Podcasts about canals

If you've been following the financial news lately, you may have noticed something unusual: the bond market is getting a lot of attention.After a year of tariff shocks, interest-rate whiplash, tax policy changes and persistent questions about inflation and the national debt, bonds have moved from the financial pages into the broader economic conversation. And whenever markets get nervous about where the economy, inflation or government borrowing may be headed, attention tends to turn pretty quickly to the bond market.Because this isn't just Wall Street inside baseball.The bond market influences the interest rate on your mortgage. It influences how much the federal government pays to borrow money. It affects companies trying to finance everything from infrastructure to AI data centers. And it can offer some important clues about how investors are feeling about inflation, growth, recession risk and even the creditworthiness of the United States.So perhaps it's time we understood bonds a little better.And I have to admit, after more than a decade of hosting So Money, I don't think we've ever dedicated an entire episode to them.Today, we are fixing that.My guest is Robin Wigglesworth, one of the financial journalists who has been covering these markets up close for years. Robin is an editor at the Financial Times, where he leads FT Alphaville, its influential markets and finance blog. He's also the author of Trillions, his acclaimed history of the index-fund revolution and the rise of passive investing and ETFs.His new book is called A Fabulous Debt: The Epic Story of How Bonds Built the Modern World, and it comes out September 22.And I should emphasize: this is not a book about how to build a bond portfolio.Robin has written essentially a people's history of the bond market — and somehow made bonds genuinely entertaining. The story begins in Venice in 1171, takes us through Amsterdam and the development of modern finance, and brings us to America and Alexander Hamilton, whose decisions about government debt helped establish the creditworthiness of the young United States.Robin's larger argument is that we tend to think the stock market is the star of the financial system, when really the bond market is the foundation underneath it. In fact, as he tells me in our conversation, bonds are the “bedrock that the entire house rests upon.”We talk about what the 10-year Treasury yield can tell you about the economy — and why it matters more to mortgage rates than many people realize. We talk about America's nearly $40 trillion national debt and the big question: At what point does all of this borrowing actually become a problem?We also get into something I found fascinating: bonds have quietly financed some of the biggest transformations in modern history. Railroads. Canals. Telecommunications. The internet. And now, potentially, the enormous buildout of artificial intelligence.There are also fraudsters, scoundrels and some truly wild financial schemes along the way — including one man who essentially invented an entire country so he could sell its bondsLearn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open! Hosted on Acast. See acast.com/privacy for more information.

The Cheat Sheet is The Murder Sheet's segment breaking down weekly news and updates in some of the murder cases we cover. Today, we will cover stories out of Ireland, Indiana, Montana, and Wisconsin. RTÉ's report on the documentary on the death of Kelly Marie Lynch: https://www.rte.ie/news/2026/0706/1582041-behind-the-story-what-happened-to-kelly-marie-lynch/RTÉ's report on the death of Kelly Marie Lynch: https://www.rte.ie/news/primetime/2026/0416/1568664-independent-pathologist-questions-findings-in-kelly-lynch-death/CBS News's report on the murders of the Smith, Ireland, and Ghekiere families: https://www.cbsnews.com/news/montana-family-killed-girl-hero-details-emerge/Fox 6 Now's report on an elderly woman's inadvertent foiling of scammers: https://www.fox6now.com/news/wisconsin-woman-stops-gift-card-scammersCheck out our upcoming book events and get links to buy tickets here: https://murdersheetpodcast.com/eventsPre-order our book on Delphi here: https://bookshop.org/p/books/shadow-of-the-bridge-the-delphi-murders-and-the-dark-side-of-the-american-heartland-aine-cain/21866881?ean=9781639369232Or here: https://www.simonandschuster.com/books/Shadow-of-the-Bridge/Aine-Cain/9781639369232Or here: https://www.amazon.com/Shadow-Bridge-Murders-American-Heartland/dp/1639369236Join our Patreon here! https://www.patreon.com/c/murdersheetSupport The Murder Sheet by buying a t-shirt here: https://www.murdersheetshop.com/Check out more inclusive sizing and t-shirt and merchandising options here: https://themurdersheet.dashery.com/Send tips to murdersheet@gmail.com.The Murder Sheet is a production of Mystery Sheet LLC.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Germany is so much more than Bavaria, beer gardens and castles.In this episode of the Wander Your Way podcast, I'm joined by Germany travel expert Cate Brubaker of My Germany Vacation to dig a little deeper into this fascinating and diverse country.Cate has been traveling to and living in Germany since she spent her senior year of high school there. She went on to earn bachelor's, master's and PhD degrees in German and has spent decades exploring the country. So when it comes to Germany, she has a lot of knowledge to share!We talk about some of Cate's favorite places, including history-filled Berlin, the lively university city of Freiburg and the beautiful Black Forest, and the maritime city of Hamburg in northern Germany.But we venture even farther beyond the usual stops as Cate introduces us to Germany's northern islands, including Sylt, Rügen and the car-free island of Hiddensee, where you'll find beaches, hiking trails and landscapes that might completely change the way you picture Germany.Along the way, Cate shares practical advice about traveling by train versus renting a car, getting around without speaking German and why your travel style should help determine how you move around the country.And, of course, we couldn't talk about Germany without talking about Christmas markets! Cate shares some of her favorites and explains why smaller neighborhood markets can sometimes offer an even more memorable experience than the famous ones.If you've only thought of Germany as Munich, Bavaria and the Alps, this conversation just might inspire you to dig a little deeper.Want to chat more about Germany?Send me a message at Lynne@WanderYourWay.com.In this episode:1:58: Intro4:08: Getting to know Cate13:46: Cate's top 3 destinations16:40: Berlin: The Wall25:51: Freiburg: The Black Forest39:54: Hamburg: Harbors, Canals, Lakes48:15: Honorable Mention: The Islands52:12: Logistics & Tips55:45: Christmas Markets1:06:06: Final thoughts1:08:18: Wrapping it upImportant links: My Germany VacationGermany Travel Planning PodcastWander Your WayWander Your Way AdventuresWander Your Way ResourcesREI ★ Support this podcast ★

What if the Industrial Revolution wasn't sparked by the steam engine, but by a quiet legal revolution in how England handled property rights? Ben Southwood of Works in Progress argues that the Glorious Revolution of the 1680s unleashed British growth by empowering a Parliament composed of landowners who simplified their own tangled, inefficient property rights. Through thousands of case-by-case acts, they freed up land for investment, consolidated inefficient farm ownership, and enabled a boom in privately-built roads, canals, and navigable rivers that created national markets. Along the way you'll learn why roads once moved at 1.5 miles per hour, and how these centuries-old lessons about buying off holdouts might solve today's housing and infrastructure gridlock.

0:00 SEGMENT 1: Maria Canals-Barrera talks about the brand new 'Camp Rock 3' hitting Disney+ on August 14th. Maria talks about growing up with the Camp Rock franchise and how Henry Winkler helped out with her career.https://www.instagram.com/maria_cb/https://www.disneyplus.com/explore/articles/camp-rock-3-movie 27:17 SEGMENT 2: Dan from The Joy of Pancakes talks about an event at Fennel Cooking Studio, along with the event's manager, Jackie.https://thejoyofpancakes.com/ https://www.instagram.com/thejoyofpancakes/ https://www.facebook.com/thejoyofpancakes/ https://www.fennelstl.com/ 45:24 SEGMENT 3: 'Spider-Man: Brand New Day' reviewKeep up to date with 2 Rivers Comic Con, coming back to St. Charles in 2027 https://2riverscomiccon.com/ Check out the ‘Justice League Revisited Podcast' with Susan Eisenberg and James Enstall at https://anchor.fm/justiceleague Thanks to our sponsors Historic St. Charles, Missouri (https://www.discoverstcharles.com/), Bug's Comics and Games (https://www.facebook.com/profile.php?id=100070575531223), HW Kia (https://www.hwkia.com/)Buy Me a Coffee - https://www.buymeacoffee.com/3Y0D2iaZl Patreon -   https://www.patreon.com/GeekToMeRadio Website -   http://geektomeradio.com/   Podcast -   https://anchor.fm/jamesenstall Facebook -   https://www.facebook.com/GeekToMeRadio/  Twitter -   https://twitter.com/geektomeradio  Instagram -   https://www.instagram.com/geektomeradio/ Producer - Joseph Vosevich https://twitter.com/Joey_Vee 

In today's throwback Very Clinical episode Kevin and Zach welcome Dr. Ash Mark of YouTube's "All Things Dentistry" to discuss practical clinical strategies for navigating calcified root canals. The conversation dives into essential tips for identifying and treating calcified cases, including the importance of proper diagnostic imaging (like vertical bitewings and CBCT) and utilizing tools like long-shank burs and EndoTracers for enhanced visibility. Dr. Mark highlights the benefits of flexible, heat-treated rotary files, shares insights on avoiding file separation, and explains how practicing on extracted teeth using an apex locator builds clinical confidence. The hosts also touch on emerging trends in endodontics, including multisonic and laser-assisted irrigation techniques. Some links from the show: All Things Dentistry on Youtube John Rhodes Endodontics on Youtube Komet EndoTracer WaveOne Gold EdgeEndo Join the Very Clinical Facebook group!  Join the Very Dental Facebook Group using one of these passwords: Timmerman, Paul, Bioclear, Hornbrook, Gary, McWethy, Papa Randy, or Lipscomb!  The Very Dental Podcast network is and will remain free to download. If you'd like to support the shows you love at Very Dental then show a little love to the people that support us! We're proud to be supported by the folks at Net32! I'm a big fan of the Bioclear Method! I think you should give it a try and I've got a great offer to help you get on board! Use the exclusive Very Dental Podcast code VERYDENTAL8TON for 15% OFF your total Bioclear purchase, including Core Anterior and Posterior Four day courses, Black Triangle Certification, and all Bioclear products. Crazy Dental has everything you need from cotton rolls to equipment and everything in between and the best prices you'll find anywhere! If you head over to verydentalpodcast.com/crazy and use coupon code "VERYSHIP" you'll get free shipping on your order! Go save yourself some money and support the show all at the same time! The Wonderist Agency is basically a one stop shop for marketing your practice and your brand. From logo redesign to a full service marketing plan, the folks at Wonderist have you covered! Go check them out at verydentalpodcast.com/wonderist! Enova Illumination makes the very best in loupes and headlights, including their new ergonomic angled prism loupes! They also distribute loupe mounted cameras and even the amazing line of Zumax microscopes! If you want to help out the podcast while upping your magnification and headlight game, you need to head over to verydentalpodcast.com/enova to see their whole line of products! CAD-Ray offers the best service on a wide variety of digital scanners, printers, mills and even  their very own browser based design software, Clinux! CAD-Ray has been a huge supporter of the Very Dental Podcast Network and I can tell you that you'll get no better service on everything digital dentistry than the folks from CAD-Ray. Go check them out at verydentalpodcast.com/CADRay!

Surprise! To celebrate the upcoming Camp Rock 3, Hunter got to chat with one of the most iconic Disney moms, Maria Canals-Barrera! They discussed Wizards Beyond Waverly Place, playing a mom in DCOMs and original shows, and how it feels to return to the world of Camp Rock one more time. ----- Follow The Time Mousechine: ⁠⁠⁠Instagram⁠⁠⁠ ⁠⁠⁠Twitter⁠⁠⁠ ⁠⁠⁠TikTok⁠⁠⁠ ⁠⁠⁠Patreon Follow Maria: Instagram TikTok Cameo Learn more about your ad choices. Visit podcastchoices.com/adchoices

Check out the new Smart Travel PodcastThis episode is supported by Smart Travel a new podcast from Nerd Wallet. Travel smarter — and spend less — with help from NerdWallet. Follow Smart Travel wherever you get your podcasts.Smart Travel PodcastWinging It On Location – Day 1: 5-Hour Layover in Amsterdam & Arriving in TallinnThe European tour is officially underway.In this first on-the-road episode, I take you through my journey from Toronto to Tallinn via Amsterdam, including what you can realistically do with a 5-hour layover at Schiphol Airport. I share the exact train route into the city, why I chose the Jordaan district, and the coffee stop that made the short visit worthwhile.After a quick wander through Amsterdam's canals, bridges, and tree-lined streets, I head back to the airport for my flight to Estonia. Once in Tallinn, I give my first impressions of the city, explain the easiest tram connection from the airport, and meet up with friends for dinner in the heart of the Estonian capital.If you're planning an Amsterdam layover, a Tallinn city break, or simply enjoy hearing authentic travel stories from the road, this episode is for you.In this episode:How to do Amsterdam on a short layoverUsing contactless payment on Dutch trainsThe best area to wander for 2–3 hours in AmsterdamCoffee recommendation in the Jordaan districtArriving in Tallinn and getting into the city for €2Hotel informationDinner, drinks, and the start of the Baltic adventureSupport Winging It Travel PodcastIf you enjoyed this episode:⭐ Leave a 5-star rating or review on your podcast app☕ Support the show at buymeacoffee.com/wingingit

Fluent Fiction - Danish: Love and Self-Discovery on Nyhavn's Sunlit Canals Find the full episode transcript, vocabulary words, and more:fluentfiction.com/da/episode/2026-08-05-07-38-19-da Story Transcript:Da: Solen skinnede ned på de farverige bygninger langs Nyhavn, og folk spadserede langsomt langs kanalen, hvor duften af nystegt fiskebøf svævede i luften.En: The sun shone down on the colorful buildings along Nyhavn, and people strolled leisurely along the canal, where the scent of freshly fried fish patties floated in the air.Da: Søren stod nervøst og ventede ved et af de små caféborde udenfor, hans hænder lidt svedige.En: Søren stood nervously waiting by one of the small café tables outside, his hands slightly sweaty.Da: Han havde glædet sig i flere dage, siden Astrid sagde ja til deres første date.En: He had been looking forward to this for several days since Astrid had said yes to their first date.Da: Selvom han kendte Nyhavn godt, virkede det hele pludselig anderledes, når det betød så meget.En: Although he knew Nyhavn well, everything suddenly seemed different when it mattered so much.Da: Astrid ankom med et smil, moderigtigt klædt i en sommerkjole, hendes blonde hår fanget i solens stråler.En: Astrid arrived with a smile, fashionably dressed in a summer dress, her blonde hair caught in the sun's rays.Da: "Hej Søren," sagde hun, og Søren svarede, mens han kæmpede for at holde roen.En: "Hi Søren," she said, and Søren replied while struggling to remain calm.Da: "Hej Astrid, jeg har fundet et godt sted til os," sagde han og pegede mod cafébordet.En: "Hi Astrid, I've found a good spot for us," he said, pointing to the café table.Da: De satte sig, og inden længe var deres samtale i gang.En: They sat down, and soon their conversation was underway.Da: Men Søren kunne mærke, hvordan hans egne ord indimellem snublede ud af hans mund, især når hans øjne blev fanget af Astrids glimtende blå øjne.En: But Søren could feel how his own words occasionally stumbled out of his mouth, especially when his eyes were caught by Astrid's sparkling blue eyes.Da: Da de bestilte kaffe, vendte en gammel bekendt, Mikkel, tilfældigvis forbi.En: When they ordered coffee, an old acquaintance, Mikkel, happened to pass by.Da: Mikkel var altid centrum til enhver fest, og hurtigt tog han plads ved deres bord, uden at være inviteret.En: Mikkel was always the center at any party and quickly took a seat at their table without being invited.Da: Søren forsøgte at holde samtalen flydende, men Mikkel snappede ivrigt alle emner.En: Søren tried to keep the conversation flowing, but Mikkel eagerly snapped up all the topics.Da: Han smed om sig med vittigheder, og Astrid lo højt flere gange.En: He tossed around jokes, and Astrid laughed out loud several times.Da: Søren kunne mærke, hvordan han blev sat på sidelinjen.En: Søren could feel himself being sidelined.Da: Han ønskede at fortælle Astrid om den nye kunstudstilling på Statens Museum for Kunst, men Mikkel skiftede konstant emne.En: He wanted to tell Astrid about the new art exhibition at Statens Museum for Kunst, but Mikkel constantly changed the subject.Da: Efter lidt tid, hvor Søren sad i stilhed, tog han en dyb indånding og foreslog: "Skal vi gå en tur langs kanalen?En: After a while, as Søren sat in silence, he took a deep breath and suggested, "Shall we take a walk along the canal?Da: Det er mere stille derovre."En: It's quieter over there."Da: Astrid nikkede, og de to undskyldte sig fra Mikkel, som vinkede dem farvel med et skævt smil.En: Astrid nodded, and the two excused themselves from Mikkel, who waved them goodbye with a crooked smile.Da: Langs vandet var lydene dæmpet, og Søren talte langsommere, mere sikkert.En: Along the water, the sounds were muffled, and Søren spoke more slowly, more confidently.Da: "Jeg er virkelig glad for at lære dig at kende," sagde han, med hjertet bankende.En: "I'm really glad to get to know you," he said, with his heart pounding.Da: "Jeg har altid haft en interesse i historie og kunst.En: "I've always had an interest in history and art.Da: Jeg tænkte, vi kunne besøge museet sammen en dag."En: I thought we could visit the museum together someday."Da: Astrid smilede varmt.En: Astrid smiled warmly.Da: "Det lyder dejligt, Søren.En: "That sounds lovely, Søren.Da: Jeg ville meget gerne tage på en anden date med dig," svarede hun oprigtigt.En: I'd really like to go on another date with you," she replied sincerely.Da: Søren følte en bølge af lettelse skvulpe over sig.En: Søren felt a wave of relief wash over him.Da: De gik videre langs kanalen med nyfunden selvtillid og en aftale om at mødes igen.En: They continued along the canal with newfound confidence and a plan to meet again.Da: Han forstod nu, at han ikke behøvede at være som Mikkel for at være god nok.En: He now understood that he didn't need to be like Mikkel to be good enough.Da: Det vigtigste var at være sig selv.En: The most important thing was to be himself.Da: Når solen gik ned over Nyhavn, vidste Søren, at han havde lært noget vigtigt den dag.En: As the sun set over Nyhavn, Søren knew he had learned something important that day. Vocabulary Words:shone: skinnedecolorful: farverigestrolled: spadseredecanal: kanalenscent: duftennervously: nervøstleisurely: langsommeresweaty: svedigeconversationally: samtalestumbled: snubledeacquaintance: bekendtsnapped: snappedesidelined: sidelinjenmuffled: dæmpetconfidently: sikkertpounding: bankendesincerely: oprigtigtrelief: lettelsenewfound: nyfundenconfidence: selvtillidcrooked: skævtflowing: flydendeart exhibition: kunstudstillingexcused: undskyldtealongside: ved sidenstruggling: kæmpedeleisure: tidsmiled: smiledetogether: sammenunderstood: forstod

Fluent Fiction - Dutch: Navigating Hidden Canals: A Family's Unexpected Adventure Find the full episode transcript, vocabulary words, and more:fluentfiction.com/nl/episode/2026-07-28-22-34-01-nl Story Transcript:Nl: De zon stond hoog aan de hemel in Giethoorn.En: The sun was high in the sky in Giethoorn.Nl: De kanalen schitterden als kristal en de schilderachtige huizen met rieten daken stonden trots te pronken tussen het groen.En: The canals shimmered like crystal, and the picturesque houses with thatched roofs stood proudly amongst the greenery.Nl: Het was een ideale zomerdag voor avontuur, vond Thijs.En: It was an ideal summer day for adventure, thought Thijs.Nl: Thijs wilde dolgraag zijn zus Janneke en hun vader Sander laten zien dat hij niet alleen een speelse jongere broer was, maar ook iemand met ideeën en plannen.En: Thijs eagerly wanted to show his sister Janneke and their father Sander that he was not just a playful younger brother but also someone with ideas and plans.Nl: Terwijl Janneke zich concentreerde op het maken van de perfecte foto's, en Sander zich verheugde op een rustige dag, had Thijs andere plannen.En: While Janneke focused on taking the perfect pictures, and Sander looked forward to a peaceful day, Thijs had other plans.Nl: Hij had stiekem een route uitgestippeld door de minder bekende delen van het dorp.En: He had secretly mapped out a route through the lesser-known parts of the village.Nl: "Kom, laten we iets anders doen," riep Thijs enthousiast.En: "Come on, let's do something different," Thijs called out enthusiastically.Nl: Janneke keek twijfelachtig op van haar camera.En: Janneke looked up doubtfully from her camera.Nl: "Wat bedoel je?"En: "What do you mean?"Nl: vroeg ze.En: she asked.Nl: "We kunnen verder dan de toeristenboten," stelde Thijs voor.En: "We can go beyond the tourist boats," suggested Thijs.Nl: "Ik weet de weg."En: "I know the way."Nl: Janneke rolde met haar ogen, maar Sander knikte bemoedigend.En: Janneke rolled her eyes, but Sander nodded encouragingly.Nl: "Laten we hem een kans geven," zei hij met een glimlach.En: "Let's give him a chance," he said with a smile.Nl: Met een lichte aarzeling stemde Janneke in.En: With a slight hesitation, Janneke agreed.Nl: Ze stapten in een kleine boot.En: They stepped into a small boat.Nl: Het zachtjes geplons van de riemen vulde de lucht.En: The gentle splashing of the oars filled the air.Nl: Terwijl ze door de smalle kanalen voeren, veranderde de sfeer.En: As they glided through the narrow canals, the atmosphere changed.Nl: De huizen werden schaars, de sfeer rustiger.En: The houses became sparse, the ambiance more tranquil.Nl: Plotseling leek er niemand anders in de buurt.En: Suddenly, there seemed to be no one else around.Nl: Thijs begon te twijfelen.En: Thijs began to doubt.Nl: Was dit echt de juiste weg?En: Was this really the right way?Nl: De zon zakte langzaam naar de horizon, en de tijd begon te dringen.En: The sun slowly dipped toward the horizon, and time was running out.Nl: "Weet je het zeker, Thijs?"En: "Are you sure, Thijs?"Nl: vroeg Janneke, haar stem was scherp.En: Janneke asked, her voice sharp.Nl: Thijs haalde diep adem, zijn hart sneller kloppend.En: Thijs took a deep breath, his heart pounding faster.Nl: "Ja, natuurlijk," antwoordde hij, hoewel de onzekerheid in zijn stem klonk.En: "Yes, of course," he replied, although the uncertainty laced his voice.Nl: Sander bleef kalm en bemoedigend.En: Sander remained calm and encouraging.Nl: "We komen er wel," verzekerde hij hen beiden.En: "We'll get there," he assured them both.Nl: Met elkaar werkend wisten ze uiteindelijk een schitterende, verborgen plek te bereiken, omringd door bloemen en het geluid van zingende vogels.En: Working together, they eventually reached a stunning, hidden spot, surrounded by flowers and the sound of singing birds.Nl: Maar toen merkte Thijs dat ze niet meer terug konden vinden.En: But then Thijs realized they couldn't find their way back.Nl: De ontspannen sfeer sloeg om in paniek.En: The relaxed atmosphere turned into panic.Nl: Uiteindelijk was het Sander die hen kalm begeleidde.En: In the end, it was Sander who calmly guided them.Nl: "Volg gewoon de stroom," zei hij rustig.En: "Just follow the current," he said quietly.Nl: Na wat leek op lange uren, maar eigenlijk maar kort was, vonden ze de weg naar bekend terrein terug.En: After what seemed like long hours but was actually brief, they found their way back to familiar ground.Nl: Met een zucht van opluchting kwamen ze terug.En: With a sigh of relief, they returned.Nl: Janneke, nog steeds met haar camera in de hand, keek naar Thijs.En: Janneke, still with her camera in hand, looked at Thijs.Nl: "Ik moet toegeven, je hebt ons wel een avontuur gegeven," zei ze met een glimlach.En: "I must admit, you did give us an adventure," she said with a smile.Nl: Thijs straalde.En: Thijs beamed.Nl: Hij voelde zich nu zelfverzekerd en trots, zijn gedurfde stap had geleid tot een onverwachte verbondenheid.En: He felt confident and proud now, his daring step had led to an unexpected bond.Nl: In die momenten van avontuur en verwarring hadden ze iets waardevols geleerd.En: In those moments of adventure and confusion, they learned something valuable.Nl: Thijs ervoer een gevoel van volwassenheid, en Janneke ontdekte de schoonheid van spontaniteit.En: Thijs experienced a sense of maturity, and Janneke discovered the beauty of spontaneity.Nl: Ze lachten samen, kijkend naar de zonsondergang over de kanalen van Giethoorn, hun harten gevuld met herinneringen die ze nooit zouden vergeten.En: They laughed together, gazing at the sunset over the canals of Giethoorn, their hearts filled with memories they would never forget. Vocabulary Words:shimmered: schitterdenpicturesque: schilderachtigethatched: rieteneagerly: dolgraagfocused: concentreerdepeaceful: rustigesecretly: stiekemmapped: uitgestippeldenthusiastically: enthousiastdoubtfully: twijfelachtigtourist: toeristenhesitation: aarzelingsplashed: geplonsglided: voerenambiance: sfeersparse: schaarstranquil: rustigeruncertainty: onzekerheidencouraging: bemoedigendguided: begeleiddecalmly: rustighidden: verborgencurrent: stroombravely: gedurfdebond: verbondenheidmaturity: volwassenheidspontaneity: spontaniteitpanicked: paniekmemories: herinneringen

To combat negative effects of climate change, we all need to do our best to reduce the use of fossil fuels, water and land. California is confronting all three of these challenges simultaneously with Project Nexus, a pilot project to:Reduce the use of fossil fuels by deploying solar generation farms with battery storage.Avoid taking land away from agricultural uses by deploying them over existing canals.Conserve water by using solar arrays to cover canals, thus reducing evaporation.This project is also an unusual nexus of public, private and academic institutions, bringing together the consultancy Solar AquaGrid as project manager, the California Department of Water Resources as operator of the canals and solar farms and the University of California Merced to provide scientific assessment of the project.Joining us for this episode are ceo and co-founder Jordan Harris, chief creative officer and co-founder Robin Raj.Jordan Harris co-founded Solar AquaGrid to address one of California's most urgent challenges: water scarcity. Before committing his energy to advancing large-scale sustainability projects, Jordan had a background as a social impact entrepreneur and music business executive, including co-founding and chairing Virgin Records US, as well as leadership roles at Sony Music and A&M Records. Jordan launched many high-profile projects and pro-social initiatives – among them, co-founding Rock The Vote to engage young people in the political process by engaging the entertainment community. Jordan saw the dual-use opportunity hiding in plain sight long before anyone else was ready to act on it, and led Solar AquaGrid in commissioning the University of California Merced 2021 research study that sparked Project Nexus. After nearly a decade of advancing the water-energy nexus from concept to construction, Project Nexus is the proof of concept he hopes will unlock replication across California and beyond.In 2017, Robin Raj joined Jordan to co-found Solar AquaGrid to help conserve water and land, and generate renewable energy at scale by reimagining our water/energy infrastructure and covering large swaths of California's exposed canals with solar canopies. As an award-winning creative director, veteran of purpose-driven communications, and founder of Citizen Group, Robin has harnessed the power of media, storytelling, and community engagement throughout his career to advance social responsibility, sustainability, and climate action for some of the world's best-known brands and organizations for three decades – from Amnesty International, Bloomberg Philanthropies, NRDC, Sierra Club, Rock the Vote, and World Wildlife Fund, to Levi's, Major League Baseball, NBC Universal, Stanford Medicine, and Walmart Sustainability program.In this episode, we cover such topics as:The scale of California's canal system, stretching 4,000 miles in total.How Project Nexus is funded through the California's general fund.How Project Nexus will be evaluated. For more information on Project Nexus and the organizations running it, see:​Solar Aquagrid - Project NexusTurlock Irrigation District - Project NexusUniversity of California Merced - Project NexusSupport the showVisit us at climatemoneywatchdog.org!

Host: Dr. Melissa Seibert Guest: Dr. Matt Chesler, Board-Trained Endodontist & Resident Faculty at Spear Education Episode Summary In this episode of Dental Digest, host Dr. Melissa Seibert sits down with endodontist Dr. Matt Chesler to break down the most intimidating aspects of molar endodontics . From overcoming access anxiety in deeply calcified teeth to navigating complex MB2 anatomy and proper hand-file selection, Dr. Chesler shares practical, evidence-based strategies to improve clinical confidence and prevent misadventures . Guest Bio Dr. Matt Chesler is a board-trained endodontist with over 20 years in the specialty and serves as resident faculty at Spear Education . He earned his DDS from the University of Southern California (USC), completed his endodontics residency at the Naval Postgraduate Dental School in Bethesda, and holds a Master of Science from George Washington University . He has been teaching clinical endodontics to dentists for over a decade . Key Takeaways & Clinical Pearls 1. Molar Access vs. Anterior/Premolar Access Greater Forgiveness: Molars offer significantly more space and room for minor access errors compared to anterior teeth or premolars, where the margins for error are much tighter . Magnification & Illumination: High magnification and proper illumination are mandatory for identifying heavily calcified canals . 2. Access Strategy for Calcified Canals Trajectory: Canals enter the pulp chamber at an angle rather than straight vertically . Search Laterally First: Before taking down the pulpal floor, expand the access preparation laterally . Look for color changes and the historical outline of the pulp chamber . Orifice Location: Orifices are typically located at the floor-wall junction . Ultrasonics Over High-Speeds: Put away high-speed handpieces early to avoid damage . Use end-cutting ultrasonic tips (such as the Buck II tip) to drop the pulpal floor safely . 3. Critical Depth Benchmarks Research Data (Dr. Alan Deutsch Studies): Average distance from occlusal surface to chamber roof: 6.25 mm . Average pulp chamber height: 1.5 mm to 2 mm . Safety Rule: You generally have roughly 6.5 mm of safe drilling depth from the occlusal surface before reaching the chamber . Radiographic Checkpoint: If you reach 6.5 mm to 7 mm in depth and have not entered the chamber, stop and take a radiograph to verify alignment and prevent perforation . 4. Workflow & Tactile Training Initial Access: Start with a small bur (e.g., #330 or #1931) to identify the safe zone while preserving tooth structure . Unroofing: Once inside the chamber, switch exclusively to non-end-cutting burs (e.g., Pulp Shaper or Endo-Z bur) to unroof without damaging the floor . Tactile Practice: Practice access preps on extracted teeth with your eyes closed to develop a refined tactile feel for dropping into the chamber and running burs along walls . 5. Radiographs & CBCT 3D vs. 2D Imaging: CBCT serves as an "open book test" . It helps determine whether a canal is truly occluded versus calcified, eliminating unnecessary structure removal . Follow Natural Pathways: Never try to create a new canal; always follow natural anatomy . 6. MB2 Anatomy & Canals Prevalence: Expect to locate an MB2 canal in approximately 75% of maxillary molars . Type 2 vs. Type 3 Systems: Type 2 System: Two separate orifices join into a single endpoint (V, Y, or lowercase h shape) . Type 3 System: Two completely independent canals from orifice to apex ("11" shape) . Instrumentation Tip: On Type 2 systems, your file may hit a wall where MB2 joins MB1 . When backfilling MB1 with warm gutta-percha, you will often see MB2 fill simultaneously via the confluence . 7. Hand File Selection & Pre-Curving Start Small: Use a #6 hand file rather than a #10 file to negotiate tight or calcified canals . A #6 file often glides through where a #10 file buckles . C-Files vs. K-Files: C-Files: Feature a stiffer shaft and active tip, making them ideal for finding and opening orifice tops . K-Files: Switch to K-files once the orifice is located to prevent ledging . Single-Use Files: Discard distorted hand files immediately to avoid file separation . Understanding Calcification: Canals calcify top-down, not bottom-up . Hitting a hard stop mid-canal (e.g., at 15 mm in a 20 mm canal) usually indicates a curve rather than calcification . Pre-Curving Technique: Place a smooth 30° to 55° bend on the last few millimeters of the file (acting like a mini explorer) using your fingers or an explorer handle to bypass curves . Avoid sharp kinks .  

Narrator: Jessika Downes-Gössl

Relax as you wander through the quieter parts of Venice, where narrow canals, ancient stone bridges, softly glowing lanterns, and hidden courtyards replace the crowds of the city's famous landmarks. In this immersive sleep story, you'll explore peaceful alleyways, cross centuries-old bridges, discover colourful Murano glass, and watch gondolas drift silently beneath a golden evening sky. As daylight fades over the Grand Canal and the northern lagoon grows still, the gentle rhythm of the water and the calming narration invite your mind to slow down, helping you relax into deep, restorative sleep. Perfect for anyone seeking: deep sleep relaxation before bed anxiety relief calming bedtime storytelling immersive travel sleep stories peaceful guided sleep journeys Download the Your Sleep Guru™ app for exclusive guided meditations, sleep stories, nature soundscapes, courses, and bonus episodes, all in one ad-free place. Creating these sleep stories and soundscapes is truly a labour of love. If you'd like to support the podcast with a donation, you can do so here: https://www.paypal.com/ncp/payment/S9D8B33QVSJJU Your kindness helps me continue creating new episodes and bringing more peaceful places from around the world to your ears. If you enjoy the podcast, please consider following, rating, reviewing, or sharing an episode with someone who could use a better night's sleep. Every bit of support helps this independent podcast reach more listeners. Thank you so much for listening! Sweet dreams.

Strange journeys make for curious tales, as today's tour shall demonstrate. Order the official Cabinet of Curiosities book by clicking here today, and get ready to enjoy some curious reading!Join our Patreon for ad-free episodes!: https://www.patreon.com/grimandmildSee omnystudio.com/listener for privacy information.

Devon Barker-Hicks is an Idaho born and raised river runner, growing up in the Barker family of river outfitters. She is a lifelong public school teacher, a global kayak competitor, and a dedicated advocate and protector of the waters and rivers of Idaho. Her program "Dare to Kayak," brings kayaking to the public schools of Idaho, and a film about that same program premiers on July 22nd in Riggins, ID. She grew up running rivers with her family, working as a guide at the family outfitter company from childhood through her college summers. Today she teaches kayaking through the "Dare to Kayak" program and at her brother's outfitting company. She is considered by her Idaho river peers to be a leader in the knowledge of the rivers of Idaho, and a leader in caring for the rivers and the river runners, and she serves on the Board of Directors of Idaho Rivers United. In addition to all of this, we also talk through her 2020 two-month tour of the entire watershed of the Owyhee-Bruneau Canyonlands.    GUESTDevon Barker-Hicks Dare to Kayak Writing: "The Confluence of Passions on the Canals of Amsterdam" Writing: "The Owyhee Bruneau Canyonlands All Forks Sabbatical" South Fork Salmon, Barker video Barker River Expeditions Southfork Salmon & Idaho Rivers United video BOD @ Idaho Rivers United Film Premiere July 22, 2026 5pm MT  Potluck with films to follow  Little River Bait & Tackle 7482 US-95, Riggins, ID 83549 Riggins, IDFacebook   SPONSORSPoudre River Fund NRS NRS PFD for Whale Foundation Whale Foundation   THE RIVER RADIUSWebsiteRunoff signup (episode newsletter)InstagramFacebookApple PodcastSpotifyLink Tree

Fluent Fiction - Dutch: When Storms Inspire Change: A Journey Down Amsterdam's Canals Find the full episode transcript, vocabulary words, and more:fluentfiction.com/nl/episode/2026-07-05-07-38-19-nl Story Transcript:Nl: De wind huilde zachtjes door de straten van Amsterdam.En: The wind softly howled through the streets of Amsterdam.Nl: Het was een warme julidag en de zon scheen hoog aan de hemel.En: It was a warm July day, and the sun shone high in the sky.Nl: Langs de smalle grachten voeren kleine boten.En: Along the narrow canals, small boats were sailing.Nl: Lars en Anouk zaten op een van die boten, genietend van de zomerdag.En: Lars and Anouk were sitting on one of those boats, enjoying the summer day.Nl: De lucht begon echter zwaarder te worden en donkere wolken trokken over de stad.En: However, the air began to feel heavier, and dark clouds rolled over the city.Nl: Lars staarde in gedachten verzonken naar het water.En: Lars stared thoughtfully at the water.Nl: Hij voelde zich al maanden gevangen in zijn routine.En: He had felt trapped in his routine for months.Nl: Zijn baan, zijn flat, zijn leven.En: His job, his apartment, his life.Nl: Alles voelde voorspelbaar.En: Everything felt predictable.Nl: Hij verlangde naar verandering, maar wist niet welke kant hij op moest.En: He longed for change but didn't know which direction to take.Nl: Anouk daarentegen was levendig en vol energie.En: Anouk, on the other hand, was lively and full of energy.Nl: Ze had groot nieuws dat ze met Lars moest delen.En: She had big news to share with Lars.Nl: Ze had een baan aangeboden gekregen, in het buitenland.En: She had been offered a job abroad.Nl: Maar ze wist niet hoe ze het hem moest vertellen.En: But she didn't know how to tell him.Nl: De eerste regendruppels vielen.En: The first raindrops fell.Nl: "Lars," begon Anouk aarzelend, de stilte verbreken.En: "Lars," Anouk began hesitantly, breaking the silence.Nl: Lars keek op.En: Lars looked up.Nl: "Ik moet je iets vertellen," ging ze verder.En: "I have something to tell you," she continued.Nl: Voor ze meer kon zeggen, begon het te stortregenen.En: Before she could say more, it started to pour.Nl: De wind stak op en de kleine boot begon te schommelen op de golven van de gracht.En: The wind picked up, and the small boat began to rock on the waves of the canal.Nl: "Wat is er?"En: "What is it?"Nl: vroeg Lars, half schreeuwend over het geluid van de regen.En: Lars asked, half shouting over the sound of the rain.Nl: "Ik wil je niet ongerust maken," zei Anouk, "maar ik heb een aanbieding gekregen.En: "I don't want to worry you," Anouk said, "but I've received an offer.Nl: Een baan.En: A job.Nl: In het buitenland."En: Abroad."Nl: De boot schudde heen en weer.En: The boat rocked back and forth.Nl: Lars voelde een mix van opluchting en schrik.En: Lars felt a mix of relief and alarm.Nl: Opluchting omdat ook Anouk verandering tegemoet zou gaan.En: Relief because Anouk would also face change.Nl: Schrik omdat hij haar misschien zou verliezen.En: Alarm because he might lose her.Nl: De regen kletterde harder.En: The rain battered harder.Nl: "Ik weet niet wat ik moet doen," zei Anouk, haar stem trillend van emotie en de kou.En: "I don't know what to do," Anouk said, her voice trembling with emotion and cold.Nl: Lars slikte en diens blikken kruisten elkaar.En: Lars swallowed, and their gazes met.Nl: "Ik begrijp het," zei hij uiteindelijk.En: "I understand," he said finally.Nl: "Misschien is dit voor ons allebei een kans."En: "Perhaps this is an opportunity for both of us."Nl: De storm werd heviger.En: The storm grew stronger.Nl: De boot schommelde, water klotste over de rand.En: The boat swayed, and water splashed over the edge.Nl: Beiden grepen vast aan de reling.En: They both held onto the railing.Nl: "Ik voel me al zo lang vastzitten, Anouk!"En: "I've felt stuck for so long, Anouk!"Nl: riep Lars tegen het geweld van de storm in.En: Lars shouted against the fury of the storm.Nl: "Misschien is het tijd om die verandering te omarmen.En: "Maybe it's time to embrace that change.Nl: Misschien moeten we dat allebei doen."En: Maybe we should both do that."Nl: Plotseling begon de storm af te nemen.En: Suddenly, the storm began to abate.Nl: De wind ging liggen en de regen stopte.En: The wind died down, and the rain stopped.Nl: De hemel werd helder en het water van de gracht kalmeerde.En: The sky cleared, and the canal's water calmed.Nl: Ze zaten stil, ademhalend en nagenietend van de rust na de storm.En: They sat quietly, breathing and savoring the peace after the storm.Nl: Lars glimlachte naar Anouk.En: Lars smiled at Anouk.Nl: "Ik steun je in je beslissing," zei hij zacht.En: "I support you in your decision," he said softly.Nl: Anouk voelde zich opgelucht en vastberaden.En: Anouk felt relieved and determined.Nl: "En ik geloof dat jij dat ook gaat doen, Lars," antwoordde ze.En: "And I believe you'll do the same, Lars," she replied.Nl: Ze stapten voorzichtig van de boot en liepen samen langs de stille grachten.En: They carefully stepped off the boat and walked together along the quiet canals.Nl: "Wat er ook gebeurt," begon Lars, "laten we elkaar blijven steunen."En: "Whatever happens," Lars began, "let's continue to support each other."Nl: Anouk knikte instemmend.En: Anouk nodded in agreement.Nl: "Dat beloof ik."En: "I promise."Nl: De zon scheen weer en de stad ademde in een rustige zomeravond.En: The sun shone again, and the city breathed in a calm summer evening.Nl: De verandering hing in de lucht, en ze omarmden die beide, bemoedigd door elkaars moed en inzicht.En: Change was in the air, and they embraced it both, encouraged by each other's courage and insight. Vocabulary Words:howled: huildenarrow: smallestared: staardethoughtfully: in gedachten verzonkentrapped: gevangenpredictable: voorspelbaarhesitantly: aarzelendpour: stortregenenrock: schommelenwaves: golvenrelief: opluchtingalarm: schriktrembling: trillendgazes: blikkenembrace: omarmenabate: afnemenswayed: schommeldesplash: klotsenrailing: relingfury: geweldsavoring: nagenietenddetermined: vastberadencarefully: voorzichtigquiet: stillesupport: steunencalm: rustigeencouraged: bemoedigdinsight: inzichtembraced: omarmdencourage: moed

How does a pastor's life shape the leaders they mentor? Can influence rooted in Christlike humility transform not only elders but entire congregations?

Fluent Fiction - Dutch: Mystery Letters: Unveiling Secrets Along Amsterdam's Canals Find the full episode transcript, vocabulary words, and more:fluentfiction.com/nl/episode/2026-06-30-07-38-19-nl Story Transcript:Nl: Op een mistige ochtend in de zomer dwaalde Lotte over de grachten van Amsterdam.En: On a misty morning in the summer, Lotte wandered along the canals of Amsterdam.Nl: De lucht was warm, ondanks de nevel, en de smalle steegjes leken vol geheimen.En: The air was warm, despite the fog, and the narrow alleys seemed full of secrets.Nl: Lotte voelde zich al een tijdje verloren in haar leven, alsof ze op zoek was naar iets, maar niet precies wist wat.En: Lotte had been feeling lost in her life for a while, as if she were searching for something but didn't know exactly what.Nl: Vandaag had ze iets bijzonders ontvangen: een geheimzinnige brief zonder afzender.En: Today, she had received something special: a mysterious letter without a sender.Nl: Ze had de brief ongeopend in haar tas gestoken, te opgewonden om hem midden op straat te lezen.En: She had put the unopened letter in her bag, too excited to read it in the middle of the street.Nl: Ze rende naar huis, een klein appartement dat ze deelde met haar broer Bram.En: She ran home, to a small apartment she shared with her brother Bram.Nl: Bram zat al aan de keukentafel, verdiept in een boek.En: Bram was already at the kitchen table, absorbed in a book.Nl: Hij had grijze strepen in zijn haar, hoewel hij pas dertig was.En: He had gray streaks in his hair, though he was only thirty.Nl: Zijn buitenzijde was kalm, maar zijn ogen verrieden bezorgdheid zodra hij Lotte binnen zag stormen.En: His exterior was calm, but his eyes revealed concern as soon as he saw Lotte burst in.Nl: "Wat is er aan de hand?"En: "What's going on?"Nl: vroeg hij, terwijl hij zijn bril op zijn hoofd duwde.En: he asked, pushing his glasses up onto his head.Nl: Lotte haalde de brief tevoorschijn en hield hem bezwerend omhoog.En: Lotte produced the letter and held it up as if casting a spell.Nl: "Dit," zei ze eenvoudig.En: "This," she said simply.Nl: "We moeten het samen lezen."En: "We need to read it together."Nl: Ze openden de brief aan de tafel.En: They opened the letter at the table.Nl: De woorden waren mysterieus en verwezen naar een huis bij een onbekend deel van de grachten.En: The words were mysterious and referred to a house in an unknown part of the canals.Nl: "Iets over onze familie die we niet weten," mompelde Lotte, haar ogen schitterden van nieuwsgierigheid.En: "Something about our family that we don't know," muttered Lotte, her eyes shining with curiosity.Nl: Bram keek bezorgd.En: Bram looked concerned.Nl: "Dit kan gevaarlijk zijn," zei hij voorzichtig.En: "This could be dangerous," he said cautiously.Nl: Maar Lotte was al overtuigd.En: But Lotte was already convinced.Nl: Die avond, terwijl de nevel over de stad hing, gingen ze op zoek.En: That evening, as the mist hung over the city, they went in search.Nl: Lotte met een opgewonden twinkeling in haar ogen, en Bram met wat tegenzin, maar hij wilde zijn zus niet alleen laten gaan.En: Lotte with an excited twinkle in her eyes, and Bram with some reluctance, but he didn't want his sister to go alone.Nl: Ze volgden de aanwijzingen uit de brief en kwamen bij een oud grachtenpand.En: They followed the instructions from the letter and came to an old canal house.Nl: Het was vervallen, maar er ging een vreemde aantrekkingskracht vanuit.En: It was dilapidated, but there was a strange allure to it.Nl: Ze vonden een verborgen deur, die leidde naar een zolder vol stoffige kisten en documenten.En: They found a hidden door that led to an attic full of dusty boxes and documents.Nl: Met kloppend hart openenden ze een oude doos.En: With pounding hearts, they opened an old box.Nl: Binnenin lagen foto's en brieven van een familielid waar ze nooit van hadden gehoord - een overgrootvader die naar Nederland was gekomen en zich in de kunstwereld van Amsterdam had geïnvesteerd.En: Inside were photos and letters from a family member they had never heard of—a great-grandfather who had come to the Netherlands and invested himself in the art world of Amsterdam.Nl: Ze brachten uren door in die zolder, lezend en begrijpend.En: They spent hours in that attic, reading and understanding.Nl: Elke pagina onthulde meer over hun verleden, waardoor ze elkaar en hun geschiedenis beter begrepen.En: Each page revealed more about their past, helping them understand each other and their history better.Nl: Het geheim van hun familieband gaf hun een dieper begrip van hun identiteit.En: The secret of their family bond gave them a deeper understanding of their identity.Nl: Aan het eind van de dag zat Lotte naast Bram op de zoldervloer, haar hand stevig verbonden met de zijne.En: At the end of the day, Lotte sat next to Bram on the attic floor, her hand firmly linked with his.Nl: "Bedankt dat je mee bent gekomen," zei ze zacht, terwijl de zonnestralen hun weg naar binnen vonden door de vuile ramen.En: "Thank you for coming with me," she said softly, as sunbeams found their way in through the dirty windows.Nl: "Het spijt me dat ik twijfelde," antwoordde Bram.En: "I'm sorry I doubted," replied Bram.Nl: "Je had gelijk, sommige mysteries zijn het waard om ontdekt te worden."En: "You were right, some mysteries are worth discovering."Nl: Hun zoektocht had niet alleen een verborgen verhaal van hun familie onthuld, maar ook de verbinding tussen hen versterkt.En: Their quest had revealed not only a hidden story of their family but had also strengthened the connection between them.Nl: Lotte voelde zich zelfverzekerder dan ooit tevoren, goed wetende waar ze vandaan kwam en klaar om de wereld tegemoet te treden.En: Lotte felt more confident than ever, knowing where she came from and ready to face the world.Nl: En Bram, hij leerde mysteries te omarmen en zijn zus te vertrouwen.En: And Bram, he learned to embrace mysteries and trust his sister.Nl: Zo keerden ze huiswaarts, tevreden en vol verhalen.En: Thus they returned home, content and full of stories. Vocabulary Words:misty: mistigecanals: grachtenwandered: dwaaldealley: steegjesunopened: ongeopendabsorbed: verdieptexterior: buitenzijdeconcern: bezorgdheidtwinkling: twinkelingreluctance: tegenzinallure: aantrekkingskrachtdilapidated: vervallenhidden: verborgenattic: zolderpounding heart: kloppend hartrevealed: onthuldeidentity: identiteitstrengthened: versterktconnected: verbondensunbeams: zonnestralenembrace: omarmenquest: zoektochtart world: kunstwereldinvested: geïnvesteerdconcerned: bezorgdbewitchingly: bezwerendspectacles: brilsecrets: geheimenmuttered: mompeldedelved: verdiept

In this episode of Electrical Wholesaling's Executive Insights podcast, listeners will learn how Michael Delgado and his team at Canals use AI to help distributors streamline order entry, RFQs, accounts receivable, accounts payable and other time-consuming tasks.

Fluent Fiction - Dutch: Capturing Amsterdam: A Day of Canals, Cameras, and Confidence Find the full episode transcript, vocabulary words, and more:fluentfiction.com/nl/episode/2026-06-19-07-38-20-nl Story Transcript:Nl: De warme zonnestralen dansten op het kalme water van de Amsterdamse grachten.En: The warm sunbeams danced on the calm waters of the Amsterdamse canals.Nl: Het was een perfecte zomerdag.En: It was a perfect summer day.Nl: Jeroen, Lieke, en Martijn zaten samen in een kleine boot.En: Jeroen, Lieke, and Martijn were together in a small boat.Nl: De stad om hen heen was levendig met vrolijke stemmen vanaf de terrasjes en het zachte klotsen van het water tegen de kades.En: The city around them was lively with cheerful voices from the terraces and the gentle lapping of water against the quays.Nl: Jeroen had zijn camera stevig vast.En: Jeroen held his camera tightly.Nl: Elk gebouw langs het water vertelde een verhaal.En: Every building along the water told a story.Nl: "Ik wil de perfecte foto maken," zei hij, terwijl hij door de lens keek.En: "I want to take the perfect photo," he said, while looking through the lens.Nl: Lieke sprankelde van enthousiasme.En: Lieke sparkled with enthusiasm.Nl: "Misschien vind je je shot hier!"En: "Maybe you'll find your shot here!"Nl: riep ze, wijzend naar een prachtig grachtenpand.En: she exclaimed, pointing to a beautiful canal house.Nl: Martijn lachte.En: Martijn laughed.Nl: "Je weet dat dit gewoon een hobby is, toch?En: "You know this is just a hobby, right?Nl: Werk is belangrijker," zei hij met een knipoog.En: Work is more important," he said with a wink.Nl: Jeroen zuchtte.En: Jeroen sighed.Nl: Hij voelde een lichte twijfel.En: He felt a bit of doubt.Nl: Maar Lieke moedigde hem aan.En: But Lieke encouraged him.Nl: "Je moet proberen, Jeroen.En: "You have to try, Jeroen.Nl: Je hebt talent!"En: You have talent!"Nl: zei ze met een bemoedigende glimlach.En: she said with an encouraging smile.Nl: De boot gleed verder door de smalle kanalen.En: The boat glided further through the narrow canals.Nl: Jeroen concentreerde zich.En: Jeroen concentrated.Nl: Hij zocht naar dat ene moment, dat ene unieke perspectief.En: He searched for that one moment, that one unique perspective.Nl: Ze draaiden een smalle, stille gracht in.En: They turned into a narrow, quiet canal.Nl: Het licht spiegelde perfect in het water.En: The light reflected perfectly in the water.Nl: Hier was het.En: This was it.Nl: Dit was de kans.En: This was the chance.Nl: Net toen Jeroen zijn camera klaar had, maakte Lieke een onverwachte beweging.En: Just as Jeroen had his camera ready, Lieke made an unexpected movement.Nl: De boot schommelde, en Jeroen wankelde.En: The boat rocked, and Jeroen staggered.Nl: Het moment leek bijna voorbij.En: The moment almost seemed lost.Nl: Maar hij herpakte zich snel en klikte.En: But he quickly regained his composure and clicked.Nl: Het was precies goed, het was het bewijs van Amsterdam's schoonheid, een harmonie van oud en nieuw.En: It was just right, it was proof of Amsterdam's beauty, a harmony of old and new.Nl: "Hij is perfect!"En: "It's perfect!"Nl: riep Lieke opgewonden toen ze de foto op Jeroen's scherm zag.En: Lieke exclaimed excitedly when she saw the photo on Jeroen's screen.Nl: Martijn keek ernaar en glimlachte stilletjes.En: Martijn looked at it and smiled quietly.Nl: "Misschien heeft kunst wel zijn waarde," zei hij met een knipoog.En: "Maybe art does have its value," he said with a wink.Nl: Die avond, teruglopend langs de verlichte grachten, voelde Jeroen zich anders.En: That evening, walking back along the illuminated canals, Jeroen felt different.Nl: Hij had het vertrouwen gewonnen om zijn passie te volgen.En: He had gained the confidence to follow his passion.Nl: Martijn genoot van een moment van kunst en vriendschap, en Lieke, die altijd blonk van avontuur, omarmde de schoonheid van kalme momenten.En: Martijn enjoyed a moment of art and friendship, and Lieke, who always thrived on adventure, embraced the beauty of calm moments.Nl: De drie vrienden liepen verder, terwijl de stad hun voetstappen met zachte echo's begeleidde.En: The three friends walked on, while the city accompanied their footsteps with soft echoes.Nl: Het was geen gewone dag, maar een dag vol ontdekkingen en nieuwe perspectieven.En: It was no ordinary day, but a day full of discoveries and new perspectives. Vocabulary Words:sunbeams: zonnestralencalm: kalmeterraces: terrasjeslapping: klotsenquays: kadestightly: stevigsparkled: sprankeldeenthusiasm: enthousiasmeexclaimed: riepdoubt: twijfelencouraged: moedigdeglided: gleednarrow: smallereflected: spiegeldeunexpected: onverwachtestaggered: wankeldecomposure: herpakteharmony: harmonieexcitedly: opgewondenilluminated: verlichteconfidence: vertrouwenpassion: passiefriendship: vriendschapthrived: blonkembraced: omarmdecalm: kalmeaccompanied: begeleiddesoft: zachteechoes: echo'sdiscoveries: ontdekkingen

Fluent Fiction - Italian: Lovers Unite: Overcoming Distance on Venice's Canals Find the full episode transcript, vocabulary words, and more:fluentfiction.com/it/episode/2026-06-01-07-38-19-it Story Transcript:It: Luca camminava lentamente lungo le calli di Venezia.En: Luca walked slowly along the calli of Venezia.It: I suoi pensieri erano come le onde del Canal Grande: andavano e venivano, senza fermarsi mai.En: His thoughts were like the waves of the Canal Grande: they came and went, never stopping.It: Veniva da Roma e aveva preso il treno presto, con il cuore colmo di dubbi e speranze.En: He had come from Roma and had taken the train early, his heart filled with doubts and hopes.It: Arrivato in Piazza San Marco, Luca si fermò un momento.En: Arriving in Piazza San Marco, Luca paused for a moment.It: La piazza era viva con i colori e i suoni della primavera.En: The square was alive with the colors and sounds of spring.It: I turisti scattavano foto, i piccioni volavano in cerchio e il sole brillava sopra il campanile.En: Tourists were taking photos, pigeons flew in circles, and the sun shone above the bell tower.It: Ma Luca non riusciva a godersi la bellezza del luogo.En: But Luca couldn't enjoy the beauty of the place.It: Aveva un nodo allo stomaco.En: He had a knot in his stomach.It: Pensava ad Elena.En: He was thinking about Elena.It: Luca ed Elena si erano conosciuti l'estate scorsa, quando Luca era venuto a Venezia per una breve vacanza.En: Luca and Elena had met last summer when Luca had come to Venezia for a short vacation.It: L'intesa era stata immediata.En: The connection was immediate.It: Si erano innamorati, nonostante la distanza tra le loro città.En: They had fallen in love, despite the distance between their cities.It: Ma ora la distanza sembrava un muro difficile da abbattere.En: But now the distance seemed like a wall difficult to tear down.It: Luca era venuto per trovare risposte, per parlare con Elena del loro futuro.En: Luca had come to find answers, to talk to Elena about their future.It: Elena arrivò puntuale.En: Elena arrived on time.It: Il vento le muoveva i capelli, e il suo sorriso era più luminoso del sole stesso.En: The wind blew through her hair, and her smile was brighter than the sun itself.It: Luca la abbracciò forte, sentendo per un momento che tutti i suoi timori si dissolvevano.En: Luca hugged her tightly, feeling for a moment that all his fears melted away.It: Insieme, si incamminarono verso il Canal Grande, passeggiando mano nella mano.En: Together, they started walking towards the Canal Grande, strolling hand in hand.It: Giunti al margine del canale, si fermarono.En: Once they reached the edge of the canal, they stopped.It: L'acqua scintillava sotto i raggi del sole.En: The water sparkled under the rays of the sun.It: Il momento era arrivato.En: The moment had come.It: Luca prese un respiro profondo.En: Luca took a deep breath.It: "Elena," iniziò, "questa distanza... è difficile."En: "Elena," he began, "this distance... it's difficult."It: Elena annuì, i suoi occhi cercavano quelli di Luca.En: Elena nodded, her eyes searching for Luca's.It: "Lo so," rispose lei, "ma io ti voglio bene.En: "I know," she replied, "but I care about you.It: Voglio che troviamo una soluzione insieme."En: I want us to find a solution together."It: "Ci sono giorni in cui mi sembra di non farcela," ammise Luca.En: "There are days when it seems I can't do it," admitted Luca.It: "Ma poi penso a te, e voglio lottare per noi."En: "But then I think of you, and I want to fight for us."It: Parlarono a lungo, il mormorio dell'acqua a fare da sottofondo alle loro parole.En: They talked for a long time, the murmur of the water serving as the background to their words.It: Discuterono dei loro sogni, delle loro paure.En: They discussed their dreams, their fears.It: Erano sinceri, aperti, e per la prima volta Luca si sentì sollevato.En: They were sincere, open, and for the first time, Luca felt relieved.It: Capì che non era solo.En: He realized he was not alone.It: Elena era con lui, pronta a combattere.En: Elena was with him, ready to fight.It: Decisero di provare a vedersi più spesso.En: They decided to try to see each other more often.It: Decisero di pianificare il futuro insieme.En: They decided to plan the future together.It: Non sarebbe stato facile, ma erano disposti a provarci.En: It wouldn't be easy, but they were willing to try.It: Questa volta, mano nella mano, tornarono verso la piazza, sentendosi più vicini, nonostante i chilometri che di solito li separavano.En: This time, hand in hand, they returned to the square, feeling closer, despite the kilometers that usually separated them.It: In Piazza San Marco, il sole tramontava, tingendo il cielo di colori caldi.En: In Piazza San Marco, the sun was setting, painting the sky with warm colors.It: Luca ed Elena, insieme, guardavano quel tramonto, consapevoli che l'amore aveva il potere di superare qualsiasi distanza.En: Luca and Elena, together, watched that sunset, aware that love had the power to overcome any distance.It: Con il cuore più leggero, Luca sapeva che il loro legame era forte abbastanza per reggere la sfida del tempo e dello spazio.En: With a lighter heart, Luca knew that their bond was strong enough to withstand the challenge of time and space. Vocabulary Words:the calli: le callithe waves: le ondethe knot: il nodothe stomach: lo stomacothe distance: la distanzathe wall: il muroto tear down: abbattereto hug: abbracciarethe edge: il margineto sparkle: scintillaredeep breath: respiro profondoto nod: annuirethe murmur: il mormoriothe background: il sottofondothe fears: i timorito melt away: dissolversithe solution: la soluzioneto fight: lottaresincere: sinceriopen: apertirelieved: sollevatoto plan: pianificareto withstand: reggerethe challenge: la sfidathe bond: il legameto overcome: superarethe solution: la soluzioneto admit: ammettereto discuss: discuterethe sunset: il tramonto

Are these Luminary Lighthouse videos evidence of a Reset?  What else was going on pre and post Civil War? Follow This channel NOW:https://rumble.com/c/c-7873716Go to My site, use code: MEM10 for 10% OFFhttps://SemperFryLLC.com and get the best hot sauce in the world.Become a Member of FTJ Media for only $5/mo.https://FTJMedia.com and click "Go Pro"To join the Patreon, use this link:https://www.patreon.com/c/KristosCastJoin Dr. Glidden's Membership site here:https://leavebigpharmabehind.com/?via=pgndhealth⁠Code: baalbusters for 25% OFFMake Dr. Glidden Your DoctorUse Code BB5 here for your 90 Essential Nutrients:https://www.azurestandard.com/shop/brand/azurewell/2326The Azure Whole Food Essential Nutrients are 1. Whole Food Multivitamin, 2. Alaskan Cod Liver Oil, 3. Fulvic-Humic Energy Blend, 4. IP6 Supreme. I also recommend adding the Core Copper.Use code BB5 for your discount.Become a supporter of this podcast: https://www.spreaker.com/podcast/ba-al-busters-broadcast--5100262/support.

Hola, os damos la bienvenida a ERA Magazine, el podcast de la música independiente. En esta ocasión, hablamos del Mallorca Live Festival, que se celebra en la localidad de Calviá los días 12 y 13 de junio, con nuestra colaboradora Júlia Canals. Con ella repasamos los grupos más importantes que actuarán en el festival y que no necesariamente están en letras más grandes en el cartel. Un día menos, veremos si es un acierto o no en cuanto a la organización. En el programa sonarán: Kaiser Chiefs, "Everyday I Love You Less And Less". The Libertines, "Run, Run, Run". The Prodigy, "Breathe". León Benavente, "Úsame/tírame". Standstill, "Adelante, Bonaparte (I)". Depresión Sonora, "Cómo será vivir en el campo". pablopablo, Ralphie Choo, Carín León, "Eso que tú llamas amor". rusowsky, Ralphie Choo, "BBY Romeo". Lia Kali, Eladio Carrión, "Chulx". 31FAM, "Mama ho sento". La 126, "Mis amigas te odian". Anabel Lee, Despistaos, "Eterno Parque Galván". Pional, "Ravetroopers". Mon Joan Tiquat, "Sinònims de cosa". Venkman, NEGROYOURDJ, "Tú no lo crees? - Remix". Hasta aquí el programa de hoy, gracias a todos los que nos apoyáis a través de eramagazine.fm/donacion con vuestras aportaciones, sin vosotros y vosotras, esto no sería posible. Hasta el programa que viene, Un saludo.

Rev. Dr. F. Douglas Powe Jr., joins Kara and John to discuss how relational and resource connections can lead to vital congregations and communities. The conversation includes the importance of continual learning for leaders, assessing your own congregation and how to navigate some of the major cultural shifts that have occurred. Resources The Adept Church by Dr. F. Douglas Powe Jr. (book) Sustaining While Disrupting by Dr. F. Dougls Powe Jr. (book)

In this installment, Susan Eisenberg and James Enstall sit down with writer Stan Berkowitz and the voice of Hawkgirl, Maria Canals-Barrera, to discuss the JLU episode "The Balance". "The Balance" originally aired on May 28, 2005.Follow Maria Canals-Barrea - https://www.instagram.com/maria_cb/Stan Berkowitz - https://www.imdb.com/name/nm0075487/bio/Follow Susan Eisenberg -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠https://susaneisenbergvoice.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow James Enstall -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠http://geektomeradio.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Send us Fan MailArya gets her first assignment as an assassin for the House of Black and White. She also gets a new face, that of a little girl who had been badly beaten. After a successful mission, Arya is promoted to Acolyte and given her first apprenticeship. Simon and Mackelly decide to stop biting their coins.Chapter Review:Arya Stark witnesses a meeting of priests of the House of Black and White. When the meeting ends, one of the men talks with her. He accuses her of being too soft, selfish, and proud to be one of them. However, in the end, he gives her an assignment. She is to kill a ship insurer. To scope out her target she will resume the role of Cat of the Canals.While selling her cockles and watching her mark, she notices that he bites every coin he receives. A plan comes to her as to how best to deliver him the “gift.” The Kindly Man takes her deep into the heart of the temple where the faces are stored. He removes Arya's face and replaces it with that of a girl who had been beaten by her father to the point of disfigurement. From her perspective, Arya can't tell the difference. However, the Kindly Man assures her that nobody who sees her face will soon forget it.The next day Arya waits for a man to walk by on his way to pay the ship insurer. She cuts his purse and grabs a handful of coins. The man turns to stop her and coins spill to the ground. Arya runs and hides for a while. When she returns to the House of Black and White, she tells the Kindly Man that she replaced one of the man's coins with one she had poisoned. When her target receives the payment he will bite the coin, and at some point later that day his heart will give out. The Kindly Man tells her she might not be hopeless after all. He gives her the robe of an acolyte, but tells her not to get too comfortable in it. Starting tomorrow she begins an apprenticeship.Characters/Places/Names/Events:Arya Stark - Younger daughter of Ned and Catelyn Stark.Kindly Man - Priest of the Many-Faced God.Waif - Priestess of the Many-Faced God.Many-Faced God - God worshiped in Essos that embodies all gods.House of Black and White - Temple of the Many-Faced God in Braavos.All Music credits to Ross Bugden:INSTAGRAM! : https://instagram.com Support the showSupport us:Buy us a Cup of Arbor Gold, or become a sustainer and receive cool perksDonate to our causeUse our exclusive URL for a free 30-day trial of AudibleBuy or gift Marriott Bonvoy points through our affiliate linkBuy GoH merchandise through our store.Rate and review us at Apple Podcasts, Spotify, podchaser.com, and elsewhere.Find us on social media:DiscordTwitter @GhostsHarrenhalFacebookInstagramYouTubeAll Music credits to Ross Bugden:INSTAGRAM! : https://instagram.com/rossbugden/ (rossbugden) TWITTER! : https://twitter.com/RossBugden (@rossbugden) YOUTUBE! : https://www.youtube.com/wa...

This week we are joined by Outlander Travel Agent Robin who recently spent four amazing days soaking up the beauty and culture of Amsterdam, exploring the city’s top sights and experiencing its unique charm firsthand. In this episode, she’ll share what stood out most, what travelers shouldn’t miss, and why Amsterdam deserves a spot on […]

EP199

From the clatter of a Linotype machine to the reach of livestreams and social media, how has media transformed the way the gospel is shared? This powerful reflection explores how timeless truth, guided by the Holy Spirit, can use modern technology to reach the world before Christ's return.

Jess is joined by the co-creator / writer / director of the FX series POSE — STEVEN CANALS! Canals discusses the series' inspiration via the landmark documentary PARIS IS BURNING and getting the script into RYAN MURPHY's hands. We discuss ballroom culture, Houses, "Vogue," and the series' music placements. We also discuss the casting of MJ Rodriguez (Blanca), Indya Moore (Angel) and Sandra Bernhard. ⭐ IG: @jessxnyc  ⭐ Jess' docu-series on the history, mystique & lore of Fire Island — Finding Fire Island

3. From Natural Origins to the Myth of Martian Canals The discussion shifts to the Scientific Revolution, where thinkers like Newton and Buffon sought natural explanations for the solar system. Later, figures like Percival Lowellpopularized the controversial idea of inhabited Martian worlds. (3)1917 BURROUGHS

How one wealthy, amateur astronomer convinced the world Martians were real. Subscribe to SiriusXM Podcasts+ to listen to new episodes of 99% Invisible ad-free and a whole week early. Start a free trial now on Apple Podcasts or by visiting siriusxm.com/podcastsplus. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Amsterdam is one of Europe's most overtouristed cities—but it's also so much more than the crowds in the city center suggest. On this episode of Unpacked—part of Afar's ongoing Off the Tourist Trail series—host Aislyn Greene is joined by journalist Blane Bachelor, who moved to Amsterdam during the pandemic and has spent years navigating life as a resident. She shares how to experience the real Amsterdam—the neighborhoods, restaurants, and rhythms that exist just beyond the tourist-packed city center.   In this episode, you'll learn •       Why Amsterdam's overtourism problem is really concentrated in just a few city-center neighborhoods—and how to avoid them •       The best neighborhoods to stay in, including the artsy Noord and the very-Dutch Oost •       When to visit for fewer crowds: the Amsterdam Light Festival in November and King's Day in April •       How to experience the Red Light District (De Wallen) thoughtfully and with historical context •       The unwritten rules of cycling in Amsterdam—and why this is not the place to shake off the cobwebs •       Where locals actually eat and drink, including a 17th-century gilded unicorn and a cash-only Dutch bar   Episode chapters 00:00 Introduction 04:30 Amsterdam's overtourism problem 12:00 Best neighborhoods to stay in: Oost and Noord 15:00 Best times to visit 21:00 Where to stay: hotels vs. Airbnb 24:30 First-timer tips for the Anne Frank House and Rijksmuseum 29:00 Navigating the Red Light District (De Wallen) 40:30 Dutch culture: directness, English fluency, and learning a few words 43:00 Cycling in Amsterdam: rules, etiquette, and survival tips   Resources •       Read Blaine's Amsterdam Off the Beaten Path story on afar.com •       Follow Blaine's Dutch adventures on Instagram •       Check out our Iceland and England Off the Tourist Trail episodes   Where to Stay •       Rosewood Amsterdam — The last hotel to be built in Amsterdam due to overtourism restrictions •       Andaz Amsterdam Prinsengracht — Playful Dutch-designed interiors; canal-view rooms feel like you're on the water •       The Hoxton, Amsterdam — Two locations; the Eastern Docklands outpost is a local favorite •       Hotel Arena — In Oost; known for its exceptional weekend brunch buffet   What to Do •       Anne Frank House — Book immediately; tickets drop every Tuesday at 10 AM Amsterdam time, six weeks out •       Rijksmuseum — Check for evening hours for a slightly less hectic visit •       Prostitution Information Centre (De Wallen) — A thoughtful entry point into De Wallen's history and culture •       Vintage salon boat canal tours — Go small and guided; avoid the large party “buses” •       Amsterdam Light Festival — November–January; illuminated art along the canals •       King's Day (Koningsdag) — April 27; street markets, orange everything, genuinely local vibe •       Free ferries from Amsterdam Centraal to Noord — Walk or ride your bike on; no ticket needed •       Tulip fields near Keukenhof — View from the field edges in spring; don't walk into the flowers •       SAIL Amsterdam 2030 — The world's largest maritime event, returning in 2030   Stay Connected •       Sign up for Behind the Mic, our podcast newsletter with episode news and behind-the-scenes details. •       Also from Afar: View From Afar (the future of travel) and Travel Tales (first-person travel stories).   Unpacked by Afar is part of Airwave Media's podcast network. To advertise, contact advertising@airwavemedia.com  Learn more about your ad choices. Visit megaphone.fm/adchoices

We're baaaaaaaack! After a well-earned (?) break, Rhys, Kyran & Georgia return and get STRAIGHT TO SMUT. In the first episode of 2026, we discuss slender ear canals, dry ear canals, American toilets, and weather apps. It's sexy stuff. We've missed our Fwends!FWENDS: LIVE! at Melbourne International Comedy Festival: TICKETS HEREFWENDS WITH BENEFITS IS HERE! You can now support us coming into your ears each week. Not like that. Grow up. Details below.- - -CONTACTVoicemail - speakpipe.com/fwendspodEmail - fwendspod@gmail.comMail - PO Box 24144, Melbourne, VIC 3001, AustraliaFWENDS WITH BENEFITSGet ad free listening and access to the Simple Marvellous archive! (Simply Marvellous both the perfect adjective and also actually just the name of the old show).Apple - Subscribe above!Not Apple - https://fwends.supercast.comRATE AND REVIEWOf course you've already subscribed or followed the show, now we'd love you to leave a rating and a review. In whatever podcast app you're in right now, just throw down the 5 stars. Will make our day, and help to get the podcast into more people's ears (which will ultimately mean even bigger name guests for you!)INSTAGRAMFwends PodGeorgia MooneyRhys NicholsonKyran NicholsonYOUTUBESoon (how soon we don't know) you will be able to watch clips of the show on YouTube, click through and hit subscribe now to get them the second they appear: Fwends Pod YouTube Hosted on Acast. See acast.com/privacy for more information.

Could the key to a stronger ministry be as simple as taking better care of yourself? Ramon J. Canals outlines seven practical, faith-rooted habits-from handwritten scripture to daily exercise and rest—that help pastors stay healthy, focused, and spiritually vibrant in service.

Matthew Shindell discusses the Scientific Revolution, nineteenth-century theories about Martian canals by Schiaparelli and Lowell, and H.G. Wells using Mars to satirize British imperialism.

The Deal You Never Knew Existed. Subscribe to our Newsletter: https://theultimatepartner.com/ebook-subscribe/ Check Out UPX: https://theultimatepartner.com/experience/ In this deep dive, Jay McBain reveals the harsh reality of the “28 Moments” in a modern B2B buying journey, using a multi-million dollar SAP deal at AstraZeneca as a wake-up call for vendors. He explains how traditional marketing leads are failing in the “decade of the ecosystem,” where trusted partners like NTT and SoftwareOne are winning deals in “light blue” partnership moments months before a customer ever downloads an ebook. If you aren’t visible in the seven-layer stack or collaborating with the partners who hold the customer’s trust, you aren’t just losing the deal—you're losing the entire market. https://youtu.be/NO-P6X2dTAo?si=8e_sVesqvwaC0M-E Key Takeaways Most vendors lose major deals without ever knowing a transaction was even taking place. The average considered purchase involves 28 distinct moments of research and influence before a sale. Trusted partners often close the deal in the “middle moments” months before the money is actually spent. Traditional marketing leads (MQLs) are often too “flimsy” compared to deep partner-led relationships. Winning in the ecosystem requires being part of a “seven-layer stack” of integrated technology and services. Data-sharing platforms like Crossbeam and Workspan are now essential to seeing the “invisible” pipeline. If you're ready to lead through change, elevate your business, and achieve extraordinary outcomes through the power of partnership—this is your community. At Ultimate Partner® we want leaders like you to join us in the Ultimate Partner Experience – where transformation begins. Key Tags: 28 Moments, Jay McBain, Ecosystem Strategy, AstraZeneca SAP Deal, Seven Layer Stack, B2B Buying Journey, Partner Ecosystem, NTT, SoftwareOne, Channel Strategy, Buyer Intent, Informa TechTarget, Collaborative Selling, Crossbeam, Partner Tap, Workspan, Marketplace Tracking, Co-selling, Tech Integration, Revenue Architecture, Pipeline Growth, Trusted Advisor, Digital Transformation, SAP Optimization, Microsoft AWS Competition. Transcript: [00:00:00] Jay McBain: So if you’re a vendor trying to get into that seven layer stack and you don’t have that relationship, or you don’t have the knowledge that NTT or software one is going in, this will have been a deal that would’ve never hit your pipeline and you’ll have no knowledge. So you will have lost this deal without knowing there was a deal. [00:00:19] Vince Menzione: We’ve been talking 28 moments, but you have a slide. I thought we’d spend some time here because, you know, every conversation with you is about 28 moments, but you finally took the time to analyze one of your deals or one of the deals that was going on with one of your clients and come up with the 28 moments. [00:00:36] Vince Menzione: I thought we’d spend a little time here because this journey slide is a wake up call. Uh, it’s, it’s, it’s all around. Why, why we need to think about all of those. Points we need to think about communities and analysts and marketplaces and proof of concepts and architecture and everything else. I thought maybe you’d take us through this a little bit. [00:00:53] Vince Menzione: ’cause this was for a client, AstraZeneca, by the way. This was, uh, if you don’t know this, ICI Americas was the precursor of mm-hmm. AstraZeneca. It was the first SAP customer in North America. [00:01:03] Jay McBain: Nice. I did [00:01:04] Vince Menzione: not know that. That’s why Microsoft and SAP both headquartered. In that area, near nearby, that client. [00:01:10] Vince Menzione: That’s, uh, news, new news. [00:01:11] Jay McBain: And by the way, this is an SAP deal we’re looking at. Yeah. Uh, so two things here. One is that, um, while I was declaring the decade of the ecosystem, you know, spending time with you and Boca, in between that time we got acquired. Canals, which was Latin for channel, got acquired by oia, part of Informa TechTarget, part of this bigger informa company, which is a Fortune 100 company outta the uk. [00:01:32] Jay McBain: Fantastic. You know, we’re part of this massive organization that is really around buyer intent. How, you know, a tech target and, uh, running hundreds of magazines like Information Week and Computer Week that customers and partners read running hundreds of events, the biggest events on the planet. [00:01:49] Vince Menzione: Crazy [00:01:49] Jay McBain: in B2B, like Black Hat and all these things are run by [00:01:52] Vince Menzione: Yeah, [00:01:53] Jay McBain: informa. [00:01:53] Jay McBain: So it’s got this massive mountain of data. About the 28 moments. So when you start to think if you’re a CMO and you start to think about the early moments, you, you think about somebody reading an ebook or, um, going to a, a webinar or going onto a LinkedIn live just like this one. Yeah, going to a major event and getting a pair of socks from you. [00:02:13] Jay McBain: Um, but anything early in the journey. These are the m qls. These are the things that I need enough of them to be credible before I hand them over to my sales team. ’cause I don’t wanna be laughed out of the room. Hey, they read an ebook. They must, AstraZeneca must be buying millions of dollars of stuff. [00:02:27] Vince Menzione: Traditional marketing lead. [00:02:29] Jay McBain: Traditional marketing lead. So they’re a bit nervous about sharing that. And then later on, the sales motions, the demos and all the progression of the sales. This was the two decades before us, the decade of sales, decade of marketing. But the 28 moments, just to take a step back, if you haven’t heard, it is just a considered purchase. [00:02:46] Jay McBain: It’s about psychology, human psychology. When you go and buy a car, second most expensive thing that you will purchase you on average will go through 28 moments getting ready for that purchase. Some people go through two moments and they just drive to the Cadillac dealership to see Larry, who’s been selling Cadillacs to the family for 80 years. [00:03:04] Jay McBain: Yep. Some people spend 58 moments. That’s probably me. [00:03:07] Vince Menzione: That’s you, a, [00:03:08] Jay McBain: you know, going through all the depreciation, watching every YouTube video, you know, going to the end of the earth. But the average is 28. So you start to think about this, this is the same buying a car considered purchase, that you would buy a million dollars in software. [00:03:21] Jay McBain: From Microsoft or SAP. So when you look at these moments, you start to think, you know, how is you before you buy that car, downloading the invoice price, downloading this month’s backend rebates. Should I buy it in January? Should I buy it in February? All these decisions you make before you get to that dealership, you’re smarter than the salesperson, smarter than the sales manager. [00:03:39] Jay McBain: You know what 5,000 people bought the car for within 50 miles of you? I mean, you’re just so smart. You actually don’t need the dealership anymore. Just Carvana to me, hand me the keys. Exactly. But now in buying technology, hardware, software services, customers are getting this smart. And here’s all the moments they take to get this smart. [00:03:57] Jay McBain: But the thing we always had in mind in this decade of the ecosystem was the 96% there are trusted people. Yeah. Spending decades building that trust that come in in critical moments. They’re not marketing moments, they’re not sales moments. They are fully partnership moments. Yeah. And they’re on this slide in light blue. [00:04:15] Jay McBain: So if you were to look at this deal and, and somebody in marketing is finding these eBooks and webinars and they think there might be something, AWS got a direct hit on their website. So there’s something brewing at AstraZeneca. It, it might be in, it’s a big pharmaceutical company, so you’re probably spending millions of dollars if something’s brewing. [00:04:31] Jay McBain: Yep. But guess what? At the same time, in December on this six month journey. Partners come in with five different paid projects, consulting, advisory design projects, and in this case it was NTT software one, Yash and uh, ISV was there. Yep. But NTT won three different. Deals right at that critical stage. It wasn’t Accenture, it wasn’t Deloitte, NTT at this particular department of AstraZeneca had spent the decades building those relationships. [00:04:58] Jay McBain: So they were the one, and they won critical part of this. And so that’s when the deal is won. And it’s not at April when the money’s being spent. Yeah, it’s, it’s not in March when a couple more ISVs joined the mix, that seven layer stack that solves this particular problem, it was right there. So if you’re a vendor trying to get into that seven layer stack and you don’t have that relationship, or you don’t have the knowledge that NTT or software one is going in, this will have been a deal that would’ve never hit your pipeline and you’ll have no knowledge. [00:05:30] Jay McBain: So you will have lost this deal without knowing there was a deal, which makes up again, the majority of your tam. [00:05:34] Vince Menzione: Yeah. [00:05:35] Jay McBain: But what if I did have this agentic ability to see this deal coming, and I’m a cybersecurity company, I’m just competing for layer five of the deal, but I know that it’s all happening in December. [00:05:46] Jay McBain: So the two things that jump out on this particular slide is one, they don’t just show up in December. [00:05:51] Vince Menzione: Yeah, [00:05:51] Jay McBain: this went closed one in their Salesforce CRM in August, September, well, before the customer ever read an ebook. So now you’re not dealing with a flimsy MQL. You’re dealing with a couple of great, you know, top partner 1000 sized firms. [00:06:09] Jay McBain: One of them is a partner, 30 firm. [00:06:11] Vince Menzione: Exactly. [00:06:12] Jay McBain: That is absolutely going into and earning hundreds of thousands of dollars in services to guide the customer to a millions of dollars in purchase. And, and you can imagine in that boardroom. With A CMO saying, Hey, I got this stuff here. And the head of channels or partnerships saying, no, no, this is real. [00:06:32] Jay McBain: Here’s the names, faces, and places. Yeah. And here’s how it’s happening. And this is exactly, this is the Gantt chart, this is the show up, this is the project, this is the outcome. This is exactly how it’s playing out. Now if I could go back and the board and the C-suite should be asking us, well, how many more deals like this can you see? [00:06:50] Vince Menzione: Yeah. [00:06:51] Jay McBain: If our TAM is, you know, how many billions of dollars? Could you double our pipeline by seeing more of these middle moments? And if we got a couple of months to spend with these partners before they get in front of the customer, could they build more of our portfolio into the deal so we’re not just layer five, maybe we’re layer three and layer five. [00:07:10] Vince Menzione: This slide screams at me. Integr Tech integration Cha. A partner channel integration of tech, uh, whether it’s Crossbeam, whether it’s Partner Tap, whether it’s work span, or any of these other technologies, tackle any of these technologies that are tracking marketplace, that are tracking partner to partner, co-selling. [00:07:30] Vince Menzione: Getting the integration points. The only way to really understand the situation here, because this is a multinational company. Yeah. It’s being touched at all PO points around the globe. And to understand who’s calling who, who’s influencing who, and getting a real view, you know, a uber view of what that looks like is super important. [00:07:47] Jay McBain: It is. And you know, if I’m trying to sell like a cross beam or partner tab or work span or something into my executive team, I’m just showing them this slide. [00:07:54] Vince Menzione: Exactly. [00:07:54] Jay McBain: Would you like to know about this deal? Like you see, October is the start of the timeline here. Would you like to know about this deal in August, September? [00:08:00] Vince Menzione: Yep. [00:08:01] Jay McBain: Would you like to know about it automatically? Again, we’re not waiting for somebody, a human in a cubicle to go fill out a form. We’re not waiting for them to call somebody at our in, in a cubicle at our company. Yeah. We’re literally age genically sharing platforms, and so when this triggers that AstraZeneca and now triggers in our CRM system as well, our team on AstraZeneca gets notified and it gets notified in September before the 28 moments even starts. [00:08:27] Jay McBain: This, the power of this, of doubling, tripling your pipeline and then winning a bigger yield, a bigger percentage of that pipeline. This is the holy grail of our industry, and no one’s gonna get to a hundred percent. You’re not gonna have a hundred percent of your tam covered by your pipeline. No one’s gonna win a hundred percent of that. [00:08:43] Jay McBain: But again, we only have to be 10 or 20% better than our competitors and we need to start moving on this now. [00:08:50] Vince Menzione: So your imperative for the partners here, well everyone watching here today, I mean, this screams to me build your ecosystem strategy in such a strong and succinct way. What else would you say to them? [00:09:00] Jay McBain: I mean, the second thing that jumps out, you see two AWS direct touches here. This is something that this would be inbound. This AWS would see this deal in their pipeline. [00:09:09] Vince Menzione: Yeah. [00:09:10] Jay McBain: Because the customer came to them. AWS lost this deal. Crazy. So Microsoft won this deal. I, I mentioned Microsoft outgrowing AWS Yeah. [00:09:19] Jay McBain: ’cause in this particular case, NTT and Software One and Yash came in with Microsoft. Yeah. To solve an SAP optimization, Microsoft, and, you know, seven layer deal. So whether you’re in AWS, whether you’re in Microsoft, whether you’re anywhere else in this industry, you’re thinking like, you’re not gonna probably overtake what happens in December. [00:09:39] Jay McBain: These are the most trusted, smartest people in the room. And whatever happens in those projects is the seven layer stack the customer’s gonna buy in March, April. So I, I start to think about this and go, I need to win. ’cause NTT has a wonderful relationship with AWS. [00:09:55] Vince Menzione: They do, [00:09:56] Jay McBain: I mean, partner of the year level. [00:09:57] Jay McBain: I mean, they’ve got 10,000 people certified. I mean, there’s just a, you know, there’s no one at AWS that, um, you know, would take a, a loss here because it’s a wonderful relationship. And Software One, they [00:10:09] Vince Menzione: go back to Microsoft actually 30, 40 years though they do. They were Dimension data before that. Yeah. [00:10:14] Vince Menzione: And they have the long hit Legacy And Software One. Software one as well. You, [00:10:19] Jay McBain: you know, well Software one is Microsoft’s biggest reseller, uh, in Europe. And now with Crayon, you know, one of the biggest in the world. So I would be nervous if I was looking at this and saw Software one coming in with NTT and watching these things take place if I were able to see this back in September, October and work with these companies. [00:10:38] Jay McBain: That’s where kind of Microsoft came into the picture. And this never hit Microsoft’s pipeline. No Microsoft salesperson ever worked on it, but millions of dollars came to Microsoft. Yeah. Uh, out of this deal. So there are examples of where Microsoft gets touched and AWS wins the deal. So this isn’t meant to say that it happens in every case, but it’s meant to say data rules the future, and agent ai, the ability to plumb in these boxes. [00:11:00] Jay McBain: Working with Informa tech, target people that can plumb in the boxes for you with third party data, helping you with the light blue boxes. We gotta be obsessed over these light blue boxes. [00:11:11] Vince Menzione: It’s incredible. The Ultimate Partner Winter Retreat is gonna be here in the Boca Studio. This is the third year that we’re gonna be here in Boca. [00:11:21] Vince Menzione: This is always a favorite of our community members, our executive members, our sponsors and speakers. We’ll all be here in the studio, which is a really intimate setting. We can see upwards of 40, 50 people. Uh, we’ll be hosting an incredible dinner at the Boca Resort overlooking the golf course. That’s an incredible property and, uh, we’d love to have you join us. [00:11:45] Vince Menzione: Thank you for being part of the ultimate Partner community, and I hope to see you this year at one of our events. Thank you.

This is a catch-up version of James O'Brien's Mystery Hour. To join the game, call 0345 60 60 973, Thursdays at 12pm.

Kriss Reeve celebrates “Boom,” his new release via Hardwell's ‘What Ya Need' imprint with a special live set recorded on the Amersfoort Canals in the Netherlands. Expect serious tech house grooves with a heavy dose of IDs, collabs, edits, and bootlegs from names like Chris Lake, Chris Lorenzo, Dom Dolla, Vintage Culture, and more!

Football is more than a game. It's culture, community, identity, and a shared language that connects people across the world.In this episode, Stuart is joined by Jaume Canals to explore how football helps us understand people and places beyond the pitch. From Jaume's earliest memories of falling in love with the game to his journey through coaching, travel, and football cultures across different countries, this conversation looks at what football reveals about who we are.Together, they discuss football's role in shaping community and belonging, how coaches can better understand players as people, and how local identity shows up in the way the game is played and experienced. The episode also touches on the growing commercialization of football, the cultural significance of the World Cup, and why creating meaningful experiences matters more than simply winning.

In this installment, James Enstall (Geek To Me Radio) and Susan Eisenberg (Wonder Woman) sit down with Hawkgirl herself, Maria Canals-Barrera, to discuss the JLU episode "Wake The Dead"."Wake the Dead" originally aired on December 18, 2004.Follow Maria Canals-Barrera - https://www.instagram.com/maria_cbFollow Susan Eisenberg -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠https://susaneisenbergvoice.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow James Enstall -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠http://geektomeradio.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Hello Beautiful, I'm so grateful you're here with me.

The Wealth Formula Podcast is one of the longest-running personal finance podcasts still standing. For more than a decade, I've shown up every single week to talk about investing, markets, and the forces shaping the economy. What's interesting is how much my own thinking has evolved over that time. Early on, I was more rigid. I was—and still am—a real estate guy. But back then, I didn't give much thought to ideas outside that lane. I was dogmatic, and I didn't always challenge my own beliefs. Time has a way of doing that for you. I've now lived through multiple market cycles. I've watched the stock market melt up to valuations that felt absurd—and then keep going. I've seen gold go from flat for a decade to parabolic over a year. I've seen interest rates sit near zero for a decade and then snap higher at the fastest pace in modern history. And I've learned, sometimes the hard way, that diversification is about survival and that every asset class has its day. One lesson I learned that I am thinking a lot about these days is: ignore major technological shifts at your own peril. Back in 2014, I first started hearing people talk seriously about Bitcoin. At the time, I dismissed it. I listened to the critics, was convinced it was a scam, and didn't take the time to truly understand it. That was a mistake—not because everyone should have bought Bitcoin, but because I ignored a structural change happening right in front of me. Bitcoin went from a cypherpunk expression of freedom to the largest ETF owned by BlackRock. Today, the dominant story is artificial intelligence. And whether you love stocks, hate stocks, prefer real estate, or focus exclusively on cash flow, you cannot afford to ignore AI. This isn't a fad. It's a general-purpose technology—on the scale of electricity, the internet, or the industrial revolution itself. That doesn't mean it's easy to invest in. It's hard to look at headline names trading at massive valuations and feel good about buying them today. But investing in AI isn't about chasing a single company. It's about understanding second- and third-order effects: energy demand, data centers, productivity gains, labor displacement, capital flows, and how blockchain and decentralized systems intersect with all of it. What experience has taught me is this: you don't need to be first to invest—but you do need to be early in understanding. If you wait until something feels obvious, most of the opportunity is already gone. This week's episode of the Wealth Formula Podcast is focused squarely on AI and blockchain—what's real, what's noise, and where the long-term implications may lie. Listen to this episode. You'll come away smarter. And years from now, you may look back and realize this was one of those moments where paying attention really mattered. Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com.  Welcome everybody. This is Buck Joffrey with the Wealth Formula Podcast. Coming to you from Montecito, California. Today we wanna start with a reminder. We are in a new year and we are already doing deals, uh, through the Wealth Formula Accredit Investor Club. You can go and sign up for that for free. Uh, wealth formula.com just hit investor club and you just get on there and, and you’ll get onboarded. And from there, all you gotta do is wait for deal flow and webinars coming to your inbox. And, um, you know, if nothing else, you learn something. So go check it out. Uh, go to. Wealth formula.com and sign up for Investor Club now onto today’s show. Uh, the, it is interesting. I don’t know if you are aware it’s a listener, but we are, wealth Formula is, uh, probably I would say one of the, certainly in the one of the top longest running personal finance podcasts still. Standing. Uh, I’ve been around, well, I think the first episode was on like 2014, so it was a long time, but in earnest, you know, at least for over a decade. And, you know, during that time, I’ve shown up every week, every single week. Don’t Ms. Weeks, but none, none. Isn’t that incredible? I’ve shown up, uh, talked about investing and talked about very way markets are working, forces, shaping the economy, all that kind of stuff. But you know, as you can imagine, as a. As a younger individual versus, um, my crusty self. Now, you know, a lot of my own thinking has evolved over that time, you know, back then. And I, you know, I think this appealed to some people, but, um, you know, I was really dogmatic. I’m a real estate guy, right? And I still am a real estate guy, but back then I wouldn’t give anything else the time of day to even think about, you know, and, and, uh, I, I, you know. I was dogmatic and didn’t always challenge my own belief systems. Um, I’m different now, right? I’ve softened And time is a way of, of changing all of that dogmatic stuff for you. You know, I’ve lived through multiple market cycles. I’ve watched, well, I’ve watched the stock market, which I, which I always maligned, you know, melt up to valuations. Uh, that felt absurd. And then keep going higher. I’ve seen gold, which was kind of ridiculous for the longest time. I watched it for like a decade, just pretty much flat, and then it goes parabolic. Over the last year, I’ve seen interest rates sit near zero for a decade and then snap higher. Uh, not even as time, just launch higher at the fastest space in modern history. And I’ve learned sometimes I guess, the hard way that diversification is about survival and that every class, every asset class has its day. Just like every dog has its day. And um, you know, one other lesson that I learned that I’m thinking a lot about these days is ignore major technological shifts at your own peril. So what am I talking about? Well. It’s kind of a, it is a technological shift, whether you think it about not, but Bitcoin. Okay. Back in 2014, I first started hearing people talk seriously about Bitcoin, and at that time I dismissed it. I was, uh, I was listening to critics beater Schiff that constantly called it a scam, said it was going to zero and so on. I didn’t, I didn’t take the time to truly understand it, to try to understand it the way I understand it now, that makes me a believer in Bitcoin. That, of course was a big mistake, not because, you know, everyone should have bought Bitcoin and, uh, back then, well, they, you know, would’ve been nice if they did, but because fundamentally I ignored something that was a structural change happening right in front of me. And since then, Bitcoin went from a cipher punk expression of freedom to the large CTF owned by BlackRock today. The dominant story is actually artificial intelligence. Now, whether you love stocks, hate stocks, prefer real estate focused exclusively on cab, whatever, you cannot afford to ignore ai. It’s not a fad. It’s a general purpose technology and a technology shift, and the scale of electricity. The internet bigger than the internet, bigger than the industrial revolution. Now, that doesn’t mean it’s easy to invest in. I mean, I’m gonna go invest in AI and make a bunch of money because I mean, what does that even mean? It’s hard to look at headline names, trading at massive valuations like Nvidia and all that right now, and saying, oh, I’m gonna go buy that. Who knows? That’s gonna work out. When I talk about investing in AI isn’t really just investing in stocks or any individual company or data centers or whatever. It’s about understanding. The second and third order effects, energy demand. You know, as I mentioned, data centers, productivity gains, labor displacement, capital flows, and how blockchain and decentralized systems intersect with all of that. It is very, very complicated. Um, but it’s really important to start to try to understand, you know, an experience that stop me is this. You don’t need to be the first to invest, but you do need to be early in understanding. If you wait until something feels obvious, usually the opportunity’s gone by then. And you know, the thing about AI is even if you think it’s obvious now. The reality is that most people haven’t really caught on. Maybe they played with chat GPT, but I don’t think they’re understanding what this whole, you know, this thing is gonna do to our world. Um, anyway, so that is what this week’s episode of Wealth Formula Podcast, uh, is about. It’s about AI and also, um, a little bit about, you know, bitcoin and blockchain and that kind of thing. Um, we’re gonna talk about what’s noise, uh, you know, where the long, what the long-term, uh, implications are all of this stuff. This is a show that, uh, I really enjoy doing really, really good stuff. Um, so make sure you listen in. We’ll have that interview for you right after these messages. Wealth Formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net. The strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own bank to invest in other cash flowing investments. Here’s the key. Even though you borrowed money at a simple interest rate, your insurance company keeps paying you compound interest. On that money, even though you’ve borrowed it, that result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique. It’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its backbone. Turbocharge your investments. Visit Wealth formula banking.com. Again, that’s wealth formula banking.com. Welcome back to the show, everyone. Today. My guest on Wealth Formula podcast is Jim Thorne, chief Market strategist at Wellington. L is private wealth with more than 25 years of experience in capital markets. He’s previously served as chief capital market strategist, senior portfolio manager, chief economist, and CIO. Uh, equities at major investment firms and has also taught economics and finance at the university level. Uh, Jim is known for translating complex economic, political, and market dynamics into clear actionable insights to help investors and advisors navigate long-term capital decisions. Uh, Jim, welcome with the program. Thanks for having me Buck. Well, um, Tim, I, I, I, uh, had been following a little bit of, uh, what you discuss on, uh, on X and, um, one of the things that caught my eye is, you know, your, your narrative on, on ai, a lot of people are tend to be still sort of skeptical of AI and what’s going on, uh, with the markets. Um, uh, but at the same time, uh, there’s this. Sense. I think that ignoring AI altogether as an investor is, is, is downright potentially dangerous. So, uh, at the highest level, why is AI something people simply can’t dismiss? Well, we live in an, uh, uh, you know, many other people have coined this term, but we live, we’re living in an exponential age of, of technological innovation. And, you know, AI and I’ll just add into their, uh, blockchain is just the normal evolutionary process that, you know, for me started when I left graduate school and came into the business in the nineties where everybody had this high degree of skepticism of the computer and the, the, the phone, the, the. And the internet. And so, you know, what we do is we go through these cycles and there are periods of time where the stars align. And we have a period of time where we have what I would call an intense period of innovation where I would suggest to you that. People are skeptical. Skeptical, and yet at the same point in time, they very early on in the, in the, in the trade, call it a bubble when it’s not. And so I think it comes from the position of ignorance. One, I think two, fear, and then three. If you think about if you are an active manager, I in a 40 ACT fund, um, you know, and you’re sitting there with, uh, you know, mi. Uh, Nvidia at, you know, eight or 9% of your index. And that’s a big chunk that you’ve gotta put into your fund, uh, just to be market neutral. So there’s a lot of people that hate this rally. There’s a lot of people that are can, going to continue to hate this rally. But the thing I anchor my hat on are a couple of things. Look at if this is no different than the railroad. Canals, any major technological innovation, will it become a bubble? Yes. Just not now. So, so let’s follow up on that, because a lot of people think, or are talking about the, do you know the.com bubble, uh, comparisons, and you’ve argued that that sort of misses the real story. So, so where are we getting it wrong right now? Are those people getting it wrong? In the nineties buck, you’d walk into a bar and there wouldn’t be ESPN on there’d be CNBC on people were getting their jobs to become day traders. Folks didn’t go to the go to university because they were basically getting their white papers financed. You had companies that were trading off of clicks. So I lived that. Anybody who is of a younger generation has no idea what a bubble is, and it’s specious and pedantic for them to use that term when they have no clue about what they’re talking about. But you did mention that it could become a bubble. How do we know when it does become a bubble? Oh, it’ll become a bubble. Well, when, when, when you know, the, what, what I am looking for is, you know, when we, when the good investment opportunities start to dry up, when liquidity starts to dry up. So what I, it’s not about valuation, to me it’s about liquidity. So in 2000, what, and I’m roughly speaking, what went down was you had all these companies that were trading at Strat catastrophic valuation, this stupid valuations, and you walked in one day and they didn’t get financing. And if you read the prospectus or you followed the company, you knew that they were not going to be free cash flow positive for another two or three rounds of financing. All of a sudden you walked in and everybody goes, oh my God, this thing, you know, trading at 250 times sales. And everybody went, yeah, of course. And so what it was is, was when does liquidity dry up? So I’ll give you a date, um, you know, with Trump’s big beautiful bill act. 100% tax deductibility of CapEx and that goes until Jan 1, 20 31. So to me, that’s a very motivating factor for people to, um, invest. The last thing I would say to you in more of a game theoretic context book is, look, if you are a big tech company and you don’t invest in ai. You are ensuring your death. Yahoo, Hela Packard. I can go through the list of companies that cease to invest, so they’re looking. If it was you and I when we were running this company, I would say, dude, we gotta invest because if we don’t have a poll position in this next platform, whatever it is, we’re done. We’re toast. And I think that’s why you’re seeing all these hyperscalers spending as much money as they are. ’cause they get this, they saw it. So, you know, you framed ai not necessarily as a a tech trade, but as a capital expenditure cycle. Can you explain that to people? Well, what we need to do is we need to build out the infrastructure of ai. Then, and that’s the phase that we’re in right now. So it’s more like we’re building out all of the railroads, the railway tracks and the railway stations across the United States back in the 18 hundreds. And then we’re gonna go through that building phase. And then as that building phase goes, some companies, some towns, are going to basically realize and recognize what’s happening and start to basically take ai. Bring it into their business model, into enhanced margins. Right. So right now we’re building it out. I mean, you know, we all focus on the hyperscalers, but the majority of companies, pardon me, governments. Individuals, they haven’t used AI and, and what is interesting about this is back in the nineties, they were talking about how the internet had to evolve to be much more. You know, uh, have critical thinking in, in, in it. And it was more explained when you went to these conferences, as you know, you know, think about this. You’re hearing this in 99, okay? Not today. You go in and you ask Google or dog pile at the same time, or excite, okay? You would say, I wanna go to Florida in the third week of March and I wanna stay here and I wanna spend this amount of money and I wanna rent a car. Plan it for me. And they would come back and they would tell you that it would come back and it would, it would, everything would be there. And you would have your over here and all you would have to do is drop your money and you had your thing planned. So none of this is as, it’s aspirational, but we’ve heard it before. And in technology, what happens is it’s not like it’s new. We’ve been talking to, I did machine learning in in graduate school. Ai, you know, I did neural networks and I’m a terrible Ian. This isn’t, you know, Claude Shannon wrote about this in 1937, right? But it’s about when does it hit, and so it was chat GBT. Can we argue, was that right? As an investor, it’s stop arguing, start investing. Then what you’ve gotta figure out, which is the question you ask, is when does the music stop? I think it goes until the end of the decade. You know, one of the things that, uh, is interesting about this, uh, AI investment, uh, it’s, it’s unfolding in a higher interest rate environment. Why is that detail so important? Understanding its significance? Well, it’s the cost of capital, right? And so this phase that we have right now. It’s funny you say that, right? ’cause our reference point is zero interest rates, right? Yeah, yeah. Right. That’s right. So, you know, you know, so, so think about this, what it happens right now. Now we’re in the phase where you’ve got these hyperscalers that instead of taking all their free cash flow and buying bonds and buying back stock, are increasing CapEx because there’s a great tax deduction on it. So you get a lot of, so we’re in this phase where, for where, where a lot of the money is, you know, was. Was, let me, let me be clear, was a hundred free cashflow. Now we’re getting these guys, these companies like Oracle and what have you, you know, starting to issue debt and look at debt isn’t bad as long as the rate of return on debt is higher than the interest rates. And so, you know, you know, I, I would say historically speaking, for a lot of these high quality names, the interest rates are not, uh, at levels that will stop them from investing. Right. Right. You know, you’ve written that, um, productivity is ultimately the real story behind ai. So why does productivity matter more than the technology headlines themselves? Well, let me just put it this way, right? So we’ve grown, I grew up, I, I joined, I’m up here in Toronto, right? So I’m gonna give it to you in Canadian dollars, right? So I joined, I joined here. You know, I grew up here, went to the states, came back home. Growing this company I joined when we’re about three and a half billion. We’re getting close to 50 billion, and we’re the fastest growing independent platform in the country. I’m a one man band, right? I use three ai. In the old days, I’d have four research assistants. Where’s the margin in that? And so I, that’s how I see it. And let me be clear, it’s, you know, this isn’t we’re, it’s not perfect. But if I wanted to say, instead of you, but hey, write me a 2000 word essay on the counterfactual of what happened with railroads up until 1894 when the, when the bubble popped, give me a f, you know, a a thousand word essay and, and just a general overview. I can get that in less than five minutes. Michael Sailor is writing product on ai, which, which, which you would take, which you would take. He’s in his presentation, say it would take a hundred lawyers. So it’s gonna be more about those. And it’s, it’s no different than Internet of things or, you know, it was, uh, Kasparov that talked about this. Gary Kasparov talking about the melding of, of technology in humans. He would ran, run this chess tournament called freestyle. You could use a computer, you could use, you know, grand Masters. You could use whatever you wanted to compete. And who won? Well, who won it Was that those teams that were generalists that had a little bit of that, the knowledge of the computer and the knowledge of the test. Uh, o of chess, right? That’s what’s gonna happen. So this isn’t we’re, as far as I’m concerned, we’re not, yes, there’s going to be some d some jobs that are going to be replaced, but that is always the case in technology. I’m not a Luddite, okay? I am not Luddite. But the same point in time. I, I would suggest to you that it, it is just a really, for me, it’s a, helps me. Do research no different than when I was an undergrad and they went from cue cards in the, the library at the university to actually having a dummy terminal and I could ask questions in queue. You know, it stalked me from having to go to the basement of the library and going to microfiche. Right. Have helping that way. Now can it, can, will it do other things? I’m sure it is, and I’ll lead that to Elon Musk and the crew. You know, that’s above my pay grade. But for me, I see it as a very helpful way of, you know, allowing me to process and delineate. Much more information a a and not have me waste so much time trying to figure out what got went on in the past or, you know, QMF. Right. You know, summarize me the talk five, you know, academic papers in this area, what are they saying? And then they gimme the papers. Right. It just speeds the process up. Yeah. You know, um, one of the things that I’ve been sort of talking about and thinking about. Is that it’s hard to not see AI as a very, very strong deflationary force. Um, how do you think about that? Yeah. Technology is deflationary, right? Doubt about it. And so I look at it this way, Ray. Um, so I work at the financial services industry, okay. You know, Mr. Diamond of JP Morgan is talking about how they are starting to embrace blockchain and ai. They are going to cut out the back end of that in the, the margins in that, in that company by the end of the cycle are going to be fantastic. People just do not get in. You know, the financial services industry is built on a platform. Of the 1960s, dude. I mean, they’re still running Fortran, cobalt. So you know what I, how I look at this is much more as a margin type story, and there’s going to be a lot of displacement. But at the same point in time, I look at Tesla and automation and ai. And you know, people look at Tesla as a car company. I look at Tesla as an advanced manufacturing company. Elon Musk could basically go into any industry and disrupt it if it wanted to. Right. So that’s how I look at it. And so, you know, the hard part is going to be, you know. Nothing. If we get back to where we were, it’s not going to be perfect, right? Because here’s, here’s where the counter is, here’s where the counter is. Right? If you, if, if you think about, and we’re, I’m gonna take Trump outta the equation and ent outta the equation right now, but if we just went back to the way things were before COVID, we would have strong deflationary forces. Okay. Just with demographics, just with excessive levels of debt. Just with, you know, pushing on a string in terms of, in terms we couldn’t get the growth up, you know, and, you know, and the overregulation of financial institutions. Trump and descent are basically applying what’s called supply side economics, and they’re deregulating. It’s says law, which is John Batiste, that says basically supply creates his own demand and it’s non-inflationary. But really what they’re going to try to do is they’re going to try to run the economy hot and they’re gonna try to pull this way out of the debt. And if you do that and you deregulate the banks. And allow the banks to get back to where they were before the financial crisis. Okay. You know, and, and the Fed takes its interest rates down to neutral, expands the balance sheet. Then I don’t think we’re gonna go back to the zero bound in deflation. I think this thing’s gonna run hot for a long time. And I think it, the real question is, is, is is 2 75 in the United States the neutral rate? I think it is. Uh, but as, as, as Scott be says, and, and, and, and, and let’s be clear, buck, the guy’s a superstar. Okay. Guy is a legend. Just you sit there, just shut up and listen to him. Okay. They keep up, right? Well, so they’re gonna run it hot, but where we are is, in his words, mine, not mine. We’re still in this detox period, you know what I mean? We still got the Biden era. We still got, you know, a over a decade of excessive ca of Central Bank intermediation. That needs to get, you know, go away. So what I say, and what I’ve been writing about is 26 is going to be the year that the baton is passed back to the private sector. Let’s get rates down to 2 75. That’s, I mean, I’m going off the New York Fed model. That says real fed funds, the real, the real neutral rate is 75 to 78 basis points. I think inflation’s at two. That that gets you 2 75. Get the rates there and then get the balance sheet of the Fed to the level so that overnight lending isn’t loose or tight. It’s just normal. And then step back, go away and let Wall Street and the private sector create credit. Create economic growth and let’s get back to the business cycle. And if we do that, we’re gonna have non-inflationary growth. It’s gonna be strong, but we’re not going back to the zero bound and we’re gonna grow our way out of this. And so that’s where I get really excited about. This is a very unique time in history. A very, very, very unique time in history where, and I don’t know how long it’s going to last because of the compression that we have now because of the, you know, we live in such a digital world, but let’s say it’s five years demographic says it’s to 33, 32 to 33. That’s, you know, that’s how long this run is. And, and to me, uh, AI is a massive play. I, I, to me, blockchain is a massive play and to me it’s to those countries and companies that get it is, whereas investors, we wanna think, start thinking about investing. Yeah. You mentioned, um, non non-inflationary growth. Can you drill down on that a little bit just so people understand a little bit where. Usually you think of an economy running super hot, you, you think automatically there’s an, you know, an inflationary growth. So I want you to think in your mind into your list as think in your mind. Go back to economics 1 0 1 with the demand curve. In the supply curve, okay? And there are an equilibrium. And at that equilibrium we have a price at an equilibrium, and we have an output as an equilibrium. Okay? Now what I want you to do is I want you to keep the demand curves stagnant or, or, or anchored. Then I want you to shift the supply curve out. Prices go down, output goes out. We can talk all this esoteric stuff, you know, you know Ronald Reagan and, and Robert Mandel and supply side economics. But it’s really your shift in the supply curve out, and that’s what, and that’s what BeIN’s doing. I mean, this is a w would just sit down and be quiet. He’s talking about, you know, what is deregulation? He’s pushing the supply provider. Oh, hold on. My phone. My, my thing. And what did, since the two thousands, what did, what was the policy? It was kingian, it was all focused on the demand curve. Everything was focused on demand. And so all we’re doing is we’re, we’re getting the keynesians out. I use 2000 ’cause that’s when Ben Bernanke really came in and was very influential. Let me just say he’s a very smart, I learned so much from reading. Smart, smart, smart, smart guy. But his whole thing was Kasan. He came from MIT, his thesis supervisor was Stanley Fisher, right? We’re going back to, you know, Mario Dragons thesis supervisors, Stanley Fisher, all these guys came from MIT, Larry, M-I-T-M-I-T, Yale, and Princeton. Whereas previously it was the University of Chicago. It was Milton Friedman. It was, it was supply side economics. We’re going back, they’re going back to supply side economics and right now we need it. We need balance. But my god, what did we end off with? We ended off with four years of mono modern monetary theory. Deficits matter. That’s insanity. You had mentioned a little bit, uh, you, you’ve talked about blockchain a few times here. Talk about the significance. I mean, it’s sort of, you know, blockchain was a thing that everybody was, everybody was talking about it, you know, three, four years ago, but now it’s all about ai. But you know, now you’ve got, um, but in, but in the background, blockchain has grown, uh, adoption has grown. Uh, tell us what’s going on there, and if you could tie it into the significance of, of where we’re at today. Yeah. Um, uh, Jeff Bezos gave a wonderful speech, I think in two thou, early two thousands, where he basically talked about the fact that, you know, once this innovation is led out of the genie’s, led out of the bottle, whether or not, you know, buck and Jim, like it as an investment, the innovation continues. And so after the internet bubble pop, right? Really smart guys like Jeff Bezos, uh, Zuckerberg, you, you, the whole cast of characters, right? Basically built it out. Okay. And it wasn’t perfect and everybody knew it wasn’t perfect. I mean, that was the whole thing that was so bizarre. But they knew it wasn’t perfect and they knew that they needed to solve some problems. Right. And you know, it was a double spend problem. I mean, the internet that we were dealing with right now was developed in the 1950s and so on and so forth. And so, you know, that always stuck with me. Right. A couple of things stuck with me because I’ve lived through a couple of these cycles. The first one is Buck. When the, when Wall Street coalesces around something just shut up and buy it, right? I mean, I, I spent too much of my life arguing about whether dog pile and Ask Gees was better than Google. Wall Street said Google was the best. Shut up. Invest, right? And so, so look, blockchain solved the double spend problem. Blockchain solved all the problems that the original iteration of the internet could solve, and everybody knew it was coming along okay. So it’s a decentral, it’s decentralized, right? Uh, does, does not need to be reconciled. So no. Not only do you have another iteration of the internet. You have basically introduced into society the biggest innovation in accounting or recordkeeping since double entry. Bookkeeping accounting was introduced in Florence, Italy centuries ago by the Medicis and, and buck. All this is out there like, so this is a profound, right? So think about you’re in an accounting department and you don’t have to reconcile, right? So look. The first use cakes was Bitcoin. And what was the, what was the beautiful thing about it? Well, first off, it grew up by itself. And secondly, it’s got perfect scarcity, right? And so let’s just full stop. And I mean, yes, gold and silver had the run that they should have had decades. So I had been waiting and listening to people, gold bugs, talking about this type of run since the nineties. Okay. Um, but look, you know, and the problem with fi money, right? I mean, this is, this goes back decades. It’s an old argument. The way you solve it is, is Bitcoin. That’s the solution. I mean, forget about it. I mean, if they’re gonna whip it around and do all this stuff, fine. But the other thing that people miss and Sailor hasn’t, and Sailor is brilliant, is look. Bitcoin is pristine collateral in 2008, in September. What caused the, the system to stop was the counter. We could not identify counterparty risk for near cash. It was a settlement problem. Anybody you talk to Buck that says it was, you know, the subprime this and it, yeah, that was crap. I get that. But when the system shut down is you had a $750 million near cash instrument with X, Y, Z, wall Street firm, and you did this for three extra beeps and it was no longer cash. Guess. And guess what? Your institutional money market fund broke the buck. That’s when the system blew sky high. When the money market broke the buck and it was a settlement problem, blockchain and Bitcoin solved that. Sailor knows that, look where Wall Street’s gonna go. They understand now that. Bitcoin is pristine, collateral and capital that is 100% transparent. Let’s lend against it, and that’s what Sadler’s doing. That’s why Wall Street hates the guy so much, right? Think about that. Think of where is he going after he’s going after all the stranded capital on Wall Street. And, and the whole point is he’s sitting there going, I’m too busy for this. And you’ve got all these other people that are gonna live off of other people’s ignorance. Meanwhile, Jing Diamond knows exactly what he’s talking about. We can identify, if I hear one more person on me in, in the meeting say, I don’t know. You know, you know, uh, micro strategies balance sheet is so complicated. Really. Compared to JP Morgans, I mean, you know what his capital is. It says Bitcoin, like, what are you guys talking about? But hey, fucking in this business, people make generational wealth on ignorance of people who think they know what they don’t know. So, you know, just going back to Jamie Diamond, you know, he spent, I don’t know how long. Throwing every insult, uh, he could towards Bitcoin. And now they’ve really kind of, they haven’t backtracked. I think he’s, he’s, you know, his, his, um, I think the way he phrases is the blockchain’s a real thing. He never seems to really say the word Bitcoin, uh, in this regard. Um, banks in general, where do you think they’re headed with this stuff? I mean, I, you know, right now, again, you can kind of see even. Um, I think, you know, some of the big advisory firms suddenly recommending one to, you know, one to 4% of people’s portfolios in Bitcoin. I mean, this is all, I mean, gosh, I, I’ve, you know, been talking about Bitcoin since 2017. This is in unbelievable transformation in less than a decade. Where do you see this going in the next five to 10 years? It’s called the, it’s called, what is it? It’s called, I’m gonna call it the Evolution of Jim. Me, you know, in my business and, and, and, and you know, the thing I have book is I’ve survived and I’ve gone through a lot of cycles. I’ve done a lot, you know, and you ask yourself, you scratch your head a lot and you’re, and you, but you’re continually doing objective research and you’re this, if you, this is why I love this game so much. Right? So let’s just go stop for a second. Let’s get some context. Right. My first summer job, one of my first summer jobs, I worked in the basement of a bank in the in, in downtown Toronto, right up the street from the Toronto Stock Exchange. And my job was to let guys in with beak, briefcases into the cage, into the big vault, to basically bring in certificates. Okay. And, and what? Stock certificates. And so remember, you know, and I remember my grandfather when we, when he died, look at, we couldn’t sell the house because he didn’t believe in the banks. And we were finding certificates all over the house in the walls. Okay? Right. So in the 1960s it was bare based. The whole industry was bare based. And there was the volume in Wall Street started to pick up to the point where they couldn’t handle the volume. There was a paper crisis where almost a third of the companies went down bankrupt because of the cage. The cage. Okay. So basically what happened was, to make a long story short, they came out with, they came, Hey, why don’t we get two computers At one point in time, they said, okay, crisis. Let’s solve it. Well, why don’t we get these two computers and we can solve, or we can sell trades among, amongst each other. Okay. And then we don’t need to have guys riding around Wall Street with bicycles and big briefcases. Okay. And then what we did was, what we did was we sat there and said, well, why don’t we have a centralized clearing, and we’re gonna call it DTC or CDS, depending on what country you’re in. And what we’re gonna do is we’re gonna offer paper, we’re gonna, we’re gonna issue paper rights to the underlying stock that was developed in the early 1970s. That’s the system that we’re on right now. There are a lot of faults with that. Let me give you, when you’ve talked about the GameStop a MC situation, when you have a company that’s basically have more shares outstanding short, sorry, more shares short than outstanding, that shows you that the old system doesn’t work. It’s called ation. The paper writes to the underlying assets, it, it doesn’t match up. There have been guys that make a career outta this and write books about this, right? Dole Pineapple. They had a corporate, a corporate event, right? Hostile takeover. 64,000 for 64 million shares, voted, I think, and there was only 3,200 on. We all know this, so this has to be solved. The way you solve it is you tokenize assets, and this was talked about a decade ago, and they know about it and true tofor, they, and if you’re thinking about it, it’s totally logical, right? But if we allow this innovation to go full stream ahead, we’re wiped out, right? So what did they do? They delayed. They delayed. And as you know, you could talk about, it’s called Operation choke 0.2 0.0. Right. You know, the Fed overreached their bounds, they de banked people. I mean, this is why, why Best it’s going after them. They, yet they stepped over their constitutional mandate. Right. The federal, the Fed Act is not, uh, does not supersede the US Constitution. Elizabeth warned the whole thing. They did it. Okay, so let’s not complain about it. So now Atkins is gonna, we’re gonna have the Clarity Act come out and they’re gonna basically deregulate New York Stock Exchange already there. They’re gonna put everything on the blockchain and when you put everything on the blockchain, trade a settlement. There’s no hypo. Immediate settlement. Immediate, which is a benefit if you can get your act together because it, you know, for Wall Street firms you need less capital, right? So it’s a natural evolutionary process. And then you sit there and go back in history, if you and I were writing it, we’d sit there and go, well, should we be surprised that the incumbents right, the status quo pushed back on innovation? No, there was a guy, there was a prophet, um. At, at Harvard, his name was Clay Christensen, and he wrote this wonderful book called The Innovator’s Dilemma. You know, why does, why don’t companies evolve, or why do they go bankrupt? It’s because they cease to evolve and the status quo doesn’t allow the evolution of the companies to take place. Right? Well, that’s what happened in RA. We’re gonna complain about it. No, it, it is what it is. It’s water under the bridge. And so what I think is happening is, you know, Mr. Diamond is basically saying. He’s pragmatic, he’s a realist. And now he’s saying, we gotta evolve. And hey, by the way, now I’ve gotten to the point where I think I can make a tunnel. Think about that. Yeah. Think about his own stable coins, right? So his own stable coins. And, uh, well think about this. If you trade like internal meetings, right? And I’m hyped this hypothetical, right? I go, fuck, don’t screw this up this time. And you’re gonna go, Jim, what are you talking about? I go. We want a nice bread between bid and ask in these financial price. We don’t wanna go down to pennies. Okay? Can we go back to the old days when we were, you know, trading in quarters and sixteenths and so we can make some skin in the game? I think you’ve got the deregulation of the banking industry where the banks are gonna, they’re fit. It’s gonna be baby steps. But what’s gonna happen is they’re gonna basically say, stop taking all that capital that’s sitting at the Fed, making four or fed funds rate overnights wherever it’s four half, 3 75 right now. And you can now trade it. Go back to prop trading, which is what they did. And they’re gonna start off, they will start off with, its only treasuries. Eventually they’ll be able to expand throughout our lifetime. So the old way you gotta look at it is, you know. We’re bringing the ba, you know, we’re putting the band back together, man. Right. And the banks are gonna deregulate, they’re gonna deregulate the banks, they’re going to innovate, they’re gonna be able to use the capital, their earnings profile going out into the end of the decade. It’s, it’s gonna be monstrous, it’s gonna be, you know, it, it’s, it’s, and, and that’s how I get, you know, when people say, where do you think the s and p goes? You know, I say, you know, 14,000, you know, double from here by the end of the decade. And he goes, well, what about ai? I go, well, they’re gonna, that’s important, but it’s the banks. I think the banks are gonna have a renaissance. Yeah. Yeah. Um, one thing just to get your thoughts on, so when you look at the banks, you talked about sort of the inevitability of tokenization. Um, the stock exchange, uh, we talked about stable coins. I mean, another great way for banks to make money. Uh, essentially where does that, how, how does that help or hurt Bitcoin adoption? Because Bitcoin is a sort of a separate, separate, you’re not, you’re not building on Bitcoin as much as you are, say, Ethereum, Mar Solana or, you know, some of the, some of the blockchain things. So, so is it just that. Is it just a, an adoption issue? Because you live in a, in a different world. You live in a world of blockchain and Bitcoin is, its currency. It’s weird, right? Because I, I’m writing this feed like, so Buck, where are you right now? Where, where, where are you located? I’m in Santa Barbara. You’re in California. So, yeah, so I’m in Toronto, right? Uh, you know, I lived in, worked in the States for, you know, a decade, a couple of decades, and I’m back home and it’s like, man, they don’t get it. Right, and, and, and, and what am I talking about? Well, well, this, this is the, the thing that you’ve gotta understand is this, right. Ethereum was invented by Vladi Butrin in this town, Joe Alozo, who’s the head of one of the largest Ethereum groups. Father is a dentist at Bathurst and Spadina. We’re up here and people are saying, oh, you know, president Trump don’t talk about being a 51st state. We act like a colony, duke. We are a, you know, we forget about calling us one. We are. So, look, it, look, there is no doubt in my mind that Ethereum is going to have a place and, and we’re going to use it. Seems like we’re going to use Ethereum and that’s the smart contract, you know? Um. And that’s fine. Um, you know, but going back in time. But, but remember, there’s not per, there’s not perfect scarcity there. So I like Ethereum, don’t get me wrong, but I look at Bitcoin and I look at the, I look at the scarcity, and I also look at the fact of, you know, what sa, what Sailor, if you sailor did a presentation in the middle of next year and all hell broke loose. What he did, and it’s, you know, and of course I’m hypothesizing. He basically went to New York and said, I am going to create fixed income products and I am going to give yields. On those products, and I’m coming after the stranded capital that sits on Wall Street that you guys have been ripping on for years. In the middle of last year, staler went public and declared war. Okay. Are we surprised that Jim Shane Oaks came out and everybody came out basically guns a blazing. Are we surprised? But what he, what Sailor did and put and slammed on the table is it’s pristine capital, it’s transparent capital. And what are you willing to pay for that? And now you GARP banks trading at. We have no idea what their capital structure really is. Honestly, we have an idea, but it’s very opaque, right? You know, the high quality names are trading at two, two to, you know, two times tangible book. You’ve got fintech’s companies trading at four to five times, right book, and you know, what’s Sailor doing right now? Diluting his stock so he can buy as much Bitcoin as he wants because he sees the next game. He says the hell with what you guys think the next game is going to be. Wall Street’s going to realize that Bitcoin is pristine capital and there’s only 21 million of it. What do you and, and what just happened today? What did Morgan Stanley just file a treasury company. So everything you and I are talking about, they know they’re smart guys, right? They’re real, they’re not. That’s, this is the whole point. They’re really, really, really smart. Okay. They see they’ve gone through the history. They know. Okay, so you’re sitting there, you get around the room, you say, so wait a minute. Wait. Whoa, sailor’s over here. And he’s basically saying he’s gonna give you a a pref that’s basically backed by Bitcoin charging 10%. And he’s going after our corporate clients. I mean, and what’s the pitch Buck? You’ve got a hundred million dollars. Okay, you got a hundred million dollars in the kitty. Okay, buck. What happens is you need $10 million a year for working capital, which is in cash, which means you’ve got $90 million sitting there idle. Hey, buck, I can give you 10% on that. You go to Jamie, he’s giving you two. What are you gonna do? Yeah. I think one of the issues right now is I the, the perceived risk profile of that. Right. Uh, you know. I tend to agree with you about the, uh, pristine nature of Bitcoin s collateral, but just in general, the perception. I don’t know that, that that’s. That’s the case. Well, you gotta go back to the fact that, do you think Bitcoin’s going to zero or not? No, of course not. Yeah. ‘ cause the Bitcoin doesn’t go to zero. There’s no, then, then that are, there’s Bitcoin could go to zero. There’s no, I mean, I don’t think, I mean, non-zero probability, of course, right? I don’t think it is. And if that has been, if it has been selected and now you have Wall Street coalescing it, I haven’t even mentioned the president of the United States or his family. Right. Uh, or the Commerce Secretary and his family, right? Or if you go to New York, wall Street, right, they’re all talking about it, right? So, I, I, you know, to me, I, I, the question about micro strategy, to me it’s not. That it’s a treasury company and it’s got a pile of Bitcoin. What does he do with it? Does he become a bank? Like why does it, this is me. I’m pitching him. Right. Hey, Mike, why don’t you just become a FinTech, say you’re like a FinTech company and you’ll get, and you, you’re gonna instantaneously trade it five to six times book. Why don’t you, why are you, you’re talking like you’re attacking them, but you’re still, you’re still a software company with a, with a big whack of Bitcoin that you are writing pres. Right? So, and, and so that’s, that’s how I look at it. I think the wave is too big. We are going to digitize. And the other thing that we didn’t really touch on with respect to AI and blockchain, and I’m gonna paraphrase the president. Right. Um, Mr. Trump is, look, um, it’s a matter of national security, duke, and when I hear that, I go back to the nineties in the eighties when I was in late eighties when I was an undergrad. Right. And it wasn’t China, it was Japan. And, and you know, what happened was, you know, it, it’s funny, Al Gore did deregulate so that. The internet could become for-profit. We all stood around and said, you know what the hell could, how do we make money on this? That’s, you know, what do we do? And then what did we do? We, we, we threw a ton of money at it and the United States controlled it. And what did we get out of it? We got out, we got, you know, all those companies. Right. The last thing I would say to you, and this is much more of a personal story, is I, when I was younger, I was in New York and it was 2000 and I was at the Grand Hyatt, and it was a tech, it was a tech conference and, uh, Larry Ellison Oracle was there and he gave a, he gave a, he gave a a, a fireside chat. Then, um, we go to a breakout room and, you know, in a break, I don’t know about if you’ve been to one, but you go to a breakout room, it’s a smaller room at the hotel, and you know, sometimes you got 25 people, sometimes you got 50 people, right. And, you know, I went to the, I went to the breakout with Mr. Allison ’cause of Oracle and I went in there and it was absolutely jammed and I was sweating and he just looked at us and he just ripped us. He AP Soly, just, I still have the scars today. I’m talking to you about it. Okay. He called it a bubble. He called it a bubble. He, he was early in calling it a bubble. I never forgot that. And then you sit there and see what he’s doing right now. Where he’s levering up the balance sheet. Now, to me, having survived in this game for such a long period of time, and I call it a game, it’s a game of strategy, whatever, you know, how does that not, you know, I would say to you, we were, your office was next to mine. Fuck. I remember New York, he’s loading the goose loaded in. He go in, he’s borrowing money from his grandmother. He’s, you know, what is going on. And he’s really stinking smart. You know, he’s, he, Larry Allenson just doesn’t do, and people, oh, he’s in, you know, he’s, no, he’s not, he’s, he’s like the mentor of all of these guys. You know what I mean? So there’s a, to me, there’s a discontinuity that these need to believe that we’re still early on because you know, what, if Larry’s, what do we take when Larry or Mr. Ellison is leveraging up to me, it’s profound because I’m anchoring off of my bias to the New York, the New York high at, at the Tech Co. I think it was, I think it was at Bear Stearn. I couldn’t remember Bear Stearns or Lehman. But you know, one of those I carry that experience on with the rest of my life. I do. It’s like, what is Larry thinking? Right? So he’s leveraging up buck. That’s all I know. He’s a priest or guy. Well, that’s probably a good place for us to stop, Jim, uh, chief, uh, market strategist at Wellington Elta Private Wealth. Thank you so much for joining me. Thanks so much and be safe. You make a lot of money but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens. The concepts here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealth formula banking.com. Welcome back to the show everyone. Hope you enjoyed it. Uh, and, uh, as I said before, do not ignore ai. This is something that you need to start using. Have your kids start using it. Uh, make sure that they, you know. They use it every day because this whole world is turning AI and it’s gonna happen. You know, it’s gonna happen in, in a blink of an, uh, blink of an eye. And the world is gonna change and there are gonna be real winners out there. And the winners are gonna be people who knew where there was, was going and kind of used it in their mind’s eye as they looked on navigating how. You know how to allocate their money. Anyway, that is it for me. This week on Wealth Formula Podcast. This is Buck JJoffrey signing off. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit wealth formula roadmap.com.

Episode: 1509 Late 18th century competition among roads, canals and railways.  Today, we look at roads, canals, and railways.

Welcome back to the Ultimate Guide to Partnering® Podcast. AI agents are your next customers. Subscribe to our Newsletter: https://theultimatepartner.com/ebook-subscribe/ Check Out UPX:https://theultimatepartner.com/experience/ https://youtu.be/vEdq8rpBM3I In this data-rich keynote, Jay McBain deconstructs the tectonic shifts reshaping the $5.3 trillion global technology industry, arguing that we are entering a new 20-year cycle where traditional direct sales models are obsolete. McBain explains why 96% of the industry is now surrounded by partners and how successful companies must pivot from “flywheels and theory” to a granular strategy focused on the seven specific partners present in every deal. From the explosion of agentic AI and the $163 billion marketplace revolution to the specific mechanics of multiplier economics, this discussion provides a roadmap for navigating the “decade of the ecosystem” where influence, trust, and integration—not just product—determine winners and losers. Key Takeaways Half of today's Fortune 500 companies will likely vanish in the next 20 years due to the shift toward AI and ecosystem-led models. Every B2B deal now involves an average of seven trusted partners who influence the decision before a vendor even knows a deal exists. Microsoft has outpaced AWS growth for 26 consecutive quarters largely because of a superior partner-led geographic strategy. Marketplaces are projected to grow to $163 billion by 2030, with nearly 60% of deals involving partner funding or private offers. The “Multiplier Effect” is the new ROI, where partners can make up to $8.45 for every dollar of vendor product sold. Future dominance relies on five key pillars: Platform, Service Partnerships, Channel Partnerships, Alliances, and Go-to-Market orchestration. If you're ready to lead through change, elevate your business, and achieve extraordinary outcomes through the power of partnership—this is your community. At Ultimate Partner® we want leaders like you to join us in the Ultimate Partner Experience – where transformation begins. Keywords: Jay McBain, Canalys, partner ecosystem, channel chief, agentic AI, marketplace growth, multiplier economics, B2B sales trends, tech industry forecast, service partnerships, strategic alliances, Microsoft vs AWS, distribution transformation, managed services growth, SaaS platforms, customer journey mapping, 28 moments of truth, future of reselling, technology spending 2025, ecosystem orchestration, partner multipliers. T Transcript: Jay McBain WORKFILE FOR TRANSCRIPT [00:00:00] Vince Menzione: Just up from, did you Puerto Rico last night? Puerto Rico, yes. Puerto Rico. He dodged the hurricane. Um, you all know him. Uh, let him introduce himself for those of you who don’t, but just thrilled to have on the stage, again, somebody who knows more about what’s going on in, in the, and has the pulse on this industry probably than just about anybody I know personally. [00:00:21] Vince Menzione: J Jay McBain. Jay, great to see you my friend. Alright, thank you. We have to come all the way. We live, we live uh, about 20 minutes from each other. We have to come all the way to Reston, Virginia to see each other, right? That’s right. Very good. Well, uh, that’s all over to you, sir. Thank you. [00:00:35] Jay McBain: Alright, well thank you so much. [00:00:36] Jay McBain: I went from 85 degrees yesterday to 45 today, but I was able to dodge that, uh, that hurricane, uh, that we kind of had to fly through the northern edge of, uh, wanna talk today about our industry, about the ultimate partner. I’m gonna try to frame up the ultimate partner as I walk through the data and the latest research that, uh, that we’ve been doing in the market. [00:00:56] Jay McBain: But I wanted to start here ’cause our industry moves in 20 year cycles, and if you look at the Fortune 500 and dial back 20 years from today, 52% of them no longer exist. As we step into the next 20 year AI era, half of the companies that we know and love today are not gonna exist. So we look at this, and by the way, if you’re not in the Fortune 500 and you don’t have deep pockets to buy your way outta problems, 71% of tech companies fail over the course of 10 years. [00:01:30] Jay McBain: Those are statistics from the US government. So I start to look at our industry and you know, you may look at the, you know, mainframe era from the sixties and seventies, mini computers, August the 12th, 1981, that first IBM, PC with Microsoft dos, version one, you know, triggered. A new 20 year era of client server. [00:01:51] Jay McBain: It was the time and I worked at IBM for 17 years, but there was a time where Bill Gates flew into Boca Raton, Florida and met with the IBM team and did that, you know, fancy licensing agreement. But after, you know, 20 years of being the most valuable company in the world and 13 years of antitrust and getting broken up, almost like at and TIBM almost didn’t make payroll. [00:02:14] Jay McBain: 13 years after meeting Bill Gates. Yeah, that’s how quickly things change in these eras. In 1999, a small company outta San Francisco called salesforce.com got its start. About 10 years later, Jeff Bezos asked a question in a boardroom, could we rent out our excess capacity and would other companies buy it? [00:02:35] Jay McBain: Which, you know, most people in the room laughed at ’em at the time. But it created a 20 year cloud era when our friends, our neighbors, our family. Saw Chachi PT for the first time in March of 2023. They saw the deep fakes, they saw the poetry, they saw the music. They came to us as tech people and said, did we just light up Skynet? [00:02:58] Jay McBain: And that consumer trend has triggered this next 20 years. I could walk through the richest people in the world through those trends. I could walk through the most valuable companies. It all aligns. ’cause by the way, Apple’s no longer at the top. Nvidia is at the top, Microsoft. Second, things change really quickly. [00:03:17] Jay McBain: So in that course of time, you start to look at our industry and as people are talking about a six and a half or $7 trillion build out of ai, that’s open AI and Microsoft numbers, that is bigger than our industry that’s taken over 50 years to build. This year, we’re gonna finish the year at $5.3 trillion. [00:03:36] Jay McBain: That’s from the smallest flower shop to the biggest bank. Biggest governments that Caresoft would, uh, serve biggest customer in the world is actually the federal government of the us. But you look at this pie chart and you look at the changes that we’re gonna go through over the next 20 years, there’s about a trillion dollars in hardware. [00:03:54] Jay McBain: There’s about a trillion dollars in software. If you look forward through all of the merging trends, quantum computing, humanoid robots, all the things that are coming that dollar to dollar software to hardware will continue to exist all the way through. We see services making up almost two thirds of this pie. [00:04:13] Jay McBain: Yesterday I was in a telco conference with at and t and Verizon and T-Mobile and some of the biggest wireless players and IT services, which happen to be growing faster than products. At the moment, there is more work to be done wrapping around the deal than the actual products that the customer is buying. [00:04:32] Jay McBain: So in an industry that’s growing at 7%. On top of the world economy that’s grown at 2.2. This is the fastest growing industry, and it will be at least for the next 10 years, if not 2070 0.1% of this entire $5 trillion gets transacted through partners. While what we’re talking to today about the ultimate partner, 96% of this industry is surrounded by partners in one way or another. [00:05:01] Jay McBain: They’re there before the deal. They’re there at the deal. They’re there after the deal. Two thirds of our industry is now subscription consumption based. So every 30 days forever, and a customer for life becomes everything. So if every deal in medium, mid-market, and higher has seven partners, according to McKinsey, who are those seven people trying to get into the deal? [00:05:25] Jay McBain: While there’s millions of companies that have come into tech over the last 10 to 20 years. Digital agencies, accountants, legal firms, everybody’s come in. The 250,000 SaaS companies, a million emerging tech companies, there’s a big fight to be one of those seven trusted people at the table. So millions of companies and tens of millions of people our competing for these slots. [00:05:49] Jay McBain: So one of the pieces of research I’m most proud of, uh, in my analyst career is this. And this took over two years to build. It’s a lot of logos. Not this PowerPoint slide, but the actual data. Thousands of people hours. Because guess what? When you look at partners from the top down, the top 1000 partners, by capability and capacity, not by resale. [00:06:15] Jay McBain: It’s not a ranking of CDW and insight and resale numbers. It is the surrounding. Consulting, design, architecture, implementations, integrations, managed services, all the pieces that’s gonna make the next 20 years run. So when you start to look at this, 98% of these companies are private, so very difficult to get to those numbers and, uh, a ton of research and help from AI and other things to get this. [00:06:41] Jay McBain: But this is it. And if you look at this list, there’s a thousand logos out of the million companies. There’s a thousand logos that drive two thirds of all tech services in the world. $1.07 trillion gets delivered by a thousand companies, but here’s where it gets fun. Those companies in the middle, in blue, the 30 of them deliver more tech services than the next 970. [00:07:08] Jay McBain: Combined the 970 combined in white deliver more tech services. Then the next million combined. So if you think we live in an 80 20 rule or maybe a 99, a 95 5 rule, or a 99 1 rule, we actually live in a 99.9 0.1 parallel principle. These companies spread around the world evenly split across the uh, different regions. [00:07:35] Jay McBain: South Africa, Latin America, they’re all over. They split. They split among types. All of the Venn diagram I just showed from GSIs to VARs to MSPs, to agencies and other types of companies. But this is a really rich list and it’s public. So every company in the world now, if you’re looking at Transactable data, if you’re looking at quantifiable data that you can go put your revenue numbers against, it represents 70 to 80% of every company in this room’s Tam. [00:08:08] Jay McBain: In one piece of research. So what do you do below that? How do you cover a million companies that you can’t afford to put a channel account manager? You can’t afford to write programs directly for well after the top down analysis and all the wallet share and you know exactly where the lowest hanging fruit is for most of your tam. [00:08:28] Jay McBain: The available markets. The obtainable markets. You gotta start from the community level grassroots up. So you need to ask the question for the million companies and the maybe a hundred thousand companies out there, partner companies that are surrounding your customer. These are the seven partners that surround your customer. [00:08:48] Jay McBain: What do they read, where do they go, and who do they follow? Interestingly enough, our industry globally equates to only a thousand watering holes, a thousand companies at the top, a thousand places at the bottom. 35% of this audience we’re talking. Millions of people here love events and there’s 352 of them like this one that they love to go to. [00:09:13] Jay McBain: They love the hallway chats, they love the hotel lobby bar, you know, in a time reminded by the pandemic. They love to be in person. It’s the number one way they’re influenced. So if you don’t have a solid event strategy and you don’t have a community team out giving out socks every week, your competitors might beat you. [00:09:31] Jay McBain: 12% of this audience loves podcasts. It’s the Joe Rogan effect of our industry. And while you know, you may not think the 121 podcasts out there are important, well, you’re missing 12% of your audience. It’s over a million people. If you’re not on a weekly podcast in one of these podcasts in the world, there’s still people that read one of the 106 magazines in the world. [00:09:55] Jay McBain: There are people that love peer groups, associations, they wanna be part of this. There’s 15 different ways people are influenced. And a solid grassroots strategy is how you make this happen. In the last 10 years, we’ve created a number of billionaires. Bottom up. They never had to go talk to la large enterprise. [00:10:15] Jay McBain: They never had to go build out a mid-market strategy. They just went and give away socks and new community marketing. And this has created, I could rip through a bunch of names that became unicorns just in the last couple of years, bottoms up. You go back to your board walking into next year, top down, bottom up. [00:10:34] Jay McBain: You’ve covered a hundred percent of your tam, and now you’ve covered it with names, faces, and places. You haven’t covered it with a flywheel or a theory. And for 44 years, we have gone to our board every fourth quarter with flywheels and theory. Trust me, partners are important. The channel is key to us. [00:10:57] Jay McBain: Well, let’s talk at the point of this granularity, and now we’re getting supported by technology 261 entrepreneurs. Many of them in the room actually here that are driving this ability to succeed with seven partners in every deal to exchange data to be able to exchange telemetry of these prospects to be able to see twice or three times in terms of pipeline of your target addressable market. [00:11:26] Jay McBain: All these ai, um, technologies, agentic technologies are coming into this. It’s all about data. It’s all about quantifiable names, faces, and places. Now none of us should be walking around with flywheels, so let’s flip the flywheels. No. Uh, so we also look at, and I sold PCs for 17 years and that was in the high times of 40% margins for partners. [00:11:55] Jay McBain: But one interesting thing when you study the p and l for broad base of partners around the world, it’s changed pretty significantly in this last 20 year era. What the cloud era did is dropped hardware from what used to be 84% plus the break fix and things that wrap around it of the p and l to now 16% of every partner in the world. [00:12:16] Jay McBain: 84% of their p and l is now software and services. And if you look at profitability, it’s worse. It’s actually 87% is profitability wise. They’ve completely shifted in terms of where they go. Now we look at other parts of our market. I could go through every part of the pie of the slide, but we’re watching each of the companies, and if you can see here, this is what we want to talk about in terms of ultimate partner. [00:12:43] Jay McBain: Microsoft has outgrown AWS for 26 straight quarters. They don’t have a better product. They don’t have a better price, they don’t have better promotion. It’s all place. And I’ll explain why you guess here in the light green line. Exactly. The day that Google went a hundred percent all in partner, every deal, even if a deal didn’t have a partner, one of the 4% of deals that didn’t have a partner, they injected a partner. [00:13:09] Jay McBain: You can see on the left side exactly where they did it. They got to the point of a hundred percent partner driven. Rebuilt their programs, rebuilt their marketplace. Their marketplace is actually larger than Microsoft’s, and they grew faster than Microsoft. A couple of those quarters. It is a partner driven future, and now I have Oracle, which I just walked by as I walked from the hotel. [00:13:31] Jay McBain: Oracle with their RPOs will start to join. Maybe the list of three hyperscalers becomes the list of four in future slides, but that’s a growth slide. Market share is different. AWS early and commanding lead. And it plays out, uh, plays out this way. But we’re at an interesting moment and I stood up six years ago talking about the decade of the ecosystem after we went through a decade of sales starting in 1999 when we all thought we were born to be salespeople. [00:14:02] Jay McBain: We managed territories with our gut. The sales tech stack would have it different, that sales was a science, and we ended the decade 2009, looking at sales very differently in 2009. I remember being at cocktail parties where CMOs would be joking around that 50% of their marketing dollars were wasted. They just didn’t know which 50%. [00:14:23] Jay McBain: And I’ll tell you, that was really funny. In 2009 till every 58-year-old CMO got replaced by a 38-year-old growth hacker who walked in with 15,348 SaaS companies in their MarTech and ad tech stack to solve the problem, every nickel of marketing by 2019 was tracked. Marketo, Eloqua, Pardot, HubSpot, driving this industry. [00:14:50] Jay McBain: Now, we stood up and said the 28 moments that come before a sale are pretty much all partner driven. In the best case scenario, a vendor might see four of the moments. They might come to your website, maybe they read an ebook, maybe they have a salesperson or a demo that comes in. That’s four outta 28 moments. [00:15:10] Jay McBain: The other 24 are done by partners. Yeah, in the worst case scenario and the majority scenario, you don’t see any of the moments. All 28 happen and you lose a deal without knowing there ever was a deal. So this is it. We need to partner in these moments and we need to inject partners into sales and marketing, like no time before, and this was the time to do it. [00:15:33] Jay McBain: And we got some feedback in the Salesforce state of sales report, which doesn’t involve any partnerships or, or. Channel Chiefs or anything else. This is 5,500 of the biggest CROs in the world that obviously use Salesforce. 89% of salespeople today use partners every day. For the 11% who don’t, 58% plan two within a year. [00:15:57] Jay McBain: If you add those two numbers together, that’s magically the 96% number. They recognize that every deal has partners in it. In 2024, last year, half of the salespeople in the world, every industry, every country. Miss their numbers. For the minority who made their numbers, 84 point percent pointed to partners as the reason why they made their numbers. [00:16:21] Jay McBain: It was the cheat code for sales, so that modern salesperson that knows how to orchestrate a deal, orchestrate the 28 moments with the seven partners and get to that final spot is the winning formula. HubSpot’s number in separate research was 84% in marketing. So we’re starting to see partners in here. We don’t have to shout from the mountaintops. [00:16:44] Jay McBain: These communities like ultimate Partner are working and we’re getting this to the highest levels in the board. And I’ll say that, you know, when 20 years from now half of the companies we know and love fail after we’re done writing the book and blaming the CEO for inventing the thing that ended up killing them, blaming the board for fiduciary responsibility and letting it happen. [00:17:06] Jay McBain: What are the other chapters of the book? And I think it’s all in one slide. We are in this platform economy and the. [00:17:31] Jay McBain: So your battery’s fine. Check, check, check, check. Alright, I’ll, I’ll just hold this in case, but the companies that execute on all five of these areas, well. Not only today become the trillion dollar valued companies, but they become the companies of tomorrow. These will be the fastest growing companies at every level. [00:17:50] Jay McBain: Not only running a platform business, but participating in other platforms. So this is how it breaks out, and there are people at very senior levels, at very big companies that have this now posted in the office of the CEO winning on integrations is everything. We just went through a demographic shift this year where 51% of our buyers are born after 1982. [00:18:15] Jay McBain: Millennials are the number one buyer of the $5 trillion. Their number one buying criteria is not service. Support your price, your brand reputation, it’s integrations. The buy a product, 80% is good as the next one if it works better in their environment. 79% of us won’t buy a car unless it has CarPlay or Android Auto. [00:18:34] Jay McBain: This is an integration world. The company with the most integrations win. Second, there are seven partners that surround the customer. Highly trusted partners. We’re talking, coaching the customer’s, kids soccer team, having a cottage together up at the lake. You know, best men, bate of honors at weddings type of relationships. [00:18:57] Jay McBain: You can’t maybe have all seven, but how does Microsoft beat AWS? They might have had two, three, or four of them saying nice things about them instead of the competition. Winning in service partnerships and channel partnerships changes by category. If you’re selling MarTech, only 10% of it today is resold, so you build more on service partnerships. [00:19:18] Jay McBain: If you’re in cybersecurity today, 91.6% of it is resold. Transacted through partners. So you build a lot of channel partnerships, plus the service partnerships, whatever the mix is in your category, you have to have two or three of those seven people. Saying nice things about you at every stage of the customer journey. [00:19:38] Jay McBain: Now move over to alliances. We have already built the platforms at the hyperscale level. We’ve built the platforms within SaaS, Salesforce, ServiceNow, Workday, Marketo, NetSuite, HubSpot. Every buyer has a set of platforms that they buy. We’ve now built them in cybersecurity this year out of 6,500 as high as cyber companies, the top five are starting to separate. [00:20:02] Jay McBain: We built it in distribution, which I’ll show in a minute. We’re building it in Telco. This is a platform economy and alliances win and you have alliances with your competitors ’cause you compete in the morning, but you’re best friends by the afternoon. Winning in other platforms is just as important as driving your own. [00:20:20] Jay McBain: And probably the most important part of this is go to market. That sales, that marketing, the 28 moments, the every 30 days forever become all a partner strategy. So there’s still CEOs out there that believe platform is a UI or UX on a bunch of disparate products and things you’ve acquired. There’s still CFOs out there that Think platform is a pricing model, a bundle model of just getting everything under one, you know, subscription price or consumption price. [00:20:51] Jay McBain: And it’s not, platforms are synonymous with partnerships. This is the way forward and there’s no conversation around ai. That doesn’t involve Nvidia over there, an open AI over here and a hyperscaler over there and a SaaS company over here. The seven layer stack wins every single time, and the companies that get this will be the ones that survive this cycle. [00:21:16] Jay McBain: Now, flipping over to marketplaces. So we had written research that, um, about five years ago that marketplaces were going to grow at 82% compounded. Yeah, probably one of the most accurate predictions we ever made, because it happened, we, we predicted that, uh, we were gonna get up to about $85 billion. Well, now we’ve extended that to 2030, so we’re gonna get up to $163 billion, and the thing that we’re watching is in green. [00:21:46] Jay McBain: If 96% of these deals are partner assisted in some way, how is the economics of partnering going to work? We predicted that 50% of deals by 2027. Would be partner funded in some way. Private offers multi-partner offers distributor sellers of record, and now that extends to 59% by 2030, the most senior leader of the biggest marketplace AWS, just said to us they’re gonna probably make these numbers on their own. [00:22:14] Jay McBain: And he asked what their two competitors are doing. So he’s telling us that we under called this. Now when you look at each of the press releases, and this is the AWS Billion Dollar Club. Every one of the companies on the left have issued a press release that they’re in the billion dollar club. Some of them are in the multi-billions, but I want you to double click on this press release. [00:22:35] Jay McBain: I’m quoted in here somewhere, but as CrowdStrike is building the marketplace at 91% compounded, they’re almost doubling their revenue every single year. They’re growing the partner funding, in this case, distributor funding by 3548%. Almost triple digit growth in marketplace is translating into almost quadruple digit growth in funding. [00:23:01] Jay McBain: And you see that over and over again as, as Splunk hit three, uh, billion dollars. The same. Salesforce hit $2 billion on AWS in Ulti, 18 months. They joined in October 20, 23, and 18 months later, they’re already at $2 billion. But now you’re seeing at Salesforce, which by the way. Grew up to $40 billion in revenue direct, almost not a nickel in resell. [00:23:28] Jay McBain: Made it really difficult for VARs and managed service providers to work with Salesforce because they couldn’t understand how to add services to something they didn’t book the revenue for. While $40 billion companies now seeing 70% of their deals come through partners. So this is just the world that we’re in. [00:23:44] Jay McBain: It doesn’t matter who you are and what industry you’re in, this takes place. But now we’re starting to see for the first time. Partners join the billion dollar club. So you wonder about partnering and all this funding and everything that’s working through Now you’re seeing press releases and companies that are redoing their LinkedIn branding about joining this illustrious club without a product to sell and all the services that wrap around it. [00:24:10] Jay McBain: So the opening session on Microsoft was interesting because there’s been a number of changes that Microsoft has done just in the last 30 days. One is they cut distribution by two thirds going from 180 distributors to 62. They cut out any small partner lower than a thousand dollars, and that doesn’t sound like a lot, but that’s over a hundred thousand partners that get deed tightening the long tail. [00:24:38] Jay McBain: They we’re the first to really put a global point system in place three years ago. They went to the new commerce experience. If you remember, all kinds of changes being led by. The biggest company for the channel. And so when we’re studying marketplaces, we’re not just studying the three hyperscalers, we’re studying what TD Cynic is doing with Stream One Ingram’s doing with Advant Advantage Aerosphere. [00:25:01] Jay McBain: Also, we’re watching what PAX eight, who by the way, is the 365 bestseller for Microsoft in the world. They are the cybersecurity leader for Microsoft in the world and the copilot. Leader in the world for Microsoft and Partner of the Year for Microsoft. So we’re watching what the cloud platforms are doing, watching what the Telco are doing, which is 25 cents out of every dollar, if you remember that pie chart, watching what the biggest resellers are converting themselves into. [00:25:30] Jay McBain: Vince just mentioned, you know, SHI in the changes there watching the managed services market and the leaders there, what they’re doing in terms of how this industry’s moving forward. By the way, managed services at $608 billion this year. Is one and a half times larger than the SaaS industry overall. [00:25:48] Jay McBain: It’s also one and a half times larger than all the hyperscalers combined. Oracle, Alibaba, IBM, all the way down. This is a massive market and it makes up 15 to 20 cents of every dollar the customer spend. We’re watching that industry hit a trillion dollars by the end of the decade, and we’re watching 150 different marketplace development platforms, the distribution of our industry, which today is 70.1% indirect. [00:26:13] Jay McBain: We’re starting to see that number, uh, solidify in terms of marketplaces as well. Watching distributors go from that linear warehouse in a bank to this orchestration model, watching some of the biggest players as the world comes around, platforms, it tightens around the place. So Caresoft, uh, from from here is the sixth biggest distributor in the world. [00:26:40] Jay McBain: Just shows you how big the. You know, biggest client in the world is that they serve. But understand that we’re publishing the distributor 500 list, but it’ll be the same thing. That little group in blue in the middle today, you know, drives almost two thirds of the market. So what happens in all this next stage in terms of where the dollars change hands. [00:27:07] Jay McBain: And the economics of partnering themselves are going through the most radical shift that we’ve seen ever. So back to the nineties, and, and for those of you that have been channel chiefs and running programs, we went to work every day. You know, everything’s on fire. We’re trying to check hundred boxes, trying to make our program 10% better than our competitors. [00:27:30] Jay McBain: Hey, we gotta fix our deal registration program today, and our incentives are outta whack or training programs or. You know, not where they need to be. Our certification, you know, this was the life of, uh, of a channel chief. Everybody thought we were just out drinking in the Caribbean with our best partners, but we were under the weight of this. [00:27:49] Jay McBain: But something interesting has happened is that we turned around and put the customer at the middle of our programs to say that those 28 moments in green before the sale are really, really important. And the seven partners who participate are really important. Understanding. The customer’s gonna buy a seven layer stack. [00:28:09] Jay McBain: They’re gonna buy it With these seven partners, the procurement stage is much different. The growth of marketplaces, the growth of direct in some of these areas, and then long term every 30 days forever in a managed service, implementations, integrations, how you upsell, cross-sell, enrich a deal changes. So how would you build a program that’s wrapped around the customer instead of the vendor? [00:28:35] Jay McBain: And we’re starting to hear our partners shout back to us. These are global surveys, big numbers, but over half of our partners, regardless of type, are selling consulting to their customer. Over half are designing architecting deals. A third of them are trying to be system integrators showing up at those implementation integration moments. [00:28:55] Jay McBain: Two thirds of them are doing managed services, but the shocking one here is 44% of our partners, regardless of type, are coding. They’re building agents and they’re out helping their customer at that level. So this is the modern partner that says, don’t typecast me. You may have thought of me in your program. [00:29:14] Jay McBain: You might have me slotted as a var. Well, I do 3.2 things, and if I don’t get access to those resources, if you don’t walk me to that room, I’m not gonna do them with you. You may have me as a managed service provider that’s only in the morning. By the afternoon I’m coding, and by the next morning I’m implementing and consulting. [00:29:33] Jay McBain: So again, a partner’s not a partner. That Venn diagram is a very loose one now, as every partner on there is doing 3.2 different business models. And again, they’re telling us for 43 years, they said, I want more leads this year it changed. For the first time, I want to be recognized and incentivized as more than just a cash register for you. [00:29:57] Jay McBain: I want you to recognize when I’m consulting, when I’m designing, when you’re winning deals, because of my wonderful services, by the way, we asked the follow up question, well, where should we spend our money with you? And they overwhelmingly say, in the consulting stage, you win and lose deals. Not at moment 28. [00:30:18] Jay McBain: We’re not buying a pack of gum at the gas station. This is a considered purchase. You win deals from moment 12 through 16 and I’m gonna show you a picture of that later, and they say, you better be spending your money there, or you’re not gonna win your fair share or more than your fair share of deals. [00:30:36] Jay McBain: The shocking thing about this is that Microsoft, when they went to the point system, lifted two thirds of all the money, tens of billions of dollars, and put it post-sale, and we were all scratching our heads going. Well, if the partners are asking for it there, and it seems like to beat your biggest competitors, you want to win there. [00:30:54] Jay McBain: Why would you spend the money on renewal? Well, they went to Wall Street and Goldman Sachs and the people who lift trillions of dollars of pension funds and said, if we renew deals at 108%, we become a cash machine for you. And we think that’s more valuable than a company coming out with a new cell phone in September and selling a lot of them by Christmas every year. [00:31:18] Jay McBain: The industry. And by the way, wall Street responded, Microsoft has been more valuable than Apple since. So we talk in this now multiplier language, and these are reports that we write, uh, at AMIA at canals. But talking about the partner opportunity in that customer cycle, the $6 and 40 cents you can make for every dollar of consumption, or the $7 and 5 cents you can make the $8 and 45 cents you can make. [00:31:46] Jay McBain: There’s over 24 companies speaking at this level now, and guess what? It’s not just cloud or software companies. Hardware companies are starting to speak in this language, and on January 25th, Cisco, you know, probably second to Microsoft in terms of trust built with the channel globally is moving to a full point system. [00:32:09] Jay McBain: So these are the changes that happen fast. But your QBR with your partners now less about drinking beers at the hotel lobby bar and talking dollar by dollar where these opportunities are. So if you’re doing 3.2 of these things, let’s build out a, uh, a play where you can make $3 for every dollar that we make. [00:32:28] Jay McBain: And you make that profitably. You make it in sticky, highly retained business, and that’s the model. ’cause if you make $3 for every dollar. We make, you’re gonna win Partner of the year, and if you win partner of the year, that piece of glass that you win on stage, by the time you get back to your table, you’re gonna have three offers to buy your business. [00:32:51] Jay McBain: CDW just bought a w. S’s Partner of the Year. Insight bought Google’s eight time partner of the year. Presidio bought ServiceNow’s, partner of the year over and over and over again. So I’m at Octane, I’m at CrowdStrike, I’m at all these events in Vegas every week. I’m watching these partners of the year. [00:33:05] Jay McBain: And I’m watching as the big resellers. I’m watching as the GSIs and the m and a folks are surrounding their table after, and they’re selling their businesses for SaaS level valuations. Not the one-to-one service valuation. They’re getting multiples because this is the new future of our industry. This is platform economics. [00:33:25] Jay McBain: This is winning and platforms for partners. Now, like Vince, I spent 20 minutes without talking about ai, but we have to talk about ai. So the next 20 years as it plays out is gonna play out in phases. And the first thing you know to get it out of the way. The first two years since that March of 23, has been underwhelming, to say the least. [00:33:47] Jay McBain: It’s been disappointing. All the companies that should have won the biggest in AI have been the most disappointing. It’s underperformed the s and p by a considerable amount in terms of where we are. And it goes back to this. We always overestimate the first two years, but we underestimate the first 10. [00:34:07] Jay McBain: If you wanna be the point in time person and go look at that 1983 PC or the 1995 internet or that 2007 iPhone or that whatever point in time you wanna look at, or if you want to talk about hallucinations or where chat chip ET version five is version, as opposed to where it’s going to be as it improves every six months here on in. [00:34:30] Jay McBain: But the fact of the matter is, it’s been a consumer trend. Nvidia got to be the most valuable company in the world. OpenAI was the first company to 2 billion users, uh, in that amount of speed. It’s the fastest growing product ever in history, and it’s been a consumer win this trillions of dollars to get it thrown around in the press releases. [00:34:49] Jay McBain: They’re going out every day, you know, open ai, signing up somebody new or Nvidia, investing in somebody new almost every single day in hundreds of billions of dollars. It is all happening really on the consumer side. So we got a little bit worried and said, is that 96% of surround gonna work in ag agentic ai? [00:35:10] Jay McBain: So we went and asked, and the good news is 88% of end customers are using partners to work through their ag agentic strategy. Even though they’re moving slow, they’re actually using partners. But what’s interesting from a partner perspective, and this is new research that out till 2030. This is the number one services opportunity in the entire tech or telco industry. [00:35:34] Jay McBain: 35.3% compounded growth ending at $267 billion in services. Companies are rebuilding themselves, building out practices, and getting on this train and figuring out which vendors they should hook their caboose to as those trains leave the station. But it kind of plays out like this. So in the next three to five years, we’re in this generative, moving into agentic phase. [00:36:01] Jay McBain: Every partner thinks internally first, the sales and marketing. They’re thinking about their invoicing and billing. They’re thinking about their service tickets. They’re thinking about creating a business that’s 10% better than their competitors, taking that knowledge into their customers and drive in business. [00:36:17] Jay McBain: But we understand that ag agentic AI, as it’s going to play out is not a product. A couple of years ago, we thought maybe a copilot or an agent force or something was going to be the product that everybody needed to buy, and it’s not a product, it’s gonna show up as a feature. So you go back in the history of feature ads and it’s gonna show up in software. [00:36:38] Jay McBain: So if you’re calling in SMB, maybe you’re calling on a restaurant. The restaurant isn’t gonna call OpenAI or call Microsoft or call Nvidia directly. They’re running their restaurant. And they may have chosen a platform like Toast Square, Clover, whatever iPads people are running around with, runs on a platform that does everything in their business, does staffing, does food ordering, works with Uber Eats, does everything end to end? [00:37:08] Jay McBain: They’re gonna wait to one of those platforms, dries out agent AI for them, and can run the restaurant more effectively, less human capital and more consistently, but they wait for the SaaS platform as you get larger. A hundred, 150 people. You have vice presidents. Each of those vice presidents already have a SaaS stack. [00:37:28] Jay McBain: I talked about Salesforce, ServiceNow, Workday, et cetera. They’ve already built that seven layer model and in some cases it’s 70 layers. But the fact is, is they’re gonna wait for those SaaS layers to deliver ag agentic to them. So this is how it’s gonna play out for the next three and a half, three to five years. [00:37:45] Jay McBain: And partners are realizing that many of them were slow to pick up SaaS ’cause they didn’t resell it. Well now to win in this next three to half, three to five years, you’re gonna have to play in this environment. When you start looking out from here, the next generation, you know, kind of five through 15 years gets interesting in more of a physical sense. [00:38:06] Jay McBain: Where I was yesterday talking about every IOT device that now is internet access, starts to get access to large language models. Every little sensor, every camera, everything that’s out there starts to get smart. But there’s a point. The first trillionaire, I believe, will be created here. Elon’s already halfway there. [00:38:24] Jay McBain: Um, but when Bill Gates thought there was gonna be a PC in every home, and IBM thought they were gonna sell 10,000 to hobbyists, that created the richest person in the world for 20 years, there will be a humanoid in every home. There’s gonna be a point in time that you’re out having drinks with your friends, and somebody’s gonna say, the early adopter of your friends is gonna say. [00:38:46] Jay McBain: I haven’t done the dishes in six weeks. I haven’t done the laundry. I haven’t made my bed. I haven’t mowed the lawn. When they say that, you’re gonna say, well, how? And they’re gonna say, well, this year I didn’t buy a new car, but I went to the car dealership and I bought this. So we’re very close to the dexterity needed. [00:39:05] Jay McBain: We’ve got the large language models. Now. The chat, GPT version 10 by then is going to make an insane, and every house is gonna have one of the. [00:39:17] Jay McBain: This is the promise of ai. It’s not humanoid robots, it’s not agents. It’s this. 99% of the world’s business data has not been trained or tuned into models yet. Again, this is the slow moving business. If you want to think about the 99% of business data, every flight we’ve all taken in this room sits on a saber system that was put in place in 1964. [00:39:43] Jay McBain: Every banking transaction, we’ve all made, every withdrawal, every deposit sits on an IBM mainframe put in place in the sixties or seventies. 83% of this data sits in cold storage at the edge. It’s not ready to be moved. It’s not cleansed, it’s not, um, indexed. It’s not in any format or sitting on any infrastructure that a large language model will be able to gobble up the data. [00:40:10] Jay McBain: None of the workflows, none of the programming on top of that data is yet ready. So this is your 10 to 20 year arc of this era that chat bot today when they cancel your flight is cute. It’s empathetic, it feels bad for you, or at least it seems to, but it can’t do anything. It can’t book you the Marriott and get you an Uber and then a 5:00 AM flight the next morning. [00:40:34] Jay McBain: It can’t do any of that. But more importantly, it doesn’t know who you are. I’ve got 53 years of flights under my belt and they, I’m the person that get me within six hours of my kids and get me a one-way Hertz rental. You know, if there’s bad weather in Miami, get me to Tampa, get me a Hertz, I’m driving home, I’m gonna make it home. [00:40:56] Jay McBain: I’m not the 5:00 AM get me a hotel person. They would know that if they picked up the flights that I’ve taken in the past. Each of us are different. When you get access to the business data and you become ag agentic, everything changes. Every industry changes because of this around the customers. When you ask about this 35% growth, working on that data, working in traditional consulting and design and implementation, working in the $7 trillion of infrastructure, storage, compute, networking, that’s gonna be around, this is a massive opportunity. [00:41:30] Jay McBain: Services are gonna continue to outgrow products. Probably for the next five to 10 years because of this, and I’m gonna finish here. So we talked a lot about quantifying names, faces, places, and I think where we failed the most as ultimate partners is underneath the tam, which every one of our CEOs knows to the decimal point underneath the TAM that our board thinks they’re chasing. [00:41:59] Jay McBain: We’ve done a very poor job. Of talking about the available markets and obtainable markets underneath it, we, we’ve shown them theory. We’ve shown them a bunch of, you know, really smart stuff, and PowerPoint slides up the wazoo, but we’ve never quantified it for them. If they wanna win, if they want to get access, if they want to double their pipeline, triple their pipeline, if they wanna start winning more deals, if they wanna win deals that are three times larger, they close two times faster. [00:42:31] Jay McBain: And they renew 15% larger. They have to get into the available and obtainable markets. So just in the last couple weeks I spoke at Cribble, I spoke at Octane, I spoke at CrowdStrike Falcon. All three of those companies at the CEO level, main stage use those exact three numbers, three x, two x, 15%. That’s the language of platforms, and they’re investing millions and millions and millions of dollars on teams. [00:42:59] Jay McBain: To go build out the Sam Andal in name spaces and places. So you’ve heard me talk about these 28 moments a lot. They’re the ones that you spend when you buy a car. Some people spend one moment and they drive to the Cadillac dealership. ’cause Larry’s been, you know, taking care of the family for 50 years. [00:43:18] Jay McBain: Some people spend 50 moments like I do, watching every YouTube video and every, you know, thing on the internet. I clear the internet cover to cover. But the fact is, is every deal averages around these 28 moments. Your customer, there’s 13 members of the buying committee today. There’s seven partners and they’re buying seven things. [00:43:37] Jay McBain: There’s 27 things orchestrating inside these 28 moments. And where and how they all take place is a story of partnering. So a couple of years ago, canals. Latin for channel was acquired by amia, which is a part of Informa Tech Target, which is majority owned by Informa. All that being said, there’s hundreds of magazines that we have. [00:44:00] Jay McBain: There’s hundreds of events that we run. If somebody’s buying cybersecurity, they probably went to Black Hat or they probably went to GI Tech. One of these events we run, or one of the magazines. So we pick up these signals, these buyer intent signals as a company. Why did they wanna, um, buy a, uh, a Canals, which was a, you know, a small analyst firm around channels? [00:44:22] Jay McBain: They understood this as well. The 28 moments look a lot like this when marketers and salespeople are busy filling in the spots of every deal. And by the way, this is a real deal. AstraZeneca came in to spend millions of dollars on ASAP transformation, and you can start to see as the customer got smart. [00:44:45] Jay McBain: The eBooks, they read the podcasts, they listened to the events they went to. You start to see how this played out over the long term. But the thing we’ve never had in our industry is the light blue boxes. This deal was won and lost in December. In this particular case, NTT software won and Yash came in and sold the customer five projects. [00:45:07] Jay McBain: The millions of dollars that were going to be spent were solved here. The design and architecture work was all done here. A couple of ISVs You see in light blue came in right at the end, deal was closed in April. You see the six month cycle. But what if you could fill in every one of the 28 boxes in every single customer prospect that your sales and marketing team have? [00:45:30] Jay McBain: But here’s the brilliance of this. Those light blue boxes didn’t win the deals there. They won the deals months before that. So when NTT and Software one walked into this deal. They probably won the deal back in October and they had to go through the redlining. They had to go through the contracting, they had to go through all the stuff and the Gantt chart to get started. [00:45:54] Jay McBain: But while your CMO is getting all excited about somebody reading an ebook and triggering an MQL that the sales team doesn’t want, ’cause it’s not qualified, it’s not sales qualified, you walk in and say, no, no. This is a multimillion deal, dollar deal. It’s AstraZeneca. I know the five partners that are coming in in December to solidify the seven layers, and you’re walking in at the same time as the CMOs bragging about an ebook. [00:46:21] Jay McBain: This changes everything. If we could get to this level of data about every dollar of our tam, we not only outgrow our competitors, we become the platforms of the next generation. Partnering and ultimate partnering is all here. And this is what we’re doing in this room. This is what we’re doing over these couple of days, and this is what, uh, the mission that Vince is leading. [00:46:43] Jay McBain: Thank you so much. [00:46:47] Vince Menzione: Woo. Day in the house. Good to see you my friend. Good to see you. Oh, we’re gonna spend a couple minutes. Um, I’m put you in the second seat. We’re gonna put, we’re gonna make it sit fireside for a minute. Uh, that was intense. It was pretty incredible actually, Jay. And so I’m, I think I wanna open it up ’cause we only have a few minutes just to, any questions? [00:47:06] Vince Menzione: I’m sure people are just digesting. We already have one up here. See, [00:47:09] Question: Jay knows I’m [00:47:10] Vince Menzione: a question. I love it. We, I don’t think we have any I can grab a mic, a roving mic. I could be a roving mic person. Hold on. We can do this. This is not on. [00:47:25] Vince Menzione: Test, test. Yes it is. Yeah. [00:47:26] Question: Theresa Carriol dared me to ask a question and I say, you don’t have to dare me. You know, I’m going to Anyway. Um, so Jay, of the point of view that with all of the new AI players that strategic alliances is again having a moment, and I was curious your point of view on what you’re seeing around this emergence and trend of strategic alliances and strategic alliance management. [00:47:52] Question: As compared to channel management. And what are you seeing in terms of large vendors like AWS investing in that strategic alliance role versus that channel role training, enablement, measurement, all that good stuff? [00:48:06] Jay McBain: Yeah, it’s, it’s a great question. So when I told the story about toast at the restaurant or Square or Clover, they’re not call, they’re not gonna call open AI or Nvidia themselves either. [00:48:17] Jay McBain: When you look out at the 250,000 ISVs. That make up this AI stack, there is the layers that happen there. So the Alliance with AWS, the alliance they have with Microsoft or Google is going to be how they generate agent AI in their platforms. So when I talk about a seven layer stack, the average deal being seven layers, AI is gonna drive this to nine, and then 11, then probably 13. [00:48:44] Jay McBain: So in terms of how alliances work, I had it up there as one of the five core strategies, and I think it’s pretty even. You can have the best alliances in the world, but if the seven partners trusted by the customer don’t know what that alliance is and the benefits to the customer and never mention it, it’s all for Naugh. [00:49:00] Jay McBain: If you’re go-to market, you’re co-selling, your co-marketing strategies are not built around that alliance. It’s all for naught. If the integration and the co-innovation, the co-development, the all the co-creation work that’s done inside these alliances isn’t translated to customer outcomes, it’s all for naugh. [00:49:17] Jay McBain: These are all five parallel swim lanes. All five are absolutely critically needed. And I think they’re all five pretty equally weighted in terms of needing each other. Yes. To be successful in the era of platforms. Yeah. [00:49:32] Vince Menzione: And the problem is they’re all stove pipe today. If, if at all. Yeah. Maintained, right. [00:49:36] Vince Menzione: Alliances is an example. Channels and other example. They don’t talk to one another. Judge any, we’ve got a mic up here if anybody else has. Yep. We have some questions here, Jacqueline. [00:49:51] Question: So when we’re developing our channel programs, any advice on, you know, what’s the shift that we should make six months from now, a year from now? The historical has been bronze, silver, gold, right? And you’ve got your deal registration, but what’s the future look like? [00:50:05] Jay McBain: Yeah, so I mean, the programs are, are changing to, to the point where the customer should be in the middle and realizing the seven partners you need to win the deal. [00:50:15] Jay McBain: And depending on what category of product you’re in, security, how much you rely on resell, 91.6%. You know, the channel partners are gonna be critical where the customer spends the money. And if you’re adding friction to that process, you’re adding friction in terms of your growth. So you know, if you’re in cybersecurity, you have to have a pretty wide open reseller model. [00:50:39] Jay McBain: You have to have a wide open distribution model, and you have to make sure you’re there at that point of sale. While at the same time, considering the other six partners at moment 12 who are in either saying nice things about you or not, the customer might even be starting with you. ’cause there is actually one thing that I didn’t mention when I showed the 28 moments filled in. [00:51:00] Jay McBain: You’ll notice that the customer went to AWS twice direct. AWS lost the deal. Microsoft won the deal software. One is Microsoft’s biggest reseller in the world. They just acquired crayon. NTT who, who loves both had their Microsoft team go in. [00:51:18] Question: Mm. [00:51:19] Jay McBain: So I think that they went to AWS thinking it was A-W-S-S-A-P, you know, kind of starting this seven layer stack. [00:51:25] Jay McBain: I think they finished those, you know, critical moments in the middle looking at it. And then they went back to AWS kind of going probably WWTF. Yeah. What we thought was happening isn’t actually the outcome that was painted by our most trusted people. So, you know, to answer your question, listen to your partners. [00:51:43] Jay McBain: They want to be recognized for the other things they’re doing. You can’t be spending a hundred percent of the dollars at the point of sale. You gotta have a point of system that recognizes the point of sale, maybe even gold, silver, bronze, but recognizing that you’re paying for these other moments as well. [00:51:57] Jay McBain: Paying for alliances, paying for integrations and everything else, uh, in the cyber stack. And, um, you know, recognizing also the top 1000. So if I took your tam. And I overlaid those thousand logos. I would be walking into 2026 the best I could of showing my company logo by logo, where 80% of our TAM sits as wallet share, not by revenue. [00:52:25] Jay McBain: Remember, a million dollar partner is not a million dollar partner. One of them sells 1.2 million in our category. We should buy them a baseball cap and have ’em sit in the front row of our event. One of them sells $10 million and only sells our stuff if the customer asks. So my company should be looking at that $9 million opportunity and making sure my programs are writing the checks and my coverage. [00:52:48] Jay McBain: My capacity and capability planning is getting obsessed over that $9 million. My farmers can go over there, my hunters can go over here, and I should be submitting a list of a thousand sorted in descending order of opportunity. Of where my company can write program dollars into. [00:53:07] Vince Menzione: Great answer. All right. I, I do wanna be cognizant of time and the, all the other sessions we have. [00:53:14] Vince Menzione: So we’ll just take one other question if there are any here and if not, we’ll let I know. Jay, you’re gonna be mingling around for a little while before your flight. I’m [00:53:21] Jay McBain: here the whole day. [00:53:22] Vince Menzione: You, you’re the whole day. I see that Jay’s here the whole day. So if you have any other questions and, and, uh, sharing the deck is that. [00:53:29] Vince Menzione: Yep. Alright. We have permission to share the deck with the each of you as well. [00:53:34] Jay McBain: Alright, well thank you very much everyone. Jay. Great to have you.

During the late 19th and early 20th centuries, it was erroneously believed that there were "canals" on the planet Mars. These were a network of long straight lines in the equatorial regions from 60° north to 60° south latitude on Mars, observed by astronomers using early telescopes without photography. They were first described by the Italian astronomer Giovanni Schiaparelli during the opposition of 1877, and attested to by later observers. Schiaparelli called these canali ("channels"), which was mistranslated into English as "canals". The Irish astronomer Charles E. Burton made some of the earliest drawings of straight-line features on Mars, although his drawings did not match Schiaparelli's.

Human Suffering and Bureaucratic Incompetence at Abbey Gate: Colleagues Jerry Dunleavy and James Hassondescribe the physical layout of the airport and the horrific overcrowding that led to civilians suffocating in sewage canals, explaining that constant shifting of entry rules and the State Department's failure to provide adequate consular support exacerbated the chaos, hindering the Marines' ability to process evacuees. 1910 AFGHANISTAN

3. From Newtonian Physics to Canals: Projecting Life onto Mars. Matthew Shindell discusses how the shift from ancient cosmology to modern science was a slow process, with figures like Galileo and Newton developing new observations and physics. Enlightenment thinkers, including Buffon and Laplace, began searching for a natural (rather than divine) origin for the solar system, establishing that the planets are related and obey universal laws. This led to speculation about life elsewhere. Astronomer William Herschel believed that all planets, especially the Earth-like Mars, were likely inhabited, as it was common Enlightenment belief that God would not create empty space. By the late 19th century, Richard Proctor and Giovanni Schiaparelli intensified focus on Mars. American astronomer Percival Lowell popularized the idea of Martian "canals" and interpreted Mars as a glimpse into Earth's eventual desert-like future. This vision influenced authors like H.G. Wells, who used the idea of alien Martian invaders in War of the Worlds as a satire of the British Empire's destructive colonial actions. 1960

 #839 Show Notes: https://wetflyswing.com/839 Presented By: FishHound Expeditions, Smitty's Fly Box, Mountain Waters Resort, Jackson Hole Fly Company Sponsors: https://wetflyswing.com/sponsors Ben Smith of Arizona Wanderings walks us across Arizona — from the high-country creeks that hold Apache trout to the canals and reclaimed ponds around Phoenix, where carp and tilapia lurk. He talks native-fish recovery efforts, the best shoulder-season windows for trout, small-stream tactics (long leaders, stealth, and micro presentations), and the surprisingly wide variety of warm- and cold-water opportunities within a few hours of the city. Along the way, Ben shares how he started blogging, why he still ties flies and furled leaders, and how junior angler programs are getting kids bitten by the fishing bug. #839 Show Notes: https://wetflyswing.com/839