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What if the biggest barrier to scaling your retail media investment isn't technology, but a fundamental disagreement on what success even looks like?Agility requires not just adopting new tools, but also being willing to challenge the measurement frameworks we've grown accustomed to.Today, we're going to talk about the nuanced world of in-store retail media measurement and why the old rules no longer apply. Specifically, we'll cover:- Why the standard approach to measuring in-store media, often borrowed from digital, is creating friction and stalling budget growth.- How to create a unified measurement language that aligns brands, retailers, and agencies around a common definition of success.- Practical steps to move in-store media from experimental budgets to scalable, repeatable investments grounded in actual product movement.To help me discuss this topic and ISM and IAB's recent report, I'd like to welcome Paul Brenner, SVP, Global Retail Media and Partnerships at In-Store Marketplace (ISM) and Collin Colburn, Vice President, Commerce & Retail Media at IAB) and Collin Colburn, Vice President, Commerce & Retail Media at IAB.About Paul BrennerPaul Brenner is Senior Vice President of Retail Media and Partnerships with 25+ years of leadership in media, entertainment, and ad tech. He has led innovation in audio and broadcast, driving advancements in audience measurement, in-car experiences, and data attribution, and later scaling in-store audio advertising through strategic growth and partnerships. Known for identifying high-impact technology and revenue opportunities, Paul now focuses on evolving the in-store retail media landscape.Paul Brenner on LinkedInAbout Collin ColburnCollin Colburn serves as Vice President, Commerce & Retail Media at IAB where he leads the Commerce Center of Excellence. In this role, he drives innovation, education, and standards across the commerce ecosystem to help brands, retailers, and technology partners deliver better media opportunities, customer experiences, and business outcomes. Prior to IAB, Collin led Growth and Go-To-Market Strategy at Horizon Commerce and spent over a decade at Forrester, where he pioneered the firm's performance marketing and retail media practice. He partnered with B2B and B2C CMOs to advance their marketing strategies, while also expanding Forrester's Fortune 500 client portfolio. Collin's insights have been featured in The Wall Street Journal, The New York Times, Digiday, and MediaPost. A popular industry speaker, Collin has keynoted global industry events in addition to being a quarterly guest on Bloomberg TV.Collin Colburn on LinkedIn---------- Resources ----------In-Store Marketplace (ISM)The Agile Brand podcast is brought to you by TEKsystems.Read the report mentioned in the show.We're proud to be a media partner for #MAICON26 - Oct. 13-15! Learn how AI can power your marketing and business and help you grow smarter. Use code AGILE150 to save!Reach your customers with Reddit. Spend $500 in ad spend, get $500 back in ad credit!Chaser is the only Slack-native project management platform that helps teams turn messages into tracked tasks, automate follow-ups, and maintain team-wide visibility, without adopting another tool. Now integrated with Claude and other GenAI tools. Learn more at trychaser.com and use code AGILEBRAND for a 3-month free trial (normal trial is 14 days).The most influential minds in software, AI, and engineering leadership will be at WeAreDevelopers World Congress North America, September 23-25 in San Jose.Start building your own apps with Replit and get $20 off.Enjoyed the show? Tell us more at and give us a rating so others can find the show.Connect with Greg on LinkedInDon't miss a thing: get the latest episodes, sign up for our newsletter and more.Check out The Agile Brand Guide website with articles, insights, and Martechipedia, the wiki for marketing technology.The Agile Brand is produced by Missing Link. Hosted on Acast. See acast.com/privacy for more information.

Business and finance news from the Asia-Pacific. Asian bonds declined and the dollar remained under pressure after a rally in Treasuries faded, with investors betting that US efforts to contain long-term borrowing costs through buybacks may offer only a temporary reprieve. We speak to David Finnerty, Bloomberg's FX and Rates Strategist. And - Alibaba Group Holding Ltd.'s profit plunged more than 75% after the company increased quarterly capital spending to almost $10 billion to safeguard its position in the global AI arena. Even so, Alibaba shares rose after the the company reported accelerating cloud revenue growth and better margins that offset fears over its AI spending. Bloomberg TV host Haidi Stroud-Watts and Paul Allen spoke to Arete Research Senior Research Analyst Shawn Yang.See omnystudio.com/listener for privacy information.

In this episode of The Greatness Machine, Darius Mirshahzadeh sits down with Sébastien Page, Head of Global Multi-Asset and Chief Investment Officer at T. Rowe Price, award-winning investment researcher, and author of “The Psychology of Leadership,” for a wide-ranging conversation on what it truly takes to lead at the highest levels. Sébastien shares his remarkable origin story, crossing the Canadian border in a red Jetta with little more than a computer and a bag of clothes to chase his dream of working in financial markets.  From there, the conversation dives deep into the psychology behind elite performance, covering mastery vs. ego mindsets, goal-induced blindness, positive psychology, stress management, and the foundational role of relationships in both leadership and life. The episode is equal parts practical framework and personal reflection, offering leaders at every level a roadmap for managing themselves before they can effectively manage others. In this episode, Darius and Sébastien will discuss: (02:16) From Quebec to Managing Trillions: Sébastien's Journey (06:32) Mastery vs. Ego: A Better Way to Lead (13:36) Why Great Leaders Separate Luck from Skill (16:42) How to Turn Stress into Peak Performance (22:16) Why the Basics Beat Endless Optimization (28:29) The Hidden Danger of Goal-Induced Blindness (32:25) The Four Pillars of a Meaningful Career (35:00) Building a Cathedral: Creating Purpose at Work (42:32) Leading Teams Through the Age of AI (48:34) Redefining Success Beyond Money and Status (54:53) The Greatest Barrier to Success Is a Lack of Resilience Sébastien Page is the Head of Global Multi-Asset and Chief Investment Officer at T. Rowe Price, where he oversees more than $500 billion in assets under management. A recognized investment leader and award-winning researcher, he has authored multiple books on finance and leadership, including “The Psychology of Leadership”. Sébastien is a frequent contributor to CNBC and Bloomberg TV and has been featured in The New York Times, The Wall Street Journal, and Barron's. Connect with Sébastien: LinkedIn: https://www.linkedin.com/in/sebastien-page Instagram: https://www.instagram.com/sebastienpagebook/ Book: https://www.psychologyofleadership.net/  Connect with Darius: Website: https://therealdarius.com/ Linkedin: https://www.linkedin.com/in/dariusmirshahzadeh/ Instagram: https://www.instagram.com/imthedarius/ YouTube: https://www.youtube.com/@Thegreatnessmachine  Book: The Core Value Equation https://www.amazon.com/Core-Value-Equation-Framework-Limitless/dp/1544506708 Write a review for The Greatness Machine using this link: https://ratethispodcast.com/spreadinggreatness. 

Business and finance news from the Asia-Pacific. Asian bonds followed Treasuries lower as concerns over government finances mounted, while higher oil prices added to fears that inflation will quicken. Treasury 30-year yields rose to 5.32%, a level last seen in June 2007. Oil prices advanced as prospects for peace in the Middle East dimmed, reviving concern that prolonged geopolitical tensions will threaten supplies and keep energy costs elevated. Global benchmark Brent rose 0.3% to $91.10 a barrel after President Donald Trump said he wasn't interested in extending the expiring agreement with Iran and fighting flared anew in Lebanon. Bloomberg's Executive Editor for Asia Markets Paul Dobson breaks down the markets. Plus - in earnings news, BHP Group's full-year profit rose by almost a third, thanks to improved copper and iron ore prices that helped the world's largest miner beat forecasts, just as new boss Brandon Craig takes the helm. Craig, who started as chief executive officer in July, is focused on delivering a major pipeline of growth including expansions in South American and Australian copper — as well as its push into potash, a mineral used in fertilizer. BHP says it is targeting 3% to 4% copper equivalent growth per year up to 2035 — roughly double consensus expectations. Julia Lee, Investment Director at Shaw and Partners Asset Management spoke to Bloomberg TV host Paul Allen.See omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific. Japan saw economic growth slow down unexpectedly in the second quarter with Real GDP growing at an annual rate of only 1.1%. The weakness reflects a slump in capital spending, given uncertainties stemming from the conflict in the Middle East. This potentially complicates the Bank of Japan's policy communications as it weighs the timing of its next rate increase. For more, Bloomberg TV hosts Paul Allen and Haidi Stroud-Watts spoke with Homin Lee, senior macro strategist at Lombard Odier on the Asia Trade. The AI race in China is making a shift towards cyber defense. Z.ai has announced that its latest model, GLM-5.3, is designed with cyber defense in mind. For a deeper look at the AI race in China, Bloomberg TV hosts David Ingles and Yvonne Man spoke with Bloomberg Strategist Anthony Stephens and Bloomberg Analyst Robert Lea.See omnystudio.com/listener for privacy information.

Welcome back to the Alt Goes Mainstream podcast.We sat down with Mike Trihy, Head of Portfolio Management for the Venture Growth Evergreen strategy at Wellington Management.We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry's leading alternative asset managers.Wellington Management has a rich heritage as an independently owned asset manager. The firm, which has taken a research-driven approach and long-term thinking to active management in public markets and, increasingly, in private markets, is nearing its 100-year anniversary. Wellington has grown to over $1.3T in AUM and is the largest sub-advisor in the world.Mike joined from Bow River Capital to run Wellington's Venture Growth Evergreen strategy, which will focus on direct growth and venture investments, secondaries, and select fund investments. Mike brings deep expertise in the evergreen fund management space, co-founding and scaling Bow River's evergreen private markets platform and working as a portfolio manager at evergreen pioneer Partners Group.Mike and I had a fascinating discussion about the current state of evergreen funds and the venture and growth investing market. We covered:The evolution of evergreen private markets funds.The convergence of public and private investing.Lessons learned from building and managing evergreen funds at Partners Group and Bow River.The importance of portfolio construction, liquidity planning, and evergreen fund operations.Which firms are well-positioned to run and manage evergreen funds?Partnerships in asset management.How the market may shake out and why structure must match the asset, the client, and the liquidity terms. LP composition, evergreens vs. drawdowns across wealth and institutions, and the role of partnerships. What the potential wave of mega IPOs could mean for DPI, exits, and private market fundraising.BioAs lead portfolio manager for the Venture Growth Evergreen (“VGE”) strategy, Mike is responsible for overall portfolio construction and allocation of capital across direct growth and venture investments, secondaries, and select fund investments. He also oversees risk management, liquidity management, and cash flow forecasting for the evergreen fund.Prior to joining Wellington Management in 2025 Mike was a portfolio manager at Bow River Capital, where he co-founded and scaled their evergreen private markets platform while overseeing the fund's investment activity across multiple private markets asset classes. Prior to Bow River, he was a portfolio manager at Partners Group where he was responsible for portfolio construction and asset allocation for evergreen products and custom separate account mandates. He started his investment career at wealth-focused listed private equity firm Red Rocks Capital.Mike graduated from the University of Colorado with a degree in finance, and he is a CFA and CAIA charterholder.Thanks, Mike, for sharing your wisdom, expertise, and perspectives on private markets and evergreen funds.Show Notes00:00 Live from SuperReturn Berlin00:12 Meet Mike Trihy02:06 Defining the Perfect Evergreen02:27 Evergreen vs Drawdown DNA02:42 Deal Flow Isn't Everything03:01 Portfolio Construction Focus03:20 Cashflow Planning Mindset03:33 Operations and Valuations03:47 Sales and Flow Forecasting04:03 Regulation and Complexity04:11 Fiduciary Growth Discipline04:46 Do Firms Have the Toolkit05:20 Scale vs Boutique Nuances05:42 When Bottom Up Fails06:18 The Deal Flow Constraint06:44 Should There Be More07:00 Shakeout and Quality Wins08:07 No One Best Wrapper08:28 Matching Assets and Clients09:43 LP Mix and Herding Risk11:34 Evergreens Future in Wealth13:21 Public Markets DNA Advantage14:56 Partnerships and Mega IPOs17:07 Private Markets Stay Private18:52 DPI and Exit Wave Impact20:17 Public vs Private Valuations22:21 What Happens Faster Slower24:08 Closing

Bloomberg TV anchor Dani Burger joins Press Profiles to discuss her path from rookie hedge fund reporter to the host of Open Interest and the newly launched Bloomberg Deals. She shares how she prepares for high-stakes conversations with financial heavyweights, why the best interviews require listening rather than rigidly following a script, and how she is working to make Bloomberg Deals a go-to destination for breaking transactions. Dani also reflects on sleeping through her first-ever TV appearance, how she's navigating the age of AI, nearly becoming a Knicks City Dancer, and the persistence—and backup alarm clock—that helped propel her career.

Welcome back to the Alt Goes Mainstream podcast.We sat down with Anthony Maniscalco, the Managing Partner and Business Head of Investcorp Strategic Capital Group (ISCG).We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry's leading alternative asset managers.Investcorp has been a pioneer in private equity. Since its founding in 1982, the firm has grown from a “boutique Gulf firm” into a global and diversified alternative asset manager. Investcorp launched its Strategic Capital Group (SCG) (GP stakes) business long after its founding in 1982. But the firm brought in a pioneer to launch and build SCG into a leading GP stakes firm, which now has over $2.2B of AUM. Anthony has been involved in GP stakes from the industry's early days. He was a founding member of Blackstone Strategic Capital Holdings, a $3.3B private, permanent capital vehicle focused on acquiring minority interests in alternative asset manager GPs. He was also a Managing Director of the Hedge Fund Solutions business at The Blackstone Group. Prior to joining Investcorp, Anthony was a Managing Director and Co-Head of Credit Suisse Anteil Capital Partners. Launched in 2019, Investcorp's SCG acquires minority interests in alternative asset managers, particularly GPs that manage longer-duration private capital strategies. SCG has completed 12 investments since inception.Anthony and I had a fascinating conversation about the evolution of GP stakes and the benefits of GP stakes for investors. We covered:Why have stakes shifted from hedge funds to alternative asset managers?Why the features of the alternative asset management business model (contracted management fees, locked-up capital, less key-person risk) can make for a good GP stake investment.Why a GP would sell an equity stake in its firm to finance its growth.Unpacking the middle-market GP landscape and where middle-market GPs need help growing their firm.The evolution from fund to firm and what's next for GP stakes.BioAnthony Maniscalco is the Managing Partner and Business Head of Investcorp Strategic Capital Group (ISCG), based in New York. ISCG is focused on providing capital solutions to the GPs of mid-sized private market alternative asset managers. ISCG closed its inaugural fund in the Spring of 2022 and currently manages over $2.2 billion of AUM. In his current role, Mr. Maniscalco is focused on managing the overall business, sourcing new investment opportunities, advising portfolio GPs and is the chairperson of the Investment Committee.Prior to his current role, Mr. Maniscalco was a Managing Director and Co-Head of Credit Suisse Anteil Capital Partners. Prior to this, he was Managing Director of the Hedge Fund Solutions business at The Blackstone Group. At Blackstone, he was a founding member and on the investment committee of Blackstone Strategic Capital Holdings, a USD 3.3 billion private, permanent capital vehicle focused on acquiring minority interests in alternative asset manager GPs.Prior to Blackstone, Mr. Maniscalco was Head of Alternative Asset Management Banking at Barclays (and its predecessor Lehman Brothers) within its Financial Institutions Group. Prior to this role, Mr. Maniscalco was head of the Media and Telecom vertical within Lehman Brothers' Leveraged Finance Group.Early in his career, he worked at Bank of America and its predecessor Continental Bank in Chicago, focused on high-yield, mezzanine, syndicated bank loans, and interim financing products.Anthony holds a B.S. from Indiana University (2026 College Football National Champions!) and an M.B.A. from the University of Chicago.Thanks, Anthony, for sharing your expertise, wisdom, and passion about GP stakes and the business of alternative asset management.Show Notes00:00 Live From Berlin00:15 Meet Anthony Maniscalco02:56 Early Staking Was Hedge Funds03:05 Banks And Prime Brokerage03:40 Private Equity Hits A Wall03:53 Shift To Private Equity Stakes04:30 Why Stakes Are Attractive04:54 Locked In Fee Streams05:31 Carry And Diversification06:06 How LPs Classify Stakes06:59 Three Allocation Buckets07:55 Strategic Access Flywheel09:05 Tougher Fundraising Today09:19 Why Middle Market09:05 Fundraising Help For GPs10:55 Underwriting Growth Readiness12:15 Primary Capital Use Of Proceeds12:49 Why Equity Is Worth It14:46 Talent Retention And Next Gen15:46 Wealth Channel Fit18:23 Portfolio Construction Framework19:36 Why Venture Is Harder23:23 From Fund To Firm24:34 Liquidity And Exit Paths27:35 Prefs, Debt, And New Solutions38:41 Continuation Vehicles Flywheel41:02 Closing Thoughts

In Episode 347, Chris goes solo and pulls apart one of the wildest Wall Street stories of the year: the near-collapse of Situational Awareness, the AI-focused hedge fund launched by 25-year-old prodigy Leopold Aschenbrenner. What began as a multibillion-dollar bet on the future of artificial intelligence quickly became a masterclass in concentration risk, leverage and what happens when Silicon Valley confidence runs headfirst into experienced Wall Street operators. From FTX and OpenAI to a brutal margin call, a massive portfolio sale to Ken Griffin's Citadel and a suspiciously well-timed rebound in the very stocks that had just been crushed, Chris walks through the timeline, separates the facts from the theories and asks the question nobody wants to answer: was this simply reckless risk management—or did one of the smartest young minds in AI get completely outplayed?

Welcome back to the Alt Goes Mainstream podcast.We sat down with Jake Elmhirst, Partner, Head of Private Wealth Secondaries Solutions and Head of Capital Formation at Coller Capital.We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry's leading alternative asset managers.Coller Capital has been a pioneer in the rapidly growing secondaries market. Coller's tagline? “First in secondaries.” Coller might be “first in secondaries.” The industry they focus on has moved to the forefront of private markets. Secondaries are coming in first for many LPs, in part because secondaries are now an active portfolio management solution for LPs (LP-led secondaries) and a way for LPs and GPs to continue to invest in the growth and value appreciation of some of their funds' best assets (GP-led secondaries). The firm completed its first secondaries transaction in 1990 and its first GP-led investment in 1996. Today, Coller has $55B in AUM (as of 3/31/26). Jake joined Coller after a long career at UBS, where he partnered with Coller from a few different vantage points co-founding and co-leading the Private Funds Group within UBS Investment Bank and leading the Private Markets effort within UBS Global Wealth Management. His perspective on Coller was very much a reason why he decided to leave his farm in Yorkshire (as a 23rd generation farmer!) to join Coller as they build out their wealth efforts.Jake and I had a fascinating conversation about the evolution of secondaries and how they are increasingly “solutions” for LPs and GPs. We covered:Jake's experience witnessing the rise of the early days of private markets and how that's shaped how he thinks about secondaries today.Why secondaries are becoming “solutions” for LPs and GPs.Why secondaries can be a core portfolio holding.The features of secondaries. The drivers of the increase in LP-led sales.Why have GP-led continuation vehicles become a popular solution?Why secondaries make sense for private wealth investors.BioJake is a Partner and Head of Private Wealth Secondaries Solutions and Head of Capital Formation. He is based in the firm's London office.Prior to joining Coller Capital in April 2022, Jake spent 25 years at UBS where he led the Private Markets effort within UBS Global Wealth Management, based in London. Prior to that, Jake co-founded and co-led the Private Funds Group within UBS Investment Bank, based in New York.He previously worked at Freshfields in London, where he qualified as a solicitor working in the Tax Team with a focus on collective investment schemes.Jake has a degree in Law (LLB) from the University of Bristol.Jake Elmhirst is a registered representative of Parallel Distributors LLC.Thanks, Jake, for sharing your wisdom, expertise, and passion in private markets, private wealth, and secondaries. Show Notes 00:00 Live in Berlin Intro00:39 Jake Elmhirst's Career Journey02:08 Wealth Channel Lessons05:06 Farming Roots Detour07:34 Secondaries Liquidity Fix09:26 Continuation Vehicles Impact11:21 Wealth Channel and Scale13:21 Why Secondaries Work15:15 Core Holding for Wealth16:31 Discount Versus Quality18:43 Underwriting in CV Era20:56 Evergreen Portfolio Mix21:56 Future of Solutions23:02 Toolbox Expansion Ideas24:55 Why Scale Matters25:53 Discount Nuance Explained27:30 Active Portfolio Management28:45 Closing Thoughts

Welcome back to the Alt Goes Mainstream podcast.We sat down with Kyle Kniffen, Managing Director, Global Head of Alternatives, Third Party Wealth at Goldman Sachs. We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry's leading alternative asset managers.A little over two years ago, I wrote on AGM about how, at $456B in AUM in alternatives, Goldman Sachs was a “sleeping giant” in private markets. In reality, Goldman is anything but a sleeping giant in private markets, having started its private equity business in 1984 and earning the distinction of being a top-5 alternatives manager by AUM across both traditional and alternative asset managers.Today, Goldman has grown its alternatives business to over $625B in AUM.The firm has expanded its platform with the acquisition of Industry Ventures and a partnership with T. Rowe Price to deliver public and private markets solutions to the wealth channel, and, most recently, the creation of its Alternative Investment Platform to provide HNW clients with direct access to private companies.The evolution of Goldman's Alternatives business reflects a thoughtful, measured approach to understanding the needs of wealth channel investors and finding the utility and purpose of strategy, product, and product structure.That was much of the focus of the conversation Kyle and I had in Berlin. We discussed the objective and utility of private markets in a portfolio. We covered:The growth of evergreen funds.Why evergreens are the product structure of choice.Why are evergreens also appealing to institutional allocators, insurance companies, and UHNW investors?How GPs and LPs are approaching LP composition to evergreen vehicles.The next wave of product innovation.The build, buy, partner framework Why Goldman is so excited about the GeoWealth partnership and what the future of model portfolios look like.What is not known but should be known about the Goldman Alternatives franchise.BioKyle Kniffen is a managing director in the Client Solutions Group within Goldman Sachs Asset Management. He serves as global head of Alternatives for Third Party Wealth (TPW), overseeing client strategy for the firm's TPW clients globally, delivering the power of the Alternatives investing platform to a broad set of individual investors through our partnerships with financial intermediary clients and their advisors, including Private Banks, Broker-Dealers, RIAs and other distribution platforms. Kyle partners closely with leadership across our Alternatives franchise to develop products that meet our clients' evolving needs. He is also co-chair of the AWM Global Distribution Working Group.Prior to this role, Kyle was in Alternative Capital Markets (ACM), serving as head of ACM for Goldman Sachs Ayco and leading coverage for One Goldman Sachs financial sponsors globally. He joined Goldman Sachs in 2018 as a vice president in ACM and was named managing director in 2021.Prior to joining Goldman Sachs, Kyle led a variety of distribution and product management teams for Bank of America's Alternative Investment Group within their Global Wealth and Investment Management division.Kyle is a board member for the Institute of Portfolio Alternatives (IPA), and a member of The Economic Club of New York. Kyle earned a BA from Gettysburg College.Thanks, Kyle, for sharing your wisdom, expertise, and passion about private markets and serving the wealth channel.Show Notes00:00 AGM Live from SuperReturn Berlin00:22 Meet Kyle Kniffin01:10 Wealth Meets Private Markets01:37 Big Pools Little Allocation02:24 Alt Strategies Explosion03:04 Lessons from Hedge Funds03:34 Start with Client Goals03:53 Risk Liquidity Tradeoffs04:10 Portfolio Utility First04:25 Holistic Private Markets04:44 Fit and Terms Matter05:07 Setting Expectations05:32 Product Innovation Shift05:52 Evergreens and Flexibility06:10 Monthly Access and Tactics06:39 Evergreen Growth Rates06:45 Education and Dispersion07:15 Why Evergreens Exist07:41 Diversification Lower Minimums08:04 Operational Simplicity08:21 Evergreen Nuance Phase One08:47 Goldman in Third Party Wealth09:26 Institutions Buying Evergreens10:31 LP Mix and Liquidity Caps11:36 Institutionalizing Wealth Platforms13:29 Goldman Platform Advantage14:46 Feeding the Evergreen Engine15:13 GeoWealth and Model Portfolios15:45 T Rowe Price Collaboration16:12 Build vs Buy Partner Balance16:42 Industry Ventures Acquisition17:33 Goldman Alts Heritage18:35 Pioneering GP Stakes19:45 Secondaries Since 199820:12 Apex of Private Markets21:08 Will Secondaries Be Core21:48 Max Flexibility for Wealth22:42 Customization vs Scale23:16 Flagships Then Bespoke23:49 Lessons from Private Wealth25:10 Broader Menu of Privates25:34 Closing Thoughts 

Business and finance news from the Asia-Pacific.Microsoft Corp. climbed almost 9% in extended trading after reporting its fastest cloud-computing growth in four years. Samsung Electronics Co. rose over 1% after chip profit soared over 250-fold. Meta Platforms Inc., however, fell over 7% in post-market trading following a disappointing revenue forecast for the current year. For more analysis, we spoke to MS Hwang, Research Director at Counterpoint Research.Plus - Federal Reserve Chairman Kevin Warsh has said the decision to leave interest rates unchanged wasn't a sign of inertia at the central bank, which is committed to tackling inflation. Brown University Professor of International Economics Sebnem Kalemli-Ozcan breaks down how markets are interpreting the signals. She spoke to Bloomberg TV host Haidi Stroud-Watts. See omnystudio.com/listener for privacy information.

Welcome back to the Alt Goes Mainstream podcast.We sat down with Paul Desmarais III, the Co-Founder, Chairman, and CEO of Sagard, the fast-growing $46B global multi-strategy alternative asset manager.We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry's leading alternative asset managers.Sagard combines a rich history and heritage of building asset management businesses with a modern approach to building a global alternative asset manager.Paul's deep understanding of the industry comes from being part of a family of multiple generations of asset management pioneers in Canada who have built some of the industry's largest financial services businesses. Paul is the “next first generation” of asset management pioneers to come out of the Desmarais family. He started Sagard with $400M in seed capital in 2016 and, in ten short years, has grown the platform into a global multi-strategy alternative asset manager with over $46B. Sagard's mission to empower founders by being a business that builds businesses shines through in the approach Paul and the team have taken in building Sagard. The firm has incubated, built, and acquired asset management talent and firms to scale across strategy and geography into the global platform that it is today.Paul and I had a fascinating conversation about the business of asset management and why Sagard exists to serve entrepreneurs around the world. We covered:Sagard's entrepreneurial DNA.What does it mean to build a business that builds businesses?Being the “next first generation.”How Sagard approaches the buy, build, partner framework of asset management businesses.How Sagard has expanded its platform across asset classes and strategies.How to build a global, multi-strategy asset management brand.Why specialization matters in asset management.How to approach the wealth channel.The decentralized pod shop model.The future of private markets.BioPaul Desmarais III is the Chairman and CEO of Sagard, an alternative asset management firm active in venture capital, private equity, credit, and real estate.Paul has led Sagard since 2016, along with a handful of close partners bound by a common vision: partnering with entrepreneurs to catalyze transformation in our investments and communities. Sagard has experienced outstanding growth, with assets under management increasing to over $46B.Under Paul, Sagard has built a global network of expertise that helps companies lead, embrace, and stay ahead of disruptive trends, expanding activity in North America, Europe, and the Middle East. Paul engages actively in growing Sagard companies. Within the Sagard ecosystem, Paul is the Executive Chairman and Co-Founder of Portage (fintech & financial services investing) and the Chairman and Co-Founder of Diagram (venture builder). Within the investment portfolios, he is the Chairman of Wealthsimple, Novisto, and Sagard Wealth, and a director of Nesto and Midas. Paul also sits on the board of Empower, the number two 401(k) business in the U.S.Show Notes00:00 Live From SuperReturn00:10 Meet Paul Desmarais III01:06 Family Business Roots01:23 G1 Entrepreneur Mindset01:35 Launching Sagard 201601:51 Generational Reinvention02:02 Early Spark To Build03:40 Learning From Mistakes04:33 By Entrepreneurs For Entrepreneurs04:45 Sagard Origin Story04:58 Power Corp Alternatives Gap05:43 Starting With Credit06:10 Serving Beyond The Family06:46 Alignment With Family Capital07:19 Customer First Performance07:44 Team Money Invested07:53 Generational Time Horizon08:47 Patience Builds Partnerships09:22 Innovation In The DNA09:39 Regional To Global Champions09:53 Why Reinvention Matters10:26 Platform Strategy Mix11:02 Pillars Of The Firm11:25 Fintech Ecosystem Flywheel11:35 Building The Competitive Moat12:07 Emerging Managers Advantage12:41 Synergies At Scale13:08 Designing Collaboration13:47 Incentives And Shared Carry15:07 Values Drive Culture23:25 Legacy And Entrepreneur Impact24:39 Closing Thanks

Business and finance news from the Asia-Pacific. SK Hynix Inc. earmarked at least $31 billion in capital spending this year after reporting a six-fold surge in quarterly profit, a record outlay that coincides with growing fears about overinvestment in AI capacity. SK Hynix said it expects its capital investments to rise around 50% to at least 45 trillion won ($31 billion). It posted margins of more than 80% for the June quarter — a high watermark — because of the endemic memory shortages that have helped raise prices it charges customers like Apple Inc. and Nintendo Co. Yet the Korean company's shares fell 11% in Seoul Wednesday, reflecting both the sky-high expectations that surround the AI industry's linchpins and the growing concerns that big tech firms such as Meta Platforms Inc. are building more data centers than they need. Korea's benchmark KOSPI fell for a second straight day. We speak to Winnie Hsu, Bloomberg's Asia Equities Reporter. And for more analysis on SK Hynix earnings, Bloomberg TV hosts Yvonne Man and David Ingles spoke to SK Kim, Senior Analyst at Daiwa Capital Market Korea.See omnystudio.com/listener for privacy information.

Kristina Hooper is  Chief Market Strategist at Man Group, a global alternative investment manager. In this role, she provides views and insights on the economy and markets and appears regularly on CNBC, Bloomberg TV, Yahoo Finance, and Reuters TV. Prior to joining Man Group in 2025 Christina served as the chief global market strategist at Invesco and previously worked at Allianz Global Investors. Our conversation covers her early career, the lasting effects of her Catholic school education and how an investment club inspired a love of stocks and investing. We move to her focus on economics and behaviour and how her legal training assisted her with creating an argument. She shares some of her more contrarian takes today and shares some of the inspiration that has shaped her career.The Fiftyfaces Podcast is supported by Franklin Templeton and Alvine Capital. Franklin Templeton is a global investment management firm that provides a broad range of investment solutions, including mutual funds, ETFs, alternative investments, wealth management, and technology-enabled financial services. Founded in 1947, the firm manages approximately $1.8 trillion in assets under management (AUM) and serves individual and institutional investors across more than 150 countriesFounded in 2005, Alvine Capital is a European focused private capital advisory and placement agent that provides capital raising services to investment managers. From its base in London and its office in Stockholm it creates bespoke capital raising programs that blend appropriate investor targeting and sophisticated marketing to deliver a fundraise aligned with institutional expectations

Welcome back to the Alt Goes Mainstream podcast.We sat down with Brookfield Private Equity CEO Anuj Ranjan. We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry's leading alternative asset managers.Brookfield has a rich legacy as an asset owner and operator of some of the “businesses that drive the global economy.” Brookfield is a firm where skin in the game (~25% of every fund includes an investment from Brookfield's balance sheet) meets scale and synergies across its investment platform, which spans private equity, infrastructure, real estate, credit, and energy.Now, they are looking to own what's next.What will the next era of private equity require? A different approach, according to Brookfield Private Equity CEO Anuj Ranjan. The conversation that Anuj and I had in the Tiny Space cabin covered big themes.Brookfield is investing in the megatrends that are driving the world's economy across its platform, from digitalization to decarbonization to deglobalization. The firm's focus on industrials in its private equity business makes it well equipped to invest in essential companies, as Brookfield aptly describes their investment focus as “own[ing] the boring that makes exciting possible.”Anuj and I had a fascinating conversation about the current state of private equity and what it will take to drive value in a new era for the industry where “12 is the new 5.” We covered:Brookfield's history as an owner-operator.How the firm's long-term perspective informs its investments in and ownership of private equity-backed companies.Anuj's experience investing in India was an exercise in patience.Why is today the era of “roll up your sleeves private equity?”How Brookfield is approaching value creation in industrial companies.Where Brookfield believes it can leverage AI to create post-deal operational value.Why Brookfield partnered with OpenAI to create DeployCo in order to scale enterprise AI deployment.Where are we in the adoption curve of physical AI and robotics?BioAnuj Ranjan is Chief Executive Officer of Brookfield's Private Equity Group and Brookfield Business Corporation. In this role, Mr. Ranjan is responsible for the investments, operations, and expansion of the Private Equity business, in addition to managing Brookfield's external strategic partnerships. He is a member of Brookfield's Executive Committee.Mr. Ranjan joined Brookfield in 2006 and has held various positions within the company and its affiliates. He established and previously led Brookfield's India and Middle East operations.Mr. Ranjan holds a Master of Business Administration degree from Ivey Business School at Western University and a Bachelor of Science degree from the University of Alberta.Thanks, Anuj, for sharing your wisdom, expertise, and passion about private markets and how to create value through operating companies better.Show Notes00:00 Welcome to SuperReturn00:07 Meet Anuj Ranjan00:55 From Software to Finance02:03 Building India and Mideast02:48 India Deal Frenzy03:17 Five Years of Patience03:22 Learning Before Buying03:28 First True Buyouts04:06 Profits and Team Growth04:16 Taking Model Global04:32 Growth Amid Headwinds04:58 Roll Up Sleeves Private Equity Era05:06 Operational Value Creation05:12 Brookfield Platform DNA05:33 Balance Sheet Advantage05:54 Long-Term Investing06:12 Patience Gets Rewarded07:14 Testing Tech on Balance Sheet07:32 Owning What's Next07:41 AI Needs Hard Assets07:58 Brookfield at the Center09:09 One Firm Collaboration09:51 Platform Informs Deals11:27 Westinghouse Nuclear Bet15:19 Picking the Right Carve Outs16:34 Pricing Power Example17:51 From Five to Twelve18:59 Why Carve Outs Win Now20:05 AI for Industrial Ops20:53 Data Before AI22:12 Predictive Maintenance Story23:31 Physical AI and Robotics24:52 Digitizing the Physical World25:33 Humanoid Robotics Timeline26:28 Deploying AI at Scale26:56 Execution Beats Innovation27:52 Best AI Investment Thesis28:00 Buying Boring Businesses28:52 AI Ready Leadership Team29:30 Hiring Real Tech Leaders30:00 Blockbuster vs Netflix30:43 Closing Reflections

Business and finance news from the Asia-Pacific. A selloff in global semiconductor stocks deepened, as investor sentiment continued to worsen over the sustainability of the artificial intelligence boom. The losses point to deepening concerns over crowded equity positioning and rising corporate debt levels as the AI buildout progresses, with Nvidia Corp.'s fresh round of deals and technological advances from Chinese peers adding pressure. We speak to Lauren Cassidy, Founder & Chief Investment Officer of Founder ETFs. Plus - Oil extended a steep decline after President Donald Trump said that the US and Iran were engaged in talks to try to end the Middle East conflict, with the two sides continuing to hold off on attacks. Bloomberg TV host Haidi Stroud-Watts spoke to S​​ara Vakhshouri, SVB Energy International Founder and President.See omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific. Oil dropped, stocks and bonds rose as the US and Iran refrained from retaliatory strikes, easing concerns over potential disruptions to Middle East energy supplies after a recent escalation in the conflict. Three days of Group-of-Seven central bank decisions begin with the Fed on Wednesday, followed by the Bank of England and the Bank of Japan. While no changes are expected in interest rate policy, officials are likely to emphasize vigilance over the inflationary impact of higher energy prices. Bloomberg TV host Haidi Stroud-Watts spoke to Diana Mousina, Deputy Chief Economist at AMP. Plus - Investors are looking to Monday's trading debut of CXMT Corp. to help renew a rally in Chinese semiconductor stocks that has been on pause ahead of the memory giant's initial public offering. The chip-heavy Star 50 Index fell into a bear market this month as funds repositioned for the IPO, which values CXMT at $86 billion, making it China's largest-ever chip offering. Still, the valuation at about one‑tenth that of larger rival SK Hynix Inc. is seen leaving ample room for CXMT to run. It's expected to perform well given an IPO that was hundreds of times oversubscribed and that listings on the STAR Board face no daily percentage limit for the first five trading sessions. Given CXMT's heavy state backing as a key component of China's drive for tech self-sufficiency, a big jump could provide a halo effect for other local chip stocks. Bloomberg TV host Haidi Stroud-Watts spoke to Rolf Bulk, Head of Semiconductors & Infrastructure at Futurum Equities.See omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific. Intel Corp. delivered a revenue forecast that shattered Wall Street estimates as booming data center spending fuels a long-awaited turnaround. Sales will be $15.8 billion to $16.8 billion in the third quarter, the company said Thursday. Even the low end of that range would easily clear the $15.1 billion average analyst estimate. Meantime, Stocks and bonds fell as doubts over returns from billions of dollars spent on artificial intelligence coincided with a surge in oil prices that rekindled inflation concerns. For more on the tech story, Bloomberg TV hosts Haidi Stroud-Watts and Shery Ahn spoke to Dan Ives, Partner and Senior Managing Director at Yorkville Ives. Plus - Energy is the biggest constraint of the global AI build out. Many countries are turning to nuclear power to address it. Perhaps nowhere better reflects the global nuclear push than Asia. Bloomberg TV host Shery Ahn spoke to Nobuo Tanaka, International Energy Agency Executive Director Emeritus.See omnystudio.com/listener for privacy information.

BNP Paribas CFO Lars Machenil speaks with Bloomberg TV's Guy Johnson and Anna Edwards as the bank reported better-than-expected revenue and profit for the second quarter. "If you look at the cost of risk in our divisions, it is basically stable," he says. "What is that additional basis point coming from? It's because we took a prudent stand saying there is some geopolitical uncertainty and that allows us to take a generic provision for that uncertainty," Machenil adds.See omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific. Alphabet Inc. again raised already sky-high estimates for capital spending in 2026, telling investors that expenses may top $200 billion as it races to build the computing power necessary to fuel its artificial intelligence ambitions. The Google parent projected capital expenditures of $195 billion to $205 billion in 2026, up from a previous estimate of as much as $190 billion, above the roughly $186 billion that analysts had estimated. The higher guidance reflects the company's efforts to accelerate its expansion of AI computing capacity and book more revenue from cloud-computing clients. Tesla Inc.'s profit tumbled despite a strong quarter for its automotive business, pressuring Elon Musk's plan to refocus the electric vehicle maker on artificial intelligence and robots. Spending on the ambitious initiatives surged to $5.8 billion in the second quarter, resulting in Tesla's first cash burn in two years. The company still expects capital expenditures in excess of $25 billion this year, and executives are now predicting even larger outlays going forward."This is a massive capex year," Musk said late Wednesday on a conference call to discuss quarterly results. "We should be spending on capex as fast as we can — spend as fast as we can without it being too wasteful." We speak to Shay Boloor, Chief Market Strategist. Plus - Asian shares advanced as regional chipmakers gained on expectations they will benefit from billions of dollars flowing into the artificial intelligence buildout. Bloomberg TV hosts Haidi Stroud-Watts and Shery Ahn spoke to Vikas Pershad, Asian Equities Portfolio Manager at M&G Investments. See omnystudio.com/listener for privacy information.

Welcome back to the Alt Goes Mainstream podcast.We sat down with Vista Equity Partners' Senior Managing Director, Co-Head of Flagship Fund, Monti Saroya. We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry's leading alternative asset managers.Vista Equity Partners has been a pioneer in enterprise software investing. They have been at the forefront of every major technology platform shift, whether it was on-prem to cloud, the adoption of enterprise software, and now the agentification of the enterprise with AI.The $103B AUM scaled specialist software investor has dedicated its efforts to building “mission critical” enterprise software companies that organizations can't live without.Monti has had a front-row seat in building and developing both infrastructure and software that the technology industry can't live without. He brings to bear the perspective of someone who lived through the early days of the internet from his time at Cisco Systems and Siebel Systems. Through this lens, and drawing on his experience investing in enterprise software companies since joining Vista in 2008, Monti is able to make sense of where, how, and why AI will be adopted within the enterprise, and what it means for both operators and investors.This conversation with Monti was one of the most illuminating conversations I've had on AI recently. He pieced together so much of what is happening in AI today, covering:The different layers of AI adoption.Why “harness” companies can be valuable.Where AI agents are having the most impact on a business.Why open source is the next wave of the AI buildout.The Linux lesson for AI.Why Monti is so excited about the firm's investment in SambaNova.Do “harness” companies have a moat?Why the moats for many AI companies might surprise you.Why sovereign AI is the next big thing.BioMonti Saroya joined Vista Equity Partners in 2008 and is Co-Head of the Vista Flagship Fund and sits on its Investment Committee.Additionally, Monti serves as a member of Vista's Executive Committee, the firm's governing and decision- making body for matters affecting its overall management and strategic direction, and Vista's Private Equity Management Committee, the firm's decision-making body for matters affecting Vista's overall private equity platform.Monti is also the Co-Chief Executive Officer of VistaOne, Vista's evergreen private equity vehicle, and serves on the Investment Committee. Monti helps lead Vista's artificial intelligence initiatives, driving the firm's approach to AI adoption through strategic partnerships and the deployment of AI-enabled infrastructure and capabilities across the platform and portfolio ecosystem.He currently sits on the boards of Acumatica, Allvue Systems, Avalara, Cloud Software Group, Duck Creek, Finastra, Infoblox, Playlist, Smartsheet, Solera, among others. Monti was actively involved in the firm's investments in Apptio, Cvent (NASDAQ: CVT), Datto (formerly NYSE: MSP), Marketo, PowerSchool (formerly NYSE: PWSC), SumTotal, The ACTIVENetwork, and Transfirst, among others.Prior to Vista, Monti worked as a Senior Research Analyst for JMP Securities, where he provided research for buy-side clients on public on-demand (SaaS) companies. Monti previously worked as an Associate on the enterprise software/applications team. Before JMP, Monti worked at Siebel Systems in a sales capacity for the CRM On Demand division. Prior to Siebel, Monti worked for Cisco Systems in various operations roles.Thanks, Monti, for sharing your wisdom, expertise, and passion about AI, enterprise software, and technology transformations.Show Notes00:00 Intro: Live from SuperReturn00:10 Meet Monti Saroya00:20 Why AI Matters Now00:41 Career Origins Cisco00:57 Building Internet 1.0 01:21 Infrastructure Before Apps01:25 From Compute to Giants01:38 AI as New Buildout01:56 Internet 1.0 Lessons02:17 Change Slower Then Bigger02:48 Consumer Adoption First03:08 What We Underestimate03:26 AI Like Electricity03:41 Three Layer AI Stack04:03 Cloud Providers Layer04:15 App Layer Value Capture04:26 What Is the App Layer04:41 Software Needs Humans05:25 Agents System of Action05:53 Where Agents Impact Today06:20 Engineering Productivity Gains07:29 Augment Not Replace07:51 Rearchitecting With AI08:16 Harnesses Around Intelligence09:17 Routing Cuts Compute Cost09:26 Model Choice and Governance10:55 Enterprise Goals Drive AI11:51 Workflow Context Is Key12:47 SambaNova Compute Economics14:27 Token Subsidies Ending15:39 Open Source Next Wave16:02 Linux Lesson for AI17:03 Deploying Is the Hard Part17:40 Vista Agentic Factory18:42 Avoiding Services Trap19:05 Where Value Gets Created19:32 NeoCloud Inference Centers20:21 Harness Companies and Moats21:05 Enterprise Software Reality Check21:51 CFOs Demand ROI Metrics22:44 Word Association Game23:15 Workflow Specific Future23:48 Sovereign AI Is Coming24:24 Wrap Up and Thanks

Business and finance news from the Asia-Pacific. Stocks in Asia climbed for a second day as chipmakers at the heart of the artificial intelligence boom extended their rebound, offsetting concerns over rising oil prices after renewed escalation in the US-Iran conflict. The rally in technology stocks followed weeks of volatility in the year's best-performing corner of the market as investors questioned whether massive AI spending will translate into commensurate returns. We speak to Winnie Hsu, Bloomberg's Asia Equities Reporter. And for more analysis on the latest moves in the market, Bloomberg TV hosts Shery Ahn and Haidi Stroud-Watts spoke to Kyle Rodda, Capital.com Senior Market Analyst. See omnystudio.com/listener for privacy information.

After five years, 345 episodes, countless laughs, arguments, predictions, detours and unforgettable moments, this episode marks the end of an era for The Higher Standard. Saied is stepping away from the show to begin an important new chapter in his life, and while we are incredibly proud of him, there is no pretending this is not a painful and deeply emotional moment. THS was never just a podcast… it was a friendship, a partnership and a community built one conversation at a time. To every listener who welcomed Saied into their week, supported the show and grew alongside us, thank you. This is not goodbye. It is simply “I'll see you later.” We love you brother, and The Higher Standard will always be your home.

Welcome back to the Alt Goes Mainstream podcast.We were live from Berlin, which becomes the “capital of private capital” in June as the private equity's industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.Much of the SuperReturn conference is centered on fundraising. GPs take up every available space — from hotel rooms to Tiny Space cabins that line the parking spots on Budapester Strasse outside of the InterContinental conference venue — to conduct meetings with LPs.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry's leading alternative asset managers.Our first conversation was with Apax Co-CEOs Andrew Sillitoe and Mitch Truwit.Apax is one of the pioneers in the private equity industry. The firm's rich history dates back to the 1970s, when its founders, Alan Patricof (US), Sir Ronald Cohen (UK), and Maurice Tchénio (France), came together to establish the first US-UK partnership firm in private equity. During that time period, the firm backed Steve Jobs and the first iteration of Apple. The UK and US firms merged in 1981, laying the foundation for Apax.Today, Apax stands at over $80B in aggregate funds raised. The firm underwent its second leadership transition in 2014, when Andrew and Mitch were elected as Co-CEOs, succeeding Martin Halusa, who became Chairman.Apax sits in a unique position. They are a scaled platform that focuses on the middle market. They operate across three sectors, Tech, Services, and Digital / Consumer, infusing a digital DNA and value creation team into everything they do. Their platform spans “a mile wide and a mile deep,” which is what much of the conversation between Andrew, Mitch, and me unpacked.We had a fascinating discussion about the current state of private equity and the middle market, why Apax focuses on “density-driven business models,” why the firm focuses on carveouts in the middle market, what's underappreciated about the middle market, why it's important to “buy in the right neighborhood and fix it up,” and how the firm's core values of “having impact through insight and tenacity” drive every decision they make.BiosAndrew Sillitoe has been Co-CEO of Apax since 2014. He is Chairman of the Apax Global Investment Committee and the Digital Investment Committee, amongst others. He is also a member of the Apax Executive Committee. He has been based in London since joining the Firm in 1998, focusing on Tech & Telco investments.Andrew has been involved in a number of investments including Inmarsat, Intelsat, King, Orange Switzerland, TIVIT, TDC and Unilabs.Prior to joining Apax, Andrew was a consultant at LEK. Andrew holds an MA in Politics, Philosophy and Economics from the University of Oxford and an MBA from INSEAD.BoardsAndrew has previously served on the boards of Inmarsat, King, Intelsat, Orange Switzerland and TDC.Mitch Truwit is Co-CEO of Apax, based in New York.Prior to joining Apax in 2006, Mitch was the President and CEO of Orbitz Worldwide between 2005 and 2006 and was the Executive Vice President and Chief Operating Officer of priceline.com between 2001 and 2005.Mitch is a graduate of Vassar College where he received a BA in Political Science. He also holds an MBA from the Harvard Business School.BoardsMitch serves as a Board member of Openlane and Trade Me. Prior boards include Advantage Sales & Marketing, Assured Partners, Dealer.com, Bankrate, Garda World, Hub International, Trader Canada, Boats Group and Quality Distribution Inc.Mitch serves on the charitable boards of the Apax Foundation, the John McEnroe Tennis Project, Posse and StreetSquash.Thanks, Andrew and Mitch, for a fascinating conversation and for sharing your expertise, wisdom, and passion at the intersection of investing and operating in private equity.Show Notes00:00 Meet Apax co-CEOs, Andrew Sillitoe and Mitch Truwit00:26 Andrew's Origins at Apax00:47 Private Equity Then vs Now01:25 Apax Growth and Values01:45 Curiosity as a Differentiator02:04 Mitch's Operator Background02:56 Why Mitch Joined Apax03:40 Defining the Middle Market04:14 Why Sub-Billion EV Works04:59 Middle Market Talent Gap05:20 Carve Outs as a Strategy05:29 TRADER Corporation - Canada App Turnaround06:12 Scaled Platform Advantage07:14 Digital DNA and AI Wave07:50 Top Line Growth Lever08:36 Add-ons and TAM Expansion09:33 ECI Case Study Roll Up10:07 Integration Over Collection10:28 Exit Options in a Bigger PE World10:59 Building for Multiple Buyers11:45 Fund Size Discipline12:34 Choosing Returns Over AUM13:16 Understanding Firm DNA14:01 Global Micro Investing14:49 Making Global Pods Work15:50 Scale Specialization Flexibility17:08 Where to Invest Now19:23 Buying Complexity for Value20:15 Moats and Investment Committee22:13 Why Middle Market Excites Them23:19 Future of PE and AI at Scale24:50 Impact Insight Tenacity Culture25:54 Obligation to Dissent Story26:55 Aspirational Brand Analogy27:48 Wrap Up and Thanks

Brendan Greeley has spent twenty years as a journalist, covering economic and monetary policy. He was the US economics editor at the Financial Times and continues to write a regular column there. Before that, he was a staff writer for Bloomberg Businessweek and The Economist, as well as an anchor and correspondent for Bloomberg TV. He has also written for The New York Times, The New York Times Magazine, and The Wall Street Journal Europe, and received a New York Press Club Award for special event reporting. Brendan graduated from Tulane University with honours in German. He is currently completing a PhD in financial history at Princeton University. In this podcast, we discuss: The "Ancient Dollar's" Bohemian Roots Skepticism of Monetary Sovereignty The Constitutional Shift to Private Banking Nationalising Money via the Civil War The Primacy of Federal Deposit Insurance Endogenous Money: How Banks Create the Dollar The Rise of the Offshore Eurodollar Market Stablecoins as "Schmanks" (Unregulated Banks) Career Longevity and the "Turn-Taking" Marriage 

How do top leaders excel under pressure and what can AI teach us about leadership? Discover the unexpected link between high-stakes decision-making and the psychology that drives both great athletes and executives. Join host, Adam Contos as he welcomes Sébastien Page, the head of Global Multi-asset Division and Chief Investment Officer at T. Rowe Price, overseeing over $500 billion in assets. Sébastien, with decades of leadership experience and a deep dive into positive sports and personality psychology, shares insights from his award-winning research and book, 'The Psychology of Leadership.' You'll learn why leading yourself is the first step to leading others, how stress can be your ally, and the counterintuitive power of admitting 'I don't know', in this powerful episode of Start With a Win.Sébastien Page is Head of Global Multi-Asset and Chief Investment Officer at T. Rowe Price, where he oversees more than $500 billion in assets under management. With more than two decades of leadership experience, he is also a recognized researcher in psychology and investing.A two-time author and six-time award-winning researcher, Sébastien is a frequent guest on CNBC and Bloomberg TV and was named a LinkedIn Top Voice in Finance in 2022. His latest book, The Psychology of Leadership, was released in 2025.He lives in Maryland with his wife and children and enjoys exploring the intersection of leadership, psychology, and investing.00:00 Intro02:24 Lead yourself, what?05:05 HR is not what you think it is!09:20 What makes people thrive?13:20 Best people/leaders know this! 16:05 Part of leadership is this… 18:35 Leaders, TRY THIS.21:20 What are we missing to get the team to perform their best?26:17 Listen for 2 mins and then rewind, this is not in his book! 29:09 It may be this, but it still works…    https://www.psychologyofleadership.net/https://www.instagram.com/sebastienpagebook?igsh=MWk2cWV2c2JmNGhiNA%3D%3Dhttps://www.linkedin.com/in/sebastien-page/ ===========================Subscribe and Listen to the Start With a Win Podcast HERE:

Lindsey Graham's death has instantly reshaped the fight for the U.S. Senate. In this emergency live discussion, Matt Robison is joined by Republican strategist Matt Wylie and Blue Amp Media's Cliff Schecter to break down what happens next in South Carolina, how the appointment process works, whether Republicans could suddenly have another competitive Senate race on their hands, and why the ripple effects could extend all the way to Maine, Kentucky, Michigan, and control of the Senate.They also examine:• Who Governor Henry McMaster is most likely to appoint• Whether Nancy Mace would strengthen—or endanger—Republican chances• Why Democrats quietly believe the Senate map continues improving• The latest on the Graham Platner fallout in Maine• Mitch McConnell's continued absence and the political consequences• Why the SAVE Act suddenly becomes even more important• The Republican and Democratic strategies insiders are discussing behind closed doorsThis conversation goes well beyond the headlines to explain what campaign professionals are actually seeing inside both parties.TIMESTAMPS00:00 Emergency live reaction01:00 Immediate political impact in South Carolina03:20 Cliff Schecter on Lindsey Graham's legacy06:55 Working with Graham behind the scenes09:05 SAVE Act implications10:25 Who could replace Lindsey Graham?12:55 Could Democrats actually compete in South Carolina?16:15 Kentucky, Mitch McConnell & Senate control20:55 Maine, Susan Collins & the expanding Senate map23:20 Midterm HQ: why Democrats' odds are improving24:35 Republican concerns heading toward 202629:20 Democratic messaging strategy34:20 Michigan Senate primary implications37:00 Can Republicans still use "socialism" as a winning attack?40:00 What Republicans are privately worried aboutREAD MORE

Business and finance news from the Asia-Pacific. SK Hynix Inc. raised $26.5 billion in its American depositary receipt offering, as the South Korean memory chipmaker powered through volatility to deliver the largest ever US first-time share sale by a foreign company. The company sold 177.9 million ADRs for $149 each, according to a statement confirming an earlier Bloomberg News report. Each ADR is equivalent to a 10th of a Seoul-traded common share. At $26.5 billion, the offering tops Alibaba Group Holding Ltd.'s US debut to become the third biggest listing in history, according to data compiled by Bloomberg. We speak to Lianting Tu, Bloomberg's Managing Editor for Asia Equities. And for more analysis on SK Hynix, Bloomberg TV host Shery Ahn spoke to Brendan Burke, Research Director, Semiconductors, Supply Chain & Emerging Tech at the Futurum Group.See omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific. The US military struck Iran for the second straight day, an escalation of violence that threatens to strain an already fragile ceasefire. The attacks came just hours after President Donald Trump at the NATO summit in Turkey said the US would probably target Iran again. The US launched attacks on Tuesday and revoked a waiver allowing new sales of Iranian oil in response to attacks on ships in the Strait of Hormuz that the administration blamed on the Islamic Republic. Oil extended its gains. We spoke to Stephen Stapczynski, Bloomberg's Asia Energy Team Leader. Plus - China's consumer prices rose slower than expected and factory inflation showed signs of peaking, after a pullback in commodity costs with an easing of tensions over Iran last month. The consumer-price index decelerated to 1% in June from a year earlier, compared with a gain of 1.2% in the previous month, according to data released by the National Bureau of Statistics on Thursday. The median estimate in a Bloomberg survey of economists was 1.1%. Producer inflation accelerated slightly to 4.1% from a year ago, matching forecasts. On a month-on-month basis, factory prices declined 0.3% from May, their first drop since July 2025. Bloomberg TV hosts Haidi Stroud-Watts and Avril Hong spoke to Robin Xing, Chief China Economist at Morgan Stanley. See omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific.Oil prices rose and Asian stocks were little changed as investors assessed the implications of renewed geopolitical tensions for energy supplies and risk assets. The moves came after US benchmarks fell on Tuesday, with a gauge of chip stocks dropping more than 4%. The Nasdaq 100 slid 1.8%. For more on the market action, we spoke to Paul Dobson, Bloomberg's Executive Editor for Asia Markets.Plus - The US launched airstrikes in Iran and revoked a waiver that allowed it to sell oil globally, further imperiling a peace agreement after a series of attacks on ships in the Strait of Hormuz. The US Treasury Department announced it was barring new sales of Iranian oil after July 7, a key incentive intended to get Tehran to abide by a deal that calls for reopening the strait. The American actions marked the most serious threat yet to the interim agreement signed between the two countries' leaders on June 17, and threatened to scuttle negotiations aimed at achieving a permanent peace. Bloomberg TV host Paul Allen spoke to Jessica Genauer, Public Policy Institute Academic Director and Associate Professor in International Relations at the University of New South Wales (UNSW).See omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific. Asian equities dropped as technology shares came under renewed selling pressure due to investors rotating into other corners of the market. Chip bellwether Samsung Electronics Co. fell after its results. Samsung Electronics Co.'s quarterly profit surged 19-fold, but failed to impress investors accustomed to eye-catching growth from the suppliers of chips to the global AI boom. We speak to Bloomberg MLIV Strategist Mark Cranfield. Plus - The yen should be as much as 20% stronger than it is — around 130 per dollar, a former top foreign exchange official in Japan said, pushing back against those speculating that the currency might continue its slide. Bloomberg TV host Shery Ahn spoke exclusively to Tatsuo Yamasaki, who served as vice finance minister for international affairs a little over a decade ago about his outlook on the Japanese currency. See omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific. Australia will host Indian Prime Minister Narendra Modi next week for an annual leaders summit. Modi will also visit Indonesia and New Zealand. For more on India and New Zealand's relationship, we speak to Ainsley Thomson, Bloomberg's Wellington Bureau Chief. Plus - Asian stocks and US equity-index futures pared their initial gains Monday as technology stocks lost momentum. Bloomberg TV hosts Yvonne Man and David Ingles spoke to Jun Bei Liu, Ten Cap Co-founder and Lead Portfolio Manager.See omnystudio.com/listener for privacy information.

How do you build better money habits, overcome money shame and make smarter financial decisions? In this episode of Money Tales, money mentor Anne Lester explains why financial success isn’t about having more willpower. It’s about understanding the psychology behind your financial decisions. Whether you’re navigating your first paycheck, paying off debt, trying to save more or planning for retirement, Anne shares practical insights to help Millennials, Gen Z and anyone looking to build lasting financial confidence. Fresh out of college, Anne thought she was doing everything right. She had landed her first job, was earning a paycheck and was building an independent life. Yet she was also carrying credit card debt, struggling to save while making financial choices that felt right in the moment. Those experiences eventually shaped a career spent helping people prepare for retirement and build healthier relationships with money. In this conversation, Anne talks about the lessons she learned from her own mistakes and why building a better financial life starts with understanding yourself. About Anne Lester: Money Mentor and Financial Wellness Advocate Anne Lester is the Money Mentor for Gen Z and Millennials. She is helping a generation of young adults, and those who serve and employ them, turn money shame into money power – so they can live their best life and do their best work now. Her research for the award-winning book, Your Best Financial Life: Save Smart Now for the Future You Want, revealed that only 17% of GenZ and Millennials are confident in their money plan and on track to retire. The difference? They had a money mentor growing up. Anne earned the 2020 Lillywhite Award for lifetime contributions to Americans' economic security. During three decades at J.P. Morgan Chase, she launched and ran the SmartRetirement Target Date funds and Income Builder fund, and was named Morningstar's Asset Allocator of the Year in 2014. She's a trusted keynote speaker, emcee, and media guest for audiences ranging from employees and professionals to Bloomberg TV, Barron's, CNBC, Forbes, The Wall Street Journal, and The New York Times. Looking for more practical guidance? Aspiriant’s advisors regularly write about the habits and decisions that build long-term financial confidence. If you’re just getting started, explore 4 Financial Tips for Young Adults for foundational advice on saving, credit and investing. You can also read The Road to Financial Wellness, which offers practical strategies for developing healthy financial habits and creating a sustainable approach to managing your money. Together, these resources reinforce one of Anne’s central messages: lasting financial success begins with small, intentional choices—not perfection. Follow Money Tales on Spotify, Apple Podcasts or YouTube Music for more real stories that inspire thoughtful, intentional decisions about money.

Business and finance news from the Asia-Pacific. Chip stocks posted their best quarter ever, extending an extraordinary start to the year driven by insatiable demand for artificial intelligence equipment. But after recent jitters sent the stocks tumbling, investors are wondering how much further the rally can go. "The story of the past six months is the market going all-in on AI infrastructure, but now people are asking if this is sustainable and if we should be worried," said CJ Muse, senior managing director and technology analyst at Cantor Fitzgerald. The Philadelphia Stock Exchange Semiconductor Index jumped 3.9% on Tuesday to bring its second-quarter gain to 88%, its best quarter ever. It soared 101% in the first half, putting it on track for its best year in its history. In contrast, the tech-heavy Nasdaq 100 Index climbed 28% in the second quarter, while the S&P 500 Index rose 15%. It was both of their best quarters since 2020, but the performances were dwarfed by the surge in chip stocks. We speak to Lianting Tu, Bloomberg's Managing Editor for Asia Equities. Plus - The yen traded around 162.65 per dollar after falling to a 40-year low this week. The currency's slide to a four-decade low against the dollar left traders eyeing Japan's next intervention threshold. After the currency weakened past the 162 per dollar level on Tuesday, strategists increasingly pointed to 163 and beyond, arguing the Finance Ministry may tolerate a weaker yen than it did in 2024. Bloomberg TV hosts Yvonne Man and Avril Hong spoke to Christopher Wong, Executive Director and FX Strategist at OCBC.See omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific. An artificial-intelligence bust, inflation and fiscal stress are among the most alarming threats to global prosperity at present, the Bank for International Settlements warned. In its annual report published on Sunday, the Basel-based institution cited those on a list of "pressure points" that currently "demand attention," with underlying financial vulnerabilities lurking that could amplify any shock. We speak to Oliver Shale, Investment Specialist at Ruffer. Plus - South Korea's Samsung Group and SK Group are poised to announce as much as 2,000 trillion won ($1.3 trillion) of investments over the next decade as part of President Lee Jae Myung's flagship industrial strategy, the Korea Economic Daily reported. The two groups are expected to unveil the package when their leaders present the plans at the presidential office on Monday, the newspaper said, without giving details of where it obtained the information. Samsung Electronics Co. and SK Hynix Inc. are each expected to build four to five semiconductor fabs in the Gwangju area, in the country's southwest, the newspaper said. Samsung is also expected to build chip packaging plants in South Chungcheong province while SK Hynix will expand NAND plants in North Chungcheong province, the newspaper added. Bloomberg TV hosts Shery Ahn and Paul Allen speak to Shaun Cochran, CITIC CLSA Head of Research.See omnystudio.com/listener for privacy information.

Emmanuel Macron. Demis Hassabis. Volodymyr Zelenskiy. George Soros. Mark Carney. Christine Lagarde. Ray Dalio. Leena Nair.  Few journalists have spent more time questioning the people who shape the global economy than Francine Lacqua. As Editor-at-large at Bloomberg and host of Leaders with Francine Lacqua on Bloomberg TV, Lacqua has interviewed many of the most influential political and business leaders of our time. Across hundreds of conversations with presidents, CEOs, central bankers and founders she has built a rare understanding of how leadership operates at the highest levels of power.  In June 2026, Lacqua joined us live on stage for a special instalment of The Intelligence Squared Economic Outlook, our flagship series examining the forces shaping global markets, politics and business. In conversation with BBC broadcaster Jonny Dymond, she reflected on the leaders she has encountered throughout her career – and the defining decisions they faced during moments of economic uncertainty, geopolitical tension and technological change. What distinguishes leaders who succeed in turbulent times? How do the best decision-makers balance political pressure, economic risk and long-term strategy? And what kinds of leaders does today's increasingly volatile world demand? This recording is part of The Intelligence Squared Economic Outlook series of events made in partnership with Guinness Global Investors, an independent British fund manager that helps both individuals and institutions harness the future drivers of growth to achieve their investment goals. To find out more visit: https://www.guinnessgi.com/ --------- This is the first instalment of a two-part episode. If you'd like to become a Member and get access to all our full ad free conversations, plus all of our Members-only content, just visit intelligencesquared.com/membership to find out more. For £4.99 per month you'll also receive: - Full-length and ad-free Intelligence Squared episodes, wherever you get your podcasts - Bonus Intelligence Squared podcasts, curated feeds and members exclusive series - 15% discount on livestreams and in-person tickets for all Intelligence Squared events  ...  Or Subscribe on Apple for £4.99: - Full-length and ad-free Intelligence Squared podcasts - Bonus Intelligence Squared podcasts, curated feeds and members exclusive series … Already a subscriber? Thank you for supporting our mission to foster honest debate and compelling conversations! Visit intelligencesquared.com to explore all your benefits including ad-free podcasts, exclusive bonus content and early access. … Subscribe to our newsletter here to hear about our latest events, discounts and much more. https://www.intelligencesquared.com/newsletter-signup/ Learn more about your ad choices. Visit podcastchoices.com/adchoices Learn more about your ad choices. Visit podcastchoices.com/adchoices

Emmanuel Macron. Demis Hassabis. Volodymyr Zelenskiy. George Soros. Mark Carney. Christine Lagarde. Ray Dalio. Leena Nair.  Few journalists have spent more time questioning the people who shape the global economy than Francine Lacqua. As Editor-at-large at Bloomberg and host of Leaders with Francine Lacqua on Bloomberg TV, Lacqua has interviewed many of the most influential political and business leaders of our time. Across hundreds of conversations with presidents, CEOs, central bankers and founders she has built a rare understanding of how leadership operates at the highest levels of power.  In June 2026, Lacqua joined us live on stage for a special instalment of The Intelligence Squared Economic Outlook, our flagship series examining the forces shaping global markets, politics and business. In conversation with BBC broadcaster Jonny Dymond, she reflected on the leaders she has encountered throughout her career – and the defining decisions they faced during moments of economic uncertainty, geopolitical tension and technological change. What distinguishes leaders who succeed in turbulent times? How do the best decision-makers balance political pressure, economic risk and long-term strategy? And what kinds of leaders does today's increasingly volatile world demand? This recording is part of The Intelligence Squared Economic Outlook series of events made in partnership with Guinness Global Investors, an independent British fund manager that helps both individuals and institutions harness the future drivers of growth to achieve their investment goals. To find out more visit: https://www.guinnessgi.com/ --------- This is the first instalment of a two-part episode. If you'd like to become a Member and get access to all our full ad free conversations, plus all of our Members-only content, just visit intelligencesquared.com/membership to find out more. For £4.99 per month you'll also receive: - Full-length and ad-free Intelligence Squared episodes, wherever you get your podcasts - Bonus Intelligence Squared podcasts, curated feeds and members exclusive series - 15% discount on livestreams and in-person tickets for all Intelligence Squared events  ...  Or Subscribe on Apple for £4.99: - Full-length and ad-free Intelligence Squared podcasts - Bonus Intelligence Squared podcasts, curated feeds and members exclusive series … Already a subscriber? Thank you for supporting our mission to foster honest debate and compelling conversations! Visit intelligencesquared.com to explore all your benefits including ad-free podcasts, exclusive bonus content and early access. … Subscribe to our newsletter here to hear about our latest events, discounts and much more. https://www.intelligencesquared.com/newsletter-signup/ Learn more about your ad choices. Visit podcastchoices.com/adchoices Learn more about your ad choices. Visit podcastchoices.com/adchoices

Business and finance news from the Asia-Pacific. Micron Technology, the largest US maker of computer memory chips, surged in late trading after its quarterly sales forecast crushed Wall Street estimates, signaling that an AI-fueled growth run remains strong. Revenue will be approximately $50 billion in the fiscal fourth quarter, which runs through August, the company said in a statement Wednesday. Analysts estimated $43.2 billion on average. Excluding some items, profit will be about $31 a share, compared with a projection of $25.31. For more on the market reaction, we speak to Jed Ellerbroek, Portfolio Manager at Argent Capital Management. Plus - Canada plans to send warships to the Indo-Pacific in two deployments this year, its defense minister said, part of a move to deepen military ties with regional allies even as Ottawa also endeavors to build closer trade relations with China. Defense Minister David McGuinty speaks to Bloomberg TV host Shery AhnSee omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific. Oil gave up early gains and Asian stocks climbed as investors welcomed signs of diplomatic progress between the US and Iran. "Encouraging progress has been made including the creation of a mechanism for further technical talks," mediators Qatar and Pakistan said in a joint statement. The sides also established a communication line to avoid incidents and miscalculation, with the aim of ensuring safe passage for commercial vessels through the Strait of Hormuz. Technical-level discussions will continue this week. We speak to Paul Dobson, Bloomberg's Executive Editor for Asia Markets. Plus - for more on the market moves, Bloomberg TV hosts Yvonne Man and Avril Hong spoke to Cusson Leung, KGI International Wealth Management.See omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific. Asian stocks hovered near record highs in holiday-thinned trading as optimism that the reopening of the Strait of Hormuz will restore oil flows and curb inflation pressures buoyed risk appetite. The MSCI Asia Pacific Index was little changed after five straight days of gains, while the chip-heavy Kospi was the top performer in the region, jumping 2.6%. A gauge of the sector in the US surged more than 6% to an all-time high, led by Intel Corp., after President Donald Trump said the company would work with Apple Inc. to design and manufacture semiconductors in the country. We speak to Lianting Tu, Bloomberg's Managing Editor for Asia Equities. Plus - The US-Iran interim peace deal took effect and shipping started returning to the Strait of Hormuz as the US declared an end to its blockade and a complex negotiating period over Tehran's nuclear program began in earnest. US Vice President JD Vance told reporters Thursday at the White House that the 60-day clock for working out the contentious details in the so-called memorandum of understanding signed late Wednesday had started ticking. He downplayed concerns Iran could eventually impose tolls on traffic through the Strait of Hormuz, a move that would turn the crucial transport chokepoint — widely considered international waters — into a moneymaker for Tehran. Bloomberg TV hosts Haidi Stroud-Watts and Shery Ahn speaks to Jessie Moritz, Senior Lecturer in Political Economy -- ANU Centre for Arab and Islamic Studies.See omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific. Federal Reserve Chairman Kevin Warsh vowed to restore price stability following his first policy meeting since taking the helm of the US central bank, after officials left interest rates unchanged and signaled growing support for rate hikes this year. "Persistently high prices are a burden for the American people, but the recent past need not be prologue," Warsh said in his debut press conference as chairman. Officials "are unambiguous and unanimous. This committee will deliver price stability." At the same time Warsh played down somewhat the projections from his colleagues showing nine officials foresee at least one quarter-point hike this year, with six anticipating at least two. Another nine expected no move or a cut. We speak to Jeffrey Roach, Chief Economist for LPL Financial.. And for more analysis on the Fed's decision, Bloomberg TV host Avril Hong spoke to Homin Lee, Senior Macro Strategist at Lombard Odier.See omnystudio.com/listener for privacy information.

This week, we revisit our conversation with Gary Swart. Gary is a General Partner with Polaris Partners, and until April 2014, he was the CEO of oDesk (now Upwork, NASDAQ: UPWK). Gary is a thought leader in entrepreneurship, on how best to hire and manage teams, and the future of work, including online work.   He is passionate about helping small businesses thrive, fueled by his extensive experience working with startups and small businesses and mentoring entrepreneurs and business school students. Gary has spoken at the Inc. Leadership Conference, The Economist's Ideas Economy panel, South by Southwest, TechCrunch 50, TiECon, GigaOM's Net: Work Conference, and at Harvard Business School, which teaches a case study on oDesk.   His commentary has appeared in a variety of publications, including Forbes, TechCrunch, The Washington Post, and The Next Web. He has also appeared on TV and radio shows, including the BBC, National Public Radio, CNBC, Bloomberg TV, and Startups Uncensored. Previously, Gary led SMB Sales for the Americas at IBM's Rational Software Product Group, and also served as VP of Worldwide Sales and Operations at Intellibank. Gary holds a B.S. in Business Administration from the University of Maryland.

Business and finance news from the Asia-Pacific.Global stocks and bonds climbed on Monday as the US-Iran deal spurred a decline in oil prices and raised hopes that the war that has jolted markets since the end of February may be close to an end. Investors continue to monitor developments in the Middle East, watching for signs whether shipping traffic through the Strait of Hormuz is returning to normal and assessing if the peace accord will hold. We spoke to Stephen Stapczynski, Asia Energy Team Leader for Bloomberg News. Plus for the market reaction in the Asia Pacific, Bloomberg TV hosts David Ingles and Yvonne Man spoke to Tai Hui, JPMorgan Asset Management APAC Chief StrategistSee omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific. Stocks rallied, oil slumped and the dollar fell after the US and Iran said they had reached a deal to reopen the Strait of Hormuz. The Strait of Hormuz will be "opening" on Friday upon the signing of the deal with Iran, President Trump said in a post on Truth Social. The deal announcement came first from Pakistani Prime Minister Shehbaz Sharif, and was followed by Trump and Iranian state media. Neither side released the text of the deal but the broad contours had circulated for days. We spoke to Paul Dobson, Bloomberg's Executive Editor for Asia Markets. Plus for more on the US-Iran's peace agreement, Bloomberg TV hosts Haidi Stroud-Watts and Shery Ahn spoke to William Roebuck, executive vice president of the Arab Gulf States Institute.See omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific. Bank of Japan Governor Kazuo Ueda's hospitalization is generating uncertainty among investors over the central bank's messaging at its policy meeting next week, even as they remain convinced officials will raise interest rates. Ueda is expected to miss the BOJ's meeting on June 15-16 and will refrain from casting a vote, but will express his views via a statement. Deputy Governor Ryozo Himino will serve as acting chair while another deputy, Shinichi Uchida, will host a post-meeting press conference. Ueda's absence is unlikely to shift expectations of a hike, but uncertainty is growing among market participants about how clearly Uchida will communicate at the press conference. The BOJ's cautious approach to rate hikes has been weighing on the yen due to the large interest rate differential between the US and Japan. We speak to Winnie Hsu, Bloomberg's Asia Equities Reporter Plus - SpaceX has made history with the biggest-ever IPO, sending it into the top ranks of the largest public companies and putting founder Elon Musk on the verge of becoming the world's first trillionaire. The company raised $75 billion in the IPO, pricing 555.6 million shares at $135 each, according to a statement on its website Thursday. SpaceX's IPO is more than double the size of Saudi Aramco's $29.4 billion listing in 2019. Bloomberg TV hosts Haidi Stroud-Watts and Shery Ahn spoke to Jay Ritter, Warrington College of Business, The IPO Initiative Director & Emeritus Professor.See omnystudio.com/listener for privacy information.

Business and finance news from the Asia-Pacific. Stocks dropped as Middle East tensions flared up with new US attacks on Iran, weighing on markets already grappling with a selloff in richly valued tech stocks. Oil climbed. The latest US strikes have injected more volatility into global financial markets and threaten to further crimp oil supplies. We speak to Mark Cudmore, Global Leader of the Markets Live Team at Bloomberg News. Plus - The American military launched strikes against "multiple" targets in Iran for the second straight day after President Donald Trump accused the country of dragging out talks on an interim peace deal. US Central Command said on X that it had begun "additional self-defense strikes" at 5:15 p.m. New York time on Wednesday. About four hours later, in another post, Centcom declared the operation complete and that military surveillance systems, air defense sites and communication systems were the targets. Bloomberg TV hosts Haidi Stroud-Watts and Shery Ahn spoke to Lanhee Chen, Fellow in American Public Policy Studies at the Hoover Institution at Stanford University. See omnystudio.com/listener for privacy information.

Buy in May and Let's Stay! Market concentration getting more concentrated. Eco reports – looking fresh. Looking into the Ratchet Trade with our Guest- IBKR's Chief Market Strategist – Steve Sosnick.   NEW! DOWNLOAD THIS EPISODE’S AI GENERATED SHOW NOTES (Guest Segment) Steve is the Chief Strategist at Interactive Brokers.  He also serves as Head Trader of IBKR Securities Services, the firm's trading division (formerly known as Timber Hill), and is a Member of Interactive Brokers Group, the firm's holding company. Steve has held numerous roles in the organization since joining Timber Hill in 1995 as Equity Risk Manager and an options market maker.  He led the firm into Canada in 1998 and managed Timber Hill Canada throughout its existence.  Much of Steve's career was spent quietly developing and implementing algorithmic and electronic trading strategies for stocks and options before moving into a more visible role as Chief Options Strategist and later Chief Strategist. Steve has guest authored several columns in Barron's and made numerous live appearances on Bloomberg TV and Radio, CNBC. Check this out and find out more at: http://www.interactivebrokers.com/ Follow @andrewhorowitz Looking for style diversification? More information on the TDI Managed Growth Strategy – HERE Stocks mentioned in this episode: (MSFT), (AMZN), (SPY), (IWM), (RSP)

Tony was excited to sit down with Dana D'Auria, who recently joined Franklin Templeton's RIA Advisory Council as an Industry Leader. This newly formed group has enabled the firm to work together to help shape how private markets are evolving in the RIA Channel. In this episode Tony and Dana tackle important structural considerations around liquidity, valuation, and the limitations of so-called "semi-liquid" investments, while emphasizing the untapped potential of private equity, private credit, and real assets in enhancing client outcomes. They discuss how technology platforms and model-based approaches can help advisors scale their practices while maintaining their core value proposition: providing clients access to sophisticated investment strategies that would otherwise be out of reach. This is an essential listen for advisors looking to navigate the operational complexities of private markets and deliver differentiated value to their clients. DANA D'AURIA, CFA CO-CHIEF INVESTMENT OFFICER AND GROUP PRESIDENT, ENVESTNET SOLUTIONS As Group President, Envestnet Solutions and Co-Chief Investment Officer at Envestnet, Dana is responsible for wealth and asset management solutions across Envestnet's ecosystem, including its research, overlay, direct indexing, sustainable investing and retirement services, as well as partnerships with exchanges and other wealth solutions providers. Dana is also a chair of Envestnet | PMC's Investment Committee.   Prior to joining Envestnet, Dana was most recently a Managing Director of Symmetry Partners where she also served as President and a Portfolio Manager of Symmetry Panoramic Mutual Funds, the firm's multi-factor family of funds.  Dana is a frequent contributor on CNBC Squawk Box, Bloomberg TV and Radio, Yahoo! Finance, and Nasdaq TradeTalks. She has been honored by Money Management Executive as one of the publication's "Top Women in Asset Management" in 2018 and "Women to Watch" in 2017. She has also published articles on factor investing in The Journal of Financial Planning and The Journal of Index Investing. Dana holds the Chartered Financial Analyst (CFA) designation, and earned both her MBA (in Finance) and BA (in English and International Studies) from Fairfield University. Resources: Dana M. D'Auria, CFA | LinkedInFranklin Templeton Private MarketsTony Davidow, CIMA® | LinkedIn

Geoffrey Cain is an award-winning American journalist and author, writing about geopolitics, national security, and technology. His work has been featured in The Economist, Time, Wired, and The Wall Street Journal. He is a regular commentator on Bloomberg TV, BBC, CNN, and NPR. Cain served as an advisor to the United States House Foreign Affairs Committee, a term member of the Council on Foreign Relations, was a former senior fellow for advanced critical emerging technologies at Foundation for American Innovation and was a visiting senior fellow at the GeoTech Center at the Atlantic Council. His books include Samsung Rising, The Perfect Police State, and most recently-- Steve Jobs in Exile. Learn more at https://geoffreycain.net/. This podcast is for informational purposes only. Guest speakers and their firms are not affiliated with or endorsed by PAS or Guardian. This material contains the current opinions of the speakers but not necessarily those of PAS, Guardian or its subsidiaries and such opinions are subject to change without notice. None of the organizations mentioned in this podcast have any affiliation with Guardian or PAS. Bryan Kuderna is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 50 Tice Blvd. Woodcliff Lake, NJ 07677 (973)244-4420. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Kuderna Financial Team is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License #OK04194    #8948580.1 exp. 5/28