Podcasts about CFA

Ram is bearish on equities, oil is keeping the Fed frozen, and Bitcoin is holding up anyway. The hosts debate whether crypto has bottomed or whether worse is still ahead. --- Thanks to our sponsor, Nexo! ---- Three weeks into the Iran conflict, oil is keeping inflation elevated, rate cuts are getting pushed out, and hedge funds are being forced to sell good names just to reduce exposure. So why is Bitcoin holding up?  Ram sees a market on the right shoulder of a bubble, with industrials like Caterpillar at 35x earnings and no real capitulation yet in equities or private credit. Chris is watching trading desks pick up the “short-gold, long-Bitcoin” trade, and sees Ethereum's fundamentals quietly strengthening. Austin wants to know what happens to DeFi the day a major stablecoin gets compromised on a censorship-resistant chain with no network-level controls.  And all three are asking the same question investors need answered now: does the Iran conflict end fast enough to stop oil from triggering a true inflationary regime, or is a harder correction still ahead? Hosts: ⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠, CFA, CEO and Founder of Lumida ⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting ⁠⁠⁠⁠⁠Christopher Perkins⁠⁠⁠⁠⁠, Managing Partner and President of CoinFund Learn more about your ad choices. Visit megaphone.fm/adchoices

Iris Wang, CFA, is a Senior Investment Leader at a leading U.S. asset management firm, overseeing asset allocation across large-scale portfolios. Born and raised in China, she developed an early fascination with value before building a nearly two-decade career in institutional investments. She is the Author of the World of Money book series, dedicated to helping children build a healthy and confident relationship with money, starting with her two curious boys. Amazon: https://www.amazon.com/World-Money-1-What/dp/B0FMNLRDZN/ref=tmm_hrd_swatch_0?_encoding=UTF8&dib_tag=se&dib=eyJ2IjoiMSJ9.B9OU3eR72qI9RibfXOqlbw.lUnpjif-ymgsYXtFZinyTqhMcThe2fBWumxaiERfzt4&qid=1769952919&sr=8-1 Website: https://theworldofmoney.com/ Youtube: https://www.youtube.com/@TheWorldofMoneyIris Instagram: https://www.instagram.com/worldofmoneymidas/ TikTok: @TheWorldofMoneyIris Little Red Book: @TheWorldofMoneyIris CallumConnects Micro-Podcast is your daily dose of wholesome leadership inspiration. Hear from many different leaders in just 5 minutes what hurdles they have faced, how they overcame them, and what their key learning is. Be inspired, subscribe, leave a comment, go and change the world!

International equities have recently generated meaningful outperformance relative to U.S. equities, suggesting a material shift after an extended period of U.S. dominance. Host John Bryson is joined by Dean Bumbaca, CFA, portfolio manager at Axiom Investors, to discuss why international markets could continue to gain momentum and how global exposure can help investors capture these dynamic opportunities. Dean shares insights into the most attractive investment opportunities as the global economy restructures. The conversation also touches on the AI trade, equity valuations, and the consequences of a weaker U.S. dollar for investors with U.S.-focused portfolios. 1 How would you describe Axiom's investment approach? Dean: At Axiom, we view the predominant, most durable factor that drives alpha in equity markets to be positive surprise. Our entire process is designed to spot inflections in businesses that will ultimately result in positive earnings surprises, coupled with an improving competitive advantage and deepening moats. We embrace buy and monitor, where new information proves or disproves our hypothesis. 2 Why should investors consider international equities in 2026? Dean: U.S. market outperformance through the end of 2024 was fueled by the strength of the U.S. economy and the country's edge in design. We believe the global economy is beginning to shift from the design era to a build era, where outsized growth comes from capital heavy enterprises. The winners of this phase are in Taiwan, Japan, Korea, and parts of Europe, where advanced manufacturing remains concentrated. 3 What are the specific regional opportunities available in international markets? Dean: We have a large and increasing position in Japan. With the country's dominance in materials science and scaled manufacturing, our companies are seeing strong demand for high performance specialty materials used in aeroengines and nuclear reactors. On top of that, the government has made structural changes to enhance shareholder return, improve return on equity, and valuation multiples. We also see meaningful upside in defense and aerospace. Defense demand is supported by rising government budgets, while aerospace should benefit from stronger international travel, which increases aircraft utilization and drives higher maintenance needs. In addition, we expect positive earnings momentum in European financials, supported by credible cost takeout programs that should translate into substantial capital returns over the coming years.

A strong market can create a new problem. A single stock or ETF grows to represent a large portion of your net worth. Now you face a difficult tradeoff: diversify and trigger a large tax bill, or hold the position and accept concentrated risk. In this episode, Tyler Emrick, CFP®, CFA®, walks through practical strategies for managing concentrated stock positions in a tax-efficient way. You will learn: How a Section 351 exchange into an ETF can provide diversification while deferring capital gains How tax-aware long-short strategies can help create ongoing tax offsets while gradually reducing a concentrated position When Net Unrealized Appreciation may apply to company stock inside a 401k How donor-advised funds and charitable planning can reduce capital gains on appreciated shares Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 20-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth   Our website:  https://www.truewealthdesign.com/  Phone: 855.TWD.PLAN Contact our team: https://www.truewealthdesign.com/contact-a-financial-advisor/  Check out our other no-cost financial resources here: https://www.truewealthdesign.com/financial-resources/  Watch the show now on YouTube: https://www.youtube.com/channel/UCjENBHOti-IEJFqeydZm_Fg?sub_confirmation=1

In this episode of our Investment Series on the Conquer Risk Podcast, CMO Christopher Norton and Co‑CIO Dan Russo, CMT® sit down with ProShares' Simeon Hyman, CFA®, and Glenn Williams Jr., CMT® for an in‑depth conversation on the state of the crypto markets. Together, they explore bitcoin's role in modern portfolios, the structure and trading of BITO—ProShares' bitcoin-linked ETF, and the broader opportunities emerging across the digital asset landscape. Make sure you subscribe to never miss an update. Subscribe in Apple Podcasts Subscribe on Spotify Learn more about Potomac: https://potomac.com/ Read our blog: https://potomac.com/blog Disclosure: https://potomac.com/disclosures PFM-203-20260218 Hosted on Acast. See acast.com/privacy for more information.

Avec plus de 7 millions de tonnes consommées chaque année, le chocolat est l'une des gourmandises les plus consommées au monde. La viralité du « chocolat de Dubaï » sur les réseaux sociaux, cette tablette de chocolat au lait, fourrée à la crème de pistache, au tahiné et aux cheveux d'ange croustillants, laisse penser que l'enthousiasme ne risque pas de fondre.   Derrière cette popularité, la réalité est plus complexe côté production. Après une envolée des cours du cacao, suite à de mauvaises récoltes, les prix se sont effondrés. En Côte d'Ivoire, premier pays producteur de cacao, le gouvernement a réduit le prix d'achat du cacao aux planteurs de 60%, il s'établit désormais à 1 200 francs CFA (1,83€) le kilo. Un coup dur pour une filière déjà fragilisée.   La vulnérabilité des cacaoyers face aux maladies, les perturbations climatiques, se répercutent sur les cours du cacao, et en bout de chaîne sur les revenus des producteurs. Du côté de l'Amérique latine, la présence de cadmium, ce métal lourd nocif pour la santé, dans le cacao, inquiètent de plus en plus les consommateurs.   Impact sur l'environnement, durabilité de la production, revenus décents pour les producteurs, les enjeux sont immenses pour un secteur qui fait vivre 40 à 50 millions de personnes dans le monde.   Comment rémunérer les producteurs à leur juste valeur ? Les filières équitables sont-elles la solution ? Et du côté du consommateur, quelles responsabilités ? Quel est le prix juste du chocolat ?   Avec : • Katherine Khodorowsky, historienne et sociologue de l'alimentation, ancienne présidente de l'Académie française du chocolat et de la confiserie. Autrice de Quel chocolat pour demain ? Pour une consommation plus responsable (Dunod, 11 mars, 2026) • Christian Cilas, correspondant pour la filière cacao au Centre de coopération internationale en Recherche agronomique pour le développement, CIRAD à Montpellier. Un entretien avec Sarah Cozzolino, correspondante de RFI à Rio de Janeiro au Brésil, 6ème producteur mondial de cacao et 5ème plus grand consommateur, le pays a vu sa production augmenter en 2025, avec 300 000 tonnes de cacao produites.  En fin d'émission, la chronique IA débat, de Thibault Matha, chez 8 milliards de voisins. Alors que l'intelligence artificielle devient omniprésente dans notre quotidien et que son utilisation se démocratise, Thibault Matha interroge les outils, et analyse la pertinence de leurs réponses. Cette semaine, on parlera de la reconnaissance faciale et de la manière dont l'IA a intégré ce système.   Programmation musicale :   ► Living Dead - Joe Yorke, The Co-Operators  ►  LAJEN - Meryl, Umpa. 

A U.S. Army Major-General on what markets got wrong about Iran, whether the Strait was ever really at risk, and what the new U.S. strike doctrine signals to China. --- Bits + Bips is spreading its wings Starting soon, new episodes will only be published on our brand‑new feeds. Here's what you need to do: Click the links below. ⁠⁠YouTube⁠⁠ ⁠⁠Apple⁠⁠ ⁠⁠Spotify⁠⁠ ⁠⁠X⁠⁠ Smash Follow or Subscribe.

Jeremy Keil explains 3 smart ways to help your kids with money while avoiding IRS paperwork Early in the year, I received an email from a couple asking a question I hear all the time: “What's the maximum we can give our kids?” That question usually shows up in December. Parents are trying to get a last-minute gift in before the year ends, and the conversation quickly becomes about tax limits. But that's the wrong starting point. If you're thinking about giving money to your kids, the first question shouldn't be “How much can I give?” The better question is “What problem am I trying to solve?” Many financial mistakes don't come from bad intentions. They come from rushed decisions. And when it comes to family money, rushed decisions can create tax surprises—or even family tension. If 2026 is the year you're considering helping your kids financially, the smartest move is to think it through early. Why Giving Money Isn't Always the Solution Financial gifts don't always produce the results we hope for. In fact, research highlighted in The Millionaire Next Door suggests that frequent financial gifts can sometimes create the opposite of what parents want. Instead of building independence, they can unintentionally create dependency. That doesn't mean giving money is wrong. It simply means the purpose behind the gift matters. Once you understand the purpose, the decision becomes much clearer. Over the years, I've noticed that most thoughtful financial gifts fall into three categories. 1. Timing Sometimes parents simply want their children to enjoy the money earlier. Many retirees know they'll likely leave assets to their children someday. Instead of waiting until inheritance years down the road, they prefer to give some of that money earlier in life. When kids are in their 30s or 40s, the financial impact of extra money can be significant. It may help them buy a home, invest earlier, or reduce financial stress during busy family years. There's also something meaningful about watching your kids benefit from the gift while you're still around to see it. Some people call this “giving with a warm hand instead of a cold hand.” 2. Relief Sometimes money can relieve a specific burden. Maybe a child is changing careers and needs additional training. Maybe there's a medical situation that insurance doesn't fully cover. Maybe they're dealing with a difficult life transition and just need a little financial breathing room. In those situations, the goal isn't simply giving money. The goal is removing a barrier so your child can move forward. That's a very different type of gift than simply writing a check because it's December and the tax calendar says you can. 3. Experience The third category is the one I see most often. Parents want to create experiences with their kids and grandkids. That might mean taking the entire family on a trip. Renting a large vacation home for a week together. Booking a cruise where everyone can spend time together. These moments often become some of the most meaningful uses of money in retirement. You're not just transferring wealth. You're creating memories. The Tax Rules (Yes, They Matter) Of course, taxes still play a role. For 2026, the annual gift tax exclusion allows you to give $19,000 per person per year without triggering any IRS reporting requirements. But remember: the tax impact often comes before the gift happens. If the money comes from a traditional IRA withdrawal, that withdrawal is taxable income. If it comes from selling appreciated investments, capital gains taxes may apply. In other words, giving $57,000 to three kids might require withdrawing significantly more money depending on where those funds come from. That's why focusing only on the IRS limit can miss the bigger financial picture. Share the “Why” Here's one final idea I encourage families to consider. When you give money, share the reason behind it. Explain why you're making the gift. Is it about helping them move forward in life?Is it about reducing stress during a tough moment?Is it about creating family memories? When children understand the meaning behind the money, they're far more likely to appreciate the intention behind the gift. And often, that meaning is far more valuable than the dollars themselves. Start the Conversation Early If you're considering helping your kids financially this year, don't wait until December. Start the conversation now. Ask yourself what you're really trying to accomplish. Because when giving money aligns with your intentions—not just tax rules—it can strengthen families, create meaningful experiences, and turn financial gifts into something much more valuable. Don't forget to leave a rating for the “Retire Today” podcast if you've been enjoying these episodes! Subscribe to Retire Today to get new episodes every Wednesday. Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337  Spotify Podcasts: https://bit.ly/RetireTodaySpotify About the Author: Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel. Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times. Additional Links: Buy Jeremy's book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps Read Jeremy's article in Kiplinger magazine: “How to Give Your Kids Cash Gifts Without Triggering IRS Paperwork”  What is the IRS Gift Tax Limit for 2026? – Mr. Retirement YouTube Channel – https://youtu.be/nGeT9SUd3qI  Should You Give Away Your Money in Retirement? – Retire Today Episode 270 Connect With Jeremy Keil: Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Mr. Retirement Book an Intro Call with Jeremy's Team Media Disclosures: Disclosures This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy. The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results. Legal & Tax Disclosure Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations. Advisor Disclosures Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC. Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A. The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only. Additional Important Disclosures

How much of the money in your portfolio actually belongs to you? If you're investing in taxable accounts, the number on your statement isn't the full picture. A portion of it already belongs to the IRS. The challenge is that taxes on investments don't show up along the way the way they do in your paycheck. They often appear when you sell a position, rebalance your portfolio, or realize gains you weren't thinking about. For successful investors, that tax exposure can have a bigger impact on long-term results than expected. In this episode of Off The Wall, Nate and David break down how to think about tax efficiency as part of a portfolio strategy. They discuss when municipal bonds make sense, why the difference between long-term and short-term gains matters, how holding onto losing investments "until they come back" can work against you, and how tax-loss harvesting can turn volatility into something useful. Your portfolio's job is to grow. But the real objective is keeping more of what that growth produces. — Have a question you want answered on a future Ask Monument Anything episode? Email us at offthewall@monumentwm.com and we might tackle it on the show.   Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures   Episode Timeline/Key Highlights:   0:00 — Why Tax Efficiency Matters (And The Million-Dollar Illusion) 3:28 — Taxable Accounts, Income Design, And Municipal Bond Strategy 7:00 — After-Tax Yield Vs Headline Yield (What You Actually Keep) 10:15 — Unrealized Gains, Basis, And Capital Gains Timing 14:05 — When To Hold, When To Sell, And Using Losses Strategically 17:12 — Offsetting Gains And Long-Term Carryforwards 19:20 — Direct Indexing, Replacement Trades, And Tax Harvesting 25:12 — Don't Let The Tax Tail Wag The Dog + AMA Invite   Connect with Monument Wealth Management:    Visit our website: https://monumentwealthmanagement.com/   Follow us on Instagram: https://www.instagram.com/monumentwealth/#   Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/   Connect on Facebook: https://www.facebook.com/MonumentWealthManagement   Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit   Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/   Check out our Between Sips Podcast: Where Money Meets Meaning Because money without meaning never feels like wealth. https://monumentwealthmanagement.com/between-sips-podcast/   About "Off the Wall":    Markets are noisy. Your time is limited. Off The Wall cuts through the clutter. Hosts Dave Armstrong, CFA, and Nate Tonsager, CIPM, bring you straightforward, candid insights about what's really moving markets and why it matters for successful investors. From economic shifts to portfolio positioning, we break down the complexities so you can invest with intention and stay grounded when headlines and life feel chaotic.   Learn more about our hosts on our website at https://monumentwealthmanagement.com   

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

Jose Mayora, author of Wall Street's Blind Spots, a new book about the realities of value investing in a market dominated by mega-cap growth stocks, explains that true value investing is not about low P/E ratios but about buying businesses at a meaningful discount to intrinsic value. He emphasizes disciplined, bottom-up research, geographic and sector diversification, and concentrated portfolios to uncover overlooked opportunities. We also explore the psychological challenges of investing through crashes and euphoric markets, the tension between patience and performance when managing other people's money, and the risks of over-investment.  We discuss...  Jose Mayora shares his background in investment banking, economics, earning the CFA, and co-founding DeVita Valley Growth Fund with a disciplined value-oriented philosophy. The discussion highlights how traditional value strategies have lagged during the dominance of mega-cap tech stocks, particularly the "Magnificent Seven," over the past decade. Mayora emphasizes that avoiding high-multiple stocks purely on valuation optics can cause investors to miss strong businesses compounding at high rates. The conversation underscores the importance of remaining impartial and avoiding confirmation bias from sell-side research, headlines, or popular narratives. Mayora argues that concentrated portfolios of 10–16 positions are more realistic for true value investing, as finding dozens of genuine bargains in expensive markets is unlikely. We examine how broad market crashes create opportunity because markets become indiscriminate, often punishing high-quality companies alongside weaker ones. Historical examples like Google during the 2008–2009 crisis illustrate how strong businesses temporarily trade at compelling valuations during downturns. The psychological challenge of buying low-quality "junk" stocks for sharper rebounds versus sticking with durable high-quality companies is debated. They discuss how long recoveries—such as after the dot-com crash—can test investor patience even when valuations are compelling. Mayora explains that maintaining close communication and philosophical alignment with investors helps navigate inevitable periods of underperformance. They debate missed opportunities in large-cap tech and the difficulty of staying disciplined when high-momentum stocks dominate returns. Today's Panelists: Kirk Chisholm | Innovative Wealth Barbara Friedberg | Barbara Friedberg Personal Finance Douglas Heagren | Mergent College Advisors Marc Walton | MarcWalton.com Follow on Facebook: https://www.facebook.com/moneytreepodcast Follow LinkedIn: https://www.linkedin.com/showcase/money-tree-investing-podcast Follow on Twitter/X: https://x.com/MTIPodcast For more information, visit the show notes at https://moneytreepodcast.com/wall-street-blind-spots-jose-mayora-796 

Episode Title: Tesla's Building A Robot Army — And A $1.5 Trillion Merger | Cern Basher Short Description: Bitcoin isn't money — it's a cyber security technology. And we're going to need it desperately. Cern Basher, CFA, breaks down why AI agents will choose Bitcoin, the Tesla robotaxi economics, the SpaceX–xAI mega-merger, and why Strategy might be the world's largest digital security company. Full Description: How do you constrain trillions of AI agents roaming the internet? Not with passwords and code — AI will hack all of that. You do it with physics. You do it with Bitcoin. In Part 2 of my conversation with Cern Basher — CFA charterholder, CIO of Brilliant Advice, and one of the sharpest analysts at the intersection of AI, Bitcoin, and macroeconomics — we go deep on Jason Lowery's classified Softwar thesis and why the US Department of Defence placed it under security review. Cern explains why Bitcoin is actually a cyber security protocol hiding in plain sight, disguised by the word "coin" in its name — just like gunpowder was disguised as medicine for years before engineers figured out what it really was. We also break down the deflationary tsunami hitting every industry — SaaS companies losing billions in market cap overnight, Salesforce and the consulting industry being hollowed out by AI agents, and why deflation is actually something we should celebrate, not fear. We already lived through it with the iPhone and we loved it. Cern shares his brilliant analogy for why Tesla is massively undervalued — a kid running a lemonade stand who's secretly training to become a surgeon, but Wall Street only sees the lemonade. We get into whether SpaceX and Tesla will merge, the economics of putting AI data centres in space, manufacturing pharmaceuticals in zero gravity, and the incredible opportunity for any individual to own a small fleet of robotaxis and replace their income. For New Zealand, this is a call to action. Be first. Be forward-thinking. Or watch other countries leapfrog us. In this episode we discuss: Bitcoin as a cyber security technology, not just money — and why that's even more valuable Jason Lowery's Softwar thesis — proof of work as digital defence Why AI agents unanimously choose Bitcoin for transactions The gunpowder analogy — Bitcoin's real use case is hiding in plain sight Google's centralised censorship of health and supplement companies OpenClaw and the Pandora's box of billions of AI agents SaaS is cooked — Salesforce, consulting, and legal getting hollowed out Deflation is good — the iPhone proved it and we all benefited The ice cutter disruption story — this is nothing new The K-shaped economy — will abundance lift the bottom 50%? Universal high income and making goods freely available like water Strategy (MicroStrategy) as the world's largest digital security company Tesla undervalued — the lemonade stand to surgeon analogy Will SpaceX and Tesla merge? Pros, cons, and what Cern is hearing AI data centres in space, pharma in zero gravity, and Starship economics Owning your own robotaxi fleet — replacing your income New Zealand's opportunity to leapfrog the world Links mentioned: Cern Basher on X: https://x.com/CernBasher Brilliant Advice: https://www.brilliantadvice.net Jason Lowery's Softwar thesis (MIT): https://dspace.mit.edu/handle/1721.1/153030 Cern's GDP & Dematerialisation post: https://x.com/CernBasher/status/1913993658572984440 Part 1 of this episode: https://youtu.be/eh0hKibH6Zs

In episode 62 of Fill the Gap, hosts Tyler Wood, CMT and Dave Lundgren, CMT, CFA interview Keith Lerner, CMT, CFA, the CIO and Chief Market Strategist at Truist Advisory Services, about his “weight of the evidence” investment framework, which integrates history, economics, fundamentals, and technical analysis to guide portfolio decisions. Lerner explains how technical analysis serves as a critical accountability tool that can challenge narratives, force humility, and prompt timely portfolio adjustments when market data diverges from expectations. He discusses how the relative importance of different signals changes across market cycles, noting periods—such as sharp volatility events—when technicals deserve greater weight due to uncertainty in fundamentals or macro outcomes.Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org

En Côte d'Ivoire, l'autonomie des femmes en milieu rural est toujours un sujet dans certaines zones reculées. Mais la situation s'améliore, grâce notamment à des organisations villageoises dans lesquelles les femmes s'investissent autour d'activités maraîchères, qui leur permettent de contribuer au développement de leur localité. Reportage dans le village de Tchinlovogo, dans la région du Tchologo. De notre envoyée spéciale de retour de Tchinlovogo Une quinzaine de femmes, accroupies, désherbent un champ d'oignons. « On vient le matin très tôt, à cause du soleil, explique l'une d'entre elles. On travaille jusqu'à midi. On travaille en groupe, ça galvanise ! J'aime les travaux champêtres, ils me permettent de subvenir aux besoins de mon ménage ». Ces femmes font partie d'une association, Tossiré, « le vivre ensemble », en sénoufo. Cette association regroupe 86 femmes : elles cultivent ensemble l'oignon, le gombo, le maïs, le piment et l'aubergine, puis partagent les bénéfices de leurs ventes. Cela leur permet, à chacune, d'investir dans d'autres activités. « Beaucoup de choses se sont améliorées, témoigne Yéli. Grâce à ces revenus, j'ai investi dans un commerce de mèches, que je vends aux femmes du village ». À lire aussiFemmes agricultrices : comment améliorer leur statut ? « Aujourd'hui, on arrive à contribuer au développement de notre village » Grâce à ces activités maraîchères, ces femmes ont construit une école primaire. « Grâce à la vente de nos produits, on a acheté du ciment, du sable, expose Mariam Soro, la présidente de cette association féminine. On a bâti l'école primaire et les logements pour les instituteurs. Je suis heureuse de voir les enfants aller à l'école à proximité. Parce qu'avant, c'était difficile : il fallait trouver des tuteurs pour leur confier la garde de nos enfants. Souvent, ils dormaient affamés, le tuteur n'avait pas de moyens. Mais aujourd'hui, on arrive à contribuer au développement de notre village. Nous fournissons 50 000 francs CFA pour approvisionner la cantine de l'école ». Dans ce village reculé, coupé des réseaux téléphoniques et dépourvu d'électricité, il a fallu d'abord convaincre les hommes de l'intérêt de mettre les femmes à contribution. « Avant on privilégiait seulement les hommes, se souvient Drissa Coulibaly, le chef du village, qui reconnaît les efforts consentis. On ne savait pas que la femme pouvait faire quelque chose dans la famille. Aujourd'hui, les comportements ont changé. Les femmes se sont organisées. Cela m'a beaucoup soutenu dans mon village. Quand il y a un cas [un problème, ndlr] qui arrive, les femmes sont prêtes à m'aider ». Ces femmes ont un projet en tête : épargner pour construire une pompe à eau, afin d'approvisionner les ménages du village en eau potable. À lire aussiEn Côte d'Ivoire, des réfugiés burkinabè bénéficient d'une formation agricole à Brondougou

Most retirement plans assume your spending will stay flat, or that you will need about 80 percent of your pre-retirement income. But retirement does not actually work that way. In this episode, Tyler Emrick, CFP®, CFA®, explains what the research shows about how retirement spending changes over time and why relying on outdated rules like the 80 percent rule can lead to over-saving and under-living or under-planning altogether. Drawing on research from David Blanchett's Retirement Spending Smile, Morningstar data, and EBRI studies, Tyler covers: Why retirement spending is not a straight line How spending often declines in mid-retirement and rises again later The Go Go, Slow Go, and No Go phases of retirement How fear of running out of money causes many retirees to under-spend A practical way to estimate your real retirement spending needs   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 20-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

La Côte d'Ivoire, premier producteur mondial de cacao, a divisé de plus de moitié le prix d'achat de "l'or brun" aux planteurs.  Le nouveau prix, 1 200 francs CFA (1,82 euros) est inférieur de près de 60% au montant record de 2 800 francs (4,26 euros) en vigueur depuis octobre, une coupe qui intervient dans un contexte de chute des cours mondiaux et d'une crise de surstockage.

El reciente informe del Consejo Fiscal Autónomo (CFA) encendió las alarmas en el mundo económico luego de que se confirmara que el balance estructural del país cerró en -3,6% del PIB, situándose lejos de la meta establecida por el Gobierno. El organismo atribuyó el desajuste a errores sistemáticos en las proyecciones de ingresos y a un gasto público superior al previsto, lo que derivó en un extenso debate por parte de los economistas invitados este jueves al Primer Café de Cooperativa. Conduce Cecilia Rovaretti.

Tom Elliott has come across a report revealing the Victorian taxpayer has been funding cultural burns that are more expensive than regular fuel reduction burning carried out by the CFA.See omnystudio.com/listener for privacy information.

US and Israeli strikes killed Iran's Supreme Leader and initially rattled markets. But does the subsequent market calm reflect genuine resilience or a dangerous underpricing of what comes next? --- Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at nexo.com/unchained Bits + Bips is spreading its wings Starting soon, new episodes will only be published on our brand‑new feeds. Here's what you need to do: Click the links below. ⁠YouTube⁠ ⁠Apple⁠ ⁠Spotify⁠ ⁠X⁠ Smash Follow or Subscribe.

ประเมินสถานการณ์ด้านการเดินเรือ เมื่อ ‘เรือเลือกทิ้งสมอรอ' ทำไมการปิดช่องแคบฮอร์มุซจึงน่าห่วงและเป็นสัญญาณอันตรายที่ไทยเลี่ยงไม่ได้ วิเคราะห์ความคืบหน้าล่าสุด สงครามสหรัฐฯ - อิสราเอลและอิหร่าน มีผลกระทบต่อราคาน้ำมัน ตลาดการเงิน และเศรษฐกิจโลก อย่างไร พูดคุยกับ ชาตรี โรจนอาภา CFA, FRM หัวหน้าทีมที่ปรึกษาการลงทุน SCB CIO ธนาคารไทยพาณิชย์

ประเมินสถานการณ์ด้านการเดินเรือ เมื่อ ‘เรือเลือกทิ้งสมอรอ' ทำไมการปิดช่องแคบฮอร์มุซจึงน่าห่วงและเป็นสัญญาณอันตรายที่ไทยเลี่ยงไม่ได้ วิเคราะห์ความคืบหน้าล่าสุด สงครามสหรัฐฯ - อิสราเอลและอิหร่าน มีผลกระทบต่อราคาน้ำมัน ตลาดการเงิน และเศรษฐกิจโลก อย่างไร พูดคุยกับ ชาตรี โรจนอาภา CFA, FRM หัวหน้าทีมที่ปรึกษาการลงทุน SCB CIO ธนาคารไทยพาณิชย์

The retirement mindset mentor George Jerjian explains how a second chance at life inspires him to help coach people into retirement. When George Jerjian was 52 years old, he was diagnosed with a bone tumor and given six months to live. For three weeks, he believed that was it. Then he was told he belonged to what he calls “the 2% club.” The cancer hadn't spread. He would live. That experience didn't just save his life. It reframed it. “Too often we just drift,” George said. “Even in retirement, we drift.” That word — drift — captures something many retirees feel but rarely articulate. For decades, retirement is the goal. You save. You invest. You plan. You finally reach the day when work stops. But then what? The Retirement Mirage George calls it the “retirement mirage.” Culturally, we've been sold an image: golf, travel, grandchildren, freedom from responsibility. And for a season, those things can be wonderful. But George challenges that assumption directly: “If you retire at 65, you could last till 90 and beyond these days… but what people don't realize is that no matter how much money they've saved, longevity has kind of wrecked the retirement equation.” Retirement used to be short. Now it can last 20, 25, even 30 years. That's not a vacation. That's a life stage. In the Retire Today framework, we talk about SPEND, MAKE, KEEP, INVEST, and LEAVE. But underneath all five steps is identity. Who are you when the title on your business card disappears? George put his experience plainly: “When you retire, who am I now? I'm a nobody. I'm useless.” That identity vacuum is where drifting begins. From Bucket List to Purpose George doesn't dismiss the bucket list. He just reframes it. “Don't delay that. Get on to that. Do the stuff you want to do. Because once you're satiated, you'll start looking for something more meaningful to do.” Travel. Play golf. Visit family. Do the things you've postponed. But don't confuse activity with purpose. Retirement, he argues, is a rite of passage. A hero's journey. He references Joseph Campbell's idea that “the cave you fear to enter holds the treasure you seek.” In other words, the discomfort you avoid may contain the growth you need. That's why one of the first exercises George gives clients is confronting mortality: “On your deathbed, what is it you haven't yet done that you always wanted to do?” It's uncomfortable. But clarity often lives on the other side of discomfort. The D.A.R.E. Method To guide retirees through this transition, George created the D.A.R.E. method: Discover – Understand what retirement truly is (and what it isn't).Assimilate – Learn how your mind works. Shift from a fixed mindset (“I can't do this”) to a growth mindset (“I can't do this yet”).Rewire – Build new habits through repetition. The subconscious mind thrives on stability and patterns.Expand – Step into growth rather than contraction. That last one is particularly interesting. Traditionally, retirement advice has focused on shrinking. Reduce risk. Cut expenses. Preserve capital. Prepare for decline. George pushes back: “With 20 years to go, this is not the time to settle in safe investments… your life has to match your investments.” He isn't dismissing prudent planning. But he is challenging the mindset of slow fade. Retirement, in his view, is not about “drifting into oblivion.” It's about repurposing. Joy vs. Happiness Another distinction George made is between happiness and joy. “Happiness is ephemeral… it comes and goes. But joy is something you can still have even if you're going through challenging times.” Retirement won't remove hardship. Health issues, family stress, and loss still occur. But joy — rooted in gratitude and meaning — can persist. “If you're not thankful, you're not thinking,” he said, connecting gratitude to awareness. Gratitude expands possibility. Resentment contracts it. From Retirement to Repurpose Perhaps the most powerful shift in the conversation came near the end: Move from the retirement mirage → to retirement meaning → to retirement repurpose. Financial planning gives you options. But mindset determines whether you use them well. You can save diligently and still drift. Or you can treat retirement as what it truly is: not an ending, but a new beginning. And that beginning requires courage. Because if you don't choose who you'll become in retirement, drift may choose for you. Don't forget to leave a rating for the “Retire Today” podcast if you've been enjoying these episodes! Subscribe to Retire Today to get new episodes every Wednesday. Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337  Spotify Podcasts: https://bit.ly/RetireTodaySpotify About the Author: Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel. Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times. Additional Links: Buy Jeremy's book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps GeorgeJerjian.com George Jerjian on LinkedIn George Jerjian on FacebookGeorge Jerjian on Instagram George Jerjian on Twitter/X George Jerjian on YouTube Books by George Jerjian Connect With Jeremy Keil: Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Mr. Retirement Book an Intro Call with Jeremy's Team Media Disclosures: Disclosures This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy. The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results. Legal & Tax Disclosure Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations. Advisor Disclosures Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC. Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A. The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only. Additional Important Disclosures

In this episode, Tony welcomes Kim Flynn, a pioneer in researching the growth of evergreen funds in private markets and founder of XA Investments. Kim shares insights from her latest report on the interval and tender offer fund marketplace, which has exploded to over 308 funds growing at 25% annually. They discuss how the market has evolved beyond its private credit origins to include private equity, infrastructure, hedge funds, and emerging sectors like tech and AI. Kim offers practical guidance on due diligence in an increasingly crowded field, the importance of track records as products mature, and why advisors must set proper expectations about liquidity and investment horizons. We also explore future trends including public-private partnerships, model portfolio implementation, and opportunities in underserved sectors.   Kimberly Ann Flynn is a President at XA Investments. She is a partner in the firm and responsible for all product and business development activities. Kim is responsible for the firm's proprietary fund platform and consulting practice. Kim has developed an expertise in closed-end fund product development and is a frequent contributor to media and industry events on topics including interval funds, alternative investments and London-listed investment companies. Kim has earned the CFA designation and is a member of the CFA Institute and CFA Society Chicago. She is also Series 7, 63 and 24 licensed.   Resources: Kimberly Ann Flynn, CFA | LinkedInFranklin Templeton Private MarketsTony Davidow, CIMA® | LinkedIn Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Welcome to the latest episode of Exploring Mining. Host Cali Van Zant talks to Garrett Goggin, CFA and Founder of the Golden Portfolio about what's going on with Gold, Silver, and why royalties can be your best portfolio win, and top Gold and Silver Stocks to watchAbout Garrett GogginI've traveled the world in search of gold and silver. I've visited many mines and talked with the people that run them. I worked with investment research powerhouse Gold Stock Analyst along with Stansberry Research for over 15 years as a precious metals analyst. I've keynoted many of the world's preeminent Gold Conferences including the Prospectors Developers Annual Convention (“PDAC”) in Toronto, the Denver Gold Show Europe in Zurich, and Deutsche Goldmesse in Frankfurt, Germany. I'm sought after by many leading gold & silver developers because they respect my research and seek my coverage. I'm a Chartered Financial Analyst (CFA) Charterholder. The CFA charter is the gold standard in the investment business. With over four years of study, and an overall completion rate of about 10%, there are less than 200K total charterholders worldwide. I also hold the designation of Certified Market Technician (CMT). I hold MS and MBA business degrees from Babson College, ranked #2 College in the US by the WSJ.Sign up for Garrett's free "Secrets of a Mining Analyst Master class" here: https://goldenportfolio.com/subscribe/?utm_source=CVZLinkedIn https://www.linkedin.com/in/garrett-goggin-cfa-77693a5/X: https://x.com/GarrettGogginAbout Investorideas.com - Big Investing Ideas Investorideas.com is the go-to platform for big investing ideas. From breaking stock news to top-rated investing podcasts, we cover it all. Our original branded content includes podcasts such as Exploring Mining, Cleantech, Crypto Corner, Cannabis News, and the AI Eye. We also create free investor stock directories for sectors including mining, crypto, renewable energy, gaming, biotech, tech, sports and more. Public companies within the sectors we cover can use our news publishing and content creation services to help tell their story to interested investors. Paid content is always disclosed.Disclaimer/Disclosure: Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Follow us on X @investorideas @Exploringmining Follow us on Facebook https://www.facebook.com/Investorideas Follow us on YouTube https://www.youtube.com/c/Investorideas

Technical Levels and Market Support From a technical standpoint, the market has shown notable resilience despite geopolitical tension. The S&P 500 is currently trading around 6,845, holding up well in the wake of weekend developments. While volatility may persist, it is important to evaluate where meaningful support levels lie. The first key support range sits between approximately 6,522 and 6,630, roughly a 3–5% decline from current levels. This area corresponds closely with the 200-day moving average, a widely followed long-term technical indicator. Further support exists near the 6,150 to 6,200 range. This level represents last year's breakout zone and would equate to a more typical 10% market correction. Corrections of this magnitude are historically normal within broader uptrends. Importantly, the market remains in an established uptrend. Identifying these “lines in the sand” does not imply that a significant decline is imminent. Rather, it provides a structured framework for evaluating risk should volatility increase. A Healthier, Broader Market Beyond technical levels, underlying market strength offers encouraging signs. One of the most constructive developments in recent months has been the broadening of market participation. In prior years, performance in the S&P 500 was largely concentrated in a small group of mega-cap stocks, often referred to as the “Magnificent Eight.” A healthy bull market, however, is characterized by broader participation across sectors and market capitalizations. Since October of last year, performance has expanded beyond the largest names. Mid-cap and smaller companies have demonstrated improved strength, while many of the previously dominant mega-cap stocks have underperformed relative to the broader index. This rotation signals improving market breadth and positive structural development. Broader participation creates a more stable foundation for equity markets, particularly during periods of geopolitical uncertainty. As the second quarter of the midterm election year unfolds, a period that has historically experienced weakness, the strengthening internal dynamics of the market provide a constructive backdrop. Oil, Inflation, and the “First Casualty” There is a longstanding saying that the first casualty of any conflict is the truth. Early reports during geopolitical crises are often incomplete or inaccurate. Reacting emotionally to initial headlines can lead investors astray. Instead, the focus should remain on measurable data, particularly price action across key markets. In the current environment, oil prices serve as a primary barometer. Historically, Middle East conflicts have had direct implications for crude oil supply and pricing. A review of West Texas Intermediate (WTI) crude over the past five years illustrates this clearly. During the 2022 conflict in Ukraine, oil prices surged above $120 per barrel and remained elevated above $100 for an extended period. Today's price movement is far more muted. WTI crude has risen to just above $72 per barrel, up from recent lows near $50, but significantly below the extremes seen in prior conflicts. This comparatively restrained reaction suggests markets are not yet pricing in a severe supply disruption. Statements from OPEC members signaling potential production increases may also be helping temper price spikes. Oil matters not only at the gas pump, but more critically through its influence on inflation. Elevated energy prices can make inflation “stickier,” complicating the Federal Reserve's efforts to lower interest rates. As inflation persists, interest rates may remain higher for longer. The 10-year U.S. Treasury yield remains another key indicator. In recent years, yields moving above approximately 4.5% have coincided with equity market weakness. As long as rates remain within the low-4% to 4.5% range, the broader market environment has tended to remain constructive. The interplay between oil, inflation, interest rates, and equity valuations ultimately determines portfolio outcomes. At present, inflation and rates remain within manageable ranges, and the broader market structure, both technically and fundamentally, remains intact. That does not eliminate risk, but it does suggest there is no immediate evidence that the prevailing uptrend has reversed. Disciplined investors avoid knee-jerk reactions. Instead, they monitor price signals, assess incoming data, and make measured adjustments only when warranted. Greg Powell, CIMA® President and CEO Wealth Consultant Email Greg Powell here Bobby Norman, CFP®, AIF®, CEPA® Managing Director Wealth Consultant Email Bobby Norman here Trey Booth, CFA®, AIF® Chief Investment Officer Wealth Consultant Email Trey Booth here Ty Miller, AIF® Vice President Wealth Consultant Email Ty Miller here Fi Plan Partners is an independent investment firm in Birmingham, AL, with a team of professionals serving clients across the nation through financial planning, wealth management and business consulting. The team at Fi Plan Partners creates strategies in the best interest of their clients using fee based investing. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Economic forecasts set forth in this presentation may not develop as predicted. No strategy can ensure success or protect against a loss. Stock investing involves risk including potential loss of principal. Securities and advisory services offered through LPL Financial, Member FINRA/SIPC and a registered investment advisor.The post “The Truth is the First Casualty.” first appeared on Fi Plan Partners.

Is it time to move beyond the 4% rule? Stefan Sharkansky joins host Mike Wallberg, CFA, to discuss his Financial Analysts Journal article, "The Only Other Spending Rule Article You Will Ever Need," and why retirement income planning may require a more flexible approach. Sharkansky outlines a framework that separates secure, predictable income from market-driven spending—aiming to provide both stability and upside potential throughout retirement. He explains how his model addresses real-world retirement spending patterns, market uncertainty, and the trade-offs between safety and growth. The conversation also explores practical implementation considerations for advisors and thoughtful DIY investors looking to design more resilient decumulation strategies. Listen to the full episode for a fresh take on retirement spending—and be sure to read Stefan Sharkansky's article in the Financial Analysts Journal to explore the research in depth.

💥Happy Black History Month💥 This radio show features underground Black & POC artists showcasing a variety of music genres! Here is the playlist on Bandcamp: https://bandcamp.com/rogerstayscreative/playlist/2026-bhm-radio-show➤PLAYLIST:1. Dawg - The Bad Ups2. I Don't Know, Honestly - THE MAPLES3. Anatomy of a Flower - RenRiot4. A New Wave... - CFA5. Wake Up in the Morning - Boogieman Dela6. Box Breath - NO SIR E7. Brand New Day - Sug Daniels8. Valentine - honeyvelvet & Eros Taylor9. the star - Oksana Renee10. SLUMP - KAE Savage11. Sundrest - Asylum 213➤SUPPORT ME:⭐*SUBSCRIBE TO PODCAST ON YOUTUBE*⭐✍️ LEAVE A REVIEW & FOLLOW ON OTHER PODCAST PLATFORMS!➤I ENDORSE:🎥 LIVE RECORD WITH CART_MUSIC IN PHILLY👕 DO IT NOW T-SHIRTS FOR MERCH➤MY AFFILIATES:📶 $20 OFF VISIBLE PHONE PLAN [Code 3RV7LB2]💪 JOIN PLANET FITNESS FOR $1

What happens when AI makes intelligence essentially free — and unlimited energy plus humanoid robots make physical labour free too? The economic models we've built our entire civilisation on stop working. In this episode I sit down with Cern Basher — a CFA charterholder, CIO of Brilliant Advice, and one of the sharpest minds at the intersection of AI, Bitcoin, and macroeconomics. Originally from New Zealand, Cern has built a massive following for his work connecting the dots between exponential technology and the future of money. We go deep on his thesis that AI and Bitcoin are two sides of the same coin — AI collapses the cost of intelligence (deflationary), and Bitcoin provides a monetary system that can't be inflated away. We explore Jason Lowery's Softwar thesis (which the US Department of Defence placed under security review), why AI agents will naturally adopt Bitcoin for autonomous transactions, and Cern's provocative argument that infinite output multiplied by zero price equals zero GDP — making our most fundamental economic metric meaningless. If you've ever wondered what the economy actually looks like when abundance replaces scarcity, this is the conversation. In this episode we discuss: Why AI and Bitcoin are "two sides of the same coin" Jason Lowery's Softwar thesis and why the DoD took notice How AI is already contributing more to US GDP growth than consumer spending Why AI agents need Bitcoin — permissionless, no KYC, no intermediaries Cern's "death of GDP" thesis — infinite supply × zero price = zero GDP The dematerialisation of physical products (cameras, maps, books, money) What this means for New Zealand and small economies How abundance economics breaks traditional supply and demand Links mentioned: Cern Basher on X: https://x.com/CernBasher Brilliant Advice: https://www.brilliantadvice.net Cern's GDP post: https://x.com/CernBasher/status/1913993658572984440 Jason Lowery's Softwar thesis: https://dspace.mit.edu/handle/1721.1/153030

In this episode, Ben Lake, CFA®, CFP® and I break down ILITs, Irrevocable Life Insurance Trusts, and why they matter for high net worth families. At a 40% federal rate above the exemption, that can mean writing a check for tens of millions of dollars.The real issue? Liquidity.If your net worth is tied up in a private business, real estate, or other illiquid assets, your family may not have the cash to pay the estate tax bill when it comes due. That can force a rushed sale, major discounts, or unnecessary stress.-------✅ Financial planning for 30-50 year old entrepreneurs: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.allstreetwealth.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠✅ My personal blog & newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.thomaskopelman.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.

In this episode of Fill the Gap, hosts Tyler Wood, CMT and Dave Lundgren, CMT, CFA speak with veteran trader and educator Brian Shannon, CMT about his swing‑trading approach and the evolution of the Anchored VWAP indicator. Brian explains how Anchored VWAP helps identify who is in control of a market, and why it offers objective insight into market psychology. He gives incredible insight into the creation of the Anchored VWAP, and how he uses it in his analysis. The conversation also covers why Brian favors swing trading over day trading, highlighting the importance of process, risk management, and emotional discipline. Overall, the episode reinforces the idea that price is the most reliable truth in markets and that thoughtful, flexible use of technical tools can improve decision‑making across timeframes and asset classes.Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org

This week, Neil Fraser, CFA, Senior Manager - Airlines, Jamie Davey, Manager - Engines and David Walsh, Aviation Analyst, unpack key themes shaping today's aviation market. We take a deep dive into Vietnam's evolving aviation landscape, explore the latest developments at Azul following its Chapter 11 emergence, and provide an engine market update, assessing supply dynamics, MRO pressures and what it means for operators and lessors.Listen in for our expert insight and practical analysis from across the industry.To read the stories mentioned today, visit our website here: https://www.iba.aero/resources/#articlesSign up for the newsletter - https://www.iba.aero/sign-up/LinkedIn - https://www.linkedin.com/company/iba-aviation-consultancy/YouTube - https://www.youtube.com/channel/UCSkPhTf-05htY99V79fklMAWebsite - www.iba.aero

DATs may be collapsing, AI agents may be overhyped, but Omid Malekan thinks the strongest case for crypto has nothing to do with either. Thank you to our sponsors: ⁠⁠Fuse: The Energy Network⁠ Bitcoin is below $63,000, digital asset treasuries are under pressure, and the debate over whether crypto markets are bottoming or breaking down is splitting the hosts.  Ram is skeptical of institutional demand when he looks at the 13F data from institutions filing SEC reports. Chris is on the phone with institutions all day and is bullish.  Omid Malekan, adjunct professor at Columbia Business School, comes in with a longer lens: he admits he contributed to the DAT hype cycle, has doubts about agentic commerce that remind him of the metaverse in 2021, and thinks the strongest argument for crypto is not a product or a token but a fact about how nation-states treat their own citizens.  The conversation also covers tokenized bank deposits, the SEC's updated broker-dealer guidance on stablecoins, and what it means that the Supreme Court just struck down Trump's tariffs. Hosts: ⁠⁠Ram Ahluwalia⁠⁠, CFA, CEO and Founder of Lumida ⁠⁠Austin Campbell⁠⁠, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting ⁠⁠Christopher Perkins⁠⁠, Managing Partner and President of CoinFund Guest: ⁠Omid Malekan, Adjunct Professor at Columbia Business School Links: Unchained: Bitcoin Slips Below $63,000 as Fear Deepens Bitcoin Dips Below $65,000 as Tariff Uncertainty Weighs on Risk White House Talks Make Progress on Stablecoin Yields but No Deal Yet SEC Quietly Eases Capital Rules for Stablecoins SCOTUS: Supreme Court strikes down tariffs Citrini: ⁠THE 2028 GLOBAL INTELLIGENCE CRISIS Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of "The Free Lawyer," host Gary welcomes back legal industry expert Brooke Lively to discuss how overstressed lawyers can find fulfillment by running their firms like businesses. Brooke shares insights from her new book, "Scaling Law," explaining how the Entrepreneurial Operating System (EOS) helps law firms clarify vision, build strong teams, and foster healthy cultures. They explore common mistakes, the importance of data-driven decisions, and how embracing systems and external expertise can reduce stress, boost profitability, and allow lawyers to achieve both professional and personal success.Brooke Lively helps law firm leaders get more of what they want from their businesses: clarity, traction, and profitable growth. With more than 20 years in the legal industry and a lifelong connection to the profession, she understands attorneys on a level few can. Brooke's natural ability to challenge, guide, and inspire helps law firms cut through noise, simplify the complex, and build legal practices that run smoothly and profitably.As a serial entrepreneur and founder of two law-firm focused companies, Scaling Law and Cathcap, Brooke brings a rare blend of financial acumen and strategic insight to each engagement. She has worked with hundreds of law firms across the country, combining an MBA, the elite CFA designation, and hands-on leadership with a smart, direct, and refreshingly human approach to make scaling a legal practice easier and more fulfilling.An international bestselling author and industry thought leader, Brooke has published eight books – five written for law firms, including two bestsellers. Her ninth work, Scaling Law, focuses on helping firms implement EOS. Her From Panic to Profit series remains a go-to resource for attorneys and business owners ready to scale sustainably. Brooke's insights have been featured by CNBC, Forbes, and U.S. News & World Report, and she is a regular contributor to Attorney at Work. Lawyers' Lack of Business Training (00:02:46) Introduction to EOS (Entrepreneurial Operating System) (00:06:13) How EOS Impacts Law Firms (00:07:16) Importance of Vision and Culture (00:09:16) Balancing Directness and Empathy (00:14:16) Common Law Firm Mistakes: People Issues (00:15:25) How EOS Prevents Financial Missteps (00:17:57) Shifting Lawyers' Mindset to Business Owners (00:19:20) Delegation and Efficiency (00:20:34) Lawyer Stress and Responsibility (00:21:55) Creating Space for Personal Life (00:23:29) Scaling Without Burnout (00:24:56) Importance of Data in Decision-Making (00:28:14) Measuring Client Happiness (00:30:28) Value of Coaching and Accountability (00:31:52) Legal Industry's Slow Change and Need for Innovation (00:33:19) Future Trends: AI and Private Equity (00:34:44) Redefining Profit: Money, Time, Reputation (00:37:29) Closing Thoughts: Structure Brings Freedom (00:41:05) You can find The Free Lawyer Assessment here- https://www.garymiles.net/the-free-lawyer-assessmentWould you like to learn more about Breaking Free or order your copy? https://www.garymiles.net/break-freeWould you like to learn what it looks like to become a truly Free Lawyer? You can schedule a complimentary call here: https://calendly.com/garymiles-successcoach/one-one-discovery-call

Get your customized planning started by scheduling a no-cost discovery call: http://bit.ly/calltruewealth Health Savings Accounts (HSAs) may be the most powerful tax-free retirement planning tool available, yet most people use them completely wrong. If you're enrolled in a High Deductible Health Plan (HDHP), your HSA could offer triple tax-free growth and a strategic way to fund healthcare and Medicare costs in retirement. Tyler Emrick, CFA®, CFP®, breaks down how to turn your HSA from a simple medical spending account into a long-term, tax-efficient retirement asset. In this video, you'll learn: HSA eligibility rules, 2026 contribution limits, catch-up contributions, and the December “last-month rule” How High Deductible Health Plans qualify you to contribute Why leaving your HSA in cash limits long-term growth How to invest your HSA using brokerage options The “invest now, reimburse later” strategy to build tax-free retirement liquidity How HSAs can cover Medicare premiums, COBRA coverage, long-term care premiums, and other retirement healthcare costs Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 20-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth   Our website:  https://www.truewealthdesign.com/  Phone: 855.TWD.PLAN Contact our team: https://www.truewealthdesign.com/contact-a-financial-advisor/  Check out our other no-cost financial resources here: https://www.truewealthdesign.com/financial-resources/  Watch the show now on YouTube: https://www.youtube.com/channel/UCjENBHOti-IEJFqeydZm_Fg?sub_confirmation=1

Welcome back to the Alt Goes Mainstream podcast.Today's episode dives into how data and market structure are shaping private markets.We sat down in MSCI's New York office with Luke Flemmer, the Head of Private Assets at MSCI to discuss how standardization and normalization of data can help bring efficiency, transparency, and liquidity to private markets.Luke brings a unique perspective to private markets. He was previously Managing Director, Head of Digital Strategy for Alternative Investments at Goldman Sachs Asset Management, and was Co-Founder and CEO of Lab49, a global solutions provider of investment and risk technology to asset managers and investment banks.When the ION Group acquired Lab49, Luke became Co-Head of ION's Capital Markets Division, delivering software and solutions to the group's global financial services customer base.Earlier in his career, Luke worked in the fields of robotics and artificial intelligence. He is a CFA charterholder.Luke and I had a fascinating conversation about private markets market structure and how MSCI is playing a role in driving standardization, normalization, and transparency of data in private markets. We covered:Parallels to market structure evolutions in equities, fixed income, FX, and derivatives.Tradeoffs of transparency for private markets participants.What it will take to build transparency and price formation in private markets.Where investors will still be able to find durable alpha.What standardization and normalization of data means for secondary markets.Analogies between Greek mythology and private markets.How secondaries has gone from a trade to a portfolio management tool.How index creation will impact private markets.Thanks Luke for sharing your wisdom, expertise, and passion at the intersection of private markets and market structure.Show Notes00:00 “Data Wants to be Free”00:28 Welcome to the Alt Goes Mainstream Podcast01:02 Sponsor Spotlight: Ultimus Fund Solutions01:57 Private Markets, Data, and Market Structure02:17 Meet MSCI's Luke Flemmer04:26 From Robotics to Finance: Automation Needs Standardization05:18 Fixed Income's Transformation: From Trading Floors to E-Trading06:42 Connecting the Data Across the Lifecycle07:58 Harmonized Data → Transparency → Liquidity08:44 Scaling vs Information Asymmetry10:38 What More Transparency Does to Returns and Alpha11:15 Benchmarking Privates Like Publics: PMEs and Comparable Data12:35 Manager Skill and Illiquidity Premium14:14 Company-Level Data & Bilateral Origins16:19 The Ship of Theseus Parable and Should Privates Become Public?23:17 COVID, Denominator Effect, and LP Scrutiny23:50 The New Baseline for Private Funds24:15 Wealth Channel Tailwinds and the Rise of Active LP Portfolio Management25:23 Using Public Liquidity to Balance Private Illiquidity26:15 The 85/15 Public-Private Index: Why Blend Public Equity with Private Equity27:16 Daily Pricing Private Equity: Solving the “Stale Marks” Problem28:15 Smoothing, Stickiness and Forced Secondary Sales29:20 What Tech/Data You Need to Nowcast PE Daily (and What's Still Missing)30:31 Price Formation Feeding Better Indexes31:34 From Secondaries to Derivatives: Lessons from Fixed Income NAVs33:14 Building Trust in Private Benchmarks: Data Scale and Adoption Over Cycles33:53 Unlocking 401(k)s: What Must Be True for Wealth to Go Big in Privates37:05 Liquidity, Suitability, Risk & Factor Decomposition39:05 Durable Private Markets Alpha (and the Index Question)41:51 Standardizing the Language: Defining “Liquidity” and MSCI as the Connective Tissue (Wrap)A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That's Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you're already in the market or thinking about entering private wealth, you can trust their team's deep expertise in retail alternatives to help you reach your goals.Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Editing and post-production work for this episode was provided by The Podcast Consultant.

#ThisMorning | Selecting #RealEstate #Investment for Your #RetirementPlan | Edward McIlveen, CFA, Francis Investment Council | #Tunein: broadcastretirementnetwork.com #Aging, #Finance, #Lifestyle, #Privacy, #Retirement, #wellness

Jeremy Keil explains the 5 RMD (Required Minimum Distribution) mistakes in Retirement and how to avoid them. A retiree recently called for help. It was their first year taking Required Minimum Distributions. They had delayed their first RMD until April of the following year — which meant taking two distributions in one tax year. That part was allowed. In some cases, it can even be strategic. But when they called their IRA custodian and asked, “How much should I withhold for taxes?” they were given the default answer: 10% federal withholding. They assumed that must be right. It wasn't. They ended up short on taxes by more than $10,000 — and owed penalties on top of that. That situation wasn't caused by breaking a rule. It was caused by following the rule without a plan. And that's where most RMD mistakes begin. I recently wrote an article for Kiplinger magazine titled “5 RMD Mistakes That Could Cost You Big-Time: Even Seasoned Retirees Slip Up” and for this week's episode of the “Retire Today” podcast I decided to talk through each of these mistakes in detail. Mistake #1: Waiting Until Age 73 to Create a Plan Turning 73 is not a strategy. If you wait until the government forces your first RMD to think about it, you've already missed years of opportunity. The window between retirement and RMD age is often the most flexible tax-planning period of your life. In those years, you may have: Lower earned income No required withdrawals yet Control over when and how you take distributions That's prime territory for intentional tax planning. Once RMDs begin, you've lost some flexibility. In the KEEP step of the Retirement Master Plan, tax timing matters. RMDs don't happen in isolation. They interact with Social Security, pensions, and brokerage income. Planning ahead—sometimes a decade ahead—can dramatically change the long-term outcome. Mistake #2: Failing to Make Use of Qualified Charitable Distributions (QCDs) This one surprises me every year. RMDs currently begin at age 73 (moving to 75 for those born in 1960 or later). But Qualified Charitable Distributions still start at 70½. That means you can send money directly from your IRA to a charity before RMDs even begin. Why does that matter? Because a QCD: Reduces your IRA balance (lowering future RMDs) Keeps the distribution out of your taxable income May help limit Social Security taxation May help reduce Medicare premium surcharges Many retirees continue writing checks to charities from their checking account, hoping for a deduction. With today's larger standard deduction, many people don't itemize at all. Going directly from IRA to charity is often more tax-efficient—and sometimes dramatically so. If charitable giving is already part of your plan, the tax strategy should be part of it too. Mistake #3: Doing the Wrong Tax Withholding When retirees call their custodian to take their RMD, they're often asked: “How much would you like withheld for taxes?” The default federal withholding is often 10% for IRAs and 20% for 401(k)s. Many people assume, “That must be right.” It often isn't. I recently saw a retiree who delayed their first RMD until April of the following year—which meant taking two distributions in one year. They defaulted to 10% withholding. They ended up underpaying taxes by more than $10,000 and owed penalties. The custodian can't provide tax planning. That's not their role. Before taking an RMD, you need to project: What tax bracket you'll land in Whether additional withholding is necessary How this affects your overall estimated payments Again, this falls under the KEEP step. Don't let the default settings dictate your tax bill. Mistake #4: Not Realizing How Your RMD Income Affects the Rest of Your Tax Return RMDs don't just increase taxable income. They can: Make more of your Social Security taxable Push capital gains from 0% into taxable territory Trigger Medicare IRMAA surcharges Many retirees focus only on their marginal bracket. But the real issue is tax cost, not tax bracket. An extra $20,000 RMD might not just be taxed at 22%. It could cascade into additional taxation elsewhere. That's why projections matter. You don't want to discover these ripple effects after the fact. Mistake #5: Forgetting That the M in RMD means ‘Minimum,' not ‘Maximum' The M in RMD stands for minimum. It does not mean that's the only amount you're allowed to withdraw. You can: Withdraw more than your RMD Complete Roth conversions after satisfying the RMD Send more than your RMD amount to charity (subject to QCD limits) Sometimes taking more than the minimum makes sense—especially if it smooths taxes over multiple years. RMDs are a rule. They are not a retirement strategy. The Bigger Lesson RMDs are not just a government requirement. They are a planning opportunity—or a planning hazard. They affect your income plan (MAKE), your spending plan (SPEND), your tax strategy (KEEP), and even what you ultimately LEAVE behind. The biggest mistake isn't misunderstanding a rule. It's treating RMDs as an isolated event instead of part of a coordinated retirement master plan. Because in retirement, small tax decisions compound just like investment returns may do. And when handled intentionally, RMDs don't have to derail anything at all. Don't forget to leave a rating for the “Retire Today” podcast if you've been enjoying these episodes! Subscribe to Retire Today to get new episodes every Wednesday. Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337  Spotify Podcasts: https://bit.ly/RetireTodaySpotify About the Author: Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel. Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times. Additional Links: – Buy Jeremy's book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps – “5 RMD Mistakes That Could Cost You Big-Time: Even Seasoned Retirees Slip Up” by Jeremy Keil, Kiplinger Magazine – https://www.kiplinger.com/retirement/required-minimum-distributions-rmds/rmd-mistakes-that-even-seasoned-retirees-can-make – Create Your Retirement Master Plan in 5 Simple Steps – 5StepRetirementPlan.com  Connect With Jeremy Keil: Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Mr. Retirement Book an Intro Call with Jeremy's Team Media Disclosures: Disclosures This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy. The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results. Legal & Tax Disclosure Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations. Advisor Disclosures Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC. Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A. The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only. Additional Important Disclosures

The market's been up three years in a row… will it go for a fourth? You scroll past a headline about Bitcoin falling 45%, tariffs getting overturned, and tensions rising overseas, and suddenly you're wondering if your portfolio is sitting on a fault line. This episode is for that moment. Nate and Dave walk through the questions investors are asking right now: Can the market really keep going after three strong years?  What does a Supreme Court tariff ruling actually mean for your money?  Why is Bitcoin sliding while stocks hold up? More importantly, how much of this should change what you're doing? Tune in for our perspective, probabilities, and a reminder that despite the ongoing uncertainty you can always have a plan. If you've felt that low-grade tension in the background lately, this conversation may help you regain some clarity.   [Resources Mentioned] Ben Carlson's blog, "A Wealth of Common Sense" https://awealthofcommonsense.com/       Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures   Episode Timeline/Key Highlights:   0:00 — Welcome Back to our AMA: Ask Monument Anything 1:23 — Iran Tensions And Economic Ripple Effects 7:42 — Can Markets Extend The Winning Streak? 13:10 — Probabilities, Long-Term Returns, And Perspective 19:21 — Supreme Court Tariffs And Who Benefits 26:10 — Volatility As The Price Of Admission 26:37 — Bitcoin Selloff, Leverage Unwind, And What Could Restart Demand Connect with Monument Wealth Management:    Visit our website: https://monumentwealthmanagement.com/   Follow us on Instagram: https://www.instagram.com/monumentwealth/#   Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/   Connect on Facebook: https://www.facebook.com/MonumentWealthManagement   Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit   Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/   Check out our Between Sips Podcast: Where Money Meets Meaning Because money without meaning never feels like wealth. https://monumentwealthmanagement.com/between-sips-podcast/   About "Off the Wall":    Markets are noisy. Your time is limited. Off the Wall cuts through the clutter. Hosts Dave Armstrong, CFA and Nate Tonsager, CIPM bring you straightforward, candid insights about what's really moving markets and why it matters for successful investors. From economic shifts to portfolio positioning, we break down the complexities so you can invest with intention and stay grounded when headlines and life feels chaotic.   Learn more about our hosts on our website at https://monumentwealthmanagement.com   

What happens when governments can't fund infrastructure anymore? A $1.6 trillion private asset class that doesn't recognize itself in the mirror. In the 2020s, infrastructure has entered a battlefield where geopolitics, government agendas, and investor returns collide. We trace infrastructure's evolution from nation-building mechanism to one of the most integrated asset classes in modern investing. In this episode, we explore a central tension: is infrastructure still a stable, boring, income-generating asset, or has it become a bigger bet on which governments can actually execute their vision? Joined by Peter Blue of Franklin Templeton and Gautam Bhandari of I Squared, we dive into one of the oldest asset classes in human history.Guests:Peter Blue, CFA, CAIA, FRM, Head of Private Market Solutions, Franklin TempletonGautam Bhandari, Co-Founder & Managing Partner, I Squared CapitalEpisode Sources(00:00) Infrastructure as an invisible but essential backbone of daily life and economic activity.(01:24)Introduction to infrastructure as a paradox: ancient in practice, modern as an institutional asset class.(03:43) The projected $100 trillion global infrastructure investment need through 2040 and the funding gap.(06:06) Infrastructure allocations remain modest despite structural tailwinds and capital demand.(10:32) Infrastructure as both inanimate and “alive” through its system-wide economic impact.(12:04) Roman publicani as early private infrastructure investors and the blending of public and private capital.(16:24) Infrastructure historically used as a tool of statecraft, control, and regime stability.(20:35) The Gilded Age, robber barons, and the rise of private capital in U.S. infrastructure development.(24:50) Australia's superannuation system and privatization wave as the birthplace of institutional infrastructure investing.(27:52) Macquarie's listed infrastructure vehicles and the financialization of the asset class.(29:43) The contrast between Australia's GP-led model and Canada's direct “Canadian model.”(35:49) Post-GFC surge in infrastructure AUM and its appeal as a stable, inflation-linked asset class.(41:59) “Suffering from success”: record fundraising, rising valuations, and expanding risk profiles in the 2020s.(42:20) Redefining infrastructure through resiliency rather than rigid asset definitions.(46:17) Expansion into digital infrastructure, renewables, and social infrastructure beyond traditional core assets.(50:52) Data centers as the new “highways” of productivity and the complexities of underwriting digital infrastructure.(55:32) Energy transition investing and the scale of renewable and grid infrastructure needs.(57:43) Talent evolution and systems thinking as infrastructure becomes increasingly cross-disciplinary.(01:01:18) The re-politicization of infrastructure and its return as a strategic instrument of global power.(01:05:58) China's Belt and Road Initiative and infrastructure as influence diplomacy.(01:10:46) Local alignment, commercial contracts, and operating “below the radar” in politically sensitive environments 

Send a textJeffrey Rosenberg, CFA, Managing Director is a senior portfolio manager within BlackRock Systematic. He leads active and factor investments for mutual funds, institutional portfolios and ETFs within BlackRock's Systematic Fixed Income (“SFI”) portfolio management team. In this role he serves as a member of the SFI Investment and Executive Committees and as a senior portfolio manager for several investment products including the BlackRock Systematic Multi-Strategy Fund (BIMBX), the iShares Systematic Alternatives Active ETF (IALT) and the iShares Managed Futures Active ETF (ISMF).We talked about systematic portfolio managers compared to discretionary portfolio managers, his career and education from finance and math into computational finance at Carnegie Mellon, the changes in the market from banks to hedge funds being driven by the global financial crisis, and some book recommendations.BlackRock Systematic Investing: https://www.blackrock.com/us/individual/investment-ideas/systematic-investingBlackRock's Q1 Fixed Income Outlook:https://www.blackrock.com/us/financial-professionals/literature/market-commentary/fixed-income-market-outlook.pdfJeffrey Roseberg:https://www.blackrock.com/us/individual/biographies/jeffrey-rosenbergJoin the quant community in Dallas, Texas April 10th at SMU!Quaint Quant Conference - 2026Learn and network from a close knit quant community!Support the show

Cinq ans après le putsch au Mali, suivi ensuite de ceux du Burkina Faso et du Niger, Jeune Afrique s'interroge : « Les juntes ont-elles tenu leurs promesses ? » Dans les trois pays, les militaires arrivent au pouvoir au nom de l'impératif sécuritaire : « le discours est rodé, note le site panafricain : seuls les militaires peuvent gagner la guerre que les civils ont perdue. Finis, les atermoiements diplomatiques, les contraintes des accords de défense avec Paris, les états d'âme sur les droits humains ou la nécessité d'ouvrir un dialogue. Place à une guerre “totale“, menée par des soldats qui connaissent le terrain, épaulés par de nouveaux partenaires, Russie en tête, débarrassés des scrupules voire des arrière-pensées occidentales. Résultat ? Pas de quoi pavoiser… », s'exclame Jeune Afrique. Aussi bien au Mali qu'au Burkina et au Niger, « la situation sécuritaire s'est détériorée. (…) Partout, la même logique à l'œuvre : une militarisation à outrance de la réponse, une répression sans discrimination des populations accusées de complicité avec les jihadistes, un recours massif à des supplétifs étrangers, Africa Corps au Mali et au Burkina, des milices locales partout. Et le même résultat : une insécurité aggravée, une violence débridée, des populations prises entre le marteau jihadiste et l'enclume militaire. » Un changement de tuteur Jeune Afrique dresse un bilan tout aussi catastrophique sur le plan économique : les juntes avaient promis « souveraineté, rupture avec la dépendance néocoloniale, reprise en main des ressources nationales. Exit le franc CFA, symbole de la servitude monétaire. Exit aussi les “prédateurs“ occidentaux qui pillent les richesses africaines. Place à une économie enfin au service des peuples, débarrassée des tutelles étrangères. » Résultat : « La Russie, la Chine ou la Turquie se sont engouffrées dans le vide laissé par l'Occident, négociant des contrats qui ne sont pas nécessairement plus avantageux pour les populations. La souveraineté économique proclamée se révèle n'être qu'un changement de tuteur. » Comptables devant personne Enfin, « c'est peut-être sur le plan politique que le bilan est le plus édifiant, soupire encore Jeune Afrique. Car, au-delà des promesses sécuritaires et économiques, ces putschistes avaient tous juré, la main sur le cœur, de rendre le pouvoir aux civils après une brève “transition“. » Il n'en a rien été… Et on est arrivé à « une prise en otage du débat politique, une interdiction de penser autrement, une impossibilité de sanctionner démocratiquement des dirigeants qui, précisément, ne doivent rien aux urnes. Car c'est là le nœud du problème, constate le site panafricain : ces juntes ne sont comptables devant personne. Elles ne craignent ni l'alternance ni la sanction populaire. Leur seule légitimité repose sur la force des armes et sur la propagande. » Et Jeune Afrique de conclure : « Ces lignes nous attireront certainement la vindicte des thuriféraires de ces apprentis sorciers en treillis. “Dire la vérité en des temps de mensonge universel est un acte révolutionnaire“, écrivait Orwell dans 1984. (…) L'Histoire jugera sévèrement ces régimes qui auront trahi les espoirs qu'ils avaient suscités. » Walid, le trafiquant d'êtres humains : « sa cruauté était inconcevable » À lire également dans Le Monde Afrique cette enquête glaçante sur ce trafiquant d'êtres humains qui vient d'être condamné à 20 ans de prison aux Pays-Bas pour trafic de migrants. Il se faisait appeler Walid, mais personne ne connait sa véritable identité : « Depuis Bani Walid, dans le nord-ouest de la Libye, cet Érythréen organisait la détention de migrants dans des conditions épouvantables, relate le journal, jusqu'à recevoir d'importantes sommes d'argent de leurs proches. (…) 196 témoins, majoritairement érythréens, ont été entendus pendant l'enquête. » L'un d'entre eux raconte : « Nous n'avions droit qu'à un repas par jour. Des gardes armés nous menaçaient. Nous pouvions sortir une fois par jour, en demandant à aller aux toilettes, détaille-t-il. Sa cruauté était inconcevable. Dans le camp, il y avait des migrants somaliens qui ne pouvaient pas payer. Walid les forçait à travailler pour lui. » Le Monde Afrique poursuit : « Selon d'autres témoignages, les migrants étaient “constamment fouettés avec un tuyau d'arrosage“, menacés par le maître des lieux, armé. Une femme raconte avoir été battue et violée par des hommes sous les ordres de Walid. Le seul moyen de partir était de payer la traversée vers l'Europe : 2 200 dollars. » Une traversée qui bien souvent tournait au naufrage et à la noyade… Walid a certes été condamné. Mais c'est un trafiquant d'êtres humains parmi d'autres. Et, soupire le journal, il a été remplacé…

In this season 6 episode of First Look ETF, Stephanie Stanton ‪@etfguide‬ examines the latest ETF marketplace trends with NYSE and guests. The guest lineup for this episode includes:1. Maital Legum, NYSE2. John Love, CFA, CEO, USCF Investments (X @USCFInvestments)3. Nolan Anderson, Portfolio Manager and Co-Head of Fixed Income, Weitz Investments (X @WeitzInvest)4. Adam Patti, CEO, VistaShares (X @VistaSharesX) Watch us on YouTube (Link http://www.youtube.com/etfguide)Follow us on Twitter @ETFguide (Link https://twitter.com/etfguide)Visit us at ETFguide.com (https://www.etfguide.com)

The municipal bond market kicked off 2026 with strength but volatility, supply dynamics, and state-level policy are already shaping the road ahead.In this Weekly Wrap Up, host Eric Kazatsky is joined by Jack Muller, CFA, Credit Analyst at MacKay Municipal Managers, to break down the latest muni insights. They explore why munis have outperformed taxable fixed income so far this year, how richening ratios reflect continued demand, and why investors are keeping a close eye on credit fundamentals. The conversation zooms in on California's improved fiscal outlook and the proposed wealth tax ballot initiative, as well as Florida's potential property tax reform and what both mean for municipal credit.Follow UsTwitter @NYLInvestmentsTwitter @MacKayMuniMgrsFacebook @NYLInvestmentsLinkedIn: New York Life InvestmentsLinkedIn: MacKay Municipal ManagersPresented by New York Life Investmentswww.newyorklifeinvestments.comMacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.SMRU: 8683632 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Send a textShownotes can be found at https://www.profitwithlaw.com/521.Cash flow highs and lows keep too many law firm owners trapped in survival mode. Navigating personal and business finances isn't just about making more—it's about making wealth work for you and building a practice you love.In this episode, Moshe Amsel sits down with Randall Avery, CFP®, CFA, and Principal Owner of Deasil Wealth Management, for a tactical, mentor-driven conversation that reveals how law firm owners can master financial planning to fuel practice growth, true independence, and generational wealth.Resources mentioned:

Who makes decisions for you when you can't? For Childfree people, the answer has never been straightforward. Dr. Jay Zigmont sits down with Robert Allan and John Steiner from Welon Trust to reveal how they spent two and a half years building something that didn't exist: a trust company designed specifically for the Childfree community.This episode pulls back the curtain on creating Childfree Trust®. From a 752-page application to navigating banking regulators who'd never seen this model, John and Robert share why every other trust company said no, the social bias they faced raising capital, and how they're building a system that has to outlive everyone involved. If you've ever wondered what it takes to create something entirely new in a 200-year-old industry, this conversation delivers the unfiltered truth.Key Takeaways:Traditional trust companies refused to serve Childfree clients: Every company demanded $10,000-$20,000 annual minimums and wouldn't touch medical power of attorney. They just don't want to do it.Banking oversight protects like the FDIC: If Welon fails, regulators step in seamlessly—the document doesn't die, the company may. To clients it looks like nothing happened.Building to outlive the founders: This company has to bury Dr. Jay, John, and Robert. They're creating documented processes that ensure continuity for decades.Social bias against Childfree investing: One investor loved Childfree Trust® but couldn't invest because "they can't go to church and say they invested in a Childfree company." Robert: "There's a market that needs to be served."Episode Host:Dr. Jay Zigmont, CFP® - Founder & CEO of Childfree Wealth®, Childfree Trust®, & Childfree Insights. Board member and investor in Welon Trust. Jay spent two and a half years partnering with John and Robert to create the first trust company designed specifically for the Childfree community.Meet the Guests:John Steiner, CFA® - a Founding Member and Managing Director of Welon Trust. He brings more than 35 years of investment management expertise to the firm working with both individuals and institutions. Robert Allan, CFP®, CFA®, CPA - a Founding Member and Managing Director of Welon Trust. With over a decade of financial, operational, and accounting experience, he brings a unique perspective that allows him to provide value to his client's beyond managing their portfolio.Learn more about Welon Trust:  https://welon.comAbout Childfree InsightsChildfree Insights delivers education for financial and estate planning without children. It supports people with no kids in making informed decisions about retirement, legacy planning, beneficiaries, and long-term care. Home of Childfree Wealth® and Childfree Trust®.Connect with Us: Ready to work on building better financial habits? Connect with our financial planning team at childfreewealth.com or learn more about estate planning at childfreetrust.com. Follow Childfree Life by Design on your favorite podcast platform and join the conversation on social media: Instagram: https://www.instagram.com/childfreeinsightsFacebook: https://www.facebook.com/ChildfreeInsights/LinkedIn: https://www.linkedin.com/company/childfreeinsightsYouTube: https://www.youtube.com/@ChildfreeInsights Disclaimer: This podcast is for educational & entertainment purposes. Please consult your advisor before implementing any ideas heard on this podcast.

The Mag 7 have committed over $700 billion to AI infrastructure, but the companies building the models may never capture the value. Thank you to our sponsors: Adaptive Security Fuse: The Energy Network The BLS just quietly revised away 862,000 jobs, and real-time inflation trackers now peg price growth below 1%, less than half of what official figures report.  If the Fed is steering monetary policy with stale data, investors need to ask what else the models are getting wrong.  At the same time, the Mag 7 have committed more than $700 billion to AI infrastructure, with Anthropic alone projecting $1 trillion in revenue within five years. Is that conviction or the early stages of a debt cycle nobody is pricing?  And then there is the institutional side of crypto: BlackRock's BUIDL fund just landed on Uniswap with $2.4 billion in assets, Apollo acquired $90 million in Morpho tokens, and AI agents are already settling micropayments in stablecoins.  Austin Campbell, Ram Ahluwalia, and Christopher Perkins sit down with Truflation's CEO Stefan Rust to ask whether the numbers we trust are telling us the truth. Hosts: ⁠Ram Ahluwalia⁠, CFA, CEO and Founder of Lumida ⁠Austin Campbell⁠, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting ⁠Christopher Perkins⁠, Managing Partner and President of CoinFund Guest: Stefan Rust, Founder and CEO of Truflation Links: Unchained:  BlackRock Just Chose Uniswap. The Market Didn't Care. Here's Why. Apollo Moves Into DeFi Lending With Morpho Token Deal UNI Spikes on BlackRock DeFi Move, Then Gives It All Back Macro: NBC: U.S. had almost no job growth in 2025 PBS: Inflation measure falls to nearly five-year low as gas prices fall and housing costs cool Crowdfund Insider: Secretary Of The Treasury Scott Bessent Calls Out Truflation's Inflation Numbers At Senate Banking Hearing AI CapEx: Amazon, Google And Others Are Pouring $700 Billion Into AI CapEx, Top Analyst Explains Why This Makes It 'Hard' To Bet Against Nvidia CIO: Data center capex to hit $1.7 trillion by 2030 due to AI boom Reuters: OpenClaw founder Steinberger joins OpenAI, open-source bot becomes foundation Learn more about your ad choices. Visit megaphone.fm/adchoices

What does research say about retirement withdrawal strategies that are specifically designed to leave more money behind? We'll walk through what the research says works best, the trade-offs involved, and why the "right" strategy depends on what you're really trying to optimize in retirement.  Quote: "Smaller gifts sooner can be more impactful than larger gifts later." - Benjamin Brandt We've also got a great listener question from Tom about the three big company retirement plans — 401(k)s, 403(b)s, and 457s. On the surface they all look the same, but the rules under the hood are very different, and those differences can have a huge impact on taxes, flexibility, and when you can actually use your money. We'll break down what "qualified" really means, which accounts may be easier to tap earlier, and how to think about simplifying all of this as you head into retirement.  And we wrap up the episode with what our happiest retired listeners are up to in our "Retire to Something" segment. Article: The Best Retirement Strategies for Leaving Money Behind by Amy C. Arnott, CFA in Morningstar   Connect with Benjamin Brandt: Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart  

Listen to the episode on Apple Podcasts, Spotify, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Figure is giving away $25,000 in USDC. Deposit into Democratized Prime, earn ~9% APY hourly—and every $1 you keep in for 25 days is 1 entry. Enter here --- Bitcoin slid toward $60,000 on Feb. 5 in a brutal, cross-asset selloff that hit gold, equities, and crypto alike. With leverage unwinding and basis trades breaking, long-time bitcoin holders are distributing to institutional buyers who, by 13F data, are mostly underwater. The mood across digital assets is bleak. Against that backdrop, Nic Carter of Castle Island Ventures argues that key Bitcoin narratives have quietly failed—and warns that developers' inaction on quantum risk could open the door to institutional control. If devs don't act, Carter says ETF giants like BlackRock will. The panel then widens the lens: declaring the token-centric VC model dead, debating whether AI now rivals the industrial revolution, and stress-testing it all across topics ranging from Solana vs. Hyperliquid to Japan's political shift and MrBeast's fintech play. --- If you want your crypto taxes done carefully — not guessed — Crypto Tax Girl is offering $100 off one-on-one crypto tax services. Their team focuses solely on crypto and has been helping investors navigate tax season since 2017. Save $100 here Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins, Managing Partner and President of CoinFund Guest: Nic Carter, Founding Partner at Castle Island Ventures Learn more about your ad choices. Visit megaphone.fm/adchoices