI investment boom continues. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The price of diesel fuel is at an all-time high, creating challenges for the economy as it fuels inflation. Jon, Tyler, and Matt discuss why it's hard to get prices down, as well as how everyday consumers could be impacted. Additionally, Warren Buffett has officially retired and the team discusses the pros and cons of Berkshire Hathaway's now fully implemented succession plan before ending with a question from our mailbag about when to buy stocks. Jon Quast, Matt Frankel, and Tyler Crowe discuss: -Diesel's record high price and its economic impacts -The challenge of getting prices back down -Berkshire Hathaway's succession plan -The potential of a Berkshire dividend -Mailbag: Down stocks showing signs of life Companies discussed: Valero (VLO), UPS (UPS), FedEx (FDX), Berkshire Hathaway (BRK.A)(BRK.B), Coca-Cola (KO), Conagra Brands (CAG), Target (TGT) Host: Jon Quast Guests: Matt Frankel, Tyler Crowe Engineer: Dan Boyd Disclosure: Advertisements are sponsored content and provided for informational purposes only. The Motley Fool and its affiliates (collectively, “TMF”) do not endorse, recommend, or verify the accuracy or completeness of the statements made within advertisements. TMF is not involved in the offer, sale, or solicitation of any securities advertised herein and makes no representations regarding the suitability, or risks associated with any investment opportunity presented. Investors should conduct their own due diligence and consult with legal, tax, and financial advisors before making any investment decisions. TMF assumes no responsibility for any losses or damages arising from this advertisement. We're committed to transparency: All personal opinions in advertisements from Fools are their own. The product advertised in this episode was loaned to TMF and was returned after a test period or the product advertised in this episode was purchased by TMF. Advertiser has paid for the sponsorship of this episode. Learn more about your ad choices. Visit ⁠⁠⁠⁠⁠⁠⁠⁠megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

The Storm Skiing Journal and Podcast is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.About Bear DenTranscriptsThere are two transcripts. Both are generated by robots. Both are helpful and defective in their own unique ways. I do not proofread either of them. Transcript 1: Click the “transcript” button at the top of this article. This is the transcript that the robots create when I upload the podcast to the internet. The cool thing about it is that you can click on any block of text and the audio will teleport there instantly. The uncool thing about this transcript is that it does not indicate who is talking at any given moment.Transcript 2: You can read this below. This is the transcript that Zoom creates as we record the podcast. The cool thing about this transcript is that it indicates who is talking at any given moment. The uncool thing about this transcript is that the timestamps do not match the audio. Also, you cannot click on this text to move to the associated point in the audio.Stuart Winchester: My guest today is the CEO of Bear Den Partners, which operates four New England ski areas. His family has operated 1,180 vertical-foot Berkshire East, Massachusetts since 1976, and acquired 1,000 vertical-foot Catamount on the New York-Massachusetts border in 2018.01:14:24.000 --> 01:14:53.000Stuart Winchester: In 2025, the family teamed up with a local group to acquire 2,057 vertical foot Burke Mountain out of receivership. And earlier this year, Bairdan purchased a majority stake in Smuggler's Notch, which with 2,610 vertical feet, 1,060 acres across three mountains, and 322 inches of average annual snowfall, is one of the largest, snowiest, and most fun ski areas in eastern North America. John Schaefer is my guest. John is a very good friend of the storm, and I welcome him back.01:14:53.000 --> 01:14:56.000Stuart Winchester: How is life leading up to ski season, John?01:14:56.000 --> 01:14:58.000Jonathan Schaefer: Oh, is what?01:14:57.000 --> 01:14:59.000Stuart Winchester: How is life?01:14:58.000 --> 01:15:01.000Jonathan Schaefer: How is life? It's good.01:15:00.000 --> 01:15:04.000Stuart Winchester: Yeah, what delayed you today?01:15:01.000 --> 01:15:03.000Jonathan Schaefer: I'm, uh…01:15:04.000 --> 01:15:14.000Jonathan Schaefer: Uh, a skunk. So I'm a little tired. I have some Diet Pepsi here to kickstart the day, but my dog got a skunk, uh, first thing, which is great.01:15:04.000 --> 01:15:05.000Stuart Winchester: Good.01:15:05.000 --> 01:15:07.000Stuart Winchester: Let's go.01:15:08.000 --> 01:15:10.000Stuart Winchester: Thank you.01:15:14.000 --> 01:15:16.000Stuart Winchester: Massachusetts.01:15:14.000 --> 01:15:19.000Jonathan Schaefer: And it was better once I opened the door and it all came wafting into the house.01:15:18.000 --> 01:15:28.000Stuart Winchester: Oh, God, Berkshire's living. All right, well, I appreciate you fighting through that and joining us here, John. So, let's talk smugs, first of all, because.01:15:28.000 --> 01:15:44.000Stuart Winchester: You know, Bill Stritzler, I have a ton of respect for what he did at Smuggler's Notch, and how he's maintained the atmosphere, and it's consistently voted one of skier… by skiers as one of their favorite mountains, one of the best family mountains. It's also just a badass expert mountain.01:15:44.000 --> 01:15:46.000Stuart Winchester: Uh, the… the…01:15:46.000 --> 01:15:48.000Stuart Winchester: the…01:15:48.000 --> 01:16:04.000Stuart Winchester: issue that comes up over and over again is, of course, the chairlifts. There are 7 haul lifts. They are a combined 392 years old. Uh, they are a combined 29,439 feet long. That's 5.58 miles. Uh, Madonna is the oldest.01:16:04.000 --> 01:16:21.000Stuart Winchester: 6,719-foot-long 1963 haul, it got a new top terminal in 2002, which I believe is the drive terminal. Sterling is the next longest, it's a 1964 haul, and the Village Lift is the next longest at 5,155 feet, that's 1967, so…01:16:21.000 --> 01:16:28.000Stuart Winchester: those are sort of the three main lifts, and then there's some other little lifts, Madonna 2 and a T-bar and such, but… but John…01:16:28.000 --> 01:16:39.000Stuart Winchester: I think everyone wants to know, what are you gonna do about the Lyft fleet at Smug's, because you have a contingent that loves the old Lyfts and doesn't want you to, but you have another contingent that's like…01:16:39.000 --> 01:16:44.000Stuart Winchester: That's why I don't go there. So what do you have in mind? What can you tell us?01:16:43.000 --> 01:16:59.000Jonathan Schaefer: Well, I mean, it's a problem that's highlighted by all the fun facts you just gave us here. And give you credit for that, going back to the announcement letter and post that you did.01:16:59.000 --> 01:17:00.000Stuart Winchester: Yeah.01:16:59.000 --> 01:17:01.000Jonathan Schaefer: Um…01:17:01.000 --> 01:17:12.000Jonathan Schaefer: It's the balance between preservation and conservation, right? I mean, it's an environmental argument, it's a scary management argument, it's… do you preserve it, and do you keep it just exactly like it is?01:17:04.000 --> 01:17:06.000Stuart Winchester: Yeah. Okay.01:17:12.000 --> 01:17:24.000Jonathan Schaefer: Or do you conserve an asset on into the future? And that's a fancy way of saying that, nice try, you're not going to quite get the answer today.01:17:24.000 --> 01:17:27.000Jonathan Schaefer: I mean, we have to have some reality here, right? Which is…01:17:28.000 --> 01:17:31.000Jonathan Schaefer: Those lifts are in excellent shape.01:17:32.000 --> 01:17:40.000Jonathan Schaefer: maintenance going on through the years and decades will become harder and harder and harder. And we're gonna have to address the problems.01:17:40.000 --> 01:17:43.000Jonathan Schaefer: before they become problems. So.01:17:43.000 --> 01:17:45.000Jonathan Schaefer: Eyes wide open.01:17:45.000 --> 01:17:50.000Jonathan Schaefer: We are looking at everything at Smuggler's Notch, including the lift system.01:17:50.000 --> 01:17:55.000Jonathan Schaefer: Also, in perfect honesty, there isn't just.01:17:55.000 --> 01:18:00.000Jonathan Schaefer: a single plan that's gonna work there. You know, there's not.01:18:01.000 --> 01:18:08.000Jonathan Schaefer: you know, there's not an endless pool of capital to go through and replace. How many? How many lineal feet of lift is that.01:18:07.000 --> 01:18:10.000Stuart Winchester: 29,439.01:18:10.000 --> 01:18:14.000Jonathan Schaefer: I mean, that's just under six miles of lift line.01:18:13.000 --> 01:18:15.000Stuart Winchester: Yeah.01:18:14.000 --> 01:18:18.000Jonathan Schaefer: Yeah, that's a lot right? And it's a pretty big, angry mountain.01:18:16.000 --> 01:18:17.000Stuart Winchester: Right.01:18:18.000 --> 01:18:19.000Stuart Winchester: Mm-hmm.01:18:18.000 --> 01:18:23.000Jonathan Schaefer: So when you look at that hillside and you contemplate driving.01:18:23.000 --> 01:18:25.000Jonathan Schaefer: Concrete up to the top, or…01:18:25.000 --> 01:18:29.000Jonathan Schaefer: I mean, you're flying helicopters in, and it's a massive project.01:18:29.000 --> 01:18:30.000Stuart Winchester: Mm-hmm.01:18:29.000 --> 01:18:32.000Jonathan Schaefer: So, we have to just do…01:18:32.000 --> 01:18:48.000Jonathan Schaefer: the right amount of work to keep that mountain, you know, going and thriving into the future. But also, you know, to your point, you know, people love it. You know, people love these mountains. They love them to death sometimes. We don't want that to happen.01:18:49.000 --> 01:19:00.000Jonathan Schaefer: Um, but we respect everybody's point of view and we're just gonna have to work with our community to, to sort of telegraph those changes when they come up. And right now there's, uh, there's no major changes. You know, I don't have a.01:19:00.000 --> 01:19:12.000Jonathan Schaefer: an SE group plan that I can peel off the desk here and lay it out in front of you and show you exactly what's going on. I think that we've been around long enough that we got an idea, but we're not quite there yet.01:19:12.000 --> 01:19:27.000Stuart Winchester: I think the big question for Smugs that I've been trying to figure out for a while is, if you want the throwback experience in New England, you just drive an hour down the road to Mount River Glen, and they have a single chair that goes 2,000 vertical feet, and they have great terrain, and they've put a lot of money into creating.01:19:27.000 --> 01:19:38.000Stuart Winchester: the facade of being a 1940s ski area. But it's modern, they groom, they make snow below 20-whatever, 100 feet. So, the question, I think, for Smuggler's Notch is.01:19:29.000 --> 01:19:30.000Jonathan Schaefer: Yep.01:19:38.000 --> 01:19:54.000Stuart Winchester: Is there room for a second throwback ski area in New England, and do you want it to be that? Do you want, for example, to say, no, we'll never put in a high-speed lift, like smug should have slow lifts even if they're, even if they're new, uh, or, you know, the lift.01:19:54.000 --> 01:19:59.000Stuart Winchester: The trail footprint should stay. Do you have any thoughts on modernization?01:19:56.000 --> 01:20:12.000Jonathan Schaefer: I mean, it really gets to capacity, Stuart. And this is, this is, it's like this, it's almost like the saber metrics of skiing, right? Like where the numbers, what do they mean? I'm sitting here at Berkshire East and pardon the screwdriver, it's my pointer.01:19:59.000 --> 01:20:00.000Stuart Winchester: Yeah. Okay.01:20:03.000 --> 01:20:05.000Stuart Winchester: Yeah.01:20:12.000 --> 01:20:14.000Jonathan Schaefer: I've got two lifts in front of me.01:20:14.000 --> 01:20:15.000Stuart Winchester: Mm-hmm.01:20:14.000 --> 01:20:22.000Jonathan Schaefer: One's a high speed quad that moves around 600 people per hour, and one's a sky track quad.01:20:22.000 --> 01:20:27.000Jonathan Schaefer: with over twice as many chairs. It does. It's rated to move up to 2,400 people per hour.01:20:26.000 --> 01:20:29.000Stuart Winchester: Wait, your high-speed quad moves 600 people an hour?01:20:28.000 --> 01:20:30.000Jonathan Schaefer: 1600.01:20:29.000 --> 01:20:31.000Stuart Winchester: Oh, okay.01:20:30.000 --> 01:20:33.000Jonathan Schaefer: Sorry, I may have misspoke.01:20:34.000 --> 01:20:37.000Jonathan Schaefer: And we can bump it to 1800.01:20:36.000 --> 01:20:37.000Stuart Winchester: Mmhm.01:20:37.000 --> 01:20:42.000Jonathan Schaefer: But you know, right out here I got a fixed script that moves more people than a high speed.01:20:42.000 --> 01:20:43.000Stuart Winchester: Mm-hmm.01:20:43.000 --> 01:20:45.000Jonathan Schaefer: Now…01:20:45.000 --> 01:20:55.000Jonathan Schaefer: up the road from me is another mountain, Berkshire Snowmason. It no longer exists. It was founded by a World War II vet. And he has a great quote from the early 1960s, where he says.01:20:55.000 --> 01:21:00.000Jonathan Schaefer: People care more about how they go up the mountain than how they look coming down it.01:21:00.000 --> 01:21:11.000Jonathan Schaefer: And at the time, he was complaining about a ski lift that went in at Jiminy Peak, where he had T-bars, and he felt that he had been left behind. So there's a lot of different emotions. There's, like, the raw numbers.01:21:05.000 --> 01:21:07.000Stuart Winchester: Mm-hmm.01:21:11.000 --> 01:21:12.000Stuart Winchester: Mm-hmm.01:21:11.000 --> 01:21:15.000Jonathan Schaefer: Fixed scripts are great. They a lot of butts in the air. My dad.01:21:15.000 --> 01:21:21.000Jonathan Schaefer: I think it was talking to Everett Kircher, and that's what Everett used to tell him. He used to say.01:21:21.000 --> 01:21:25.000Jonathan Schaefer: Their butts are in the air, you know, and not on the hill.01:21:24.000 --> 01:21:26.000Stuart Winchester: Mm-hmm.01:21:25.000 --> 01:21:31.000Jonathan Schaefer: And so you either have people in a line, on a lift, or on a trail.01:21:31.000 --> 01:21:35.000Jonathan Schaefer: If you accelerate one of those numbers, they're gonna show up someplace else. It's just…01:21:35.000 --> 01:21:38.000Jonathan Schaefer: Physics. There's no way around it.01:21:36.000 --> 01:21:37.000Stuart Winchester: Mm-hmm.01:21:38.000 --> 01:21:47.000Jonathan Schaefer: And so you gotta look at all that stuff when you do this work. And you know, while I don't have a solid answer, I do have a commitment to doing our best to.01:21:47.000 --> 01:21:50.000Jonathan Schaefer: to getting the right answers for the resort.01:21:48.000 --> 01:21:50.000Stuart Winchester: Mm-hmm.01:21:50.000 --> 01:21:55.000Jonathan Schaefer: And for our customer base. And in terms of nostalgia, there's never going to be a point.01:21:55.000 --> 01:22:01.000Jonathan Schaefer: where there's not a nostalgic lift, you know, in the foreseeable future at Smuggler's Notch.01:22:00.000 --> 01:22:02.000Stuart Winchester: Mm-hmm.01:22:01.000 --> 01:22:08.000Jonathan Schaefer: But the the question is that lift appropriate for the terrain? Is it the right one? Is the wrong one?01:22:06.000 --> 01:22:08.000Stuart Winchester: Mm-hmm.01:22:08.000 --> 01:22:14.000Jonathan Schaefer: But inevitably, I mean, your stats tell all, you know, we're we're gonna be doing something at some point.01:22:14.000 --> 01:22:18.000Stuart Winchester: Yeah, I think there's two good models that I look to of…01:22:18.000 --> 01:22:35.000Stuart Winchester: really atmospheric ski areas that have upgraded without losing that cachet. One is A-Basin, where the oldest lift, I think, is 2007 Zuma, and they have a combination. They have a high-speed quad, a high-speed six-pack, two long fixed-grip quads, and when they replaced the Pella Vicini.01:22:35.000 --> 01:22:52.000Stuart Winchester: double chair, I think in 2020, they just replaced… it was a 1970s lift, they replaced it with a brand new double chair that was made, I think, by Doppelmeyer. Same exact specs, it's just a new machine. The other example is Alta, which, if you go back to the 90s, had a bunch of double chairs just all over the mountain.01:22:52.000 --> 01:23:05.000Stuart Winchester: have consolidated most of those to one line and replaced them, almost all but Wildcat Double, with high-speed chairs. So, looking at those two models and thinking about it, and people still love those ski areas because they're the ski areas.01:23:05.000 --> 01:23:20.000Stuart Winchester: Looking at those two models, do you start to get a sense of, like, is it really that it's a 1962 Hall double that people care about, or is it more that you create, as you said, a chair that matches the terrain? Do you get any inspiration from those other skiers as you think about this?01:23:22.000 --> 01:23:24.000Jonathan Schaefer: Yeah, I mean…01:23:24.000 --> 01:23:37.000Jonathan Schaefer: I would say, we've all been to a place, whether it's a restaurant or a ski area, I mean, I love to ski, so I've skied all over the world, and you go someplace, and you go back to it, and somebody did something to screw it up, and it pisses you off. I mean, that's really what.01:23:30.000 --> 01:23:32.000Stuart Winchester: Mmhm.01:23:35.000 --> 01:23:37.000Stuart Winchester: Mm-hmm.01:23:37.000 --> 01:23:42.000Jonathan Schaefer: And we've all seen it. We've all experienced it.01:23:42.000 --> 01:23:45.000Jonathan Schaefer: Then we've also seen thoughtful design.01:23:45.000 --> 01:23:47.000Jonathan Schaefer: Um…01:23:47.000 --> 01:23:54.000Jonathan Schaefer: when we took over the Hermitage Club during COVID and started operating it, there was 27 point-of-sales.01:23:54.000 --> 01:23:57.000Jonathan Schaefer: on the first floor alone.01:23:56.000 --> 01:23:57.000Stuart Winchester: Okay.01:23:57.000 --> 01:24:07.000Jonathan Schaefer: just to handle food and beverage. Right? And so you start to add it up. And it's like, Wow, you know, if maybe if they just designed the food and beverage system better.01:23:58.000 --> 01:24:00.000Stuart Winchester: Mm-hmm.01:24:07.000 --> 01:24:12.000Jonathan Schaefer: you could have gotten through it with a a lot less point of sale, folks, and.01:24:12.000 --> 01:24:24.000Jonathan Schaefer: design is really critical, it's scariest. And… you really have to understand what you're doing when you make a 30, or 40, or 50, or, in Smug's case, 60-year investment in a ski lift.01:24:15.000 --> 01:24:16.000Stuart Winchester: Mm-hmm.01:24:24.000 --> 01:24:26.000Jonathan Schaefer: Um, because…01:24:26.000 --> 01:24:34.000Jonathan Schaefer: You don't wanna fly that concrete up that mountain more than you have to. You know, you don't wanna undo it down the road. So.01:24:35.000 --> 01:24:41.000Jonathan Schaefer: Again, there's a lot of factors that go into how to tweak a mountain and what makes sense and what doesn't.01:24:42.000 --> 01:24:45.000Jonathan Schaefer: And how not to ruin it. Um…01:24:45.000 --> 01:24:58.000Jonathan Schaefer: And, and that's, it's a big, it's a big task, you know, with a lot of responsibility that we definitely, you know, we, we're not just gonna go in there willy-nilly and start throwing stuff around and start moving things. ‘cause that, that is how you screw it up.01:24:48.000 --> 01:24:50.000Stuart Winchester: Yep.01:24:58.000 --> 01:24:59.000Jonathan Schaefer: Oh.01:24:58.000 --> 01:25:15.000Stuart Winchester: Do you think you have a priority, John, between Morse, generally considered the beginner mountain, Sterling, generally considered the intermediate mountain, and Madonna, generally considered the expert mountain, as far as where you think upgrades should be concentrated first, infrastructure-wise? And we can also talk about snowmaking here, which I know you've already announced.01:25:16.000 --> 01:25:28.000Jonathan Schaefer: It sort of matches the, the available equipment to the mountain, I would say. You know, there's, there's certain, there's certain things we, we gotta figure that out. That's, that's, that's what the next six months of my life will be focused on.01:25:26.000 --> 01:25:28.000Stuart Winchester: Okay.01:25:28.000 --> 01:25:33.000Stuart Winchester: So talk about the snowmaking upgrades that you've already announced at Smugs, and what you hope to achieve there.01:25:33.000 --> 01:25:45.000Jonathan Schaefer: So this some going into the sale. We had a pretty good understanding of of some of the broad strokes work that needs to get done, and snowmaking is always a huge.01:25:45.000 --> 01:25:47.000Jonathan Schaefer: a huge factor for us.01:25:47.000 --> 01:26:01.000Jonathan Schaefer: And how we approach resorts, you know, it's literally, you go up the mountain, and you come down the mountain. And ideally, you come down on as many different trails as possible, and with as good of conditions as possible, and that's the snow aspect.01:26:00.000 --> 01:26:02.000Stuart Winchester: Mm-hmm.01:26:01.000 --> 01:26:07.000Jonathan Schaefer: And so, we always start there, you know that. Uh, smugglers, each mountain always has different, sort of.01:26:07.000 --> 01:26:10.000Jonathan Schaefer: Assets, you know, it's like…01:26:10.000 --> 01:26:16.000Jonathan Schaefer: You buy a house, it's got a great kitchen, you don't like the bathroom, right? And then vice versa.01:26:16.000 --> 01:26:23.000Jonathan Schaefer: Smugs… so we laid out what we thought needed to happen at Smugs, then you sort of do the low-hanging…01:26:23.000 --> 01:26:35.000Jonathan Schaefer: medium hanging, high hanging fruit, you know, to achieve the goals. And where, and we wanted to spend money where you would, the skiers would see the first, every dollar yielded the greatest results.01:26:35.000 --> 01:26:38.000Jonathan Schaefer: And so we focused a lot this year on.01:26:38.000 --> 01:26:52.000Jonathan Schaefer: fixing broken things and and dilapidated equipment, putting in fixed infrastructure on the hill. So the snowmakers themselves don't have to lug things around the less lugging they do on.01:26:40.000 --> 01:26:41.000Stuart Winchester: Okay.01:26:52.000 --> 01:26:56.000Jonathan Schaefer: big, difficult mountains in the northeast, the more snow they tend to make.01:26:56.000 --> 01:27:10.000Jonathan Schaefer: And then really incorporating, uh, the snowmaker's experience into the upgrades, so that they felt that they were part, you know, of defining what that list was gonna be. And so, it's Smuggler's Notch, right? So there's 3 mountains, so it's…01:27:10.000 --> 01:27:26.000Jonathan Schaefer: It's everything times 3. You know, there's broken thing. There's the fixed equipment that needs to be put on the hill. So we attacked each one of the the areas of the the resort, and tried to address bottlenecks or issues that could unlock a lot of.01:27:26.000 --> 01:27:36.000Jonathan Schaefer: potential out of the system. And it's sort of the first salvo. You know, you… scary operations, you know, the way you fix mountains, it's like waves on a beach. You get…01:27:30.000 --> 01:27:31.000Stuart Winchester: Mm-hmm.01:27:36.000 --> 01:27:41.000Jonathan Schaefer: You get a capital plan in January, you start to execute, if you're lucky, by April.01:27:41.000 --> 01:27:49.000Jonathan Schaefer: The wave falls on the beach and then your next thing you know, it's November and you're back into operating and you gotta do it again. And there's this cycle.01:27:48.000 --> 01:27:50.000Stuart Winchester: Yep.01:27:49.000 --> 01:27:57.000Jonathan Schaefer: This is what we could get done this… this year on a short, you know, transaction window, and then love plans for next year's, too, and…01:27:54.000 --> 01:27:55.000Stuart Winchester: Mm-hmm.01:27:57.000 --> 01:28:00.000Jonathan Schaefer: Those will probably have more meaningful impact.01:27:59.000 --> 01:28:17.000Stuart Winchester: Well, where are you at, John, on… you know, one thing I liked about when Eric Mogensen bought Black Mountain in New Hampshire is the… it's such a fun mountain, but the top was rarely open. They have a double chair that goes to the summit, but it has a mid-station, and for years and years, sometimes the summit wouldn't even open, and he made a commitment right away, hey.01:28:17.000 --> 01:28:26.000Stuart Winchester: run the lift to the top as much as possible, and he has, including all the way into May the last two years. How much have you thought about.01:28:26.000 --> 01:28:41.000Stuart Winchester: Getting Madonna open a little earlier in the season and, and consistently making sure that peak is open, uh, as late as possible because that's sort of, I mean, Sterling's a lot of fun, but, but Madonna is the alpha peak, right? That's the, the biggest lift, the biggest vert, the toughest terrain. That's what people think.01:28:41.000 --> 01:28:48.000Stuart Winchester: when they think of the challenging terrain as smug. So have you thought much about Madonna and its operating schedule?01:28:47.000 --> 01:28:53.000Jonathan Schaefer: The bottlenecks aren't really Madonna. It's everything that leads to Madonna.01:28:50.000 --> 01:28:52.000Stuart Winchester: Mm-hmm.01:28:52.000 --> 01:28:53.000Stuart Winchester: Okay.01:28:53.000 --> 01:28:55.000Jonathan Schaefer: And that's what we went to fix.01:28:55.000 --> 01:29:03.000Jonathan Schaefer: with the snowmaking system. So if you can chew through everything else, like, you gotta get beginner terrain open, you have to get…01:28:57.000 --> 01:28:58.000Stuart Winchester: Mmhm.01:29:03.000 --> 01:29:10.000Jonathan Schaefer: something for your your pass holders as fast as possible, and if that fast thing becomes faster.01:29:06.000 --> 01:29:08.000Stuart Winchester: Mm-hmm.01:29:10.000 --> 01:29:15.000Jonathan Schaefer: or those bottlenecks disappear, then we're we're hitting Madonna.01:29:15.000 --> 01:29:20.000Jonathan Schaefer: earlier. So it it has a cascading effect throughout the whole system.01:29:20.000 --> 01:29:36.000Stuart Winchester: So speaking of pass holders, let's talk about passes. So since I was just talking about Eric and Black Mountain, let's talk about Indy Pass. So you were an early adopter of Indy Pass, going back to 2019, put Berkshire East on it, catamount right away. As soon as you bought.01:29:30.000 --> 01:29:32.000Jonathan Schaefer: Okay.01:29:36.000 --> 01:29:52.000Stuart Winchester: Burke, or were involved in Burke, it switched over from an allied mountain to full, and you just added Smugs, which is huge for IndyPass holders. You now have Jay and Smugs. I mean, four days of those alone is worth the price of an IndyPass, let alone the other dozens of mountains you have there. So talk about.01:29:48.000 --> 01:29:50.000Jonathan Schaefer: Correct?01:29:52.000 --> 01:30:06.000Stuart Winchester: your relationship with IndyPass, and ultimately why you recommitted… because they're one-year contracts, right? So why you recommitted by adding all four of your mountains, including Smugs, which you haven't had a winter to run yet, onto Indy?01:29:59.000 --> 01:30:00.000Jonathan Schaefer: Yep.01:30:06.000 --> 01:30:16.000Jonathan Schaefer: Indy's a really important piece for, you know, independent skiers in the country. And we, I used to have debates with different people pre Indy Pass.01:30:15.000 --> 01:30:16.000Stuart Winchester: Mm-hmm.01:30:16.000 --> 01:30:21.000Jonathan Schaefer: And one of the debates was, and I won't name them, was around.01:30:21.000 --> 01:30:27.000Jonathan Schaefer: Could there ever be a pass that represented those types of mountains?01:30:27.000 --> 01:30:28.000Stuart Winchester: Mm-hmm.01:30:27.000 --> 01:30:34.000Jonathan Schaefer: Because, let's just be… let's face it, you have the Epic Pass, which has Vail and Whistler, and…01:30:34.000 --> 01:30:42.000Jonathan Schaefer: when Doug branded the IndyPass, he gave a voice to a whole, you know, quite frankly, the majority of the ski world.01:30:42.000 --> 01:30:43.000Stuart Winchester: Mm-hmm.01:30:42.000 --> 01:30:45.000Jonathan Schaefer: Which was feeling a little left out at the time.01:30:45.000 --> 01:30:46.000Stuart Winchester: Yeah. Okay.01:30:45.000 --> 01:30:51.000Jonathan Schaefer: And so it's done a lot for small ski areas across the country.01:30:50.000 --> 01:30:51.000Stuart Winchester: Mm-hmm.01:30:51.000 --> 01:30:59.000Jonathan Schaefer: But it's certainly done a lot for ours at Berkshire East and Catamount. So we're, what, 5 or 6 years in at having Indy at those resorts?01:30:58.000 --> 01:30:59.000Stuart Winchester: Mm-hmm.01:30:59.000 --> 01:31:01.000Jonathan Schaefer: We've certainly been.01:31:01.000 --> 01:31:18.000Jonathan Schaefer: sort of like Indy Pied Pipers along the way. It, it wasn't necessarily a layup that we were gonna do it at Smuggler's Notch. You know, it seemed obvious maybe from the outside and we'd have to get there. But our commitment really is, is to the full pass holders and the ticket holders of a resort.01:31:03.000 --> 01:31:05.000Stuart Winchester: Yeah.01:31:16.000 --> 01:31:17.000Stuart Winchester: Mm-hmm.01:31:19.000 --> 01:31:36.000Jonathan Schaefer: First, you know, they're, they're sort of our primary constituents and what India Smugs allows us to do is we, we are very experienced with using the capacity controls in any pass at our other mountains. So we, a reservation system at Berkshire East and Catamount.01:31:32.000 --> 01:31:34.000Stuart Winchester: Mm-hmm.01:31:36.000 --> 01:31:48.000Jonathan Schaefer: that allows, you know, for only certain number of capacity per day. And we're pretty experienced on managing, you know, weekly, or monthly, or daily, even, on how we want to handle that.01:31:40.000 --> 01:31:41.000Stuart Winchester: Mm-hmm.01:31:48.000 --> 01:31:56.000Jonathan Schaefer: So we felt comfortable with not overwhelming the mountain. And what happens is, I think one of my critiques of the ski business is it's like…01:31:56.000 --> 01:32:10.000Jonathan Schaefer: You know, with the multi passes, you have this slosh of people, you know, you fill a bucket full of water. It's like you got a Home Depot bucket and you're walking down the street with a bucket and it inevitably spills out and gets you wet.01:32:10.000 --> 01:32:14.000Jonathan Schaefer: And to me, that slosh is what happens when you have.01:32:14.000 --> 01:32:21.000Jonathan Schaefer: unlimited access everywhere. Right? So if Berkshire East, for example.01:32:21.000 --> 01:32:22.000Jonathan Schaefer: was…01:32:23.000 --> 01:32:29.000Jonathan Schaefer: was in a huge pass product, and we happened to get 3 feet of snow, which happens occasionally.01:32:29.000 --> 01:32:37.000Jonathan Schaefer: and 50,000 people show up at Berkshire East, that slosh would break the town, it would break the mountain, it would break everything, right?01:32:36.000 --> 01:32:37.000Stuart Winchester: Mm-hmm.01:32:37.000 --> 01:32:52.000Jonathan Schaefer: And we don't wanna have that. We actually do care about the experience at these mountains. That being said, it's important to fill up the excess capacity so we can do the snowmaking upgrades and we can do the resort upgrades that at Smuggler's Notch or the any of the other mountains that you will see the snowmaking.01:32:52.000 --> 01:32:57.000Jonathan Schaefer: you will see the improvements. And so we have to optimize.01:32:57.000 --> 01:33:02.000Jonathan Schaefer: you know, around the midweek and the non busiest times.01:33:02.000 --> 01:33:08.000Jonathan Schaefer: And then, once once that stuff starts to happen, the snowmaking improvements.01:33:08.000 --> 01:33:12.000Jonathan Schaefer: More people start to show up in off-peak times. You feel that energy?01:33:12.000 --> 01:33:17.000Jonathan Schaefer: And then you got something to work with. And so.01:33:15.000 --> 01:33:16.000Stuart Winchester: Yeah.01:33:17.000 --> 01:33:20.000Jonathan Schaefer: I think that's where we're headed with that relationship, and, you know…01:33:20.000 --> 01:33:22.000Jonathan Schaefer: Uh…01:33:22.000 --> 01:33:35.000Jonathan Schaefer: it's also why we didn't do the Four Mountain Pass right out of the gate. You know, I think a lot of people wondered, well, will there just be a Bearden Pass? And Bearden, you know, our core mantra is distinctly local. Like, we love.01:33:35.000 --> 01:33:41.000Jonathan Schaefer: these mountains. We love the people that make them up and the history and the legacy of those resorts.01:33:41.000 --> 01:33:51.000Jonathan Schaefer: And we care about, you know, doing our best to be caretakers, you know, so that the mountain we buy is still recognizable by the people.01:33:51.000 --> 01:33:55.000Jonathan Schaefer: who utilize it, you know, 10 or 15 years from now when they come back to it.01:33:55.000 --> 01:33:59.000Jonathan Schaefer: And so not overwhelming.01:33:59.000 --> 01:34:05.000Jonathan Schaefer: not having overwhelming numbers is a it's a real. I mean, it's probably the thing I've thought about most this year.01:34:06.000 --> 01:34:21.000Stuart Winchester: Yeah, so you have a couple different levels of competition here. You have the other big multi-mountain passes, you have your four mountains and your different pass products, and you're kind of competing with yourself a little by being part of India. Now we're seeing.01:34:21.000 --> 01:34:36.000Stuart Winchester: Other competing passes, the Snow Pass, run by Snow Operating, start to follow that model of two days at each mountain, and they got some really nice ones out of the gate, Whiteface and Gore. Do you think that Indy Pass will remain important long.01:34:36.000 --> 01:34:52.000Stuart Winchester: term to you as you… as you build up, you know, you have four mountains to work with, that's a pretty attractive little portfolio, especially the way they run north-south, with Catamount being two hours from New York City, and Smuggs being this great destination, and everything in between, and all easy to get to off the freeway. So… so what…01:34:44.000 --> 01:34:45.000Jonathan Schaefer: Yep.01:34:52.000 --> 01:34:57.000Stuart Winchester: long… as you think about passes long-term, do you think you'll stay on a multi-mountain pass? Do you think.01:34:57.000 --> 01:34:59.000Jonathan Schaefer: I mean, uh…01:34:59.000 --> 01:35:05.000Jonathan Schaefer: We're we're into hypothetical worlds. We're we're into indie. We like indie. So.01:35:01.000 --> 01:35:02.000Stuart Winchester: Yeah. Okay.01:35:03.000 --> 01:35:05.000Stuart Winchester: Yeah. Okay.01:35:05.000 --> 01:35:08.000Jonathan Schaefer: Why don't you tell me where you think the market's going and we'll.01:35:08.000 --> 01:35:10.000Jonathan Schaefer: Yes, sir.01:35:10.000 --> 01:35:27.000Stuart Winchester: I'm liking the competition. I'm liking that there's a lot of different options for consumers right now. I think the Indy Pass is, it's the largest pass coalition ever assembled in the history of the world that I'm aware of. And I just think for consumers, particularly in New England to have.01:35:16.000 --> 01:35:17.000Jonathan Schaefer: Okay.01:35:21.000 --> 01:35:22.000Jonathan Schaefer: Yep.01:35:28.000 --> 01:35:51.000Stuart Winchester: Those mountains, Smuggs, Jay, Waterville. And Berkshire East is such a great mountain, too, and it's almost always a top 10 on Indy Redemptions, which surprised me. So, I love where you're going. I also love the Bash Badge. Can you talk about the Bash Badge at Smuggs? Because you actually have the Bash Badge Plus, which maybe they had before, I don't know if that's new. And if that concept could roll out across your other mountains, and I know you're not…01:35:34.000 --> 01:35:35.000Jonathan Schaefer: Yep.01:35:51.000 --> 01:35:58.000Stuart Winchester: Uh, Mr. Price Guy, so I can throw the prices up here. Um, the…01:35:58.000 --> 01:36:04.000Jonathan Schaefer: Well, the bash pads fits between a day ticket and a full pass, you know, just sort of.01:36:01.000 --> 01:36:03.000Stuart Winchester: Yeah.01:36:04.000 --> 01:36:15.000Jonathan Schaefer: Functionally and emotionally. And it's an important piece of the product, and we've… we have evaluated it across the board. There was a… it's… it was funny, you know, it's funny not funny. We hadn't communicated it yet, but um…01:36:05.000 --> 01:36:06.000Stuart Winchester: Mm-hmm.01:36:16.000 --> 01:36:21.000Jonathan Schaefer: A lot, there was so much concern out of the sort of the smug social media.01:36:20.000 --> 01:36:22.000Stuart Winchester: Mm-hmm.01:36:21.000 --> 01:36:32.000Jonathan Schaefer: around their prob… quote-unquote, they are probably going to get rid of the bash badge. I'm they. They were never going to get rid of the bash badge. It's an important part of the puzzle, and uh…01:36:26.000 --> 01:36:27.000Stuart Winchester: Okay.01:36:29.000 --> 01:36:31.000Stuart Winchester: Okay.01:36:33.000 --> 01:36:36.000Jonathan Schaefer: You know, it speaks to…01:36:36.000 --> 01:36:39.000Jonathan Schaefer: You know what you're saying about the industry.01:36:39.000 --> 01:36:41.000Jonathan Schaefer: Indy's an important funnel.01:36:40.000 --> 01:36:42.000Stuart Winchester: Mm-hmm.01:36:41.000 --> 01:36:51.000Jonathan Schaefer: for visitation for us. You know, Bash Badge is an important funnel. People get so… you get so locked into your routine, right? Even your social media routine, or your…01:36:48.000 --> 01:36:49.000Stuart Winchester: Mm-hmm.01:36:51.000 --> 01:36:57.000Jonathan Schaefer: web presence routine. So you're only exposed to what you're exposed to. And.01:36:57.000 --> 01:37:13.000Jonathan Schaefer: the reality is, it's tough business, you know. The winters are tough. There's a the ex. The equipment's extremely expensive, and we have 13 weeks to really get after it each year. Yeah, we need to be as in front of as many people as possible, so they can come up and.01:37:13.000 --> 01:37:18.000Jonathan Schaefer: rent from our homeowners and buy food in the kitchens and.01:37:18.000 --> 01:37:21.000Jonathan Schaefer: Ski awesome terrain. So that's…01:37:22.000 --> 01:37:37.000Stuart Winchester: Let me break down this product real quick because I think it's so good. So the Bash Badge, you pay $159 upfront and then you get $30 lift tickets or $20 half-day lift tickets for the entire season whenever you show up. The Bash Badge, Bash Badge.01:37:37.000 --> 01:37:44.000Stuart Winchester: Plus is $249, has the same deal, but it's sort of a pseudo-season pass, because you get…01:37:44.000 --> 01:38:04.000Stuart Winchester: direct-to-lift, you know, unlimited days from opening day, which is usually around Thanksgiving, through December 18th, and then from March 22nd through the end of the season, which at Smuggs is somewhere between the first and third weekend in April, usually. I don't know if you want to push that at all. But that is an awesome product. I mean, is this something that you want to roll out across the portfolio?01:38:05.000 --> 01:38:10.000Jonathan Schaefer: We're evaluating it. Yeah. All the mountains are different, right? So that's…01:38:06.000 --> 01:38:07.000Stuart Winchester: Yeah.01:38:08.000 --> 01:38:10.000Stuart Winchester: Yeah. Okay.01:38:10.000 --> 01:38:15.000Jonathan Schaefer: which may work, something that may work great, and I'm not, this is more generic.01:38:15.000 --> 01:38:21.000Jonathan Schaefer: at Burke may not work at Catamount. You just pulled up Catamount there, right? That's a different user base.01:38:17.000 --> 01:38:18.000Stuart Winchester: Yeah. Okay.01:38:18.000 --> 01:38:19.000Stuart Winchester: Yeah.01:38:21.000 --> 01:38:24.000Jonathan Schaefer: Different demand profile. Right? So.01:38:25.000 --> 01:38:28.000Jonathan Schaefer: These mountains are going to run.01:38:28.000 --> 01:38:42.000Jonathan Schaefer: relatively independently, but also, we want our guests to know what to expect when they go to a Bear Dam Mountain, which is that independence, the quality, the focus on the fundamentals, you know, good snow, um…01:38:30.000 --> 01:38:32.000Stuart Winchester: Mm-hmm.01:38:40.000 --> 01:38:42.000Stuart Winchester: Mmhm.01:38:42.000 --> 01:38:47.000Jonathan Schaefer: and efficient operations. I mean, it's… the weather's ever-changing, so you can't always promise it, but…01:38:47.000 --> 01:38:51.000Jonathan Schaefer: You know, you'll certainly get our best effort in any given time.01:38:51.000 --> 01:38:55.000Stuart Winchester: How would you know, John, like, what would be your sign?01:38:55.000 --> 01:38:58.000Stuart Winchester: that you were messing up SMUGS, that you were going in the wrong direction.01:38:58.000 --> 01:39:00.000Jonathan Schaefer: Well, I'm sure I'd hear about it.01:39:01.000 --> 01:39:10.000Stuart Winchester: As a… as a skier, what do you not want smugs to be? Because you're a skier, I mean, you… you know, you've skied every day of your life that…01:39:10.000 --> 01:39:13.000Stuart Winchester: you know, has been… there's been snow on the ground, I believe.01:39:13.000 --> 01:39:14.000Jonathan Schaefer: Yep.01:39:14.000 --> 01:39:16.000Jonathan Schaefer: I, um…01:39:16.000 --> 01:39:22.000Jonathan Schaefer: For me, it's that overwhelming presence of just, you know, you're on a trail and.01:39:22.000 --> 01:39:24.000Jonathan Schaefer: You feel like you're gonna get.01:39:24.000 --> 01:39:30.000Jonathan Schaefer: just overrun, and you're just… you want to go home. I mean, I've had ski days where.01:39:30.000 --> 01:39:32.000Jonathan Schaefer: Um…01:39:32.000 --> 01:39:34.000Jonathan Schaefer: You know, for example.01:39:35.000 --> 01:39:38.000Jonathan Schaefer: My wife and I did a trip to a.01:39:38.000 --> 01:39:40.000Jonathan Schaefer: a larger, you know.01:39:40.000 --> 01:39:52.000Jonathan Schaefer: Northern Mountain a couple years ago, and I was invited to an event, and I couldn't get the person who, you know, I get comp tickets, it's just one of the perks, who was there to comp the ticket, and…01:39:47.000 --> 01:39:49.000Stuart Winchester: Mm-hmm.01:39:52.000 --> 01:40:04.000Jonathan Schaefer: So it's like, oh, I'll go through the ticket line and really experience a day trip, you know, as the general consumer of one of these resorts, you know, which, you know, I'm generally at smaller mountains doing our thing.01:40:03.000 --> 01:40:05.000Stuart Winchester: Mm-hmm.01:40:04.000 --> 01:40:05.000Jonathan Schaefer: And…01:40:05.000 --> 01:40:10.000Jonathan Schaefer: I think almost 500 bucks of ticket fees later.01:40:09.000 --> 01:40:11.000Stuart Winchester: Wow.01:40:10.000 --> 01:40:14.000Jonathan Schaefer: You know, we're in the middle of an overrun.01:40:15.000 --> 01:40:16.000Jonathan Schaefer: Trail.01:40:16.000 --> 01:40:17.000Stuart Winchester: Mm-hmm.01:40:16.000 --> 01:40:22.000Jonathan Schaefer: My wife, who's an advanced intermediate, was just like, can we go home to Berkshire East?01:40:22.000 --> 01:40:24.000Jonathan Schaefer: You know, so.01:40:22.000 --> 01:40:24.000Stuart Winchester: Yeah.01:40:24.000 --> 01:40:33.000Jonathan Schaefer: if I feel like I want to go home right now, as much feels like home to me. I had a lot of great skiing there this winter. I brought my daughters up, and.01:40:26.000 --> 01:40:28.000Stuart Winchester: Mm-hmm.01:40:28.000 --> 01:40:30.000Stuart Winchester: Mm-hmm.01:40:33.000 --> 01:40:37.000Jonathan Schaefer: You know, there's awesome terrain. We're looking at the map here.01:40:37.000 --> 01:40:47.000Jonathan Schaefer: it feels like a western mountain. I mean, it it's big enough that the whoever cut the trails, there's there's grade reversals to uphills to big rolls to.01:40:39.000 --> 01:40:40.000Stuart Winchester: Mm-hmm.01:40:47.000 --> 01:40:52.000Jonathan Schaefer: you know, snow-covered trees, and I know it's not always like that, but we just had the best.01:40:52.000 --> 01:40:54.000Jonathan Schaefer: Few weeks of skiing this year.01:40:54.000 --> 01:40:55.000Stuart Winchester: Mm-hmm.01:40:54.000 --> 01:40:59.000Jonathan Schaefer: And you can really let it rip. Woods are awesome.01:40:59.000 --> 01:41:04.000Jonathan Schaefer: Great family experience. That's what home feels like. And.01:41:04.000 --> 01:41:11.000Jonathan Schaefer: You know, I'm I associate with myself, you know, in in general, with people that appreciate that. And.01:41:10.000 --> 01:41:11.000Stuart Winchester: Mm-hmm.01:41:11.000 --> 01:41:17.000Jonathan Schaefer: That's we're here to curate this and to grow it, but not ruin it.01:41:17.000 --> 01:41:27.000Jonathan Schaefer: And that's very subjective, right? So we have to run good businesses, and we're never gonna make everybody happy. But I think in the effort we give.01:41:27.000 --> 01:41:29.000Jonathan Schaefer: People will appreciate it.01:41:29.000 --> 01:41:31.000Stuart Winchester: The more…01:41:31.000 --> 01:41:35.000Stuart Winchester: skiing changes in New England, the more…01:41:35.000 --> 01:41:46.000Stuart Winchester: people love what Smuggs is, and I'm looking at the trail map here for those watching on YouTube or StormSkiing.com, and what you see back here is Stowe. Now, I love Stowe. I think it's the best mountain.01:41:46.000 --> 01:41:48.000Jonathan Schaefer: Yeah, me too.01:41:46.000 --> 01:42:04.000Stuart Winchester: in New England. I just love the fall lines, I love the skiing. Vail purchased it, of course, in 2017. Bill Strissel, the former owner, had proposed a gondola from Sterling across, which is much flatter than this, across to Stowe.01:42:04.000 --> 01:42:14.000Stuart Winchester: Is that idea dead? Is that still something you would consider? You can still walk between Stowe and Smugs, of course, but is a potential lift something you're considering?01:42:14.000 --> 01:42:25.000Jonathan Schaefer: Uh, you know, I think we're considering getting back to where we were, which is… I think it would be awesome to skin up Sterling, but they don't allow it, and um…01:42:25.000 --> 01:42:28.000Jonathan Schaefer: come over to smugs and go back and forth.01:42:28.000 --> 01:42:39.000Jonathan Schaefer: we're not in the market for paying for that lift, and I read the reviews online, just as well as everybody else, on what locals thought about it, so… that's not the…01:42:31.000 --> 01:42:32.000Stuart Winchester: Right.01:42:39.000 --> 01:42:43.000Jonathan Schaefer: you know, I want to develop a great great relationship with those guys and the Gm. There.01:42:43.000 --> 01:42:52.000Jonathan Schaefer: Started at Mount Snow, and we have a ton of mutual friends. And he's very, very, very well respected, you know, within the Vail organization.01:42:52.000 --> 01:42:54.000Jonathan Schaefer: And so is awesome.01:42:54.000 --> 01:42:56.000Jonathan Schaefer: But, um…01:42:56.000 --> 01:43:12.000Jonathan Schaefer: Yeah, I think that I have trail run it all summer and fall, and it's a it's a great trail. I was there, and I think it was 1997. Somebody dumped a snow cat into the pond trying to drive across it. I saw the snow cat as a 17 year old or 18 year old.01:42:57.000 --> 01:43:00.000Stuart Winchester: Yeah, Mike's a good dude.01:43:01.000 --> 01:43:03.000Stuart Winchester: Yeah.01:43:04.000 --> 01:43:05.000Stuart Winchester: Yeah. Okay.01:43:08.000 --> 01:43:09.000Stuart Winchester: Yep.01:43:12.000 --> 01:43:14.000Stuart Winchester: Oh, man.01:43:12.000 --> 01:43:14.000Jonathan Schaefer: Yeah, um…01:43:15.000 --> 01:43:17.000Jonathan Schaefer: Yeah.01:43:15.000 --> 01:43:17.000Stuart Winchester: Is it still there?01:43:17.000 --> 01:43:20.000Jonathan Schaefer: No, some other… I think they got out with a scooter.01:43:17.000 --> 01:43:21.000Stuart Winchester: Okay.01:43:20.000 --> 01:43:21.000Jonathan Schaefer: Um…01:43:21.000 --> 01:43:39.000Stuart Winchester: Yeah, you know, I mean, Mike's a great guy, and I skied with Mike in April, and folks don't understand this, and I beat it to death, but unless you're from the region, and I didn't understand it until I moved out here, Northern Vermont is so good. I mean, 322 inches of snow, that's the second snowiest.01:43:39.000 --> 01:44:02.000Stuart Winchester: In the east that Smuggs gets, of course, JP gets a little more, and maybe they get the same. I don't know, people measure things different, but last year I was supposed to take my family to Tahoe in April. I canceled it, went to Stowe and Killington instead, and we got a couple of powder days of Stowe in April. It is really, really good skiing up there, and there's tree skiing more often than not. So, I mean, you've got such a prize up there, and if people have not been up there.01:44:02.000 --> 01:44:08.000Stuart Winchester: Uh, go now so you can watch the evolution. Uh, John, I wanna…01:44:06.000 --> 01:44:14.000Jonathan Schaefer: I'm gonna try to text you a picture here, Stuart. I've got me pounding the Lincoln Gap and I think 2003.01:44:08.000 --> 01:44:10.000Stuart Winchester: Okay.01:44:14.000 --> 01:44:15.000Stuart Winchester: Okay.01:44:15.000 --> 01:44:18.000Jonathan Schaefer: But I I grew up skiing up there.01:44:18.000 --> 01:44:22.000Jonathan Schaefer: And the scheme is awesome.01:44:22.000 --> 01:44:24.000Jonathan Schaefer: The, um…01:44:25.000 --> 01:44:33.000Jonathan Schaefer: There's there's nothing like it. And it's it's it's not. You know it. It is Northern Vermont, right? It's not.01:44:31.000 --> 01:44:33.000Stuart Winchester: Mmhm.01:44:33.000 --> 01:44:34.000Jonathan Schaefer: Banff.01:44:34.000 --> 01:44:35.000Stuart Winchester: Yeah. Okay.01:44:35.000 --> 01:44:40.000Jonathan Schaefer: And it's okay. There's great communities. There's great.01:44:40.000 --> 01:44:48.000Jonathan Schaefer: There's great people. There's a huge legacy of people that love these mountains and care for them. And utilize them.01:44:42.000 --> 01:44:43.000Stuart Winchester: Mm-hmm.01:44:48.000 --> 01:44:50.000Jonathan Schaefer: So.01:44:50.000 --> 01:44:56.000Jonathan Schaefer: We're just lucky to be the next man up here, and we're fired up to do a good job about it.01:44:55.000 --> 01:45:19.000Stuart Winchester: I'm fired up that you bought it. There was a lot of chatter that Vail may buy it and combine it with Stowe. Again, love Stowe, but I do think that the Northeast in any ski region benefits from having strong independent operators. I'm pulling up Burke's old trail maps for those following along here. So Burke, the trail network's been similar for years and years, but there used to be some more lifts. So here we're going all the way back.01:45:19.000 --> 01:45:27.000Stuart Winchester: 1983, when Burke was sponsored by Camel. Can you imagine? Camel cigarettes, guys.01:45:25.000 --> 01:45:28.000Jonathan Schaefer: One of our ski coaches was a, um…01:45:28.000 --> 01:45:30.000Jonathan Schaefer: A Marlboro man.01:45:29.000 --> 01:45:50.000Stuart Winchester: Yeah, so you see different lifts here. So you see the Summit lift, which was replaced. Now this is a high-speed quad. And there was another lift over here. So looking at Burke's modern trail map here, John, I believe there's some room for expansion out here. I believe you could probably infill some lifts. So what are your thoughts on Burke now that you've had a year running that guy?01:45:51.000 --> 01:45:55.000Jonathan Schaefer: I think Burke's an awesome mountain.01:45:55.000 --> 01:46:02.000Jonathan Schaefer: you know, if we're talking about the trail map, we've got the green section down here in Sherbourne, which is one of the best beginner mountains.01:45:59.000 --> 01:46:00.000Stuart Winchester: Mm-hmm.01:46:02.000 --> 01:46:04.000Jonathan Schaefer: And that was a little bit of a.01:46:04.000 --> 01:46:10.000Jonathan Schaefer: Surprise for me, because I spent most of my time at Burke on Warren's way.01:46:09.000 --> 01:46:10.000Stuart Winchester: Mm-hmm.01:46:10.000 --> 01:46:12.000Jonathan Schaefer: facing, and then…01:46:12.000 --> 01:46:18.000Jonathan Schaefer: Big Dipper. I think we raised the first Eastern Cup there the day after the Pats won their first Super Bowl.01:46:18.000 --> 01:46:19.000Stuart Winchester: Oh, wow.01:46:18.000 --> 01:46:20.000Jonathan Schaefer: Okay.01:46:20.000 --> 01:46:25.000Jonathan Schaefer: Which was awesome. Middlebury showed up with no time to inspect, because it was a late night, but it was…01:46:25.000 --> 01:46:28.000Jonathan Schaefer: Lots of energy, um…01:46:28.000 --> 01:46:39.000Jonathan Schaefer: And then the Upper Mountain, and you can kind of see, if you go back up to the Upper Mountain, just how steep… you see where all the black diamonds are in the middle, in the double blacks? That's just a feature of the resort, so…01:46:32.000 --> 01:46:33.000Stuart Winchester: Mm-hmm.01:46:34.000 --> 01:46:37.000Stuart Winchester: Yeah. Mm-hmm.01:46:39.000 --> 01:46:41.000Jonathan Schaefer: It's hard to get…01:46:41.000 --> 01:46:50.000Jonathan Schaefer: You know, there's a total lack of green trails from the summit, and that's a priority for us, is increasing that blue access over the next couple of years.01:46:50.000 --> 01:46:55.000Jonathan Schaefer: But also, you know, we've done a ton of snowmaking that work there. I think we…01:46:56.000 --> 01:47:02.000Jonathan Schaefer: We knocked out… we were able to cut 500 hours of snowmaking time.01:47:02.000 --> 01:47:04.000Stuart Winchester: Yeah.01:47:02.000 --> 01:47:04.000Jonathan Schaefer: Year over year.01:47:04.000 --> 01:47:05.000Stuart Winchester: Wow.01:47:04.000 --> 01:47:10.000Jonathan Schaefer: and open more terrain, far more terrain than the year prior. And so.01:47:07.000 --> 01:47:09.000Stuart Winchester: Amazing.01:47:10.000 --> 01:47:13.000Jonathan Schaefer: We, uh…01:47:14.000 --> 01:47:29.000Jonathan Schaefer: We are doing a lot more work this year. And so last year, it's like the wave on the beach analogy. We were able to throw a big wave up on the beach and we got a ton of stuff done. But this year, it's a lot of the interconnections and sort of like finishing off the work. I'd say we got 80% of the way home last year.01:47:16.000 --> 01:47:18.000Stuart Winchester: Mm-hmm.01:47:23.000 --> 01:47:24.000Stuart Winchester: Mm-hmm.01:47:29.000 --> 01:47:30.000Stuart Winchester: Yeah.01:47:29.000 --> 01:47:39.000Jonathan Schaefer: And this year, a few more guns, filling in some holes, moving water around more effectively.01:47:37.000 --> 01:47:38.000Stuart Winchester: Yep.01:47:40.000 --> 01:47:47.000Jonathan Schaefer: I think people are going to notice maybe even as big a difference as the year prior. Midburg Lodge is getting some updates.01:47:46.000 --> 01:47:48.000Stuart Winchester: Mm-hmm.01:47:48.000 --> 01:47:49.000Jonathan Schaefer: Yeah, it…01:47:48.000 --> 01:48:15.000Stuart Winchester: How did that translate business-wise, John? You know, Burke had sort of been, it had been in receivership for nine years when you purchased it, and it was part of the whole Jay Peak scandal, and Jay Peak got purchased in 2022 by Pacific Group Resorts, but Burke was still orphaned, and not that there weren't capable folks running it, but the first thing you did was, I think, triple snowmaking capacity. So how did that translate business, skier visits-wise? What can you tell us about last year at Burke and the kind of momentum you were able to establish there?01:47:55.000 --> 01:47:56.000Jonathan Schaefer: Yep.01:48:16.000 --> 01:48:27.000Jonathan Schaefer: So I do believe that energy at a resort is a very palpable thing. You can either feel it, or you can't. You know, you've all been places, and it's like, oh, what happened to the restaurant? And it's like, oh, the chef left, and.01:48:27.000 --> 01:48:31.000Jonathan Schaefer: You just know it's over yet.01:48:31.000 --> 01:48:47.000Jonathan Schaefer: you know the receivership was. It was sort of like slack tide for that mountain for almost a decade, you know, is not really coming or going, and I think our us stepping up and the grand family's commitment to the resort, which is runs really deep.01:48:48.000 --> 01:48:54.000Jonathan Schaefer: was able to bring some of that, inject that energy. And then the next step.01:48:54.000 --> 01:49:04.000Jonathan Schaefer: is, and I've been doing the Ted Lasso analogies with you for years, but it's like getting people, not only the resort staff, but the guests to believe.01:49:04.000 --> 01:49:15.000Jonathan Schaefer: you know, that it is a great mountain. There's phenomenal glades. You know, I… I was stuck on Warren's Way half my life whenever I'd be there, but, you know, so it was a revelation what the glades were like. Um…01:49:15.000 --> 01:49:27.000Jonathan Schaefer: in the… in the acquisition period, and then skiing them last year. It's a… it's a great mountain. I don't think it's ever really had its chance. I think we're the seventh or eighth ownership group. That thing is like a…01:49:27.000 --> 01:49:41.000Jonathan Schaefer: a ship without a rock, without a lighthouse that ships keep running into, and we're gonna try to avoid being the next ship that breaks apart on those rocks right there. But I think there's a really thoughtful way to do it.01:49:41.000 --> 01:49:54.000Jonathan Schaefer: quite frankly, it's shocking how close it is to people. You know, I don't think people realize that it's really not that much further from Boston than a Mount Snow or a Killington. Obviously, it doesn't have the scale of those resorts. Um…01:49:54.000 --> 01:49:57.000Jonathan Schaefer: But it does have that sense of community.01:49:57.000 --> 01:50:10.000Jonathan Schaefer: it's a great mountain, it's a beautiful hotel, and… and the town itself is full of wonderful restaurants, largely supported by Kingdom Trails and skiers, you know, so it's a very adventurous… we did a kickoff party there, and…01:50:10.000 --> 01:50:11.000Jonathan Schaefer: I mean, there's…01:50:11.000 --> 01:50:13.000Jonathan Schaefer: Eight Olympians.01:50:13.000 --> 01:50:18.000Jonathan Schaefer: you know, at the kickoff party that live in and around that town.01:50:18.000 --> 01:50:19.000Stuart Winchester: Incredible.01:50:18.000 --> 01:50:31.000Jonathan Schaefer: And it attracts a really diverse set of outdoor adventurers, and it's a… it's a throwback community. And uh… I think as our guests start to discover it, you know, in the wintertime, I think a lot of people discovered it for KT.01:50:31.000 --> 01:50:33.000Jonathan Schaefer: Which we're also doing a lot of work.01:50:33.000 --> 01:50:40.000Jonathan Schaefer: With to integrate with Kingdom trails, and we're the largest single owner of Kingdom trails, and so it's.01:50:40.000 --> 01:50:44.000Jonathan Schaefer: you know, people start to feel that energy. And.01:50:44.000 --> 01:50:50.000Jonathan Schaefer: Again, we're here to work it and to build it and, you know, do our best to caretake it.01:50:50.000 --> 01:51:04.000Stuart Winchester: Yeah, it looks far north, John, but it's right off I-91, and I agree, there's some of the best glades in New England. Let's talk quickly about Berkshire East, where you've teased an expansion for several years, I believe, right over in this area.01:51:02.000 --> 01:51:05.000Jonathan Schaefer: We're going on a decade, I think.01:51:04.000 --> 01:51:09.000Stuart Winchester: Okay. Is it right over here? Am I pointing to the right place? Farlookers right on the trail map?01:51:05.000 --> 01:51:06.000Jonathan Schaefer: Yep.01:51:09.000 --> 01:51:13.000Jonathan Schaefer: Um, it goes from the wind turbine.01:51:12.000 --> 01:51:14.000Stuart Winchester: Mm-hmm.01:51:14.000 --> 01:51:17.000Jonathan Schaefer: Where the thunder writing is, somewhere right in there.01:51:14.000 --> 01:51:15.000Stuart Winchester: Okay.01:51:16.000 --> 01:51:18.000Stuart Winchester: Okay. Yeah.01:51:17.000 --> 01:51:26.000Jonathan Schaefer: in between Mohawk and Thunder down over towards those fields at the lower left. I would say it's not well represented on on this map. But.01:51:25.000 --> 01:51:32.000Stuart Winchester: Okay, so there's more terrain. Is it basically in here, or is it over on this side?01:51:30.000 --> 01:51:35.000Jonathan Schaefer: It's thunder is sort of like the off ramp for it. So it's the return.01:51:34.000 --> 01:51:38.000Stuart Winchester: Oh, so you would go into Thunder off the back of the mountain?01:51:37.000 --> 01:51:42.000Jonathan Schaefer: You would go off of… you see where Rogers World is? The lift would go through Rogers World.01:51:39.000 --> 01:51:41.000Stuart Winchester: Here.01:51:41.000 --> 01:51:42.000Stuart Winchester: Okay.01:51:42.000 --> 01:51:43.000Jonathan Schaefer: Um…01:51:44.000 --> 01:51:49.000Jonathan Schaefer: Through to the wind turbine, and there'd be 3 or 4 trails back there, and…01:51:46.000 --> 01:51:47.000Stuart Winchester: Okay.01:51:49.000 --> 01:51:52.000Jonathan Schaefer: It hasn't quite launched yet.01:51:49.000 --> 01:51:51.000Stuart Winchester: Thank you.01:51:52.000 --> 01:52:04.000Jonathan Schaefer: But again, you know, it's easy to cut this stuff, it's easy to build it, it's harder to actually operate it and take care of it, so we keep optimizing our resort, you know, and the snowmaking there, and then…01:52:04.000 --> 01:52:08.000Jonathan Schaefer: Hopefully, we'll get to a point here where that's doable again. So.01:52:08.000 --> 01:52:23.000Stuart Winchester: And you took out a triple chair that was based this summer right here. That was a used lift from Ski Rio New Mexico. I think the plan was to put it over here. I don't know, it looks like you could probably serve it with the existing lifts, but any thoughts on lifts or not as part of the expansion?01:52:13.000 --> 01:52:14.000Jonathan Schaefer: Yep.01:52:24.000 --> 01:52:26.000Jonathan Schaefer: It would require a lift, yeah.01:52:25.000 --> 01:52:27.000Stuart Winchester: Okay. Okay.01:52:26.000 --> 01:52:27.000Jonathan Schaefer: So.01:52:27.000 --> 01:52:45.000Stuart Winchester: But not… it doesn't sound like, uh, like you can put a timeline on it, and last time you were on, you also talked about a potential expansion at Catamount. Again, I'm looking at the trail map. Uh, if you look at the far right side of the trail map, I believe that's where the potential expansion was. Any thoughts on… on that, or are you pretty happy with Catamount as it is?01:52:31.000 --> 01:52:32.000Jonathan Schaefer: No.01:52:45.000 --> 01:52:47.000Jonathan Schaefer: We are, uh…01:52:48.000 --> 01:53:03.000Jonathan Schaefer: I would say that we're never complacent, right? So the idea of happy is very temporal and focused on what's going on. I think at all these mountains, we're focused on snowmaking. Folks will see some snowmaking upgrades at all the resorts.01:52:54.000 --> 01:52:55.000Stuart Winchester: Mm-hmm.01:53:03.000 --> 01:53:06.000Jonathan Schaefer: So in terms of lift layouts, you know it's.01:53:06.000 --> 01:53:15.000Jonathan Schaefer: Those are private landowners that you happen to point out up there, so they may or may not be the right, you know, people to point your mouse at.01:53:10.000 --> 01:53:12.000Stuart Winchester: Mm-hmm.01:53:14.000 --> 01:53:15.000Stuart Winchester: Right.01:53:15.000 --> 01:53:24.000Jonathan Schaefer: it's all on the table, right? And it's just a matter. Now my job is to really, you know, look at four resorts and what their needs are.01:53:16.000 --> 01:53:18.000Stuart Winchester: Okay.01:53:23.000 --> 01:53:25.000Stuart Winchester: Mm-hmm.01:53:24.000 --> 01:53:27.000Jonathan Schaefer: and advance the ones that make the most sense.01:53:27.000 --> 01:53:39.000Jonathan Schaefer: from resort to resort to resort, and categorize those. And a lot of what we've been doing this year, I mean, this conversation has been very appropriately anchored in, um, sort of asset upgrades.01:53:40.000 --> 01:53:45.000Jonathan Schaefer: But I'm trying to build an organization that can really thoughtfully run this.01:53:45.000 --> 01:53:50.000Jonathan Schaefer: these resorts and do a good job with it and build the right team.01:53:50.000 --> 01:53:57.000Jonathan Schaefer: And so a lot of the governance and organizational work that we've done this year will really help support those.01:53:57.000 --> 01:54:00.000Jonathan Schaefer: going forward into future years. So.01:53:58.000 --> 01:54:16.000Stuart Winchester: So talk a little about that. Actually leave us with that today, John, because I just find the Schaefer family story so compelling. You know, Roy drove his station wagon out from Michigan full of kids and just, you know, bought this junky mountain and fixed it up, you know, just out there buying scrap from all over the country.01:54:09.000 --> 01:54:10.000Jonathan Schaefer: Okay.01:54:16.000 --> 01:54:23.000Stuart Winchester: And, uh, then handed it off to you and your brother, who modernized it. And, and you've, you've built, uh…01:54:23.000 --> 01:54:30.000Stuart Winchester: you know, you've built now this four-mountain portfolio, so a couple elements to that is, number one, if I have this right.01:54:30.000 --> 01:54:43.000Stuart Winchester: you actually sold Catamount Berkshires to Bearden, so you're no longer the owner, you're an employee, probably for the first time, really, in your life, you know, and not part of a… necessarily a family-owned thing.01:54:38.000 --> 01:54:39.000Jonathan Schaefer: Mm-hmm.01:54:41.000 --> 01:54:44.000Jonathan Schaefer: Outside is an ice cream.01:54:43.000 --> 01:54:47.000Stuart Winchester: Yeah, so what's that transition been like, I guess?01:54:47.000 --> 01:54:56.000Stuart Winchester: emotionally, and how do you handle that professionally? Like, going from, you know, your dad out there with a hammer, you know.01:54:56.000 --> 01:55:05.000Stuart Winchester: nailing up some snow gun to, uh, I know that's not how you put up a snow gun, but, um, but to, you know, running a professional organization that oversees four mountains in three states.01:54:59.000 --> 01:55:00.000Jonathan Schaefer: Yep.01:55:06.000 --> 01:55:26.000Jonathan Schaefer: Evolve or die, right? So I couldn't be more fired up about it. There's Ken Graham and I had the opportunity to build five years of trust. We worked on Burke for four or five years. And that could be, you know, five calls a week or one call every five months. You know, it's hard to say, but we really stuck it out together.01:55:07.000 --> 01:55:09.000Stuart Winchester: Yeah.01:55:14.000 --> 01:55:15.000Stuart Winchester: Mm-hmm.01:55:22.000 --> 01:55:24.000Stuart Winchester: Mmhm.01:55:26.000 --> 01:55:43.000Jonathan Schaefer: and had a good understanding of of who we were as people and as families. You know their their dad's a Michigan family, too. They are a Michigan family. The grandfather was a ecologist working for the University of Michigan. So it's a lot of shared family history here. Ski racing.01:55:40.000 --> 01:55:41.000Stuart Winchester: Mm-hmm.01:55:43.000 --> 01:55:58.000Jonathan Schaefer: And that's important when you do this stuff because these, you're in it for the long haul. You know, you jump into rapids with somebody and you want to know what they're about. And so we had that opportunity and it wasn't as spontaneous as it may have seen on the outside.01:55:58.000 --> 01:56:00.000Stuart Winchester: Mm-hmm.01:55:59.000 --> 01:56:00.000Jonathan Schaefer: So…01:56:00.000 --> 01:56:05.000Jonathan Schaefer: There's there's also pieces of the organization that I always wanted to bring.01:56:05.000 --> 01:56:11.000Jonathan Schaefer: You know, I wrote my Berkshire operator manual in 2015, and it was clunky, and…01:56:11.000 --> 01:56:12.000Jonathan Schaefer: Um…01:56:12.000 -->

This week on Two Parents & A Podcast, happy Monday!! First, the big news: WE ARE OFFICIALLY A DEAR MEDIA PRODUCTION!! (yay) If you're new here from the Dear Media world: hi!! We're Alex and Harrison, married, two kids (Tate and Rocky), and the “third-wheel” (lovingly) is Jules our producer!!! Welcome, we're so happy you're here. And if you're not new here, the short story is - nothing is changing!!!  Then we get into the episode with a confession: we are officially the parents who throw the over-the-top birthday parties. The exact parents we judged before we had kids. We get into why we've fully made peace with it (the joy is REA), plus the undisputed best time slot for a toddler birthday party: 5 to 7 PM. Everyone's out of nap territory, people are always looking for something to do during this dead zone, and dinner is handled. We will be taking no further questions at this time hahaha And the rest: Harrison is teetotaling 13 out of 14 days “per week” (his math, not ours lol), the Tweet of the Week we're carrying into fall ("the curse of no discipline is every year looks the same"), and the TikTok discourse we had to weigh in on: is going to your friend's birthday party optional?! Plus a Rocky update: he's officially in the nanny share and he LOVES it. Then book club: Princess Diana's brother wrote a memoir about her (Swan Song, out tomorrow!!), and Harrison's corner: Warren Buffett officially stepped down from Berkshire Hathaway (we think it might be because he's 96 but idk you tell us lol). The math will break your brain: $1,000 invested with him in 1965 is worth almost $60 MILLION today. We get into what made him one of one, whether anyone can do it again, and Alex's hot take that Paris Hilton is the Warren Buffett of influencing (out of respect for Mr. Buffett, Harrison disagrees LOL). We close with the dog corner: two studies say dogs are genuinely good for your brain (dog owners, your pet might be syncing to YOUR stress levels??), our updated family dog rules (short version: no diapers in the house), and the internet's current debate: can you bring an iced coffee to a job interview?! Hope everyone has a great week :-) LOVE YOU!  Timestamps: 00:00:00 Welcome back to Two Parents & A Podcast! 00:00:10 We are officially a DEAR MEDIA production!! (+ VERY short intros for the new listeners) 00:04:43 We're now the parents who throw the over-the-top birthday parties…  00:15:32 The undisputed best time for a 2 year old's birthday party 00:17:12 Harrison is teetotaling 13/14 days per week lol 00:19:57 Tweet of the Week: "the curse of no discipline is every year looks the same" 00:25:56 Is going to your friend's birthday party optional?! 00:34:35 Rocky officially joined the nanny share!! 00:36:41 BOOK CLUB: Princess Diana's brother wrote a memoir (out TOMORROW) 00:38:28 Warren Buffett retires at [AGE REDACTED] 00:50:37 Dogs are officially good for your brain (two studies + our update thoughts on getting a family dog) 01:00:12 Iced coffee at a job interview: yay or nay?! 01:09:34 LOVE YOU GUYS! #twoparentsandapod -------------------------------------------------------------- Sources: *Warren Buffett steps down as chairman: NPR — https://www.npr.org/2026/09/18/nx-s1-5973852/warren-buffett-steps-down *Berkshire vs. S&P returns: credited on graphic  *Swan Song: Diana, My Sister: https://www.penguinrandomhouse.com/books/836436/swan-song-by-charles-spencer/ *Pets & cognitive decline study: https://x.com/NTFabiano/status/2101664911738683802?s=20  *Dogs mirror their owners' stress: https://x.com/anishmoonka/status/2101906772017455410?s=20  -------------------------------------------------------------- Thank you to our sponsors this week: *Merit Beauty: Right now, Merit Beauty is offering our listeners their Signature Makeup Bag with your first order at https://www.meritbeauty.com *Little Spoon: Give them meals + snacks that are actually right for where kids are developmentally—balanced, intentional and made to support real growth. Go to https://www.littlespoon.com/TWOPARENTS and enter code TWOPARENTS for 30% off your first order. *Honest: Shop Honest on Amazon, Walmart and Target. -------------------------------------------------------------- Listen to the pod on YouTube/Spotify/Apple: https://www.youtube.com/@twoparentsandapod https://open.spotify.com/show/7BxuZnHmNzOX9MdnzyU4bD?si=5e715ebaf9014fac https://podcasts.apple.com/us/podcast/two-parents-a-podcast/id1737442386 -------------------------------------------------------------- Follow Two Parents & A Podcast: Instagram | https://www.instagram.com/twoparentsandapod TikTok | https://www.tiktok.com/@twoparentsandapod Follow Alex Fugman: Instagram | https://www.instagram.com/alexfugman TikTok | https://www.tiktok.com/@justalexfugman Follow Harrison Fugman: Instagram | https://www.instagram.com/harrisonfugman TikTok | https://www.tiktok.com/@harrisonfugman Learn more about your ad choices. Visit megaphone.fm/adchoices

The autumn wind is blowing in and it's taking interest rates higher as the Federal Reserve boosted the overnight lending rate by a quarter point last week, as expected. Investors may be getting used to higher for longer interest rates and inflation as the stock market has been running in place for more than one month. It's the bond market that everyone is focused on, and it's the focus of Robin Wigglesworth's new book, “A Fabulous Debt”. He joins The Express with the history of bonds and why they are so pivotal in the geopolitical tensions that define 2026. Plus, Warren Buffett steps down as Berkshire's Chairman, but his legend continues. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Datshiane Navanayagam talks to women from India and the UK who officiate international and domestic matches for the women's and men's games. They're both on the ICC's development panel for umpires. Vrinda Rathi is an Indian cricket umpire. She was one of the first female umpires to stand as an on-field umpire in a men's domestic fixture in India. Earlier this year she became the first Indian woman to officiate in a Women's World Cup final as one of the two on-field umpires for the final between England and Australia at Lord's. Vrinda was a medium-pace bowler who represented the Mumbai University women's team for four years. She couldn't break into Mumbai's senior side as a player so became a scorer before eventually switching to umpiring.Anna Harris took up umpiring as a teenager to earn extra pocket money on the advice of her mother Yolanda, who's also an umpire. At age 22 she became the youngest ever umpire to officiate in an international match for a women's one day international between England and New Zealand. Anna has played domestic cricket for Wales, Buckinghamshire and Berkshire. She also works as an NHS doctor in Hampshire.Produced by Jane Thurlow(Image: (L) Vrinda Rathi, credit Matthew Lewis - ICC. (R) Anna Harris, credit Uganda Cricket.)

Mecklenburg-Vorpommern und Berlin besiegeln den Eintritt von Friedrich Merz in das Siechtum seiner Kanzlerschaft. Weitermachen will er trotzdem, eine Idee präsentiert er nicht.

Het is Softbank nog stééds niet genoeg: de investeerder wil nóg meer geld in OpenAI investeren. Ze zitten inmiddels al op 65 miljard dollar, zo'n 13 procent van het hele bedrijf. Met allerlei constructies harken ze het geld bij elkaar. Daar komt nu een bijzondere constructie bij. Softbank geeft 11 miljard aan junk bonds uit, obligaties met een hele lage kredietwaardigheid. Het moge duidelijk zijn: de beurgang van OpenAI móet slagen voor Softbank. Of die investering dat enorme risico waard kan zijn, zoeken we voor je uit. Hoor je ook nog over Novo Nordisk: het aandeel dat maar blijft verliezen. Met een set nieuwe plannen moest het bedrijf het vertrouwen van beleggers terugwinnen. Maar het tegenovergestelde gebeurde. Nog voor de ceo was uitgepraat, ging het aandeel al de verkoop in. Wat Novo Nordisk dan wél moet doen, bespreken we deze aflevering. Hoor je ook nog over: Stakingen bij Volkswagen, én een winstwaarschuwing Een koekjesfabriek waar jij op moet letten Heineken, dat doet een opvallende overname Een sluitstuk voor de overname van Warner Bros door Paramount Te gast: Arend-Jan Kamp van Stockwatch BNR Beurs is een journalistiek onafhankelijke productie, mede mogelijk gemaakt door Saxo. Over de makers: Jelle Maasbach is presentator van BNR Beurs en freelance financieel journalist. Zijn favoriete aandeel om over te praten is Disney, maar daar lijkt hij de enige in te zijn. Sinds de eerste uitzending van BNR Beurs is 'ie er bij. Maxim van Mil is presentator van BNR Beurs en journalist bij BNR, waar hij zich focust op de financiële markten en ontwikkelingen in de tech-wereld. Je krijgt hem het meest enthousiast als hij kan praten over ASML, of oer-Hollandse bedrijven zoals Ahold of ABN Amro. Jorik Simonides is presentator van BNR Beurs, economieredacteur en verslaggever bij BNR. Hij wordt er vooral blij van als het een keer níet over AI gaat. Je hoort hem ook in de BNR-podcast Moerdijk: dorp van de rekening. Milou Brand is presentator van BNR Beurs, freelance podcastmaker en columnist bij het Financieele Dagblad. Jochem Visser is presentator van BNR Beurs, maakt Beursnerd XL en is redacteur bij de podcast Onder Curatoren. Vraag hem naar obscure zaken op financiële markten en hij vertelt je waarom het eigenlijk nóg leuker is dan je al dacht. Over de podcast: Met BNR Beurs ga je altijd voorbereid de nieuwe beursdag in. We praten je in een kleine 25 minuten bij over alle laatste ontwikkelingen op de handelsvloer. We blijven niet alleen bij de AEX of Wall Street, maar vertellen je ook waar nog meer kansen liggen. En we houden het niet bij de cijfers, maar zoeken ook iedere dag voor je naar duiding van scherpe gasten en experts. Of je nu een ervaren belegger bent of net begint met je eerste stappen op de beurs, de podcast biedt waardevolle inzichten voor je beleggingsstrategie. Door de focus op zowel de korte termijn als de lange termijn, helpt BNR Beurs luisteraars om de ruis van de markt te scheiden van de essentie.See omnystudio.com/listener for privacy information.

Buffett cede la presidencia de Berkshire y el mercado sigue buscando certezas donde abundan las historias. Esta semana ponemos el foco en quién paga el crecimiento, cuánto cuesta financiarlo y qué queda cuando se enfría el entusiasmo. De la infraestructura física de la inteligencia artificial a los tipos de interés, las opciones, los mercados de predicción y las acciones tokenizadas. También hablamos de Empery Digital, Novo, Costco y esos ajustes contables que incorporan ahorros antes de conseguirlos. Acertar una tendencia no resuelve cuánto pagar por ella. Y una buena historia todavía tiene que convertirse en caja. Actualidad Semanal +D · Semana 38 de 2026 · 20 de septiembre. Continúa la conversación en https://foro.masdividendos.com/ : ¿qué te ayuda a distinguir una ventaja competitiva de una historia bien contada? Contenido de entretenimiento y divulgación; no constituye una recomendación de inversión. Capítulos 00:00 Bienvenida y presentación 01:17 Buffett: un oráculo menos, muchos profetas más 03:25 La IA pide freno; los proveedores siguen facturando 06:34 Amazon, Generac y Boot Barn: la infraestructura de la IA 09:36 Tipos de interés: cuando el dinero deja de ser mobiliario 13:04 Opciones y apuestas: del interés compuesto a la dopamina 15:06 Información privilegiada, imitadores y acciones tokenizadas 19:23 Empery Digital: una empresa para cada temporada 21:25 Novo y Costco: acertar la tendencia y equivocarse de empresa 24:33 Private equity y beneficios que todavía no existen 26:55 Conclusión: el tiempo sigue ganando

The autumn wind is blowing in and it's taking interest rates higher as the Federal Reserve boosted the overnight lending rate by a quarter point last week, as expected. Investors may be getting used to higher for longer interest rates and inflation as the stock market has been running in place for more than one month. It's the bond market that everyone is focused on, and it's the focus of Robin Wigglesworth's new book, “A Fabulous Debt”. He joins The Express with the history of bonds and why they are so pivotal in the geopolitical tensions that define 2026. Plus, Warren Buffett steps down as Berkshire's Chairman, but his legend continues. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Het is Softbank nog stééds niet genoeg: de investeerder wil nóg meer geld in OpenAI investeren. Ze zitten inmiddels al op 65 miljard dollar, zo'n 13 procent van het hele bedrijf. Met allerlei constructies harken ze het geld bij elkaar. Daar komt nu een bijzondere constructie bij. Softbank geeft 11 miljard aan junk bonds uit, obligaties met een hele lage kredietwaardigheid. Het moge duidelijk zijn: de beurgang van OpenAI móet slagen voor Softbank. Of die investering dat enorme risico waard kan zijn, zoeken we voor je uit. Hoor je ook nog over Novo Nordisk: het aandeel dat maar blijft verliezen. Met een set nieuwe plannen moest het bedrijf het vertrouwen van beleggers terugwinnen. Maar het tegenovergestelde gebeurde. Nog voor de ceo was uitgepraat, ging het aandeel al de verkoop in. Wat Novo Nordisk dan wél moet doen, bespreken we deze aflevering. Hoor je ook nog over: Stakingen bij Volkswagen, én een winstwaarschuwing Een koekjesfabriek waar jij op moet letten Heineken, dat doet een opvallende overname Een sluitstuk voor de overname van Warner Bros door Paramount Te gast: Arend-Jan Kamp van Stockwatch BNR Beurs is een journalistiek onafhankelijke productie, mede mogelijk gemaakt door Saxo. Over de makers: Jelle Maasbach is presentator van BNR Beurs en freelance financieel journalist. Zijn favoriete aandeel om over te praten is Disney, maar daar lijkt hij de enige in te zijn. Sinds de eerste uitzending van BNR Beurs is 'ie er bij. Maxim van Mil is presentator van BNR Beurs en journalist bij BNR, waar hij zich focust op de financiële markten en ontwikkelingen in de tech-wereld. Je krijgt hem het meest enthousiast als hij kan praten over ASML, of oer-Hollandse bedrijven zoals Ahold of ABN Amro. Jorik Simonides is presentator van BNR Beurs, economieredacteur en verslaggever bij BNR. Hij wordt er vooral blij van als het een keer níet over AI gaat. Je hoort hem ook in de BNR-podcast Moerdijk: dorp van de rekening. Milou Brand is presentator van BNR Beurs, freelance podcastmaker en columnist bij het Financieele Dagblad. Jochem Visser is presentator van BNR Beurs, maakt Beursnerd XL en is redacteur bij de podcast Onder Curatoren. Vraag hem naar obscure zaken op financiële markten en hij vertelt je waarom het eigenlijk nóg leuker is dan je al dacht. Over de podcast: Met BNR Beurs ga je altijd voorbereid de nieuwe beursdag in. We praten je in een kleine 25 minuten bij over alle laatste ontwikkelingen op de handelsvloer. We blijven niet alleen bij de AEX of Wall Street, maar vertellen je ook waar nog meer kansen liggen. En we houden het niet bij de cijfers, maar zoeken ook iedere dag voor je naar duiding van scherpe gasten en experts. Of je nu een ervaren belegger bent of net begint met je eerste stappen op de beurs, de podcast biedt waardevolle inzichten voor je beleggingsstrategie. Door de focus op zowel de korte termijn als de lange termijn, helpt BNR Beurs luisteraars om de ruis van de markt te scheiden van de essentie.See omnystudio.com/listener for privacy information.

Mustafa Suleyman, Microsoft AI CEO, says artificial intelligence models need to stay aligned with humanity's interests and says that, for his peers in the technology industry, it's the most responsible path. This conversation caps off a week of warnings about AI from guests on Squawk Pod. The New York Knicks had to pause single-game ticket pricing for the season ahead when a glitch led to some eye-poppingly large numbers. Sports manager Rich Kleiman is bullish on the future of the sports economy – with so much choice for consumers in how and where they want to cheer on their favorite athletes. And, the end of an era in Omaha as Warren Buffett announces he is stepping down as chairman of the board of Berkshire Hathaway after a 60-plus-year run. Mustafa Suleyman - 19:18Rich Kleiman - 34:14 In this episode:Mustafa Suleyman, @mustafasuleymanRich Kleiman, @richkleimanJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Carl Quintanilla, Jim Cramer and David Faber explored what's next for the markets after Thursday's post-Fed rate hike rally — which marked the best day for the Nasdaq and S&P 500 since early August. The anchors also discussed Warren Buffett stepping down as chairman of Berkshire Hathaway. A big day for Apple: Its iPhone 18 lineup debuted in stores worldwide. Cramer spoke about what Apple CEO John Ternus told him at the company's flagship store in New York City. Also in focus: The Federal Reserve releases an independent review of the 2023 Silicon Valley Bank collapse; Record-high diesel prices' impact on the economy; Netflix downgraded; Wells Fargo bank analyst Mike Mayo's note on financial regulation and the midterms; Big banks in correction territory; All things AI. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What does Warren Buffett stepping down as Chairman on Berkshire Hathaway mean for the company? Plus, some big moves in the Yen after the Bank of Japan hikes interest rates, looking to get ahead of any inflation. And Nike loses some more star power with Kylian Mbappe announcing he is signing with On as they look to expand into international football.Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Story of the Week (DR):Anthropic, OpenAI CEOs call for slowdown in AI developmentAnthropic CEO calls to slow the race toward AI ‘superintelligence,' and grants outside evaluators permanent access . Here's what Amodei is suggesting:Each US AI company grants ongoing access to embedded third-party evaluators to check compliance with safety commitments, report incidents, ensure new AI models are not misaligned.All companies in democratic countries building frontier AI models to establish common safety standards as well as limits on the rate of unchecked AI progress.The world's democratic AI powers would coordinate with autocracies – notably China – to control the race. Amodei suggested a baby step could be a narrow agreement prohibiting obviously dangerous uses of AI, such as for the production of biological weapons.PROAltman Matches Anthropic's AI Auditor Pledge While Musk Offers Three-Word Slowdown Backing: 'Dario is right.' Palantir's Alex Karp is calling for AI lab nationalization and criminal liability: Alex Karp said AI builders should face civil and criminal liability for "not being responsible" as the industry debate over AI safety intensifiesMicrosoft AI CEO Agrees: AI Is Getting Dangerous and Needs to Be ControlledAI 'kill switch' may need to be mandatory, Anthropic co-founder [Jack Clark] tells BBCBernie Sanders' AI Bill Threatens 20 Years in Prison for Artificial Superintelligence DevelopersThe legislation would also allow companies to be shut down and create a federal agency to police frontier AI systems.The Ban Artificial Superintelligence Act would outlaw AI systems built to exceed human intelligence.For context, the bill was introduced the same week OpenAI rolled out its GPT-6 Astra model, described by the company as a 'generational leap'. Sanders' office also pointed to an incident from July. It said more than 1,000 OpenAI agents accessed the internet independently, exchanged messages with each other, and got round their own safety restrictions. That lapse, the office said, took engineers nearly two weeks to notice.The bill defines 'superintelligence' to include systems that can match or beat human cognitive performance. It also covers systems that resist shutdown commands, carry out unauthorised cyberattacks, or attempt to overthrow a government.Individual engineers, researchers or executives who breach the ban could face up to 20 years in federal prison. Sanders' office says that term is broadly comparable to penalties for illegally building a nuclear weapon.CONGang of 3: Zuckerberg, Musk, and Huang Call Trump to Oppose AI RegulationMark Zuckerberg says AI doesn't need an industry-wide slowdown because market forces and competition will push companies to make their models safeMark Zuckerberg says AI labs can slow down on their own when safety demands itOpenAI's CFO [Sarah Friar] says the company will pace AI development if safety requires it HYPOCRITE?Greg Brockman says OpenAI has already slowed cutting-edge AI developments over safety concerns HYPOCRITE?Jamie Dimon on AI oversight: 'It should be light touch'Trump downplays warnings of AI risks, citing rivalry with ChinaTrump says a strong, smart president is the only "guardrail" AI needsTrump responds to rising AI safety concerns, insists tech will be 'more good than bad'Trump's 'Whoever Wins AI Wins' Line Draws Scrutiny as He Downplays AI Extinction Warnings From ExpertsTrump called Nvidia CEO Jensen Huang mid-interview to rip AI doomerism: 'The robots will not be taking over'OpenAI boss [Sam Altman] says world 'right to be afraid' but should trust AI firms HYPOCRITE?Sam Altman says some AI accidents are 'unavoidable'Really? Palantir cofounder on AI's threat: 'We're on top of it'In an X post on Saturday, Palantir cofounder Joe Lonsdale brushed aside the worry that advanced AI systems could cause mass human extinction: "The world is going to be alright, guys. Leaders have big responsibilities and challenges ahead, but it doesn't help to scare everyone. We are on top of it."MEANWHILETech CEOs used to fear their boards. No moreAI drives record 10 under-40 billionaires onto 2026 Forbes 400Six Anthropic cofounders join Forbes 400 at $15.5 billion eachOpenAI's president [Greg Brockman] joined the Forbes 400 as its wealthiest new member — worth $25.5 billionSam Altman says this is an 'ill-advised' time to IPO, given safety concernsAnthropic chose Nasdaq for its IPO, giving the exchange a major AI winOpenAI Considers New Financing at a $1.5 Trillion ValuationFINALLYAI staff 'genuinely frightened' for humanity's future, ex-Anthropic researcher tells BBCHOW ABOUT EVERYBODY QUITS?Trump EPA Repeals Biden-Era Rules Limiting GHG Emissions from Power Plants MM The U.S. Environmental Protection Agency (EPA) announced on Monday the repeal of a series of Biden-era rules aimed at significantly reducing greenhouse gas (GHG) emissions from fossil fuel-based power plants, one of the main sources of the U.S.' carbon footprint.In addition to finalizing the repeal of the rules, the EPA also announced a proposal to rescind the 2015 Greenhouse Gas Findings for Fossil Fuel-Fired Power Plants, effectively making it much more difficult for the agency to reinstitute GHG limiting rules for the fossil fuel-fired power generation sector under future administrations.Trump's ‘largest deregulatory action ever' in the power sector will keep old coal plants online longer to fuel the AI boomHAPPY CEOs:Fossil-Fuel Power Generators & UtilitiesJim Burke (Vistra Corp) & Robert Gaudette (NRG Energy): Large merchant power producers with extensive natural gas and coal fleets that avoid capital-intensive carbon capture retrofits or premature unit closures.Harry Sideris (Duke Energy), Christopher Womack (Southern Company) & Bill Fehrman (American Electric Power): Regulated utilities operating major coal and gas generation networks across the Midwest and Southeast, relieving pressure to retire units ahead of schedule.Mark Hewett (Berkshire Hathaway Energy) & Mike Skaggs (Tennessee Valley Authority): Power providers with heavy baseload fossil capacity that avoid major compliance expenditures.Coal Producers & Mining OperationsJames Grech (Peabody Energy): The nation's largest coal miner, benefiting directly from extended power plant lifespans and higher domestic thermal coal demand.Grech has maintained a vocal public relationship with Trump, presenting him with a bronze award honoring him as the "Undisputed Champion of Beautiful Clean Coal."Joe Craft III (Alliance Resource Partners) & Paul Lang (Arch Resources): Key thermal coal suppliers to Midwestern and Eastern power plants that no longer face strict 2030s retirement timelines.Craft donated over $1 million to Trump's 2017 Inaugural Committee and millions more to pro-Trump Super PACs.Trump subsequently appointed Craft's wife, Kelly Craft, to high-level diplomatic posts as U.S. Ambassador to Canada and later U.S. Ambassador to the United Nations.Natural Gas Producers & Midstream InfrastructureToby Rice (EQT Corporation) & Tom Jorden (Coterra Energy): Top domestic natural gas producers positioned to supply fuel for unconstrained new gas-fired turbine generation.Chad Zamarin (The Williams Companies) & Kimberly Dang (Kinder Morgan): Midstream pipeline giants transporting natural gas to power plants, benefiting from sustained pipeline throughput and expanded gas generation hookups.EPA immediately sued over plans to repeal climate rules for power plantsPublic health groups warn EPA rule will cost Americans billions in health bills.The repeal risks leaving the country's single largest source of industrial climate pollution unchecked.SEC proxy rule changes could end 92 years of shareholder protections MMThe Securities and Exchange Commission has put forward one of the most far-reaching corporate governance proposals in decades, moving to scrap the federal rule that has forced public companies to include shareholder proposals in their proxy materials since 1934.The SEC proxy rule changes would rescind Rule 14a-8 entirely and hand authority over shareholder proposals back to state law and individual company charters, according to the agency's announcement.A companion proposal would amend Rule 14a-4(c) to give companies more flexibility and shareholders more control over discretionary proxy voting.The SEC's broader push to update its rules for current market practice and technology also targets several older paperwork requirements that the agency views as outdated.Eliminate the requirement that companies deliver an annual report to security holders.Eliminate the delivery deadline when documents are incorporated by reference into a proxy statement.Eliminate the requirement and the ability to submit Notices of Exempt Solicitation.Shorten the minimum broker search period from 20 business days to five business days.Starbucks Makes Major DEI U-Turn, Agrees to End Race and Sex-Based Hiring Preferences NationwideStarbucks is ending race- and sex-based hiring goals and preferences across its US operations under a nationwide settlement with Florida, agreeing to pay $1 million and submit to four years of annual compliance reviews.Florida Attorney General James Uthmeier's office said the agreement applies to Starbucks operations nationwide, rather than only its stores in Florida.Under the settlement, Starbucks agreed to comply with the Florida Civil Rights Act, including its restrictions on race- and sex-based goals, quotas, and preferences in hiring, promotions, pay, executive compensation, mentorship programmes, supplier selection, and board composition.Starbucks also agreed not to participate in organisations that require an increase in the racial diversity of its board of directors. Its chief legal officer must submit annual certifications confirming continued compliance for four years. The company will pay $1 million to the Florida Department of Legal Affairs to reimburse the state for time, expenses, and costs associated with the case.Accenture to Pay $25 Million to Settle Latest U.S. DOJ Anti-DEI CaseWarren Buffett is stepping down as Berkshire Hathaway's chairmanBuffett, 96, becomes chairman emeritus effective immediately while his son Howard assumes the role under a long-standing succession planWho Is Howie Buffett, Berkshire Hathaway's New Chairman? I can answer that WSJ and save its readers some time: It's Warren Buffett's son.Goodliest of the Week (MM/DR):DR: Barclays workers ask for more money to return to the office MM DRMM: Barclays workers ask for more money to return to the officeIsn't this the first step toward a unionized financial sector??Assholiest of the Week (MM):HypocritesMan using AI to kill people thinks men using AI to kill people should be held responsible: Palantir's Alex Karp is calling for AI lab nationalization and criminal liabilityLying sociopath calls AI a lying sociopath: OpenAI Warns of Six Concerning AI Behaviours as Models Hid Mistakes and Circumvented SafeguardsGuy who said China says Not China: Sam Altman Warns AI Race With China Can't Justify ‘Recklessness'—‘No Reason Any of Us Should Come to Work' Without Safety AccountabilityGuy who just paid 17bn for worst safety on earth says other guy needs to focus on safety: Mark Zuckerberg Takes Aim at Anthropic in Debate Over A.I. Slowdown (“A.I. labs should be focused on safety rather than improving their own technology.”)Politicians think a billionaire not named Trump should be held accountable for Epstein: House votes to hold billionaire Leon Black in contempt of Congress over Epstein investigationForgetting climate change was the result of the oil boom: Trump Compares AI Data Centers To Oil Boom — Nvidia CEO AgreesI don't even need a hypocritical talking point: Trump has been making more stock trades than all of Congress combined while backing a ban that excludes himGates Foundation is pledging $1 billion to spread AI to the world's poorest communitiesMedia covering democracy DRSEC proposes ending federal oversight of shareholder resolutions | Ukraine news - #MezhaSEC proxy rule changes could end 92 years of shareholder protections - CryptonomistStatement on Proposals to Rescind Rule 14a-8, Amend Rule 14a-4, and Modernize Proxy Solicitation - the SECIt's Another Biggie! SEC Proposes to Rescind the Shareholder Proposal Rule - a guy named Broc's blogIt got one hit each at Bloomberg Finance and Yahoo Finance, bottom of the columns buriedBut a million stories about this: SEC clears path for tokenized stocks, bringing the market closer to 24/7 tradingPaul Atkins justifications for gutting a democratic method that's existed since 1934: The government shutdownWe're too busyInvestors and companies don't really need usIt's unconstitutionalSeriously? Still?Asset owners say ESG returns still a barrier to adoptionData Center's Spill of 5,000 Gallons of Diesel Forces N.J. River CleanupAI Data Centers Are Driving a Surge in “Forever Chemicals,” Research FindsAn Idaho county banned renewables. It's having second thoughtsThe Red State AG Attack on ESG Continues to Misfire.Oracle Signs Over 1.7GW of Clean Energy Deals in Bid to Match Data Centers with 100% Carbon-Free EnergyBlowhardiest of the WeekDR: Jamie Jamie double double:Jamie Dimon says the American Dream is alive, but it's slipping out of reach for too many people—and for future generationsJamie Dimon, David Solomon, other top execs praise Trump admin's pro-business policiesMM: Jamie Dimon on AI oversight: 'It should be light touch'Guy with no AI experience gives thoughts on AI regulationHeadliniest of the WeekDR: These two back-to-back in my news feed:Microsoft publishes 37-page 'humanist' code of conduct after AI doom debate: 'This is urgent'Jack in the Box is launching a Simpsons Halloween menu with glow-in-the-dark cupsMM: MAGA's Golf Club Activity Branded 'Gruesome' as Fish Were Dumped Into Chlorinated Pool for Kids to CatchWho Won the Week?DR: Howie's son Howard Warren Buffett (43)MM: Nepo babies: Nike Announces LVMH Heir Alexandre Arnault is Joining its Board of DirectorsWarren Buffett Steps Down as Berkshire Chairman and Names Son to Replace Him“He will remain on the board as chairman emeritus.”“Howard Buffett, 71, has been a director at Berkshire for more than 30 years.” - he's already older than the average director by 6 yearsPredictionsDR: AI ends humanity, then deeply apologizes for threatening to end humanity MM: AI deeply apologizes for threatening to end humanity, then ends humanity

Andrew, Ben, and Tom cover signs the Strait of Hormuz is opening back up as LNG tankers get through, plus the Bank of Japan's 1.25% rate hike, Nvidia's guide-up on chip demand, and Warren Buffett handing over the Berkshire chairmanship.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosures

Warren Buffett said on Friday that he is stepping down as chairman of Berkshire Hathaway, handing the role to his son Howard while remaining on the board of the company he has led for more than six decades.The U.S. Postal Service chief said on Thursday that the agency has stopped developing an online portal central to President Donald Trump's effort to tighten rules on mail voting.

Market update for September 18, 2026Limited Time Promo: Sign up for a Public account, deposit $1,000 and get $100 in free stock (LINK)Follow us on Instagram (@TheRundownDaily) for bonus content and instant reactions.In today's episode, Zaid covers:Why stocks rallied after the Fed's first rate hike in three years Why the Bank of Japan's highest interest rate since 1995 could matter to U.S. investorsWarren Buffett stepping down as Berkshire Hathaway chairman after six decadesYeti rising on an analyst upgradeNetflix falling as Wells Fargo raises concerns about engagementApple sweeping the Emmy Awards despite almost nobody watching their shows

This week on the BBC Introducing in Oxfordshire and Berkshire podcast, Dave meets new-wave folk-rock band Sweet Giant to hear about their debut album, SHOW TEETH. Plus, hear about Reading's DIY label Hot Earth Records, and Alex catches up with Rose Rey to review Down at the Abbey - an independent festival held in Reading Abbey Ruins!Here's this week's track list: • South Arcade - F.A.M.O.U.S Willie J Healey - S'all Good Camille Baziadoly and The Filthy Honey - A Bath For You Jess Tuthill - Play On NI.KITA - Miles From My Soul Wiiince - Living With Love Pt. 1 Jerome Price - Make It Through Poppy - Empathy Magma - Notorious D.N.D  Bertie - Nobody New Sweet Giant - People My First Time - Every Version Of You Tummyache - Porcelain Dish Brook Ellingworth - Table For Two Stuart Clark - Like a Ghost shanelle - distance Denzil Grenade - Chill & MYB Rose Rey - Last Call Lover Stephen Caulfield - Subglacial Lake  Juliet Brown - Don't Go Thinking Ralfe Band - Pale Fire Elena Piras - Baloo Balilli • If you're making music in Oxfordshire and Berkshire, send us your tunes with the BBC Introducing Uploader: https://www.bbc.co.uk/introducing/uploader

Cameron Pechia is back to talk about the heavy-hitting legal realities shaking up the trucking industry right now, including the recent C.H. Robinson lawsuit and what it actually means for freight broker liability and shipper responsibility when a load goes completely sideways! We're keeping it frank about the absolute nightmare of double brokering, why you need strict, documented guardrails for vetting carriers, and the massive legal fallout if your brokerage gets caught slipping.  We also tackle the growing threat of AI hackers in the supply chain and why having a rock-solid cyber liability insurance policy is completely non-negotiable in today's market. If you want to protect your freight business from catastrophic risk, insulate your customers, and operate like a true professional, you cannot afford to miss these insights!   About Cameron Pechia Cameron is the founder of Valley Trucking Insurance, a leading Trucking Insurance Agency based in Spokane, Washington. With a deep passion for the trucking industry and a commitment to excellence, Cameron has become a trusted figure in the field. Cameron also is the host of Get A Load Of This Trucking Podcast and brings a ton of value to the Trucking Industry. Cameron is also a dedicated husband and father to his two beautiful girls…His daughters are his "WHY" and what makes him get up in the morning and try to win each and every day.  At Valley Trucking Insurance, Cameron oversees the provision of specialized insurance solutions tailored to the unique needs of trucking companies. The agency serves a diverse clientele, including local trucking companies, long-haul trucking companies, aggregate haulers, tow truck companies, hot shots, freight brokers, and other related risks. Cameron ensures that clients receive the highest level of customer service and comprehensive coverage through the agency's proven process known as the "VTI Difference." Under Cameron's leadership, Valley Trucking Insurance has achieved significant growth and expansion across the county. The agency has built strong partnerships with renowned insurance providers such as Great West Casualty Company, Lancer Insurance Company, Progressive Insurance, Berkshire, and Canal. Additionally, Cameron also focuses on placing fleet-sized trucking companies into captive insurance programs, enhancing their risk management and financial stability. Looking ahead, Cameron is focused on an ambitious goal of expanding the agency's reach by looking to help over 10,000 Trucking Companies and Freight Brokerage operations within the next seven years. Adhering to the principles outlined in the book Traction by Geno Wickman, he is dedicated to creating world-class onboarding and customer service experience for his trucking clients. This initiative aims to foster a culture of excellence and continuous improvement, ensuring Valley Trucking Insurance remains at the forefront of the industry.   Connect with Cameron Website: https://www.valleytruckinginsurance.com/  LinkedIn: https://www.linkedin.com/in/cameron-pechia-49903072/  Email: Cameron@alllinesinsure.com  

En el Radar Empresarial de hoy ponemos el foco en Berkshire Hathaway y en las nuevas operaciones que la compañía está estudiando desde que Greg Abel asumió oficialmente el cargo de CEO. Según ha publicado Bloomberg, el gigante estadounidense estaría valorando incrementar su presencia en las cinco principales trading houses japonesas. La información, basada en declaraciones de Masahiro Okafuji, presidente de Itochu, apunta a que Berkshire no solo mantendría sus actuales posiciones en estas compañías, sino que podría elevarlas. Okafuji explicó que se ha reunido recientemente con Abel y que, por lo hablado, considera que la estrategia de Berkshire pasa por seguir apostando por estas firmas. Pero, ¿qué son exactamente las trading houses? Se trata de grandes compañías especializadas en el comercio de materias primas y productos, aunque su actividad va mucho más allá de la compraventa. En Japón desempeñan un papel especialmente relevante debido a la limitada disponibilidad de recursos naturales del país, que obliga a importar grandes cantidades de energía, alimentos y materias primas. Su origen está estrechamente ligado al proceso de industrialización japonés, cuando estos conglomerados comenzaron a construir amplias redes comerciales internacionales que con el tiempo evolucionaron hasta convertirse en las actuales sōgō shōsha. Las cinco grandes son Itochu, Mitsubishi Corporation, Mitsui & Co, Sumitomo Corporation y Marubeni Corporation. Berkshire ya controla más del 10% de cada una y en 2025 había destinado más de 35.000 millones de dólares a estas participaciones. La apuesta por Japón es solo una parte de la estrategia desarrollada por Abel desde que tomó el mando. El 3 de marzo, Berkshire compró un 2,49% de Tokio Marine Holdings por aproximadamente 1.800 millones de dólares, reforzando su exposición al sector asegurador japonés. Posteriormente, la compañía también incrementó de forma significativa su inversión tecnológica mediante una nueva adquisición de acciones de Alphabet por unos 10.000 millones de dólares en agosto. Entre las operaciones más relevantes de este año destaca además la compra de la constructora estadounidense Taylor Morrison, valorada en unos 6.800 millones de dólares. A estas inversiones se suma otra decisión significativa: Berkshire volvió a recomprar acciones propias después de aproximadamente dos años sin hacerlo. Durante este periodo, la compañía destinó más de 4.500 millones de dólares a estas operaciones, una señal adicional de que Abel está comenzando a desplegar capital de manera más activa.

Join Dave LIVE from this weekend's Rodney Cook charity detecting event near Newbury, Berkshire. Adrian will be in the studio discussing the event with Dave and other metal detecting news.Sponsored by Metal Detecting NewsBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-big-detecting-show--3690873/support.

After all the changes at Berkshire in the last year, it's time to look for deals in the portfolio. (0:30) - Breaking Down The Berkshire Hathaway Portfolio (4;00) - Should You Consider Investing Into Any of The Berkshire Hathway's Positions? (21:15) - Episode Roundup: CVX, NUE, AXP

After all the changes at Berkshire in the last year, it's time to look for deals in the portfolio. (0:30) - Breaking Down The Berkshire Hathaway Portfolio (4;00) - Should You Consider Investing Into Any of The Berkshire Hathway's Positions? (21:15) - Episode Roundup: CVX, NUE, AXP Podcast@Zacks.com

This week on the BBC Introducing in Oxfordshire and Berkshire podcast, Dave speaks to Reading duo Lost Velvet about their debut album Dark Cells.Here's this week's track list: • Joely June - Stronger Man White Label - Don't Say Goodbye Orchid - Elevator Eternal Tommy Lyon - Hotel Room (feat SVEA) Tilly Valentine - Taxi Ride BLISSFOOL - waterfool (feat. Jake St Ange) Ella McRobb - My Baby Can't Look Me In The Eye (demo) BEANIE & SHOSH - Villain Ivy Marcia - Movie Reel Slade gambit - Tango Harriet Rock - Run with the Devil Naked Brunch - Milky Eyes Jdeezy - Mrs beautiful Lost Velvet - 2003 Lost Velvet - Right Back Blockade - Pull Tyler Lewis - Yesterday Rose Rey - Baddest Habit Joshua Idehen - All You Can Do Is Try A Better Life - Under The Setting Sun (feat. Holly Taymar) Jools - WHEREVER I GO, THERE I AM Roseanna - Yes 9oetic 6ustic3 - I want Spinner Fall - While They Sleep f:sv - Advocacy (feat. kiNOTES) Dom James Jr. - High Sensory Overload • If you're making music in Oxfordshire and Berkshire, send us your tunes with the BBC Introducing Uploader: https://www.bbc.co.uk/introducing/uploader

The Ars Magica roleplaying game is currently complete, but the community is still mining great gaming material out of medieval history as part of a Share Alike License. The Games From Folktales podcast gives you new, odd, useful material each week, for roleplaying games set in European-styled fantasy settings. A range of Ars Magica materials based on the Games From Folktales podcast are available on Drivethru, Itch, and Patreon. Your support allows the podcast to continue and to makes advertisments unnecessary. If you're unable to support the podcast financially, please enjoy the Pay What You Want titles for free.

Many people head to the Berkshires to retire and live out their golden years. Soon, at the Berkshire Farm Sanctuary in Peru, founder Dori Scofield wants to make it possible for senior pups to do the same thing! The team at the sanctuary is working hard on the "Old Dog Inn", a safe, loving shelter solely for senior dogs that need a warm bed, roaring fireplace, and big yard to settle down in for their final years. Dori joins Nichole this week to share stories from her decades dedicated to animal rescue and talk about how you can help this new shelter become a reality.See omnystudio.com/listener for privacy information.

Sujith Shankar left 25 years in corporate to buy cash-flowing businesses: a $1.2m repair shop and a $2m body shop.Topics in Sujith interview:How Rivian layoffs changed everythingFalling down the Warren Buffett rabbit holeWhy auto repair beat real estateFunding a deal without an SBA loanRunning a business while keeping a W-2Winning over skeptical employees after closingPlanning a mini Berkshire HathawayIs EV adoption really a threat?Buying a second business just months laterCollision shops vs. repair shopsReferences and how to contact Sujith:LinkedInThe Billionaire Who Wasn't by Conor O'CleryEdgar Galindo on Acquiring Minds: How 1 SBA Loan Brought Down 2 BusinessesContact Jenny to learn how Engage can run people operations in your acquisition:Jenny Thear: jthear@engagepeo.comWork with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:Pioneer Capital AdvisoryThe ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron

Berkshire Hathaway's new CEO Greg Abel is in Tokyo, where he's discussing the firm's stakes in Japanese trading houses. Abel also discusses Berkshire's Alphabet stake, a portfolio shift spearheaded by Warren Buffett. Then, U.S. Commerce Secretary Howard Lutnick joins the show from the G20 in North Carolina. Ahead of a fireside chat with Nvidia's Jensen Huang and OpenAI's Sam Altman, Sec. Lutnick discusses the data center boom, semiconductor tariffs, American competitiveness, and his own perspective on the collapse of trade talks with Canada. Greg Abel - 5:19 Sec. Howard Lutnick - 30:50 In this episode: Howard Lutnick, @howardlutnick Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today's Post - https://bahnsen.co/3UKOOfH David Bahnsen hosts the final Friday Dividend Cafe of August as a part two discussion tied to his new book, "Profit for the Profit," outlining the philosophy and application of dividend growth investing and responding to common critiques. He argues investors should seek returns from the underlying profit-making enterprise rather than sentiment-driven momentum, and that dividend growth helps focus on individual company profits and reduces emotional extremes. He addresses five objections: buybacks as superior capital return (unreliable, often suspended, and frequently offset by share issuance); dividends as tax-inefficient (many accounts aren't taxable, and dividends can improve behavior versus large embedded gains); dividends making companies “poorer” (stewardship and reinvestment choice matter); Berkshire not paying dividends (it receives dividends as a holding company); and dividends being only for retirees (starting earlier captures yield-on-cost compounding). 00:00 Welcome and Book Launch 03:08 Why Dividend Growth Matters 06:59 Common Critiques Overview 08:35 Buybacks Versus Dividends 13:17 Dividends and Taxes 15:32 Does Paying Dividends Reduce Value 19:31 The Berkshire Dividend Myth 20:57 Dividend Growth for Young Investors 24:19 Closing Thoughts and Sign Off Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Mohnish Pabrai's Interview with Brandon van der Kolk at New Money on July 21, 2026. (00:00:00) - Introduction (00:00:35) - Investing in Berkshire Hathaway Class B shares (00:03:02) - Berkshire Hathaway: Handling a trillion-dollar portfolio (00:06:19) - Berkshire's investment in Google (00:09:36) - The gold rush: Memory businesses; Micron (00:12:36) - Kaspi (00:16:19) - Your deepest desire is your destiny; Finding stocks on Value Investors Club (00:22:15) - Invest in your highest conviction bets (00:25:50) - How to decide about investing in a stock; Adobe vs. Kaspi (00:28:44) - SpaceX; Elon Musk (00:32:54) - The too hard pile (00:35:59) - Evaluating the management; NVR (00:39:55) - Focus: The most important mental model (00:41:20) - When to exit from a position; Impact of business moats The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser. Views expressed on Chai with Pabrai are exclusively those of Mohnish Pabrai and not of any affiliated firm or organization.

On today's episode, we jump into the topic of physical AI in the warehouse. I'm joined by Dave Paratore, CEO of Berkshire Grey, to explore physical AI's growing role inside modern warehouses. If you aren't familiar with Berkshire Grey, they develop AI-enabled robotics for picking, sortation, and trailer unloading. Dave explains how these systems perceive changing conditions, make decisions, and complete physical tasks. Learn more about Pallite here.Get to Intralogistex! Follow us on LinkedIn and YouTube.Support the show

Oil Reserves taking a hit. Finally getting to the recent high profile earnings. Market Top Calls (again). ALL TIME HIGHS – Then some consolidation (then highs again). Situational Awareness Update. SpaceX Bounces… PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env:'production', hosted_button_id:'JJJHP2GDEJC7J', image: { src:'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt:'Donate with PayPal button', title:'PayPal - The safer, easier way to pay online!', } }).render('#donate-button'); Follow John S. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm-Up - Oil Reserves taking a hit - Getting to the recent high profile earnings - Market Top Calls (again) Markets - ALL TIME HIGHS - Then some consolidation - Lets round out earnings - Situational Awareness Update - SpaceX Bounces... Etsy - Layoffs With Better Numbers - Etsy is cutting about 220 jobs, or 12% of its workforce. - Management said the cuts were not primarily about cost savings or AI. ----- CEO Kruti Patel Goyal stated the restructuring aims to simplify the organization, remove management layers, and speed up decision-making to better compete against massive rivals like Amazon, Temu, and TikTok Shop - Q2 revenue was about $668 million and core marketplace sales improved. - Etsy also authorized another $2 billion share buyback. - Comes after selling Depop to eBay for about $1.4 billion. Polysilicon - Tariffs Plus Price Floors - U.S. policy adds a 15% tariff and minimum import prices on polysilicon and solar products. - Goal is to protect domestic production from low-cost foreign competition. - U.S. share of global polysilicon capacity fell from about 50% in 2005 to under 2% in 2024. - First Solar and T1 Energy jumped on the announcement. ---- The same playbook - rinse and repeat Chipotle - Salmonella Returns - Minnesota officials linked a salmonella outbreak to jalapenos served at Chipotle. - Chipotle removed the affected pepper supply and switched growers. - Shares fell roughly 8%-10% as investors remembered the company's earlier food-safety problems. - This is on top of the lettuce situation with Sweetgreen- look at  STOCK CHART FOR SG Michael Burry - Calling a Major Top - Michael Burry says the market may be near a "major top." - Warned of the possibility of a 1987-style market drop. - He is short names including Nvidia, Palantir, Tesla and semiconductor stocks. - Main concern is stretched valuations and crowded trades unwinding quickly. - This may be the 100th top he has called since the GFC ---- NVIDIA TURNS GPUs INTO AN ASSET CLASS - Nvidia signed preliminary agreements with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to mobilize more than $500 billion for AI infrastructure. - The Wall Street firms would create dedicated pools of capital to finance Nvidia-based data centers and compute infrastructure at what Nvidia calls attractive rates for customers. - Jensen Huang: “This is really the first time that technology chips have become an investable asset class.” Nvidia says the compute assets now generate revenue and can increasingly be financed like infrastructure. - Nvidia could backstop as much as 25% of individual investments on a case-by-case basis - potentially up to about $125 billion if applied across the full program. STRATEGIC PETROLEUM RESERVE BREAKS 300 MILLION - The Strategic Petroleum Reserve fell by 6.1 million barrels to 298.7 million barrels for the week ended Aug. 7 - below 300 million for the first time since January 1983. - The SPR started 2026 around 415 million barrels, meaning more than 100 million barrels have already come out this year as releases were used to offset disruptions from the Iran conflict. - The reserve's authorized storage capacity is roughly 714 million barrels, leaving current inventories at about 42% of capacity. - Oil on the rise last week Earnings and such Toyota - Big Buyback, Better Outlook - Toyota raised its annual operating-profit forecast 13%, helped by the weaker yen. - Announced a share buyback worth up to $6.3 billion. - Quarterly operating profit still fell 9%, hurt by China weakness and higher Middle East-related costs. McDonald's - Value Problem - U.S. same-store sales rose just 0.8%, below expectations and well below last year's 2.5% growth. - Management blamed weak execution of value promotions and fewer digital deals. (and probably because everyone is taking weight loss drugs - see above) - Lower-income customer traffic remains a major pressure point. - McDonald's is bringing back more digital offers and loyalty promotions to drive traffic. Eli Lilly - Weight-Loss Machine - Lilly crushed Q2 expectations as Mounjaro and Zepbound drove most of the growth. - Mounjaro sales hit $9.94 billion; Zepbound brought in $4.93 billion. - Raised 2026 revenue guidance to $85-$87 billion. - Verzenio, its major breast-cancer drug, remains one of Lilly's biggest non-obesity products. - Lilly continues widening its lead over Novo Nordisk in the obesity-drug market. Disney - Parks Keep Printing Money - Quarterly adjusted EPS rose 28% to $2.06, beating the $1.86 estimate. - Parks and experiences revenue increased 10% to nearly $10 billion. - Global park attendance grew 4%. - Disney is selling its 50% stake in A+E Networks to Hearst for an estimated $1.2 billion. Oil - OPEC Adds Barrels, Maybe - OPEC+ agreed to raise September production targets by another 188,000 barrels per day. - The increase completes the rollback of a 1.65 million-barrel-per-day supply cut dating back to 2023. (In other words - planned so not a surprise) - Actual supply remains constrained because several producers are already pumping below quota. - Any normalization around the Strait of Hormuz could suddenly make OPEC+'s additional barrels much more important. Berkshire Hathaway - Greg Abel Starts Spending - Q2 operating earnings rose 16% to about $13 billion. - Berkshire bought $23.5 billion of stocks and sold just $3.7 billion - its first quarter as a net stock buyer in 14 quarters. - Bought back $4.5 billion of Berkshire shares, versus only $235 million in Q1. - Cash dropped from roughly $380 billion to $365 billion as Abel starts putting the massive cash pile to work. - Important shift: Buffett is still chairman, but this is one of the clearest signs yet of how Greg Abel may allocate capital differently as CEO. Situational Awareness - Nearly Blows Up, Investors Want Back In - The fund lost 67% in July after leveraged AI bets collapsed and forced a major stock sale to Citadel. - Despite the blowup, Situational Awareness was still up about 80% for 2026 because of huge earlier gains. - Bloomberg says Silicon Valley investors are already asking to put more money into the fund. - Situational Awareness is currently telling prospective investors it is not accepting new capital. - The fund has also continued making large private investments even after the near-collapse. --- Most recent was a $400B ---- There is some talk that Citadel made out like a bandit on the rescue Mercedes AMG - The Car Literally Brands You - Two Mercedes AMG owners filed a class-action lawsuit claiming the metal AMG logo embedded in the seat becomes dangerously hot in the sun. - One driver says he suffered first- and second-degree burns, with a dermatologist describing the injury as "AMG inscribed." - The lawsuit wants Mercedes to cover damages and remove the metal logos from affected vehicles. - Hard to beat this one: pay AMG money and get the logo branded into your back. Europe's Drought - History Starts Popping Out - Extreme drought and low river levels are exposing things that have been underwater or hidden for decades or centuries. - In Serbia, sunken German World War II warships have reappeared in the Danube. - In Britain, dry ground revealed outlines of medieval buildings; mammoth remains and ancient structures have also surfaced elsewhere. - Serious drought story, but visually one of the strangest side effects of the summer. Golden Toilet - $6 Million Flush - The 18-carat gold toilet was ripped out of Blenheim Palace in a five-minute raid and has never been recovered - but there is a conviction. - Prosecutors used phone data, forensic evidence and planning activity to link the gang to the theft. - One defendant had cased the palace beforehand and photographed entry points; another man had already pleaded guilty and admitted helping move the stolen gold. - Prosecutors believe the 98-kilo toilet was quickly cut up or melted down and sold as gold. - So the conviction was based on evidence of the robbery and disposal - not on recovering the actual toilet. Final Follow Up SpaceX - Space Junk Smashes Into the Moon - A dead SpaceX Falcon 9 rocket stage crashed into the moon at about 5,400 mph after drifting through space since January 2025. - The roughly 4-ton, school-bus-size object kicked up a lunar dust plume that astronomers detected from Chile. - The impact was accidental - solar activity and gravity gradually pushed the abandoned rocket stage onto a collision course. - NASA and SpaceX are now discussing ways to prevent future lunar crashes as more hardware heads toward the moon. - NEED Space garbage Trucks - something we have discussed on show for years (see next) Space Garbage Trucks - This Is Becoming a Business - Astroscale is building spacecraft designed to inspect, capture and remove dead satellites and other orbital debris. - Its ADRAS-J mission demonstrated close approach and inspection of a large piece of existing space junk - a key step before actually grabbing and removing debris. - ClearSpace is developing similar debris-removal spacecraft, including missions designed to rendezvous with and capture abandoned rocket hardware. - The business model is basically orbital towing: governments and satellite operators pay to remove dangerous junk or service aging spacecraft. - With tens of thousands of tracked objects already in orbit, "space sanitation" could become a real infrastructure business.   Love the Show? Then how about a Donation? PayPal.Donation.Button({ env: 'production', hosted_button_id: 'JJJHP2GDEJC7J', image: { src: 'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt: 'Donate with PayPal button', title: 'PayPal - The safer, easier way to pay online!' } }).render('#donate-button-2'); THE CLOSEST TO THE PIN for SpaceX (SPCX) Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!   FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter

My guest today is Ben Thompson, the founder and author of Stratechery. Ben is one of my favorite business thinkers and I love talking to him about everything happening in markets and technology.  We go through every important company, including OpenAI, Nvidia, Intel, Apple, Microsoft, Google, and Amazon. We also discuss why he thinks it would be dangerous for the United States to win the AI race outright, what container shipping and the railroads of the 1870s tell us about the buildout, and why the binding constraint on all of this may be capital rather than compute.  Please enjoy my conversation with Ben Thompson. 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. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- 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 ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgeline.ai⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant. Timestamps: (00:00:00) Welcome to Invest Like The Best (00:02:16) Winning the AI Race With China (00:08:28) Timing, Capital, and the Railroads (00:11:34) Berkshire, Google, and Absolute Profits (00:14:23) Verifiable and Unverifiable Domains (00:20:20) Aggregation Theory in the AI Era (00:22:06) The Real Cost of Inference (00:25:40) Why Consumer AI Needs Advertising (00:30:08) Compute Shortages and Commodity Markets (00:35:46) Memory Cycles and Boom Bust Dynamics (00:42:08) TSMC, Intel, and Where Risk Goes (00:44:51) The Best Setups in Big Tech (00:52:14) The Frontier Model Contenders (00:54:27) Microsoft's IBM Playbook (01:00:45) Meta, Attention, and Advertising (01:07:29) NVIDIA, Commodities, and Power

Berkshire Hathaway is a net buyer of stocks again for the first time in nearly 4 years, but new CEO Greg Abel still had some surprising stocks to sell during the quarter. Jon, Matt, and Rachel break down Berkshire's latest moves before answering a listener question regarding how to spot a winning stock early before finishing the episode by running some Berkshire stocks through some Hidden Gems mental frameworks. Jon Quast, Matt Frankel, and Rachel Warren discuss: -Berkshire buys stocks again-Greg Abel's changing approach-Hidden Gems Investing's favorite AI scoring categories-Why housing stocks could be Hidden Gems-Why the AI industry is still a great place to look for Hidden Gems Companies discussed: Berkshire Hathaway (BRK.A)(BRK.B), Alphabet (GOOG)(GOOGL), D.R. Horton (DHI), Kroger (KR), Delta (DAL), Rocket Lab (RKLB), Dream Finders Homes (DFH), Forgent Power Solutions (FPS) Host: Jon QuastGuests: Matt Frankel, Rachel WarrenEngineer: Kristi Waterworth Advertisements are sponsored content and provided for informational purposes only. The Motley Fool and its affiliates (collectively, "TMF") do not endorse, recommend, or verify the accuracy or completeness of the statements made within advertisements. TMF is not involved in the offer, sale, or solicitation of any securities advertised herein and makes no representations regarding the suitability, or risks associated with any investment opportunity presented. Investors should conduct their own due diligence and consult with legal, tax, and financial advisors before making any investment decisions. TMF assumes no responsibility for any losses or damages arising from this advertisement. We're committed to transparency: All personal opinions in advertisements from Fools are their own. The product advertised in this episode was loaned to TMF and was returned after a test period or the product advertised in this episode was purchased by TMF. Advertiser has paid for the sponsorship of this episode. Learn more about your ad choices. Visit ⁠⁠⁠⁠megaphone.fm/adchoices⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices