Species of bird
Making her 2nd appearance on the podcast. Founder, President & Chief Executive officer of Banrion Capital; A sought after speaker & media contributor, appearing frequently at industry events and on major financial news outlets; Cohost of the Black Swan podcast and 2020 Mrs. Illinois international; Aka the Queen of alternatives. Confessions of a Market Maker presents Shana Sissel---------------------------------------------------------------------------------------------Shana on Twitter: https://twitter.com/shanas621?s=20&t=89HxYok0SswyZy13mFxzJQPersonal Website: https://www.shanasissel.com/---------------------------------------------------------------------------------------------If you'd like to join a supportive community of traders, you can join JJ & Ray at microefutures.com
At the end of Day 3 of SaaStr Annual 2022, Jason opened up the mic for an AMA. This episode is the first half of the session. In this episode, Jason discusses: Breaking rules Setting goals Technical debt Black Swan events Y Combinator The second half of the session will be published in Episode 608. You can watch the full video here: https://youtu.be/apc5GwLlaDI Want to join the SaaStr community? We're the
The pandemic delivered a massive simultaneous shock to the world economy. But which changes will outlast the pandemic, and should they cause us to rethink our investments? Alongside six million deaths and the largest peacetime fall in GDP since the Great Depression, Covid upended our way of life and put novel technologies centre stage. Pandemics throughout history have caused lasting economic changes and influenced societal norms. But what will the legacy of Covid be for the global economy, standards of living and investment returns? And in today's Dumb Question of the Week: What's the difference between a Black Swan and a Grey Rhino? Get in touch
I ran across an older online article entitled, "The value of owning more books than you can read." Well, that grabbed my attention. So I clicked and began reading, realizing I'd heard some of these ideas before in The Black Swan by Nassim Nicholas Taleb. Having just rid myself of over 1,500 books, it's a worthwhile conversation I think - to consider if we value books and how. I'd love to hear your thoughts.
Our book this month comes from Nassim Nicholas Taleb. He's famous for his book “The Black Swan”. This book reshaped our culture's thinking around rare but completely predictable events. His book, moved an entire generation of business leaders, and the title of his book The Black Swan has become part of the business vernacular. In fact, I would venture to say that most people who use the phrase Black Swan don't really know what it means. So when Nicholas Taleb wrote another book, I knew it would be well researched and well written. The phrase “skin in the game” is one we have often heard but rarely stopped to truly dissect. It is the backbone of risk management, but it's also an astonishingly rich worldview that, as Taleb shows in this book, applies to all aspects of our lives. -------------- Host: Victor Menasce email: email@example.com
Investing vs. speculating. What is value? The lessons of Benjamin Graham. There is a right way and a wrong way of doing things. What if the indices do nothing for the next decade. Expect the unexpected. Black Swans? More volatility on the horizon. Retirement fears are growing. Inflation is seen as a big setback for retirement savings. Increased contributions for next year. Most people need a retirement reality check. Earnings apocalypse has not arrived as of yet. Focus on value and fundamentals. Tech earnings bonanza! Alphabet numbers. YouTube and advertising revenue falling off. Microsoft numbers tank. The future of online advertising, cloud, PC sales. CEO's and shiny objects. Tech companies need to adjust their costs fast.Big Government destroys everything. Davos in the desert.
We are sitting down with Chancy from the Maniacal Music Musings Podcast, and he is doing his very own 104 Psychological Thriller movies tournament. Check out this episode to see what he think is the best movie from the Psychological Thriller. If you want to do your own tournament, please contact us, and we will set it up. Here are all the movies in the tournament: The Gift (2015) Doctor Sleep (2019) The Manchurian Candidate (2004) Devil (2010) Mr. Brooks (2007) Seven (1995) 2001: A Space Odyssey (1968) The Silence of the Lambs (1991) A perfect Murder (1998) The Shining (1980) Unfaithful (2002) The Sixth Sense (1999) Dial M for Murder (1954) Shutter Island (2010) Heat (1995) Misery (1990) Phone Booth ( 2002) Fight Club (1999) Nightcrawler (2014) The Devil's Advocate (1997) The Cell (2000) Inception (2010) The Book of Eli (2010) Split (2016) Hide and Seek (2005) Psycho (1960) Eternal Sunshine of the Spotless Mind (2004) The Exorcist (1973) Hard Candy (2005) The Thing (1982) The Dead Zone (1983) The Usual Suspects (1995) The Talented Mr. Ripley (1999) The Bone Collector (1999) Oldboy (2003) The Fugitive (1993) Stigmata (1999) Gone Girl (2014) The Village (2004) 28 Days Later (2002) North by Northwest (1959) The Conjuring (2013) Now You See Me (2013) Fargo (1996) Joker (2019) Hannibal (2001) Blade Runner (1982) Prisoners (2013) Fallen (1998) Primal Fear (1996) Insomnia (2002) What Lies Beneath (2000) Gone Baby Gone (2007) Red Dragon (2002) Serenity (2019) Zodiac (2007) Limitless (2011) No Country for Old Men (2007) Copycat (1995) Rosemary's Baby (1968) Falling Down (1993) American Psycho (2000) Pan's Labyrinth (2006) Cape Fear ( 1991) Gothika (2003) The Butterfly Effect (2004) Ex Machina (2014) 12 Monkeys (1995) Sleeping with the Enemy (1991) Identity (2003)Fracture (2007) Unbreakable (2000) The Mothman Prophecies (2002) Memento (2000) Jacob's Ladder (1990) The Girl with the Dragon Tattoo (2011) Single White Female (1992) Mystic River (2003) Vertigo (1958)1408 (2007) One Hour Photo (2002) The Skeleton Key (2005) Secret Window (2004) Orphan (2009) Cape Fear (1962) Stir of Echoes (1999) Panic Room (2002) The Game (1997) Taxi Driver (1976) Rear Window (1954) Interstellar (2014) Law Abiding Citizen (2009) The Machinist (2004) Flatliners (1990) Basic Instinct (1992) The Illusionist (2006) A History of Violence (2005) Frality (2002) Insidious (2010) Get Out (2017) Black Swan (2010) The Good Son (1993) Requiem for a Dream (2000) Fatal Attraction (1987) --- Send in a voice message: https://anchor.fm/mass-debaters/message Support this podcast: https://anchor.fm/mass-debaters/support
As eaters of wild turkey meat, maybe we're a little biased, but we're huge believers in the National Wild Turkey Federation's mission. Turkeys were Daniel's gateway into hunting itself, and he has initiated several other new hunters by bringing them out for their first birds too. We're of the opinion that stewarding turkeys and turkey habitat is, in a way, caring for lots of other species too. Turkey habitat is, after all, deer and bear habitat. They share the woods with lots of other game and nongame species that we all love and celebrate. And, we hunters aren't the only ones who like eating turkey. They're also an important prey species for a lot of the predators on our landscapes. Daniel's been a member of the National Wild Turkey Federation for years, and we've hosted their New England Regional Director, Carter Heath on the show a few times now too. So we were eager to meet Fred Bird — yes, you read that right, his last name is “Bird” — their Social Media Manager and host of the NWTF's Turkey Call All Access podcast. Daniel and Fred really hit it off, as they see eye to eye on a lot of issues and both represent what they see as hunting's rapidly changing demographic. They have a fun and lively conversation, and we expect it will lead to many more. The fall turkey season is open in a lot of states right now, so we hope you've got time to get out there and get after them this year! It's easy for us to take them for granted, with such high populations around the country. It's also easy to forget that just a few decades ago, they were nearly extirpated from the landscape. Thanks to the efforts of conservationists, hunters, and of course, the National Wild Turkey Federation, populations are strong and the turkey is here to stay. And with Thanksgiving quickly approaching, now's the time to take advantage of the many opportunities we have across the US — in 49 states — to eat what almost became America's national bird! View full show notes, including links to resources from this episode here: https://www.wild-fed.com/podcast/156
Global Economic Whack-a-Mole. Energy crisis worsens here and abroad. Volatility continues. Expect the unexpected. Black Swans?Earnings apocalypse has not arrived as of yet. Focus on value and fundamentals. Inflation myth. Feeling like Cassandra. Ron Burgundy and Joe.
Strikes in France. Energy crisis worsens here and abroad. Housing numbers. More fallout from the UK. Expect the unexpected. Black Swans? More volatility on the horizon. Earnings apocalypse has not arrived as of yet. Focus on value and fundamentals. The United States of Wars and Crisis. The left is concerned that the Covid crisis and all the handouts that go along with it will end this January. Ron Burgundy returns.
You are what you risk.Check The Lead-Lag Report on your favorite social networks.Twitter: https://twitter.com/leadlagreportYouTube: https://www.youtube.com/c/theleadlagreportFacebook: https://www.facebook.com/leadlagreportInstagram: https://instagram.com/leadlagreport Sign up for The Lead-Lag Report at www.leadlagreport.com and use promo code PODCAST30 for 2 weeks free and 30% off. Nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions.See disclosures for The Lead-Lag Report here: The Lead-Lag Report (leadlagreport.com)
This week we have Rock and Roll music that DESERVES to be heard from Tesla, Sammy Hagar & The Circle, Queen, The Answer, Anthony Gomes, Talas, McAuley Schenker Group, Black Swan, Chuck Wright, Stryper, Alex Meister, Dorothy, and Crashdiet! Rock Rules!
ONE owner... THREE businesses! That's Janene Yarborough, of Black Swan Beauty, Swan's Closet, and Shabby Chic Designs & Decor by Janene! With her go, go, go attitude, we thoroughly enjoyed "Gettin' To Know" our most recent guest, and we think you will too! So, have a listen, and if you find yourself in or around the West Pittston area, be sure to drop in and say hello to Janene! And as always listen for that keyword that will enter you for a chance to win a gift card to be used at any one of her entities!If you or someone you know wants to be featured in our next podcast, message us on Facebook! Until next time, keep Eatin', Drinkin', and Shoppin' Local.To learn more about Black Swan Beauty, visit their Facebook and website.
“We are painfully detailed on how we do our entire business model. We put that out there To-Pay-What-You can model. And a hundred percent of the revenue from that goes to charity.” – Nick Stageberg In today's episode, Nick Stageberg discusses his unique business model that differs from traditional private equity funds. His company, Black Swan has an indefinite hold period, which allows it to maintain ownership of its investments and continue to make improvements to them. He discusses how they offer a pay-what-you-can course that helps people become more knowledgeable about real estate investment. The majority of the revenue from the course goes to charity, which has helped them renovate a kitchen and a homeless shelter in their community. [00:01 - 01:15] Opening Segment If you have a platform and you want to create content that DELIVERS, go over tohttp://knightly.productions/ ( knightly.productions)! For the first part of my interview with Nick, tune in to last Monday's episode [01:16 - 07:03] Making The World A Better Place Nick discusses that his fund has different advantages over single asset syndication, including the ability to give sellers proof of funds and an indefinite hold period He offers cash-out refinances, refinanced returns, and capital injections to investors His team is passionate and committed to serving others, which has led to successful rehabilitation projects with tenants who had been living in illegal or hazardous conditions His company, Black Swan is a company that offers real estate investing services, and its model is different from most in the industry His company offers a course that has a 100% pay-what-you-can model, with all revenue going to charity [07:4 - 11:39] Closing Segment Nick shares his story and how the Black Swan course has helped him on his journey to self-mastery Connect with Nick (links below) Head over tohttps://www.myvoicechallenge.com/discovermyvoice ( myvoicechallenge.com) to find out how you can discover your voice, claim your independence, and build that thriving business that you've always wanted! Key Quote: “The way we do business makes the world a better place. Treating tenants with dignity and respect, doing high-quality renovations, doing business with integrity.” – Nick Stageberg Connect with Nick Website: https://www.blackswanteam.com/about-us (Black Swan) LinkedIn: https://www.linkedin.com/in/nick-stageberg-b703b261 (Nick Stageberg) Did you love the value that we are putting out in the show? LEAVE A REVIEW and tell us what you think about the episode so we can continue on putting out great content just for you! Share this episode and help someone who wants to expand their leadership capacity or clickhttps://podcasts.apple.com/us/podcast/tactical-leadership/id1498567657 ( here) to listen to our previous episodes. Tactical Leadership is brought to you by Knight Protection Services. A veteran-owned and operated company, with extensive experience in risk assessment and crime prevention. Find out more by visitinghttps://knightprotectionllc.com/ ( https://knightprotectionllc.com/) If you want to learn how to build a better business check out my website athttps://beatacticalleader.com/ ( Beatacticalleader.com). You can connect with us onhttps://www.linkedin.com/in/zaknight ( LinkedIn),https://www.instagram.com/beatacticalleader/ ( Instagram), or joinhttps://www.facebook.com/groups/BATLgroup/ ( Our BATL Space) and become part of the community.
This week Ivan and Stephen review Episode 7 of Curb Your Enthusiasm Season 7, “The Black Swan”, scene by scene. Follow us on social media @curbcastpod, or send us an email at firstname.lastname@example.org Join our Facebook group, Curb Your Enthusiasm Fan Club, and check out our merch store at https://bit.ly/2OQVYxk This podcast is part of the independent podcast network Mish Mash Media. Support Mish Mash financially at patreon.com/mishmashmedia or at paypal.me/mishmashmedia.
“I feel like the more control I forfeit in my life, the greater freedom I have.” – Nick Stageberg In today's episode, we welcome, Nick Stageberg is a start-up founder to CEO of Black Swan Real Estate, Nick Stageberg has always been an entrepreneur at heart. Nick Stageberg has over 15 years of experience in the software development, architecture, and management space, he developed an interest in real estate investment at the age of 14 when he needed to secure safe housing due to family health issues. With no parental support, no income, and no job, he bargained with some family friends to clean out and rehab their basement in exchange for free housing. Although that was his first and only live-in flip, it gave him an interest in leveraging value-add opportunities. After college, he designed and built a custom home in Edmond, OK, and house-hacked by renting out rooms to former college roommates, all of whom are lifelong friends to this day. He is now the owner of a multi-million-dollar real estate portfolio. [00:01 - 05:37] Who is Nick Stageberg? Zack introduces his guest, Nick Stageberg! Nick is the CEO and founder of Black Swan Real Estate He has a successful history in the real estate industry, having founded and managed a third of a billion-dollar asset center management company He and his wife have successfully integrated their family life into their work by being deliberate in their decision-making and creating an environment where everyone is constantly engaged in fun and exciting activities [05:38 - 09:39] Changing The Rules Of Private Equity Nick shares how they started their own foundation, which focuses on education and giving back to the community Their focus is on coaching people in achieving their goals Their goals are to create a model where 100% of the profits go to the partners, and there are no fees or splits It's important to drop the task or find a way to lighten the load The problems with burnout Morning routines and having a family-oriented mindset can help entrepreneurs motivate themselves [09:40 - 22:12] Finding Good Coaches And Mentors Nick believes that it is his responsibility as the leader of the organization to be in a peak state Every employee must complete a survey every week to measure their energy, happiness, and value in their work Finding good coaches and mentors is important for improving one's fitness and career Caring for oneself and having a strong peer group are both necessary for success Giving back to society is important of being successful [22:13 - 27:58] Closing Segment Nick encourages listeners to connect with Black Swan and check out its investment opportunities Connect with Nick (links below) Join us for Tactical Friday! Head over tohttps://www.myvoicechallenge.com/discovermyvoice ( myvoicechallenge.com) to find out how you can discover your voice, claim your independence, and build that thriving business that you've always wanted! Key Quotes: “You have to make it about other people. You have to keep growing and you have to do it by giving.” - Nick Stageberg “Get people into your life, that is just holding you accountable because other people always hold you more accountable than you can ever hold yourself.” - Nick Stageberg Connect with Nick Website: https://www.blackswanteam.com/about-us (Black Swan) LinkedIn: https://www.linkedin.com/in/nick-stageberg-b703b261 (Nick Stageberg) Did you love the value that we are putting out in the show? LEAVE A REVIEW and tell us what you think about the episode so we can continue on putting out great content just for you! Share this episode and help someone who wants to expand their leadership capacity or clickhttps://podcasts.apple.com/us/podcast/tactical-leadership/id1498567657 ( here) to listen to our previous episodes. Tactical Leadership is brought to you by Knight Protection Services. A veteran-owned and operated
Chef James Avery worked his way from a pizza delivery boy to sous-chef, under the tutelage of iconic chefs including David Burke and Gordon Ramsay. In 2010, James jumped on a TV opportunity to work on the culinary production team for Gordon Ramsay's hit FOX television show “Kitchen Nightmares.” CJA stayed on as a Consulting Chef for one of the show's renovated New Jersey restaurants before making his way back to Michael Mina's Sea Blue. In 2011, James joined BR Guest Hospitality helping to open Dos Caminos and its three sister restaurants at Harrah's Resort in Atlantic City. The following year, he returned to FOX television as the Blue Team Sous Chef on Gordon Ramsay's culinary competition show “Hell's Kitchen” for seasons 11-14. In the summer of 2014 he became the Executive Chef of the Asbury Festhalle and Biergarten and Executive Chef/Partner at the Bonney Read. He opened a farm-to-table eatery Farmly Neighborhood, and eventually launched "The Black Swan" in Asbury Park, a European gastropub serving British/Irish fare, imported beers, wines, and craft cocktails. James is a legit entrepreneur and all-around good guy, residing in Wall Township, N.J. with his wife, Diana and four young children. Enjoy! ⬇️ FOLLOW MORE HERE ⬇️
Canncon Collab: Eugene Yu Arrest in Konnech Case, Tarrant County, GA and TN “Erroneous Code” CRITICAL, CURRENT ARTICLES RATATAT! BOMBSHELL: Cover Up Exposed As FDA Refuses To Release Autopsy Info For Covid Vax Deaths OPEC Ignores Biden's Pleas, Decides To Cut Oil Production Legendary Expert Says US Behind SHOCKING Attack […] The post Black Swans/White Swans–A Sixty Year History….The Gray Albatrosses–The Rest Of The Story…The Mandates, The Military and The Brass–Reprehensible….Science Reveals The Lies…Eye-popping Current Events Ratatat appeared first on On the Right Side Radio.
Cupom de R$300 na inscrição do Pricing Strategy Program!Utilize o código BTCNEWS300PSP, válido até 09/10/22.https://bit.ly/btccast-pspInscrições abertas para o GBP e SFP!• General Business Program: https://bit.ly/btccast-gbp• Strategy & Finance Program: https://bit.ly/btccast-sfp-----Painel diário de notícias de negócios e empresas, comentadas e analisadas pela Business Training Company!Participe do grupo exclusivo BTC e acesse cupons de desconto especiais para nossos cursos, além de vagas e oportunidades nas áreas mais desejadas:https://bit.ly/GrupoExclusivoBTCSe você gostou, INSCREVA-SE em nossa Newsletter para receber nosso conteúdo gratuito:https://bit.ly/btccastnews----------------------------------------------------Siga a Business Training Company nas redes sociais!Facebook: https://bit.ly/face-btcInstagram: https://bit.ly/insta-btcLinkedIn: https://bit.ly/linkedin-btc----------------------------------------------------Confira nosso site: https://bit.ly/SiteBTC
We've got laughter and tears on tap for this edition of the podcast, Mila Kunis' first visit! Enjoy this chat about LUCKIEST GIRL ALIVE and everything from BLACK SWAN, THAT 70s SHOW, and Mila's friendships with Mark Wahlberg and Sam Heughan. Plus, a heartfelt moment discussing her Ukrainian roots. Come see Josh tape LIVE Happy Sad Confused conversations in New York City! October 25th with Ralph Macchio! Tickets are available here! October 26th with Henry Cavill! Tickets are available here! For all of your media headlines remember to subscribe to The Wakeup newsletter here! Don't forget to check out the Happy Sad Confused patreon here! We've got exclusive episodes of GAME NIGHT, video versions of the podcast, and more! Learn more about your ad choices. Visit megaphone.fm/adchoices
In today's Pas de Cast, we're launching a new episode series where, rather than a specific location or film, we will be exploring how specific genres of dance intersect with cinema and technology. Ballet originated as a combination of choreographic display and social dance, and we have seen this evolve as our capacities to both choreograph and be social expand.Like a Ballet you may see In the theatre, We're splitting today's show into acts. In act one, we'll talk about a range of examples of ballet on screen, from mainstream to experimental. In act two, will focus on how ballet has been and continues to be used as a tool beyond pure entertainment. Highlighted in this Episode:Pas de Deux (1968)Dir. Norman McLarenProd. National Film Board of Canada @onf_nfbLaurencia (2013)Dir. Ben EstabrookPOST BALLET - Waltz of the Snowflakes - on the naval baseChor. Robin Dekkers (they/them)Featuring Post:ballet and Berkeley Ballet Theater studio companyJess and Morgs collaborations with The Scottish Ballet@jessandmorgsHong Kong Ballet@hongkongballetLA Dance Project & Benjamin Millepied@ladanceproject Features mentioned in this episode:The Red Shoes (1948)An American In Paris (1951)Singin' in the Rain (1952)Children of Theatre Street (1977)Center Stage (2000)Mao's Last Dancer (2009)The White Crow (2009)Black Swan (2010)Other Shorts mentioned in this episode:The StopThe Bailey's Nutcracker (2013)Lil Buck with Icons of Modern Art (2016) BONUS READING:Russia:How Russia uses ballet as propagandaSoviet Broadcasts of Swan Lake are basically a political tropeBallet, propaganda and politics in the Cold WarHow Ballet Became a Political Football Between East and WestCuba:Defectors land on their feetThe Cuban National Ballet: Sixty-six years of gloryCuban National Ballet Company Thrives Thanks to Fidel CastroChina:From propaganda ballets to dance for the people --ANNOUNCEMENTS:Meet the Frameform team in person and see dance on the big screen at the 6th annual Capitol Dance & Cinema Festival in Washington, DC Oct 8 2022. Schedule and details: www.capitoldcfestival.comSocial: @capitoldcfestivalWatch “The Reality of a Dream” co-presented by Dancinema and Goh Ballet this November 1-December 31 on demand at www.dancinema.co/watchCheck out the International Screendance Calendar to browse a variety of opportunities including festivals, workshops, and residencies. This resource is updated regularly and is always open to contributors! –Got a question or suggestion? Email us at email@example.com–Instagram
One word for you... FEETIES.But first we/Tori must apologise for the tardiness of this episode, we don't plan on making this a habit but sometimes health issues get in the way of recording, thank you dear listeners for understanding.This episode we dive head first into the swan lake/duck pond, to take a deeper look at Black Swan. We discuss the beautiful art film, the links to the 2010 movie and the painful lyrics which hurt just a little bit more since THAT Festa Dinner.We would also like to give a big shoutout to all the wonderful people who have posted reviews of the podcast or sent us monetary support via Buy Me a Coffee, you are the best!Our ami shoutout this episode goes to @arizzos on Instagram who literally painted back tattoo Jimin into existence! Make sure you check out their account and all their beautiful art work.Send us an email firstname.lastname@example.orgFollow us on InstagramBorahae!Black Swan MVhttps://youtu.be/0lapF4DQPKQArt filmhttps://youtu.be/vGbuUFRdYqUArt film reactionhttps://youtu.be/zR9q5iU-gJUDance pracshttps://youtu.be/fTS1jAhWPbwhttps://youtu.be/7enLyZJmb94MV Shootinghttps://youtu.be/hQH1LqAW5FQMV reactionhttps://youtu.be/LQK7tF1vH2wThe Late Late Show https://youtu.be/wSNd02kVv8oComeback stagehttps://youtu.be/Ie47G0ej8zsBang Bang Con the Livehttps://youtu.be/XxUfF5w1oz0Lotte Duty Free Concerthttps://youtu.be/LGZiSimIJx0Tonight Showhttps://youtu.be/g1-sFn-j5D0MOTS:ONEhttps://youtu.be/R6BVgUADIBwMMA 2020https://youtu.be/0bgL7juKY6QSBS Gayo - Kpop Awardshttps://youtu.be/TXwxVm5mH1UGolden Disc Awardshttps://youtu.be/Ly-F_t4rEKoPTD Las Vegas D4https://youtu.be/X1uYdmN7vWUSupport the show
Mila Kunis landed her first regular acting gig at 14-years old by fibbing a bit about her age. She would go on to star for eight seasons in That 70s Show across from her future husband, Ashton Kutcher. Since then, the versatile actress has played roles ranging from Meg Griffin on Family Guy to a ballerina with a dark side in Black Swan, for which she earned a Golden Globe nomination. Now, she leads the intense new Netflix movie Luckiest Girl Alive based on the bestselling book. Willie Geist and Kunis got together in New York for a Sunday Sitdown.
Dr. Elaine Stageberg, psychiatrist and real estate wizard, joins Branch Out to share her company's unique approach to real estate investment! Dr. Stageberg's company, Black Swan Real Estate, manages a real estate portfolio of over $250 million in assets spanning two different markets. Black Swan founders, Nick and Elaine, overcame great obstacles to achieve success and now work to share their knowledge with others. Not only does Black Swan manage and develop properties, they coach and invest in others looking to do the same. Their two-pronged approach encompasses a philosophy of putting people first and doing everything with excellence in order to create true, lasting, passive income and generational wealth. This podcast is an encouragement and inspiration to anyone involved (or looking to be involved) in real estate investing. Visit www.blackswanteam.com/black-swan-learning to see the excellent resources the Stageberg's have made available to investors. _____________________________________Dr. Elaine Stageberg is a trained psychiatrist, mother of four, and co-owner/founder of Black Swan Real Estate based in Rochester, MN. Though Dr. Stageberg found financial freedom through real estate while still in her residency, she went on to practice medicine until covid-19 hit and childcare issues forced her to reevaluate how she wanted to spend her time. Now, through Black Swan Real Estate, Dr. Stageberg is able to build her wealth and invest in others who are building their own real estate portfolio.
Black Swan meets Pretty Little Liars in this drama-packed debut about three perfect girls who will do anything to be the prima ballerina at their elite New York ballet school. Now a major Netflix series! Being a dancer at New York's most elite ballet school isn't easy. Everyone wants to be the prima ballerina, and sometimes you must play dirty. With the competition growing fiercer with every performance and harmless pranks growing ever darker, Bette, June, and Gigi find themselves battling it out to stay at the top. And it's only a matter of time before one small spark ignites... and even the best get burned...
Whiplash is a masterclass in roasting by J.K. Simmons, while The Wrestler makes you think twice about getting rammed, and Black Swan gives a whole new meaning to getting lost in the role. Get artsy and be tortured in 3...2...1...BINGE! --- Send in a voice message: https://anchor.fm/3-2-1-binge/message
Tyler Thompson is an American film producer and country music artist. He is well known for his work on such films as Black Swan, Hacksaw Ridge, American Made, and the Trial of the Chicago 7. He has been nominated for numerous Academy Awards since he first began producing feature films in 2010. He is now beginning his endeavor into country music as an artist with his first single, Won't Take Long. A long-time musician, Thompson surprised a lot of people when he signed this deal with Sony Music to make his first record. In this episode, the boys dive deep into Tyler's background as a film producer. He discusses what it was like working on some of his major motion pictures and the challenges and triumphs seen along the way. Tyler shares the distinct qualities that every great actor/filmmaker has in common. He talks about the challenges of being a producer, and how he balances art and business. They also discuss Tyler's current music project including the new single, Won't Take Long. Tyler shares his plans for releasing the entire 14-track album in the coming months. This is a great episode for anyone interested in great filmmaking, storytelling and how to succeed if you're multi-talented. Follow us on social media! https://instagram.com/studio22podcast https://www.tiktok.com/@studioxxiipodcast https://instagram.com/brockohurn https://www.tiktok.com/@brockohurn https://instagram.com/wmeldman33 https://www.tiktok.com/@wmeldman33?lang=en https://twitter.com/Brockohurn
We spend so much time working on our business, but do we even have time for ourselves? Joining us again for another episode is Sterling White. He is a seasoned real estate investor and proud founder of Sonder Investment Group. With more than a decade of experience, he and his current partner have been directly involved with both buying and selling over 100 single-family homes and scaled his personal portfolio to up to 500 units. Sterling believes that when we work on ourselves, we bring more value to our business and to the people around us. He talks about how he is taking a step back and finding ways to improve himself. He also shares important strategies and mindsets we need to navigate the current market conditions. [00:01 - 07:49] Positioning Yourself in a Market Shift Welcoming Sterling back to the show The market is shifting and now is a good time to sell Real estate is overpriced but it's still better to invest than to leave the capital sitting in the bank They are hitting a pause on their previous acquisition strategies due to the economic environment and will be flipping the switch once things start to turn [07:50 - 20:59] Keeping Your Mind Sharp Sterling is improving himself by doing things beyond just business Accept these truths: People are going to be people There are things that you cannot control, especially what's happening in the market It's important to be self-aware in order to make sound investment decisions Practice patience and avoid FOMO Assess risk and protect your downside If given a chance, what's one thing Sterling would do differently in his career? [21:00 - 21:58] Closing Segment Reach out to Sterling! Links Below Final Words Tweetable Quotes “We've got quite a bit of uncertainty that's going on with the rise of the interest rates and I just believe that what people are paying for properties right now is just not sustainable.” - Sterling White “People are going to be people and they're acting in their best interest, which many of the times, their best interests may not be in your best interest.” - Sterling White “I've learned from people who are further along than me in their journeys, they've had those dry spells where they didn't acquire. But when they did acquire and things did shift in the market, they really scaled.” - Sterling White ----------------------------------------------------------------------------- Connect with Sterling at SterlingWhiteOfficial.com and subscribe to his YouTube channel! Resource Mentioned: How To Scale Commercial Real Estate: Scaling Your Multifamily Real Estate Business With Sterling White Connect with me: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns. Facebook LinkedIn Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in! Email me → email@example.com Want to read the full show notes of the episode? Check it out below: [00:00:00] Sterling White: The first point is being self-aware and that's one of the things that through philosophy, I've also been studying human psychology. And it's just one of those things that, to answer the question that you have is human beings, I wouldn't call it irrational, but it's human nature, so meaning that if something's going up, let's say an investment in stocks or crypto, whatever it is, let's say stocks, that when everything's going up, that's when people have the fear of missing out effect and they start investing. [00:00:41] Sam Wilson: Sterling White is a multifamily investor in the Midwest. He has owned up to 500 units. He's also been a BiggerPockets contributor since 2014 Sterling. You've been on this show before, and certainly appreciate you coming on back here again with us today. Welcome to the show. [00:00:55] Sterling White: Yes. And thanks for the intro there and the energy, the tone, and everything. I think I just may clip that part and just have it at the beginning of my podcast or just whenever I enter a room, I'll just pull my phone out and play that. [00:01:09] Sam Wilson: That's awesome, man. Sterling, it's great to have you back on, you know, there are for our listeners, maybe they didn't catch your previous episode, there are three questions I ask every guest who comes in the show: in 90 seconds or less, can you tell me where did you start? Where are you now? And how did you get there? [00:01:23] Sterling White: Yeah. So started in Indianapolis, Indiana rougher parts of the city single mother, fraternal twin brother, ended up getting into real estate. This was 2009 when things were not so good in the economic environment. As a construction laborer, I read the book Rich Dad Poor Dad which rich and wealthy people did not get that way by being laborers, so then I started buying single family. I got up to 150 and then transitioned 2017 to multifamily, got up to about 500 units. So there we go. That's 31 years and 60 seconds I believe is what I did. [00:01:56] Sam Wilson: Yeah, you did, man. You definitely kept it under the 90-second threshold there. Certainly appreciate that. That is awesome. So you scaled up to 500 units in your own personal portfolio. And then things have changed. We've had a market shift, like tell me what you guys are doing today and how you guys are positioning yourself. [00:02:15] Sterling White: Yeah. So I've been selling over the years and just have one apartment left, which is 156 units, which is now under contract and waiting to close. There was a fire at the property and now going back and forth with insurance. So it really pushed it along, but actually received a million dollars more than what we had on our five-year projections. And we're two years into the project. So that just goes to show with where we're at in the market at this moment. And I believe that there's going to start to be even more of a shift so want to have that dry powder available and ready. [00:02:48] Sam Wilson: That's really kind of wild. So, I mean, and we're seeing that across how many assets, I mean, everybody in the multifamily business seems like, oh, we're hitting our projections sooner than what we thought. We are getting more than what we projected. And it seems like for you, you think it's a good time to sell? [00:03:03] Sterling White: Oh, yeah, for sure. With what people are paying and it's just one of those moments that, well, the perfect time I would've said would've been, what, six, eight months ago, but now is the other from that. But it's what people are paying in the overall sentiment and people are, I mean, just wanting to park their money in real estate. So when you get all of this influx of cash, yeah, it's a really good time to sell. [00:03:26] Sam Wilson: What do you expect? So what do you expect to happen? A lot of times you look at market dynamics to say, okay, now is a great time to sell. That is because there is anticipation of something different in the future. What are you anticipating? [00:03:39] Sterling White: So one, we've got quite a bit of uncertainty that's going on, the rise of the interest rates, and also, I just believe what people are paying for properties right now is just not sustainable. And I'll give you a prime example. The 80-unit that we sold, bought it for 3.35 million in 2018, and then a year and a half, two years later sold it for 5 million. I have no way, how that person made those numbers work 'cause we're actually operating the property, we're saying, how did they make that work. So I believe those deals will start to come around. [00:04:12] Sam Wilson: So what you're saying is that you are in, and again, that this is kind of not asking to predict the future, but your conclusion is that people have a hypothesis. That there's people that have overpaid for properties. And then they're going to come back here in the near, you know, 6, 12, 18 months and say, oh my gosh, we've overpaid for these. And now we have to unload 'em at a discount and you're anticipating picking those up. [00:04:37] Sterling White: Yeah. And I made that mistake overpaying for a property and ended up having to sell what was this, 12 months, a year and a half after that, 'cause didn't raise enough cash to take care of the improvements, because overpaid for the property. And if would've raised that money up front, it would've affected the investor returns. So it was already an okay deal, without raising the cash. So in essence is that same mistake, I believe, people are making. Not everyone, I'm sure some people are, buying deals at a good price, but just from what they bought it for. I just have no clue how they're making it work. [00:05:11] Sam Wilson: I mean, and again, that's not your problem necessarily when someone else is overpaying for a property, you just, but you can obviously collect the proceeds from whatever it is they're willing to overpay so you see it is now a good time to sell. You think, yes. What do you do with that capital once you have it? I mean, that's something that a lot of people are, you know, questions that a lot of investors and us as a passive investor but also active investors have is how do we protect the purchasing power of our capital? I mean, the published inflation rate is, what, 9%? Let's say you get a windfall of millions of dollars. You unload all your assets. So you're sitting on millions and you go, oh, now what do I do with it? How do you protect that from the, you know, erosion of inflation? [00:05:52] Sterling White: That is a great question 'cause I don't have the answer to that 'cause one real estate's overpriced. And then I've invested into other sectors and when I invested it ended up getting cut and some of those investments getting cut in half and actually went down. So it's exactly what you mean, it's uncertain times with what to do with their cash. I still decide to invest it because having it in the bank is you're losing money due to inflation, but I don't have the answers to that. It's very tough right now. [00:06:20] Sam Wilson: Absolutely. Absolutely. Are you guys still in the acquisition game? I mean, are you still looking at assets, still underwriting? Are you doing anything on that front? [00:06:30] Sterling White: Not at this moment. I just haven't, 'cause the approach that I've always taken is, on the multifamily side, is the direct to owner and outreach. So build a whole entire system with that. And it's a lot of work that goes into that. And so for that is the amount of work versus the ROI and what I saw from an economic environment, just couldn't justify the efforts that we put in for the ROI that we got. [00:06:54] Sam Wilson: Yeah. And you guys had, for those of you, again, that are just tuning in and have not heard Sterling's first episode, when we conclude this, I'll go back and find the actual episode number. Normally I know that if I have a repeat guest and I didn't look that up ahead of time, so I apologize, but if you go back and find that episode, you'll hear some really creative sourcing strategies and outreach strategies for acquisitions. Sterling did some really cool things. I won't repeat those here, but certainly, worth a re-listen or a first-time listen if you want to go back and find that episode and find some really cool methods that Sterling was using to find direct to owner deals. So that's really interesting. So you're saying that the amount of time and effort that it takes to ramp up, especially your really unique strategy is just not there right now. [00:07:35] Sterling White: Correct. Exactly. And still, once things do start to turn, already have that foundation set and the knowledge, it's just returning it back on. [00:07:44] Sam Wilson: Right. It's flipping the switch and then you have, you know, capital in the bank and it's flipping the switch. What are you doing right now to really stay sharp? And then to know when the market is turned to a point to where you want to get back in? [00:07:58] Sterling White: So it's stabilizing the current assets being that apartment, but also is I've taken on more, I wouldn't say more, but different hobbies. Meaning is I've taken the time to step back and actually sharpen more of my acts, meaning, my mindset which is taking on more philosophy, learning a different language. And so those are more things and rabbit holes I've actually gone into during this time. [00:08:22] Sam Wilson: Now that's really cool. And, you know, there's always that confluence of money and time that people rarely run into in life. Like, you know, everybody seems to work for those golden years where it's like, oh, Hey, you know, look, we're retired. And we got time on our hands and money in the bank. And it's like, that's just, you know, it happens at few intersections, I feel like, in most people's lives. So it sounds like you may have found that intersection albeit potentially temporary. And this is what you're pouring into. So tell me on the philosophy side of things, why do you think it's important to really work on the way you think? [00:08:55] Sterling White: And I wish more people actually talked about, these types of things, 'cause, yes, business is fantastic, always want to improve on that side, but I believe actually as a human being, you improve yourself. Not only you'll be better of value to people out there and just the common world, but also in your, business as well. One of the philosophies I've been studying or just, reading up on is, like, stoicism, there's daoism. And just one of the things I've taken on is that people are going to be people, accepting that, the good, the bad, and the ugly, and just to not take anything personal that some people may do and that they're acting in their best interest, which many of the times, their best interests may not be in your best interest. So accepting that. And then also is the things that you can control and can't control, which there's a lot of things out of our control, such as if Sam came on this podcast and just leaned in onto me and said, you know what, you were I don't know, make some things up, you're a bad investor, you're underwriting all this. I can't control that, but I can control my actual response to it. [00:09:54] Sam Wilson: Right. Yeah, man, and that's funny. You mentioned that. Somebody said it, that life is 10% what happens to you and 90%, how you respond to it. There we go. Get my numbers right. And getting that mindset set to where when things happen that are outside of your control, you can just go, you know, I can't fix that. The only thing I can do right now is decide how much energy I want to devote to whatever that event was and then figure out how I want to respond to it. And outside of that, I got to just let it go. [00:10:22] Sterling White: Yeah. And I'll give you an example. In my earlier days, when I started the companies I had that is I was working on myself, but there was always, there's different layers to it. And I'll give you a prime example. If someone sent over a not so nice email to me and they had multiple points is sometimes I would just each and every point I would respond back to that email. But now I'll give you an example. If an employer, someone sends that over to me, I'll just, instead of emailing and respond to 'em or getting triggered or frustrated or mad, one, I don't take it personal and I'll just hop on the phone call with them, just to talk it out, and completely take the angle. And many times is it actually what they had in the email was not intended of how I actually perceived it. [00:11:05] Sam Wilson: Right. Right. That's absolutely great. Yeah. I find that as well, hitting those things or not hitting 'em on the head, but just addressing 'em head on. It's like, Hey, you know what? We're not going to email back and forth. We're not going to chat over whatever it is, Google Chat. We are going to just talk. And a lot of times that, whatever you had perceived is not actually what was going on there. That's really cool. How is this affecting you as an investor? And maybe if you're working on your personal philosophy, how does it affect the way that you foresee yourself investing in the future? [00:11:34] Sterling White: Well, there was that one example that I just mentioned there from the business side, but also the accepting things that I can't control is I I'm not able to control what's out there in the economic environment, such as the Fed increasing the interest rates or let's say some Black Swan event happens in the war. We'll have World War III. Hopefully, this doesn't get banned for me saying that, but it is that those are events that I cannot control. So in the event that those do happen, I believe that will actually be an opportunity for investing because when there's blood in the streets, that's the best time to actually invest. [00:12:08] Sam Wilson: Yeah. [00:12:09] Sterling White: Counterintuitive advice though 'cause when it's actually happening, you're like, oh gosh. [00:12:13] Sam Wilson: Yeah, I know. And you bring up an interesting point there and it's something I've I've long thought about, but I don't have an answer to, which is that investors typically invest at the completely wrong times. Going back to your point there in the beginning, which is that you're unloading all your assets because people are paying numbers for 'em that you can't have it make mathematical sense. You're like, this is just dumb. Sure. You can buy it. I'll let you buy it for that. No problem. But one of the things that I struggle with is getting out in front of, you know, 'cause we syndicate opportunities, I don't know if you syndicate your deals or if it's all in-house, but you know, educating our investors for the right time to invest to when everybody else is afraid, being able to instill confidence in the people around us. How do you see yourself doing that? [00:12:58] Sterling White: Yeah, it's one, the first point is being self-aware and that's one of the things that through the philosophy, I've also been studying human psychology and it's just one of those things that, to answer the question that you have is human beings, I wouldn't call it irrational, but is human nature. So meaning that if something's going up, then let's say an investment in stocks or crypto, whatever it is. Let's say stocks, that when everything's going up, that's when people have the fear of missing out effect and they start investing. And then once things start to, a Black Swan event happens in the economy, when it's at the top, because at the bottom when people were scared, that's actually when the wealthy and the smart money came in. And then when things start to go up, retail or the common investor comes in at the top, the smart money actually starts selling off. And then let's say a Black Swan event and then from there, at the bottom, then that's when retail starts to sell. So it's just understanding that psychology and just when things are fearful, and let's say in the real estate market, 2008, 2009, 2010, that was actually the best time to buy. [00:14:06] Sam Wilson: It most definitely was the best time to buy. [00:14:08] Sterling White: But the scariest. [00:14:09] Sam Wilson: Oh, for sure, for sure. 2009, I mean, could you imagine going out and taking down a 30 or 40 million apartment complex? In 2009? People would be like, so you're doing what again? Like, is anybody making money in that? None of their friends are making money in it. There's not these, you know, 2x, 3x equity multiples in two and a half years that everybody's seeing. So it's a really interesting kind of thing that you have to figure out is how to communicate to investors and instill confidence, you know, when everything does seem to be, or could potentially be going in the direction that most people aren't comfortable with. [00:14:41] Sterling White: Exactly. [00:14:42] Sam Wilson: Tell me this. If you were to give advice to somebody else looking to get in the business right now, or looking to scale their commercial portfolio, and somebody came to you and said, Hey, Sterling, I'm looking to jump in, man. What should I do right now? What would you tell ' em? [00:14:56] Sterling White: So is this a person just getting started? [00:14:59] Sam Wilson: Let's say they're like you and they had a single family portfolio, but they want to get out of that game and get into bigger assets. [00:15:05] Sterling White: So I would say is, I mean, one, patience, but also is if you're on social media or whatever the case is. You're saying, okay, I need to get a deal now 'cause I see all these other people getting into it and I haven't, and I no longer want to be in single family, and I need to get this, deal now is the way to deal more credibility or whatever reason, you're just in that mindset that in more of a non-patient is I would just say patience. It's okay. I know we're in the microwave age and it seems as if everything happens overnight, but that's not the case. And one thing I've learned, 'cause if we're speaking in today's, terms on in 20 22, is that, one, yes, I haven't acquired anything for the past several years, but I've learned from people who are further along than me in their journeys. They've had those dry spells where they didn't acquire. But then when they did acquire, when things did shift in the market, they really scaled during those periods of time. So that's one thing as I always study others, but also constantly take a step back and practice patience as much as I can. [00:16:06] Sam Wilson: Man, that's great. That's great advice. Yeah, because, I like the way you put that in the microwave age because it's so true. It's so true. We see it. We hit the button and 30 seconds later, we got a hot, well, I'm going to call it a meal. I'm not going to call it food, but I'm not going to call it a meal. Most of what comes out of a microwave, I'm not going to qualify, I wouldn't qualify as probably food, but either way, it's something to eat. So we're used to that instant. And especially as you see on LinkedIn or you see on Facebook or BiggerPockets, and you're like, oh, Hey, cool. So and so just acquired another massive, you know, transaction. You're like, golly, I'm just sitting on my thumbs. Oh, maybe. [00:16:40] Sterling White: Yeah. And you don't know what all the work that they had that went into that. That could have been an owner that they've been following up for three, four years now that they just didn't have the time to put all that in the actual post or give that backstory, or they could have just overpaid for the deal. You don't know none of these things. So, and that's the thing that, what is it, the self-development and mindset, I went into is just keeping up with the Joneses is that is one of the worst things. And that's why I work to not be on social media as much as I can off of it. [00:17:12] Sam Wilson: That's interesting. That's very, very interesting. Yeah, because the FOMOs and the feelings of like, I'm not doing enough or I'm not moving fast enough or things like that, none of that really generates any positivity, I think, in our life, or actually moves the needle for us. So I think that's a really, really cool point. Tell me this, so you guys, you're selling off your portfolio, you're working on yourself, you're working on your mindset, you are developing your own philosophy. You said you're learning a language as well? [00:17:39] Sterling White: Yeah, Spanish. I can speak it, but [speaks Spanish]. I don't want to get too much, but it's difficult. [00:17:45] Sam Wilson: It's difficult when people talk to you. Yeah. [00:17:47] Sterling White: Si. [00:17:48] Sam Wilson: I caught it. I caught it. Well, you're ahead of me, man. I can't speak it. So I can't. And then that's that's really, really cool. I love the ability and the willingness to keep your mind sharp. That's a really big, I think, piece of the puzzle. I guess the last question maybe for you is this. You know, so we talked about some risks that are out there in the marketplace and you see people overpaying for things. Are there other risks that other people are taking on right now that you feel like you've found a creative way to offset and/ or avoid altogether? [00:18:17] Sterling White: I'd say is believing that cap rates are going to keep steadily compressing. So that's one risk when looking at and analyzing deals, let's say right now, it's the current properties trading at, let's say a five cap instead of underwriting in, let's say a three to five a year projection that it's going to be at a four, maybe even the three. I'm just using that, for example purposes, that likely just keeping at a five, five and a half, or maybe even a six. So that's what I would say is a mistake, to avoid. [00:18:43] Sam Wilson: No, I think that's really, really great. Yeah. And who knows? Who knows where the cap rates go and who knows, the Fed may come out and, just keep interest rates where they are. They might cut 'em. They might just keep raising 'em. I don't know [00:18:56] Sterling White: Who knows? But that is the thing. As an investor, you just have to assess your risk and protect your downside. And I see it, commonly people not protecting their downside. And a quick story is that there was an investor, they were buying a property, and they were buying the property based upon a corporation signing on to the lease, which would be premium rates for their tenants. And I asked them, well, what does the deal look like if the corporation does not sign on 'cause they didn't get anything on paper. And they said I wouldn't buy the deal. And that's what I mean, it's just not protecting their downside. 'Cause if they buy the deal in that case, the corporation doesn't sign on, now what are they going to do? It's not protecting their downside 'cause they couldn't ship that to market 'cause it doesn't make sense. [00:19:37] Sam Wilson: Yeah. Oh, man. That's, yeah, that's scary stuff when you hear deals that they're only good deals based upon one major investor or one major source of... [00:19:46] Sterling White: Everything has to go right basically. [00:19:48] Sam Wilson: Exactly, it's like, I mean, it is owning a business with one major client. It's like the people that, oh, this is my million-dollar-a-year client. And then what do you do when that client goes somewhere else? You're toast. [00:19:58] Sterling White: Exactly, yeah. [00:19:59] Sam Wilson: Man, that's wild. Sterling, one last question for you here is this. If you would rewind the tape over your entire investing career, what is one thing that you would do differently and why? [00:20:09] Sterling White: Man, and I know you probably get this quite often is if I were to change something that could be, I don't know if you watched the movie, The Butterfly Effect with Ashton Kucher. But basically, he kept going back in time to always change one little thing, but when he would change that thing, it would impact the future heavily because of that one. So that's the thing is that, but if I were to go back, just for the podcast purposes, I would say being more patient with myself when it comes to accepting the things that you can't control and not control. And when first, initially starting out, I had to have so much control that in this department, this department, this, and really get into the nuts and bolts and oversee. But if you want to quickly scale and then also free up your mind from that, 'cause there's a lot of mental energy that goes into that. So that's what I would just tell myself that you don't, just learn to let go. [00:20:59] Sam Wilson: Man. I love it. Absolutely love it. Sterling, thank you for taking the time to come on yet again here on the podcast. Look forward to, you know, putting this out and letting the world hear where you guys are in your investing career. Certainly love it and love what you guys are doing. If our listeners want to get in touch with you or learn more about you, what is the best way to do that? [00:21:16] Sterling White: Yes, you could find me at sterlingwhiteofficial.com. One more time, that is sterlingwhiteofficial.com. And then on YouTube, I contribute quite a bit of content on a weekly basis. Just type in Sterling white. Look for a bald, handsome guy. I'll come right on up. [00:21:29] Sam Wilson: Sounds great. Sterling. Thank you again. Have a great rest of your day. [00:21:32] Sterling White: You too.
Today on the Rekt Den the wolves step into the lab for a little Black Swan Experiment. Will it blow up in their cute little rekt faces? Will the Black Swan Experiment end up REKT or NOT REKT? Listen and find out on today's episode of The Rekt Den. Recorded on September 23rd 2022. Thank you to everyone in the community who supports TerraSpaces.
Note: This episode originally aired in September 2021. Andy McNab is a former member of the British SAS who led Bravo Two Zero during the first Gulf War. Over his time in the military, Andy conducted counter-terrorist and anti-drug missions in Central America, South America and throughout the Middle East. He also worked undercover in Northern Ireland. He was captured in Iraq on a mission during the first Gulf War in 1991, an experience he recounts in his first book, Bravo Two Zero. Andy was awarded the Distinguished Conduct Medal (DCM) and Military Medal (MM). At the time he left SAS in 1993, he was the British Army's most highly decorated serving soldier. In his post-military life, Andy has instructed special operations forces in survival, hostage rescue, and counterterrorism. He was also the technical advisor on the classic action film Heat. He is the author of the Nick Stone and Tom Buckingham thriller series, the co-author of the Boy Soldier series, and the author of three books about his own military experience: Bravo Two Zero, Seven Troop, and Immediate Action. Andy's novel Red Notice was recently adapted into a major motion picture. It is currently available on Netflix as SAS: Rise of the Black Swan. You can follow him on Twitter @the_real_mcnab Sponsors: Navy Federal Credit Union: Today's episode is presented by Navy Federal Credit Union. Learn more about them at navyfederal.org Black Rifle Coffee Company: Today's episode is also brought to you by Black Rifle Coffee Company. Check out the latest here. Featured Gear: Today's featured gear segment is sponsored by SIG Sauer. You can learn more about SIG here. True Velocity Ammunition
Financial management can make or break a business. Any business undertaking attempted without taking cost drivers, growth prospects, and value realization goals, among other critical factors, into account is leaving a big, wide door open to problems.Jack Boyles, Managing Director at Marcum LLP, understands this perfectly well. With his extensive experience in financial planning and modeling, valuations, and funding strategies, Jack keeps a trained eye on both the micro and macro factors that influence today's rapidly evolving financial services sector.In this episode of The Modern CFO, Jack talks with host Andrew Seski about critical factors to consider for growing companies, how he deals with the unexpected, and the valuable lessons he learned over his 25-year-long career as founder, investor, and CFO of several companies.Show Links Check out Marcum LLP Connect with Jack Boyles on LinkedIn or via email Check out Nth Round Connect with Andrew Seski on LinkedIn TranscriptPlease note that the transcript is AI-generated and may contain errors. The content in the podcast is not intended as investment advice, and is meant for informational and entertainment purposes only.[00:00:00] Andrew Seski: Hello everyone and welcome back to The Modern CFO podcast. As always, I'm your host, Andrew Seski. Today, we're joined by Jack Boyles. Jack, thank you so much for being here. [00:00:19] Jack Boyles: Thank you. I'm looking forward to our conversation. I reviewed a number of your other podcasts. They're all great and I learned something in each one.[00:00:25] Andrew Seski: So today, Jack serves as CFO at Marcum. Jack's based in Boston and has been a CFO across a number of industries and is insatiable when it comes to learning new things, trying new industries. [00:00:38] But one of the things that we've been talking about, maybe ad nauseam, but between us is the idea that maybe there is a certain time and place where CFOs can have their biggest impact at, you know, either a type of financing, an industry, and maybe CFOs shouldn't necessarily grow across all stages and all different types of industries. Maybe they should be specialized and maybe there is a time and place for that CFO who can drive the most value. [00:01:05] So this is a topic I really want to dive into and really dig our teeth into because Jack has such a unique vantage point, serving his entire career really honing in on this idea. So Jack, I got to turn it over to you to tease out some of the value and insights here on sort of that topic and whatever else we can foray into across all of the experiences you had as a CFO.[00:01:26] Jack Boyles: Thanks for the great introduction. Yeah, I'm not CFO of Marcum — number one. Marcum has a group of consulting CFOs and so I now work with roughly a half-dozen small and medium-sized companies as a fractional CFO. Prior to that, I've been CFO of a number of companies in which I was founder, investor, angel, and always had a CFO title in a wide variety of verticals — distribution and logistics, software manufacturing, IT services, natural resources. [00:01:57] And right now my portfolio includes a SaaS company — a company working on carbon credits with blockchain — and another marketplace for health services. So, you know, it's a pretty broad spectrum and I've enjoyed it because there has been a number of learning opportunities. [00:02:14] But returning to your theme, I found I'm really good at the five million to 50 million-dollar service orientation companies. And I've realized that that's where I can add the most value. I'm not somebody who can take a company public, although I've sold a number of companies to Fortune 500 companies. But it's really recognizing there are different skill sets for those by both vertical and by size of company, if you will, the capital intensity and sort of the economic structure underlying the business.[00:02:45] So I can break down those and, you know, they're all interesting problems, but it's really a different skill set for each one of them. And you need to manage differently as that, you know, financially-oriented team member. [00:02:58] Andrew Seski: In terms of where some of this interest comes from from my end is the fundraising environment over the last few years dramatically changing in the last few months. So what may have been, you know, a company doing five to 10 million then that could have been valued, and maybe in the software land, maybe even at a hundred X multiples at one point, just an absolute crazy valuation and fundraising environment to, you know, a very, very immediate, almost shift in going from, you know, pure growth orientation to conservative cost cutting, you know, headcount reduction. And I think the question there stems not only just from where the CFO can be the most valuable in their niche and their competency, but also how to weather the volatility of different market cycles. [00:03:42] And there are a lot of variables to play with here so I really like your answer that the CFO can be really valuable by identifying their impact in a niche due to all of the other market environments and volatility in the markets that could, you know, shift strategy and financial strategies that a company may pursue.[00:03:58] Jack Boyles: Well, you're shining a spotlight on, you know, certainly what is the most critical thing for growing companies, which is, do they have access to capital? And is it the right capital on the right terms and in the right timing? You know, obviously, you progress from family and friends to seed rounds, to Series A and up. [00:04:17] But it's really more important, or the starting point for that analysis is really, what's driving the need for cash? Is it building your organization? Is it financing working capital? Is it plant and equipment expansion? Is it building relationships that you need to invest in? So really understanding from a, what I would call a fairly granular level, what are the cost and capital drivers in your business and really internalizing that, that economic, that, you know, the calculus of the business, because that's gonna tell you what kind of capital you need and where to go knocking on the door. It's seldom the case that you're gonna be the first guy knocking on that door, but making sure that they understand your economic model is critical.[00:04:59] And so to narrow your field down on who you're focusing on and what you're offering and making sure, I mean, whether you look at PitchBook or anything else, it's fairly easy to qualify those people and what their investment criteria are. Most firms are very upfront about what they invest in and there's nothing wrong with reaching. But there's also economy and wisdom and finding people who've done your deal before with like competitors because they understand it. They get it. Whether you consider that investor a bank or a venture capital or a family office, find people who have done it before. They're gonna bring more knowledge to the deal — in the one they do because they are always seeking to be better. Their due diligence will be a lot more efficient and helpful to you.[00:05:43] Andrew Seski: So I want to dive into something that comes up on most podcasts. When we talk about people's route to CFO roles, there's a very traditional background of accounting courses throughout undergrad and maybe a consulting job or a Big Four role. We've had a mix between a very traditional and maybe some nontraditional of serving in the Navy. And I want to go back in time to Dartmouth undergrad and leaving school. What was your, some of those first roles? Did you have sort of a traditional background? Because I want to then kind of hit on all the successes you've had because you have a pretty incredible track record as well. [00:06:19] Jack Boyles: Not at all. I got an MBA at Dartmouth and I was something of a quant jock having a mathematics degree and liking computers, which was kind of a new thing then. And, you know, took all the accounting courses. And when I got close to what the careers looked like with the Big Eight — and there were eight at that time — versus the other things that were out there, I chose consulting. [00:06:41] I joined a firm, Temple, Barker & Sloan, in Boston, worked with them for years. And candidly, they liked me because I spoke business and I could write Fortran. Those were the qualifications. And so I ended up doing most of the financial modeling on a broad range of projects and really, you know, got to be known as something of a guru in figuring out the economics in how to simplify them to the important details. I mean, that's an important notion. [00:07:07] Getting a level of detail right is sometimes the hardest thing to do right in making a projection. Too detailed — you can't maintain it, change it, and it's not useful as a policymaking tool. Too macro — it's not informing you on what the really important relationships are between the resources and their results in a business.[00:07:28] I did that for a number of years, worked across telecommunications, oil and gas, resource recovery, some consumer products, and then got tired of working for big companies because, you know, you were kind of siloed. And so when I looked over my years in consulting, the fun companies were all small and growing. That made the choice easy. So I went off on my own and one after another, you know, lived out that dream. [00:07:53] Andrew Seski: So you've mentioned early on that you are really passionate about continuous learning. And I think you probably identified consulting as one of those ways to be very, very oriented to try to be a value adder early on in your career but also across a lot of different industries so that you can continue to learn. It's very clear that you maintain that theme by being able to have a similar job title across all of these different types of firms.[00:08:18] But how are you thinking about that in terms of some of the risk profile of — I think there are a lot of CFOs who have probably fairly, just a pretty well-defined risk adversity — but going from big consulting shop to smaller firms to deploy some of that knowledge, did that phase you at all or were you pretty comfortable in those positions? [00:08:37] Jack Boyles: My wife didn't ask a lot of questions about what I was doing. So honestly, I was blessed with somebody who was very supportive and understanding and had confidence that I could make it work, whatever I chose to do. And she's, you know, she's been half-right.[00:08:52] Andrew Seski: Well, let's start talking about some of the consistent themes across these CFO roles because you do have a lot of experience in successful exits. Like I mentioned, your track record is incredible. So I want to dive into some of the themes and valuable lessons that we can share to the network of CFOs and listeners today.[00:09:11] And maybe it starts with the kind of continuous learning aspect of always trying to drive forward continuous learning. Maybe it's the definition of what a modern CFO is across being somebody who's really proficient in understanding and measuring the value of technology versus maybe opportunity cost. So were there any things that stood out really early in your career that were cemented later across some of the more successful exits that you've had?[00:09:40] Jack Boyles: I think one of the most important things to do is not overestimate your team's understanding of what the CFO is really supposed to do. And I think it's really helpful when engaging, you know, with a new team to lay out, you know, your assessment of what the roadmap is and what the principle projects are, the priorities, timing, and resource required for them. [00:10:02] Above all, we have to be good project managers. Yes, we have to have the financial disciplines and understand how to put financial statements together and make intelligent decisions about IT, infrastructure, and risk mitigation, and so forth. But really laying out that roadmap for your team members and really saying, "These are the things I own," "These are the things I need your support with." And don't assume that they really understand what the role is and how integrating it needs to be in how the business develops. [00:10:33] You know, the CFO should really take responsibility for building the infrastructure to support the vision of the people who are creating the products and services and the technologists in this day and age that are driving it forward. But to really confirm their understanding of your role, the need for detail, the need to measure what they're doing and provide regular feedback in particular that monitors their progress against their objectives. So to me, that's a lesson I learned over and over again and every time I skip it, it's like, how did I miss that? It's just, I thought I had learned that lesson the last time. And that's critical whether it's, you know, regardless of what industry you're in. [00:11:12] You mentioned the other thing about the thing that keeps me motivated. You know, one of the things that happens at business school and when you're a math major is you acquire all these analytical techniques and tools. You know, I'm really in the business of, you know, old tools for new problems. And so when somebody talks to me about security policy — huge issue for most companies today in the security, you know, whether it's compliance with GDPR or SOX to any of those issues — you know, you don't hear anybody talking about applying Bayesian analysis to that, which is, we all know the technique, but use that framework to structure the decision, to add quantitative data and substance where you can, but also understand, you know, what you're not gonna know and is undiscoverable and be able to make decisions. [00:11:59] You know, the role of a CFO if they're effective with not only the preparation of financials but can adapt that data to the decision making that's in front of them — that's critical. That's a valuable, valuable partner in your decision-making process. Not that they don't get a vote — they do and should have a vote — but the reality is making sure we've chosen the right analytical framework and context for the problem, understand what we know, what we don't know, what's worth researching, and how much time and resources are we willing to spend to improve the decision. Critical thing. And it cuts through a lot of the maxims you hear from one CFEO or, you know, one entrepreneur or the other, speed is everything in one case, fail fast. You hear all these things, but putting it in structure and putting numbers to it really helps you apply those lessons in a very focused and constructive way.[00:12:54] Andrew Seski: I want to continue to talk about this just for a moment because we've had now the pandemic. It looks like we already have a looming recession. When we talk about constructing sort of traditional models with a little bit of leeway and communicating out, you know, exactly what the role of the CFO is, how do you create and think, or how do you personally think about how to create some sort of, you know, configurability around circumstances changing and some sort of flexibility in terms of, you know, creating the models that would be able to handle, you know, some of the maybe more unforeseen types of events that we've had in the last few years?[00:13:29] Jack Boyles: Oh. [00:13:30] Andrew Seski: It's a complex question. [00:13:32] Jack Boyles: Well, I mean, you know, there's great literature on that over the past 10 years, starting with The Black Swan and the work of The Undoing Project, which is about people, you know, two psychologists won the Nobel Prize in economy and economics for really undoing capital markets theory, is what they did, and sort of challenge some of the basics of, you know, thinking fast and thinking slow, which is Daniel Kahneman's famous book. [00:13:59] Andrew Seski: Is Undoing, is that a Michael Lewis? [00:14:01] Jack Boyles: Yes. The Undoing Project is the story of Kahneman and his partner that led to the Nobel Prize. Kahneman, you know, his partner died in this research, but Kahneman continues to write and is still very influential about thinking about how decisions are made and what we, what we just assume and make decisions on every day, which needs to be tested, which is sort of at the root of these unforeseen things that nobody saw coming. [00:14:29] I'll segue back to something I raised earlier: security issues today. You know, when you ask Amazon and you've moved all your stuff to their cloud services, you know, what are you gonna do to make sure we never fail? And they say, you're making an assumption that we're not gonna fail sometime. Assume that the network's gonna go down at some point. That's a real risk. How are you gonna handle it? We can't provide that guarantee. I think about risk in that way, which is I really do carefully consider obsolescence risk of products and services. That's particularly relevant today given the pace of technological innovation and disruption going on. [00:15:05] I think, you know, we have to think very carefully in most businesses. The current clients that I have are not really geared in doing flexible planning regarding the likely wage expectations of, you know, anybody they're hiring. You know, it's not just the commission you pay a recruiter. It's the fact that the basic wages are gonna be 10% higher. So really working through at a fairly, you know, a mid-granular level, which is wages, resources, regulation can change and fundamentally alter the nature of competition in your vertical competitors themselves as well as new products and services. And I think you just have to be structured about that and really be honest. [00:15:47] People wave a hand at it by saying we've got very strong customer relationships. Well, yeah, maybe you do. I can look back and see what the recurring revenue is per customer and I'm not sure what that tells me, you know, given the threats to their business, the threats of competitors, you know, this is a free market capital society. They're gonna earn money for their shareholders and do what they think is right for them. You really have to be very circumspect about placing too much reliance on those strong customer relationships that you've had forever and even the legal contracts underneath them. I tend to be a skeptic when it comes to that.[00:16:26] Andrew Seski: Right. Having a really, really specific understanding of stakeholders, you know, not just your stakeholders but their stakeholders and, you know, whether that's their investors, the shareholders, employee owners, you know, the things that affect their businesses and your clients' businesses as well.[00:16:40] Jack Boyles: Everybody at the table.[00:16:42] Andrew Seski: Everyone at the table.[00:16:43] Jack Boyles: Everybody at the table has alternatives and it's important to understand that you can't, you know, neglect any of them and because whether it's your circumstances or their circumstances that changes dramatically, you both have to re-examine the relationship and be prepared for it.[00:16:59] Andrew Seski: One of the things we were talking about just before we started recording were some big shifts that have taken place in terms of where financial data is stored, maybe the, like sort of the future of the CFO role. And I want to touch on some of that because I think it'll reframe some of the conversation into what we can think about in terms of strategic planning in the next three to five years or even zooming out further with more innovative technologies. You mentioned you had a blockchain company that you're working with doing carbon credit so you're hitting two major themes that, even in the news right now around climate change and government funding, some new climate initiatives.[00:17:35] So I want to zoom out a little bit and talk about some of the macro things that have happened in terms of where technology and financial services have intersected, especially in the role of the CFO. [00:17:45] Jack Boyles: My perspective is if you look back over 50 years, there have been three or four major events that wholly changed the way finance was supported within companies, starting with the creation of ADP. When Frank Wattenberg created that company back in the sixties, nobody dreamed that you'd ever have the confidence to outsource the most confidential data you had, which is the compensation of your employees. You know, 10 years later, you were considered inefficient and backwards if you weren't using an outsourcer to manage the payroll processing problem. They did it better. They did it more competently. They were well-equipped to keep pace with a compliance requirements that constantly changed. Looking back, it was like, why didn't we do that earlier? [00:18:29] A couple years later, we moved from big, secure IBM mainframes to running our financials on little local area networks everywhere that rolled up. It was a revolution from having to have a mini computer, a mainframe to process your financial data or, worse yet, do a lot of it manually. That happened, you know, overnight. We all changed again with the year 2000 worries and upgraded all of our technology. [00:18:58] The last thing that happened was the move to the cloud. In 2015, I remember talking to financial partners about, you know, was anybody else contemplating moving their accounting onto these crazy platforms, NetSuite and Intacct? Not a one. I talked to a dozen companies. Not a one. Three years later, they were behind the eight ball if they weren't in that project. And now you have to have a very stable, very small business if you haven't moved your financials to the cloud, whether it's on Oracle or SAP or Intacct or NetSuite or QuickBooks Online. [00:19:34] And I predict the next, you know, role to change is the CFO. I think that the reality is the breadth of skills that a CFO had to bring 20 years ago is irrelevant today, largely. You know, the person you want in that role has great familiarity with the vertical, has great familiarity and comfort with the size of company — how many people, what's the size of the management team. You work entirely different if you're in a C-suite of a Fortune 500 than if you're one of three people running a 50-million-dollar company and you have very intimate and intense relationships with the other members of that C-suite. [00:20:13] So I think that's going to change and you're going to find, you know, CFOs, particularly for growing companies, change more often. Somebody who's really good from startup to 10 million. Somebody else has a different skillset from 10 to a hundred million, and you need somebody else for the IPO. They're different skillsets. You know, the lower you go, the broader range of skills you have to marshal and more hats you have to wear as you go up the chain, you become more of a manager and in public relations role. [00:20:46] So within the sectors that I serve, I find that it's as important for me to be able to source critical services, whether it's in IT, professional services, legal accounting, insurance, or other specialty services, whether it's R&D tax credits, 401(k) advisory work, issues of that nature. So I'm, you know, a third sourcing agent for all the professional services, a third, you know, controller, whatever accounting hat I have to wear. And third really business planner partner to the other executives. [00:21:20] Andrew Seski: So that's really helpful in terms of contextualizing all of the dynamic requirements of the CFO today. And I think it's really helpful to look backwards before looking forward. One of the things I want to segue slightly into — maybe it's more consistent or maybe it's even changing now because of everything that is more standardized and in the cloud — but I want to talk about liquidity and exits and relationship with CEOs. [00:21:45] You've had a number of exits and I'm trying to decide if I have an opinion whether or not transactions will always be complicated. You're always gonna need to bring all of the stakeholders we've mentioned into the same room to hash through details and figure out what's best for buyers and sellers. And while there might be some standardization, there's still a ton of human-level emotion behind, you know, exits. [00:22:09] So I want to know if there's been any sort of intersection between the efficiency of due diligence and exit planning. Has technology influenced all of that or is it still highly manual? A little emotional as always in building great companies and maybe having an exit, but it'd be a fun thing to think through and talk about because it's been a hard few years. I think the number of transactions that happened in the last few years have probably been off the charts. In the early 2020, I think 2020, there was record number of IPOs, first half of the year. So just thinking through that, I would love to hear either stories or lessons learned or, you know, your perspective on whether or not you think technology's gonna impact liquidity and exits. [00:22:50] Jack Boyles: Well, I think two things. In terms of the mechanics of it, you know, the progress in deal rooms and standard terms and analytical tools to look and value companies is extraordinary today. The tools at our disposal to do financial analysis have never been better. I think the hidden value of the technology isn't just the deal room and the ability to communicate better. I think you also find that people who've done a number of transactions are starting to put more and more emphasis on what are the fundamental infrastructure systems that are in place. [00:23:25] If I'm buying a company that's using the same systems I do, hallelujah. My transaction implementation cost have been cut by two-thirds. I'm not retraining their staff. I'm not reinventing the wheel. I'm doing some data cleanup at consolidation. So if you're a small company or mid-size company with a view towards being bought or buying others, choosing an industry standard platform for your ERP is critical, you know, that's not customized. It greatly simplifies and ensures the success of a transaction because it means you spend, you know, two months integrating operations rather than a year. Time is of the essence in these transactions. [00:24:07] And I think we're gonna go into a phase, particularly with, if we are in fact in recession and are likely to see a number of quarters and the capital pools are gonna dry up or be constraints fundamental, I think you're gonna see a wave of consolidations among these companies and that's gonna be their choice, either sell their IP and their customer lists if they're just technologists or go out of business because I don't think the subsequent rounds that were readily available two years ago are gonna be coming as quick or be as favorable in terms of valuations. [00:24:40] So when you look at the, you know, how the worm's turning, I would urge mid-size companies, who are revenue, you know, have profitability, positive cash flow, to really think about who are the comparable and natural acquirers for them. Chances are those companies, if they need to exit or thinking about it, they probably know who their acquirer is. And I would in some cases that, you know, urge them to have those conversations before they engage in investment banker because we're all looking at the same two-year outlook, which is highly uncertain in terms of both economic environment, as well as the availability of capital. And I'd plan for that. [00:25:20] In most cases, you know, companies that are consolidating in some form, they already know who the players are. And they know, and they're very thoughtful and intentional about what they're gonna look like to facilitate that and remove obstacles to combinations. [00:25:35] Andrew Seski: So just thinking from an investor's standpoint and from a founder's standpoint, I think in the next three to five years, there's kind of a double-edged sword here. I think on one hand, there's some excitement around if there is a downturn and money is being spent more strategically and maybe a little less out of fear of missing out on opportunities than there is that shakeup where really there could be some market dominators, if they can survive a downturn and really capture a big part of the market share in their industries.[00:26:07] So I think that is somewhat exciting to see the shakeup. It's probably nerve-racking as well for both investors and founders in the same vein. But I was gonna ask if you were really excited about anything on that kind of time horizon. I know we just mentioned the next two years feel very uncertain. But just from all these different perspectives, I was thinking it might be unique to hear what you might be excited about in the next three to five.[00:26:30] Jack Boyles: Personally, I think, you know, the whole promise of blockchain technology, in particular smart contracts, is really going to change finance in very fundamental ways that most people don't grasp yet. When I consider simple things that we had, you know, trade finance, importing goods from another country where it used to be a long, drawn-out procedure with very strict guidelines for the documentation and a very globally revered process for clearing payments and managing the transport of goods. That's a blockchain transaction. That's a smart contract today and it's collapsing.[00:27:05] Well, you know, that's, those same technologies are gonna influence lots of things in the finance world. And so I honestly see financial organizations changing dramatically. So individually as somebody who's working with small companies as a finance guy, I find that very exciting to anticipate those changes because it'll be as important as outsourcing payroll and moving your financials to the cloud and fractionalizing your CFO. It's really gonna change the way things work. [00:27:34] And the, to me, the biggest question is, it's not "if," it's "when." Is it, it could be two years. It could be five years. It could be seven. I'm not smart enough to know what the obstacles to adoption are. Oh, maybe I do. Yeah, I'm guessing it'll be government.[00:27:48] Andrew Seski: Well, I think there are a ton of regulatory pushes being made like, as we speak, basically. But I'm glad to see that a lot of the blockchain applications that are catching some traction are around decentralized finance. It's a really hard problem to solve. But there are a lot of people trying to put certain blockchain applications out there where it's sort of a square peg in a round hole. It's a more natural fit, I think, in a lot of the legalese of smart contracts being digitized. So I'm also looking forward to that. [00:28:17] I always ask whether or not you feel something is, you know, maybe undervalued or underestimated in the world from your vantage point. I know we've touched on a lot of big themes across innovative technology, across the changing role of the CFO. But just wanted to give you the opportunity if you wanted to take the conversation in really any direction where you just feel that people may not fully appreciate something that's more clear to you given all of your industry experience. [00:28:45] Jack Boyles: This is hard for somebody who's a numbers guy to say, but the proper functioning of teams is more important than I ever wanted to admit, you know, as I chose to be a math major and then went, you know, focused on quantitative things in my consulting career. And I think COVID and virtualization of so many organizations, I think there'll be another library filled with the books consultants write in three to five years about what separates those companies that did that well and knew how to bring back and re-engage their workforce. [00:29:18] The successful company that, you know, that we write about five years from now is not the one that said, well, you know, starting 2023, you've gotta spend two days a week in the office. They're gonna be a lot more sensitive to it. They're gonna be a lot more, they'll learn a lot more from how the teams functioned during COVID and immediately thereafter and they'll figure it out. And that's gonna separate the real winners and the teams that have, you know, long-term, excess profitability, and market valuations, and all of those other good things from the rest. Because once you can do that, you're accessing a global workforce, which means you can, you know, do a much better job optimizing, you know, targeted recruiting at the best cost. You'll find centers of excellence and be able to tap into them much more rapidly than a firm that's constrained and tied into some old HR, you know, notions of how this should work. [00:30:11] So I can't predict who those companies are, but that's what I'm watching very carefully. What are the innovative companies doing when it comes to how they manage their workforce, how they reward their workforce now that we've broken the model that says you show up in the same place every day. [00:30:27] And you know, certain industries are, certain companies, those that process medical claims, for example, have led in sort of, well, we don't have to do this in New York City; we can do it in Upstate New York. Or, you know, there are lots of examples of people that have taken a function and done it well, but it tends to be a very routine function and it tends to be easily supported remotely.[00:30:50] You know, the last two years gave us an opportunity to blow everything up and try new models. As somebody who's enjoyed a business career and continues to enjoy seeing what's coming, I'm really looking forward to seeing who the winners are in that race. [00:31:04] Andrew Seski: Yeah, absolutely. I was curious if you, I know you've been somebody over the course of your career who's continuously pushing the envelope on trying to find whatever is on the horizon. I'm curious as to if there are any unique sources that you look to. I mean, I've mentioned on other podcasts, I still get a physical Wall Street Journal. I'm very careful on how I curate social media and how I get news. And it's, you can just so easily be bombarded. I'm curious as to how you curate what you receive or if there are any kind of unique ways that you go seek out information or book recommendations. [00:31:38] And I only ask because Nth Round just launched a newsfeed because we are the same way. Everyone on our team has such unique access to really different types of news and we consolidate it and try to, you know, just showcase what we're thinking about that we think is interesting. It's always kind of a really unique niche between finance, technology, regulation, but it's important to us. And it's just a really interesting mix of news. So I'm just kind of curious as to, you know, as you look to your next revolution of Web3 and blockchain and everything that's happening in the world of technology and finance and regulation, kind of how you're sifting through, you know, the huge amount of content.[00:32:16] Jack Boyles: You know, honestly, we're drinking from a fire hydrant right now.[00:32:20] Andrew Seski: Absolutely. [00:32:21] Jack Boyles: I mean, just, you know, there's so much new technology and I've never prided myself as someone who can create technology. But I've always thought I was pretty good at seeing its applications and where I could really have a role. So having said that, you know, I do scan, I love to listen to a16z podcast. They always seem to be ahead of the curve in terms of identifying a technology and sort of what the fundamental economics are that are gonna, you know, lead to mass adoption. So I find that to be a great source of ideas in thinking about what's coming next. [00:32:54] Myself, I tend to go to raw data. Who is the ex-CEO of Microsoft, not Bill Gates' successor. Who's created a, you know, an American facts database. So I'll open the phone book, essentially, of facts — the Census Bureau, the tax rolls, you know, Bureau of Labor and Statistics — and look at something that may, you know, based on the idea that there's a new technology, say, well, if this applies to plumbers, how many plumbers are there in the world? You know, where are they, what do they do? Really understanding, sort of not trying to solve a global, you know, moonshot problem, but is there a problem everybody has in their household every day that this widget, this service might address? [00:33:37] To me, I am a low-hanging fruit guy. So if there's a problem that says, you know, there was really a better mouse trap, I'd be all over it because I can estimate how many mice there are and think about the problems of addressing that problem. So that's kind of how I think about things. [00:33:54] I do have an example. I ran into a company that was doing field service in electronic repairs. I looked at it and said, well, there's 300 or 400 companies you have to maintain relationships with for warranties. And there's four to 5,000 of you guys across the nation. And there's only one national player? That doesn't seem right. There's an arbitrage. There's a roll up here. [00:34:14] So to me, that was an interesting problem. I worked on it. We merged a couple companies, interesting things. But I'll look at the existing situation in an industry. I think I'm pretty good at looking at the macro forces of how an industry works, how a business works, see where there's a real arbitrage and next opportunity to exploit, you know, not trying to reinvent the wheel, but make it work better, consolidate where possible. [00:34:40] Andrew Seski: Well, stay on after the recording. I've got a very funny story. I'll have to confirm, but I believe it's told on the podcast, it's a Steve Ballmer story about early Microsoft days. But one of our podcast guests had to report to Ballmer and got some very implicit advice in his early career about efficiency and modeling, you know, assumptions after data. So we'll talk about that as we wrap up. [00:35:03] But how would you recommend people get in touch if they'd like to talk to you about any of these concepts that we've covered today or get in touch with Marcum about maybe utilizing some of the services that you're currently serving? [00:35:16] Jack Boyles: The easiest thing. I'm on LinkedIn and very visible, Jack Boyles. There aren't that many of them. So you should be able to find me. There's also a jack.boyles@marcumllp and msn.com as well. So, happy to take all calls and look forward to chatting with anybody who found this an interesting conversation. [00:35:34] Andrew Seski: Excellent. Well, thank you so much for joining The Modern CFO podcast. And I hope to talk again soon.[00:35:38] Jack Boyles: Great. Thanks, Andrew. Take care.
Rising interest rates and global supply chain conditions are just two things that could indicate the apparent unstable economic conditions. But how do these things impact investors? Join Daniel Nickles and Jeff Davis in this episode of Two Smart Assets Real Estate Investing Podcast to find out! Jeff shares the possible situation of the supply chain nine to twelve months from now. He also talks about building various income streams to find the best deal and the deal that makes sense. Tune in and enjoy! Outline of the episode: His journey to finding consistency Building various income streams Global supply chain and its impact Investing in what makes sense Black Swan event About Jeff Davis: Jeff is a global sales executive for a Fortune 200 logistics company since 2005 and has been active in Real Estate since 2015. He is an owner/operator of Bridgestone Holdings, LLC maintaining a portfolio of rental properties as well as fixing and flipping single family houses in Houston and surrounding areas. In 2021, Jeff and Bridgestone moved into a more strategic arena partnering in 2 large apartment syndications for over 500 units. Jeff resides in Spring, TX with his beautiful wife, Cindy, and their 5 children. Connect with Jeff here: Website Connect with Two Smart Assets on: Website: https://twosmartassets.com/ Facebook: https://www.facebook.com/TwoSmartAssets/ Instagram: https://www.instagram.com/twosmartass YouTube: https://www.youtube.com/channel/UC5b8
The United States Treasury market is supposed to be the most liquid in the world. The Treasury is supposed to be the most stable financial instrument available around the globe. Yet the next black swan event could very easily be the US Treasury going, no bid. Liquidity in the bond market could dry up so severely that there are no more buyers at any price for United States Treasuries.
Your ability to stick to a strategy matters more than the strategy itself.Check The Lead-Lag Report on your favorite social networks.Twitter: https://twitter.com/leadlagreportYouTube: https://www.youtube.com/c/theleadlagreportFacebook: https://www.facebook.com/leadlagreportInstagram: https://instagram.com/leadlagreport Sign up for The Lead-Lag Report at www.leadlagreport.com and use promo code PODCAST30 for 2 weeks free and 30% off. Nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions.See disclosures for The Lead-Lag Report here: The Lead-Lag Report (leadlagreport.com)Exceptional Parents, Extraordinary ChallengesBeing a parent is challenging enough - parenting a child with extraordinary challenges...Listen on: Apple Podcasts Spotify
Chengi - Relationship Expert - THE BREAKUP CLINIC with the Black Swan Relationship Academy Cupping season is coming so guess what ladies let's talk to a relationship expert. Chengi shares her story from divorce to relationship expert. Divorced after a 13 yr. marriage, and fresh on the dating scene it was a complete culture shock when she realised that men were not falling at her feet because she was a nice girl whose marriage material. Men were either too scared to approach her or those that were bold enough to speak to her were complete morons. Chengi said she CRIED A LOT... She had zero vetting and verifying skills when she went on dates and she mostly wanted to cry in my soup and find an escape route on most nights. She figured if she did the numbers game, one would be a winner. Chengi decided to take a dating hiatus, get to the bottom of it and started her YouTube Channel to share my findings with other women. What she learnt was mind-blowing and combined with her Life and Performance Coaching qualifications, Theological training and personal experience what she was learning was impacting not only my love life positively but that of my subscribers too. I was learning that high-value men were not looking for nice girls instead they were looking for HIGH-VALUE FEMININE women. THE BREAKUP CLINIC MASTERCLASSWhat I will learn? How to deal with a Breakup Mindset around a Breakup Getting over a Breakup Tools to allow yourself to bounce back from a Breakup Show how a Breakup can be more of a lesson That everyone is a mirror to show you something you could not perceive https://blackswanrelationshipacademy.com/courses/breakup-clinic-masterclass/ Follow : https://www.instagram.com/blackswanrelationshipacademy/ Follow : https://www.instagram.com/happy_singlemompodcast/ Email me : firstname.lastname@example.org Thank you to Maya Isaac for letting me use her song : When I get there
Remember the GFC?Check The Lead-Lag Report on your favorite social networks.Twitter: https://twitter.com/leadlagreportYouTube: https://www.youtube.com/c/theleadlagreportFacebook: https://www.facebook.com/leadlagreportInstagram: https://instagram.com/leadlagreport Sign up for The Lead-Lag Report at www.leadlagreport.com and use promo code PODCAST30 for 2 weeks free and 30% off. Nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions.See disclosures for The Lead-Lag Report here: The Lead-Lag Report (leadlagreport.com)Exceptional Parents, Extraordinary ChallengesBeing a parent is challenging enough - parenting a child with extraordinary challenges...Listen on: Apple Podcasts Spotify
This week our guest is Taylor Pearson, Principal of Mutiny Fund, author of the book End of Jobs and the Interesting Times Newsletter. Our conversation is a summary of Taylor's amazing blog posts such as: What is ergodicity, the Sand Pile Effect, Maginot Line, and Attractor Landscapes. He also tells us his investing journey and the origin story of the Cockroach Portfolio. [0:00] Who is Taylor Pearson [3:30] The Cockroach Portfolio [6:00] Ray Dalio's All Weather Portfolio [11:00] Nassim Taleb's Black Swan [13:30] What is Ergodicity? [18:00] The Ergodicity Problem in Economics [21:00] Sand Pile Effect: Stability breeds Instability [31:00] The White Moose Problem [33:00] Maginot Line: Soldiers are Prepared to Fight the Last War [43:00] The Beer Game [47:00] Attractor Landscapes [56:00] Driven by Compression Processing [1:02:00] More from Taylor and Closing Questions If you like what you heard, make sure to follow Taylor on Twitter @TaylorPearsonME --- Support this podcast: https://anchor.fm/valuehive/support
DeForrest Brown, Jr. (aka Speaker Music) is a media-theorist, curator, and self-described rhythmanalyst. While he's been based in NYC for the better part of the last decade, he was born and raised in Birmingham, Alabama, which also happens to be where Sun Ra first landed on Earth. Brown's just-released book, Assembling a Black Counter Culture, traces the cycles of American history through the Great Migrations from the Deep South to the industrial centers of the north and back again. In this episode, Brown discusses his profound sense of future shock, the meaning of rhythmanalysis, and the making of Black Nationalist Sonic Weaponry, his critically acclaimed 2020 album. Headphone listening recommended. TRACKLIST Speaker Music – “Ex-American Blues (excerpt)” (Soul-Making Theodicy, Planet Mu, 2021) Drexciya – “Depressurization” (Deep Sea Dwellers, Shockwave, 1992) Speaker Music – “Amerikkka's Bay (ft. Maia Sanaa)” (Black Nationalist Sonic Weaponry, Planet Mu, 2020) Speaker Music – “Techno is a Liberation Technology (ft. AceMo)” (Black Nationalist Sonic Weaponry, Planet Mu, 2020) John Coltrane – “Alabama” (Live at Birdland, Impulse!, 1964) Sun Ra & His Myth Science Arkestra – “Space Loneliness” (We Travel the Space Ways, El Saturn, 1967) Nina Simone - “Mississippi Goddam” (Live At Carnegie Hall New York, 1964) Speaker Music – “Magic City Classic” (CRACK magazine, 2021) Kepla & DeForrest Brown, Jr. – “sunken place in reverse…a cancelled future, a horizon of a pipe dream” (The Wages of Being Black is Death, PTP, 2018) Carl Craig – “Dreamland” (More Songs about Food and Revolutionary Art, SSR, 1997) Moor Mother & billy woods – “The Blues Remembers Everything The Country Forgot ft. Wolf Weston (of Saint Mela)” (BRASS, Backwoodz, 2020) Sterling Toles – “6/19” (Resurgent Cinerbus, Sector 7G, 2017) Gang Starr – “1/2 & 1/2 (feat. M.O.P)” (1/2 & 1/2, TVT, 1998) Dakim – “Typeofblue” (Ntoo, Poo-bah, 2011) Yusef Lateef - “Woodward Avenue” (Yusef Lateef's Detroit Latitude 42° 30' Longitude 83°, Atlantic, 1969) Underground Resistance – “Riot” (Riot EP, UR, 1991) Cybotron – “Techno City (vocal)” (Techno City 12”, Fantasy, 1984) Carl Craig – Party/After-Party (Dia:Beacon, 2020) Theo Parrish – “Dreamers Blues” (Parallel Dimensions, Sound Signature, 2000) Ethel Waters – “Down Home Blues” (Down Home Blues 78, Black Swan, 1921) Speaker Music – “An Expression of Hi-Tech Soul” (Percussive Therapy, self-released, 2020) Model 500 – “Future (instrumental)” (No UFO's, Metroplex, 1985) Axine M - sᑦ⍺
Happy Tuesday, fruity hoes!For the movie this week, Ashley and Ness review "The Novice" (Showtime). A film about a queer college freshman who won't stop until she makes varsity on her university's rowing team. They later discuss crabs, porta-potties, and crow people.Trigger Warnings - vomiting, picking, self-harm, blood, scabs, overworking, negative self-talk, never feeling good enough, urinating oneself Tone - dark, intenseThat's it for this episode! Tune in for new episodes every Tuesday and sometimes Thursdays!SUBSCRIBE TO OUR YOUTUBE CHANNELWHERE ELSE TO FIND USLeave us a voicemail - (917) 408-3535Support the show
9/9/22: REGINA MORTIS W/ CHRIS EVERARD AND TIM COHEN The death of Her Majesty the Queen at the age of 96 is a symbolic Black Swan event that has synchronistic repercussions on the world. Queen Elizabeth passed away during the Year of Jubilee and the end of seven cycles of Shmita. She spent 70 years on the throne and some people believe that her death may represent the dawning of the seven-year tribulation. Seven years from now will place us at a year before 2030 - the year the Global Reset is supposed to take place. Furthermore, what roles will King Charles and Prince William play within the End Times/Antichrist script? Tonight on Ground Zero, Clyde Lewis talks with filmmaker, Chris Everard and author, Tim Cohen about REGINA MORTIS. #GroundZero #ClydeLewis #ReginaMortis https://groundzeromedia.org/9-9-22-regina-mortis-w-chris.../ Ground Zero with Clyde Lewis is live M-F from 7-10pm, pacific time, and streamed for free at groundzero.radio. There is a delayed broadcast on our local Portland affiliate station, KPAM 860, from 9pm-12am, pacific time. For radio affiliates near you, go to talkstreamlive.com. To listen by phone: 717-734-6922. To call into the show: 503-225-0860. The transcript of each episode will be posted after the show at groundzeromedia.org. In order to access Ground Zero's exclusive digital library which includes archived shows, research groups, videos, documents, and more, you must sign up at aftermath.media. Subscriptions start at $7/month. Check out the yearly specials!
So recently I watched 'Black Swan' for the first time and realized there's an interesting overlap between the themes of that film and the anti-woke culture wars. What do you think? Am I off or on the right track? My new episode "Addiction To Perfection: Black Swan & The Anti-Woke Wars" is out now! Addicted to Perfection - https://bit.ly/3wYL4IX Black Swan Trailer - https://bit.ly/3cPBmBH Learn more about your ad choices. Visit megaphone.fm/adchoices
Happy 6 year anniversary to the Dead Beats! Join the Dead Beat Film Society as we celebrate our Candy Anniversary (6 years) with black licorice and a discussion of Natalie Portman's long and pretty excellent career, Mila Kunis, Winona Ryder, Darren Aronofsky, shakey cam of the early 00's, unreliable narrators, comparisons to Suspiria (or better yet, the lack thereof), the perfectionism in ballet, talent vs. practice, self doubt, co-dependent mother/daughter relationships, Sweet Girl, horror and gore, self harm, computer graphics use, a reimagining of the mothers overbearing character, Little Princess, the symbolism of mirrors, comparison to Showgirls, letting go of reality to make art, the tortured genius, Dave Grohl, the All About Eve replacement trope, and asking "Is Lily real?". So grab some black licorice and smash that play button for an in depth Black Swan film analysis! (Special Guest: Ryan) Click here to subscribe to Dead Beat Film Society podcast and please leave us a review!
No one can predict the future, but that doesn't mean we can't prepare for it. We'll explore the concept of black swan innovation and discuss how leaders can respond to these events when they occur. We will also look at some examples of black swan innovations that have profoundly impacted society. Leaders can minimize the […]
Valyrian connections past & present, Varys, Salladhor Saan and his ancestors, the Black Swan and Coryanne Wylde, Saera Targaryen, the Rogares, Lynesse Hightower. Find out why Lys is a lot like the Valyrian mafia, and whether Dany/Tyrion will go there. Bonus Eps & More - www.patreon.com/historyofwesteros Shirts & Stickers - historyofwesteros.threadless.com Nina: goodqueenaly.tumblr.com Sean's YouTube: bit.ly/3818H9X www.historyofwesteros.com