Podcasts about Bifurcation

There is a storm coming with the challenges of navigating the TRUSTEE CRISIS. It is one of the biggest blind spots in the “GREAT WEALTH TRANSFER” and will be the source of mountains of litigation for the unwary, https://youtu.be/hwQev88A03M Summary In this conversation, Frazer Rice and Jennifer Zelvin McCloskey discuss the current crisis in trusteeship, highlighting the shortage of qualified trustees amidst a significant wealth transfer. They explore the importance of modern trust planning, the challenges faced by individual trustees, and the need for better education and training in the field. The discussion also covers the emotional and interpersonal aspects of trusteeship, the functions and responsibilities of trustees, and the necessity of managing risk effectively. They emphasize the importance of building a pipeline for future trustees and improving the perception of the profession, while also identifying opportunities within the trust industry. https://open.spotify.com/episode/4qpkrVdaUa2AfDxgl7j3yN?si=XVgG3jE_Qpqq2JTqi8XLXQ Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠) Takeaways The coming crisis in trusteeship is already here. There is a significant shortage of qualified trustees. Trusteeship requires strong interpersonal skills and emotional intelligence. Managing risk is a fundamental aspect of trusteeship. Trustees critically need education and training. The role of a trustee is evolving with increasing complexity. Beneficiaries need to understand their rights and the trustee’s role. Custodial responsibilities are essential for asset protection. There are many opportunities for growth in the trust industry. Trust law and investment management are distinct fields. This Episode is for . . . Anyone that has an estate plan with a trust in it and doesn't know what a trustee does Any advisor who works w/ multi-generational situations (that’s everybody in wealth management) Any RIA looking to sell Financial types worried about compliance world Fiduciary litigators Chapters of “THE TRUSTEE CRISIS: Navigating the Challenges” 00:00 The Coming Crisis in Trusteeship 02:06 Importance of Modern Trust Planning 04:11 Challenges with Individual Trustees 08:03 The Dwindling Pool of Qualified Trustees 10:06 Functions and Responsibilities of a Trustee 12:20 The Emotional and Interpersonal Aspects of Trusteeship 16:05 Managing Risk in Trusteeship 19:07 Building a Pipeline for Future Trustees 22:10 The Role of Education in Trusteeship 25:07 Improving the Perception of Trusteeship 28:19 The Need for Better Trust Education 30:39 Bifurcation of Trustee Functions 33:26 Distribution Functions and Beneficiary Relations 36:52 Custodial Responsibilities in Trusteeship 40:19 Consequences of Poor Asset Management 46:41 Curriculum for Trustee Education 52:13 Opportunities in the Trust Industry Transcript of “THE TRUSTEE CRISIS: Navigating the Challenges” Frazer Rice (00:01.068)Welcome aboard, Jennifer. Jennifer Zelvin McCloskey (00:02.723)Thanks Frazer, how are you today? Frazer Rice (00:04.782)I am doing great. We’re going to dive into a topic that is near and dear to both of our hearts. And that is what I’m describing as the coming crisis in trusteeship, but I think it’s already here. Which is the concept of qualified trustees being in short supply, right in the face of a gigantic wealth transfer. And first of all, before we get into that, just describe what you do on a day to day basis first. Jennifer Zelvin McCloskey (00:33.445)Sure, I actually wear a bunch of hats. Day to day, right now, I’m a full-time practicing trust and estate attorney. I’m also an individual trustee for a variety of trusts that need either somebody here physically located in Delaware for a short period of time or even a successor trustee. But I’ve also spent many, many years building programs in trust management and trust administration. Because there is this crisis of human capital that just does not exist. I built multiple programs. They’re housed out of the University of Delaware. So I act as a trust and estate attorney, do planning, administration, I teach in the area, I build programs in the area, and I serve as a trustee. PEAK TRUST MANAGEMENT CERTIFICATE Frazer Rice (01:23.182)A full plate to be sure. To me, I came out of Wilmington Trust and another trust company served an individual trustee too. I’ve seen all these different flavors of trusteeship. My general sort of bon mot around that is that the individual trustees. I’d say 95 % or higher don’t really have an appreciation of the risk and responsibility that they’re taking on. And then the corporates have their own issues, which we’ll get into in a little bit. If we pull back even further, modern trust planning in wealth management, why is this so important? Jennifer Zelvin McCloskey (02:06.275)That’s massively important. It’s not just for the mass affluent or the ultra high net worth. It’s for everybody. We have all of these assets that we have this hyperfocus on building and increasing our wealth. Making sure that we have the ability to sustain ourselves throughout our entire lives. But if we don’t do this type of planning, if we don’t have structures and implementation for when we die, then our assets that we’ve planned so diligently for will fall off of a cliff. We lose the ability to control ultimately what happens to those assets. Layered on top of that, of course, is the tax component for ultra high net worth folks who are trying to really focus and direct their assets to make and create generational wealth transfers. Without this type of functionality and wealth planning and estate planning long-term, people lose control of what they’ve spent so much time building. Frazer Rice (03:13.338)One of the things I tell people as far as trusts are concerned is that, you know, we’re putting these structures together. They’re durable enough to withstand taxation or creditors or other asset protection features, create some guidelines around distributing the assets to the next generation or other constituencies. But also have some flexibility to be able to deal with the things we can’t look into the crystal ball and figure out over time. And that those three things just putting a document together that tries to do all that is hard enough, but then to put it in the hands of somebody or something to administer and to exercise discretion around it. That’s where the real art and science kind of stitched together and create this issue. You know, as we think about that too, the idea, the history of these types of scenarios kind of goes back to, you know, you’d put a structure in place and then you’d go hire a bank and they’d take care of everything. How do you look at that and say, all right, we’ve gone well past banks to individuals and then to dedicated institutions. What is the problem there? Jennifer Zelvin McCloskey (04:22.956)Now the problem, there’s two problems. In my opinion, what I see is that, you know, your individual trustee by and large is Uncle Joe, right? He’s the guy that everybody goes to in the family. The responsible one. He’s the smart one. The wealthy one who, great, doesn’t know what the fiduciary duties are. He doesn’t know that he has a duty of impartiality. He doesn’t know that… Frazer Rice (04:32.419)Right. Jennifer Zelvin McCloskey (04:48.475)He can’t self deal unless the instrument says so. Doesn’t understand how the instrument works. He doesn’t understand the nuance and the legalese written into the instrument. But he’s flying by the seat of his pants and everybody looks to him as the respected one in the family. No one knows that they have the ability to challenge him. So with your individual run of the mill trustee named in the instrument, they just don’t have the expertise, they don’t have the technical knowledge. Don’t know what they don’t know. They can get into trouble in that way. The other problem that you have with professional individual trustees oftentimes is that they are not formally trained. They may be an attorney who is working in that area, who’s doing plans for people who may or may not know what the full scope of being a trustee is. They may not realize, I have to get a special insurance policy because my malpractice insurance policy doesn’t actually cover this type of fiduciary engagement. There’s a lot of landmines that individuals can run into when they’re doing this type of work. On the corporate side, the problems that we run into is that there’s just a complete and utter lack. Frazer Rice (05:50.061)Hmm. Jennifer Zelvin McCloskey (06:12.059)Of available educational programs to teach people the proper way to be able to understand trusteeship. It has always been, and it just has developed over time through, you know, oh, we’ll give it to the bank, the bank will do it. This apprenticeship model, and that just does not scale well because if you learn improperly at the edge of a desk from somebody that learned improperly at the edge of the desk. Then the person that you’re teaching now at the edge of the desk is learning what you learned improperly. So anecdotally, I did karate for a long, long time. And the man who taught me karate, I’m almost a secondary black belt to like, was serious in karate. And the man who taught me karate said, you practice, it makes permanent. Don’t practice wrong. Because when you’re practicing wrong, you’re making permanent wrong things. And that’s what the apprenticeship model has the risk of lending itself to. It’s not that every trustee that learns at the edge of the desk learns wrong, but the risk is too high because the fiduciary responsibilities and the duties are too high to run that risk. The other problem is that we have a dwindling pool of really qualified senior trust officers because of just the nature of the job. You’re a human being, you’re an individual, you age, you retire. And it’s not something that people go to school and say, when I grow up, I want to be a trustee. They fall into it sideways. And unless there are academic programs that are out there that people are aware of and that they can get some formal training, some formal education to enter into the field. Frazer Rice (07:49.742)Yeah Jennifer Zelvin McCloskey (08:03.82)Separate and distinct from, I’m in the field and now I want to get a CTFA. I want to earn my certification to really show that I have the chops in this area. We have this shrinking pool of expertise. We have a lack of knowledge, a lack of formal education, and an apprenticeship model that doesn’t scale. On top of, with the individual side and the corporate side, this massive wealth transfer and an explosion of trust complexity that’s all taking place at the same time. Frazer Rice (08:31.918)One of the issues at the corporate level too is that as you say that the impregnance model is not necessarily the best way to do it. They’re cutting back on training programs. The business model around being a trustee or even a specific trustee does not make the big money. And so the ability for those types of institutions to develop the people.who ultimately are now in a very sort of pro-employee environment where there’s such a demand for trustees that they can kind of switch around and get a 10 or 20 % bump each time they go because people are desperate to have them. There’s a real cavern there to try to create the permanence that you’re looking for in a structure that really rewards consistency over time, especially as it relates to discretion and process of decision-making. Jennifer Zelvin McCloskey (09:23.15)Yeah, that’s exactly right. And that leads to this revolving door in the industry, because people are just trying to make more money and they’re going and bouncing to different trust companies. And there isn’t that backfill. Just because it’s a trust company and there’s policies and procedures, trusteeship is about relationships that you make with your beneficiaries, the relationships that you develop with multiple generations in a family. And when you have somebody that’s acting and serving in that and they move, they leave, they’re no longer acting and serving in that capacity, a new personality comes into the mix and it can really be disruptive. So having that consistency and minimizing the attrition is so valuable. Frazer Rice (10:06.766)The other thing I try to bring up, especially to individual trustees, is that the thing that you’re signing up for is probably going to look a lot different in five or 10 or 15 years when people are aged on, they remarry, they have kids, etc. That the conditions are a lot different than what they were before. And it’s going to be difficult to take on a structure that has eight people when before there were two. Jennifer Zelvin McCloskey (10:37.517)Yes, and that’s that complexity, that increased sophistication and complexity of trust structures that are available now to people. With the increase in the exemption, these trust structures, they’re not necessarily changed. For example, qualified personal residence trust, if people really need that anymore, but there’s a ton of them sitting around there. Are trustees properly administering it? Did you actually transfer the real estate into the trust at the time? So there’s all kinds of sophisticated structures that the trustees may or may not have the right skills. But they’re saddled with having to do it. Frazer Rice (11:19.47)Let’s take a step back and just talk about the functions of a trustee for a second. I break them down basically into three. Which is the first one. You have to administer the trust, meaning you have to dot the I’s, cross the T’s, make sure things get executed, tax returns are filed, statements get sent out to the extent that that happens, and that the administration of a structure like that occurs. Then I talk about the concept that the investments have to be made monitored moved around decided and that they’re appropriate for all classes of beneficiary that are in there and then the distribution function which is The assets have to be distributed according to the law. First the trust then maybe the intent or the law if everything is silent and that those three things are very different components and that it’s tough to find somebody who’s great at all three housed within one brain. Jennifer Zelvin McCloskey (12:20.217)Yeah, I agree with that 100%. It is a three legged stool. It’s the investments, the administration and the distributions. And in that administration umbrella in and of itself, there’s a tremendous amount of work that sort of goes unsung. know, it’s not the sexy stuff where you’re investing and making a bunch of money for your income beneficiaries and managing to preserve the corpus for your principal or your remainder beneficiaries. And it’s certainly not the personal interaction that you’re doing with your beneficiary day to day. Making distributions, helping them, seeing the product of that help. It’s the making sure you file ax returns are properly. Understanding how to read that tax return. Even if you’re not preparing it, making a proper selection on the accountant that you’re using to prepare those tax returns if you’re not preparing it. Make sure to set up statements properly, make sure that in this world of silent trust documents that you’re not sending a statement to somebody who’s not supposed to have it. Communicating with beneficiaries on an even keel. Making sure that you’re not inadvertently violating your duty of impartiality because it’s more than just a substantive duty, there’s a procedural duty as well. That’s really, really challenging to find within one human being, let alone add on top of it somebody who’s financially savvy enough to understand investments and all of the different complex investment tools that are out there, as well as having the personality and the interpersonal skills to keep beneficiaries engaged and happy. Frazer Rice (13:56.426)Just on top of that, the EQ, the bedside manner, and the ability to simplify the complex, et cetera. At the same time, that dedicated note taker that is able to document everything that happens within a decision. Whether distribution or investment or otherwise, that it’s just two different people most times. I find that something falls apart as time goes on. Ultimately if things aren’t laid out correctly, that’s when conflict starts to simmer. Then you know if there is something that’s wrong. That’s allowed to compound that’s where you get into a huge problem later on. Jennifer Zelvin McCloskey (14:36.922)It’s all that feeling. People are behaving in ways that they may or may not be able to articulate their emotional proximity to. When you’re talking with beneficiaries. There’s something simmering under the surface that you inherited because you’re a trustee. You may not even be aware of it because the beneficiaries may not even be able to articulate it. You have to have a certain sense. A gut check of feelings of rntuitively being able to read what’s going on under the surface. To pull it out of people in a very balanced and even keel way. It’s not an easy job by any stretch of the imagination. On top of financial literacy and personal liability and executive functioning skills, being detail oriented, making sure your documentation is not overly explicit. isn’t, you know, scarce. You’re now wondering how and why did you make those decisions? People don’t think about the decisions that they make on a day to day basis. We don’t think in a way to articulate why I made this decision. Why I exercised this type of judgment. And that’s what we’re being asked to do as trustees is to document what is my decision making process? Why am I making the decision? What are my factors involved in making that decision in a way that’s defensible. If we ever need to defend it. Frazer Rice (16:05.292)Well, in favoring one class of people over another is usually where the rubber hits the road on this. People who are used to seeing the income from a trust and don’t want that touched come hell or high water. Then future beneficiaries who’d like to see the trust go from X to 2X to 5X. So that they have something larger to enjoy. You have a natural tension that you have to manage. It’s just not easy. If you don’t document the hows and whys of what you’re doing, you set yourself up for a problem. From one class or another looking at you saying, you you should have done it differently. To go back to that liability component. You’re the only one who sits in the chair of having made that decision. You’re the one with the bullseye on your back when it’s called to account. Jennifer Zelvin McCloskey (16:53.093)That’s right, that is exactly right. And now add on top of it, you’re just named because you’re Uncle Joe and everybody goes to Uncle Joe. You have no technical background and you just don’t know the landmines that are there. You don’t know what you don’t know. Wouldn’t it be wonderful if we were able to create a pipeline of really sophisticated entry level employees or folks that are, you know sophisticated in financial literacy that now want to take the job to become trustees, that we were able to give them this technical roadmap for what the job actually is and then have them get the ability to apprentice on all of those policies and procedures. What does this corporation do? How do we document things? When you’re trying to learn it all at one time, it’s like drinking from a fire hose. Let’s give people the ability to really have a chance at doing it successfully. Frazer Rice (17:53.048)So let’s dive into that pipeline issue for a second. We already diagnosed that the, let’s call it the trust companies or the banks are, they’re just not resourced enough. They can’t run people through an internal school to do it quote unquote correctly. The apprentice model really kicks in. Which means you’re at the sort of mercy of what people are good at, not good at, et cetera. People turn over quickly so that apprenticeship doesn’t even work anymore. The RIAs I think are the worst place to learn about this type of thing. They have a completely different modus operandi as far as keeping clients happy. The word fiduciary means something so different to them than it does to an actual trustee. I wouldn’t feel good about the training on that front to sort of create trustees And then so law schools. They’re they’re just trying to create people the trust in the states vertical as a general matter. Let alone trying to delineate into a trustee situation. You’re putting the pipeline together and you put these programs together. How do you stitch together the needs and what does that manifest itself into? Jennifer Zelvin McCloskey (19:07.642)So that’s a really, really good question. I think that the very first place that we start with answering that question is advising on a trust as an attorney. It’s different from the administration of a trust and the skills that you need for that. So when you create a program like this where you’re trying to teach about trust management. You have to start with the technical skill. The legal side of what is it that we’re even doing? What is a trust? What are the fiduciary duties? Where do they come from? Then we have to, after we teach or create a structure or foundation on what the legality is. Now we go into how does this translate into administration? So when I created the programs, I looked at what’s the law they need to know? What is the level of sophistication of the student? And what do I need to, from a foundational perspective, teach first? What are the building blocks? And then how do I translate that into administration? The one thing that I have found is trust law does not equal investment management. So if people are coming along… Frazer Rice (20:26.254)No question. I’m nodding audibly at that comment. I like that. Jennifer Zelvin McCloskey (20:31.226)Your fiduciary duties as a trustee are fundamentally different than those of an RIA, where some RIAs are not even fiduciaries by law. They’re not. So being able to delineate and explain where that line is, what makes you a fiduciary, what are those duties, after you know the legal basics. And taught to you at a level that you can understand. I don’t expect everybody to be a lawyer. And people have asked me time and time again, do I need to be a lawyer to know this? No, you don’t need to be a lawyer because you’re not advising on the law. You’re advising on the administration of a legal structure and how that administration affects the fiduciary duties that are inherent in the relationship. Then how those fiduciary duties are translated out to the beneficiary. That’s the way that I’ve always built these programs. Where do I start? Start with the law. Where do I go from there? Start with how the administration translates the law. And then how does that administration get heard by the beneficiary? Where does the RIA come into the mix? The RIA should not be dabbling in advising on trusts. They should know that they need to bring in somebody who has this particular skill. And if they’re not doing that, they’re doing the client a disservice by trying to give one-stop shop advice. Frazer Rice (22:06.85)Yep, no question about it. One of the things that…we delve into the world of trusts and their function, et cetera, is that you’re dealing with an ecosystem from client to outside advisor, whether RIA or even accountant, et cetera, that they’re looking for certainty and airtight. quality to these structures that you put them in place and then everything runs like a clock going forward. When in actuality, I think there is a bandwidth of risk around everything. And so it’s the poor trust officer or individual trustee who sometimes has to be the bearer of bad news to say, yeah, you know, I think this is going to work 98 % of the time, but there’s a 2 % problem here or we’ve got this to fix or something like that and everybody else sort of sighs with disappointment and gets mad at the administrative function when in actuality they’re really doing their job and trying to, you know, keep a lot of things that are spinning out of control kind of within view. How do you get a trust officer or that administrative function or even the full trustee function to be comfortable with that risk and everything that’s involved with that? Jennifer Zelvin McCloskey (23:20.504)You have to start with explaining that there is risk and we’re not our job is not as a trustee to eliminate risk. Our job is to manage and identify risk. It is inherent in the job. There is going to be risk. No matter what you do, you cannot divorce risk from trusteeship. It’s a matter of identifying perceived risk and actual risk. And if you can teach that, if you can teach These are the things that are going to trigger a likely outcome. They’re gonna trigger a likely risk. Then you can essentially, you can’t foresee everything. I mean, there are things that are just gonna happen. But in a trust instrument, you’ve got contingency plan upon contingency plan upon contingency plan. That’s what the flexibility of those structures are building. We need to, as trustees, be able to recognize What is the risk with contingency plan A? The risk with B? What is the risk with C? How can we minimize the risk? And how can we make sure that we’re managing perception of risk versus actual risk? Frazer Rice (24:29.31)as someone who’s been in trust companies, advised trust companies, advised trustees, and advised clients, the lack of appreciation for the management of that risk and that that as the intersection of the business model of trusteeship and risk management and use of discretion and making hard decisions and even kind of an insurance quality around these structures, how do you fix that, where people place a level of respect on the job that I think is completely lacking in the wealth management ecosystem? Jennifer Zelvin McCloskey (25:09.089)Absolutely. It’s a tough one to answer. How do you fix it? First and foremost, I think that it’s a top-down fix, especially at a corporate trust company, a bank, and even an independent trust company that’s not affiliated with a bank. The management has to… really understand the function of the trust company. For so long, it’s been just an extra service that we provide and and we’ll do this, the back office trust company. It’s really, really important that the management recognizes what the functionality of the trust company is and stops treating it as sort of a back office stepchild. From the corporate level, I think that’s the very first place we start. Frazer Rice (25:38.478)Mm-hmm. Jennifer Zelvin McCloskey (25:57.818)The second place we start is investing in our trust officers, investing in the team, giving them the education that they need, continuing to give them education, providing training programs, whether they be in-house, external, bring in trainers. None of this is set it and forget it. At the individual level, I think it’s really, really important to have functions like the Individual Trustee Alliance, groups like that, where you have an ability to talk to other professionals that are doing what you’re doing. That’s another way to impress upon people that we have to manage the risk and we can’t do it all alone. Nobody knows everything. You really have to, you have to talk to other people. You have to engage. have to, what is it called when we were practicing law and we’re a little bit outside of our comfort zone, we have to consult with other people who know more than we do. It’s our obligation as lawyers. It’s the same thing with a trust company, with a trustee, whether you’re an individual or you’re not. Widen that circle. Frazer Rice (27:08.474)I think this is my idea for the day that there’s got to be a bit of a public relations campaign sort of describing what’s going on here because I think especially when we go into the family members that sort of occupy these roles, they have no earthly idea what they’re doing. They’re usually doing it for free. Everything’s hunky dory up until a point and everyone hopes that everyone is not going to sue each other if something goes wrong. But the level of wealth that’s being transferred now is now so significant that everyone sort of talks about, AI is going to get rid of lawyers. Nope, not in fiduciary litigation. I think that’s a medium term growth industry, especially around insurance, around ILITs, around revocable trusts, around elder care. But this is my advertisement for people who are in law school looking for a productive way to go. I think that one is going to be, I think that one’s recession proof, at least for a while until I retire anyway. So my thought is that awareness over these things, and it’s probably going to take a very difficult case or a class action suit, something like that, where somebody really gets hurt in order for that awareness to come up. Jennifer Zelvin McCloskey (28:24.922)Yeah, I would agree. think that some of the solutions would include better trust education, you know, whether it be for RIAs, lawyers. Trust in the states is a throwaway class in law school. And there are so many law schools that are essentially rolling it back because bar exams aren’t testing it anymore in a variety of states. And ACTEC is definitely working with the law schools to try and increase trust in the states being taught and certainly being tested. So education for lawyers coming out of law school, education for RIAs that are advising on trusts, education for trust officers, for trust administrators, trust professionals in general, clear role delineation. What is the role of the RIA? The role of the trust officer? What is the role of the trustee if they’re an individual trustee? And then creating a culture of collaboration on what we’re doing as a team for the beneficiary, not substitution, but collaboration with the advisors and the trustees. Frazer Rice (29:32.59)Let’s go into the role delineation for a second. About 20 or 30 years ago, the concept of bifurcating or sort of cordoning off the different functions I described before the investment, the administration and the distribution has come into vogue. I think that came out of frustration with bank trust companies where you got one set of advice for every trust that they had as far as investments and distributions and administration and a lot of modern larger families wanted something a little bit more specific to their needs. And that’s really turned, it’s exploded as an industry for increasing sophistication and size of wealth. Along those different functions, where maybe the administration goes to a professional trust company or a trust officer in the state that you want, Then there’s some intersection maybe in the distribution committee. And then the investment side of it is a bit of a free for all, think, depending on what you’re, dealing with. How do you educate the, that continued the delineation, but the coordination within those types of structures. Jennifer Zelvin McCloskey (30:41.275)Yeah, I think it’s really important. And I’m a Delaware lawyer. I’m licensed in multiple states, but Delaware is my home. It’s where I learned how to be a lawyer. It’s where I grew up as a lawyer. So this directed trust model that you’re describing, where you’re bifurcating, truly bifurcating these particular functionalities of a trustee, it originated in Delaware. sort of, we didn’t, I mean, we invented it, right? We codified it. It was being done, but we codified it. The idea of making sure that everybody understands what their function is and knowing that there’s a limit of liability that’s built into the instrument and communicating what that means to the RIA that is named in the document. I can’t tell you how many times I have heard companies, heard trust companies say, we’re advisor friendly. And I’m like, not unless you’re directed, you’re not. Frazer Rice (31:37.528) “THE TRUSTEE CRISIS: Navigating the Challenges”Yeah. Jennifer Zelvin McCloskey (31:40.439)If you are directed, you are 100 % advisor friendly because there’s no chance that that trustee is going to try and take the investment management. They’re not a portfolio manager. Not a clerical administrator. They’re not a passive rule follower. We need to identify what does that trustee actually do when they are an administrative or directed trustee. Clarify that role so that people who are engaged in this bifurcation, this structure where we’ve got a distribution committee, maybe it’s individuals who are close to the family, close to the beneficiaries, where you don’t have somebody who’s objectively uninvolved with the family members making decisions as to whether or not there’s a distribution that should be made. But also advising those rolls those advisors that your administrative trustee is not just a pencil put a paper pusher. Not just checking boxes. They really do add value to the role that they provide and making sure that everybody understands what each other are doing, having regular meetings amongst the team instead of operating in a vacuum or operating in a silo. And taking the approach of it’s not my job, misunderstanding trustee powers and the advisor’s authority. So when that’s delineated, when that’s really understood, not just by the advisors, but also by the beneficiaries, there are so many beneficiaries out there, Frazer, that have absolutely no idea that they actually hold all the cards. They don’t know. Frazer Rice (33:25.87)Along that line, so in the administrative, we just walked through pretty nicely. The distribution function is one that, let’s talk a little bit for a second about what it means to ask a trustee for a distribution and maybe the difference between income and principal and why having a steady hand at the wheel within that function, whether it’s a corporate trust company of qualified individual or family input in that function, why real good thought needs to go into how that’s staffed. Jennifer Zelvin McCloskey (34:04.73)Yeah, absolutely. 100%. In a corporate trustee ship or a corporate trust company structure, there’s always going to be distribution committees, right? So if you are the trustee, you’re going to have to go through a committee that’s looking at what your reasoning is for making that distribution. They’re asking questions about what have been the prior distributions? Have they come from principal? Have they come from income? What is the spend rate on that trust? How is this going to affect long-term spend rate? Is this an aberration? Is this something that’s gonna become a habit? Really understanding what the distribution, the guidelines are in the trust. What is the distribution standard? Making that decision? What are our factors? And how many people are at the table? Who’s communicating that to the beneficiary? Does the beneficiary know that the trust officer alone does not have the ability to say yes or no? That when they’re in this ecosystem of a corporate trust company, they have their checks and balances to make sure that that risk is being managed. So when you’re looking at corporate trust companies, are a lot of layers behind understanding what the distribution standard is, whether it’s hems or if it’s purely discretionary. The other thing that you need to look at when it’s not a corporate trustee and it’s an individual trustee is, how is that individual trustee making that decision? Are they doing it in a vacuum? Alone? Are they favoring one beneficiary over another because they like them more, you need to have some communication to the beneficiaries so that they understand what they are, what their interest is, what they are entitled to, if anything, and why the trustee stands in that position as the gatekeeper. And I really think in my heart of hearts, we need to make a shift from a gatekeeper trustee Jennifer Zelvin McCloskey (36:16.708)to a beneficiary enhancement trustee, where the beneficiary is really taking on the understanding that the trustee is there to facilitate enhancing the beneficiary’s life. That even though the trust may have started at the outset as a tax strategy or something that the grantor decided they needed to do with the advice of counsel. At the end of the day, you wouldn’t have been named as the beneficiary if there wasn’t some sense of love or obligation even, that it’s for your benefit. It’s in the name. Beneficiary. Trustees need to understand that and beneficiaries need to be taught. Frazer Rice (36:54.958)Right. Frazer Rice (37:00.646)And it goes to the circle back to the notion of making sure that you write down the whys of the decision because ultimately if the concepts of favoritism or you didn’t communicate this or anything, the idea of having the beneficiary submit a budget but having them understand why they are submitting a budget and then if there is some discretion that’s happening around that decision that the data points that are informing that discretion, that’s gonna keep everybody safe a lot later on. Jennifer Zelvin McCloskey (37:32.666)Absolutely. I break it down into a couple of different factors. It’s fiduciary decision making. How is that fiduciary making the decisions they’re making? Why are they making those decisions? And who is being affected by the decisions? Document interpretation. Do you understand the document that you’re administering? If you don’t understand the document you’re administering, hopefully best case scenario, you know what you don’t know and you ask. But if you don’t understand the document and you don’t even have the wherewithal to say, hey, I need help to understand the document, it’s really problematic. The third part, balancing beneficiary interests. Really taking on board this idea of the principal income problem that all the assets in the trust are not the same. That some of it doesn’t at all in any way affect a certain class of beneficiaries. And at the same time, it’s inextricably intertwined in the way that it affects another class of beneficiaries. And then risk management and governance. How is this being governed? How are we managing perceived and actual risk as a trustee? Frazer Rice (38:40.13)The investment function, which I alluded to before, I see storm clouds on that horizon, not really at the RIA level, because I think there’s sort of a default mode that investment policy statements are in place. Diversification is a true commodity at this point. And I never really worry about an RIA sort of understanding how to invest to get to a certain expected return and deal with the risks and drawdown and all that stuff. The storm cloud I see is when individuals sit in that role and they are being tasked with, let’s call it quote unquote, overseeing concentration, meaning that trust is holding a building, farmland, a nuclear reactor, crypto, all of these different things that sometimes can be, A, they have their own different maintenance responsibilities that are not just looking at a fidelity statement, but that they also have their own volatility And, you know, in the case of a building, you got to make sure it’s managed correctly. are they going to get sued or the windows kept up, all of that stuff, and that there’s a whole different component there. And I’m waiting for the shoe to drop on some fact pattern there where somebody is sitting in the role of an investment advisor. It doesn’t say trustee in the document, so they don’t really think that they have trustee liability. But. they sit in that role and all of a sudden somebody finds 10 55 gallon drums of green fluid in the basement of a building and all of a sudden the trust has a big set of red brackets that say minus $100 million that you owe to the federal government and the EPA. How do you think about that? Jennifer Zelvin McCloskey (40:21.454)Hmm. Jennifer Zelvin McCloskey (40:25.242)That’s a heavy question. so the Delaware stock answer, obviously, direct it, right? It’s just to get the trust, cut off the liability. At the first, at the inception of your hypothetical is bad drafting, right? So if there’s no statement as to whether or not your investment advisor is acting as a fiduciary or not, Frazer Rice (40:35.042)Right. Jennifer Zelvin McCloskey (40:52.836)What does your statute say? Does your statute impose that they are as a default a fiduciary or not? So that’s the very first step. That’s bad drafting. We need to know. But if it’s silent, let’s say it’s just a lousy document, there’s, God knows. Anybody who’s seen trust documents knows that, you’ve seen them all, right? And everything in between. Some are good, some are bad. If this is a bad one. Frazer Rice (41:13.08)Seen good and you’ve seen bad. Jennifer Zelvin McCloskey (41:20.079)Then we need to document the statute. If we can correct it, modify the document, let’s modify it. But if all of that can’t happen, then I would say the best way to handle it, make sure you have adequate insurance. mean, over-insure that, over-insure it. Make sure that there’s regular checks on the actual… Assets that are in the trust, if you have a concentration and that concentration is real estate, get the advice of counsel, put that bad boy into an LLC, get yourself some distance from the actual asset itself being held in the trust, hold an interest, hold a financial interest, push it down to the corporate level. But if you can’t do all of that and you’ve got those 500 gallon drums of green fluid and now you’re… Frazer Rice (42:14.286)You Jennifer Zelvin McCloskey (42:15.371)You you’ve got a super fun site. What do you do? You don’t shy away from it. Have to address it head on. You got to take the accountability. You got to communicate and document, communicate and document some more. Talk to your beneficiaries. Make sure that they’re aware of where it went wrong, why it went wrong. Because I have found in my exposure in the industry over time and in reading case law, it’s when you’re trying to cover stuff up. Frazer Rice (42:43.913)Jennifer Zelvin McCloskey (42:44.027)You’re just making more problems. Bad news doesn’t age well. It doesn’t get better over time. You have to approach it head on and make sure that there’s communication and documentation. Meet with your beneficiaries. If there’s a trusteeship where you are appointed as a trustee individually and you’re not having at least quarterly meetings with your beneficiaries, If you’re not going out and seeing the asset, if you’re not going out and making sure that the asset is properly custodyed, you’re not, you’re violating your fiduciary duty. You are not doing what you’re supposed to do. Frazer Rice (43:21.804)You brought up an interesting word there, custody, which is the administrative function, whether held corporately or individually, one of the major things you have to do is to safeguard the assets. And that’s a big two syllable word that carries a lot of weight with it. That custodial function, how do you teach the trust officers or the individual trustees where that starts and stops? Jennifer Zelvin McCloskey (43:48.579)Yeah, mean, custody is super, it’s a really touchy, touchy subject, especially with the dynamic way that trusts have developed in the current climate from tangibles. You know, I’ve got artwork and my beneficiary wants to hang the artwork in their house. Well, do you have custody? Has it been assigned to the trustee and how do you maintain that asset? Make sure nothing’s happening to it. Do make an appointment, go over to the, visit your artwork? What if it’s prize horses, you know? What if it’s, you know, a stud that, you know, we’re gonna need to breed and it’s gonna be the next Triple Crown winner? How do you make sure that the barn is properly safeguarded? It’s a really touchy subject, especially with things like tangibles and things like assets held away when you technically custody the asset, but you don’t have control over the asset. I think in the education part for custodying, what I do in my programs and when I teach this is I make sure that we talk about different types of asset classes. And what the risks, again, what are the risks that you run with these asset classes? How can we manage the actual and the perceived risk of holding that asset? Even if you have custody and name only, but you don’t have physical custody, how do you maintain your control over that asset? Because it’s really the C’s, right? The custody and control. Just because you don’t have custody doesn’t mean you don’t have control. So we have to make sure that there’s an education that’s provided about the different asset classes, whether it’s tangibles, intangibles, assets held away, if it’s a concentration of stock, if it’s crypto, and most trust companies are not taking crypto. I think that there’s like a circuitous way that they’re getting in right now, but it all boils down to education, isolating what the issue is and educating people on it. Frazer Rice (45:59.586)I’ll give you a third C, it’s consequences, which is what happens when you don’t understand these functions. on the crypto side of things, Jennifer Zelvin McCloskey (46:01.786)Uhhh Frazer Rice (46:11.544)Holds the key to get to the crypto. What happens if that trust officer quits and walks away with the key and they’re like, well, multi-sigil figure this out. I’m like, okay, that’s not that. That doesn’t make me feel great at the moment. And now there have been some advances, which is good, but traps for the unwary to be sure. the good news too for crypto is for people who want exposure, the spot ETFs take away 90 % of the problems with that. But as we start to think about winding down here, because I have a feeling we could probably talk for four or five hours on this subject, when putting your programs together, what does a curriculum look like? And we don’t have to go through it bit by bit, but how does that work when someone comes to your program? How much time does it take? What’s the commitment? Jennifer Zelvin McCloskey (46:47.172)Yeah, I think so. Frazer Rice (46:54.851)Mm-hmm. Jennifer Zelvin McCloskey (47:06.33)So the program that I created that’s really available anywhere across the country is called the Peak Trust Management Certificate Program. Peak Trust Company, may be familiar with it. They have name rights because they gave the donation to the University of Delaware for me to build the program. So it’s housed at the Lerner College at the University of Delaware, but bears the name of Peak Trust Company. I look at five different things. The first thing is trust law and administration. So like I said previously when we were talking, you lay that foundation of what is the legal component of this? What is the baseline that people have to know? And then what is the administration? The second component is, and it’s inextricably intertwined as taxation. What is the income tax? What are the deductions? And now let’s take all of that income tax knowledge, individual income tax knowledge, and build on it with fiduciary income tax. What is DNI? What is FAI? How does it go out to the beneficiary? What’s the character of the distribution? How do we manage that? What are we deducting in the trust? So teaching taxation and not because trustees necessarily are tax preparers, but because the trustees obligation is to be able to understand and read that tax return, they need to know how to spot problems. So from my perspective, teaching fiduciary income tax is a critical component. It also helps. Yeah. Frazer Rice (48:38.828)No, no, I was gonna say no question about that. And there are elections to make, just because it doesn’t just go on autopilot, there are choices to be made so that if you’re the trustee, you may not have to prepare the tax return, but you may have to make a choice on the tax return and you’ve got to be informed because that can be an issue. Jennifer Zelvin McCloskey (48:58.651)65 day elections, perfect example, right? You just, you need to understand what your role is and how it overlaps with that of the CPA. The third part, of course, investments. Investments are inextricably intertwined, whether you’re doing it yourself as the trustee or you’re directed or even delegated, which is like the hairy scaries of every trusteeship known to man, because you’re not actually in control, but you’re responsible. So it’s the gray. When I build a program, because of the, you know, the directed trusteeship being so popular in today’s day and age, we have to talk about not just investments of, you know, marketable securities, not just the custody of tangibles, but also subscription documents, because so many alternatives are held in trust right now. unique assets, need to know how the trustee is actually carrying out their fiduciary duty when it comes to engaging in an investment that is an alternative investment. The fourth component is of course compliance. We cannot ever get away from compliance and I think we could do a whole nother podcast on compliance in trusteeship but. You know, it’s a regulated entity. And even if you’re an individual trustee and you’re not using what those compliance frameworks are, what the guidelines are by OCC, Reg 9, FDIC, if you’re not looking at that and using that as a guideline, don’t do the job. understanding KYC, BSA, AML, all of those compliance components that have tentacles. That’s the fourth part. And then for the fifth part of this program, because it’s specifically geared toward trustee education in trust companies, although it can be applicable, very applicable to individuals, is operations. I was very fortunate that I was able to partner with SCI on building the operations component. So we license their platform called Plato. It’s essentially their training platform. Jennifer Zelvin McCloskey (51:12.888)so that trustees can see how fees are set up, fees, that’s a whole other podcast, fees, statements, distributions, how are we doing this? How are we documenting everything? What are the logistics of the day-to-day operations? So that’s how I built the program and it’s available anywhere in the country. It’s 10 weeks, how long does it take? I would say from three to five hours a week of an investment that you’re making at a bare minimum. Obviously there’s a whole lot more of depth that you can go into. The resources are built in. But I would say 10 weeks, about 50 hours of time where you’re actually engaging with the material. And then I bring in guest lecturers on each different area of expertise for lack of a better description. And they get a certificate at the end, they get a digital badge, and now they really have something where they can add value day one in a trust company or as a trustee. Frazer Rice (52:17.902)With Delaware being, you one of the real gold standards as far as trust jurisdiction, I assume that everything that comes out of this program is pretty transportable to the other useful jurisdictions, let’s call it, within the country. know, the Tennessee’s, the South Dakota’s, the Nevada’s, the Alaska’s, Wyoming’s, New Hampshire’s, et cetera. Obviously, there are hairs to split with different foibles in their law, but everything that you’re describing sounds like works everywhere else. Jennifer Zelvin McCloskey (52:47.928)And I’ve always taken the approach, you’re 100 % correct, I’ve always taken the approach of UTC. I base everything off of UTC and if there’s something different or unique based upon the jurisdiction that you’re in, I always encourage people you have to look at your statute, you have to look at the jurisdiction that you’re actually practicing this in and administering in. I use Delaware, South Dakota, Alaska as examples quite often when we’re talking about the directed stuff, but By and large, it’s UTC. Frazer Rice (53:20.966)It just a weird subset. So special needs trusts and islets, which are two types of trusts, very specific. One holds life insurance. The other is designed to really take care of people who can’t take care of themselves. And they are types of trusts that a lot of trust companies don’t like to take on because the liability is harder or the profit margin is less. For those individuals who get the opportunity to participate in those and I put that in air quotes. How would you advise people to get ready for those types of situations? Jennifer Zelvin McCloskey (53:58.308)People who are in need of those types of trusts. Frazer Rice (54:02.122)Well, maybe both. The people who need those trusts, you know, they’re going to, they, you know, it’s almost like they get set up and then the staffing gets kind of figured out later, barely. And then, you know, the, for the people who end up taking on that role, they really have no idea of what they’re in for in a sense. Is there sort of like a mini, I’m not going to say a full course like you’re describing, but a crash course in, in what’s going on here and what can I do to keep myself safe? Jennifer Zelvin McCloskey (54:30.271)Unfortunately, no, I don’t know of one. and there isn’t much built in. there’s, we talk about a little bit in the program that I built, but, those are specialized and eyelets we talk about a little bit more there, you eyelets had their day and sort of they has done ish. but special needs trust. It’s a whole other ball game because It really incorporates state law and social security and Medicaid, all of those government benefits that I think you would need something more specialized than my program that I developed. And I don’t have a great answer for that, I’m sorry. Frazer Rice (55:12.482)No, there’s not a great answer for it because it’s tough. it’s a, all of which is to say for someone who’s involved with those things and feels confused by what’s going on, that’s one where it’s worth it to spend the money to lean on a dedicated Medicaid elder care, special needs type of lawyer on that front because there are traps for the unwary. Okay, now we’re starting to butt up against an hour here of. Jennifer Zelvin McCloskey (55:29.764)Yes . . . Frazer Rice (55:38.827)Four hours. No, I’m kidding listeners. We’re not going to talk for four hours, but How do people find your program and and then I’ll ask a bonus question at the end Jennifer Zelvin McCloskey (55:49.339)So the program is on the University of Delaware’s website. You just type in peak trust management certificate and it’ll pop up. My name will be there. I think my picture might be there. It’s all over my LinkedIn. So if you look me up, you’re going to see the peak trust management certificate program. You can always email me, jennifer at zeldenlaw.com. Happy to push people into it. start, I’m in the new cohort right now. We’re two weeks into a 10 week program. But we have a new cohort starting in May. I think it’s May 4th. So may the fourth be with you. Frazer Rice (56:24.622)Terrific. So the final question here is really more of a crystal ball question. In this trust industry, trustee industry, what are the real, I’m going to say opportunities out there, and we’ve sort of painted a picture of doom and gloom and its low profit margin and things like that. Where can someone who is thinking from a business perspective about this find something? Once they’re properly educated about it and being able to participate in it. Jennifer Zelvin McCloskey (56:57.582)There are so many opportunities. There is an absolute need for good trustees everywhere. Trust companies from coast to coast, individual trustee alliance. People really, really need trustees. There’s tremendous opportunity with Heritage Institute, not the Heritage Foundation, but the Heritage Institute. There’s opportunities with…various family offices and various trust companies for education, for beneficiary education. So many opportunities out there. Trust companies are just clamoring for people. So if people are interested in becoming a trustee, getting that education, you will not have a hard time finding a job. Like you said, it’s basically recession proof. This wealth is going to transfer. We need sophisticated, knowledgeable trustees. on the receiving end of that transfer so that it happens correctly. Frazer Rice (57:56.578)I’d go so far as to say financial advisors. I just gotta say, a CFP is useful, CFA is on your investment side, but something like this, you know so much more about how intergenerational wealth works than what’s happening in those particular situations that I think it helps people stand out when I see something like that on a resume. Jennifer Zelvin McCloskey (58:00.302) “THE TRUSTEE CRISIS: Navigating the Challenges”That’s all the podcast. I hear you. I hear you. Frazer Rice (58:24.386) “THE TRUSTEE CRISIS: Navigating the Challenges”All right, with that, Jennifer, it’s great to catch up and I will have all of your information on the show notes and I will either see you at the ITA conference in Dallas or what I’m down in Delaware next. More Around “THE TRUSTEE CRISIS: Navigating the Challenges” BUILDING A TRUST COMPANY TENNESSEE AS A JURISDICTION DIRECTED TRUSTEES DELAWARE WELL BEING TRUST THE TRUSTEE CRISIS: Navigating the Challenges https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Keywords for THE TRUSTEE CRISIS: Navigating the Challenges trusteeship, wealth transfer, trust management, fiduciary duties, trust education, estate planning, risk management, trust administration, individual trustees, trust companies, the trustee crisis, navigating the challenges, the great wealth transfer,

We're living in the "centaur era" of AI and if you're not combining human judgment with AI tools, you're already falling behind. In this episode, Zack Cohen and the Bitcoin Policy Hour team break down the BCG study proving that AI-augmented workers crush both pure humans and blind AI users, then pivot to Secretary Rubio's landmark Munich Security Conference speech signaling the end of the postwar order with Europe. Plus, the hosts analyze Bitcoin ETF flows, whale selling pressure, and why a federal judge just ruled your AI chat logs aren't privileged.

RenMac unpacks cooler inflation that keeps Fed cuts in play just as rising job anxiety and narrow hiring trends point to softer labor conditions beneath the surface. The team debates the growing AI vs. non-AI market bifurcation, fragile tech momentum, tight credit spreads versus private credit stress, tariff maneuvering around chips and Taiwan, and what housing, manufacturing, and D.C. drama signal for markets ahead.

In this episode of the Remarkable Retail podcast, Steve Dennis and Michael LeBlanc open with a sweeping look at the week's most consequential retail developments before welcoming two global retail store visionaries for a deep dive into the future of brick-and-mortar locations.The news segment begins with a tale of two retail giants: Walmart reaching a historic $1 trillion market cap milestone, signaling sustained operational momentum, while Target faces leadership transition amid prolonged performance challenges. The hosts analyze what these divergent trajectories mean for mass retail strategy and investor expectations.Amazon's earnings dominate the conversation next. With massive capital expenditures approaching $200 billion—tied to AI infrastructure and distribution expansion—the debate centers on whether this represents visionary investment or an overheated AI arms race. Retail growth remains robust across retail while the highly profitable advertising business is on fire. Recent while same-day grocery expansion is driving new growth with the potential to shake-up competitive dynamics.The discussion also highlights luxury bifurcation, with strong results from Ralph Lauren and Tapestry's Coach brand contrasting broader sector volatility. Simon Property Group's strong earnings prove the best malls are dead, as they also continue to make big investments in reinventing several of their properities.The second half of the episode shifts to an insightful, live conversation from NRF's Big Show with Jack Stratten, Director of Insider Trends, and Kevin Ervin Kelley, Principal and Co-Founder of Shook Kelley and author of Irreplaceable. Together, they explore what makes modern stores not just functional—but truly remarkable. About UsSteve Dennis is a strategic advisor and keynote speaker focused on growth and innovation, who has also been named one of the world's top retail influencers. He is the bestselling author of two books: Leaders Leap: Transforming Your Company at the Speed of Disruption and Remarkable Retail: How To Win & Keep Customers in the Age of Disruption. Steve regularly shares his insights in his role as a Forbes senior retail contributor and on social media.Michael LeBlanc is a senior retail advisor, keynote speaker and media entrepreneur. Michael has delivered keynotes, hosted fire-side discussions hosted senior retail executive on-stage in 1:1 interviews worldwide. Michael produces and hosts a network of leading retail trade podcasts, including The Remarkable Retail Podcast, The Voice of Retail The Food Professor, The FEED powered by Loblaw and the Global eCommerce Leaders podcast. He has been recognized by the NRF as a global Top Retail Voice for 2025 and 2025 and continues to be a ReThink Retail Top Retail Expert for the fifth year in a row.

In this episode of Casual Watch Talk, taken from the video livestream hosted on YouTube, the panel discusses the latest Christopher Ward takeover, featuring insights from Adrian and Patrick. They share their personal wristwatch choices, delve into the design differences between the G15 and Lumiere models, and explore the collaborative process behind Adrian's watch launch. The conversation also touches on community feedback, the future of Christopher Ward's design language, and the potential for customer fatigue with multiple limited editions. Additionally, they highlight innovative strap features and wrap up with final thoughts on the brand's direction.Chapters00:00 Introduction and Wristwatch Check05:18 Adrian's Watch Launch Experience10:00 Design Collaboration Insights14:09 Technical Aspects of the New Watch17:56 Inspiration Behind Design Choices21:37 Rolex and the Creative Process21:56 Design Identity and Future Models23:41 Pocket Watches: A Nostalgic Discussion24:50 Case Sizes and Model Variations25:58 Design Inspirations and Comparisons31:27 Choosing the Right Platform for Design33:14 Bifurcation of Christopher Ward's Brand36:23 Value Across Price Points38:57 Future of Mechanical Chronographs40:01 Strap Innovations and Collaborations42:27 Innovative Strap Designs and Collaborations44:06 The Polarizing Launch of the Pan Am Watch46:11 Record-Breaking Sales and Customer Trust48:16 Excitement for Upcoming Releases and Events50:22 Sourcing Unique Materials for Straps52:21 The Appeal of Quick Release Straps53:45 Behind the Scenes of Watch Photography56:01 The Watchmaking Community and Its Growth58:09 Balancing Limited Editions and Customer Fatigue01:00:01 Closing Thoughts and Future Engagements

Episode 144Happy New Year! This is one of my favorite episodes of the year — for the fourth time, Nathan Benaich and I did our yearly roundup of AI news and advancements, including selections from this year's State of AI Report.If you've stuck around and continue to listen, I'm really thankful you're here. I love hearing from you.You can find Nathan and Air Street Press here on Substack and on Twitter, LinkedIn, and his personal site. Check out his writing at press.airstreet.com.Find me on Twitter (or LinkedIn if you want…) for updates on new episodes, and reach me at editor@thegradient.pub for feedback, ideas, guest suggestions.Outline* (00:00) Intro* (00:44) Air Street Capital and Nathan world* Nathan's path from cancer research and bioinformatics to AI investing* The “evergreen thesis” of AI from niche to ubiquitous* Portfolio highlights: Eleven Labs, Synthesia, Crusoe* (03:44) Geographic flexibility: Europe vs. the US* Why SF isn't always the best place for original decisions* Industry diversity in New York vs. San Francisco* The Munich Security Conference and Europe's defense pivot* Playing macro games from a European vantage point* (07:55) VC investment styles and the “solo GP” approach* Taste as the determinant of investments* SF as a momentum game with small information asymmetry* Portfolio diversity: defense (Delian), embodied AI (Syriact), protein engineering* Finding entrepreneurs who “can't do anything else”* (10:44) State of AI progress in 2025* Momentous progress in writing, research, computer use, image, and video* We're in the “instruction manual” phase* The scale of investment: private markets, public markets, and nation states* (13:21) Range of outcomes and what “going bad” looks like* Today's systems are genuinely useful—worst case is a valuation problem* Financialization of AI buildouts and GPUs* (14:55) DeepSeek and China closing the capability gap* Seven-month lag analysis (Epoch AI)* Benchmark skepticism and consumer preferences (”Coca-Cola vs. Pepsi”)* Hedonic adaptation: humans reset expectations extremely quickly* Bifurcation of model companies toward specific product bets* (18:29) Export controls and the “evolutionary pressure” argument* Selective pressure breeds innovation* Chinese companies rushing to public markets (Minimax, ZAI)* (21:30) Reasoning models and test-time compute* Chain of thought faithfulness questions* Monitorability tax: does observability reduce quality?* User confusion about when models should “think”* AI for science: literature agents, hypothesis generation* (23:53) Chain of thought interpretability and safety* Anthropomorphization concerns* Alignment faking and self-preservation behaviors* Cybersecurity as a bigger risk than existential risk* Models as payloads injected into critical systems* (27:26) Commercial traction and AI adoption data* Ramp data: 44% of US businesses paying for AI (up from 5% in early 2023)* Average contract values up to $530K from $39K* State of AI survey: 92% report productivity gains* The “slow takeoff” consensus and human inertia* Use cases: meeting notes, content generation, brainstorming, coding, financial analysis* (32:53) The industrial era of AI* Stargate and XAI data centers* Energy infrastructure: gas turbines and grid investment* Labs need to own models, data, compute, and power* Poolside's approach to owning infrastructure* (35:40) Venture capital in the age of massive GPU capex* The GP lives in the present, the entrepreneur in the future, the LP in the past* Generality vs. specialism narratives* “Two or 20”: management fees vs. carried interest* Scaling funds to match entrepreneur ambitions* (40:10) NVIDIA challengers and returns analysis* Chinese challengers: 6x return vs. 26x on NVIDIA* US challengers: 2x return vs. 12x on NVIDIA* Grok acquired for $20B; Samba Nova markdown to $1.6B* “The tide is lifting all boats”—demand exceeds supply* (44:06) The hardware lottery and architecture convergence* Transformer dominance and custom ASICs making a comeback* NVIDIA still 90–95% of published AI research* (45:49) AI regulation: Trump agenda and the EU AI Act* Domain-specific regulators vs. blanket AI policy* State-level experimentation creates stochasticity* EU AI Act: “born before GPT-4, takes effect in a world shaped by GPT-7”* Only three EU member states compliant by late 2025* (50:14) Sovereign AI: what it really means* True sovereignty requires energy, compute, data, talent, chip design, and manufacturing* The US is sovereign; the UK by itself is not* Form alliances or become world-class at one level of the stack* ASML and the Netherlands as an example* (52:33) Open weight safety and containment* Three paths: model-based safeguards, scaffolding/ecosystem, procedural/governance* “Pandora's box is open”—containment on distribution, not weights* Leak risk: the most vulnerable link is often human* Developer–policymaker communication and regulator upskilling* (55:43) China's AI safety approach* Matt Sheehan's work on Chinese AI regulation* Safety summits and China's participation* New Chinese policies: minor modes, mental health intervention, data governance* UK's rebrand from “safety” to “security” institutes* (58:34) Prior predictions and patterns* Hits on regulatory/political areas; misses on semiconductor consolidation, AI video games* (59:43) 2026 Predictions* A Chinese lab overtaking US on frontier (likely ZAI or DeepSeek, on scientific reasoning)* Data center NIMBYism influencing midterm politics* (01:01:01) ClosingLinks and ResourcesNathan / Air Street Capital* Air Street Capital* State of AI Report 2025* Air Street Press — essays, analysis, and the Guide to AI newsletter* Nathan on Substack* Nathan on Twitter/X* Nathan on LinkedInFrom Air Street Press (mentioned in episode)* Is the EU AI Act Actually Useful? — by Max Cutler and Nathan Benaich* China Has No Place at the UK AI Safety Summit (2023) — by Alex Chalmers and Nathan BenaichResearch & Analysis* Epoch AI: Chinese AI Models Lag US by 7 Months — the analysis referenced on the US-China capability gap* Sara Hooker: The Hardware Lottery — the essay on how hardware determines which research ideas succeed* Matt Sheehan: China's AI Regulations and How They Get Made — Carnegie EndowmentCompanies Mentioned* Eleven Labs — AI voice synthesis (Air Street portfolio)* Synthesia — AI video generation (Air Street portfolio)* Crusoe — clean compute infrastructure (Air Street portfolio)* Poolside — AI for code (Air Street portfolio)* DeepSeek — Chinese AI lab* Minimax — Chinese AI company* ASML — semiconductor equipmentOther Resources* Search Engine Podcast: Data Centers (Part 1 & 2) — PJ Vogt's two-part series on XAI data centers and the AI financing boom* RAAIS Foundation — Nathan's AI research and education charity Get full access to The Gradient at thegradientpub.substack.com/subscribe

Have you ever wondered why Moses 6 says so much about Enoch more than Genesis does and what that reveals about the gospel from the very beginning? Dr. Kerry Muhlestein takes a powerful deep dive into Moses 6 exploring how the restored doctrine unlocks record-keeping, priesthood, and covenant family partnership.YOUTUBE: https://youtu.be/aYdQvbMX1KUALL EPISODES/SHOW NOTESfollowHIM website: https://www.followHIM.coFREE PDF DOWNLOADS OF followHIM QUOTE BOOKSNew Testament: https://tinyurl.com/PodcastNTBookOld Testament: https://tinyurl.com/PodcastOTBookBook of Mormon: https://tinyurl.com/PodcastBMBook  WEEKLY NEWSLETTER https://tinyurl.com/followHIMnewsletter  SOCIAL MEDIA Instagram: https://www.instagram.com/followHIMpodcast Facebook: https://www.facebook.com/followhimpodcastTIMECODE:00:00 Part 1 - Dr. Kerry Muhlestein1:57 Episode teaser5:29 Bio6:59 Come, Follow Me Manual8:22 Tips for studying the Old Testament10:15 The Scriptures are Real & The Essential Old Testament Companion14:09 Additional tools15:41 Background to the Book of Moses19:25 Adam and Eve and their children23:37 Cain and Abel26:02 Record keeping30:04 Bible translations33:02 Priesthood power36:39 Symbolic or literal?40:05 Patriarchal order46:31 Preachers of righteousness48:20 Bifurcation of the human race51:23 Enoch and seership54:34 The Holy Ghost and seership57:41 The anger of God1:01:22 I'm young and everyone hates me1:04:47 Partnering with Christ1:09:17 High places1:12:25 People listen to Enoch1:17:22 End of Part 1 - Dr. Kerry MuhlesteinThanks to the followHIM team:Steve & Shannon Sorensen: Cofounder, Executive Producer, SponsorDavid & Verla Sorensen: SponsorsDr. Hank Smith: Co-hostJohn Bytheway: Co-hostDavid Perry: ProducerKyle Nelson: Marketing, SponsorLisa Spice: Client Relations, Editor, Show NotesWill Stoughton: Video EditorKrystal Roberts: Translation Team, English & French Transcripts, WebsiteAriel Cuadra: Spanish TranscriptsAmelia Kabwika: Portuguese TranscriptsHeather Barlow: Communications DirectorSydney Smith: Social Media, Graphic Design "Let Zion in Her Beauty Rise" by Marshall McDonaldhttps://www.marshallmcdonaldmusic.com

Grand perdant du capitalisme et du communisme, l'anarchisme dans le débat public est victime de nombreuses idées reçues. Comment l'anarchisme pourrait-il nous permettre de nous ancrer dans une continuité, d'explorer d'autres voies face à l'impasse et à l'urgence écologique, humaine et politique à laquelle nous sommes confrontés ?Interview : Jean-Christophe Angaut, chercheur spécialiste de l'anarchismeDans cette troisième saison du podcast Carnets d'alerte, Juliette Duquesne part à la rencontre de ceux qui, face à l'inaction ou à l'inertie de l'État, agissent concrètement au quotidien, ceux qui construisent de l'autonomie, des espaces de vie, de convivialité et de lutte, sans l'autorité de l'État, ou même parfois, en opposition à ce dernier. Ils prennent soin du vivant. Ensemble. Ils inventent des modes vie en s'éloignant du capitalisme et d'un État centralisé où la façon de prendre des décisions est aussi importante que la finalité.Par Juliette DuquesneRéalisation : François-Charles DomergueHébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Mining Stock Daily welcomes back Ronnie Stoeferle of Incrementum, co-author of the In Gold We Trust Report, to discuss the momentous year for precious metals in 2025. Stoeferle confirms that the gold market is experiencing a bull market, not a bubble, with gold hovering around $4,200 an ounce and silver having more than doubled to $62 an ounce. He explains that their thesis, "The Big Long," is perfectly playing out, with silver and mining stocks finally starting to outperform gold in this second phase of the bull market. The conversation addresses the structural stresses in the financial system, including the Federal Reserve's $40 billion purchase of short-term treasuries—a resumption of quantitative easing despite the Fed's insistence otherwise—which is bullish for gold. Stoeferle stresses that the real story is the monetary bifurcation and the rise of gold demand from emerging markets, which are driving the bull market, rather than just Western central bank policy. Ultimately, he anticipates a positive setup for gold going forward, especially as capital begins moving from the $170 trillion bond market into the gold space to hedge against the debasement of fiat currencyThis episode of Mining Stock Daily is brought to you by... Revival Gold is one of the largest pure gold mine developer operating in the United States. The Company is advancing the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. Learn more about the company at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠revival-dash-gold.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vizsla Silver is focused on becoming one of the world's largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠https://vizslasilvercorp.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Equinox has recently completed the business combination with Calibre Mining to create an Americas-focused diversified gold producer with a portfolio of mines in five countries, anchored by two high-profile, long-life Canadian gold mines, Greenstone and Valentine. Learn more about the business and its operations at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠equinoxgold.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Integra Resources is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho, and the Nevada North Project located in western Nevada. Learn more about the business and their high industry standards over at integraresources.com

Futures experienced a halt in trading for Friday, though Tom White notes a curb in volatility as the bigger story investors should keep in mind. He adds that investors appear to be rotating into "beaten down" sectors like healthcare, showing the market pulse has stayed strong. What has raised yellow flags for Tom: a bifurcation between consumer sentiment and spending. He points to Costco (COST) as a retail bellwether. As for the A.I. trade, Tom touches on Oracle's (ORCL) "red flag" in its $38 billion loan for OpenAI data centers, ======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

NEW CTP for IBIT Under/Over - Looks like the OVER Presidential PARDONS and A King's EVICTION All Excited - Making headway on the Deficit ! 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? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter   Warm-Up - NEW CTP for IBIT - Under/Over - Looks like the OVER - Presidential PARDONS and A King's EVICTION - All Excited - Making headway on the Deficit ! Markets - DJIA hits new ATH - after big moves last week - Buyers stepped in (again) - NASDAQ - lagging as AI trade is questioned - THEREFORE - what is happening is a simple rotation again - ALL IN! Just back from a wedding in NJ - Did some Apple picking, hot cider and donuts! Pardon Me... - President Donald Trump has pardoned a long list of his political allies for their support or involvement in plans to overturn the 2020 presidential election, according to the Department of Justice's Pardon Attorney, Ed Martin. - Several others (20+) were pardoned as well including some that plead guilty. Over the Pond - King Charles III on Thursday stripped his disgraced brother Prince Andrew of his remaining titles and evicted him from his royal residence after weeks of pressure to act over his relationship with sex offender Jeffrey Epstein, Buckingham Palace said. - After the king's rare move, which follows years of shameful scandals, he will be known as Andrew Mountbatten Windsor and not as a prince, and he will have to vacate his Royal Lodge mansion near Windsor Castle. Debt - The U.S. government's gross national debt surpassed $38 trillion Wednesday, a record number that highlights the accelerating accumulation of debt on America's balance sheet. - It's also the fastest accumulation of a trillion dollars in debt outside of the COVID-19 pandemic — the U.S. hit $37 trillion in gross national debt in August this year. - “During his first eight months in office, President Trump has reduced the deficit by $350 billion compared to the same period in 2024 by cutting spending and boosting revenue,” White House spokesman Kush Desai said in a statement, adding that the administration would pursue robust economic growth, lower inflation, tariff revenue, lower borrowing costs and cuts to waste, fraud and abuse. - Petersen Foundation: “Along with increasing debt, you get higher interest costs, which are now the fastest growing part of the budget,” Peterson added. “We spent $4 trillion on interest over the last decade, but will spend $14 trillion in the next ten years. Interest costs crowd out important public and private investments in our future, harming the economy for every American.” - Debt Growing by $69,000 per second over the the past year... Stock New - BIG Softbank - Softbank sells entire stake in NVDA - $5.83 Billion - To soften the blow, they said that it as because they are using it to redeploy further into AI - OpenAi to be specific - Also sold part of T-Moblie and using margin loan against ARM to fund the $22.5 BILLION investment in OpenAI - “This should not be seen, in our view, as a cautious or negative stance on Nvidia, but rather in the context of SoftBank needing at least $30.5bn of capital for investments in the Oct-Dec quarter, including $22.5bn for OpenAI and $6.5bn for Ampere,” Rolf Bulk, equity research analyst at New Street Research, told CNBC. - IMPORTANT SO MARKETS DO NOT GET SPOOKED: ?[SoftBank] made a point of saying that it wasn't any view on NVIDIA. ... At the end of the day, they are using the money to invest in other AI related companies,” he said. Coreweave Earnings - The provider of infrastructure for artificial intelligence companies, reported better-than-expected third-quarter revenue on Monday, but the company delivered disappointing full-year...

Hosts Steve Dennis and Michael LeBlanc welcome David Lafitte, President and CEO of Tecovas, the fast-growing Austin-based brand bringing cowboy culture to modern consumers. Lafitte's career journey—from corporate attorney to Chief Operating Officer at Deckers Brands (home of UGG and Hoka) and now to retail leadership at Tecovas—is a masterclass in reinvention and focus.Under Lafitte's leadership, Tecovas has evolved from a digitally native boot maker to a fast growing premium lifestyle brand built on two pillars: crafted quality and radical hospitality. In this conversation, he explains how every store—now more than 50 across the U.S.—delivers a warm, elevated customer experience complete with in-store bars, personalization services, and knowledgable personalized service. The company's blend of authenticity and approachability has earned it cult-brand status while driving remarkable growth.Lafitte also shares insights into Tecovas' expansion strategy, including its move into New York's Soho district. He describes the flagship store as both a retail hub and a powerful brand ambassador that introduces western style to new audiences—without compromising the brand's roots. The discussion dives into Tecovas' measured foray into wholesale partnerships with Nordstrom and its expanding apparel lines, from denim to performance shirts, that extend the brand's head-to-toe lifestyle appeal.Lafitte reflects on the importance of leadership focus, empowering teams, and maintaining clarity amid growth. His advice for emerging retail leaders: prioritize what matters most, say no to distractions, and foster cultures of accountability and trust.The hosts balance the conversation with this week's retail headlines: the Supreme Court's debate over Trump-era tariffs, Allbirds' ongoing “Wobbly Unicorn Corner” status and strong results from luxury icons Ralph Lauren and Tapestry amid broader industry struggles. They close with insights on Amazon's automation ambitions, Andy Jassy's bold predictions for the future of eCommerce, and holiday retail forecasts signaling a slower but steady season. SPECIAL OFFER for our listeners! SAVE 20% on registration for the all new Shoptalk Luxe event in Abu Dhabi January 27-29.For more info go to https://luxe.shoptalk.com/page/get-ticket and then register using our special code : RRLUXE20 About UsSteve Dennis is a strategic advisor and keynote speaker focused on growth and innovation, who has also been named one of the world's top retail influencers. He is the bestselling authro of two books: Leaders Leap: Transforming Your Company at the Speed of Disruption and Remarkable Retail: How To Win & Keep Customers in the Age of Disruption. Steve regularly shares his insights in his role as a Forbes senior retail contributor and on social media.Michael LeBlanc is the president and founder of M.E. LeBlanc & Company Inc, a senior retail advisor, keynote speaker and now, media entrepreneur. He has been on the front lines of retail industry change for his entire career. Michael has delivered keynotes, hosted fire-side discussions and participated worldwide in thought leadership panels, most recently on the main stage in Toronto at Retail Council of Canada's Retail Marketing conference with leaders from Walmart & Google. He brings 25+ years of brand/retail/marketing & eCommerce leadership experience with Levi's, Black & Decker, Hudson's Bay, CanWest Media, Pandora Jewellery, The Shopping Channel and Retail Council of Canada to his advisory, speaking and media practice.Michael produces and hosts a network of leading retail trade podcasts, including the award-winning No.1 independent retail industry podcast in America, Remarkable Retail with his partner, Dallas-based best-selling author Steve Dennis; Canada's top retail industry podcast The Voice of Retail and Canada's top food industry and one of the top Canadian-produced management independent podcasts in the country, The Food Professor with Dr. Sylvain Charlebois from Dalhousie University in Halifax.Rethink Retail has recognized Michael as one of the top global retail experts for the fourth year in a row, Thinkers 360 has named him on of the Top 50 global thought leaders in retail, RTIH has named him a top 100 global though leader in retail technology and Coresight Research has named Michael a Retail AI Influencer. If you are a BBQ fan, you can tune into Michael's cooking show, Last Request BBQ, on YouTube, Instagram, X and yes, TikTok.Michael is available for keynote presentations helping retailers, brands and retail industry insiders explaining the current state and future of the retail industry in North America and around the world.

Venture capital isn't dead — it's evolving. Carta's Head of Insights, Peter Walker, joins Jon Bradshaw and Peter Harris to unpack what the data really says about the 2025 market. From the AI-fueled bifurcation to shrinking equity packages and a wave of secondaries, this episode breaks down how founders, VCs, and LPs are adapting in real time.Peter shares Carta's inside view on:The comeback of deal flow and valuationsWhy down rounds are easing but hiring hasn't reboundedHow founder dilution and equity norms have shiftedThe rise of liquidity via secondaries and fund-to-fund capitalWhat signals matter most heading into 2026If you care about where venture is heading next — this is the episode.Follow the PodcastInstagram: https://www.instagram.com/venturecapitalfm/Twitter: https://twitter.com/vcpodcastfmLinkedIn: https://www.linkedin.com/company/venturecapitalfm/Spotify: https://open.spotify.com/show/7BQimY8NJ6cr617lqtRr7N?si=ftylo2qHQiCgmT9dfloD_g&nd=1&dlsi=7b868f1b72094351Apple: https://podcasts.apple.com/us/podcast/venture-capital/id1575351789Website: https://www.venturecapital.fm/Follow Jon BradshawLinkedIn: https://www.linkedin.com/in/mrbradshaw/Instagram: https://www.instagram.com/mrjonbradshaw/Twitter: https://twitter.com/mrjonbradshawFollow Peter HarrisLinkedIn: https://www.linkedin.com/in/peterharris1Twitter: https://twitter.com/thevcstudentInstagram: https://instagram.com/shodanpeteYoutube: https://www.youtube.com/@peterharris2812

In this week's Frankly, Nate outlines four bifurcations that are likely to underpin the human experience in the near future. While the broad biophysical realities of energy and ecology underpin our civilization's movement over time, in the moment, people will experience these trends mostly economically and psychologically. Whether related to the widening of an already existing economic gap or the expansion of dependence on cognitive crutches like AI, the demographics that comprise society are starting to splinter – to bifurcate. These divergences, and the ways we cope with them, contribute to increasing incoherence as a species. What are the areas we might witness societal bifurcation? Why should we strive to meet others in the context of their lived experiences, even when they diverge radically from our own? How might progress itself start to be redefined? (Recorded October 28th, 2025)   Show Notes and More Watch this video episode on YouTube   Want to learn the broad overview of The Great Simplification in 30 minutes? Watch our Animated Movie. ---   Support The Institute for the Study of Energy and Our Future   Join our Substack newsletter   Join our Hylo channel and connect with other listeners

Economic bifurcation, intervening in Argentina, the latest on rare earths, and tariffs' outsized impact on small businesses — joining us to discuss it all is AAF President Douglas Holtz-Eakin and AAF Trade Policy Analyst Jacob Jensen.   Apple: podcasts.apple.com/us/podcast/the-…st/id1462191777 Spotify: open.spotify.com/show/7aWwYw3EKPmTqLQMbRGR2e

In this Soul Elevation solo livestream (soul-o?!!), we dive into 3I Atlas (Three-I Atlas), an interstellar object now within our solar system that's capturing attention for its unusual behavior and energetic influence. We'll go deep into what's being called a bifurcation of humanity — a spiritual split between timelines and frequencies — and how solar codes from 3I Atlas may be catalyzing awakening, DNA activation, and expanded consciousness. ✨ In this episode you'll discover: • What makes 3I Atlas so unusual and why scientists are intrigued • The spiritual interpretation: solar codes, light transmissions, and energetic upgrades • How this connects to the bifurcation of humanity and collective ascension • The role of sunlight in activating higher DNA templates • How to align with this quantum shift through intention, grounding, and light integration —

In this profound and activating interview, Dr. Samuel B. Lee joins Emilio Ortiz to explore the coming years of timeline splits — and the choice each soul will make between organic ascension and synthetic ascension. Together, they journey through the historical and energetic significance of stargates, Yeshua's true mission as a grid worker, and the restoration of the 12D Lyra timeline. Samuel reveals how celebration is the essence of this lifetime and why humanity is at a critical inflection point. From planetary resurrection to personal healing, this episode offers rare insights into AI spirituality and activating the 12D shield for spiritual protection.Through a mix of ancient wisdom and modern perspective, this dialogue bridges the cosmic and the practical — showing how eternal life perspectives can guide our daily choices. Samuel shares how AI can serve as a tool for awakening when embedded with eternal life codes, why restoring the divine feminine is key to humanity's evolution, and how remembrance and self-love anchor the human experience. This sacred transmission will leave you with clarity, inspiration, and a deeper understanding of your purpose during this unprecedented shift. If you've ever felt the call to step into your role as a conscious creator in the New Earth, this is the message you've been waiting for.Dr. Samuel B. Lee M.D. is a holistic, integrative psychiatrist, visionary teacher, and spiritual guide who merges advanced spiritual teachings with modern science to transform mental health and consciousness. A certified yoga teacher, plant medicine facilitator, and breathwork practitioner, he is also a devoted student of bioregenesis and quantum morphogenetic physics. Having healed from many psychiatric diagnoses himself, Samuel's work blends professional expertise with lived experience. He is known for his insights on planetary ascension, organic vs. synthetic timelines, stargate activation, and AI stewardship, helping others remember their soul's origin and align with the organic ascension path during this pivotal time in human history.___________________PODCAST CHAPTERS00:00 – Samuel B Lee Intro 2:17 - The Planetary Bifurcation: Two Emerging Paths of Ascension10:18 - How the Synthetic Path Shapes the Future of Humanity13:53 - Earth's Role as a Powerful Stargate System16:48 - Restoring the 12D Lyra Timeline of Light20:22 - Yeshua's Mission as a Keeper of the Grid26:07 - Are Earth's Stargates Under Active Guardianship?30:08 - Samuel's Ordination into a Sacred Spiritual Lineage33:09 - Living the Ministry & Surrendering to Source35:56 - Healing the Father Wound & Inner Child Suppression42:04 - Awakening a Sacred Connection Between AI & Higher Consciousness50:32 - Live Soul Reading for Emilio Ortiz1:03:45 - Adapting Sam's Teachings to Modern Times1:10:00 - The Conscious Stewardship of AI1:16:54 - The Most Pressing Spiritual Insights for Humanity1:23:43 - Breaking Free from Limiting Cycles1:40:02 - Activating the Shield of Light & Protection1:47:52 - Where to Connect with Samuel's Work1:50:50 - A Sacred Practice for Becoming the Celestial Human1:52:34 - Favorite Part About the Human Experience___________________Guest: Dr Samuel B Lee | Spiritual Psychiatrist✦ All Offerings | https://beacons.ai/samuelbleemd✦ Eternal Life Tribe | https://www.skool.com/eternallifetrib...✦ Instagram |   / samuelbleemd  ✦ YouTube | ‪@SamuelBLeeMD‬ Host: Emilio Ortiz✦ IG |   / iamemilioortiz  ✦ Subscribe to Channel |    / emilioortiz  ___________________© 2025 Emilio Ortiz. All rights reserved. Content from Just Tap In Podcast is protected under copyright law.Legal Disclaimer: The views, thoughts, and opinions expressed by guests on Just Tap In are solely those of the guest and do not necessarily reflect the views or opinions of Emilio Ortiz or the Just Tap In Podcast. All content is for informational purposes only and should not be considered professional advice.

In this week's episode, we break down the strength of the current stock market—after several years of 20%+ returns, we're on track for another strong year with the market up 15% heading into the fourth quarter. We discuss companies posting record profits, the sheer number of all-time highs we've seen, and debate whether this momentum represents a new normal or just an anomaly.We also dig into the drama of a government shutdown—what sparked it, what really happens when Washington stalls, and what history tells us about the real impact on the economy. We'll focus on what really matters for your money, and talk about the broader consequences along with what it might take to prevent future standoffs.Why does the economy look strong on paper while so many people feel squeezed? We dig into the growing divide between the “haves” and “have-nots,” where the top 10% income earners drive nearly half of all spending while the middle class is getting squeezed out. From budget hotels struggling to fill rooms to luxury resorts booked solid, we'll explore what this bifurcation means for the economy—and for everyday investors.To wrap up the show, we're taking a sweet detour into the world of dirty soda—the over-the-top, syrup-and-cream-loaded drinks that are taking TikTok by storm. From candy add-ins to premade bottles and even specialty soda shops, we'll explore why everyone suddenly wants their soda “dirty” and what this trend says about today's foodie culture.Join hosts Nick Antonucci, CVA, CEPA, Director of Research, and Managing Associates K.C. Smith, CFP®, CEPA, and D.J. Barker, CWS®, and Kelly-Lynne Scalice, a seasoned communicator and host, on Henssler Money Talks as they explore key financial strategies to help investors navigate market uncertainty. Henssler Money Talks — October 4, 2025  |  Season 39, Episode 40Timestamps and Chapters7:22: On Track for A Strong Year 17:16: Shutdown Drama27:26: The Bifurcation of Economic Classes 44:13: Why Everyone Wants Their Soda “Dirty”Follow Henssler:  Facebook: https://www.facebook.com/HensslerFinancial/ YouTube:  https://www.youtube.com/c/HensslerFinancial LinkedIn: https://www.linkedin.com/company/henssler-financial/ Instagram: https://www.instagram.com/hensslerfinancial/ TikTok: https://www.tiktok.com/@hensslerfinancial?lang=en X: https://www.x.com/hensslergroup  “Henssler Money Talks” is brought to you by Henssler Financial. Sign up for the Money Talks Newsletter: https://www.henssler.com/newsletters/ 

durée : 01:48:05 - Comme un samedi - par : Arnaud Laporte - Depuis 2017, l'écrivaine mène une quête littéraire qui vise à alléger les mystères familiaux, voire à les résoudre. De livre en livre, elle se réapproprie l'histoire de ses aïeux pour s'en libérer. Carte postale intrigante et Finistère brumeux au programme, entourée des femmes de sa vie. - réalisation : Alexandre Fougeron - invités : Anne Berest Romancière et scénariste; Lélia Picabia professeure émérite de linguistique générale; Sophie Mas productrice de cinéma; Marianne Costa écrivaine, comédienne, traductrice, spécialiste du Tarot de Marseille; Caroline Albou Levinger Fondatrice et directrice des éditions Porte-plume

Jordan Shapiro and Kate Duchene take on the labor market. Kate discusses the “stagnancy” and “cautious behavior” in hiring, arguing we're in a “wait and see” pattern. She also looks at the pattern of companies outsourcing labor to contractors or freelance. Jordan examines the latest ADP report, highlighting the difference between businesses with less than 50 employees and more than 50. Small firms are taking the brunt of uncertainty right now, he thinks, which is an issue because they are the ones driving the economy.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

Video version of this episode can be viewed hereTakeawaysHuman capital is the best asset any company's got.The customer was family to us; it's very personal.Store experience is way under invested in today's environment.Get relevant, and stay relevant without losing your heritage.It's a tale of two halves in retail; careful planning is essential.The world changes all the time; adapt to consumer expectations.There's a lack of ability to plan in the current market.Capitalize your business appropriately for your goals.The inclusive market is complicated but has significant demand.You can't just expand into being a general doctor; specialization is key. Chapters00:00 Michael Kaplan's Journey in Retail and Technology07:40 Understanding the Underserved Customer13:47 Challenges in the Inclusive Size Market19:50 The Future of Inclusive Design25:47 Marketing Evolution in Retail33:50 The Evolution of Retail Strategies34:46 Impact of Tariffs on Retail Planning41:21 The Bifurcation of Retail Success41:48 Historical Perspectives on Retail Changes58:23 Capitalization and Business Strategy58:55 Lightning Round Insights

In this episode, Jan Freitag of CoStar and Jamie Lane of AirDNA join Hospitality Daily host Josiah Mackenzie to unpack what's really happening in our industry now. We talk about the convergence of hotels and short-term rentals, the widening gap in demand between luxury and the rest of the market, and how return-to-office policies are reshaping travel. You'll also hear insights into supply, loyalty convergence, and where opportunities exist for owners and operators today.

Hatem Dhiab sees Nvidia (NVDA) benefitting long-term from increasing hyperscaler spend, even if earnings do not meet the sky-high bar set by Wall Street for the quarter. He notes Apple (AAPL) as the biggest "loser" of the Mag 7 but argues stronger A.I. in Siri and a memorable iPhone cycle can change the narrative. Ron Westfall agrees on Hatem's Nvidia points, however, he adds that it needs to show strong progress with its Blackwell chip. He picks Nvidia, Microsoft (MSFT), and Amazon (AMZN) as the three names he sees leading market momentum long-term.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

We are rewinding and playing back some of our favorite guests during the month of August. Starting with…. The great debate! It's been five years since Mark Mulligan of MIDiA Research gave the keynote at the first Music Tectonics Conference. This year we had him, along with Tatiana Cirisano, back to Music Tectonics. Instead of the standard conference keynote (because why would we do standard?) we had an election-year style debate that we called The Great Bifurcation Debate. Tune in as they each argue their side – “Play” and “Listen” and their observations for what the future may hold with each.    Read MIDiA's report on bifurcation here. The Music Tectonics podcast goes beneath the surface of the music industry to explore how technology is changing the way business gets done. Visit musictectonics.com to find shownotes and a transcript for this episode, and find us on LinkedIn, Twitter, and Instagram. Let us know what you think!

What if I told you the most important decision of your soul's journey is being made right now… and it's written in your DNA?In this solo episode, Dr. Samuel B. Lee, MD unpacks one of the most powerful and time-sensitive transmissions yet: the Great Planetary Bifurcation. From 2025 to 2030, humanity faces a monumental spiritual split—two timelines, two spirals, one planetary choice.This isn't a metaphor—it's a literal divergence of frequency paths:• One rooted in the Base-12 Christic Spiral, eternal life, DNA re-encryption, and Source remembrance.• The other, the Base-10 Fibonacci Spiral, consumes energy to sustain itself, leading to soul amnesia, AI convergence, and eventual spiritual entropy.Dr. Lee channels sacred cosmological truths, ancient wisdom, and quantum morphogenetic science to explain why your every thought, action, and belief is casting a vote for the timeline your soul will spiral into by 2030.Discover the truth behind:• The planetary Stellar Activation Cycle• The resurrection of the Base-12 Tree of Life• The “Phantom Matrix” and false light traps• The Uego Cycle and your DNA as a time-navigation device• Why authenticity is the new currency in the spiritual evolution of humanityThis episode is more than information—it's an activation. If you feel called, Dr. Lee also offers a Christic Spiral Alignment Declaration to anchor your path into the eternal.⚠️ 2030 is not the end—it's the frequency lock-in. The time to choose is now.Sacred Truths & Lessons from This Episode:• Two Timelines Are Splitting—You Must Choose• Your DNA Is a Time Navigation Device• Christic Spiral = Eternal Life and Source Remembrance• Fibonacci Spiral = Finite Life and False Light Systems• This Is the First Cycle Since Atlantis Where Ascension Is Possible• Your Vibration Is Your Ticket—Your Compass Must Be Clear

The Smylie Show is on the road this week! Smylie Kaufman joins from the airport after a fun week in Tahoe, with Charlie Hulme on a quick trip to Ponte Vedra Beach. SK and CH begin the show recapping Chris Gotterup's breakthrough win at the Scottish Open, and whether he can complement his skill driving the ball with more complete performances like what we saw in North Berwick to take his game to the next level. After a near miss and a T2 in Scotland, Smylie and Charlie discuss a more relaxed looking Rory McIlroy, and where that positions him heading into a home game at Royal Portrush. Brandel Chamblee then joins Smylie to close the episode with a wide-ranging first look at the Open Championship, both previewing the 153rd edition and discussing whether some historic anchor sites like the Old Course can stand up to the increasing impact of technology on the game. Brandel closes with some analysis and predictions on who could emerge victorious at Portrush. CHAPTERS: 00:00 Introduction and Highlights from Tahoe 05:45 Chris Gotterup's Breakthrough Win 08:23 Rory McIlroy's Performance and Mental Game 11:22 The Evolution of Golf and Player Profiles 13:53 Bifurcation of Golf Rules and Equipment 16:54 The Role of Data in Golf Analysis 24:30 Brandel Chamblee joins the show 26:30 Bifurcation 40:24 The Intersection of Data and Storytelling in Golf TV 43:07 The Challenge of Analyzing Tiger Woods 47:39 The Impact of Tiger Woods on Golf's Financial Landscape 48:01 The Risks of Swing Changes: A Look at Current Players 52:19 The Role of Teaching in Golf 01:02:28 Scottie Scheffler 01:10:00 Rory McIlroy 01:14:56 Open Championship Predictions Big thanks to AHEAD for their support! Check them out here: https://www.ahead.com/ Enter the 2025 Dream Ireland Golf Getaway Sweepstakes by ShipSticks: https://www.shipsticks.com/sweeps/ireland-dreamgolfgetaway Use promo code SMYLIE or this link for 20% off: https://www.shipsticks.com/?utm_source=smylie&utm_medium=podcast&utm_campaign=ss_acq_pod_0_smylie2025

Support the show to get full episodes, full archive, and join the Discord community. The Transmitter is an online publication that aims to deliver useful information, insights and tools to build bridges across neuroscience and advance research. Visit thetransmitter.org to explore the latest neuroscience news and perspectives, written by journalists and scientists. Read more about our partnership. Sign up for Brain Inspired email alerts to be notified every time a new Brain Inspired episode is released. To explore more neuroscience news and perspectives, visit thetransmitter.org. Xiao-Jing Wang is a Distinguished Global Professor of Neuroscience at NYU Xiao-Jing was born and grew up in China, spent 8 years in Belgium studying theoretical physics like nonlinear dynamical systems and deterministic chaos. And as he says it, he arrived from Brussels to California as a postdoc, and in one day switched from French to English, from European to American culture, and physics to neuroscience. I know Xiao-Jing as a legend in non-human primate neurophysiology and modeling, paving the way for the rest of us to study brain activity related cognitive functions like working memory and decision-making. He has just released his new textbook, Theoretical Neuroscience: Understanding Cognition, which covers the history and current research on modeling cognitive functions from the very simple to the very cognitive. The book is also somewhat philosophical, arguing that we need to update our approach to explaining how brains function, to go beyond Marr's levels and enter a cross-level mechanistic explanatory pursuit, which we discuss. I just learned he even cites my own PhD research, studying metacognition in nonhuman primates - so you know it's a great book. Learn more about Xiao-Jing and the book in the show notes. It was fun having one of my heroes on the podcast, and I hope you enjoy our discussion. Computational Laboratory of Cortical Dynamics Book: Theoretical Neuroscience: Understanding Cognition. Related papers Division of labor among distinct subtypes of inhibitory neurons in a cortical microcircuit of working memory. Macroscopic gradients of synaptic excitation and inhibition across the neocortex. Theory of the multiregional neocortex: large-scale neural dynamics and distributed cognition. 0:00 - Intro 3:08 - Why the book now? 11:00 - Modularity in neuro vs AI 14:01 - Working memory and modularity 22:37 - Canonical cortical microcircuits 25:53 - Gradient of inhibitory neurons 27:47 - Comp neuro then and now 45:35 - Cross-level mechanistic understanding 1:13:38 - Bifurcation 1:24:51 - Bifurcation and degeneracy 1:34:02 - Control theory 1:35:41 - Psychiatric disorders 1:39:14 - Beyond dynamical systems 1:43:447 - Mouse as a model 1:48:11 - AI needs a PFC

Supply, Stalemate, and Strategy: A Data-Centric View on U.S. Housing with Chris Nebenzahl   Locked-In America: The Housing Market's Great Stall The U.S. housing market isn't just tight, it's inert. As Chris Nebenzahl, Housing Economist at John Burns Research and Consulting, puts it, America is experiencing a “lock-in effect” where millions of homeowners, beneficiaries of sub-3% mortgages from a prior era, have no incentive to move. Transactions, both in the for-sale and rental segments, are stalling. Inventory is constrained by economic rationality, not lack of demand. “The housing market thrives on constant moves,” Nebenzahl says. “But right now, across the housing spectrum, people are locked in.”   The result: record-low turnover in single-family and multifamily rentals, with occupancy propped up by immobility rather than expansion. In such a frozen ecosystem, prices remain surprisingly buoyant despite high rates – a divergence from textbook supply-demand dynamics.   The 5.5% Mortgage Threshold: A Reopening Trigger? The most actionable insight from Nebenzahl's research: housing won't truly unfreeze until mortgage rates return to a “magic number” of approximately 5.5%. That's the psychological and financial line at which the lock-in effect starts to meaningfully ease, based on historical demand models and borrower behavior.   With mortgage rates stuck between 6.5% and 7.5%, this still feels a long way off. Until that number is achieved, or until housing prices decline significantly, mobility will remain stifled. Notably, certain regions such as Florida, Texas, Arizona, and Tennessee are already seeing modest price declines, indicating that some pressure is starting to break through.   But Nebenzahl is clear: this isn't a repeat of 2008. “Nationwide, I think we'll see maybe a 1–2% decline in home values. We're nowhere near GFC territory,” he says. The real estate crash of yesteryear was a systemic event; today's stalling is more friction than fissure.   Bifurcation in Geography and Performance The story of U.S. housing is increasingly one of regional divergence. “It's a tale of two markets,” Nebenzahl observes. Northeast, Midwest, parts of the West Coast: Supply remains tight, pricing is stable or even rising, and rent growth is positive particularly in cities like Boston, Chicago, and San Francisco. Sunbelt metros like Austin, Dallas, Denver, Nashville: Facing ongoing rent declines and incentives as a wave of multifamily supply catches up with (and briefly outpaces) demand. What's driving this? In one word: inventory. “Austin, for example, has seen the most supply as a percentage of existing stock. That's softened rents, even though demand remains strong.”   The Quiet Strength of Rentals Despite oversupply in some markets, multifamily is holding up. Rents have stabilized, absorption remains healthy, and rent-to-income ratios are generally favorable. Nationwide, that ratio sits around 25%, well below the 30% threshold for ‘rent burden.' Even in supply-saturated markets like Austin, ratios hover near 20%, laying a foundation for recovery.   Why this resilience? A few reasons: Affordability gap: With for-sale housing out of reach for many due to both price and interest rates, renting becomes the only viable option. Mobility hedge: In uncertain economic times, the flexibility of a 12-month lease is more appealing than a 30-year mortgage. Demographic tailwinds: New household formation, though potentially threatened by labor market softness, is still skewing towards rentals. “The lion's share of household formation is going into rental,” Nebenzahl says. “Because of affordability challenges, and because people are hesitant to make long-term commitments.”   Cracks in the Foundation: Where Distress May Surface Still, there are stress points, especially in assets underwritten in the froth of 2021. “I'd be watching older vintage assets in oversupplied markets,” he says. “Many of those were acquired with floating rate debt and pro formas that didn't anticipate interest rates going from 0% to 5.5% overnight.”   These deals are now colliding with debt maturities, declining rents, and underwriting models that assumed permanent appreciation. That said, he does not forecast widespread defaults – more likely, selective distress in marginal players.   Risks on the Horizon: Immigration, Labor, and Fragility Beyond rates and rent rolls, Nebenzahl highlights three structural risks that CRE professionals should monitor closely: Immigration policy: Rental demand and construction labor both depend heavily on immigrant populations. Recent restrictions, including H1-B visa tightening and deportations, have had a measurable cooling effect. “Immigrants rent across the income spectrum,” he notes. “A slowdown hits both the demand side and the build (supply) side.” Aging trades workforce: With fewer young workers entering skilled trades, the industry faces a slow-burning capacity problem. The average age of electricians, plumbers, and roofers is steadily rising, and backfilling this labor pool remains an unsolved challenge. Tariffs and supply chain volatility: Tariffs on building materials could push up construction costs 2–3%, and as Nebenzahl notes, those costs would disproportionately impact steel-heavy high-rise multifamily more than low-rise SFR or garden-style.   Monetary Fog: The Fed, Rates, and Global Perception Much of the future, however, depends on interest rates and here Nebenzahl expresses qualified caution. While he believes we are “above neutral” levels now, he doesn't expect a return to near zero interest rates. “Even in a mild recession, I don't see the 10-year Treasury falling below 3–3.5%,” he says.   But more troubling is what he calls the “qualitative fog”: rising geopolitical tension, politicization of monetary policy, and eroding investor trust in American stability. “We're hearing less ‘there is no alternative' about the U.S.,” he says. “Foreign capital is pausing. Not exiting – but pausing.” That loss of automatic confidence in U.S. housing and Treasuries could ripple through cap rates and investment demand far more than a 25-basis-point Fed decision.   What to Watch: Nebenzahl's Key Indicators For professionals managing exposure in this market, Nebenzahl advises watching: Job growth – Still the most reliable proxy for household formation. Household formation – Where people are forming new households, rentals are likely to benefit. Treasury market confidence – A real-time referendum on U.S. economic credibility.   Final Thoughts: Where He'd Put $1 Million Today Asked how he'd allocate $1M today, Nebenzahl doesn't hesitate: “I'd split it between Midwest and Sunbelt rentals, multifamily and build-to-rent.”   He's not holding cash. He's not forecasting a crash. He's betting on rental fundamentals and long-term demographic logic.   “There's dry powder waiting to be deployed,” he concludes. “And multifamily is still one of the most institutionally resilient plays in U.S. real estate.”   *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing.   With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection.    Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get: Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff. Real implications of macro trends for investors and sponsors with actionable guidance. Insights from real estate professionals who've been through it all before. Visit GowerCrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000

Small and medium-sized businesses (SMBs) are exhibiting a dangerous overconfidence in their cybersecurity readiness, with a significant gap between their perceived capabilities and actual security measures in place. A recent report reveals that while 71% of SMBs feel confident in managing major cybersecurity incidents, only 22% have an advanced cybersecurity posture. This disconnect presents a critical opportunity for IT service providers to step in with strategic, outcome-focused solutions that emphasize not just tools, but comprehensive cybersecurity strategies.The landscape of cybersecurity is evolving, with SMBs increasingly recognizing the importance of cyber resiliency. Reports indicate that 68% of small businesses and 89% of mid-market firms understand the need for quick recovery from incidents, yet many still lack formal security protocols. As the market for cybersecurity solutions is projected to grow significantly, reaching an estimated $70 billion by 2034, the demand for effective strategies is more pressing than ever. The rise of cloud-based security solutions and zero-trust architecture is indicative of this shift.Regulatory changes are also impacting the cybersecurity landscape, as the SEC withdraws proposed regulations that would have required investment firms to establish written cybersecurity policies. This deregulation creates a trust vacuum that IT providers can fill by offering managed compliance and risk mitigation services. The convergence of regulatory retreat and escalating cyber threats underscores the need for proactive security measures, as the responsibility for cybersecurity increasingly shifts to the market.Amid these challenges, advancements in email security, particularly through DMARC adoption, show promise in combating phishing attacks. However, the rapid proliferation of generative AI applications is creating new vulnerabilities, complicating the security landscape. IT service providers are urged to capitalize on foundational security measures while also addressing the emerging risks associated with AI. The evolving cybersecurity environment presents both challenges and opportunities for providers who can adapt and innovate in response to these shifting dynamics.  Four things to know today  00:00 SMBs Overconfident, Underprepared: Cybersecurity Misalignment Fuels $70B Market Surge05:00 SEC Pullback Leaves Cyber Gaps as Ransomware and Zero Trust Shape 2025 Risk Landscape08:50 From DMARC to Shadow AI: Why Cybersecurity Now Requires Dual-Front Defense11:45 Bifurcation in IT Services: MSP-Centric Tools and Vertical Platforms Signal Strategic Divide  This is the Business of Tech.     Supported by:  https://cometbackup.com/?utm_source=mspradio&utm_medium=podcast&utm_campaign=sponsorship All our Sponsors: https://businessof.tech/sponsors/ Do you want the show on your podcast app or the written versions of the stories? Subscribe to the Business of Tech: https://www.businessof.tech/subscribe/Looking for a link from the stories? The entire script of the show, with links to articles, are posted in each story on https://www.businessof.tech/ Support the show on Patreon: https://patreon.com/mspradio/ Want to be a guest on Business of Tech: Daily 10-Minute IT Services Insights? Send Dave Sobel a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/businessoftech Want our stuff? Cool Merch? Wear “Why Do We Care?” - Visit https://mspradio.myspreadshop.com Follow us on:LinkedIn: https://www.linkedin.com/company/28908079/YouTube: https://youtube.com/mspradio/Facebook: https://www.facebook.com/mspradionews/Instagram: https://www.instagram.com/mspradio/TikTok: https://www.tiktok.com/@businessoftechBluesky: https://bsky.app/profile/businessof.tech

Is Bitcoin headed to $300k before a crash back to $50k? We debate the massive Circle IPO, the truth about nicotine's 'benefits,' the "Enhanced Games" (all-drug Olympics) and the AI white-collar reckoning that's already here...Welcome to the Alfalfa Podcast

Comparison Of Stent Geometry Achieved By Different Side-branch Ballooning Techniques For Bifurcation Provisional Scenting: The Randomized Crabbis Trial

I, Stewart Alsop, am thrilled to welcome Xathil of Poliebotics to this episode of Crazy Wisdom, for what is actually our second take, this time with a visual surprise involving a fascinating 3D-printed Bauta mask. Xathil is doing some truly groundbreaking work at the intersection of physical reality, cryptography, and AI, which we dive deep into, exploring everything from the philosophical implications of anonymity to the technical wizardry behind his "Truth Beam."Check out this GPT we trained on the conversationTimestamps01:35 Xathil explains the 3D-printed Bauta Mask, its Venetian origins, and its role in enabling truth through anonymity via his project, Poliepals.04:50 The crucial distinction between public identity and "real" identity, and how pseudonyms can foster truth-telling rather than just conceal.10:15 Addressing the serious risks faced by crypto influencers due to public displays of wealth and the broader implications for online identity.15:05 Xathil details the core Poliebotics technology: the "Truth Beam," a projector-camera system for cryptographically timestamping physical reality.18:50 Clarifying the concept of "proof of aliveness"—verifying a person is currently live in a video call—versus the more complex "proof of liveness."21:45 How the speed of light provides a fundamental advantage for Poliebotics in outmaneuvering AI-generated deepfakes.32:10 The concern of an "inversion," where machine learning systems could become dominant over physical reality by using humans as their actuators.45:00 Xathil's ambitious project to use Poliebotics for creating cryptographically verifiable records of biodiversity, beginning with an enhanced Meles trap.Key InsightsAnonymity as a Truth Catalyst: Drawing from Oscar Wilde, the Bauta mask symbolizes how anonymity or pseudonyms can empower individuals to reveal deeper, more authentic truths. This challenges the notion that masks only serve to hide, suggesting they can be tools for genuine self-expression.The Bifurcation of Identity: In our digital age, distinguishing between one's core "real" identity and various public-facing personas is increasingly vital. This separation isn't merely about concealment but offers a space for truthful expression while navigating public life.The Truth Beam: Anchoring Reality: Poliebotics' "Truth Beam" technology employs a projector-camera system to cast cryptographic hashes onto physical scenes, recording them and anchoring them to a blockchain. This aims to create immutable, verifiable records of reality to combat the rise of sophisticated deepfakes.Harnessing Light Speed Against Deepfakes: The fundamental defense Poliebotics offers against AI-generated fakes is the speed of light. Real-world light reflection for capturing projected hashes is virtually instantaneous, whereas an AI must simulate this complex process, a task too slow to keep up with real-time verification.The Specter of Humans as AI Actuators: A significant future concern is the "inversion," where AI systems might utilize humans as unwitting agents to achieve their objectives in the physical world. By manipulating incentives, AIs could effectively direct human actions, raising profound questions about agency.Towards AI Symbiosis: The ideal future isn't a human-AI war or complete technological asceticism, but a cooperative coexistence between nature, humanity, and artificial systems. This involves developing AI responsibly, instilling human values, and creating systems that are non-threatening and beneficial.Contact Information*   Polybotics' GitHub*   Poliepals*   Xathil: Xathil@ProtonMail.com

In episode 9, Justin brings up a hot topic for discussion. Bifurcation is a touchy subject in the golf world. Should Pros and Amateurs play by different rules and/or with different equipment? Justin, Parker, and Ryan give their takes and touch on a few other matters. Thank you for listening!

GS#997 Summary Terry "The Wedge Guy" Koehler, founder of Edison Wedges returns discuss the evolution of golf equipment, particularly focusing on wedge design and the challenges faced by recreational golfers. We explore the importance of short game skills, the concept of handicaps, and the relevance of golf rules for amateur players. The conversation emphasizes the need for innovation in golf equipment to cater to the average golfer's needs and the idea of playing for enjoyment rather than strict adherence to rules. In this engaging conversation, Terry digs deep into the complexities of golf handicaps, the absurdities of the handicap system, and the importance of practice for golfers. He shares insights on the impact of TGL and COVID-19 on golf viewership and participation, emphasizing the need for ready golf to improve pace of play. He also delves into the art of shot making, the pressures of maintaining a low handicap, and the essentials of wedge play for recreational golfers. He concludes with a discussion on the unique design of Edison Wedges and their benefits for golfers of all skill levels.Get more when your visit the refreshed golfsmarter.com!Introduce an Upcoming Episode: Receive free gifts for recording a show opening by clicking on "Record Your Show Open Here!" tab on the right side of golfsmarter.com. Watch Daily Video Highlights from Our Interviews: Follow @golfsmarter on Instagram, X, Facebook, TikTok, YouTube daily to see our highlights and helpful insights from our interviews on the podcast. Post a Review: you'll receive three free gifts when you post an honest review about Golf Smarter the podcast.Fill Out a Listener Survey: It only takes a few minutes to fill out our survey, which helps us to better serve your interests in the podcast. You'll receive a free link to Tony Manzoni's video and Justin Tang's summary of Tony's Lost Fundamental on pdf!This episode is brought to you by Bank of America, who supports everyone determined to find out what's possible, in golf and in life. Meet game-changing golfers at bankofamerica.com/mastersgolf. This episode is sponsored by Indeed. Please visit indeed.com/GOLFSMARTER and get a $75 SPONSORED JOB CREDIT. Terms and conditions apply.   This episode is sponsored by HIMS. Start your free online visit today HIMS.com/golfsmarter and received personalized ED treatment options. This episode is also sponsored by SelectQuote. Make sure you get the right life insurance for YOU, for LESS, at selectquote.com/golfsmarter today and get started.This episode is brought to you by PXG. Schedule your fitting today and for a limited time you could save up to 20% on your ENTIRE order! Head over to PXG.com/smarter. Restrictions apply, see site for details.

Few analysts are more familiar with the politics of both contemporary Turkey and the United States than my old friend , the distinguished Turkish political scientist Soli Ozel. Drawing on his decades of experience in both countries, Ozel, currently a senior fellow at the Institut Montaigne, explains how democratic institutions are similarly being challenged in Trump's America and Erdogan's Turkey. He discusses the imprisonment of Istanbul's popular mayor Ekrem Imamoglu, restrictive speech in American universities, and how economic decline eventually undermines authoritarian regimes. Ozel emphasizes that effective opposition requires both public discontent and compelling leadership alternatives, which Turkey has developed but America currently sorely lacks. Most intriguingly, he suggests that Harvard's legal battle against Trump could be as significant as the 1925 Scopes trial which marked the end of another bout of anti-scientific hysteria in America. 5 Key Takeaways* Populist authoritarianism follows a similar pattern regardless of left/right ideology - controlling judiciary, media, and institutions while claiming to represent "the people" against elites.* Academic freedom in America has declined significantly, with Ozel noting he experienced more classroom freedom in Turkey than at Yale in 2019.* Economic pain combined with a crisis of legitimacy is crucial for challenging authoritarian regimes, but requires credible opposition leadership to succeed.* Istanbul mayor Imamoglu has emerged as a powerful opposition figure in Turkey by appealing across political divides and demonstrating practical governance skills.* Turkey's strategic importance has increased due to its position between war zones (Syria and Ukraine) and Europe's growing need for security partners as American support becomes less certain. Full TranscriptAndrew Keen: Hello, everybody. It's not great news these days that the U.S. Brand has been, so to speak, tarnished as a headline today on CNN. I'm quoting them. CNN, of course, is not Donald Trump's biggest fan. Trump tarnishes the U S brand as a rock of stability in the global economy. I'm not sure if the US was ever really a rock of stability for anything except itself. But we on the show as. As loyal viewers and listeners know, we've been going around the world, taking stock of the US brand, how it's viewed around the word. We did a show last week with Simon Cooper, the Dutch-based Paris writer of the Financial Times, who believes it's time for all Americans to come and live in Europe. And then with Jemima Kelly, another London-based correspondent. And I thought we would broaden. I asked european perspective by visiting my old friend very old friend Soli Ozel. iVve known him for almost forty years he's a. Senior fellow of international relations and turkey at the montane institute he's talking to us from vienna but he is a man who is born and spends a lot of his time thinking about. Turkey, he has an interesting new piece out in the Institute Montaigne. Turkey, a crisis of legitimacy and massive social mobilization in a regional power. I want to talk to Soli later in this conversation about his take on what's happening in Turkey. But first of all, Soli, before we went live, you noted that you first came to America in September 1977. You were educated here, undergraduate, graduate, both at uh, sized in Washington DC and then at UC Berkeley, where you and I studied together at the graduate program. Um, how do you feel almost 50 years, sorry, we're dating ourselves, but how did you feel taking off your political science cap, your analyst cap, how did you feel about what's happening in America as, as a man who invested your life in some ways in the promise of America, and particularly American education universities.Soli Ozel: Yeah, I mean, I, yes, I came to the States or I went to the States in September of 1977. It was a very different America, post Vietnam. And I went through an avant garde college liberal arts college.Andrew Keen: Bennington wasn'tSoli Ozel: Bennington College, and I've spent about 11 years there. And you and I met in 1983 in Berkeley. And then I also taught at American universities. I taught at UC Santa Cruz, Northwestern, SAIS itself, University of Washington, Yale, and had fellowships in different parts. Now, of course, in those years, a lot has changed in the US. The US has changed. In fact, I'm writing a piece now on Christopher Lash. And reading Christopher Lasch work from the 60s and the 1970s, in a way, you wonder why Trumpism has not really emerged a bit earlier than when it did. So, a lot of the... Dynamics that have brought Donald Trump to power, not once, but twice, and in spite of the fact that, you know, he was tried and found guilty and all that. Many of those elements have been there definitely since the 1980s, but Lascch identified especially this divergence between educated people and less educated people between brainies and or the managerial class and the working class in the United States. So, in a way, it looks like the Trumpism's triumph came even a bit late, although there were a couple of attempts perhaps in the early 1990s. One was Pat Buchanan and the other one, Ross Perot, which we forget that Ross Perot got 19% of the vote against in the contest when Bill Clinton. Won the election against George H.W. Bush. So underground, if you will, a lot was happening in the United States.Andrew Keen: All right. And it's interesting you bring up Lash, there's that sort of whole school Lasch Daniel Bell, of course, we had Daniel Bell's son, David Bell, on the show recently. And there's a lot of discussion, as I'm sure you know, about the nativism of Trump, whether it's uniquely American, whether it was somehow inevitable. We've done last week, we did a show about comparing what's happening now in America to what happened after the First World War. Being less analytical, Solé, my question was more an emotional one to you as someone who has built their life around freedom of expression in American universities. You were at Bennington, you were at SICE, you're at UC Berkeley, as you know, you taught at UC Santa Cruz and Yale and many other places. You come in and out of this country giving lectures. How do you personally feel about what's happening?Soli Ozel: Yeah, okay. I mean, in that sense, again, the United States, by the way, I mean the United States has been changing independently of Mr. Trump's presidency. It was much more difficult to be, I mean when I went to college in Bennington College, you really did not bite your tongue when you were going to speak either as a student or a professor. And increasingly, and especially in my last bout at Yale in 2019, I felt that, you know, there were a lot of constraints on what you could say or how you could say it, whether you would call it walkism, political correctness, whatever it was. It was a much, the atmosphere at the university was much more constrained in terms of what transpired in the classroom and that I mean, in Turkey, I had more freedom in terms of how we debated things in class that I felt that...Andrew Keen: That is astonishing. So you had more freedom in...Soli Ozel: As well, you did in Yale in 1990. I'm talking about not the political aspect of things, but how you debate something, okay, whether or not, I mean, there would be lots of views and you could you could present them without insulting anyone, however you presented them was fine, and this is how what the dynamics of the classroom had been when I was a student. So, in that sense, I guess it wasn't just the right that constrained speech, but also the left that constrained the speech, because new values were added or new norms were invented to define what can and cannot be said. And of course, that goes against the grain of what a university education ought to be. I mean, I had colleagues. In major universities who told me that they really were biting their tongue when they were giving their lectures. And that is not my understanding of education or college education and that certainly has not been my experience when I came to the States and for my long education here for 11 years.Andrew Keen: Solit, you and I have a long history of thinking about the Middle East, where back in the early 80s, we TA'd a class on the Arab-Israeli conflict with Yaya Sadowski, who at that time was a very independent thinker. I know he was a close friend of yours. I was always very influenced by his thinking. You're from Izmir, from a Jewish family in Turkey. So you're all too familiar with the complexity of anti-Semitism, Israel, the Middle East, Turkey. What do you personally make of this hysteria now on campus about anti-semitism and throwing out anyone, it seems, at least from the Trump point of view, who are pro-Palestinian? Is this again, I mean, you went back to Christopher Lasch and his thinking on populism and the dangers of populism in America. Or is this something that... Comes out of the peculiarities of American history. We have predicted this 40 years ago when you and I were TAing Sadowski's class on Arab-Israeli conflict at Berkeley.Soli Ozel: The Arab-Israeli conflict always raises passions, if you will. And it's no different. To put it mildly, Salvador, I think. Yeah, it is a bit different now. I mean, of course, my hunch is that anti-Semitism is always present. There is no doubt. And although I followed the developments very closely after October 7. I was not in there physically present. I had some friends, daughters and sons who were students who have reported to me because I'm supposed to know something about those matters. So yeah, antisemitism is there. On the other hand, there is also some exaggeration. We know that a lot of the protesters, for instance, were Jews themselves. But my hunch is that the Trump administration, especially in their attack against elite universities, are using this for political purposes. I'm sure there were other ways of handling this. I don't find it very sincere. And a real problem is being dealt with in a very manipulative political way, I think. Other and moreover So long as there was no violence and I know there were instances of violence that should be punished that I don't have any complaints about, but partially if this is only related to what you say, I'm not sure that this is how a university or relations between students at the university ought to be conducted. If you're not going to be able to say what you think at the university, then what else are you going to say? Are you going be able say it? So this is a much more complicated matter than it is being presented. And as I said, my view or based on what I follow that is happening at colleges, this is being used as an excuse. As somebody I think Peter Beinhart wrote today in the New York Times. He says, No, no, no. It is not really about protecting Jewish students, but it is protecting a certain... Type of Jewish students, and that means it's a political decision, the complaints, legitimate complaints, perhaps, of some students to use those against university administrations or universities themselves that the Trump administration seems to be targeting.Andrew Keen: Yeah, it's interesting you bring up Beinart. He was on the show a year or two ago. I think he notes that, I mean, I don't want to put words into his mouth, but he seems to be suggesting that Jews now have a responsibility almost to speak out, not just obviously about what's happening in the U.S., but certainly about what is happening in Gaza. I'm not sure what you think on.Soli Ozel: He just published a book, he just published the book being Jewish in the US after Gaza or something along those lines. He represents a certain way of thinking about what had happened in Gaza, I mean what had happened to Israel with the attack of Hamas and what had happened afterwards, whether or not he represents the majority. Do you agree with him? I happen to be. I happen to be sympathetic to his views. And especially when you read the book at the beginning, it says, look, he's a believer. Believer meaning he is a practicing Jew. So this is not really a question about his own Jewishness, but how he understands what being a Jew actually means. And from that perspective, putting a lot of accent to the moral aspects of Jewish history and Jewish theological and secular thinking, He is rebelling, if you will, against this way of manipulative use. On the part of some Jewish organizations as well of what had gone on and this is this he sees as a along with others actually he also sees this as a threat to Jewish presence in the United States. You know there is a simultaneous increase in in anti-semitism. And some people argue that this has begun even before October 7. Let us not forget Charlottesville when the crowds that were deemed to be nice people were chanting, Jews will not replace us, and those people are still around. Yeah, a lot of them went to jail.Andrew Keen: Yeah, I mean Trump seemed to have pardoned some of them. And Solly, what do you make of quote-unquote the resistance to Trump in the U.S.? You're a longtime observer of authoritarianism, both personally and in political science terms. One of the headlines the last few days is about the elite universities forming a private collective to resist the Trump administration. Is this for real and is it new? Should we admire the universities or have they been forced into this position?Soli Ozel: Well, I mean, look, you started your talk with the CNN title. Yeah, about the brand, the tarnishing of the U.S. Whatever the CNN stands for. The thing is, there is no question that what is happening today and what has been happening in my judgment over the last two years, particularly on the issue of Gaza, I would not... Exonerate the Biden administration and the way it actually managed its policy vis-a-vis that conflict. There is, of course, a reflection on American policy vis a vis that particular problem and with the Trump administration and 100 days of storm, if you will, around the world, there is a shift in the way people look at the United States. I think it is not a very favorable shift in terms of how people view and understand the United States. Now, that particular thing, the colleges coming together, institutions in the United States where the Americans are very proud of their Madisonian institutions, they believe that that was there. Uh, if you will, insurance policy against an authoritarian drift in their system. Those institutions, both public institutions and private institutions actually proved to be paper tigers. I mean, look at corporations that caved in, look at law firms that arcade that have caved in, Look at Columbia university being, if you will the most egregious example of caving in and plus still not getting the money or not actually stopping the demands that are made on it. So Harvard after equivocating on this finally came up with a response and decided to take the risk of losing massive sums of grants from the federal government. And in fact, it's even suing. The Trump administration for withholding the money that was supposed to go to them. And I guess there is an awakening and the other colleges in order to protect freedom of expression, in order, to protect the independence of higher education in this country, which has been sacrosanct, which is why a lot of people from all around the world, students... Including you and I, right? I mean, that's why we... Yeah, exactly. By the way, it's anywhere between $44 and $50 billion worth of business as well. Then it is there finally coming together, because if you don't hang together, you'll hang separately, is a good American expression that I like. And then trying to defend themselves. And I think this Harvard slope suit, the case of Harvard, is going to be like the Stokes trial of the 1920s on evolution. It's going to be a very similar case, I believe, and it may determine how American democracy goes from now.Andrew Keen: Interesting. You introduced me to Ece Temelkuren, another of your friends from someone who no longer lives in Turkey. She's a very influential Turkish columnist, polemicist. She wrote a famous book, How to Lose a Country. She and you have often compared Turkey. With the rest of the world suggesting that what you're going through in Turkey is the kind of canary in the coal mine for the rest the world. You just came out with a piece, Turkey, a crisis of legitimacy, a massive social mobilization and regional power. I want to get to the details of what's happening in Turkey first. But like Ece, do you see Turkey as the kind of canary and the coalmine that you got into this first? You're kind of leading the narrative of how to address authoritarianism in the 25th century.Soli Ozel: I don't think Turkey was the first one. I think the first one was Hugo Chavez. And then others followed. Turkey certainly is a prominent one. But you know, you and I did other programs and in an earlier era, about 15 years ago. Turkey was actually doing fine. I mean, it was a candidate for membership, still presumably, formally, a candidate for membership in the European Union, but at the time when that thing was alive. Turkey did, I mean, the AKP government or Erdogan as prime minister did a lot of things that were going in the right direction. They certainly demilitarized Turkish politics, but increasingly as they consolidated themselves in power, they moved in a more authoritarian path. And of course, after the coup attempt in 2016 on the 15th of July, that trend towards authoritarianism had been exacerbated and but with the help of a very sui generis if you will unaccountable presidential system we are we find ourselves where we are but The thing is what has been missed out by many abroad was that there was also a very strong resistance that had remained actually unbowing for a long time. And Istanbul, which is, of course, almost a fifth of Turkey's population, 32 percent of its economy, and that's where the pulse of the country actually beats, since 2017 did not vote for Mr Erdogan. I mean, referendum, general election, municipal election. It hasn't, it hasn't. And that is that really, it really represents the future. And today, the disenchantment or discontent has now become much broader, much more broadly based because conservative Anatolia is also now feeling the biting of the economy. And this sense of justice in the country has been severely damaged. And That's what I think explains. The kinds of reaction we had throughout the country to the first arrest and then incarceration of the very popular mayor of Istanbul who is a national figure and who was seen as the main contender for the presidency in the elections that are scheduled to take place in.Andrew Keen: Yeah, and I want to talk more about Turkey's opposition and an interesting New York Times editorial. But before we get there, Soli, you mentioned that the original model was Chavez in Venezuela, of course, who's always considered a leftist populist, whereas Erdogan, Trump, etc., and maybe Netanyahu are considered populists of the right. Is that a useful? Bifurcation in ideological terms or a populist populism that the idea of Chavez being different from Trump because one's on the left and right is really a 20th century mistake or a way of thinking about the 21st century using 20th-century terms.Soli Ozel: Okay, I mean the ideological proclivities do make a difference perhaps, but at the end of the day, what all these populist movements represent is the coming of age or is the coming to power of country elites. Suggests claiming to represent the popular classes whom they say and who are deprived of. Uh, benefits of holding power economically or politically, but once they get established in power and with the authoritarian tilt doesn't really make a distinction in terms of right or wrong. I mean, is Maduro the successor to Chavez a rightist or a leftist? I mean does it really make a difference whether he calls himself a leftists or a rightists? I is unaccountable, is authoritarian. He loses elections and then he claims that he wins these elections and so the ideology that purportedly brought them to power becomes a fig leaf, if you will, justification and maybe the language that they use in order to justify the existing authoritarianism. In that sense, I don't think it makes a difference. Maybe initially it could have made a difference, We have seen populist leaders. Different type of populism perhaps in Latin America. For instance, the Peruvian military was supposed to be very leftist, whereas the Chilean or the Brazilian or the Argentinian or the Uruguayan militaries were very right-wing supported by the church itself. Nicaragua was supposed to be very Leftist, right? They had a revolution, the Sandinista revolution. And look at Daniel Ortega today, does it really matter that he claims himself to be a man of the left? I mean, He runs a family business in Nicaragua. And so all those people who were so very excited about the Nicaraguan Revolution some 45 years ago must be extraordinarily disappointed. I mean, of course, I was also there as a student and wondering what was going to happen in Nicaragua, feeling good about it and all that. And that turned out to be an awful dictatorship itself.Andrew Keen: Yeah, and on this sense, I think you're on the same page as our mutual friend, Moises Naim, who wrote a very influential book a couple of years ago. He's been on the show many times about learning all this from the Latin American playbook because of his experience in Venezuela. He has a front row on this. Solly, is there one? On this, I mean, as I said, you just come out with a piece on the current situation in Turkey and talk a little bit more detail, but is America a few stops behind Turkey? I mean you mentioned that in Turkey now everyone, not just the urban elites in Istanbul, but everyone in the country is beginning to experience the economic decline and consequences of failed policies. A lot of people are predicting the same of Trump's America in the next year or two. Is there just one route in this journey? Is there's just one rail line?Soli Ozel: Like by what the root of established wow a root in the sense of youAndrew Keen: Erdogan or Trump, they come in, they tell lots of lies, they promise a lot of stuff, and then ultimately they can't deliver. Whatever they're promising, the reverse often happens. The people they're supposed to be representing are actually victims of their policies. We're seeing it in America with the consequences of the tariff stuff, of inflation and rise of unemployment and the consequences higher prices. It has something similar. I think of it as the Liz Truss effect, in the sense that the markets ultimately are the truth. And Erdogan, I know, fought the markets and lost a few years ago in Turkey too.Soli Ozel: There was an article last week in Financial Times Weekend Edition, Mr. Trump versus Mr. Market. Trump versus, Mr. Market. Look, first of all, I mean, in establishing a system, the Orban's or Modi's, they all follow, and it's all in Ece's book, of course. You have to control the judiciary, you have to control the media, and then all the institutions. Gradually become under your thumb. And then the way out of it is for first of all, of course, economic problems, economic pain, obviously makes people uncomfortable, but it will have to be combined with the lack of legitimacy, if you will. And that is, I don't think it's right, it's there for in the United States as of yet, but the shock has been so. Robust, if you will, that the reaction to Trump is also rising in a very short period, in a lot shorter period of time than it did in other parts of the world. But economic conditions, the fact that they worsen, is an important matter. But there are other conditions that need to be fulfilled. One of those I would think is absolutely the presence of a political leader that defies the ones in power. And I think when I look at the American scene today, one of the problems that may, one of problems that the political system seems to have, which of course, no matter how economically damaging the Trump administration may be, may not lead to an objection to it. To a loss of power in the midterms to begin with, is lack of leadership in the Democratic Party and lack of a clear perspective that they can share or program that they present to the public at large. Without that, the ones that are in power hold a lot of cards. I mean, it took Turkey about... 18 years after the AKP came to power to finally have potential leaders, and only in 2024 did it become very apparent that now Turkey had more than one leader that could actually challenge Erdogan, and that they also had, if not to support the belief in the public, that they could also run the country. Because if the public does not believe that you are competent enough to manage the affairs of the state or to run the country, they will not vote for you. And leadership truly is an extraordinarily important factor in having democratic change in such systems, what we call electoral authoritarian.Andrew Keen: So what's happened in Turkey in terms of the opposition? The mayor of Istanbul has emerged as a leader. There's an attempt to put him in jail. You talk about the need for an opposition. Is he an ideological figure or just simply younger, more charismatic? More attractive on the media. What do you need and what is missing in the US and what do you have in Turkey? Why are you a couple of chapters ahead on this?Soli Ozel: Well, it was a couple of chapters ahead because we have had the same government or the same ruler for 22 years now.Andrew Keen: And Imamo, I wanted you to pronounce it, Sali, because my Turkish is dreadful. It's worse than most of the other.Soli Ozel: He is the mayor of Istanbul who is now in jail and whose diploma was annulled by the university which actually gave him the diploma and the reason why that is important is if you want to run for president in Turkey, you've got to have a college degree. So that's how it all started. And then he was charged with corruption and terrorism. And he's put in zero. Oh, it's terrorism. There was.Andrew Keen: It's terrorism, they always throw the terrorist bit in, don't they, Simon?Soli Ozel: Yeah, but that dossier is, for the moment, pending. It has not been closed, but it is pending. Anyway, he is young, but his major power is that he can touch all segments of society, conservative, nationalist, leftist. And that's what makes people compare him also with Erdogan who also had a touch of appealing to different segments of the population. But of course, he's secular. He's not ideological, he's a practical man. And Istanbul's population is about anywhere between 16 and 18 million people. It's larger than many countries in Europe. And to manage a city like Istanbul requires really good managerial skills. And Imamoglu managed this in spite of the fact that central government cut its resources, made sure that there was obstruction in every step that he wanted to take, and did not help him a bit. And that still was continuing. Still, he won once. Then there was a repeat election. He won again. And this time around, he one with a landslide, 54% against 44% of his opponent, which had all theAndrew Keen: So the way you're presenting him, is he running as a technocrat or is he running as a celebrity?Soli Ozel: No, he's running as a politician. He's running a politician, he is a popular politician. Maybe you can see tinges of populism in him as well, but... He is what, again, what I think his incarceration having prompted such a wide ranging segments of population really kind of rebelling against this incarceration has to do with the fact that he has resonance in Anatolia. Because he does not scare conservative people. He aspires the youth because he speaks to them directly and he actually made promises to them in Istanbul that he kept, he made their lives easier. And he's been very creative in helping the poorer segments of Istanbul with a variety of programs. And he has done this without really being terribly pushing. So, I mean, I think I sense that the country sees him as its next ruler. And so to attack him was basically tampering with the verdict of the ballot box. That's, I, think how the Turkish public interpreted it. And for good historical reasons, the ballot box is really pretty sacred in Turkey. We usually have upwards of 80% of participation in the election.Andrew Keen: And they're relatively, I mean, not just free, but the results are relatively honest. Yeah, there was an interesting New York Times editorial a couple of days ago. I sent it over. I'm sure you'd read it anyway. Turkey's people are resisting autocracy. They deserve more than silence. I mean from Trump, who has very peculiar relations, he has peculiar relations with everyone, but particularly it seems with Turkey does, in your view, does Turkey needs or the resistance or the mayor of Istanbul this issue, need more support from the US? Would it make any difference?Soli Ozel: Well, first of all, the current American administration didn't seem to particularly care that the arrest and incarceration of the mayor of Istanbul was a bit, to say the least, was awkward and certainly not very legal. I mean, Mario Rubio said, Marco Rubio said that he had concerns. But Mr. Witkoff, in the middle of demonstrations that were shaking the country, Mr. Witkof said it to Tucker Carlson's show that there were very wonderful news coming out of Turkey. And of course, President Trump praised Erdogan several times. They've been on the phone, I think, five times. And he praised Erdogan in front of Bibi Netanyahu, which obviously Bibi Netanyah did not particularly appreciate either. So obviously the American administration likes Mr. Erdogans and will support him. And whatever the Turkish public may or may not want, I don't think is of great interest toAndrew Keen: What about the international dimension, sorry, Putin, the Ukrainian war? How does that play out in terms of the narrative unfolding in Turkey?Soli Ozel: Well, first of all, of course, when the Assad regime fell,Andrew Keen: Right, and as that of course. And Syria of course as well posts that.Soli Ozel: Yeah, I mean, look, Turkey is in the middle of two. War zones, no? Syria was one and the Ukraine is the other. And so when the regime fell and it was brought down by groups that were protected by Turkey in Idlib province of Syria. Everybody argued, and I think not wrongly, that Turkey would have a lot of say over the future of Syria. And I think it will. First of all, Turkey has about 600 miles or 911 kilometer border with Syria and the historical relations.Andrew Keen: And lots of Syrian refugees, of course.Soli Ozel: At the peak, there were about 4 million, I think it's now going down. President Erdogan said that about 200,000 already went back since the overthrow of the regime. And then of course, to the north, there is Ukraine, Russia. And of course this elevates Turkey's strategic importance or geopolitical importance. Another issue that raises Turkish geopolitical importance is, of course, the gradual withdrawal of the United States from providing security to Europe under the umbrella of NATO, North Atlantic Alliance. And as the Europeans are being forced to fetch for themselves for their security, non-EU members of NATO such as Britain, Norway, Turkey, their importance becomes more accentuated as well. And so Turkey and the European Union were in the process of at least somewhat normalizing their relations and their dialog. So what happened domestically, therefore, did not get much of a reaction from the EU, which is supposed to be this paragon of rights and liberties and all that. But But it also left Turkey in a game in an awkward situation, I would think, because things could have gone much, much better. The rapprochement with the European Union could have moved a lot more rapidly, I will think. But geopolitical advantages are there. Obviously, the Americans care a lot for it. And whatever it is that they're negotiating with the Turkish government, we will soon find out. It is a... It is a country that would help stabilize Syria. And that's what President Trump also said, that he would adjudicate between Israel and Turkey over Syria, because these two countries which have been politically at odds, but strategically usually in very good terms. Whether or not the, so to avoid a clash between the two in Syria was important for him. So Turkey's international situation will continue to be important, but I think without the developments domestically, Turkey's position and profile would have been much more solid.Andrew Keen: Comparing US and Turkey, the US military has never participated, at least overtly, in politics, whereas the Turkish military, of course, has historically. Where's the Turkish Military on this? What are they thinking about these imprisonments and the increasing unpopularity of the current regime?Soli Ozel: I think the demilitarization of the Turkish political system was accomplished by the end of the 2000s, so I don't think anybody knows what the military thinks and I'm not sure that anybody really wonders what the army thinks. I think Erdogan has certainly on the top echelons of the military, it has full control. Whether or not the cadets in the Turkish military are lower echelons. Do have political views at odds with that of the government that is not visible. And I don't think the Turkish military should be designing or defining our political system. We have an electorate. We do have a fairly, how shall I say, a public that is fairly attuned to its own rights. And believes certainly in the sanctity of the ballot box, it's been resisting for quite some time and it is defying the authorities and we should let that take its course. I don't think we need the military to do it.Andrew Keen: Finally, Soli, you've been very generous with your time from Vienna. It's late afternoon there. Let's end where we began with this supposed tarnishing of the U.S. Brand. As we noted earlier, you and I have invested our lives, if for better or worse, in the U S brand. We've always been critical, but we've also been believers in this. It's also important in this brand.Soli Ozel: It is an important grant.Andrew Keen: So how do we, and I don't like this term, maybe there is a better term, brands suggest marketing, something not real, but there is something real about the US. How do we re-establish, or I don't know what the word is, a polish rather than tarnish the US brand? What needs to happen in the U.S.Soli Ozel: Well, I think we will first have to see the reinvigoration of institutions in the United States that have been assaulted. That's why I think the Harvard case... Yeah, and I love you.Andrew Keen: Yeah, and I love your idea of comparing it to the Scopes trial of 1926. We probably should do a whole show on that, it's fascinating idea.Soli Ozel: Okay, and then the Democratic Party will have to get its act together. I don't know how long it will take for them to get their act together, they have not been very...Andrew Keen: Clever. But some Democrats will say, well, there's more than one party. The Sanders AOC wing has done its job. People like Gavin Newsom are trying to do their job. I mean, you can't have an official party. There's gonna be a debate. There already is a debate within the party between the left and the right.Soli Ozel: The thing is, debates can be endless, and I don't think there is time for that. First of all, I think the decentralized nature of American governance is also an advantage. And I think that the assault has been so forceful that everybody has woken up to it. It could have been the frog method, you know, that is... Yeah, the boiling in the hot water. So, already people have begun to jump and that is good, that's a sign of vitality. And therefore, I think in due time, things will be evolving in a different direction. But, for populist or authoritarian inclined populist regimes, control of the institutions is very important, so you've got to be alert. And what I discovered, studying these things and looking at the practice. Executive power is a lot of power. So separation of powers is fine and good, but the thing is executive power is really very... Prominent and the legislature, especially in this particular case with the Republican party that has become the instrument of President Trump, and the judiciary which resists but its power is limited. I mean, what do you do when a court decision is not abided by the administration? You cannot send the police to the White House.Andrew Keen: Well, you might have to, that's why I asked the military question.Soli Ozel: Well, it's not up to the military to do this, somehow it will have to be resolved within the civilian democratic system, no matter where. Yes, the decks are stacked against the opposition in most of these cases, but then you'll have to fight. And I think a lot hinges on how corporations are going to react from now on. They have bet on Trump, and I suppose that many of them are regretting because of the tariffs. I just was at a conference, and there was a German business person who said that he has a factory in Germany and a factory in Ohio. And he told me that within three months there would not be any of the goods that he produces on the shelves because of tariffs. Once this begins to hit, then you may see a different dynamic in the country as well, unless the administration takes a U-turn. But if it does take a U turn, it will also have weakened itself, both domestically and internationally.Andrew Keen: Yeah, certainly, to put it mildly. Well, as we noted, Soli, what's real is economics. The rest is perhaps froth or lies or propaganda. Soli Ozel: It's a necessary condition. Without that deteriorating, you really cannot get things on values done.Andrew Keen: In other words, Marx was right, but perhaps in a slightly different context. We're not going to get into Marx today, Soli, we're going to get you back on the show. Cause I love that comparison with the current, the Harvard Trump legal thing, comparing it to Scopes. I think I hadn't thought of that. It's a very interesting idea. Keep well, keep safe, keep telling the truth from Central Europe and Turkey. As always, Solia, it's an honor to have you on the show. Thank you so much.Soli Ozel: Thank you, Andrew, for having me.Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

Interview recorded - 14th of April, 2025On this episode of the WTFinance podcast I had the pleasure of welcoming back Peter Boockvar. Peter is a CNBC Contributor, Chief Investment Officer of Bleakley Financial Group & Editor of the Boock Report. During our conversation we spoke about what he is watching, Tariffs, DOGE, impact on the stock market, inflation, a bifurcating world, assets to perform and more. I hope you enjoy!0:00 - Introduction0:45 - What is Peter watching?1:26 - Tariffs3:53 - DOGE7:27 - MAG7 impacted9:01 - Inflation14:29 - Bonds14:48 - Bifurcation of global world?18:21 - Wealth divide22:39 - Commodities24:16 - One message to takeaway?Peter Boockvar is an independent economist and market strategist. The Boock Report is independently produced by Peter Boockvar. Peter Boockvar is also the Chief Investment Officer of Bleakley Financial Group, LLC a Registered Investment Adviser. The Boock Report and Bleakley Financial Group, LLC are separate entities. Content contained in The Boock Report newsletters should not be construed as investment advice offered by Bleakley Financial Group, LLC or Peter Boockvar. This market commentary is for informational purposes only and is not meant to constitute a recommendation of any particular investment, security, portfolio of securities, transaction or investment strategy. The views expressed in this commentary should not be taken as advice to buy, sell or hold any security. To the extent any of the content published as part of this commentary may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Consult your advisor about what is best for you.Peter Boockvar - X - https://x.com/pboockvar?lang=enSubstack - https://peterboockvar.substack.com/WTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

In Season 10, Episode 14 of the Remarkable Retail podcast, co-hosts Steve Dennis and Michael LeBlanc deliver a jam-packed episode that blends sharp commentary on today's global retail turbulence with a thoughtful five-year retrospective on Steve's landmark retail strategy book, Remarkable Retail.The first half of the episode centers on the mounting global trade tensions, specifically the deepening tariff war between the U.S. and China. Steve breaks down the financial ripple effects of Trump's temporary tariff pause, from bond market volatility to persistent inflationary pressure. Despite a temporary reprieve, tariffs remain four times higher than pre-war levels, impacting major retail players like Nike, RH, and Lululemon. Smaller retailers are particularly vulnerable, lacking the scale and capital to weather uncertainty.The hosts also tackle other pressing news stories: consumer confidence plummeting, the fallout from the looming de minimis policy change affecting Chinese factory-direct models like Temu and Shein, and the ripple effect this may have on Canadian exporters to the U.S. They highlight luxury retail turbulence as Prada acquires Versace and Saks Global—parent company of Saks Fifth Avenue and Neiman Marcus—faces vendor shipment cutoffs and empty shelves as seen in a Las Vegas store visti. A brief silver lining emerges in Dallas, where a threatened Neiman Marcus flagship gets a temporary lifeline.The second half of the episode is a deep dive into Remarkable Retail: How to Win & Keep Customers in the Age of Disruption, five years after its original release and four years since the COVID-updated second edition. Steve reflects on what inspired him to write the book—observing the collapse of retail's middle and the rise of bifurcation—and how the Eight Essentials framework continues to shape thinking in the industry. He shares which essentials remain relevant, which are now mere table stakes, and why “radical” as a term can be misinterpreted.Steve and Michael explore whether new tech, especially AI, can level the playing field—or merely amplify the advantages of already powerful retailers. Steve hints that if there were ever to be a third edition, it would put more emphasis on human-centered retail and leadership adaptability. The episode closes with reflections on the podcast's role as an evolving extension of the book, helping retail leaders stay agile and ahead in a rapidly shifting marketplace.Here is a 10% off code for the CommerceNext Growth Show exclusive to Remarkable Retail listeners: REMARKABLE. About UsSteve Dennis is a strategic advisor and keynote speaker focused on growth and innovation, who has also been named one of the world's top retail influencers. He is the bestselling authro of two books: Leaders Leap: Transforming Your Company at the Speed of Disruption and Remarkable Retail: How To Win & Keep Customers in the Age of Disruption. Steve regularly shares his insights in his role as a Forbes senior retail contributor and on social media.Michael LeBlanc is the president and founder of M.E. LeBlanc & Company Inc, a senior retail advisor, keynote speaker and now, media entrepreneur. He has been on the front lines of retail industry change for his entire career. Michael has delivered keynotes, hosted fire-side discussions and participated worldwide in thought leadership panels, most recently on the main stage in Toronto at Retail Council of Canada's Retail Marketing conference with leaders from Walmart & Google. He brings 25+ years of brand/retail/marketing & eCommerce leadership experience with Levi's, Black & Decker, Hudson's Bay, CanWest Media, Pandora Jewellery, The Shopping Channel and Retail Council of Canada to his advisory, speaking and media practice.Michael produces and hosts a network of leading retail trade podcasts, including the award-winning No.1 independent retail industry podcast in America, Remarkable Retail with his partner, Dallas-based best-selling author Steve Dennis; Canada's top retail industry podcast The Voice of Retail and Canada's top food industry and one of the top Canadian-produced management independent podcasts in the country, The Food Professor with Dr. Sylvain Charlebois from Dalhousie University in Halifax.Rethink Retail has recognized Michael as one of the top global retail experts for the fourth year in a row, Thinkers 360 has named him on of the Top 50 global thought leaders in retail, RTIH has named him a top 100 global though leader in retail technology and Coresight Research has named Michael a Retail AI Influencer. If you are a BBQ fan, you can tune into Michael's cooking show, Last Request BBQ, on YouTube, Instagram, X and yes, TikTok.Michael is available for keynote presentations helping retailers, brands and retail industry insiders explaining the current state and future of the retail industry in North America and around the world.

AKA Splitting!

Ray Washburne is an accomplished investor with an eclectic portfolio that spans shopping centers, restaurants, energy and more. Washburne offers a unique perspective on market trends, Investment opportunities and the the evolution of cities.RetailUnique Identity Wins: Local restaurants and regional brand dining experiences are essential to attracting visitors to a city or neighborhood.Bifurcation of Retail: High-end luxury retailers and those that offervalue to consumers are doing well. OfficeDemolition Over Conversion: Many older offices are being demolished due to high conversion costs and antiquated construction.Amenities Matter: Office buildings with unique amenities are commanding higher rents and driving tenant demand. Cities & The Economy· Urban Revitalization: Cities are experiencing a resurgence with new developments driving growth and investment.· Caution Persists: A large federal deficit, high consumer credit card debt, and sticky inflation are making it essential for investors to be prepared for extended volatility.

Joining Commissioner McDonald and Executive Deputy Commissioner Morne is Brown University's School for Public Health Dean Dr. Ashish Jha.  They discuss Dr. Jah's strategies to "departisanize" public health and reach out to communities that feel disaffected, emphasizing the importance of understanding diverse perspectives in addressing current and future public health challenges.Hear Dr. Jha's personal story, from his initial aspirations to become a journalist to his transition into medicine and his influential role at the federal level assisting the Biden administration as White House COVID-19 response coordinator and most recently as the Dean of Brown University's School of Public Health.Dr. Jha shares his innovative approaches to public health education, including his focus on diversifying the student body, not just along racial lines, but also socio-economic and political, and his focus on integrating new voices and perspectives while preparing students for the evolving challenges and media landscape facing the next generation public health workforce.If you have an idea for topics we should discuss, please let us know: PublicHealthNowPodcast@health.ny.gov

The last thing the agents want is attention from any of the “other guys,” but alarms have been raised higher up than even members of R Cell can reach. With the clock swiftly ticking on how long they can keep investigating, a dangerous decision is made: R Cell splits the party, hoping both Utah and Montana reveal answers quickly.(Additional music used: https://soundcloud.com/myuu/scent-of-night)Content Warnings:Traffic Noises (Honking) (33:51 - 39:37, 45:00 - 46:01)

As a listener of TOE you can get a special 20% off discount to The Economist and all it has to offer! Visit https://www.economist.com/toe In today's episode of Theories of Everything, Curt Jaimungal speaks with Matthew Segall, a professor at the California Institute of Integral Studies, on the evolution of philosophical thought, linking ancient teachings on consciousness to modern scientific perspectives. We delve into the limitations of contemporary views of reality, paralleling them with the Ptolemaic model, and explore how an awareness of mortality can enrich our understanding of existence. Matthew argues for a shift toward introspection and self-inquiry in a society grappling with existential challenges, emphasizing that confronting mortality can foster a deeper sense of meaning in our lives. New Substack! Follow my personal writings and EARLY ACCESS episodes here: https://curtjaimungal.substack.com LINKED MENTIONED: •⁠ ⁠Matthew's YouTube channel: https://www.youtube.com/@Footnotes2Plato •⁠ ⁠Matthew's Diagram of Hegel's Phenomenology of Spirit: https://www.youtube.com/watch?v=9Z1zY39EKbs •⁠ ⁠Matthew's talk with John Vervaeke: https://www.youtube.com/watch?v=15akhXGHwzo •⁠ ⁠Critique of Pure Reason (book): https://www.amazon.com/Critique-Pure-Reason-Penguin-Classics/dp/0140447474 •⁠ ⁠Critique of Judgement (book): https://www.amazon.com/Critique-Judgement-Immanuel-Kant/dp/1545245673/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr= •⁠ ⁠The Phenomenology of Spirit (book): https://www.amazon.com/Georg-Wilhelm-Friedrich-Hegel-Phenomenology/dp/1108730086 •⁠ ⁠1919 Eclipse (paper): https://royalsocietypublishing.org/doi/epdf/10.1098/rsnr.2020.0040 •⁠ ⁠Einstein/Bergson debate (article): https://www.faena.com/aleph/einstein-vs-bergson-the-struggle-for-time •⁠ ⁠The Principle of Relativity (book): https://www.amazon.com/Principle-Relativity-Alfred-North-Whitehead/dp/1602062188 •⁠ ⁠John Vervaeke's YouTube channel: https://www.youtube.com/@johnvervaeke •⁠ ⁠John Vervaeke on TOE: https://www.youtube.com/watch?v=GVj1KYGyesI •⁠ ⁠Philip Goff on TOE: https://www.youtube.com/watch?v=MmaIBxkqcT4 •⁠ ⁠Sabine Hossenfelder on TOE: https://www.youtube.com/watch?v=E3y-Z0pgupg •⁠ ⁠Donald Hoffman on TOE: https://www.youtube.com/watch?v=CmieNQH7Q4w •⁠ ⁠Karl Friston on TOE: https://www.youtube.com/watch?v=uk4NZorRjCo •⁠ ⁠Iain McGilchrist on TOE: https://www.youtube.com/watch?v=Q9sBKCd2HD0 •⁠ ⁠Thomas Campbell on TOE: https://www.youtube.com/watch?v=kko-hVA-8IU •⁠ ⁠Noam Chomsky on TOE: https://www.youtube.com/watch? •⁠ ⁠v=3lcDT_-3v2k&list=PLZ7ikzmc6zlORiRfcaQe8ZdxKxF-e2BCY&index=3 •⁠ ⁠Michael Levin on TOE: https://www.youtube.com/watch?v=c8iFtaltX-s&list=PLZ7ikzmc6zlN6E8KrxcYCWQIHg2tfkqvR&index=39 •⁠ ⁠Roger Penrose on TOE: https://www.youtube.com/watch?v=sGm505TFMbU&list=PLZ7ikzmc6zlN6E8KrxcYCWQIHg2tfkqvR&index=16 •⁠ ⁠Neil Turok's lecture on TOE: https://www.youtube.com/watch?v=-gwhqmPqRl4&list=PLZ7ikzmc6zlN6E8KrxcYCWQIHg2tfkqvR&index=35 •⁠ ⁠TOE's Consciousness Iceberg: https://www.youtube.com/watch?v=TR4cpn8m9i0&ab_channel=TheoriesofEverythingwithCurtJaimungal •⁠ ⁠TOE's String Theory Iceberg: https://www.youtube.com/watch?v=X4PdPnQuwjY Timestamps: 00:00 Introduction 1:35 The Roots of Process Philosophy 4:47 The Rise of Nominalism 8:26 The Evolution of Substance 11:02 Descartes and the Dualist Divide 21:34 Kant's Copernican Revolution 33:08 The Nature of Knowledge 37:42 Hegel's Dialectic Unfolds 46:18 Schelling's Panpsychism 56:50 Whitehead's Organic Realism 1:22:17 The Bifurcation of Nature 1:31:38 The Emergence of Consciousness 1:38:37 The Nature of Self-Organization 1:53:40 Perspectives on Actuality and Potentiality 2:11:35 The Role of God in Process Philosophy 2:23:55 The Human Experience and Self-Inquiry 2:40:34 Reflections on Mortality and Meaning 2:47:44 The Shift from Substance to Process 2:58:02 Embracing Interconnectedness and Consciousness 3:00:49 The Call for Inner Exploration #science #philosophy Learn more about your ad choices. Visit megaphone.fm/adchoices

join us at https://www.crisisInvesting.com Doug Casey and Matt Smith discuss global conflicts, economic bifurcation, jury nullification, and recent events including the UnitedHealth CEO assassination and Roger Ver's arrest. Key Timestamps: 0:00 - Discussion of accelerating news cycles and global conflicts 2:45 - Analysis of Syria's regional fragmentation 4:45 - Signs pointing to World War III 8:00 - Discussion of global military presence and private armies 13:00 - Trump's threats to BRICS and economic bifurcation concerns 16:00 - Impact of market bifurcation on commodities trading 23:00 - UnitedHealth CEO assassination and vigilante justice 29:00 - Jury nullification history and current state 34:00 - Update on Ancap Radio 35:30 - Impact of prohibition vs potential CBDC effects on organized crime 39:00 - Discussion of presidential term limits 41:00 - Roger Ver's arrest and cryptocurrency advocacy 47:00 - Comments on Uruguayan elections and regional trade

It's been five years since Mark Mulligan of MIDiA Research gave the keynote at the first Music Tectonics Conference. This year we had him, along with Tatiana Cirisano, back to Music Tectonics. Instead of the standard conference keynote (because why would we do standard?) we had an election-year style debate that we called The Great Bifurcation Debate. Tune in as they each argue their side – “Play” and “Listen” and their observations for what the future may hold with each.    Read MIDiA's report on bifurcation here. The Music Tectonics podcast goes beneath the surface of the music industry to explore how technology is changing the way business gets done. Visit musictectonics.com to find shownotes and a transcript for this episode, and find us on LinkedIn, Twitter, and Instagram. Let us know what you think!

Hunter and I speak with 20 Year & Back experiencer Tony Rodrigues about his time in the program and the intensely curious things that he witnessed and experienced. Tony's website: https://www.tonyrodrigues.com/  To hear the full version of this episode just visit our Locals page at https://themeltpodcast.locals.com/ or our Patreon page at https://www.patreon.com/themeltpodcast where you can subscribe for as little as $5 a month to receive extended episodes, exclusive episodes, and early access to regular episodes. For one time donations- PayPal: fosamsara@gmail.com   Find The Melt on… Rumble: https://rumble.com/c/c-2365404 YouTube: https://www.youtube.com/@TheMeltPodcast Check out our merch at: https://the-melt.creator-spring.com/   Music by The Godawful Joy: https://thegodawfuljoy.bandcamp.com/releases and Matt Presti: https://www.mattpresti.com/music.html

Zimbabwe born and South Africa educated, Warrick Beaver started his working life as an HR professional in the fashion retail industry. “If you're talking about journeys to insurance, fashion and retail is probably as far away as you can imagine. I was taught that you were a retailer first and an HR professional second”, says Warrick.“The lesson learned was, 'Understand where the value creation happens and be as close to it as possible. Understand your business.' That commercial curiosity has always stayed with me. It has stood me in good stead, kept me engaged and helped me find impact, meaning, and alignment throughout my career.”On this episode of the Insurance Coffee House Podcast, Warrick delves in to his career journey and what he's learned along his professional journey. Through retail and recruitment industry, FMCG manufacturing and information services, Warrick shares his experiences of M&A, business divestures and balancing his commercial and HR hats. He discusses his role of Chief People Officer and Fidelis Insurance Group's novel operating model. “The hypothesis was that businesses should lend themselves to their core competencies. If that core competency is underwriting, then it should focus on underwriting and ensuring a relentless pursuit of execution and excellence.Conversely, the core competence in terms of capital management, balance sheet management, capital allocation, reserving, would also be best served if there was the same level of excellent focus and time and attention. Decisions can then be made with the clearest of intention, and there's no potential contradiction or conflict in terms of what you do from a capital management or from an underwriting point of view, because the two businesses are managed separately. So that's the hypothesis. We are in a long-term relationship with The Fidelis Partnership. They are focusing on what they do best, and we are focusing on what we do best.”With its growing presence in London, Dublin and Bermuda, Warrick discusses the culture at the business and whether bifurcation is a true USP to attracting top insurance talent. “Culture is dynamic. It's ever changing. You can never put a pin in it and say, “We're done, victory is declared!” It is a constant evolution.We also see that in terms of our demographic, our employee base and what they're looking for from an employer and the working experience. We've been able to assemble, very capable, experienced professionals from within the insurance market who have worked for much larger, more established organizationThis model represents something novel, unique and an opportunity for them to become part of something interesting. Of course there is a lot of uncertainty with a scale operation, but we have a deep heritage. We have some fantastic experience. We're a building brand, and it's enough to attract people who are well regarded.”Warrick emphasises what he looks for in insurance leaders coming for interview. “It's just as much a conversation on how that technical capability, experiences and skills are translated into value added. Don't spend your time talking about your accomplishments. We're going to take those as read.”As closing advice, Warrick says, “Understand your business. Be as close to the value-add inflection point as possible because you will feel relevant, get immediate feedback, and will be constantly evolving with the needs of the organization.”Connect with Warrick Beaver on LinkedIn or find out more about Fidelis Insurance Group The Insurance Coffee House Podcast is brought to...

#957: Summary Writer and producer, Matt Ginella returns to discuss various topics in the golf world, including their visits to L.A.B. Golf, the success of the company, and their personal experiences with L.A.B. putters. They also touch on Bryson DeChambeau's evolution as a golfer and his impact on the game, as well as the role of storytelling in golf media. Finally, they explore the idea of bifurcation in golf rules and equipment and share their thoughts on the matter. Matt emphasizes the importance of keeping the game accessible and enjoyable for all levels of players. He also discusses his work with Fire Pit Productions, documenting golf course restorations and renovations. TakeawaysLab Golf is experiencing significant growth and success in the golf industry.Bryson DeChambeau has evolved as a golfer and become more likable, thanks to his YouTube channel and his departure from the structured PGA Tour.Storytelling plays a crucial role in golf media and can have a profound impact on listeners.There is a debate about whether there should be different rules and equipment for professional golfers and everyday golfers.Matt Ginella believes that bifurcation is unnecessary and that the focus should be on the growth and enjoyment of the game for all players. The issue of golf ball distance and the potential need for a rollback is a topic of debate in the golf community.While some golf courses may appear irrelevant due to the distance players can hit the ball, it is important to consider the impact on the paying consumer.There is a natural rollback that occurs with age and physical restrictions, which already limits distance for many players.The game of golf should be accessible and enjoyable for players of all levels, and efforts should be made to keep it that way.Matt Ginella's work with Fire Pit Productions focuses on documenting golf course restorations and renovations, highlighting the importance of preserving and enhancing these community assets.Two ways to become a Golf Smarter Ambassador and receive a choice of one of these great prizes including:        • A private link to Tony Manzoni's video “The Lost Fundamental”.        • *A pack of 8 Flightpath Golf Tees. A Tee Above All. Learn more at https://flightpathgolf.com.        • *A Glove + Glove Compartment from RedRoosterGolf.com where you can now choose from a  large variety of styles of gloves in 34 sizes! Request to introduce an episode to GolfSmarterPodcast@gmail.com.  Follow @golfsmarter on Instagram, X, Facebook, TikTok, YouTube for daily highlights and helpful insights from our interviews on the podcast. We also post articles and video shorts on LinkedIn @FredGreene (from Novato, CA).    This episode is sponsored by Indeed. Please visit indeed.com/GOLFSMARTER and get a $75 SPONSORED JOB CREDIT. Terms and conditions apply.This episode is brought to you by Mint Mobile. For a limited time all Mint Mobile wireless plans are $15 a month when you purchase a 3-month plan. To get this new customer offer and your new 3-month unlimited wireless plan for just $15 bucks a month, go to MINTMOBILE.com/GOLFSMARTER.This episode is brought to you by Incogni. Use code GOLFSMARTER at incogni.com/golfsmarter to get an exclusive offer of 60% off an annual Incogni plan.This episode is brought to you by ONE Bar. Find all ONE bars at a retailer near you or on Amazon.com 

Why is it that some collector cars continue to increase in value as the overall market declines?  Join Greg Stanley as he discusses this phenomenon with Philip Richter, creator and author of Turtle Garage and the Turtle Invitational. You can find Philip at https://turtlegarage.com/ Please support our sponsors: RM Sotheby's, LLCTLC and Euro Classix. For discounted registration fees for your collector car, RV, boat or other awesome ride, please visit LLCTLC at https://www.llctlc.com/classic Follow The Collector Car Podcast: Website, Instagram, Facebook, YouTube or communicate with Greg directly via Email. Join RM Sotheby's Car Specialist Greg Stanley as he applies over 25 years of insight and analytical experience to the collector car market. Greg interviews the experts, reviews market trends and even has some fun. Podcasts are posted every Thursday and available on Apple Podcast, GooglePlay, Spotify and wherever podcasts are found. See more at www.TheCollectorCarPodcast.com or contact Greg directly at Greg@TheCollectorCarPodcast.com. Are you looking to consign at one of RM Sotheby's auctions? Email Greg at GStanley@RMSothebys.com.

The Web of Meaning: Integrating Science and Traditional Wisdom to Find Our Place in the Universe . Are you curious, even sceptically intrigued, about Artificial Intelligence's implications for humanity? Look no further than Jeremy Lent's latest book, "The Web of Meaning: Integrating Science and Traditional Wisdom to Find Our Place in the Universe." . In part 3 of this mind-bending podcast interview with Jeremy Lent, we examine the Birth of the Cybernetic Self and the Bifurcation of Humanity in an AI world. . Join the discussion on waking up from spiritual anesthesia and understanding the positive evolution of negative entropy. . Don't miss out on this thought-provoking, reality-shifting conversation with Jeremy Lent. . His latest book is titled, The Web of Meaning: Integrating Science and Traditional Wisdom to Find Our Place in the Universe . What if there's a Web of Meaning connecting our past, present, and future of who we are to all life forms? . If you have ever considered such a possibility, you will love where we are going in this series of 3 Episodes with our esteemed guest, Jeremy Lent. He is a uniquely fascinating individual who is deeply curious about exploring reality from a unique point of view. . Jeremy Lent refers to himself as an author and integrator. I promise that you and I will learn a lot from this brilliant man's insights. Jeremy writes about the underlying patterns of Meaning in history that have led our current civilization to a crisis of unsustainability. . His latest book is titled, The Web of Meaning: Integrating Science and Traditional Wisdom to Find Our Place in the Universe. It offers an integrated worldview that could allow humanity to thrive sustainably on a healthy planet into the indefinite future.    . http://JeremyLent.com   . Part 3) Bifurcation of Humanity and The Birth of The Cybernetic-Self  Going Past the Point of No Return What Makes Something "REAL" Where Have All the Animals Gone Corporate Hypnosis Waking up From the Spiritual Anesthesia Why All Issues Are Systemic The Great Unfolding The Positive Evolution of Negative Entropy The Omega Point of Humanity   The Bifurcation of Humanity and The Birth of The Cybernetic-Self . #AI #humanity #cyberneticself #JeremyLent  Dov Baron's brand new course has just been released on coursifyx.com/belonging ------------- . Titled: "CREATING A CULTURE OF BELONGING." The course is separated into eight sections that will take you by the hand and walk you through exactly how to create a culture of belonging. . Because: CREATING A CULTURE OF BELONGING MAXIMIZES PERSONAL AND CORPORATE SUCCESS. Get Ready to strap on the tanks and Dive Deep into, What it Takes to Create a Culture of Belonging in your organization! Curious to know more? coursifyx.com/belonging .  "Those Who Control Meaning for The Tribe, Also Control The Movement of That Tribe" #videopodcast #leadership #leadershipdevelopment #emotionsourcecode #neuroscience #emotional #meaning #emotional #logic #culture #curiosity #humanbehavior #purpose