Podcasts about capex

Oct 14, 2025 – AI circular financing raises concerns as firms invest trillions in infrastructure amid lagging user adoption and free Chinese models. With tech CapEx at 4.5% of GDP, risks loom if revenue growth and monetization don't materialize soon...

In this episode, Dan Nathan and Guy Adami break down a dramatic week in the markets, spotlighting the volatility surge driven by surprise tariff headlines and shifting macro risks. They dig into the growing dangers of passive investing, the outsized impact of the “Magnificent 7” on everyday portfolios, and why even small CapEx pullbacks in Big Tech could ripple across the market. The hosts also examine gold's frenzy (fueled by retail and historic central bank buying) and debate whether recent sell-offs foreshadow a broader reset, and warn that rising tariffs, weak consumer signals, and struggling IPOs could all spell trouble ahead. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Finding the right senior living community can be overwhelming for families and challenging for operators. In this episode of Bridge the Gap, returning guest David Hopkins, owner of Assisted Living Locators, shares how his placement services approach connects seniors with communities that truly fit their needs, builds trust between families and operators, and streamlines the decision-making process.Sponsored by Aline, NIC MAP, Procare HR, Sage, Hamilton CapTel, Service Master, The Bridge Group Construction and Solinity. Produced by Solinity Marketing.Become a sponsor of the Bridge the Gap Network.This episode was recorded at the 2025 FSLA conference.Connect with BTG on social media:YouTubeInstagramFacebookTwitterLinkedInTikTokMeet the Hosts:Lucas McCurdy, @SeniorLivingFan Owner, The Bridge Group Construction; Senior Living Construction Renovation, CapEx, and Reposition. Joshua Crisp, Founder and CEO, Solinity; Senior Living Development, Management, Marketing and Consulting.

Yesterday, Base Power announced a $1 billion series C, giving the residential battery company an eye-popping $4 billion post-money valuation. Base manufactures, installs, owns, and operates residential batteries — a vertical integration strategy that CEO Zach Dell says is the “magic” to beating utility-scale batteries on CapEx. The company also acts as an electricity retailer and sells generation capacity. So how does Base's business model work? And what will it do with its new fundraise?  In this episode, Shayle talks to Zach about Base's business model, the vertical integration strategy, and the challenges ahead. They cover topics like: The customer value proposition: how customers pay for backup power and Base uses the batteries for grid services Bases's “gentailer” business model in ERCOT, earning revenue from monthly customer fees, retail electricity sales, and battery arbitrage The regulated market approach, where Base sells capacity directly to utilities Base's vertical integration strategy: from ground-mounted designs to decoupled installation processes Challenges like managing a fixed workforce amid fluctuating demand and the declining price volatility in ERCOT Resources: New York Times: Base Power, a Battery-Focused Power Company, Raises $1 Billion Open Circuit: Is this moment for distributed energy different?   Catalyst: Is now the time for DERs to scale?  Credits: Hosted by Shayle Kann. Produced and edited by Daniel Woldorff. Original music and engineering by Sean Marquand. Stephen Lacey is our executive editor.  Catalyst is brought to you by Anza, a solar and energy storage development and procurement platform helping clients make optimal decisions, saving significant time, money, and reducing risk. Subscribers instantly access pricing, product, and supplier data. Learn more at ⁠go.anzarenewables.com/latitude⁠.  Catalyst is supported by EnergyHub. EnergyHub helps utilities build next-generation virtual power plants that unlock reliable flexibility at every level of the grid. See how EnergyHub helps unlock the power of flexibility at scale, and deliver more value through cross-DER dispatch with their leading Edge DERMS platform by visiting ⁠energyhub.com⁠. Catalyst is brought to you by Antenna Group, the public relations and strategic marketing agency of choice for climate and energy leaders. If you're a startup, investor, or global corporation that's looking to tell your climate story, demonstrate your impact, or accelerate your growth, Antenna Group's team of industry insiders is ready to help. Learn more at ⁠antennagroup.com⁠.

Andy Constan returns to Excess Returns to break down today's macro environment using his Four-Pillar Framework — growth, inflation, risk premia, and flows. Drawing on lessons from his time at Bridgewater and Brevan Howard, Andy explains how he blends systematic and discretionary approaches to form a clearer picture of markets. He discusses the AI-driven CapEx boom, the economic effects of tariffs, Fed independence under Trump, and why the current setup could produce extreme outcomes in either direction.Topics covered:Systematic vs. discretionary macro investingAndy's Four-Pillar Framework: growth, inflation, risk premia, and flowsHow AI CapEx is driving growth — and what happens when it stopsTariffs, policy shifts, and their impact on inflation and growthThe Fed's independence and what it means for marketsRisk premia, volatility, and asset allocation in uncertain environmentsHow major flows and corporate buybacks shape market directionWhy Andy sees a “digital” macro environment with binary outcomesTimestamps:00:00 Intro and setup02:00 Systematic vs. discretionary macro investing14:00 The Four-Pillar Framework explained22:00 Growth outlook and AI-driven CapEx boom33:00 The real impact of tariffs on the economy39:00 Thinking in probabilities and constructing macro portfolios40:00 Fed independence and policy alignment47:00 Labor market dynamics and AI uncertainty48:30 Risk premia and asset allocation56:00 Flows, buybacks, and corporate debt01:00:00 What Andy's watching next01:06:00 Why macro outcomes have never been more digital

John sits down with Micah Findley (HomeField) to talk about building a national brand in one of the most overlooked trades: The Septic Pumping Business. From pricing thousand-gallon pumps to dump fees, grease traps, and service agreements, this is the real playbook for scaling a modern Septic Pumping operation.They unpack the entire stack—how a Septic Truck Business goes beyond “just pumping” into repairs, installs, commercial work, and recurring maintenance—plus route density, transfer (frac) tanks, land application vs treatment plants, AR policies, and the software/marketing engines (LSA, PPC, ServiceTitan/Housecall Pro) that drive profitable Septic Pumping growth.

Franklin Equity Group's Matt Moberg joins us to discuss the economic impact of innovation and artificial intelligence. He provides insights on how historical context can inform investment strategy, reviews innovation beyond technology, and emphasizes the significance of AI-related capital expenditures as a transformative force in the global economy.

What happens when luxury design meets the wild?Award-winning designer, Graeme Labe, Managing Partner and Chief Design Officer at Luxury Frontiers, shares how he's redefining hospitality by crafting experiences that connect people deeply to nature, while championing sustainability and community. Graeme shares his journey from traditional hospitality design to founding Luxury Frontiers, which focuses on creating unique, luxurious experiences in remote locations. The conversation covers topics such as the importance of experiential hospitality, the challenges of working in remote environments, and the role of sustainability and community engagement in their projects. Graeme also discusses the innovation culture within his team, their participation in the Radical Innovation Award, and the significance of site-specific design.Takeaways: Focus on creating unique, immersive experiences that connect guests to their environment, rather than just providing traditional luxury.Design experiences that gently push guests out of their comfort zones, allowing them to grow while still feeling safe and cared for.Integrate sustainability into every aspect of your projects: from site selection and building materials to community engagement and ongoing operations.Foster a culture of innovation within your team. Set up internal labs or competitions to encourage experimentation with new materials and ideas.Use natural materials and let the surrounding environment take center stage in your designs. Break down barriers between indoors and outdoors to enhance biophilic experiences.Thoughtfully integrate technology to improve comfort and accessibility, but also create opportunities for guests to disconnect and fully immerse themselves in the experience.Treat logistical, regulatory, and environmental constraints as opportunities to innovate and improve your designs.Quote of the Show:“ It's those moments that take you out of your comfort zone, when you're truly immersed in a place, that change your life. That's the kind of experience we try to design for.” - Graeme LabeLinks:LinkedIn: https://www.linkedin.com/in/graeme-labe-a0332b19/ Website: https://www.luxury-frontiers.com/ Instagram: https://www.instagram.com/luxury_frontiers/ Shout Outs:1:16 - Radical Innovation https://www.radicalinnovation.io/ 1:53 - AHEAD Awards https://www.aheadawards.com/ 5:26 - The Lion King https://en.wikipedia.org/wiki/The_Lion_King 7:08 - Orient Express Hotels https://www.orient-express.com/hotels 9:47 - Volkswagen https://www.vw.com/en.html 9:48 - Coleman https://www.coleman.com/ 22:16 - Luca Franco https://www.linkedin.com/in/luca-franco-5507b311/ 28:18 - Blue Sky Award https://www.blueskyawards.com/en/ 30:41 - Anomien Smith https://www.linkedin.com/in/anomien-smith-73917715/ 35:02 - The Crown https://en.wikipedia.org/wiki/The_Crown_(TV_series) 35:05 - King George https://en.wikipedia.org/wiki/George_III 35:09 - Queen Elizabeth https://en.wikipedia.org/wiki/Elizabeth_II 41:34 - Hirsch Bedner https://hba.com/ 41:45 - Michael Bedner https://hba.com/legacy/ 50:59 - Six Senses https://www.sixsenses.com/en/ 51:04 - Ritz Carlton https://www.ritzcarlton.com/ 51:06 - Marriott https://www.marriott.com/default.mi 51:07 - Four Seasons https://www.fourseasons.com/ 

Show Highlights: Discover full-service design-build Keen Project Solutions. [06:22] Serving clients of all sizes in the agribusiness spectrum. [11:28] How to facilitate project-objective clarity with clients. [15:52] Why slow front-end planning matters for fast execution. [20:16] The “must-do” list for successful CapEx projects in ag. [27:54] The importance of appointing a dedicated project lead. [34:47] Minimizing gaps between operator needs and procurement strategies. [38:26] Keen's merit shop Millwright apprenticeship program. [44:15] To learn more about Keen Project Solutions, visit https://thinkdifferentthinkkeen.com/. Connect with Matt Frandsen on LinkedIn at https://www.linkedin.com/in/matt-frandsen-6ba3773/. If you are interested in connecting with Joe, go to LinkedIn: https://www.linkedin.com/in/joemosher/, or schedule a call at www.moshercg.com.  

Today, a fresh burst of speculative energy in the AI space on the OpenAI - AMD deal, which has generated some of the funnier takes from market observers as the level of absurdity is getting worse here. The deal is the latest step forward in what one observer has called the "AI capex endgame". We also talk the latest geopolitical bits and pieces, a series of must reads for whether this is an AI bubble and how it unwinds if so, macro and FX and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours from the time of the podcast release). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

In this episode, Dylan Vaccaro demonstrates Deal Queue, his AI-powered underwriting platform that transforms the grueling 2-3 hour underwriting process into a streamlined 10-15 minute workflow. Through a live demonstration, Dylan shows how the tool parses rent rolls, T-12s, and offering memorandums from PDFs and Excel files, automatically populating custom financial models while flagging common seller manipulations like miscategorized expenses. Angel emphasizes that underwriting should be treated as a living business plan rather than just an LOI tool, while both discuss the critical importance of human verification—AI assists but never replaces the underwriter's judgment. The conversation covers conservative underwriting assumptions, the difference between T-1, T-3, and T-12 statements, and why calculating cap rates on total invested capital matters more than purchase price alone. [00:00 - 05:00] Introduction to Deal Queue How Deal Queue reduces underwriting from 2-3 hours to 10-15 minutes The platform extracts data and populates custom Excel models automatically Built-in models available for beginners learning multifamily underwriting [05:01 - 10:00] Live Platform Demonstration Begins Upload process for rent rolls, T-12s, and offering memorandums How the system handles both PDF and Excel formats seamlessly Pricing structure: $30/month for preset models, $175/month for custom integration [10:01 - 16:00] The Data Parsing Challenge Why manual data entry traditionally consumes hours of underwriting time The importance of organizing deal files in a centralized pipeline Angel's insight: underwriting is your business plan, not just an LOI tool [16:01 - 20:00] Verification and Expense Analysis How Deal Queue flags suspicious expense categorizations that inflate NOI Live example: identifying CapEx items misclassified as below-the-line expenses Why plumbing, utilities, and appliance repairs shouldn't be one-time expenses [20:01 - 24:00] Conservative Underwriting Principles Dylan's default assumptions: 5% vacancy and 2-3% annual growth rates Understanding T-1 vs. T-3 vs. T-12 financial statements for lending Why cap rates should be calculated on total invested capital, not just purchase price [24:01 - 25:15] The Human Element in AI Underwriting Angel's warning: always back-check AI outputs—no tool does everything Regional expertise and market knowledge remain irreplaceable How increased deal volume (6-7 daily vs. 1-2) improves acquisition probability Connect with Dylan: https://www.linkedin.com/in/dylan-vaccaro-4450b9140/ Deal Queue Website: dealq.ai Key Quotes: "Your underwriting is your business plan. It's just not always looked at that way." - Angel Williams     Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention you're part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!  

Our strategists Daniel Blake and Tim Chan discuss how Asia is adapting to multipolar world dynamics, tech innovation and longevity trends to create new opportunities for global investors.Read more insights from Morgan Stanley.----- Transcript ----- Daniel Blake: Welcome to Thoughts on the Market. I'm Daniel Blake, Morgan Stanley's Asia Equity and Thematic Strategist. Tim Chan: And I'm Tim Chan, Morgan Stanley Head of Asia Sustainability Research and Thematic Strategist Daniel Blake: Today, how Asia is reshaping its development strategy, corporate governance, and capital markets to lead globally. It's Monday, October 6th at 8am in Singapore. Tim Chan: And it's also 8am in Hong Kong. Daniel Blake: Asia is experiencing a number of dramatic changes that are reshaping industries, even entire economies. Deglobalization, supply chain shifts, frenetic investment in AI and looming disruption from the adoption of the technology, rapid energy transformation, and the transition to super aged populations as longevity drives investment in innovative healthcare and better nutrition are just some of the overarching themes. Asia's transformation is a story every global investor needs to follow and look for opportunities in. Tim Chan: So, what are the overarching themes, when you look at Asia Pacific? For example, what are the key themes that you're seeing in terms of driving the equity return and the market trend that you're seeing? Daniel Blake: We're approaching the Asia thematic opportunity from the framework of a competitive reinvention. It's competitive because this is deeply rooted in the cultural and business norms across much of the region, which has had an export focus through the modernization process in Japan, and more broadly with the emergence of the Asia Tigers. But we're seeing this competition really stepping up another notch. As countries look at how they can take market share in emerging technologies, and also this overarching competition between the U.S. and China, which sits at the heart of the multipolar world theme we've been laying out in recent years. We're also seeing a reinvention of development strategies of corporate governance frameworks and of capital markets to try to better improve the financial supply chain, to see the capital raising the capital allocation process improved and ultimately drive better returns for an aging population. So, Tim, you've been very focused on the corporate governance improvements that were seen in much of the region. Take us through what you think is most compelling and most important for investors to note. Tim Chan: I think governance reforms is a really key thing for Asia Pacific. Take an example in Japan, in the past we have done some correlation analysis between the major governance factors and what are driving the return. What we have found is that, first of all, there is a significant alpha potential from online companies with leading governance metrics and also companies that may improve their governance metrics over time. So, if we look at the independence of board of directors as an example. There is a positive correlation between the total return and also the independence in Japan market. And overall, we are seeing a major government improvement. As Daniel you have mentioned, China, Korea, India, and Singapore, and Japan as well – all these markets together account for over 70 percent of the market cap in MS Asia Pacific in index. So that's why, we think the governance reform is really driving the return of Asia Pacific as a whole. Daniel, after talking about the governance reform and capital market reform, I know multipolar level is also a key theme for Asia Pacific. So, what you are seeing in terms of multipolar level in Asia Pacific? Daniel Blake: So, the multipolar world theme has come back to the foreground in 2025 as trade tensions have risen, as deal making has been struck or attempted. And we've seen the concept of weaponized interdependence really being proven out in the second quarter of 2025, as China has been in recent years, implementing frameworks for export controls and leverage these quite effectively. So economic security initiatives have come back to the focus for investors. Over recent years, we've seen a number being set up across the region, including Japan's Economic Security Promotion Act, the Self-Reliant India framework, and South Korea's Supply Chain Stabilization Act, as well as Australia's National Reconstruction Fund. So, we see a number of investment opportunities flowing from these reforms. Ultimately the critical mineral and permanent magnet supply chain is very much in focus, but we're also expecting to see semi localization. So, semiconductor localization efforts are continuing to drive investment and activity. Naturally, defense has been a key area of focus for investors in 2025, and overall we see defense spending rising in Asia from 600 U.S. billion dollars in 2024 to [$]1 trillion in 2030.So, Tim, the energy security theme fits as part of this overall future of energy theme that you've been exploring with the team. How do you see this intersection with the multipolar world and what are the key investment opportunities? Tim Chan: For the future of energy, I think the energy story is really at the core of Asia multipolar world positioning. Take an example, we are seeing for Southeast Asia, the region is importing gas from U.S., and then also Korea and Japan are also trying to export their nuclear technology to the Western world as well. I think all these have a part to play in the multipolar world; but at the same time, they are also crucial for these countries to meet their own energy target and strategy. In Asia Pacific, when we look at the future of energy, there are a few driving force[s]. One is the very strong growth of renewable energy. Take an example, in India, we are seeing a huge CapEx going into the renewable energy sector and solar sector as well. China is already the biggest market in solar panel. Then also Korea and Japan are developing their nuclear capacity as well. And as I have mentioned, they also export their nuclear technology to the Western world. So, I would say, these Asian countries are balancing the multipolar world priorities with their future of energy target as well. And then there were also lots of opportunities between these dynamics; I will highlight two examples. One is a nuclear renaissance thesis that we have written extensively in the past two years. We have highlighted Japan and Korea being the key beneficiaries under this multipolar world and future of energy dynamics. And then the other would be the gas globalization in Southeast Asia or ASEAN region, where we see opportunities in the gas distributor, gas infrastructure in Southeast Asia. And then gas is going to be much more important when it comes to the energy, security and transition agenda in Southeast Asia region. So we are seeing lots of development in the future of energy in Asia Pacific. But when it comes to the other big theme that is AI. Asia Pacific is also a leader in a global AI race. So, Danny, what are the most reputable trend that you're seeing on a national or regional level? On tech diffusion and AI in Asia Pacific? Daniel Blake: So, the concept of competitive reinvention also is useful in understanding Asia's response to AI and technology diffusion. So, we've seen China in particular, looking to strengthen its position in the development phase of new technologies. And we're also seeing on the export competition front, more incentives to compete for the next phase of supply chain diversification. We're also seeing the emerging class of China MNCs that are sitting at the heart of our China Emerging Frontiers research. And another key area of discussion and research for us is understanding China's unique AI path. Where we're seeing more of a focus on policy makers and corporates playing to strengths in terms of power, data and talent, given the shortages of compute, and at the same time wanting to pursue a localization strategy over the medium term. On the technology front, we think the India stack is also still underappreciated as a digital enabler of opportunities in the New India. And then more broadly, we are looking for companies that we see in Asia that will prove to be AI adoption leaders. So, this underpins a really another key work stream for us in identifying opportunities from AI and tech diffusion into the region. So, Tim, how about when we turn to the theme of longevity, what are the key investment opportunities you see in Asia Pacific? Tim Chan: First of all, let's look at China. So, China is entering a super age society and by 2030, China's elderly population will hit 260 million. So that is a big number, which accounts for 18 percent of the population. And Japan as well, and Korea as well. Korea is already entering the super aged society. And then there have been reform program on healthcare, financial system pension and labor market in order to support these, old aging population. And for Japan, the focus is really on not just living longer but also living more healthy. Take an example, we have done some reports on the healthy food industry in Japan. And how different companies are providing affordable, healthy food to consumer. And we think that will create opportunities for investor, if they would like to look into longevity as a theme. Overall, we are seeing new market in healthcare, pharmaceutical, and affordable healthy food, as well as the reform in the wealth management and pension system that will create opportunities in the financial market as well. And the longevity economy and or the silver economy is becoming a big theme for Asia Pacific for a long time to come. Daniel Blake: Tim, thanks for taking the time to talk. Tim Chan: Yeah, great speaking with you, Daniel. Daniel Blake: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

In this episode of Bridge the Gap, Bryce Robinson, Regional Vice President at Agewell Solvere Living, comes to the table to explore the critical role regional leaders play in senior living communities. Bryce shares his career journey, insights on managing multiple communities, and how he bridges the gap between corporate strategy and frontline teams. Also, hear advice for young aspiring industry leaders who are seeking more opportunities. Sponsored by Aline, NIC MAP, Procare HR, Sage, Hamilton CapTel, Service Master, The Bridge Group Construction and Solinity. Produced by Solinity Marketing.Become a sponsor of the Bridge the Gap Network.Connect with BTG on social media:YouTubeInstagramFacebookTwitterLinkedInTikTokMeet the Hosts:Lucas McCurdy, @SeniorLivingFan Owner, The Bridge Group Construction; Senior Living Construction Renovation, CapEx, and Reposition. Joshua Crisp, Founder and CEO, Solinity; Senior Living Development, Management, Marketing and Consulting.

AI related investments have generated impressive results, but a look at how the big tech firms are channeling their current AI expenditures suggests it might be time for investors to put on the brakes at least a little. Confluence Associate Market Analyst and Certified Business Economist Thomas Wash joins Phil Adler to discuss why.

As cloud matures, could the hyperscale cloud providers start looking to acquire SaaS providers to build out a bundled application portfolio? Or are the demands of AI investment too much to pursue that strategy? SHOW: 964SHOW TRANSCRIPT: The Cloudcast #964 TranscriptSHOW VIDEO: https://youtube.com/@TheCloudcastNET CLOUD NEWS OF THE WEEK: http://bit.ly/cloudcast-cnotwCHECK OUT OUR NEW PODCAST: "CLOUDCAST BASICS"SHOW SPONSORS:[TestKube] TestKube is Kubernetes-native testing platform, orchestrating all your test tools, environments, and pipelines into scalable workflows empowering Continuous Testing. Check it out at TestKube.io/cloudcast[Interconnected] Interconnected is a new series from Equinix diving into the infrastructure that keeps our digital world running. With expert guests and real-world insights, we explore the systems driving AI, automation, quantum, and more. Just search “Interconnected by Equinix”.SHOW NOTES:Clouded Judgement (Jamin Bell)100 Biggest SaaS CompaniesCOULD THE CLOUD HYPERSCALERS START LOOKING TO ACQUIRE SAAS COMPANIES?Do the hyperscalers start acting like Private Equity to acquire SaaS revenue streams?Do the hyperscalers start moving from primitive providers to bundlers?Do the hyperscalers have to make a choice between AI/CAPEX investment and SaaS investment?Do the hyperscalers figure out a way to spin-off the AI/CAPEX portions of their business for a period of time?FEEDBACK?Email: show at the cloudcast dot netTwitter/X: @cloudcastpodBlueSky: @cloudcastpod.bsky.socialInstagram: @cloudcastpodTikTok: @cloudcastpod

“I think this is a sort of coming-of-age moment. When I say coming of age, I mean collectively for Chinese entrepreneurs. Many of these founders are my age, or even younger, and I've spoken with some of them. I can really relate to why they want to build businesses that target the global market instead of just China. In the past, you could build a company in China first and then think about expanding outward. That's no longer possible. For any consumer-facing software company today, from day one you must decide: Do I build for China, or do I build for Global minus China? The examples of TikTok, Shein, and many others show that you cannot do both. It's not possible to serve both markets at once.” - Jing Yang Fresh out of the studio, Jing Yang, the Asia Bureau Chief from The Information, shares her insights on ByteDance's pivotal moment, China's venture capital challenges, and the emerging U.S.-China competition in AI and robotics. Starting with ByteDance's latest financials, she revealed how the company now exceeds Meta in revenue but still lags significantly in profit margins, with its domestic business—Douyin and Toutiao—continuing to drive the lion's share of profits while TikTok remains unprofitable. Jing Yang explains how founder Zhang Yiming has entered "founder mode," dramatically increasing CapEx spending on AI development while ByteDance mysteriously went quiet on the AI leaderboard despite earlier dominance. Moving to venture capital, she unpacks why HongShan Capital has only deployed a quarter of its $9 billion fund raised in 2022, citing the collapse of exit opportunities, new overseas listing regulations from Chinese regulators, and the disappearance of big-ticket growth deals. She then explores the new wave of Chinese AI startups targeting global markets from day one, explaining how censorship and geopolitics force founders to choose between building for China or building for the world—they cannot do both. Finally, Jing Yang breaks down China's non-obvious advantage in humanoid robotics: not manufacturing prowess, but access to advanced manufacturing test beds where robots can be deployed, iterated, and refined at scale—an advantage The U.S. simply cannot match beyond Tesla. Episode Highlights: [00:00] Quote of the Day by Jing Yang from The Information [02:14] ByteDance revenue exceeds Meta, profit lags [05:01] Zhang Yiming goes founder mode with AI [08:24] TikTok's significance to ByteDance's future [10:18] China signals willingness on TikTok deal [13:02] Chinese tech giants pivots to semiconductors, hard tech [14:27] ByteDance's quiet AI strategy and leadership [19:11] Why HongShan, formerly Sequoia China deploys only quarter of $9B fund [21:00] China VC market lacks big growth deals [24:20] New overseas listing regulations hinder exits [26:15] Chinese VCs struggle with US investments [29:53] Chinese founders target global markets from day one [32:20] What forces global versus China product split [38:28] Chinese apps feel holistic but culturally distinct [43:00] ChatGPT arrival sparked physical AI revolution [47:23] Chinese AI companies prioritize commercial use cases over AGI [50:13] China's manufacturing provides crucial test beds advantage [53:42] Redefining what constitutes a Chinese startup [54:55] AI race between Chinese in China vs US [58:00] Closing Profile: Jing Yang, Asia Bureau Chief from The Information LinkedIn: https://www.linkedin.com/in/jing-yang-33548123/ Podcast Information: Bernard Leong hosts and produces the show. The proper credits for the intro and end music are "Energetic Sports Drive." G. Thomas Craig mixed and edited the episode in both video and audio format. Here are the links to watch or listen to our podcast: Analyse Asia Main Site: https://analyse.asia Analyse Asia Spotify: https://open.spotify.com/show/1kkRwzRZa4JCICr2vm0vGl Analyse Asia Apple Podcasts: https://podcasts.apple.com/us/podcast/analyse-asia-with-bernard-leong/id914868245 Analyse Asia LinkedIn: https://www.linkedin.com/company/analyse-asia/ Analyse Asia X (formerly known as Twitter): https://twitter.com/analyseasia Sign Up for Our This Week in Asia Newsletter: https://www.analyse.asia/#/portal/signup Subscribe Newsletter on LinkedIn https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7149559878934540288

What does it take to lead a hotel company through constant headwinds while still inspiring teams and delivering exceptional guest experiences?Today Dan interviews Scott Roby, President of Pacifica Hotels, to explore the state of the hospitality industry. They discuss the importance of focusing on controllable aspects of business, such as team and guest care, amid economic headwinds and legislative challenges in California. Scott shares insights on Pacifica's strategy of balancing ownership and third-party management, the value of maintaining a strong company culture, and the critical role of technology in the industry. The conversation also touches upon the future prospects and financial strategies for 2026 and beyond, emphasizing a meticulous approach to cost management and team accountability.Takeaways: Encourage team members to share where they're stuck or what could make their jobs better. Leaders should model vulnerability and ask focused questions like, “What's one thing I can do to make your job easier?”Embrace technology and AI to streamline operations and enhance guest experiences. Use tech to remove rote tasks, freeing up staff for more meaningful guest interactions.When working with third-party owners or management partners, ensure alignment in values and culture. Have honest conversations early to avoid misfits that can erode company culture.Monitor both macro and micro trends in your market. Be prepared to pivot operations, staffing, and capital allocation as needed to respond to changing conditions.Build a culture of accountability. Be direct, give open feedback, and focus on solutions. Transparency with owners and team members builds trust and drives better results.Offer opportunities for team members to advance within your organization, which helps with retention and creates a stronger, more flexible workforce.At its core, hospitality is about making people feel safe, seen, and heard. Whether with guests or team members, focus on building relationships and delivering care.Quote of the Show:“A hotel management company is its people. The quality of the company is first and foremost about the people that they have on their team and how they're leading and inspiring the hotel teams.” - Scott RobyLinks:LinkedIn: https://www.linkedin.com/in/scottroby/ Website: https://www.pacificahotels.com/ Shout Outs:1:04 - Storyteller Hospitality https://storytellerhospitality.com/ 1:08 - Evolution Hospitality https://www.evolutionhospitality.com/ 2:52 - Independent Lodging Conference https://ilcongress.com/ 15:51 - The Serenity Prayer https://www.praywithme.com/serenity-prayer.html 17:27 - Tapestry Hotels https://www.hilton.com/en/brands/tapestry-collection/ 17:28 - Hilton https://www.hilton.com/en/ 20:01 - World Cup https://www.fifa.com/en/tournaments/mens/worldcup/canadamexicousa2026 55:00 - Smith Travel https://smith.travel/ 55:01 - Hotel Data Conference https://www.hoteldataconference.com/event/89ca421c-aff8-4d2b-a772-c71c8d0bf627/home 

Is Your Apartment Roof a Hidden Goldmine? Stop Wasting 6-Figures in Potential Value! You're a multifamily operator focused on renovations and rent bumps, but our guest, Owen Madsen Barrett, reveals the secret CapEx move that's delivering 3x equity multiples and adding $100k+ in NOI without kicking out tenants.

In this episode of Lead-Lag Live, I sit down with Kai Wu, Founder and CIO of Sparkline Capital, to break down the AI-driven capital cycle reshaping markets.From Nvidia's record-shattering deals to hyperscalers pouring trillions into infrastructure, Kai explains why today's AI boom echoes past capital cycles—and why investors may be missing the real risk.In this episode:– Why mega-cap tech is shifting from asset-light to asset-heavy– The historic link between rapid asset growth and underperformance– Why concentration in the “Magnificent Seven” is an overlooked AI risk– Lessons from the dot-com and railroad booms that apply to AI today– How to position across the full AI adoption cycleLead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.#LeadLagLive #KaiWu #AI #TechStocks #Nvidia #Investing #MarketsStart your adventure with TableTalk Friday: A D&D Podcast at the link below or wherever you get your podcasts!Youtube: https://youtube.com/playlist?list=PLgB6B-mAeWlPM9KzGJ2O4cU0-m5lO0lkr&si=W_-jLsiREjyAIgEsSpotify: https://open.spotify.com/show/75YJ921WGQqUtwxRT71UQB?si=4R6kaAYOTtO2V Support the show

In this episode of Bridge the Gap, Josh and Lucas welcome Jaime Ojeda of Eldermark, and Shawn Lane of LivTech for a conversation about the evolving role of technology in senior living. They share why communities don't just need technology, they need trusted partners who listen, build collaboratively, and stay committed long-term. Plus, a 30-year legacy of innovation at Eldermark is merging with LivTech's vision of real-time healthcare transformation across residential, physician, home health, and hospice settings.Sponsored by Aline, NIC MAP, Procare HR, Sage, Hamilton CapTel, Service Master, The Bridge Group Construction and Solinity. Produced by Solinity Marketing.Become a sponsor of the Bridge the Gap Network.Connect with BTG on social media:YouTubeInstagramFacebookTwitterLinkedInTikTokMeet the Hosts:Lucas McCurdy, @SeniorLivingFan Owner, The Bridge Group Construction; Senior Living Construction Renovation, CapEx, and Reposition. Joshua Crisp, Founder and CEO, Solinity; Senior Living Development, Management, Marketing and Consulting.

In this post-LSC Summit episode recorded in NYC, Craig McGrouther and I reflect on another successful investor event and dive deep into current market opportunities. We share behind-the-scenes insight on why our summit is designed to break even, the power of curated in-person networking, and the culture of accessibility that sets our events apart.We break down why 1970s-80s vintage multifamily is becoming the sweet spot – institutional capital is chasing 2000s and newer assets while retail syndicators who dominated older stock have retreated after losses.I explain how concessions persist in Class A despite predictions they'd burn off, while the "Goldilocks" 2005-vintage market is now overpriced.The key insight: older assets in prime locations offer the best risk-adjusted returns if you have the operational expertise to handle deferred maintenance. We also dissect why traditional value-add strategies often fail when brokers pitch replacing perfectly good countertops.Our contrarian view: the best time to spend CapEx is when nobody else wants to.Learn more about LSCRE:www.lscre.com 

Figma's (FIG) IPO was one of the most anticipated in tech, and the stock price action was CRAZY! After the initial fervor, the price has pulled back significantly. Is this the buying opportunity investors have been waiting for?CSI is taking a deep dive into Figma's first earnings report as a publicly traded company to find out.In this video, we cover:✅ New Acquisitions: Figma is already putting its IPO cash to work, acquiring Payload (a content management software company) and Modify (an AI-focused model context protocol).✅ The Big Vision: How these acquisitions fit into Figma's goal to become the go-to platform for creating usable software, easily and intuitively.✅ The Financials: We break down Q2 ✅ Future Outlook: Management is guiding for a growth slowdown to 33% for Q3 and taking a hit on margins for the sake of expansion. Is this a red flag or a smart long-term play?✅ The Verdict: Is Figma stock a buy, sell, or hold at its current price? We give our final analysis and key takeaways.Timestamps:[00:00:00] What Figma Does: A review of Figma's end-to-end platform that helps companies with fast, agile software development from ideation to shipping.[00:02:45] Q2 Acquisitions: Breaking down the purchases of Payload, a Content Management System (CMS), and the AI coding startup, Modify.[00:04:45] AI Strategy & New Products: How Figma is using AI to be a disruptor with new tools like Figma Make, Draw, Sites, and Buzz, which were announced at its Config developer conference.[00:06:45] Model Context Protocol (MCP) Explained: Understanding how Figma connects designs to LLMs for coding assistance, with its Gen AI product housed on Amazon AWS.[00:08:30] Q2 Earnings & Valuation: Analyzing the first public report with $250M in revenue and a $26B+ market cap, compared to Adobe's failed $20B acquisition offer from three years prior.[00:10:30] CapEx & Hidden Costs: Exploring why even an "asset-light" company like Figma spends millions on physical hardware and cloud infrastructure from partners like AWS.[00:12:30] Future Financial Guidance: Breaking down the outlook for Q3 and the full year, including an expected growth slowdown and lower margins to fuel expansion.[00:14:05] Our Investment Strategy: Why we are being patient due to the high valuation and would only consider a very small Dollar-Cost Averaging (DCA) approach if we were to buy now.What are your thoughts on Figma's strategy? Let us know in the comments below!

In this episode, ARK's Brett Winton, Charles Roberts and Frank Downing sit down with Stephen Balaban, CEO and co-founder of Lambda Labs — a company building AI-specific cloud infrastructure. The conversation explores Lambda's role in the AI value chain, the evolving economics of data centers, and why traditional hyperscalers might be too slow to meet the moment.Stephen explains why he believes we're transitioning from deterministic, rule-based software to what he calls “neural software” — stochastic, neural network-driven systems that will eventually replace nearly all traditional software. He shares Lambda's mission to enable this transformation by rapidly deploying GPU infrastructure and supporting the AI research and application build-out happening today.The discussion spans infrastructure strategy, regulatory bottlenecks, AI safety, energy constraints, and long-term visions of neural operating systems. Stephen offers a bold perspective on the hardware demands and philosophical shifts required to usher in a world where software is generated, not written.Key Points From This Episode:00:01:21 How Lambda positions itself as a “neo-cloud” provider competing with AWS, Azure, and GCP for AI workloads.00:02:46 Why ARK estimates $1.5 trillion in annual AI-related data center investment by 2030 and what it could mean for Lambda.00:05:26 Why hyperscalers may be too slow to meet the unique demands of AI training compared to specialized players.00:06:29 How AI infrastructure requires new rack designs, higher power density, and different utilization patterns.00:09:20 Why AI may disrupt the entire computing stack—from Nvidia overtaking Intel to reshaping platform and cloud services.00:14:50 Stephen explains Lambda's “secret mission” to replace all traditional software with neural networks.00:16:36 Why companies trust Lambda to deploy GPU infrastructure faster and more reliably than incumbents.00:20:27 How the concept of a “neural operating system” reframes software as stochastic rather than deterministic.00:23:04 How hallucinations in neural systems could be managed with checks and balances similar to financial approvals.00:25:04 Why Stephen sees AI safety and alignment as the cybersecurity of the future.00:39:00 How real-time AI tasks may run locally at the edge, while deeper reasoning gets pushed to the cloud.00:44:11 Why running modern large language models still resembles the supercomputer era rather than the PC era.00:46:06 How Stephen views the long-term convergence of AI with quantum computing and brain–computer interfaces.00:50:20 Why scaling AI requires the “heroic effort” of Nvidia, TSMC, OpenAI, energy providers, and Lambda together.00:53:43 Back-of-the-envelope math on CapEx per megawatt—from power plants and data centers to GPUs.00:57:11 Why power infrastructure and deregulation could become the biggest stumbling blocks for AI growth.01:02:02 How software creation is shifting from a labor-driven process to a capital-intensive one.01:06:06 Why Stephen and Brett describe data centers as “AI factories” producing custom neural software.

Is EQ more important than IQ when it comes to hospitality?Today, Manish Puri, General Manager of the Regent Hotels and Resorts Bali, joins Dan to dive into key topics in the industry, such as sustainability, community, and leadership. They discuss the essence of hospitality, differentiating it from mere service, and delve into the concept of regenerative hospitality and sustainability. Manish shares insights from his career at prestigious hotel brands like Oberoi, Burj Al Arab, Six Senses, and Regent Bali. They explore how sustainability initiatives can transform the industry, turning cost centers into investment centers, and the importance of heartfelt service. The conversation also covers the challenges of opening and managing new hotels and the impact of leadership and open-heartedness in inspiring younger generations in the hospitality industry.Takeaways: Embrace regenerative practices by viewing waste as an opportunity to create value, turning sustainability efforts into investments rather than costs.Lead by example and integrity. Your actions are always being observed, so inspire others by consistently doing the right thing, even when no one is watching.Pay attention to the small details in your work. Excellence is built on thousands of thoughtful, consistent actions rather than a single grand gesture.Foster a culture of genuine care and positivity. Small acts of kindness and authentic smiles can create a powerful ripple effect throughout your organization.Design guest programs that encourage visitors to give back to the local community, such as volunteering or sharing their expertise, creating a positive impact beyond their stay.Treat sustainability initiatives as opportunities for investment and growth, not just as expenses. Find ways to turn environmental responsibility into tangible value.Quote of the Show:“ A luxury brand has to have that caring side of it. Caring for the environment, caring for all stakeholders, caring for the community. Without it, you are not a complete hotel.” - Manish PuriLinks:LinkedIn: https://www.linkedin.com/in/manish-puri-36241231/ Instagram: https://www.instagram.com/manpuri/ Website: https://www.ihg.com/regent/hotels/us/en/reservation Shout Outs:1:15 - Oberoi Hotels and Resorts https://www.oberoihotels.com/ 1:16 - Burj Al Arab https://www.jumeirah.com/en/Stay/Dubai/Burj-Al-Arab-Jumeirah 1:17 - Potato Head https://seminyak.potatohead.co/ 1:22 - Six Senses https://www.sixsenses.com/en/ 2:28 - IHG https://www.ihg.com/hotels/us/en/reservation 2:30 - Kimpton https://www.ihg.com/kimptonhotels/hotels/us/en/reservation 2:33 - Intercontinental https://www.ihg.com/intercontinental/hotels/us/en/reservation 5:10 - Beverly Wilshire https://www.fourseasons.com/beverlywilshire/ 5:12 - Pretty Woman https://en.wikipedia.org/wiki/Pretty_Woman 5:48 - Four Seasons https://www.fourseasons.com/ 5:49 - Jim Brown https://www.linkedin.com/in/jim-brown-718240a/ 22:42 - TripAdvisor https://www.tripadvisor.com/ 28:45 - Tom Cruise https://en.wikipedia.org/wiki/Tom_Cruise 28:52 - Grand Hyatt https://www.hyatt.com/grand-hyatt/en-US 28: 53 - Kempinski Palace https://www.kempinski.com/en/palace-portoroz 29:02 - University of Oxford https://www.ox.ac.uk/ 29:02 - Cornell University https://www.cornell.edu/ 

In this episode of Skip the Queue, host Paul Marden speaks with Andy Hadden, founder of the Lost Shore Surf Resort in Scotland. Andy shares the remarkable journey from his sporting background and early property career to discovering wave technology in the Basque Country, which inspired him to bring inland surfing to Scotland. Despite starting with no money and no land, Andy raised over £100 million and built one of the world's most advanced inland surf destinations. He explains how Lost Shore Surf Resort combines world-class waves with a strong community focus, sustainability initiatives, and partnerships with schools and universities to deliver real social and economic impact.Skip the Queue is brought to you by Rubber Cheese, a digital agency that builds remarkable systems and websites for attractions that helps them increase their visitor numbers. Your host is Paul Marden, with co host Andy Povey and roving reporter Claire Furnival.If you like what you hear, you can subscribe on iTunes, Spotify, and all the usual channels by searching Skip the Queue or visit our website SkiptheQueue.fm.If you've enjoyed this podcast, please leave us a five star review, it really helps others find us. And remember to follow us on LinkedIn. Show references:  Lost Shore Surf Resort website: https://www.lostshore.com/Andy Hadded on LinkedIn: https://www.linkedin.com/in/andy-hadden-94989a67/Andy Hadden is the founder of Lost Shore Surf Resort, Scotland's first inland surf destination and home to Europe's largest wave pool. Opened in November 2024 near Edinburgh, Lost Shore is the country's largest sports infrastructure project since the Commonwealth Games and now attracts a truly international audience of surfers, families, and brands. With a background in insolvency and investment surveying, Andy led the venture from concept to completion - securing major institutional backing and building a multidisciplinary team to deliver a world-class destination. Long before 'ESG' was a buzzword, he embedded environmental and social value into Lost Shore's DNA, helping set new benchmarks for responsible development. As home to the Surf Lab with Edinburgh Napier University, Lost Shore also serves as a global hub for performance, product R&D, and surf therapy. Live from the show floor, we'll also be joined by:Bakit Baydaliev, CEO/ Cofounder of DOF Roboticshttps://dofrobotics.com/https://www.linkedin.com/in/bakitbaydaliev/Hamza Saber, Expert Engineer at TÜV SÜDhttps://www.tuvsud.com/enhttps://www.linkedin.com/in/hamzasaber/David Jungmann, Director of Business Development at Accessohttps://www.accesso.com/https://www.linkedin.com/in/davidjungmann/Kristof Van Hove, Tomorrowlandhttps://www.tomorrowland.com/home/https://www.linkedin.com/in/kristof-van-hove-2ba3b953/ Transcriptions:  Paul Marden: Welcome to Skip the Queue, the podcast about attractions and the amazing people who work with them. I'm your host, Paul Marden, and with my co-host Andy Povey and roving reporter Claire Furnival, we're coming to you from IAAPA Expo Europe. This is the first of three episodes from the show floor that will come to you over the next three days. Firstly, I'm joined today by Andy Hadden, the founder of Lost Shores Surf Resort.Paul Marden: Andy, tell us a little bit about your journey. You've opened this amazing attraction up there in Scotland where I was on holiday a couple of weeks ago. Tell us a little bit about that attraction. Why this and why in Scotland?Andy Hadden: Well, I grew up locally and I came from more of a sporting family than so much of a business family. My father was the international rugby coach for a while and I played a lot of sport. Paul Marden: Oh, really? Andy Hadden: Yeah, yeah. So we always had this thing about there wasn't enough facilities here in Scotland because Scotland is a place which doesn't necessarily have all the resources and the access to funds and everything else like that. But one thing we noted with, you know, if you created facilities, whether they be good tennis facilities, good 4G football pitches, whatever it was. It allowed the environment around it to prosper, the communities around it to prosper. And, of course, I was a charter surveyor by trade, so I worked in insolvency and then in investment. So I sold two sites to that market. Andy Hadden: But I always surfed. I always surfed. So whilst I was down in Birmingham in England, when I actually got an email in 2012 talking about some, you know, some surfy thing that might have been happening in Bristol, I called the head of destination consulting up and I said, 'this sounds like nonsense, to be honest', because I surf and you can't really be talking about real surfing waves here. It's got to be something, you know, different. He said, 'No, no, there's these guys in the Basque country.' So I took a flight over there and that day changed everything for me. Paul Marden: So what was it that you saw? Andy Hadden: I went to see what was back then a secret test facility in the mountains of the Basque Country. It was very cloak and dagger. I had to follow the guide and give me the email address. I found this all very exciting. When I went and actually saw this facility, I realised that for the decade before that, there'd been all these amazing minds, engineers and surfers working on what they believed could be, you know, a big future of not just the inland surfing movement that's now burgeoning into a multi-billion dollar global movement, but it could really affect surfing. And if it was going to affect surfing as a sport, and it's now an Olympic sport because of these facilities, they wanted to make sure that it was a very accessible piece of kit. So surfing, it could affect surfing if ran by the right people in the right ways and really communicate that stoke of the sport to the masses.Paul Marden: So what is it that you've built in Edinburgh then? Tell me a little bit about it.Andy Hadden: So we've delivered a wave garden cove, which is a 52-module wave garden, which is about the size of three football pitches, and it can run hundreds of waves an hour, touch of a button and it can run in skiing parlance anything from green runs right through to sort of black powder runs. And the beauty of it is you can have people that are the better surfers out the back and just like at the beach at the front you've got their kids and learning how to surf on the white water. So we're finding it to be a really amazing experience— not just for surfers who are obviously flocking to us, but already here in Scotland, eight months in, tens of thousands of new surfers are all coming back and just going, 'Wow, we've got this thing on our doorstep.' This is blowing our minds, you know. Paul Marden: Wowzers, wowzers. Look, I'm guessing that the infrastructure and the technology that you need to be able to create this kind of inland wave centre is key to what you're doing. That you've got to access some funds, I guess, to be able to do this. This is not a cheap thing for you to be able to put together, surely.Andy Hadden: Yeah, correct. I mean, you know, I have questioned my own sanity at times. But when I started 10 years ago, I had no money and no land. But I did have some property expertise and I wanted to do it in Edinburgh, a close-up place that I cared about. So we have excellent networks. For a few years, you know. Whilst we've ended up raising over  £100 million in structured finance from a standing start, it took me a couple of years just to raise £40,000. And then I used that to do some quite bizarre things like flying everyone that I cared about, you know, whether they were from the surf community or... Community stakeholders, politicians, and everyone over to the test facility to see themselves— what I could see to sort of—well, is it? Am I just getting carried away here? Or is there something in this? And then, on top of that, you know, we sponsored the world's first PhD in surf therapy with that first $5,000. So now we have a doctor in surf therapy who now takes me around the world to California and all these places. How does business actually really genuinely care about, you know, giving back? And I'm like, yeah, because we said we're going to do this once.Andy Hadden: We got to do it right. And it took us a decade. But yeah, we raised the money and we're very happy to be open.Paul Marden: So I mentioned a minute ago, I was holidaying in Scotland. I bookended Edinburgh— both sides of the holiday. And then I was in Sky for a few days as well. There's something about Edinburgh at the moment. There is a real energy. Coming up as a tourist, there was way too much for me to be able to do. It seems to be a real destination at the moment for people.Andy Hadden: Yeah, well, I think, coming from the background I came from, if I knew I was going to deliver a surfing park in the edge of Edinburgh, I then wanted to do it in the least risky way possible. So to do that, I felt land ownership was key and three business plans was also very key. Edinburgh's in need of accommodation regardless, and Edinburgh's also in need of good places, a good F&B for friends and family just to go and hang out on the weekends. And then, of course, you have the surfing, and we've got a big wellness aspect too. We also sit next to Europe's largest indoor climbing arena. And we're obviously very well connected in the centre of Scotland to both Edinburgh and Scotland. So, so many things to do. So, yeah, I mean, the Scottish tourism landscape has always been good, but it's just getting better and better as we see this as a future-proof marketplace up here. You know, we're not building ships anymore.Andy Hadden: Well, in fact, we got a contract the other week to build one, so maybe that's wrong. But the point is, we see it as a very future-proof place because the Americans are flagging, the Europeans are flagging, and they just want to feel like they're part of something very Scottish. And that's what we've tried to do in our own special way.Paul Marden: And when you think of coming to Scotland, of course, you think about surfing, don't you? Andy Hadden: Yes, who knows. Paul Marden: Exactly, exactly. Look, you had some recent high-profile support from Jason Connery, the son of the late James Bond actor Sean Connery. How did that come about?Andy Hadden: Well, I think we've got, there's a real Scottish spirit of entrepreneurialism that goes back, you know, probably right the way through to the Enlightenment where, you know, I'm sure. I'm sure a lot of you know how many inventions came from Scotland. And this is, you know, televisions, telephones, penicillin. I mean, just the list goes on.Andy Hadden: Of course, you know, that was a long, long time ago, but we still feel a lot of pride in that. But there seems to be a lot of people who've had success in our country, like someone like Sir Sean Connery. These guys are still very proud of that. So when they see something— very entrepreneurial— where we're using a lot of local businesses to create something bigger than the sum of its parts. And to do it truly— not just to be a profitable private business, which is what it is, but to give back 18 million into local economy every year, to work with schools in terms of getting into curriculums. We've got Surf Lab. We work with universities, charities, and so on. They really want to support this stuff. So we have over 50 shareholders, and they've each invested probably for slightly different reasons. They all have to know that their money is a good bet, but I think they all want to feel like they're part of creating a recipe. For a surf resort, which we believe there'll be hundreds of around the world in the next few years. And we can create that recipe here in Scotland. That's hopefully another example of Scottish innovation and entrepreneurialism.Paul Marden: So you've got the test bed that happened in the Basque Country. You've got Scotland now. Are there surf resorts like this elsewhere in the world?Andy Hadden: Yeah, there are eight other open in the world. There's actually, there's various technologies. So there's about 25 different surf parks open at the moment. But there's... doesn't under construction. Pharrell Williams has just opened one in Virginia Beach a few weeks ago there in America. And what the equity, I think, is looking at quite rightly, the big equity, you know, the type that go right, if this really is a, you know, kind of top golfing steroids in that property developers can look at them as.Andy Hadden: You know, excellent ways to get through their more standardised property place, residential, office, industrial. Usually they have to do that in a kind of loss-leading way. But if you look at this as a leisure attraction, which councils and cities actually want because of the benefits, and it makes you money, and it increases the prices of your residential around it. I think developers are starting to realise there's a sweet spot there. So the equity, the big equity, I think, is about to drop in this market over the next couple of years. And it's just waiting for the data set to enable them to do that.Paul Marden: Wow. I guess there's an environmental impact to the work that you do, trying to create any big... a big project like this is going to have some sort of environmental impact. You've put in place an environmental sustainability strategy before it was mainstream as it is now. Tell us some of the things that you've put in place to try to address that environmental impact of what you're doing.Andy Hadden: Well, we're in a disused quarry. So it was a brownfield site. So already just by building on it and creating an immunity, we're also adding to the biodiversity of that site. And we're obviously there's no escaping the fact that we're a user of energy. There's just no escaping that. So the reality is we've got as much sustainable energy use as we can from air source heat pumps to solar. And we're looking at a solar project. So it becomes completely self-sustaining. But we also, the electricity we do access from the grid is through a green tariff. But you'll see a lot of the resorts around the world, this is going to become the sort of, the main play is to become sort of sustainable in that sense. Where we really fly is with the S and ESG. And like you say, the reason we were the world's first institutionally backed wave park, of course, we like to think it was purely down to our financials. But the reality is, they started saying, 'Wow, you're as authentic an ESG company as we've come across.'Andy Hadden: And it's the same with our mission-based national bank. So, because we didn't really know what that meant, we just knew it was the right thing to do. So we fit squarely into that ESG category, which I know is a tick box for a lot of funds, let's face it. There's a lot of them that really want to do that. There's a lot of investors out there that want to do it. But let's understand our place in the system, which is we're really market leading in that area. And I think that's very attractive for a lot of funds out there. But the S in ESG is where we really fly with all the work we're doing socially around the site.Paul Marden: So talk to me a little bit about that. How are you addressing that kind of the social responsibility piece?Andy Hadden: Well, two examples would be we're not just looking at schools to come here to surf. That's an obvious one. They'll go to any attraction to surf if you could go to Laser Quest, go up to visit the castle, do whatever. But we reverse engineered it. We got schools coordinated to go around the headmasters and the schools and say, 'Well, Look, you're all teaching STEM, science, technology, engineering, maths, for 9 to 13-year-olds. And you're all looking for outdoor learning now, which is definitely a big part of the future in education in general. Can you allow us to create some modules here? So we've got six modules that actually fit into that STEM strategy. For instance, last week, there was a school in learning physics, but they were using surf wax on a surfboard friction.Paul Marden: Amazing.Andy Hadden: So these kids so it works for schools and headmasters which is very important and for parents and it obviously works for the kids and they love it and the reason we do that and we give that it's all at discounted low times and everything is because it's a numbers game they come back at the weekend and so on so that's example one and another would be we've created a surf lab with Napier University, a higher education. So we sponsored the world's first doctor. It got a PhD in surf therapy, but then the university was like, 'hold on a minute, you know, this is good marketing for us as well'.Andy Hadden: This surf lab, which has the infrastructure to host great competitions, but also PhD students can come down and learn engineering. They can learn sustainable energy. So we've got more PhD students working there. And this higher university collaboration has not only led to Alder kids coming down but other universities in the area are now what can we do with lost shore now that's cool and fun so we're working with the other universities in town too so that's a couple of examples alongside the standard, employing local people and actually having the economics of putting money into the local economy.Paul Marden: It's interesting, isn't it? Because... So for many people, ESG, and especially the social responsibility piece, feels a little bit worthy. It feels an altruistic move for the organisation to go and do those things. But you've hit on the quid pro quo what do you get back for doing all of this stuff well you're bringing in these kids you're enriching their learning, you're helping them to learn valuable skills but you're also giving them a taster of what life is like at the the resort and seeing the benefit of the return visits that flow from that is crazy.Andy Hadden: You know, I like to think we've fought as hard as anyone to ingrain this stuff in your DNA because we're year one. And of course, we have our cash flow difficulties like everyone does. You know, you don't know how to... run the place for the first three months or that's what it feels like even though you've done all this preparation and so on and so forth but at no point does anyone turn around and go let's get rid of the schools program let's get rid of the university partnership and that's why i think it's very important to build it into your dna because it doesn't have to be this zero-sum game that people attribute you know or we're giving here so that means we have to take over here it's like there's cute ways to do everything you can do the right thing but also drive traffic for your business and it's very good right. It's good reputation, because the people that stay there, when they see that we're doing this stuff, they feel like they're part of it, and then they want to book again. So I believe it doesn't have to be a zero-sum game, but it is a different way of creating a business— that's for sure.Paul Marden: For sure. So there's going to be a listener out there, I'm sure, with a crazy idea like you had a few years ago. What advice would you give for somebody just starting out thinking of opening a business in the leisure and attraction sector?Andy Hadden: I would just try your best to make it as simple as possible. I think it was Yves Chouinard, the founder of Patagonia, who said, 'One of the hardest things in life is to make it simple. It's so easy to make it complex.' And when you're dealing with a business plan, it's very exciting, right? Well, what if we get into this market? What if we do this? And splitting it all into those components. I think arm yourself with very good people around you. They don't even have to be part of the company. If you've been a good person in your life, I'm sure you've got friends who you can tap into. Everyone knows an architect. Everyone knows an accountant. Everyone knows a lawyer. You're a friend of a friend. Andy Hadden: And I think just overload yourself with as much information to get you to the point where you can be assertive with your own decisions. Because at the end of the day, it's going to come down to you making your own decisions. And if you've got a very clear path of what success and failure looks like, understanding that it ain't going to look like your business plan. As long as it's got the broad shapes of where you want to go, it can get you out of bed every day to try and make things happen. So, yeah, just go for it. Really, that's it.Paul Marden: See where it takes you. So look, in the world of themed entertainment, we talk a lot about IP and storytelling and creating magical experiences. Are any of these concepts relevant to a destination like yours?Andy Hadden: Yeah, well, you know, technically, from an IP perspective, you know, we're using the WaveGround Cove technology. You know, we've purchased that. So from a strictly business perspective, you know, we have access to their sort of IP in that sense and we deliver that. But I think for us, the IP is the destination. It's so unique, it's so big that it becomes defendable at scale. So it does sound like a bit of an all-in poker hand. But it would be more risky to go half in because these things are very hard to build. But when they are built, they're also very hard to compete with. So as long as your customer experience is good enough. You're going to maintain a kind of exclusivity in your locality for long into the future. So, yeah, there's obviously IP issues in terms of technologies. But for us, it was all about creating a destination with three business plans that's greater than the sum of its parts. And if we can do that in our location, then it's very hard to compete against, I would say.Paul Marden: Andy, it sounds like such an exciting journey that you've been on. And one year in, that journey has still got a long way to play out, doesn't it? You must be on quite the rollercoaster. Well, surfing quite a wave at the moment, if I don't mix my metaphors so badly.Andy Hadden: Yeah, we're just entering maybe the penultimate phase of the sort of 20-year plan. You know, we've gone through our early stages, our fundraising, our construction. We've gone through the very hard sort of like getting the team together and opening year one. And we're just starting to go, 'OK, we understand we've got data now'. We understand how to run this place now. So I think we now want to push through to stabilise the next two or three years. And then hopefully we've got a lot of irons in the fire globally as well. Hopefully we can go to the next phase, but we'll see what happens. Worst case scenario, I just surf a bit more and try and enjoy my lot.Paul Marden: Well, Andy, it's been lovely talking to you. I've been really interested to hear what you've been up to. This was only a short snippet of an interview. I reckon there's some more stories for you to tell once you're into year two. So I'd love for you to come back and we'll do a full-on interview once you've got year two under your belt. How's that sound to you?Andy Hadden: Absolutely, Paul, and thanks very much for the platform.Paul Marden: Next up, let's hear from some of the exhibitors on the floor. Bakit.Paul Marden: Introduce yourself for me, please, and tell me a little bit about where you're from.Bakit Baydaliev: We have two companies located in Turkey, Istanbul, and Los Angeles, USA. We develop attractions, equipment, but not just equipment— also software, AI, and content, games, and movies. Paul Marden: Oh, wow. So you're here at IAPA. This is my very first morning of my very first IAAPA. So it's all very overwhelming for me. Tell me, what is it that you're launching at IAAPA today?Bakit Baydaliev: Today we're launching our bestseller, Hurricane. It's a coaster simulator. In addition to that, we're also launching a special immersive tunnel, Mars Odyssey. We're sending people to Mars, we're sending people to space, and the story, of course, may change. After you install the attractions, you always can create different kinds of content for this attraction. It's completely immersive and what is very unique for this attraction is edutainment. Theme parks, science centres, space centres, and museums all benefit from it. It's not just to show and entertain, but also educate and provide a lot of useful information for people. Paul Marden: So what would you say is unique about this? Bakit Baydaliev: There are several factors. First of all, it's equipment. We have a very special software that amazingly synchronizes with the content and it doesn't create motion sickness at all. Paul Marden: Oh, really? Bakit Baydaliev: This is very important. Independently on the speeds, which is... We have very high speeds in our simulators. In addition to that, we have special effects, unusual effects, which feel like cold, heat, sounds.Paul Marden: So it is truly 4D, isn't it?Bakit Baydaliev: Completely. In addition to that, it's interactive content. It's not just the content which you can sit and... watch and entertain yourself and get a lot of useful information, but also you can interact. You can play games, you can shoot, you can interact. And of course, the most important thing which makes this attraction innovative is the educational aspect.Paul Marden: I find that really interesting that you could see this ride at a theme park, but similarly you can see it as an educational exhibit at a science centre or space centre. I think that's very interesting.Bakit Baydaliev: Very, very. Especially, you know, the standard experience for space centres, science centres, and especially museums, it's just walking around, touch some stuff. Some you may not even touch it. It's exponents which you can watch, you can read, it's very nice. But it's even better when you let people live it in real with a nice simulation atmosphere environment, like immersive tunnel.Paul Marden: Absolutely. Bekit, thank you so much for joining us on Skip the Queue, and I look forward to enjoying one of the rides.Bakit Baydaliev: Please ride, and you will be amazed.Hamza Saber: My name is Hamza. I work for TÜV SUD Germany. Our main job is to make sure attractions are safe, parks are safe. We do everything from design review to initial examination of rides, to yearly checks and making sure that we push the standards and the norm to the next level and cover everything that comes in new in the industry as well to make sure this industry stays safe and enjoyable for people. Paul Marden: It's so important though, isn't it? At an event like this, you don't have a sexy stand with lots of really cool rides to experience, but what you do is super important.Hamza Saber: Yes, I guess it's not one of the big colourful booths, but it's at the heart of this industry. It's in the background. If you look at the program for the education, there is a lot of safety talks. There is a lot of small groups talking about safety, trying to harmonise norms as well. Because if you look at the world right now, we have the EN standards. We have the American standards and we're working right now to try to bring them closer together so it's as easy and safe and clear for all manufacturers and operators to understand what they need to do to make sure that their guests are safe at the end of the day.Paul Marden: So Hamza, there's some really cool tech that you've got on the stand that's something new that you've brought to the stand today. So tell us a little bit about that.Hamza Saber: So as you can see, we have one of the drones right here and the video behind you. So we're trying to include new technologies to make it easier, faster, and more reliable to do checks on big structures like this or those massive buildings that you usually see. You can get really, really close with the new technologies, the drones with the 4K cameras, you can get very, very precise. We're also working on AI to train it to start getting the first round of inspections done using AI. And just our expert to focus on the most important and critical aspects. So we're just going to make it faster, more reliable.Paul Marden: So I guess if you've got the drone, that means you don't have to walk the entire ride and expect it by eye?Hamza Saber: No, we still have to climb. So what we do is more preventive using the drones. So the drones, especially with the operators, they can start using them. And if they notice something that does not fit there, we can go and look at it. But the actual yearly inspections that are accepted by the governments, you still need to climb, you still need to check it yourself. So the technology is not right there yet, but hopefully we're going to get there. Paul Marden: We're a long way away from the robots coming and taking the safety engineer's job then. Hamza Saber: Yes, exactly. And they don't think they're going to come take our jobs anytime soon. Using technology hands-in-hands with our expertise, that's the future.Paul Marden: It must be so exciting for you guys because you have to get involved in all of these projects. So you get to see the absolute tippy top trends as they're coming towards you.Hamza Saber: Yeah, for sure. Like we're always three years before the public knowledge. So it's exciting to be behind the scene a little bit and knowing what's going on. We're seeing some really fun and creative ideas using AI to push the attractions industry to the next level. So I'm excited to see any new rides that will be published or announced at some point this week.Paul Marden: Very cool. Look, Hamza, it's been lovely to meet you. Thanks for coming on Skip the Queue.Hamza Saber: Yeah, thank you so much.Kristof Van Hove: My name is Kristof. I live in Belgium. I'm working for the Tomorrowland group already now for three years, especially on the leisure part.Paul Marden: Tell listeners a little bit about Tomorrowland because many of our listeners are attraction owners and operators. They may not be familiar with Tomorrowland.Kristof Van Hove: Yeah, so Tomorrowland is already 20 years, I think, one of the number one festivals in the world. Actually, already for the last years, always the number one in the world. And what makes us special is that we are not just a festival, but we are a community. We create. special occasions for people and it starts from the moment that they buy their tickets till the festival we make a special feeling that people like and I think we create a world and each year we work very hard on new team that goes very deep so not only making a festival but we go very deep in our branding not only with our main stage but we also make a book about it we make gadgets about it so it's a completely.Paul Marden:  Wow. Help listeners to understand what it is that you're doing new here at the moment. You're blending that festival experience, aren't you, into attractions.Kristof Van Hove: Yeah, that's right. So because we are already 20 years on the market building IP, the more and more we really are able to create a complete experience, not only the IP as a brand, but also all the things around it. We have our own furniture. We have our own plates. We create actually all elements that are needed to build a leisure industry project. And that makes it magnificent. I think we are capable now, with everything that we do in-house, to set up and to facilitate water park and attraction park projects completely. Paul Marden: So, have you got any attractions that are open at the moment? Kristof Van Hove: Well, we have the Ride to Happiness, of course, the coaster that is built in Plopsaland three years ago. That is already now for five years the number one steel coaster in Europe and the fifth steel coaster in the world. So this is a project we are very proud of. Besides that, we have already a lot of immersive experiences. And we are constructing now a secret project that will be announced in the beginning of next year somewhere in Europe.Paul Marden: Give us a little sneak peek what that might look like.Kristof Van Hove: It's not that far from here. Okay, okay, excellent. So it's more an outdoor day project that we are constructing. That for sure will be something unique. Excellent.Paul Marden: So look, you're already planning into 2026. Help listeners to understand what the future might look like. What trends are you seeing in the sector for next year?Kristof Van Hove: Well, I think more and more the people expect that they get completely a deep dive into branding. I don't think that people still want to go to non-IP branded areas. They want to have the complete package from the moment that they enter. They want to be immersed. With everything around it, and they want a kind of a surrounding, and they want to have the feeling that they are a bit out of their normal life, and a deep dive in a new environment. And I think this is something that we try to accomplish. Paul Marden: Wow.David Jungmann: David Jungman, I'm the Director of Business Development here at Accesso, based in Germany. I'm super excited to be here at IAPA in Barcelona. We're exhibiting our whole range of solutions from ticketing to point of sale to virtual queuing to mobile apps. And one of the features we're calling out today is our Accesso Pay 3.0 checkout flow, which streamlines donations, ticket insurance, relevant payment types by region on a single simple one-click checkout page.Paul Marden: What impact does that have on customers when they're presented with that simple one-click checkout?David Jungmann: Well, as you guys know, conversion rate is super important. The number of clicks in an e-commerce environment is super important. And because we're at IAAPA Europe, we've got guests here from all over Europe. Different regions require different payment types. And it's important to not overload a checkout page with like eight different types for, let's say, German guests, Dutch guests, Belgium guests, is to be able to only offer what's relevant and to keep it short and sweet. And then rolling in additional features like donations, ticket insurance and gift cards, stuff like that.Paul Marden: Amazing. So get your crystal ball out and think about what the world in 2026 is going to be like.David Jungmann: I think this year was a little bit soft in terms of performance for the parks, certainly in Europe, what we've seen. I think what that will mean is that maybe some will consider, you know, really big capex investments. But what that also means is they will get creative. So I envision a world where, instead of buying new protocols for 20 million, maybe some operators will start thinking about how can we make more out of what we've got with less, right? How can we be really creative? And I think there's a lot to uncover next year for us to see.Paul Marden:  Sweating their assets maybe to be able to extend what they do without that big CapEx project.David Jungmann:  Yes, how can we keep innovating? How can we keep our experience fresh? Without just buying something very expensive straight away. And I think that's what we see.Paul Marden: What is going to be innovating for Xesso and the market that you serve?David Jungmann: Well, for us, it's really about that streamlined, consistent guest experience, but also tying into things like immersive experiences, right, where you could maybe change the overlay of an attraction and feed in personalised information that you have for your visitors and collect it during you know the booking flow when they enter the venue and feeding that into the actual experience i think that's something i'm excited about.Paul Marden: I think that there is a missed opportunity by so many attractions. There's so much data that we build and we collect the data, but oftentimes we don't bring it together into a central place and then figure out the ways in which we want to use it. There's so much more you can do with that rich data, isn't there?David Jungmann: 100% exactly. And I don't just mean from a marketing perspective. I mean from an actual experience perspective. Let's say you ride through Dark Ride and all of a sudden your name pops up or your favorite character pops up and waves hello to you. That's the type of stuff you want to do, not just market the hell out of it.Paul Marden: Absolutely. Look, David, it's been so good to meet you. Thank you ever so much. And yeah, thank you for joining Skip the Queue. David Jungmann: Thanks, Paul. Have a great day at the show. Paul Marden: Isn't it great? I mean, we have got such an amazing job, haven't we? To be able to come to a place like this and be able to call this work.David Jungmann: Absolute privilege. Yes, absolutely.Paul Marden: Now, before we wrap up, Andy and I wanted to have a little chat about what we've seen today and what we've enjoyed. Why don't we sit down? You have clearly returned to your tribe. Is there a person in this place that doesn't actually know you?Andy Povey: There's loads. I've been doing the same thing for 30 years. Paul Marden: Yeah, this ain't your first radio, is it? Andy Povey: I'm big and I'm loud, so I'd stand out in a crowd. I mean, there are all fantastic things that I should put on my CV. But this is really where I feel at home. This industry continues to blow me away. We're here, we're talking to competitors, we're talking to potential customers, we're talking to previous customers, we're talking to people that we've worked with, and it's just all so friendly and so personally connected. I love it.Paul Marden: It has been awesome. I've really enjoyed it. Although I'm beginning to get into the Barry White territory of my voice because it's quite loud on the show floor, isn't it? Andy Povey: It is. It's actually quieter than previous shows, so I don't know why, and I don't know whether... Maybe I'm just getting old and my hearing's not working quite so well, but... You used to walk out of the show and you could almost feel your ears relax as they just stopped hearing and being assaulted, I suppose, by machines pinging and blowing.Paul Marden: It really is an assault on the senses, but in the very best way possible. Andy Povey: Absolutely, absolutely. I feel like a child. You're walking around the show, you're going, 'Wow, Wow, Wow, Wow, Wow, Wow, Wow.' Paul Marden: So what has been your highlight? Andy Povey: Do you know, I don't think I could give you one. It really is all of the conversations, the connections, the people you didn't know that you hadn't spoken to for two years.Paul Marden: So for me, my highlight, there was a ride that I went on, Doff Robotics.Andy Povey: I've seen that, man.Paul Marden: So it was amazing. I thought I was going to be feeling really, really sick and that I wouldn't enjoy it, but it was amazing. So I had Emily with the camera in front of me. And within 10 seconds, I forgot that I was being recorded and that she was there. I was completely immersed in it. And I came off it afterwards feeling no motion sickness at all and just having had a real good giggle all the way through. I was grinning like, you know, the Cheshire Cat. Andy Povey: A grinning thing. Paul Marden: Yeah. So, tomorrow, what are you looking forward to?Andy Povey:  It's more of the same. It really is. There's going to be some sore heads after tonight's party at Tribodabo. We're all hoping the rain holds off long enough for it to be a great experience. But more of the same.Paul Marden: Well, let's meet back again tomorrow, shall we? Andy Povey: Completely. Paul Marden: Let's make a date.Paul Marden: Thanks for listening to today's episode from IAAPA Expo Europe. As always, if you've loved today's episode, like it and comment in your podcast app. If you didn't like it, let us know at hello@skipthequeue.fm. Show notes and links can also be found on our website, skipthequeue.fm. Thanks to our amazing team, Emily Burrows and Sami Entwistle from Plaster Creative Communications, Steve Folland from Folland Co., and our amazing podcast producer, Wenalyn Dionaldo. Come back again tomorrow for more show news. The 2025 Visitor Attraction Website Survey is now LIVE! Dive into groundbreaking benchmarks for the industryGain a better understanding of how to achieve the highest conversion ratesExplore the "why" behind visitor attraction site performanceLearn the impact of website optimisation and visitor engagement on conversion ratesUncover key steps to enhance user experience for greater conversionsTake the Rubber Cheese Visitor Attraction Website Survey Report

On this TCAF Tuesday, Josh Brown welcomes Telis Demos, writer for Heard on the Street and co-host of The Wall Street Journal's Take on the Week podcast to discuss: mortgage rates falling, the TikTok deal, record margin debt, JPMorgan credit card spending, the new threat facing active fund managers, Private market investments coming into 401(k)'s, and much more! Then at 43:22 hear an all-new episode of What Are Your Thoughts with ⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠! This episode is sponsored by Betterment Advisor Solutions. Grow your RIA, your way by visiting: https://Betterment.com/advisors Sign up for ⁠⁠⁠⁠⁠⁠⁠The Compound Newsletter⁠⁠⁠⁠⁠⁠⁠ and never miss out! Instagram: ⁠⁠⁠⁠⁠⁠⁠https://instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠https://twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠https://www.tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Our Head of India Research Ridham Desai and leaders from Morgan Stanley Investment Management Arjun Saigal and Jitania Kandhari discuss how India's promising macroeconomic trajectory and robust capital markets are attracting more interest from global investors. Read more insights from Morgan Stanley.----- Transcript ----- Ridham Desai: Welcome to Thoughts on the Market. I'm Ridham Desai, Morgan Stanley's Head of India Equity Research and Chief India Equity Strategist. Today, the once in a generation investment opportunities Morgan Stanley sees in India. Joining me in the studio, Arjun Saigal, Co-Head of Morgan Stanley Investment Management at India Private Equity, and Jitania Khandari, Morgan Stanley Investment Management, Head of Macros and Thematic Research for EM Public Equity. It's Tuesday, September 23rd at 4pm in Mumbai. Jitania Kandhari: And 6:30am in New York. Ridham Desai: Right now, India is already the world's fourth largest economy, and we believe it's on track to becoming the third largest by the end of this decade. If you've been following our coverage, you know, Morgan Stanley has been optimistic about India's future for quite some time. It's really a perfect storm – in a good way. India has got a growing young workforce, steady inflation, and is benefiting from some big shifts in the global landscape. When you put all of that together, you get a country that's set up for long-term growth. Of course, India is also facing pressure from escalating tariffs with the U.S., which makes this conversation even more timely. Jitania, Arjun, what are the biggest public and private investment opportunities in India that you'd highlight. Jitania Kandhari: I'd say in public equities there are five broad thematic opportunities in India. Financialization of savings and structurally lower credit costs; consumption with an aspirational consumer and a growing middle-class; localization and supply chain benefits as a China +1 destination; digitization with the India stack that is helping to revolutionize digital services across industries; and CapEx revivals in real estate and industrials, especially defense and electrification. Arjun Saigal: I will just break down the private markets into three segments. The first being the venture capital segment. Here, it's generally been a bit of hit or miss; some great success stories, but there've also been a lot of challenges with scale and liquidity. Coming to the large cap segment, this is the hundred million dollars plus ticket size, which attracts the large U.S. buyout funds and sovereign wealth funds. Here target companies tend to be market leaders with scale, deep management strength, and can be pretty easily IPO-ed. And we have seen a host of successful PE-backed IPOs in the space. However, it has become extremely crowded given the number of new entrants into the space and the fact that regional Asia funds are allocating more of their dollars towards India as they shift away from China. The third space, which is the mid-market segment, the $50- to $100 million ticket size is where we believe lies the best risk reward. Here you're able to find mid-size assets that are profitable and have achieved market leadership in a region or product. These companies have obvious growth drivers, so it's pretty clear that your capital's able to help accelerate a company's growth path. In addition, the sourcing for these deals tends to be less process driven, creating the ability to have extended engagement periods, and not having to compete only on price. In general, it's not overly competitive, especially when it comes to control transactions. Overall, valuations are more reasonable versus the public markets and the large cap segment. There are multiple exit routes available through IPO or sale to large cap funds. We're obviously a bit biased given our mid-market strategy, but this is where we feel you find the best risk reward. Ridham Desai: Jitania, how do these India specific opportunities compare to other Emerging Markets and the developed world? Jitania Kandhari: I will answer this question from two perspectives. The macro and the markets. From a macro perspective, India, as you said, has better demographics, low GDP per capita with catchup potential, low external vulnerability, and relatively better fiscal dynamics than many other parts of the world.It is a domestic driven story with a domestic liquidity cycle to support that growth story. India has less export dependency compared to many other parts of the emerging and developed world, and is a net oil importer, which has been under pressure actually positively impacting commodity importers. Reforms beginning in 2017 from demonetization, GST, RERA and other measures to formalize the economy is another big difference. From a market standpoint, it is a sectorally diversified market. The top three sectors constitute 50 percent in India versus around 90 percent in Taiwan, 66 percent in Brazil, and 57 percent overall in EM. Aided by a long tail of sectors, India screens as a less concentrated market when compared to many emerging and developed markets. Ridham Desai: And how do tariffs play into all this? Jitania Kandhari: About 50 percent of exports to the U.S. are under the 50 percent tariff rate. Net-net, this could impact 30 to 80 basis points of GDP growth.Most impacted are labor intensive sectors like apparel, leather, gems and jewelry. And through tax cuts like GST and monetary policy, government is going to be able to counter the first order impacts. But having said that, India and U.S. are natural partners, and hence this could drag on and have second order impacts. So can't see how this really eases in the short term because neither party is too impacted by the first order impacts. U.S. can easily replace Indian imports, and India can take that 30 basis point to 50 basis points GDP impact. So, this is very unlike other trade deals where one party would have been severely impacted and thus parts were created for reversals. Ridham Desai: What other global themes are resonating strongly for India? And conversely, are there themes that are not relevant for investing in India? Jitania Kandhari: I think broadly three themes globally are resonating in India. One is demographics with the growing cohort of millennials and Gen Z, leading to their aspirations and consumption patterns. India is a large, young urbanizing population with a large share in these demographic cohorts. Supply chain diversification, friend-shoring, especially in areas like electronics, technology, defense, India is an integral part of that ecosystem. And industrials globally are seeing a revival, especially in areas like electrification with the increased usage of renewables. And India is also part of that story given its own energy demands. What are the themes not relevant for investing in India is the aging population, which is one of the key themes in markets like North Asia and Eastern Europe, where a lot of the aging population drivers are leading to investment and consumption patterns. And with the AI tech revolution, India has not really been part of the AI picks and shovels theme like other markets in North Asia, like Korea, Taiwan, and even the Chinese hardware and internet names. Globally, in selected markets, utilities are doing well, especially those that are linked to the AI data center energy demand; whereas in India, this sector is overregulated and under-indexed to growth. Ridham Desai: Arjun, how does India's macro backdrop impact the private equity market in particular? Arjun Saigal: So, today India has scale, growth, attractive return on capital and robust capital markets. And frankly, all of these are required for a conducive investment environment. I also note that from a risk lens, given India being a large, stable democracy with a reform-oriented government, this provides extra comfort of the country being an attractive place to invest. You know, we have about $3 billion of domestic money coming into the stock market each month through systematic investment plans. This tends to be very stable money, versus previously where we relied on foreign flows, which were a lot more volatile in nature. This, in turn, makes for some very attractive PE exits into the public markets. Ridham Desai: Are there some significant intersections between the public and private equity markets? Arjun Saigal: You know, it tends to be quite limited, but we do see two areas. The first being pre-IPO rounds, which have been taking place recently in India, where we do see listed public funds coming into these pre-IPO rounds in order to ensure a certain minimum allocation in a company. And secondly, we do see that in certain cases, PE investors have been selectively making pipe investments in sectors like financial services, which have multiple decade tailwinds and require regular capital for growth. Unlike developed markets, we've not seen too many take private deals being executed in India due to the complex regulatory framework. This is perhaps an area which can open up more in the future if the process is simplified. Ridham Desai: Finally, as a wrap up, what do you both think are the key developments and catalysts in India that investors should watch closely? Arjun Saigal: We believe there are a couple of factors, one being repeat depreciation. Historically this has been at 2.5 to 3 percent, and unfortunately, it's been quite expensive to hedge the repeat. So, the way to address this is to sort of price it in. The second is full valuations. India has never been a cheap market, but in certain pockets, valuations of listed players are becoming quite concerning and those valuations in turn immediately push up prices in the large ticket private market space. And lastly, I would just mention tariffs, which is an evolving situation. Jitania Kandhari: I would add a couple more things. Macro equilibrium in India should be sustained – as India has been in one of the best positions from a macroeconomic standpoint. Private sector CapEx is key to drive the next leg of growth higher. Opportunities for the youth to get productively employed is critical in development of an economy. And India has always been in a geopolitical sweet spot in the last few years, and with the tariff situation that needs some resolution and close monitoring. All of this is important for nominal growth, which ultimately drives nominal earnings growth in India that are needed to justify the high valuations. Ridham Desai: Arjun, Jitania, thank you both for your insights. Arjun Saigal: Great speaking with you Ridham. Jitania Kandhari: Thank you for having us on the show. Ridham Desai: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

The big things you need to know: • First, weakness in Homebuilders doesn't bode well for the recent outperformance of Small Caps. • Second, we've continued to see some slippage in earnings sentiment (the rate of upward EPS estimate revisions) for the S&P 500, which has been driven by companies outside of the biggest market cap names. • Third, bulls picked up sharply in the AAII survey last week. • Fourth, our work on US equity market performance in the 12-month period following non-recession-related Fed cuts and reset cuts highlights upside risk to our 2H26 S&P 500 target price of 7,100. • Fifth, capex growth improved in 2Q25. • Sixth, US equity funds flows bounced back last week, driven by US-domiciled funds.

Micron (MU) reports earnings after the close on Tuesday, and Paul McCarthy expects a beat and raise from the company. The stock has doubled since the start of 2025, helped by raised guidance Micron released in August. Paul says the print will be all about whether its guidance still lines up with projections and if capex shows strong demand. Tom White turns to the options front ahead of Micron's report.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Abiel Reinhart joins Nora Szentivanyi to discuss the recent surge in tech-related business investment, its impact on US growth, and what it might mean for productivity gains. Tech investment accounted for about a third of US GDP growth––and much of the expansion in domestic final sales––in 1H25. While hyperscaler capex levels are expected to stay high in coming years, current growth rates are unlikely to be sustained, implying a smaller GDP contribution in 2026. We also discuss potential mismeasurement of tech investment in the GDP accounts.  This podcast was recorded on September 23, 2025.  This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.  

Dr. Jason Huang is the co-founder and CEO of TS Conductors, a firm that manufacturers advanced conductors for electric utilities. The TS conductors, or transmission lines, carry up to three times as much power as conventional transmission lines (wires). They also cut power line losses by up to one half, often at a negative marginal cost... meaning they cost less than conventional lines and boost capacity. Jason explains that given today's thirst for power for data centers, building and mobility electrification, these conductors are critical in maintaining U.S. competitiveness in global markets, while providing critical services for renewable power generation.Jason explains that the power sector is very conservative, working diligently to provide safe and reliable transmission services. Many utilities are using 120-year old transmission technology... while others are using "advances" that are 50+ years old. TS Conductors uses a combination of carbon fiber cores, which double their strength and weigh 80% less, with encapsulated aluminum conductors. Through TS Conductors, utilities can invest in the future... restringing power lines at lower costs and faster than using traditional technologies.For years, utility transmission lines have been constrained by sagging in high heat and swaying in high winds. Many lines have to be derated in extreme heat events, times when utilities need the power the most. To add more capacity, utilities have had to make towers taller and to add towers. TS Conductors allows utilities to refurbish their transmission corridors and expand their power capacity without costly tower replacements. More important than the lower costs are avoiding permitting for new transmission corridors, processes that can take more than 12 years. In one case, TS Conductors were used in Montana, cutting CAPEX costs 40% and shortening the project schedule to provide means to bring wind farms' power to market by 12 months.The conversation concludes with a look at the massive potential and market for advanced conductors. There are nearly a million circuit miles in America, and many more millions of conductor miles given three-phase configurations. And the conductors can be used for 18 million+ distribution lines as well. For the United States to be competitive in the global AI market, and to boost sustainability, TS Conductors offers a win-win solution.

September 22, 2025 - Chase explains why the AI capex is concerning, the struggle for US to manufacture, and the changing global defense landscape. 

Is AI in a bubble, or just experiencing one of history's biggest booms? This episode breaks down Azeem Azhar's 5-guage framework for evaluating whether AI is bubble territory—or still solidly in growth mode. From trillions in CapEx spending and surging enterprise demand to valuation heat and funding quality, we examine the five gauges that separate hype from reality. The data suggests AI is not yet in bubble territory, but pressure points remain.Source: https://www.exponentialview.co/p/is-ai-a-bubbleBrought to you by:KPMG – Discover how AI is transforming possibility into reality. Tune into the new KPMG 'You Can with AI' podcast and unlock insights that will inform smarter decisions inside your enterprise. Listen now and start shaping your future with every episode. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.kpmg.us/AIpodcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Blitzy.com - Go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blitzy.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to build enterprise software in days, not months Robots & Pencils - Cloud-native AI solutions that power results ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://robotsandpencils.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vanta - Simplify compliance - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://vanta.com/nlw⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Agent Readiness Audit from Superintelligent - Go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://besuper.ai/ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠to request your company's agent readiness score.The AI Daily Brief helps you understand the most important news and discussions in AI. Subscribe to the podcast version of The AI Daily Brief wherever you listen: https://pod.link/1680633614Interested in sponsoring the show? nlw@aidailybrief.ai

On Healthy Mind, Healthy Life, host Sana digs into a clear, step-by-step approach to building a cash-flowing U.S. real estate portfolio with only ~20% down. Guest Axel Meierhoefer breaks down mindset, savings habits (pay yourself first), and his Out-of-State Turnkey (OSTK) method—why single-family rentals in affordable markets can compound steadily through leverage, rent, amortization, and tax benefits. We also address risk management: cash-flow screens, reserves, tenant stability, and long-term horizons so wealth grows without spiking anxiety. Direct, practical, and designed for listeners who want financial independence without gambling.   About the Guest  : Axel Meierhoefer is a real-estate mentor and founder of Ideal Wealth Grower. After a career in the Air Force and consulting, he built a seven-figure rental portfolio and now mentors investors on turnkey, out-of-state single-family strategies that emphasize cash flow, sensible leverage, and systemized operations.   Key Takeaways: Pay yourself first: auto-allocate 10–15% of income into a separate investing account so the down payment fund steadily compounds. Small market advantage: target affordable, landlord-friendly U.S. metros where the price-to-rent ratio supports positive cash flow. Single-family stability: SFR tenants often stay longer than small multis, lowering turnover costs and stress. 20% down ≠ high risk when screened well: buy cash-flow positive properties after mortgage, taxes, insurance, management, and maintenance. Reserves are non-negotiable: bank monthly cash flow to cover vacancy and CapEx, so risk decreases over time. Leverage math (example): $20k down on a $100k home + 5% appreciation ≈ $5k equity gain (25% on cash invested) before amortization and tax benefits. Mindset > mechanics: set a target (e.g., $20–30k), track monthly progress, and keep the focus on long-term investing, not short-term speculation. Entry ladder if 20% is tough: consider REITs or tokenized real estate to begin learning while saving toward direct ownership.   Connect with the Guest   Website: idealwealthgrower.com Complimentary Discovery Call: Use the “Discovery Call” button on the top-right of the site to discuss goals and the mentoring process.   Want to be a guest on Healthy Mind, Healthy Life? DM on PM - Send me a message on PodMatch DM Me Here: https://www.podmatch.com/hostdetailpreview/avik   Disclaimer: This video is for educational and informational purposes only. The views expressed are the personal opinions of the guest and do not reflect the views of the host or Healthy Mind By Avik™️. We do not intend to harm, defame, or discredit any person, organization, brand, product, country, or profession mentioned. All third-party media used remain the property of their respective owners and are used under fair use for informational purposes. By watching, you acknowledge and accept this disclaimer.   Healthy Mind By Avik™️ is a global platform redefining mental health as a necessity, not a luxury. Born during the pandemic, it's become a sanctuary for healing, growth, and mindful living. Hosted by Avik Chakraborty—storyteller, survivor, wellness advocate—this channel shares powerful podcasts and soul-nurturing conversations on: • Mental Health & Emotional Well-being• Mindfulness & Spiritual Growth• Holistic Healing & Conscious Living• Trauma Recovery & Self-Empowerment With over 4,400+ episodes and 168.4K+ global listeners, join us as we unite voices, break stigma, and build a world where every story matters.

Interview with Ian Cockerill, CEO of Endeavour Mining Our previous interview: https://www.cruxinvestor.com/posts/endeavour-mining-tsxedv-free-cash-flow-surges-to-411m-in-q1-7087Recording date: 17th September 2025Endeavour Mining, one of the world's top 10 gold producers, is demonstrating exceptional operational execution amid gold's surge beyond $3,600 per ounce. The West African-focused miner delivered 58% of annual production guidance in the first half of 2025 while maintaining industry-leading costs across its five-mine portfolio.The company's disciplined capital allocation strategy has positioned it as a leader in shareholder returns. Endeavour will distribute $379 per ounce produced through dividends and buybacks, including $150 million in cash dividends and $69 million in share repurchases by end of H2 2025. "We have class leading dividends both in terms of guaranteed dividends, supplemental cash dividends as well as buybacks," noted CEO Ian Cockerill.Despite generous shareholder distributions, management is strategically reinvesting windfall cash from elevated gold prices. The company plans material increases in exploration spending, leveraging historical discovery costs of just $25 per ounce versus current gold prices exceeding $3,600. "Our discovery cost historically has been $25 an ounce. $100 to find something that's worth $3,500. Think of the value add that brings to us," Cockerill emphasized.Endeavour has secured 30% organic production growth through 2030, targeting 1.5 million ounces annually from existing project pipelines. This growth foundation provides flexibility for additional opportunities without execution pressure. The company is evaluating geographic expansion beyond West Africa, focusing on similar geological terrains where its frontier market expertise applies.While current gold prices create approximately $1,500 per ounce windfall above guidance assumptions, management recognizes commodity price cyclicality. Their balanced approach of returning substantial cash to shareholders while investing in high-return exploration and operational improvements positions Endeavour to maintain industry-leading performance regardless of future price movements.Learn more: https://www.cruxinvestor.com/companies/endeavour-miningSign up for Crux Investor: https://cruxinvestor.com

What happens when a hotel developer moves from building Hampton Inns to creating lifestyle hotels with fire pits and Michelin-starred restaurants?Today's guest is a returning guest, Stephen Wendell, Co-Founder and CEO of Mountain Shore Properties. They explore the shift from select-service properties to luxury and lifestyle hotels, examining the business dynamics and guest experiences that differentiate these segments. Steven shares insights on building independent lifestyle hotels, dealing with construction challenges, financing, and the pivotal role of major brands and creative freedom. They also discuss the evolving demands of younger travelers and the potential for lifestyle hotels to serve as cultural hubs. The conversation touches on financing strategies, the impact of current economic conditions, and the balance between guest experience and profitability.Takeaways: The most successful hospitality projects prioritize unique, memorable experiences for guests, which can lead to long-term loyalty and word-of-mouth growth.Each project is a learning opportunity. Apply lessons from past mistakes to improve future outcomes and avoid repeating errors.Consider a mix of select service and lifestyle/boutique properties to balance stability with higher-reward opportunities.Affiliation with major brands can make financing easier and provide valuable marketing/distribution support, but weigh the costs and benefits carefully.The best hotels become hubs for both guests and locals. Create spaces and experiences that attract both groups.Younger travelers value experiences over points. Offer unique, local collaborations and experiences to attract and retain this demographic.Hospitality is a long-term business. Set expectations with investors and partners accordingly, and operate with a long-term mindset.Quote of the Show:“Some people quit in the messy middle. We've pushed through, and now we know what to do and how to do it.” - Stephen WendellLinks:LinkedIn: https://www.linkedin.com/in/stephen-wendell-5417291a/ Website: https://mountainshoreproperties.com/ Shout Outs:1:18 - Philadelphia Eagles https://www.philadelphiaeagles.com/ 2:00 - Camptown https://mountainshoreproperties.com/project/camptown-leeds-ny/ 3:56 - Airbnb https://www.airbnb.com/ 4:14 - Hyatt https://www.hyatt.com/ 4:15 - Dream https://www.hyatt.com/dream-hotels 4:16 - The Standard https://www.hyatt.com/the-standard/en-US 4:17 - Bunkhouse https://www.hyatt.com/bunkhouse-hotels/en-US/explore 4:18 - Hilton https://www.hilton.com/en/ 4:19 - Graduate https://www.hilton.com/en/brands/graduate-hotels/ 4:22 - Nomad https://www.hilton.com/en/brands/nomad-hotels/ 4:23 - Marriott https://www.marriott.com/default.mi 5:09 - Courtyard https://courtyard.marriott.com/ 5:17 - Hotel Genevieve https://mountainshoreproperties.com/project/hotel-genevieve-louisville-ky/ 7:20 - Hampton Inn https://www.hilton.com/en/brands/hampton-by-hilton/ 13:00 - Gary Vaynerchuk https://en.wikipedia.org/wiki/Gary_Vaynerchuk 13:50 - Steve Jobs https://en.wikipedia.org/wiki/Steve_Jobs 13:52 - Bill Gates https://en.wikipedia.org/wiki/Bill_Gates 13:53 - Jeff Bezos https://en.wikipedia.org/wiki/Jeff_Bezos 14:49 - James Beard https://en.wikipedia.org/wiki/James_Beard 17:18 - AC Hotels https://ac-hotels.marriott.com/ 18:07 - Independent Lodging Congress https://ilcongress.com/ 18:18 - Deutsche Bank https://www.db.com/ 18:20 - Bank of America https://www.bankofamerica.com/ 22:31 - Vanguard https://investor.vanguard.com/ 22:32 - John Bogle https://en.wikipedia.org/wiki/John_C._Bogle 23:09 - JDV https://www.hyatt.com/jdv-by-hyatt/en-US/explore 24:08 - IHG https://www.ihg.com/hotels/us/en/reservation 24:12 - Vignette https://www.ihg.com/vignettecollection/hotels/us/en/reservation 25:29 - Waldorf Astoria https://www.hilton.com/en/brands/waldorf-astoria/ 34:40 - Ritz Carlton https://www.ritzcarlton.com/ 45:57 - Jerome Powell https://en.wikipedia.org/wiki/Jerome_Powell 52:26 - Paul Volcker https://en.wikipedia.org/wiki/Paul_Volcker 54:59 - Costa Susana https://costasusana.com/en/ 56:20 - Hotel Saint Cecilia https://www.bunkhousehotels.com/hotel-saint-cecilia 56:47 - Regent Hotels https://www.ihg.com/regent/hotels/us/en/reservation 

In this episode, Craig McGrouther and I dive deep into the nuances of "above the line" and "below the line" expenses in multifamily underwriting. We explain how the "line" is Net Operating Income (NOI), with operating expenses like payroll and insurance sitting above, while CapEx and debt service fall below. I reveal the art behind these classifications and how a unit renovation could be coded as either R&M (above) or CapEx (below) depending on interpretation, affecting the property's apparent NOI and cap rate. Using their current deal as an example, they show why contract services dropped from $127K to $57K and how they're handling bulk WiFi implementation. The key insight: every sponsor underwrites differently, and sophisticated buyers/lenders understand these financials are normalized to each party's standards. This is essential knowledge for anyone evaluating multifamily investments.Learn more about LSCRE:www.lscre.com 

Interview with Frederick H. Earnest, President & CEO of Vista GoldOur previous interview: https://www.cruxinvestor.com/posts/from-mega-mines-to-lean-machines-rio2-ltd-vista-golds-blueprint-for-fast-track-gold-production-7298Recording date: 16th September 2025Vista Gold Corp (TSX:VGZ) presents a compelling investment opportunity through its strategic transformation of the Mt Todd Gold Project, Australia's second largest undeveloped gold asset and the largest not owned by an existing producer. The company's recent feasibility study represents a fundamental strategic pivot that has created enhanced economics, reduced capital requirements, and multiple pathways for value realization.The cornerstone of Vista Gold's investment thesis lies in its decision to redesign Mt Todd from a massive 50,000 ton per day operation requiring over $1 billion in initial capital to a more focused 15,000 ton per day operation with $425 million capex—a 59% reduction that makes financing significantly more achievable. This strategic shift prioritizes grade over volume, raising the cut-off grade from 0.35 g/t to 0.5 g/t, resulting in a 23% improvement in reserve grade while maintaining over 5 million ounces of gold reserves.The redesigned project delivers exceptional economics with an NPV5 of $1.1 billion using a conservative $2,500 gold price assumption. At $3,300 gold price, closer to current market levels above $3,600, the NPV increases to $2.2 billion with an IRR approaching 45%. The production profile shows consistent output of 153,000 ounces annually over the first 15 years, providing predictable cash flow generation that appeals to investors seeking stable gold exposure.The market has responded overwhelmingly positively to Vista Gold's strategic direction, with shares surging 133% from 93 cents to $2.17 following the July feasibility study publication. This appreciation reflects both the favorable gold price environment and increased recognition of the project's improved risk-reward profile, demonstrating investor confidence in management's strategic execution.Vista Gold's strategic approach provides investors with exposure to three distinct value realization scenarios: joint venture partnerships, potential sale or corporate transactions, and self-development. This optionality ensures the company can adapt to market conditions and capitalize on the most favorable outcome for shareholders. The reduced capital requirements have expanded the pool of potential joint venture partners, while the project's improved economics make it more attractive for corporate transactions.Mt Todd's unique positioning as Australia's largest undeveloped gold project not owned by a producer provides significant strategic value in the current consolidation environment. The project benefits from Australia's political stability, established mining infrastructure, and proximity to Asian gold demand centers, reducing development risk compared to emerging market alternatives.Vista Gold offers investors exposure to a premier undeveloped gold asset with management that has demonstrated strategic flexibility to optimize shareholder value. The combination of proven reserves exceeding 5 million ounces, enhanced project economics, reduced capital requirements, and multiple development pathways positions the company as an attractive vehicle for gold sector exposure. With gold prices providing substantial operational margins above feasibility study assumptions and strong market validation through share price appreciation, Vista Gold represents a compelling opportunity for investors seeking exposure to Australia's gold sector through a strategically positioned development company.View Vista Gold's company profile: https://www.cruxinvestor.com/companies/vista-gold-corporationSign up for Crux Investor: https://cruxinvestor.com

“We're the unmanaged service provider—we don't want to do what MSPs do. We provide the infrastructure so they can grow,” says Andrew Natour of Leaseweb USA. At the MSP Summit in Orlando, Doug Green, Publisher of Technology Reseller News, sat down with Tim Mandell and Andrew Natour to discuss how Leaseweb partners with MSPs to deliver flexible, scalable infrastructure without requiring massive CapEx investments. Leaseweb, a Dutch-based global cloud infrastructure provider with 28 data centers worldwide (nine in the U.S.), works across industries—from gaming and retail to SaaS, ad tech, and AI. But for Mandell and Natour, MSPs are a uniquely strategic partner. “We want to take the journey with them,” Mandell explained. “We provide the infrastructure, they deliver the managed services. It's a true symbiotic relationship.” By offering options ranging from dedicated hardware to virtual private servers, colocation, and cloud services, Leaseweb enables MSPs to scale as client needs evolve. Their reseller model also allows partners to generate new revenue streams while maintaining customer ownership. For MSPs, the message is clear: focus on what you do best, while Leaseweb supplies the infrastructure backbone. Or as Natour put it: “We can frame the house, furnish it, or leave it unfurnished. The choice is yours.” Learn more at leaseweb.com.

In this episode, U.S. Equity Portfolio Manager Grayson Witcher explores the evolving intersection of government policy, innovation, and capital expenditure (CapEx) in U.S. markets. The discussion unpacks how public spending and strategic government stakes—especially in sectors like semiconductors and defense—are reshaping the investment landscape. Grayson reflects on the unique blend of complacency and optimism in today's markets, the uncertain returns on massive AI-driven CapEx, and the importance of management quality and adaptability in navigating this new era. Key highlights: U.S. markets are experiencing a rare surge in capital spending, driven by AI, reshoring, defense, and infrastructure—marking a departure from decades of just-in-time, low-investment environments. The U.S. government's direct stakes in companies like Intel signal a move toward more strategic, state-influenced capitalism, reminiscent of crisis or wartime interventions but now focused on critical industries. Despite significant investment, most companies have yet to realize meaningful returns from generative AI. The market's optimism may be outpacing actual productivity gains, raising questions about long-term ROI. The team seeks diversified exposure to transformative themes (e.g., AI, automation) without betting on single winners, emphasizing companies with adaptable management and clear execution plans. Rising CapEx, persistent inflation drivers, and government intervention create both risks and opportunities. The focus remains on businesses resilient to macro shifts and capable of thriving across scenarios.   This episode is available for download anywhere you get your podcasts.   Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore.   Host: Rob Campbell, CFA– Institutional Portfolio Manager Guest: Grayson Witcher, CFA, AB – Portfolio Manager   Visit Mawer at https://www.mawer.com.    Follow us on social:    LinkedIn - https://www.linkedin.com/company/mawer-investment-management/   Instagram - https://www.instagram.com/mawerinvestmentmanagement/  

Our strategists Michelle Weaver and Adam Jonas join analyst Christopher Snyder to discuss the most important themes that emerged from the Morgan Stanley Annual Industrials Conference in Laguna Beach.Michelle Weaver: Welcome to Thoughts on the Market. I'm Michelle Weaver, Morgan Stanley's U.S. Thematic Strategist.Christopher Snyder: I'm Chris Snyder, Morgan Stanley's U.S. Multi-Industry Analyst. Adam Jonas: And I'm Adam Jonas, Morgan Stanley's Embodied AI Strategist.Michelle Weaver: We recently concluded Morgan Stanley's annual industrials conference in Laguna Beach, California, and wanted to share some of the biggest takeaways.It's Tuesday, September 16th at 10am in New York.I want to set the stage for our conversation. The overall tone at the conference was fairly similar to last year with many companies waiting for a broader pickup. And I'd flag three different themes that really emerged from the conference. So first, AI. AI is incredibly important. It appeared in the vast majority of fireside conversations. And companies were talking about AI from both the adopter and the enabler angle. Second theme on the macro, overall companies remain in search of a reacceleration. They pointed to consistently expansionary PMIs or a PMI above 50, a more favorable interest rate environment and greater clarity on tariffs as the key macro conditions for renewed momentum. And then the last thing that came up repeatedly was how are companies going to react to tariffs? And I would say companies overall were fairly constructive on their ability to mitigate the margin impact of tariffs with many talking about both leveraging pricing power and supply chain shifts to offset those impacts. So, Chris, considering all this, the wait for an inflection came up across a number of companies. What were some of your key takeaways on multis, on the macro front? Christopher Snyder: The commentary was stable to modestly improving, and that was really consistent across all of these companies. There are, you know, specific verticals where things are getting better. I would call out data center as one. Non-res construction, as another one, implant manufacturing as one. And there were certain categories where we are seeing deterioration – residential HVAC, energy markets, and agriculture.But we came away more constructive on the cycle because things are stable, if not modestly improving into a rate cut cycle. The concern going in was that we would hear about deteriorating trends and a rate cut would be needed just to stabilize the market. So, we do think that this backdrop is supportive for better industrial growth into 2026.We have been positive on the project or CapEx side of the house. It feels like strength there is improving. We've been more cautious on the short cycle production side of the house. But we are starting to see signs of rate of change. So, when we look into [20]26 and [20]27, we think U.S. industrials are poised for decade high growth. Michelle Weaver: You've had a thesis for a while now that U.S. reshoring is going to be incredibly important and that it's a $10 trillion opportunity. Can you unpack that number? What are some recent data points supporting that and what did you learn at the conference? Christopher Snyder: Some of the recent data points that support this view is U.S. manufacturing construction starts are up 3x post Liberation Day. So, we're seeing companies invest. This is also coming through in commercial industrial lending data, which continues to push higher almost every week and is currently at now record high levels. So, there's a lot of reasons for companies not to invest right now. There's a lot of uncertainty around policy. But seeing that willingness to invest through all of the uncertainty is a big positive because as that uncertainty lifts, we think more projects will come off the sidelines and be unlocked. So, we see positive rate of change on that. What I think is often lost in the reassuring conversation is that this has been happening for the last five years. The U.S. lost share of global CapEx from 2000 when China entered the World Trade Organization almost every year till 2019 when Trump implemented his first wave of tariffs. Since then, the U.S. has taken about 300 basis points of global CapEx share over the last five years, and that's a lot on a $30 trillion CapEx base. So, I think the debate here should be: Can this continue? And when I look at Trump policy, both the tariffs making imports more expensive, but also the incentives lowering the cost of domestic production – we do think these trends are stable. And I always want to stress that this is a game of increments. It's not that the U.S. is going to get every factory. But we simply believe the U.S. is better positioned to get the incremental factory over the next 20 years relative to the prior 20. And the best point is that the baseline growth here is effectively zero. Michelle Weaver: And how does power play into the reshoring story? AI and data centers are generating huge demand for power that well outstrip supply. Is there a risk that companies that want to reshore are not able to do so because of the power constraints?Christopher Snyder: It's a great question. I think it's part of the reason that this is moving more slowly. The companies that sell this power equipment tend to prioritize the data center customers given their scale in magnitude of buying. But ultimately, we think this is coming and it's a big opportunity for U.S. power to extend the upcycle.Manufacturing accounts for 26 percent of the electricity in the country. Data center accounts for about 5 percent. So, if the industrial economy returns to growth, there will be a huge pull on the grid; and I view it as a competitive advantage. If you think about the future of U.S. manufacturing, we're simply taking labor out and replacing it with electricity. That is a phenomenal trade off for the U.S. And a not as positive trade off for a lot of low-cost regions who essentially export labor to the world. I'm sure Adam will have more to say about that. Michelle Weaver: And Adam, I want to bring robotics and humanoid specifically into this conversation as the U.S.' technological edge is a big part of the reshoring story. So how do humanoids fit into reshoring? How much would they cost to use and how could they make American manufacturing more attractive? Adam Jonas: Humanoid robots – we're talking age agentic robots that make decisions from themselves autonomously due to the dual purpose in the military. You know, dual purpose aspect of it makes it absolutely necessary to onshore the technologies.At the same time, humanoid robots actually make it possible to onshore those technologies. Meaning you need; we're not going to be able to replicate manufacturing and onshore manufacturing the way it's currently done in China with their environmental practices and their labor – availability of affordable cheap human labor.Autonomous robots are both the cause of onshoring. And the effect of onshoring at the same time, and it's going to transform every industry. The question isn't so much as which industry will autonomous robots, including humanoids impact? It's what will it not.And we have not yet been able to find anything that it would. When you think about cost to use – we think by 2040 we get to a point where to Chris's point, the marginal cost of work will be some factor of electricity, energy, and some depreciation of that physical plant, or the physical robot itself. And we come up with a, a range of scenarios where centered on around $5 per hour. If that can replace two human workers at $25 an hour, that can NPV to around $200,000 of NPV per humanoid. That's discounting back 15 years from 2040.Michelle, there's 160 million people in the U.S. labor market, so if you just substituted 1 percent of that or 1.6 million people out of the U.S. Labor pool. 1.6 million times $200,000 NPV; that's $320 billion of value, which is worth, well, quite a lot. Quite a lot of money to a lot of companies that are working on this. So, when we get asked, what are we watching, well, in terms of the bleeding edge of the robot revolution, we're watching the Sino-U.S. competition. And I prefer to call it competition. And we're also watching the terra cap companies, the Mag 7 type companies that are quite suddenly and recently and very, very significantly going after physical AI and robotics talent. And increasingly even manufacturing talent. So again, to circle back to Chris's point, if you want evidence of reshoring and manufacturing and advanced manufacturing in this country, look at some of these TMT and tech and AI companies in California. And look at, go on their hiring website and watch all the manufacturing and robotics people that they're trying to hire; and pay a lot of money to do so. And that might be an interesting indicator of where we're going.Michelle Weaver: I want to dig in a little bit more there. We're seeing a lot of the cutting-edge tech coming out of China. Is the U.S. going to be able to catch up?Adam Jonas: Uh, I don't know. I don't know. But I would say what's our alternative. We either catch up enough to compete or we're up for grabs. OK?I would say from our reading and working closely with our team in China, that in many aspects of supply chain, manufacturing, physical AI, China is ahead. And with the passage of time, they are increasingly ahead. We estimate, and we can't be precise here, that China's lead on the U.S. would not only last three to five years, but might even widen three to five years from now. May even widen at an accelerating rate three to five years from now.And so, it brings into play is what kind of environment and what kind of regulatory, and policy decisions we made to help kind of level the playing field and encourage the right kind of manufacturing. We don't want to encourage trailing edge, Victorian era manufacturing in the U.S. We want to encourage, you know, to skate to where the puck is going technology that can help improve our world and create a sustainable abundance rather than an unsustainable one. And so, we're watching China very, very closely. It makes us a little bit; makes me a little bit kind of nervous when we – if we see the government put the thumb on the scale too much.But it's invariably going to happen. You're going to have increased involvement of whichever administration it is in order to kind of set policies that can encourage innovation, education of our young people, repurposing of labor, you know. All these people making machines in this country now. They might get, there may be a displacement over a number of years, if not a generation.But we need those human bodies to do other things in this economy as well. So, we; I don't want to give the impression at all in our scenarios that we don't need people anymore. Michelle Weaver: What are the opportunities and the risks that you see for investors as robotics converges with this broader U.S. manufacturing story? Adam Jonas: Well, Michelle, we see both opportunities and risks. There are the opportunities that you can measure in terms of what portion of global GDP of [$]115 trillion could you look at. I mean, labor alone is $40 trillion.And if you really make humanoid that can do the work of two workers, guess what? You're not going to stop at [$]40 trillion. You're going to go beyond that. You might go multiple beyond that. Talking about the world before AI, robotics and humanoid is like talking about the world before electricity. Or talking about business before the internet. We don't think we're exaggerating, but the proof will be in the capital formation. And that's where we hope we can be of assistance to our clients working together on a variety of investment ideas. But the risks will come and it is our professional responsibility, if not our moral responsibility, to work with our partners across research to talk about those risks. Michelle, if we have labor displacement, go too quickly, there's serious problems. And if you don't, if you don't believe me, go look at, look at you know, the French Revolution or the Industrial Revolution, or Age of Enlightenments. Ages of scientific enlightenment frequently cohabitate times of great social and political turmoil as well. And so, we think that these risks must be seen in parallel if we want to bring forth technologies that can make us more human rather than less human. I'm sorry if I'm coming across as a little preachy, but if you studied robots and labor all day long, it does have that effect on you. So, Michelle, how do you see innovation priorities changing for industrials and investors in this environment?Michelle Weaver: I think it's huge as we're seeing AI and technology broadly diffuse across different segments of the market, it's only becoming more important. About two-thirds of companies at the conference mentioned AI in some way, shape, or form. We know that from transcripts. And we're seeing them continue to integrate AI into their businesses. They're trying to go beyond what we've just seen at the initial edge. So, for example, if I think about what was going on within AI adoption a couple years ago, it was largely adding a chat bot to your website that's then able to handle a lot of customer service inquiries. Maybe you could reduce the labor there a little bit. Now we're starting to see a lot more business specific use cases. So, for example, with an airline, an airline company is using AI to most optimally gate different planes as they're landing to try and reduce connection times. They know which staff needs to go to another flight to connect, which passengers need to move to another flight. They're able to do that much more efficiently. You're seeing a lot on AI being adopted within manufacturing to make manufacturing processes a lot more seamless. So, I think innovation is only going to continue to become more important to not only industrials, but broadly the entire market as well.Clearly the industry is being shaped by adaptability, collaboration, and a focus on innovation. So, Chris, Adam, thank you both for taking the time to talk. Adam Jonas: Always a pleasure. Michelle.Christopher Snyder: Thank you for having us on. Michelle Weaver: And to our listeners, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen to the show and share the podcast with a friend or colleague today.

Andreas Steno Larsen and Mikkel Rosenvold of Steno Research preview the upcoming Fed interest rate decision and break down everyting driving markets right now. Here's what's on the docket: Why the current U.S. equity rally is still the “most-hated” on Wall Street, how AI-driven CapEx could reshape the business cycle, shifting U.S.-China trade ties, dollar positioning, and what it all means for crypto and risk assets.

Andreas Steno Larsen and Mikkel Rosenvold of Steno Research preview the upcoming Fed interest rate decision and break down everyting driving markets right now. Here's what's on the docket: Why the current U.S. equity rally is still the “most-hated” on Wall Street, how AI-driven CapEx could reshape the business cycle, shifting U.S.-China trade ties, dollar positioning, and what it all means for crypto and risk assets.

George Netscher, Founder and CEO of SafelyYou, dives into the launch of SafelyYou Halo™, the all-in-one AI operational platform that's transforming care in Assisted Living and Memory Care communities.As the senior living industry faces growing demand, rising acuity levels, and severe staffing shortages, operators are being asked to do more with less, while improving outcomes for residents and ensuring financial sustainability. George outlines what we're hearing from operators on the front lines, the critical challenges they're facing, and how SafelyYou Halo is engineered to meet this moment.SafelyYou Halo™ combines:AI-powered fall detectioneCall and virtual check-insAmbient care and staffing insightsTune in to learn how SafelyYou Halo helps operators:Reduce early move-outs and extend the length of stayKeep residents safer and healthierBoost NOI through smarter, proactive careThis episode was recorded at the NIC Fall Conference.Sponsored by Aline, NIC MAP, Procare HR, Sage, Hamilton CapTel, Service Master, The Bridge Group Construction and Solinity. Produced by Solinity Marketing.Become a sponsor of the Bridge the Gap Network.Connect with BTG on social media:YouTubeInstagramFacebookTwitterLinkedInTikTokMeet the Hosts:Lucas McCurdy, @SeniorLivingFan Owner, The Bridge Group Construction; Senior Living Construction Renovation, CapEx, and Reposition. Joshua Crisp, Founder and CEO, Solinity; Senior Living Development, Management, Marketing and Consulting.

What does it mean when a cost segregation company has zero IRS disallowances in 18 years of business—and why does that matter more than ever with the IRS forming dedicated cost seg review teams? In this episode, Angel Williams sits down with Diana, Director of Operations at Core, to discuss why quality matters more than price in cost segregation services. Diana explains Core's rigorous engineering process, including on-site property visits and detailed documentation that has resulted in zero disallowances over 18 years. She reveals how the IRS has formed specialized cost segregation review teams as bonus depreciation approaches its sunset, and shares practical strategies like lookback studies for older properties and piggyback studies for renovations. This conversation covers the difference between fly-by-night operators doing "virtual walkthroughs on cell phones" versus professional engineering firms, plus Core's additional services including tax credits and disposition studies. [00:01 - 06:00] Quality vs. Price in Cost Segregation Why Core's 18-year track record with zero IRS disallowances matters for audit protection How the IRS has formed dedicated cost segregation review teams as 100% bonus depreciation sunsets The difference between $2,000 "trunk of the car" operators and professional engineering firms [06:01 - 12:00] Engineering Process and On-Site Visits Why Core's engineers visit every property instead of relying on virtual walkthroughs How detailed documentation includes everything from flagpoles to flooring materials The value of engineers advising on CapEx spending before renovations begin [12:01 - 17:00] Lookback and Piggyback Studies How 481 forms allow one-time lookback studies for properties purchased 3-5 years ago Why piggyback studies can accelerate depreciation on completed renovations separately The strategic timing of cost segregation for capital improvement projects [17:01 - 20:40] Beyond Basic Cost Segregation Services Disposition studies for properties undergoing major renovations or demolition Additional tax credit services: 45L credits, 179D credits, and green retrofits How Core acts as a "business consulting firm" rather than just a cost segregation provider Connect with Diana and Core: https://www.linkedin.com/in/dianagipe/ Key Quotes: "Out of that 18 years, we've had zero disallowances. And that's because our engineers take this serious. A lot of them have worked internally for the IRS." - Diana Gipe "It's like winning the lottery. Do you want your money now or later? It's yours. Just take it now while it's still here." - Diana Gipe Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!  

On this week's episode of Next Level CRE, Matt Faircloth interviews Mike Roeder. They dig into lessons from scaling Granite Towers Equity Group, including why words matter at the property level and how third-party teams should embody owner values. Mike breaks down risk controls like raising CapEx up front instead of out of cash flow, screening hard for delinquency and true affordability, and favoring 1980s–2000s assets with seven-year fixed-rate debt. He also shares hands-on asset management plays, from incentivized collections specialists and secret shopping to revenue boosts like monetizing structured parking and bulk Wi-Fi. Mike RoederCurrent role: Co-Founder & Managing Partner, Granite Towers Equity Group. Based in: Central Minnesota. Say hi to them at: https://www.granitetowersequitygroup.com/ | Instagram | YouTube This is a limited time offer, so head over to aspenfunds.us/bestever to download the investor deck—or grab their quick-start guide if you're brand new to oil and gas investing. Visit investwithsunrise.com to learn more about investment opportunities.  Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we feature Saxo equity strategist Ruben Dalfovo helping break down what is driving the moon-shot in Oracle shares after the company blew the doors off of expectations with forward cloud infrastructure bookings in its earnings call after the close yesterday. We also look at the Klarna IPO forthcoming today, Novo Nordisk shares rallying on the company's cost reductions, the latest in geopolitics, macro and currencies and much more. Hosting today's pod is Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (with a one- to two-hour delay from the time of the podcast release). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

“Design is subjective, but quality is objective.”Today, Spencer Levine, President of RAL Companies and Affiliates, joins Dan to dive into hospitality development. Spencer shares insights from his extensive career in architecture and landscape development. The conversation covers the importance of delivering tangible and thoughtful hospitality experiences, the significance of strategic partnerships, and the crucial role of creative problem-solving in the development process. Spencer also delves into his experiences during the 2008 financial crisis and how it shaped his company's approach to handling distressed projects. Additionally, he reflects on lessons from his father and the impact of company culture on successful project execution.Takeaways: Exceptional service can overcome shortcomings in physical spaces. Focus on delivering care and responsiveness to guests and clients.Approach challenges by seeking solutions, not dwelling on problems. Be proactive and creative, especially when facing constraints.Invest in relationships and develop a strong network, both internally and externally. Know who to call when you need expertise beyond your own.Strive for authenticity in design and experience. Make spaces and services reflect the unique character of their location and purpose.Take personal responsibility for your work and encourage accountability within your team. Share knowledge and support each other to achieve common goals.No task is beneath you. Be ready to do whatever it takes to deliver a project, from high-level strategy to hands-on work.Make decisions with intention and commit to them. Don't get stuck in indecision. Pivot if needed, but move forward with conviction.Quote of the Show:“Design is not necessarily just beautiful, it's making a decision and forging ahead with it.” - Spencer LevineLinks:LinkedIn: https://www.linkedin.com/in/spencer-levine-665b1078/ Website: https://ralcompanies.com/ Shout Outs:0:45 - Mandarin Oriental Resorts and Residences https://ralcompanies.com/projects/mandarin-oriental/ 0:49 - Zero Irving https://ralcompanies.com/projects/14th-street/ 0:51 - Four Seasons Vail https://www.fourseasons.com/vail/ 0:54 - ULI New York https://newyork.uli.org/ 1:50 - Monty Python https://en.wikipedia.org/wiki/Monty_Python 10:31 - Horst Schulze https://horstschulze.com/ 13:13 - Robert Levine https://www.linkedin.com/in/robert-levine-65b60628/ 17:24 - Roan Steamboat https://www.steamboatsprings-realestate.com/roan/ 17:41 - The Madeline https://aubergeresorts.com/madeline/ 26:45 - Ironshore https://www.ironshorecayman.vip/ 28:22 - Hart Howerton https://www.harthowerton.com/ 28:32 - Meyer Davis https://www.meyerdavis.com/ 29:31 - Reda Amalou https://www.redaamalou.com/en/ 29:37 - Ocean House https://www.oceanhouseri.com/ 35:45 - Field of Dreams https://en.wikipedia.org/wiki/Field_of_Dreams 46:38 - Vincent Cangelosi https://www.linkedin.com/in/vincent-cangelosi-4053a23/ 47:24 - Steve Higgins https://www.canoehospitality.com/ 50:48 - Young President's Organization https://www.ypo.org/ 58:31 - Cornell University https://www.cornell.edu/ 59:10 - Harvard University https://www.harvard.edu/ 

***New Video Alert! If you buy something and pay for it over 10 years and need to replace it after 2, that would be bad, right? Here's how a lot of buyers and sellers get into pricing problems. Check it out in this week's new video: https://youtu.be/qcr-MR0TT58 Cheers See you over on YouTube David C Barnett #smallbusiness #mergersandacquisitions #M&A