Podcasts about Chicago Mercantile Exchange

Eisenhower Media Network Associate Director Matthew Hoh: U.S. War Crime Attacks on ‘Drug Boats': A Prelude to U.S. Attack on VenezuelaYale Law School professor Bruce Ackerman: Supreme Court Hears Case that Could Further Increase Trump's Unchecked Executive Power Journalist and author Nell Bernstein: New Book In Our Future We Are Free Recounts 25-Year Campaign that Cut U.S. Youth Incarceration 75%Bob Nixon's Under-reported News Summary• Major cuts in AIDS treatment, prevention to spike HIV infections by 3.3 million• South Asia, among most water-stressed regions globally, faces ‘water wars'• Chicago Mercantile Exchange data center's 11-hour blackout exposes vulnerabilityVisit our website at BTLonline.org for more information, in-depth interviews, related links, transcripts and subscribe to our BTL Weekly Summary and/or podcasts. New episodes every Wednesday at 12 noon ET, website updated Wednesdays after 4 p.m. ETProduced by Squeaky Wheel Productions: Scott Harris, Melinda Tuhus, Bob Nixon, Anna Manzo, Susan Bramhall, Jeff Yates and Mary Hunt. Theme music by Richard Hill and Mikata.

Eisenhower Media Network Associate Director Matthew Hoh: U.S. War Crime Attacks on ‘Drug Boats': A Prelude to U.S. Attack on VenezuelaYale Law School professor Bruce Ackerman: Supreme Court Hears Case that Could Further Increase Trump's Unchecked Executive Power Journalist and author Nell Bernstein: New Book In Our Future We Are Free Recounts 25-Year Campaign that Cut U.S. Youth Incarceration 75%Bob Nixon's Under-reported News Summary• Major cuts in AIDS treatment, prevention to spike HIV infections by 3.3 million• South Asia, among most water-stressed regions globally, faces ‘water wars'• Chicago Mercantile Exchange data center's 11-hour blackout exposes vulnerabilityVisit our website at BTLonline.org for more information, in-depth interviews, related links and transcripts and to sign up for our BTL Weekly Summary. New episodes every Wednesday at 12 noon ET, website updated Wednesdays after 4 p.m. ETProduced by Squeaky Wheel Productions: Scott Harris, Melinda Tuhus, Bob Nixon, Anna Manzo, Susan Bramhall, Jeff Yates and Mary Hunt. Theme music by Richard Hill and Mikata.

Wisconsin hemp growers are facing going out of business if state leaders don't take action to protect them. Part of the comprehensive compromise bill that got the federal government open again contained language that would shut down the nation's hemp industry by this time next year. State Senator Pat Testin recognizes the value in the industry and has crafted legislation that would, hopefully, allow the growers and manufacturers to continue. Pam Jahnke finds out about those efforts, and his recent meeting with WI Ag Secretary, Randy Romanski, over proposed fee increases that would impact the state's livestock industry. Winter weather advisory out for most of Wisconsin beginning this afternoon. Stu Muck explains what the next system is bringing in and what we should expect. Dairy is struggling and it's an odd time of the year for that statement to be true. Stephanie Hoff talks with Kim Heiman, manager at Nasonville Dairy in Marshfield. Nasonville focuses a lot of attention on "commodity cheese" which can be marketed through the Chicago Mercantile Exchange. He explains how that market's been impacted and what 2026 quarter one looks like. USDA announced a $12 billion Farmer Bridge Assistance program on Monday. Pam Jahnke explains the released details and what WI farms will qualify for payments. She also announces the election results from the 106th annual business meeting of the WI Farm Bureau Federation. Brad Olsen has been re-elected WFBF President, and Brian Preder has been elected Rural Mutual Insurance President. Markets are flat in reaction to the USDA aid announced yesterday. John Heinberg, market advisor with Total Farm Marketing in West Bend joins Pam Jahnke to discuss. He also notes that today we'll get the December World Ag Supply report. Although not usually a newsmaker - traders may be looking for information.See omnystudio.com/listener for privacy information.

The U.S. dairy industry is experiencing lower-than-usual commodity cheese prices, but one producer is betting on long-term growth driven by consumer demand for protein and significant industry investment. The current market is seeing prices dip despite the typical holiday season rally. Kim Heiman of Nasonville Dairy in Marshfield says the effect was exacerbated by the government shutdown, when the commodity cheese trade didn't have market transparency. "What happens is that commodity cheese, it's a very high-quality cheese, and it's generally a colored cheddar, and it's produced at large quantities, and it's marketed through the Chicago Mercantile Exchange at large volumes," Heiman tells Mid-West Farm Report. "When the government shutdown was on, of course, there was no commodity facts coming out of how much cheese was in storage or how much cheese was being processed."See omnystudio.com/listener for privacy information.

US regulators will continue looking at the recent hours-long outage of the Chicago Mercantile Exchange, former Securities and Exchange Commission Chair Gary Gensler said. He spoke with Bloomberg's Joe Mathieu, See omnystudio.com/listener for privacy information.

Black Friday kicks off the official holiday shopping season. Shopify president Harley Finkelstein shares his platform's real-time shopping data and highlights the shifting trends among shoppers in 2025. So far this Black Friday, consumers are buying skincare, athletic wear, and vitamins and supplements. On Amazon, the platform's head of Prime Video U.S. global sports and advertising Jay Marine discusses Black Friday football streams and holiday shopping deals. CNBC's senior retail reporter Courtney Reagan is covering the holiday from a New Jersey mall; though the cadence of shopping has shifted over the years, Reagan reports on the longstanding importance of Black Friday for retailers. Plus, Russian President Vladimir Putin is ready for “serious” peace talks with Ukraine, and a data center issue caused a major outage at the Chicago Mercantile Exchange.   Courtney Reagan - 14:45Harley Finkelstein - 19:12Jay Marine - 26:34 In this episode:Harley Finkelstein, @harleyfJay Marine, @jaymarineCourtney Reagan, @CourtReaganRobert Frank, @robtfrankSteve Liesman, @steveliesmanBecky Quick, @BeckyQuickCameron Costa, @CameronCostaNY Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Listen to the SF Daily podcast for today, November 28, 2025, with host Lorrie Boyer. These quick and informative episodes cover the commodity markets, weather, and the big things happening in agriculture each morning. China's significant purchases of U.S. soybeans and sorghum were highlighted, with China buying over 4 million metric tons of beans and 600 metric tons of sorghum. Corn sales averaged 68 million bushels per week, above the 18-year high. Broiler placements rose 3% year-over-year to 191 million chicks. Cattle futures saw support due to potential Mexican border reopening stages. Severe weather warnings were issued for Iowa and Illinois, with up to 14 inches of snow expected. The podcast also mentioned a trading glitch on the Chicago Mercantile Exchange and early market closure due to the holiday. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Pakjesavond laat nog een week op zich wachten, maar de Tweede Kamer deelt deze week alvast cadeautjes uit. Zo gaat de voorgenomen verhoging van de vermogensbelasting toch niet door. Wat dat voor beleggers betekent, bespreken we in deze aflevering. Ook hebben we het over Arcadis, want het Nederlandse bedrijf wil zich gaan mengen in de AI-gekte. Het kersverse dochterbedrijf van Arcadis wint vier opdrachten in Duitsland om die te gaan bouwen. Daarmee zit de pijplijn bij Arcadis al vol met 229 projecten wereldwijd. En je hoort over de storing bij de Chicago Mercantile Exchange. Door een probleem met de koeling in datacenters lag de handel in opties, futures en ook valuta op z'n gat. See omnystudio.com/listener for privacy information.

Werbung | Exklusives Angebot für unsere Hörer: Lest das Handelsblatt 12 Monate zum halben Preis: www.handelsblatt.com/podcast50 An der Wall Street kam es heute früh zu einem technischen Zwischenfall: Der Handel mit US-Aktienfutures wurde gestoppt, nachdem es in einem Rechenzentrum der Chicago Mercantile Exchange ein Kühlungsproblem gab. Betroffen waren Dow-, S&P- und Nasdaq-Futures, die zuvor jeweils leicht im Plus lagen. Die CME erklärte, dass der Ausfall im CyrusOne-Rechenzentrum mehrere Märkte pausieren ließ. Anleihehandel und Metalle wurden bereits wieder aufgenommen, und wie angekündigt startete der Handel mit Aktienfutures um 8:30 Uhr Eastern Time erneut. Danach zogen die Futures sofort wieder an – der Dow zeitweise +100 Punkte, der Nasdaq +0,4 %, der S&P 500 +0,2 %. Die Störung trifft auf einen ohnehin volatilen Handelstag: den Freitag nach Thanksgiving, traditionell mit sehr dünnen Umsätzen und entsprechend größeren Kursausschlägen. Gleichzeitig endet heute der Monat November – ein schwacher Tech-Monat, der aber trotzdem mit einer starken Woche endet: Der Dow über +2 %, der S&P rund +3 % und der Nasdaq etwa +4 %. Ein Podcast - featured by Handelsblatt. +++ Alle Rabattcodes und Infos zu unseren Werbepartnern findet ihr hier: https://linktr.ee/wallstreet_podcast +++ +++ Hinweis zur Werbeplatzierung von Meta: https://backend.ad-alliance.de/fileadmin/Transparency_Notice/Meta_DMAJ_TTPA_Transparency_Notice_-_Ad_Alliance_approved.pdf +++ Der Podcast wird vermarktet durch die Ad Alliance. Die allgemeinen Datenschutzrichtlinien der Ad Alliance finden Sie unter https://datenschutz.ad-alliance.de/podcast.html Die Ad Alliance verarbeitet im Zusammenhang mit dem Angebot die Podcasts-Daten. Wenn Sie der automatischen Übermittlung der Daten widersprechen wollen, klicken Sie hier: https://datenschutz.ad-alliance.de/podcast.html Impressum: https://www.360wallstreet.de/impressum

Pakjesavond laat nog een week op zich wachten, maar de Tweede Kamer deelt deze week alvast cadeautjes uit. Zo gaat de voorgenomen verhoging van de vermogensbelasting toch niet door. Wat dat voor beleggers betekent, bespreken we in deze aflevering. Ook hebben we het over Arcadis, want het Nederlandse bedrijf wil zich gaan mengen in de AI-gekte. Het kersverse dochterbedrijf van Arcadis wint vier opdrachten in Duitsland om die te gaan bouwen. Daarmee zit de pijplijn bij Arcadis al vol met 229 projecten wereldwijd. En je hoort over de storing bij de Chicago Mercantile Exchange. Door een probleem met de koeling in datacenters lag de handel in opties, futures en ook valuta op z'n gat. See omnystudio.com/listener for privacy information.

28/11 Il CME, Chicago Mercantile Exchange, colonna vertebrale del trading globale, ha sospeso temporaneamente il trading di valute, futures azionari e commodities per un problema di raffreddamento a uno dei suoi data center. In Asia chiusura mista, Kospi più pesante. Il Nikkei chiude il mese a -4%, l'inflazione sale più delle attese. A Wall Street giornata a mezzo servizio, attesa volatilità e focus su retail, Alibaba, Apple e Jefferies. In Europa molti dati macro, DBRS decide su rating sovrano Francia, Germania e spagna. Focus a Piazza affari sulle indagini della procura di Milano sulla scalata di Mps a Mediobanca. Armani, il nuovo Cda. Learn more about your ad choices. Visit megaphone.fm/adchoices

Barbara Burgess is an author, mother, executive, who's embraced the beautiful messiness of life. She founded Corluma (cor = heart, luma = light), a Chicago-based consulting firm, wrote and performed a one-woman show "The Extraordinary Experience of Being Ordinary" and most recently wrote her first book, Enough: Finding Peace in a World of Distractions, Hustle, and Expectations.Known for her humor, vulnerability, and practical wisdom, Barbara shares simple shifts to help people remember they are enough and have enough. Her ego is kept in healthy check by two teenage children and career adventures that included selling candy bars for Nestle Foods, launching Grainger into internet commerce, a brief marketing stint at the Chicago Mercantile Exchange, and most recently overseeing operations, marketing, and finances as the COO of a non-profit. Like all of us, Barbara says, she's still figuring it out.SOCIAL MEDIA LINKS:Website: www.corluma.comLinkedIn: linkedin.com/in/barbaraburgess1Book: www.beenough.comMore about Liz:Work- https://www.raisethevibewithliz.com/Radio Show- https://www.voiceofvashon.org/raise-the-vibePodcast- https://www.buzzsprout.com/958816Facebook- https://www.facebook.com/raisethevibewithlizInstagram- https://www.instagram.com/raisethevibewithliz/*** Support the show! https://www.buzzsprout.com/958816/supportSupport the show

Michael Episcope started his career on the chaotic trading floor of the Chicago Mercantile Exchange, twice ranked as one of the top 100 traders in the world. But when automation disrupted his industry, he pivoted. With his own wealth on the line, he co-founded Origin Investments in 2007, just before the financial crisis. In this episode with Jess Larsen, Michael shares the hard lessons from losing money in bad deals, the pivot during 2008 that set up Origin's growth, and how they scaled to more than $2 billion under management. From risk management to wealth preservation, this conversation is a masterclass in how to grow — and keep — wealth. Learn more about your ad choices. Visit megaphone.fm/adchoices

This edition of the Sea Captain Leadership Podcast features Steve Hunsicker, who has just joined Sea Captain Coaching as a marketing and leadership coach. He has more than 30 years of experience leading cross-functional teams and partnering with C-suite executives across world-class brands like McDonald's, Boeing, Burger King, and the Chicago Mercantile Exchange. Key points:Steve and Phil talk about why Steve is passionate about helping others unlock their full potential, ultimately choosing to become a Certified Professional Coach and Energy Leadership Index Master Practitioner (IPEC).Steve's coaching style is rooted in deep listening, encouragement, and creating accountable action plans that lead to measurable results. Steve is first and foremost a Performance Optimization Coach and his motto is “I Lead with Kindness.”Phil and Steve talk about Steve's wellness journey, which significantly shaped who he is today. SeaCaptainCoaching.comInstagram linkFB linkConnect with PhilLinkedInConnect with SteveLinkedInNow Available!The Sea Captain Way for Financial AdvisorsThe Voyage

In this enlightening conversation, Melanie Foote-Davis and Barbara Burgess explore the themes of self-discovery, joy, and the importance of setting boundaries. Barbara shares her journey of embracing 'enough' and how simple moments, like achalk experience with children, can lead to profound insights. They discuss the power of giving and receiving, the challenges of perfectionism, and the art of saying no to create space for what truly matters. The conversation emphasizes the importance of authenticity, gratitude, and choosing joy in everyday life, encouraging listeners to embrace their own journeys of self-discovery and connection. Chapters00:00 The Chalk Experience: A Journey Begins09:27 The Power of Play and Connection14:55 Gracious Giving: Gives Back to the Giver21:36 Courageously Vulnerable30:36 Navigating Relationships and Boundaries37:09 Embracing Imperfection and Growth38:19 Sovereignty and Personal Authority41:18 The Allure of Authentic Experience46:28 Navigating Boundaries: The Power of No51:39 Audit Your Energy Inventory57:55 Delightfully Be With Other Human Beings More About Barbara BurgessBarbara Burgess is an author, mother, executive, and unapologetic dark-chocolate lover who's embraced the beautiful messiness of life. She founded Corluma (cor =heart, luma = light), a Chicago-based consulting firm, wrote and performed a one-woman show “The Extraordinary Experience of Being Ordinary” and most recently wrote her first book, Enough: Finding Peace in a World of Distractions, Hustle, and Expectations.Known for her humor, vulnerability, and practical wisdom, Barbara shares simple shifts to help people remember they are enough and have enough. Her ego is kept in healthy check by two teenage children and career adventures that includedselling candy bars for Nestle Foods, launching Grainger into internet commerce, a brief marketing stint at the Chicago Mercantile Exchange, and most recently overseeing operations, marketing, and finances as the COO of a non-profit. Like all of us, Barbara says, she's still figuring it out. Connect with BarbaraWebsite: www.corluma.comLinkedIn: linkedin.com/in/barbaraburgess1Book: www.beenough.com A Moment of Gratitude for our sponsor.⁠ Michele Aiken Use code MELANIE to Save Connect with MelanieLinkedin  Instagram YouTube⁠⁠Work with Melanie ⁠⁠⁠⁠Download FREE Joy Journal⁠⁠⁠⁠Radical Love Book

 This is Matt Reustle and today we are breaking down the Chicago Mercantile Exchange. My guest is Adam Chandler, co-PM at Claremont Global, and together we get into the nitty gritty of exchanges. We all know how integral exchanges are to the financial system but we rarely stop to understand how they operate, how they make money, and how they shape the flow of dollars. This episode aims to do just that. Please enjoy this breakdown of the Chicago Mercantile Exchange. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here⁠⁠⁠⁠⁠. —- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠⁠⁠. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠). Show Notes (00:00:00) Introduction to Business Breakdowns (00:00:51) Introducing the Chicago Mercantile Exchange (00:01:52) Understanding the Exchange Business (00:03:38) The Role of Clearinghouses (00:04:29) Diving into CME's Specialization (00:07:18) Historical Evolution of CME (00:09:40) Modern Operations and Risk Management (00:19:39) CME's Market Position and Growth (00:29:13) Revenue Breakdown and Product Insights (00:35:23) Volume Drivers: Treasuries and Interest Rate Markets (00:36:47) Comparing CME with Other Exchanges (00:42:10) Profitability and Cost Structure of CME (00:45:37) Capital Allocation and Dividend Strategy (00:47:35) Innovation and New Product Offerings (00:49:24) Impact of Passive Investing on CME (00:53:09) Risks and Regulatory Environment (00:58:26) Key Lessons from CME's Business Model

Plus de 4 000 anciens membres du Chicago Mercantile Exchange assignent la Bourse en justice. Ils dénoncent une rupture de contrat économique et moral, après la transition vers le trading électronique qui a fait fondre la valeur de leurs "fauteuils".

Welcome, beautiful souls, to another soul-stirring episode of Healthy Money, Happy Life. I'm your host, Kris Miller, and around here — we talk about the kind of wealth that fills your heart, fuels your purpose, and lasts beyond your lifetime. But today? We're shaking things up. We're going beyond checkbooks and bank balances...

In this episode Patrick and Shelli welcome Michael Pozzi, a tech leader with an expansive career across engineering, computer science, and finance. Currently, Michael is Senior Vice President of Technology Infrastructure at Ryan Specialty. We discuss Michael's leadership style, a philosophy characterized by humility and a team-centric approach. He shares his experiences of leading through uncertain times at the Chicago Mercantile Exchange, and highlights the ways he builds teams to foster empathy and collaboration. We chat about the evolving landscape of technology infrastructure, data volume, AI automation, and the dynamics of remote teams. Michael advocates for recognizing and nurturing talent within an organization, fostering an environment where employees can thrive and grow in alignment with their org's mission.(00:00) Welcome Michael Pozzi(00:25) Michael's Career Journey(02:26) Role at Ryan Specialty(03:07) Early Career and Pivot to Consulting(05:01) Joining the Chicago Mercantile Exchange(08:50) Transition to Infrastructure and Operations(12:51) Leadership and Team Dynamics(21:47) Recognizing the Need for Fresh Perspectives(24:05) The Importance of Empathy in Team Dynamics(29:06) Career Growth and Organizational Support(34:48) Encouraging Internal Mobility and Learning(40:10) Final ThoughtsMichael Pozzi is Senior Vice President of Technology Infrastructure at Ryan Specialty. Previously, over nearly 20 years, he held a series of director level positions at the CME Group, like Managing Director of Infrastructure & Operations, Executive Director of Systems Engineering, and Executive Director of Software Engineering. Before that he worked at Hewitt Associates and Accenture. He earned a Bachelors degree in Mechanical Engineering from Duke and Masters in Computer Science from DePaul.If you'd like to receive new episodes as they're published, please subscribe to Innovation and the Digital Enterprise in Apple Podcasts, Spotify, or wherever you get your podcasts. If you enjoyed this episode, please consider leaving a review in Apple Podcasts. It really helps others find the show.Podcast episode production by Dante32.

Erik joins Ben this week to chew the fat about… math? NOPE! We'll just insert THAT version of the definition into the title graphic instead, thank you (sorry, Norah)! However, the fellas ARE going to discuss how the word "derivative" is used in positive and negative contexts, but first a warmup—talking about their “glory days” and high school experiences. In the obligatory “What Have They Been Up To" intro, Erik shares details about what's going on in the development of Rogue Climber, and Ben offers details and opinions about the games Spacepunk Survival and Polterguys: Possession Party. FINALLY… they move on to the definition and etymology of the word, namedrop some video games and game designers, talk about Ben's favorite movie, and engage in other assorted conversational shenanigans. In the bonus clip, Ben tells the story of the time he said something objectively strange in a job interview.  *** 00:00:20 - Sleepy spelling, parents trying too hard, verbs and a past participle, and high school  00:03:31 - Erik's lunchtime cartography skills, book exchange story, and not for consumption 00:07:30 - High school emulation, going to shopping malls, and game release midnight events 00:12:23 - A coffee shop stock owner, and what's new in the world of Imaginary Game Studios 00:16:43 - Belonging in the “think tank,” opinions on Severance, and Ben likes happy endings 00:18:47 - Thoughts on relatable characters, the Coen brothers, and Erik's watch-along idea 00:26:34 - A couple of mini-reviews—starting with Ben's thoughts on Spacepunk Survival  00:28:34 - Fundamental insights from Sid Meier, visual novels, and reflections on PAX feedback  00:31:56 - Ben's spit and plosive-ridden thoughts on Polterguys: Possession Party  00:33:03 - Inverse Fall Guys on a smaller scale, Ben has a powerful mouth, and final verdict 00:35:50 - A math free definition of derivative, Ben probably wouldn't notice, and the origins 00:39:23 - Practical Creativity at the GDC, fighting games, professional critics, and perspective 00:41:42 - cynical gamers, People Can Fly games, stakes not steaks, and Cyberpunk: 2077 00:47:02 - The “brain dance” game mechanic, Ben sells the movie Brainstorm, and the lore 00:53:24 - The futures market, the Chicago Mercantile Exchange, and a Cameron Frye callback 00:58:08 - Mediocre game experiences, clones, percolating, inspiration, and happy accidents 01:01:00 - The messy board, Ben's final plea, Andrew's one-sided feud, and the cooking show BONUS 01:03:26 - Don't try this at home kids—Ben's job interview story… made entirely of butter  *** Follow all the shenanigans of Imaginary Game Studios here… On their website: https://www.imaginarygamestudios.com/  On their Discord: https://discord.gg/YyDD7ECtdJ  On their YouTube channel - they post all sorts of stuff from gaming news, to gaming podcasts, to game jams, to the occasional cooking video: https://www.youtube.com/@caxtnova Follow Two Vague on… Our website: https://www.twovaguepodcast.com On Instagram: https://www.instagram.com/two_vague_podcast On YouTube: https://www.youtube.com/@twovaguepodcast On Substack: https://twovaguepodcast.substack.com/ On Bluesky: https://bsky.app/profile/twovaguepodcast.com For show appearance and other inquiries, contact us at: twovaguepodcast@gmail.com -AND-  …for all of your PRI and 2VP merch check out the Partly Robot Industries store at TEEPUBLIC! https://www.teepublic.com/user/partly-robot-industries *** References, Links, and Tags Imaginary Game Studios GAMES on Steam: https://store.steampowered.com/app/2673440/Rogue_Climber/  

Today, we're featuring Beagl's founder, Eric Williams, to discuss focusing on daily execution by automating RFP processes! Eric highlights the importance of brand reputation, sustainable business models in freight, winning RFPs through trust and network strengths, and why brokers need to understand their business execution capabilities, deliver ongoing value, and engage in strategic calls to build trust and filter viable prospects!   About Eric Williams Eric is a logistics leader with over a decade of experience driving sales, pricing, sourcing, and technology strategy across top industry players. At Target, he managed $450M in annual freight spend and delivered over $120M in savings during his tenure. He's held leadership roles at US Foods, DAT, and XPO, leading initiatives in consolidation, fleet optimization, pricing model development, and RFP centralization. Before logistics, Eric spent a decade as a member at the Chicago Mercantile Exchange. He holds a Political Science degree from the University of New Mexico and is a former West Point cadet.   Connect with Eric Website: https://www.beagl.ai/  LinkedIn: https://www.linkedin.com/in/eric-w-a7826b6/  

We are calling for the world's best AI Engineer talks for AI Architects, /r/localLlama, Model Context Protocol (MCP), GraphRAG, AI in Action, Evals, Agent Reliability, Reasoning and RL, Retrieval/Search/RecSys , Security, Infrastructure, Generative Media, AI Design & Novel AI UX, AI Product Management, Autonomy, Robotics, and Embodied Agents, Computer-Using Agents (CUA), SWE Agents, Vibe Coding, Voice, Sales/Support Agents at AIEWF 2025! Fill out the 2025 State of AI Eng survey for $250 in Amazon cards and see you from Jun 3-5 in SF!Coreweave's now-successful IPO has led to a lot of questions about the GPU Neocloud market, which Dylan Patel has written extensively about on SemiAnalysis. Understanding markets requires an interesting mix of technical and financial expertise, so this will be a different kind of episode than our usual LS domain.When we first published $2 H100s: How the GPU Rental Bubble Burst, we got 2 kinds of reactions on Hacker News:* “Ah, now the AI bubble is imploding!”* “Duh, this is how it works in every GPU cycle, are you new here?”We don't think either reaction is quite right. Specifically, it is not normal for the prices of one of the world's most important resources right now to swing from $1 to $8 per hour based on drastically inelastic demand AND supply curves - from 3 year lock-in contracts to stupendously competitive over-ordering dynamics for NVIDIA allocations — especially with increasing baseline compute needed for even the simplest academic ML research and for new AI startups getting off the ground.We're fortunate today to have Evan Conrad, CEO of SFCompute, one of the most exciting GPU marketplace startups, talk us through his theory of the economics of GPU markets, and why he thinks CoreWeave and Modal are well positioned, but Digital Ocean and Together are not.However, more broadly, the entire point of SFC is creating liquidity between GPU owners and consumers and making it broadly tradable, even programmable:As we explore, these are the primitives that you can then use to create your own, high quality, custom GPU availability for your time and money budget, similar to how Amazon Spot Instances automated the selective buying of unused compute.The ultimate end state of where all this is going is GPU that trade like other perishable, staple commodities of the world - oil, soybeans, milk. Because the contracts and markets are so well established, the price swings also are not nearly as drastic, and people can also start hedging and managing the risk of one of the biggest costs of their business, just like we have risk-managed commodities risks of all other sorts for centuries. As a former derivatives trader, you can bet that swyx doubleclicked on that…Show Notes* SF Compute* Evan Conrad* Ethan Anderson* John Phamous* The Curve talk* CoreWeave* Andromeda ClusterFull Video PodLike and subscribe!Timestamps* [00:00:05] Introductions* [00:00:12] Introduction of guest Evan Conrad from SF Compute* [00:00:12] CoreWeave Business Model Discussion* [00:05:37] CoreWeave as a Real Estate Business* [00:08:59] Interest Rate Risk and GPU Market Strategy Framework* [00:16:33] Why Together and DigitalOcean will lose money on their clusters* [00:20:37] SF Compute's AI Lab Origins* [00:25:49] Utilization Rates and Benefits of SF Compute Market Model* [00:30:00] H100 GPU Glut, Supply Chain Issues, and Future Demand Forecast* [00:34:00] P2P GPU networks* [00:36:50] Customer stories* [00:38:23] VC-Provided GPU Clusters and Credit Risk Arbitrage* [00:41:58] Market Pricing Dynamics and Preemptible GPU Pricing Model* [00:48:00] Future Plans for Financialization?* [00:52:59] Cluster auditing and quality control* [00:58:00] Futures Contracts for GPUs* [01:01:20] Branding and Aesthetic Choices Behind SF Compute* [01:06:30] Lessons from Previous Startups* [01:09:07] Hiring at SF ComputeTranscriptAlessio [00:00:05]: Hey everyone, welcome to the Latent Space podcast. This is Alessio, partner and CTO at Decibel, and I'm joined by my co-host Swyx, founder of Smol AI.Swyx [00:00:12]: Hey, and today we're so excited to be finally in the studio with Evan Conrad from SF Compute. Welcome. I've been fortunate enough to be your friend before you were famous, and also we've hung out at various social things. So it's really cool to see that SF Compute is coming into its own thing, and it's a significant presence, at least in the San Francisco community, which of course, it's in the name, so you couldn't help but be. Evan: Indeed, indeed. I think we have a long way to go, but yeah, thanks. Swyx: Of course, yeah. One way I was thinking about kicking on this conversation is we will likely release this right after CoreWeave IPO. And I was watching, I was looking, doing some research on you. You did a talk at The Curve. I think I may have been viewer number 70. It was a great talk. More people should go see it, Evan Conrad at The Curve. But we have like three orders of magnitude more people. And I just wanted to, to highlight, like, what is your analysis of what CoreWeave did that went so right for them? Evan: Sell locked-in long-term contracts and don't really do much short-term at all. I think like a lot of people had this assumption that GPUs would work a lot like CPUs and the like standard business model of any sort of CPU cloud is you buy commodity hardware, then you lay on services that are mostly software, and that gives you high margins and pretty much all your value comes from those services. Not really the underlying. Compute in any capacity and because it's commodity hardware and it's not actually that expensive, most of that can be sort of on-demand compute. And while you do want locked-in contracts for folks, it's mostly just a sort of de-risk situation. It helps you plan revenue because you don't know if people are going to scale up or down. But fundamentally, people are like buying hourly and that's how your business is structured and you make 50 percent margins or higher. This like doesn't really work in GPUs. And the reason why it doesn't work is because you end up with like super price sensitive customers. And that isn't because necessarily it's just way more expensive, though that's totally the case. So in a CPU cloud, you might have like, you know, let's say if you had a million dollars of hardware in GPUs, you have a billion dollars of hardware. And so your customers are buying at much higher volumes than you otherwise expect. And it's also smaller customers who are buying at higher amounts of volume. So relative to what they're spending in general. But in GPUs in particular, your customer cares about the scaling law. So if you take like Gusto, for example, or Rippling or an HR service like this, when they're buying from an AWS or a GCP, they're buying CPUs and they're running web servers, those web servers, they kind of buy up to the capacity that they need, they buy enough, like CPUs, and then they don't buy any more, like, they don't buy any more at all. Yeah, you have a chart that goes like this and then flat. Correct. And it's like a complete flat. It's not even like an incremental tiny amount. It's not like you could just like turn on some more nodes. Yeah. And then suddenly, you know, they would make an incremental amount of money more, like Gusto isn't going to make like, you know, 5% more money, they're gonna make zero, like literally zero money from every incremental GPU or CPU after a certain point. This is not the case for anyone who is training models. And it's not the case for anyone who's doing test time inference or like inference that has scales at test time. Because like you, your scaling laws mean that you may have some diminishing returns, but there's always returns. Adding GPUs always means your model does actually get. And that actually does translate into revenue for you. And then for test time inference, you actually can just like run the inference longer and get a better performance. Or maybe you can run more customers faster and then charge for that. It actually does translate into revenue. Every incremental GPU translates to revenue. And what that means from the customer's perspective is you've got like a flat budget and you're trying to max the amount of GPUs you have for that budget. And it's very distinctly different than like where Augusto or Rippling might think, where they think, oh, we need this amount of CPUs. How do we, you know, reduce that? How do we reduce our amount of money that we're spending on this to get the same amount of CPUs? What that translates to is customers who are spending in really high volume, but also customers who are super price sensitive, who don't give a s**t. Can I swear on this? Can I swear? Yeah. Who don't give a s**t at all about your software. Because a 10% difference in a billion dollars of hardware is like $100 million of value for you. So if you have a 10% margin increase because you have great software, on your billion, the customers are that price sensitive. They will immediately switch off if they can. Because why wouldn't you? You would just take that $100 million. You'd spend $50 million on hiring a software engineering team to replicate anything that you possibly did. So that means that the best way to make money in GPUs was to do basically exactly what CoreWeave did, which is go out and sign only long-term contracts, pretty much ignore the bottom end of the market completely, and then maximize your long-term contracts. With customers who don't have credit risk, who won't sue you, or are unlikely to sue you for frivolous reasons. And then because they don't have credit risk and they won't sue you for frivolous reasons, you can go back to your lender and you can say, look, this is a really low risk situation for us to do. You should give me prime, prime interest rate. You should give me the lowest cost of capital you possibly can. And when you do that, you just make tons of money. The problem that I think lots of people are going to talk about with CoreWeave is it doesn't really look like a cloud platform. It doesn't really look like a cloud provider financially. It also doesn't really look like a software company financially.Swyx [00:05:37]: It's a bank.Evan [00:05:38]: It's a bank. It's a real estate company. And it's very hard to not be that. The problem of that that people have tricked themselves into is thinking that CoreWeave is a bad business. I don't think CoreWeave is explicitly a bad business. There's a bunch of people, there's kind of like two versions of the CoreWeave take at the moment. There's, oh my God, CoreWeave, amazing. CoreWeave is this great new cloud provider competitive with the hyperscalers. And to some extent, this is true from a structural perspective. Like, they are indeed a real sort of thing against the cloud providers in this particular category. And the other take is, oh my gosh, CoreWeave is this horrible business and so on and blah, blah, blah. And I think it's just like a set of perception or perspective. If you think CoreWeave's business is supposed to look like the traditional cloud providers, you're going to be really upset to learn that GPUs don't look like that at all. And in fact, for the hyperscalers, it doesn't look like this either. My intuition is that the hyperscalers are probably going to lose a lot of money, and they know they're going to lose a lot of money on reselling NVIDIA GPUs, at least. Hyperscalers, but I want to, Microsoft, AWS, Google. Correct, yeah. The Microsoft, AWS, and Google. Does Google resell? I mean, Google has TPUs. Google has TPUs, but I think you can also get H100s and so on. But there are like two ways they can make money. One is by selling to small customers who aren't actually buying in any serious volume. They're testing around, they're playing around. And if they get big, they're immediately going to do one of two things. They're going to ask you for a discount. Because they're not going to pay your crazy sort of margin that you have locked into your business. Because for CPUs, you need that. They're going to pay your massive per hour price. And so they want you to sign a long-term contract. And so that's your other way that you can make money, is you can basically do exactly what CoreWeave does, which is have them pay as much as possible upfront and lock in the contract for a long time. Or you can have small customers. But the problem is that for a hyperscaler, the GPUs to... To sell on the low margins relative to what your other business, your CPUs are, is a worse business than what you are currently doing. Because you could have spent the same money on those GPUs. And you could have trained model and you could have made a model on top of it and then turn that into a product and had high margins from your product. Or you could have taken that same money and you could have competed with NVIDIA. And you could have cut into their margin instead. But just simply reselling NVIDIA GPUs doesn't work like your CPU business. Where you're able to capture high margins from big customers and so on. And then they never leave you because your customers aren't actually price sensitive. And so they won't switch off if your prices are a little higher. You actually had a really nice chart, again, on that talk of this two by two. Sure. Of like where you want to be. And you also had some hot takes on who's making money and who isn't. Swyx: So CoreUv locked up long-term contracts. Get that. Yes. Maybe share your mental framework. Just verbally describe it because we're trying to help the audio listeners as well. Sure. People can look up the chart if they want to. Evan: Sure. Okay. So this is a graph of interest rates. And on the y-axis, it's a probability you're able to sell your GPUs from zero to one. And on the x-axis, it's how much they'll depreciate in cost from zero to one. And then you had ISO cost curves or ISO interest rate curves. Yeah. So they kind of shape in a sort of concave fashion. Yeah. The lowest interest rates enable the most aggressive. form of this cost curve. And the higher interest rates go, the more you have to push out to the top right. Yeah. And then you had some analysis of where every player sits in this, including CoreUv, but also Together and Modal and all these other guys. I thought that was super insightful. So I just wanted to elaborate. Basically, it's like a graph of risk and the genres of places where you can be and what the risk is associated with that. The optimal thing for you to do, if you can, is to lock in long-term contracts that are paid all up front or in with a situation in which you trust the other party to pay you over time. So if you're, you know, selling to Microsoft or something or OpenAI. Which are together 77% of the revenue of CoreUv. Yeah. So if you're doing that, that's a great business to be in because your interest rate that you can pitch for is really low because no one thinks Microsoft is going to default. And like maybe OpenAI will default, but the backing by Microsoft kind of doesn't. And I think there's enough, like, generally, it looks like OpenAI is winning that you can make it's just a much better case than if you're selling to the pre-seed startup that just raised $30 million or something pre-revenue. It's like way easier to make the case that the OpenAI is not going to default than the pre-seed startup. And so the optimal place to be is selling to the maximally low risk customer for as long as possible. And then you never have to worry about depreciation and you make lots of money. The less. Good. Good place to be is you could sell long-term contracts to people who might default on you. And then if you're not bringing it to the present, so you're not like saying, hey, you have to pay us all up front, then you're in this like more risky territory. So is it top left of the chart? If I have the chart right, maybe. Large contracts paid over time. Yeah. Large contracts paid over time is like top left. So it's more risky, but you could still probably get away with it. And then the other opportunity is that you could sell short-term contracts for really high prices. And so lots of people tried that too, because this is actually closer to the original business model that people thought would work in cloud providers for CPUs. It works for CPUs, but it doesn't really work for GPUs. And I don't think people were trying this because they were thinking about the risk associated with it. I think a lot of people are just come from a software background, have not really thought about like cogs or margins or inventory risk or things that you have to worry about in the physical world. And I think they were just like copy pasting the same business model onto CPUs. And also, I remember fundraising like a few years ago. And I know based on. Like what we knew other people were saying who were in a very similar business to us versus what we were saying. And we know that our pitch was way worse at the time, because in the beginning of SF Compute, we looked very similar to pretty much every other GPU cloud, not on purpose, but sort of accidentally. And I know that the correct pitch to give to an investor was we will look like a traditional CPU cloud with high margins and we'll sell to everyone. And that is a bad business model because your customers are price sensitive. And so what happens is if you. Sell at high prices, which is the price that you would need to sell it in order to de-risk your loss on the depreciation curve, and specifically what I mean by that is like, let's say you're selling it like $5 an hour and you're paying $1.50 an hour for the GPU under the hood. It's a little bit different than that, but you know, nice numbers, $5 an hour, $1.50 an hour. Great. Excellent. Well, you're charging a really high price per GPU hour because over time the price will go down and you'll get competed out. And what you need is to make sure that you never go under, or if you do go under your underlying cost. You've made so much money in the first part of it that the later end of it, like doesn't matter because from the whole structure of the deal, you've made money. The problem is that just, you think that you're going to be able to retain your customers with software. And actually what happens is your customers are super price sensitive and push you down and push you down and push you down and push you down, um, that they don't care about your software at all. And then the other problem that you have is you have, um, really big players like the hyperscalers who are looking to win the market and they have way more money than you, and they can push down on margin. Much better than you can. And so if they have to, and they don't, they don't necessarily all the time, um, I think they actually keep pride of higher margin, but if they needed to, they could totally just like wreck your margin at any point, um, and push you down, which meant that that quadrant over there where you're charging a high price, um, and just to make up for the risk completely got destroyed, like did not work at all for many places because of the price sensitivity, because people could just shove you down instead that pushed everybody up to the top right-hand corner of that, which is selling short-term. Contracts for low prices paid over time, which is the worst place to be in, um, the worst financial place to be in because it has the highest interest rate, um, which means that your, um, your costs go up at the same time, your, uh, your incoming cash goes down and squeezes your margins and squeezes your margins. The nice thing for like a core weave is that most of their business is over on the, on the other sides of those quadrants that the ones that survive. The only remaining question I have with core weave, and I promise I get to ask if I can compute, and I promise this is relevant to SOF Compute in general, because the framework is important, right? Sure. To understand the company. So why didn't NVIDIA or Microsoft, both of which have more money than core weave, do core weave, right? Why didn't they do core weave? Why have this middleman when either NVIDIA or Microsoft have more money than God, and they could have done an internal core weave, which is effectively like a self-funding vehicle, like a financial instrument. Why does there have to be a third party? Your question is like... Why didn't Microsoft, or why didn't NVIDIA just do core weave? Why didn't they just set up their own cloud provider? I think, and I don't know, and so correct me if I'm wrong, and lots of people will have different opinions here, or I mean, not opinions, they'll have actual facts that differ from my facts. Those aren't opinions. Those are actually indeed differences of reality, is that NVIDIA doesn't want to compete with their customers. They make a large amount of money by selling to existing clouds. If they launched their own core weave, then it would be a lot more money. It'd make it much harder for them to sell to the hyperscalers, and so they have a complex relationship with there. So not great for them. Second is that, at least for a while, I think they were dealing with antitrust concerns or fears that if they're going through, if they own too much layers of the stack, I could imagine that could be a problem for them. I don't know if that's actually true, but that's where my mind would go, I guess. Mostly, I think it's the first one. It's that they would be competing directly with their primary customers. Then Microsoft could have done it, right? That's the other question. Yeah, so Microsoft didn't do it. And my guess is that... NVIDIA doesn't want Microsoft to do it, and so they would limit the capacity because from NVIDIA's perspective, both they don't want to necessarily launch their own cloud provider because it's competing with their customers, but also they don't want only one customer or only a few customers. It's really bad for NVIDIA if you have customer concentration, and Microsoft and Google and Amazon, like Oracle, to buy up your entire supply, and then you have four or five customers or so who pretty much get to set prices. Monopsony. Yeah, monopsony. And so the optimal thing for you is a diverse set of customers who all are willing to pay at whatever price, because if you don't, somebody else will. And so it's really optimal for NVIDIA to have lots of other customers who are all competing against each other. Great. Just wanted to establish that. It's unintuitive for people who have never thought about it, and you think about it all day long. Yeah. Swyx: The last thing I'll call out from the talk, which is kind of cool, and then I promise we'll get to SF Compute, is why will DigitalOcean and Together lose money on their clusters? Why will DigitalOcean and Together lose money on their clusters?Evan [00:16:33]: I'm going to start by clarifying that all of these businesses are excellent and fantastic. That Together and DigitalOcean and Lambda, I think, are wonderful businesses who build excellent products. But my general intuition is that if you try to couple the software and the hardware together, you're going to lose money. That if you go out and you buy a long-term contract from someone and then you layer on services, or you buy the hardware yourself and you spin it up and you get a bunch of debt, you're going to run into the same problem that everybody else did, the same problem we did, same problem the hyperscalers did. And that's exactly what the hyperscalers are doing, which is you cannot add software and make high margins like a cloud provider can. You can pitch that into investors and it will totally make sense, and it's like the correct play in CPUs, but there isn't software you could make to make this occur. If you're spending a billion dollars on hardware, you need to make a billion dollars of software. There isn't a billion dollars of software that you can realistically make, and if you do, you're going to look like SAP. And that's not a knock on SAP. SAP makes a f**k ton of money, right? Right. Right. Right. Right. There aren't that many pieces of software that you could make, that you can realistically sell, like a billion dollars of software, and you're probably not going to do it to price-sensitive customers who are spending their entire budget already on compute. They don't have any more money to give you. It's a very hard proposition to do. And so many parties have been trying to do this, like, buy their own compute, because that's what a traditional cloud does. It doesn't really work for them. You know that meme where there's, like, the Grim Reaper? And he's, like, knocking on the door, and then he keeps knocking on the next door? We have just seen door after door after door of the Grim Reeker comes by, and the economic realities of the compute market come knocking. And so the thing we encourage folks to do is if you are thinking about buying a big GPU cluster and you are going to layer on software on top, don't. There are so many dead bodies in the wake there. We would recommend not doing that. And we, as SF Compute, our entire business is structured to help you not do that. It's helped disintegrate these. The GPU clouds are fantastic real estate businesses. If you treat them like real estate businesses, you will make a lot of money. The cloud services you can make on that, all the software you want to make on that, you can do that fantastically. If you don't own the underlying hardware, if you mix these businesses together, you get shot in the head. But if you combine, if you split them, and that's what the market does, it helps you split them, it allows you to buy, like, layer on services, but just buy from the market, you can make lots of money. So companies like Modal, who don't own the underlying compute, like they don't own it, lots of money, fantastic product. And then companies like Corbeave, who are functionally like really, really good real estate businesses, lots of money, fantastic product. But if you combine them, you die. That's the economic reality of compute. I think it also splits into trading versus inference, which are different kinds of workloads. Yeah. And then, yeah, one comment about the price sensitivity thing before we leave this. This topic, I want to credit Martin Casado for coining or naming this thing, which is like, you know, you said, you said this thing about like, you don't have room for a 10% margin on GPUs for software. Yep. And Martin actually played it out further. It's his first one I ever saw doing this at large enough runs. So let's say GPT-4 and O1 both had a total trading cost of like a $500 billion is the rough estimate. When you get the $5 billion runs, when you get the $50 billion runs, it is actually makes sense to build your own. You're going to have to get into chips, like for OpenEI to get into chip design, which is so funny. I would make an ASIC for this run. Yeah, maybe. I think a caveat of that that is not super well thought about is that only works if you're really confident. It only works if you really know which chip you're going to do. If you don't, then it's a little harder. So it makes in my head, it makes more sense for inference where you've already established it. But for training there's so much like experimentation. Any generality, yeah. Yeah. The generality is much more useful. Yeah. In some sense, you know, Google's like six generations into the CPUs. Yeah. Yeah. Okay, cool. Maybe we should go into SF Compute now. Sure. Yeah.Alessio [00:20:37]: Yeah. So you kind of talked about the different providers. Why did you decide to go with this approach and maybe talk a bit about how the market dynamics have evolved since you started a company?Evan [00:20:47]: So originally we were not doing this at all. We were definitely like forced into this to some extent. And SF Compute started because we wanted to go train models for music and audio in general. We were going to do a sort of generic audio model at some points, and then we were going to do a music model at some points. It was an early company. We didn't really spec down on a particular thing. But yeah, we were going to do a music model and audio model. First thing that you do when you start any AI lab is you go out and you buy a big cluster. The thing we had seen everybody else do was they went out and they raised a really big round and then they would get stuck. Because if you raise the amount of money that you need to train a model initially, like, you know, the $50 million pre-seed, pre-revenue, your valuation is so high or you get diluted so much that you can't raise the next round. And that's a very big ask to make. And also, I don't know, I felt like we just felt like we couldn't do it. We probably could have in retrospect, but I think one, we didn't really feel like we could do it. Two, it felt like if we did, we would have been stuck later on. We didn't want to raise the big round. And so instead, we thought, surely by now, we would be able to just go out. To any provider and buy like a traditional CPU cloud would sell offer you and just buy like on demand or buy like a month or so on. And this worked for like small incremental things. And I think this is where we were basing it off. We just like assumed we could go to like Lambda or something and like buy thousands of at the time A100s. And this just like was not at all the case. So we started doing all the sales calls with people and we said, OK, well, can we just get like month to month? Can we get like one month of compute or so on? Everyone told us at the time, no. You need to have a year long contract or longer or you're out of luck. Sorry. And at the time, we were just like pissed off. Like, why won't nobody sell us a month at a time? Nowadays, we totally understand why, because it's the same economic reason. Because if you if they had sold us the month to month or so on and we canceled or so on, they would have massive risk on that. And so the optimal thing to do was to only to just completely abandon the section of the market. We didn't like that. So our plan was we were going to buy a year long contract anyway. We would use a month. And then we would. At least the other 11 months. And we were locked in for a year, but we only had to pay on every individual month. And so we did this. But then immediately we said, oh, s**t, now we have a cloud provider, not a like training models company, not an AI lab, because every 30 days we owed about five hundred thousand dollars or so and we had about five hundred thousand dollars in the bank. So that meant that every single month, if we did not sell out our cluster, we would just go bankrupt. So that's what we did for the first year of the company. And when you're in that position. You try to think how in the world you get out of that position, what that transition to is, OK, well, we tend to be pretty good at like selling this cluster every month because we haven't died yet. And so what we should do is we should go basically be like this broker for other people and we will be more like a GPU real estate or like a GPU realtor. And so we started doing that for a while where we would go to other people who had who was trying to sell like a year long contract with somebody and we'd go to another person who like maybe this person wanted six months and somebody else on six months or something and we'd like combine all these people. Together to make the deal happen and we'd organize these like one off bespoke deals that looked like basically it ended up with us taking a bunch of customers, us signing with a vendor, taking some cut and then us operating the cluster for people typically with bare metal. And so we were doing this, but this was definitely like a oh, s**t, oh, s**t, oh, s**t. How do we get out of our current situation and less of a like a strategic plan of any sort? But while we were doing this, since like the beginning of the company, we had been thinking about how to buy GPU clusters, how to sell them effectively, because we'd seen every part of it. And what we ended up with was like a book of everybody who's trying to buy and everyone is trying to sell because we were these like GPU brokers. And so that turned into what is today SF Compute, which is a compute market, which we think we are the functionally the most liquid GPU market of any capacity. Honestly, I think we're the only thing that actually is like a real market that there's like bids and asks and there's like a like a trading engine that combines everything. And so. I think we're the only place where you can do things that a market should be able to do. Like you can go on SF Compute today and you get thousands of H100s for an hour if you want. And that's because there is a price for thousands of GPUs for an hour. That is like not a thing you can reasonably do on kind of any other cloud provider because nobody should realistically sell you thousands of GPUs for an hour. They should sell it to you for a year or so on. But one of the nice things about a market is that you can buy the year on SF Compute. But then if you need to sell. Back, you can sell back as well. And that opens up all these little pockets of liquidity where somebody who's just trying to buy for a little bit of time, some burst capacity. So people don't normally buy for an hour. That's not like actually a realistic thing, but it's like the range somebody who wants, who is like us, who needed to buy for a month can actually buy for a month. They can like place the order and there is actually a price for that. And it typically comes from somebody else who's selling back. Somebody who bought a longer term contract and is like they bought for some period of time, their code doesn't work, and now they need to like sell off a little bit.Alessio [00:25:49]: What are the utilization rates at which a market? What are the utilization rates at which a market? Like this works, what do you see the usual GPU utilization rate and like at what point does the market get saturated?Evan [00:26:00]: Assuming there are not like hardware problems or software problems, the utilization rate is like near 100 percent because the price dips until the utilization is 100 percent. So the price actually has to dip quite a lot in order for the utilization not to be. That's not always the case because you just have logistical problems like you get a cluster and parts of the InfiniBand fabric are broken. And there's like some issue with some switch somewhere and so you have to take some portion of the cluster offline or, you know, stuff like this, like there's just underlying physical realities of the clusters, but nominally we have better utilization than basically anybody because, but that's on utilization of the cluster, like that doesn't necessarily translate into, I mean, I actually do think we have much better overall money made for our underlying vendors than kind of anybody else. We work with the other GPU clouds and the basic pitch to the other GPU clouds is one. So we can sell your broker so we can we can find you the long term contracts that are at the prices that you want, but meanwhile, your cluster is idle and for that we can increase your utilization and get you more money because we can sell that idle cluster for you and then the moment we find the longer, the bigger customer and they come on, you can kick off those people and then go to the other ones. You get kind of the mix of like sell your cluster at whatever price you can get on the market and then sell your cluster at the big price that you want to do for long term contract, which is your ideal business model. And then the benefit of the whole thing being on the market. Is you can pitch your customer that they can cancel their long term contract, which is not a thing that you can reasonably do if you are just the GPU cloud, if you're just the GPU cloud, you can never cancel your contract, because that introduces so much risk that you would otherwise, like not get your cheap cost of capital or whatever. But if you're selling it through the market, or you're selling it with us, then you can say, hey, look, you can cancel for a fee. And that fee is the difference between the price of the market and then the price that they paid at, which means that they canceled and you have the ability to offer that flexibility. But you don't. You don't have to take the risk of it. The money's already there and like you got paid, but it's just being sold to somebody else. One of our top pieces from last year was talking about the H100 glut from all the long term contracts that were not being fully utilized and being put under the market. You have on here dollar a dollar per hour contracts as well as it goes up to two. Actually, I think you were involved. You were obliquely quoted in that article. I think you remember. I remember because this was hidden. Well, we hid your name, but then you were like, yeah, it's us. Yeah. Could you talk about the supply and demand of H100s? Was that just a normal cycle? Was that like a super cycle because of all the VC funding that went in in 2003? What was that like? GPU prices have come down. Yeah, GPU prices have come down. And there's some part that has normal depreciation cycle. Some part of that is just there were a lot of startups that bought GPUs and never used them. And now they're lending it out and therefore you exist. There's a lot of like various theories as to why. This happened. I dislike all of them because they're all kind of like they're often said with really high confidence. And I think just the market's much more complicated than that. Of course. And so everything I'm going to say is like very hedged. But there was a series of like places where a bunch of the orders were placed and people were pitching to their customers and their investors and just the broader market that they would arrive on time. And that is not how the world works. And because there was such a really quick build out of things, you would end up with bottlenecks in the supply chain somewhere that has nothing to do with necessarily the chip. It's like the InfiniBand cables or the NICs or like whatever. Or you need a bunch of like generators or you don't have data center space or like there's always some bottleneck somewhere else. And so a lot of the clusters didn't come online within the period of time. But then all the bottlenecks got sorted out and then they all came online all at the same time. So I think you saw a short. There was a shortage because supply chain hard. And then you saw a increase or like a glut because supply chain eventually figure itself out. And specifically people overordered in order to get the allocation that they wanted. Then they got the allocations and then they went under. Yeah, whatever. Right. There was just a lot of shenanigans. A caveat of this is every time you see somebody like overordered, there is this assumption that the problem was like the demand went down. I don't think that's the case at all. And so I want to clarify that. It definitely seems like a shortage. Like there's more demand for GPUs than there ever was. It's just that there was also more supply. So at the moment, I think there is still functionally a glut. But the difference that I think is happening is mostly the test time inference stuff that you just need way more chips for that than you did before. And so whenever you make a statement about the current market, people sort of take your words and then they assume that you're making a statement about the future market. And so if you say there's a glut now, people will continue to think there's a glut. But I think what is happening at the moment. My general prediction is that like by the winter, we will be back towards shortage. But then also, this very much depends on the rollout of future chips. And that comes with its own. I think I'm trying to give you like a good here's Evan's forecast. Okay. But I don't know if my forecast is right. You don't have to. Nobody is going to hold you to it. But like I think people want to know what's true and what's not. And there's a lot of vague speculations from people who are not that close to the market actually. And you are. I think I'm a closer. Close to the market, but also a vague speculator. Like I think there are a lot of really highly confident speculators and I am indeed a vague speculator. I think I have more information than a lot of other people. And this makes me more vague of a spectator because I feel less certain or less confident than I think a lot of other people do. The thing I do feel reasonably confident about saying is that the test time inference is probably going to quite significantly expand the amount of compute that was used for inference. So a caveat. This is like pretty much all the inference demand is in a few companies. A good example is like lots of bio and pharma was using H100s training sort of the bio models of sorts. And they would come along and they would buy, you know, thousands of H100s for training and then just like not a lot of stuff for inference. Not in any, not relative to like an opening iron anthropic or something because they like don't have a consumer product. Their inference event, if they can do it right. There's really like only one inference event that matters. And obviously I think they're going to run into it. And Batch and they're not going to literally just run one inference event. But like the one that produces the drug is the important one. Right. And I'm dumb and I don't know anything about biology, so I could be completely wrong here. But my understanding is that's kind of the gist. I can check that for you. You can check that for me. Check that for me. But my understanding is like the one that produces the sequence that is the drug that, you know, cures cancer or whatever. That's the important deal. But like a lot of models look like this where they're sort of more enterprising use cases or they're so prior to something that looks like test time inference. You got lots and lots of demand for training and then pretty much entirely fell off for inference. And I think like we looked at like Open Router, for example, the entirety of Open Router that was not anthropic or like Gemini or OpenAI or something. It was like 10 H100 nodes or something like that. It's just like not that much. It's like not that many GPUs actually to service that entire demand. But that's like a really sizable portion of the sort of open source market. But the actual amount of compute needed for it was not that much. But if you imagine like what an OpenAI needs for like GPT-4, it's like tremendously big. But that's because it's a consumer product that has almost all the inference demand. Yeah, that's a message we've had. Roughly open source AI compared to closed AI is like 5%. Yeah, it's like super small. Super small. It's super small. Super small. But test time inference changes that quite significantly. So I will... I will expect that to increase our overall demand. But my question on whether or not that actually affects your compute price is entirely based on how quickly do we roll out the next chips. The way that you burst is different for test time.Alessio [00:34:01]: Any thoughts on the third part of the market, which is the more peer-to-peer distributed, some are like crypto-enabled, like Hyperbolic, Prime Intellect, and all of that. Where do those fit? Like, do you see a lot of people will want to participate in a peer-to-peer market? Or just because of the capital requirements at the end of the day, it doesn't really matter?Evan [00:34:20]: I'm like wildly skeptical of these, to be frankly. The dream is like steady at home, right? I got this $15.90. Nobody has $15.90. $14.90 sitting at home. I can rent it out. Yeah. Like, I just don't really think this is going to ever be more efficient than a fully interconnected cluster with InfiniBand or, you know, whatever the sort of next spec might be. Like, I could be completely wrong. But speaking of... I mean, like, SpeedoLite is really hard to beat. And regardless of whatever you're using, you just like can't get around that physical limitation. And so you could like imagine a decentralized market that still has a lot of places where there's like co-location. But then you would get something that looks like SF Compute. And so that's what we do. That's why we take our general take is like on SF Compute, you're not buying from like random people. You're buying from the other GPU clouds, functionally. You're buying from data centers that are the same genre of people that you would work with already. And you can specify, oh, I want all these nodes to be co-located. And I don't think you're really going to get around that. And I think I buy crypto for the purposes of like transferring money. Like the financial system is like quite painful and so on. I can understand the uses of it to sort of incentivize an initial market or try to get around the cold start problem. We've been able to get around the cold start problem just fine. So it didn't actually need that at all. What I do think is totally possible is you could launch a token and then you could like subsidize the crypto. You could compute prices for a bit, but like maybe that will help you. I think that's what Nuus is doing. Yeah, I think there's lots of people who are trying to do things like this, but at some point that runs out. So I would, I think generally agree. I think the only thread in that model is very fine grained mixture of experts that can be like algorithms can shift to adapt to hardware realities. And the hardware reality is like, okay, it's annoying to do large co-located clusters. Then we'll just redesign attention or whatever in our architecture to distribute it more. There was a little bit buzz of block attention last year that Strong Compute made a big push on. But I think like, you know, in a world where we have 200 experts in MOE model, it starts to be a little bit better. Like, I don't disagree with this. I can imagine the world in which you have like, in which you've redesigned it to be more parallelizable, like across space.Evan [00:36:43]: But assuming without that, your hardware limitation is your speed of light limitation. And that's a very hard one to get around.Alessio [00:36:50]: Any customers or like stories that you want to shout out of like maybe things that wouldn't have been economically viable like others? I know there's some sensitivity on that.Evan [00:37:00]: My favorites are grad students, are folks who are trying to do things that would normally otherwise require the scale of a big lab. And the grad students are like the worst pilots. They're like the worst possible customer for the traditional GPU clouds because they will immediately turn if you sell them a thing because they're going to graduate and they're not going to go anywhere. They're not going to like, that project isn't continuing to spend lots of money. Like sometimes it does, but not if you're like working with the university or you're working with the lab of some sort. But a lot of times it's just like the ability for us to offer like big burst capacity, I think is lovely and wonderful. And it's like one of my favorite things to do because all those folks look like we did. And I have a special place in my heart for that. I have a special place in my heart for young hackers and young grad students and researchers who are trying to do the same genre of thing that we are doing. For the same reason, I have a special place in my heart for like the startups, the people who are just actively trying to compete on the same scale, but can't afford it time-wise, but can afford it spike-wise. Yeah, I liked your example of like, I have a grant of 100K and it's expiring. I got to spend it on that. That's really beautiful. Yeah. Interesting. Has there been interesting work coming out of that? Anything you want to mention? Yeah. So from like a startup perspective, like Standard Intelligence and Find, P-H-I-N-D. We've had them on the pod.Swyx [00:38:23]: Yeah. Yeah.Evan [00:38:23]: That was great. And then from grad students' perspective, we worked a lot with like the Schmidt Futures grantees of various sorts. My fear is if I talk about their research, I will be completely wrong to a sort of almost insulting degree because I am very dumb. But yeah. I think one thing that's maybe also relevant startups and GPUs-wise. Yeah. Is there was a brief moment where it kind of made sense that VCs provided GPU clusters. And obviously you worked at AI Grants, which set up Andromeda, which is supposedly a $100 million cluster. Yeah. I can explain why that's the case or why anybody would think that would be smart. Because I remember before any of that happened, we were asking for it to happen. Yeah. And the general reason is credit risk. Again, it's a bank. Yeah. I have lower risk than you due to credit transformation. I take your risk onto my balance sheet. Correct. Exactly. If you wanted to go for a while, if you wanted to go set up a GPU cluster, you had to be the one that actually bought the hardware and racked it and stacked it, like co-located it somewhere with someone. Functionally, it was like on your balance sheet, which means you had to get a loan. And you cannot get a loan for like $50 million as a startup. Like not really. You can get like venture debt and stuff, but like it's like very, very difficult to get a loan of any serious price for that. But it's like not that difficult to get a loan for $50 million. If you already have a fund or you already have like a million dollars under your assets somewhere or like you personally can like do a personal guarantee for it or something like this. If you have a lot of money, it is way easier for you to get a loan than if you don't have a lot of money. And so the hack of a VC or some capital partner offering equity for compute is always some arbitrage on the credit risk. That's amazing. Yeah. That's a hack. You should do that. I don't think people should do it right now. I think the market has like, I think it made sense at the time and it was helpful and useful for the people who did it at the time. But I think it was a one-time arbitrage because now there are lots of other sources that can do it. And also I think like it made sense when no one else was doing it and you were the only person who was doing it. But now it's like it's an arbitrage that gets competed down. Sure. So it's like super effective. I wouldn't totally recommend it. Like it's great that Andromeda did it. But the marginal increase of somebody else doing it is like not super helpful. I don't think that many people have followed in their footsteps. I think maybe Andreessen did it. Yeah. That's it. I think just because pretty much all the value like flows through Andromeda. What? That cannot be true. How many companies are in the air, Grant? Like 50? My understanding of Andromeda is it works with all the NFTG companies or like several of the NFTG companies. But I might be wrong about that. Again, you know, something something. Nat, don't kill me. I could be completely wrong. But the but you know, I think Andromeda was like an excellent idea to do at the right time in which it occurred. Perfect. His timing is impeccable. Timing. Yeah. Nat and Daniel are like, I mean, there's lots of people who are like... Sears? Yeah. Sears. Like S-E-E-R. Oh, Sears. Like Sears of the Valley. Yeah. They for years and years before any of the like ChatGPT moment or anything, they had fully understood what was going to happen. Like way, way before. Like. AI Grant is like, like five years old, six years old or something like that. Seven years old. When I, when it like first launched or something. Depends where you start. The nonprofit version. Yeah. The nonprofit version was like, like happening for a while, I think. It's going on for quite a bit of time. And then like Nat and Daniel are like the early investors in a lot of the sort of early AI labs of various sorts. They've been doing this for a bit.Alessio [00:41:58]: I was looking at your pricing yesterday. We're kind of talking about it before. And there's this weird thing where one week is more expensive of both one day and one month. Yeah. What are like some of the market pricing dynamics? What are things that like this to somebody that is not in the business? This looks really weird. But I'm curious, like if you have an explanation for it, if that looks normal to you. Yeah.Evan [00:42:18]: So the simple answer is preemptible pricing is cheaper than non-preemptible pricing. And the same economic principle is the reason why that's the case right now. That's not entirely true on SF Compute. SF Compute doesn't really have the concept of preemptible. Instead, what it has is very short reservations. So, you know, you go to a traditional cloud provider and you can say, hey, I want to reserve contract for a year. We will let you do a reserve contract for one hour, which is the part of SFC. But what you can do is you can just buy every single hour continuously. And you're reserving just for that hour. And then the next hour you reserve just for that next hour. And this is obviously like a built in. This is like an automation that you can do. But what you're seeing when you see the cheap price is you're seeing somebody who's buying the next hour, but maybe not necessarily buying an hour after that. So if the price goes up. Up too much. They might not get that next hour. And the underlying part of this of where that's coming from the market is you can imagine like day old milk or like milk that's about to be old. It might drop its price until it's expired because nobody wants to buy the milk that's in the past. Or maybe you can't legally sell it. Compute is the same way. No, you can't sell a block of compute that is not that is in the past. And so what you should do in the market and what people do do is they take. They take a block. A block of compute. And then they drop it and drop it and drop it and drop into a floor price right before it's about to expire. And they keep dropping it until it clears. And so anything that is idle drops until some point. So if you go and use on the website and you set that that chart to like a week from now, what you'll see is much more normal looking sort of curves. But if you say, oh, I want to start right now, that immediate instant, here's the compute that I want right now is the is functionally the preemptible price. It's where most people are getting the best compute or like the best compute prices from. The caveat of that is you can do really fun stuff on SFC if you want. So because it's not actually preemptible, it's it's reserved, but only reserved for an hour, which means that the optimal way to use as of compute is to just buy on the market price, but set a limit price that is much higher. So you can set a limit price for like four dollars and say, oh, if the market ever happens to spike up to four dollars, then don't buy. I don't want to buy that at that price for that price. I don't want to buy that at that price for that price for an hour. But otherwise, just buy at the cheapest price. And if you're comfortable with that of the volatility of it, you're actually going to get like really good prices, like close to a dollar an hour or so on, sometimes down to like 80 cents or whatever. You said four, though. Yeah. So that's the thing. You want to lower the limit. So four is your max price. Four is like where you basically want to like pull the plug and say don't do it because the actual average price is not or like the, you know, the preemptible price doesn't actually look like that. So what you're doing when you're saying four is always, always, always give me this compute. Like continue to buy every hour. Don't preempt me. Don't kick me off. And I want this compute and just buy at the preemptible price, but never kick me off. The only times in which you get kicked off is if there is a big price spike. And, you know, let's say one day out of the year, there's like a four dollar an hour price because of some weird fluke or something. If there are other periods of time, you're actually getting a much lower price than you. It makes sense. Your your average cost that you're actually paying is way better. And your trade off here is you don't literally know what price you're going to get. So it's volatile. But your actual average historically has been like everyone who's done this has gotten wildly better prices. And this is like one of the clever things you can do with the market. If you're willing to make those trade offs, you can get a lot of really good prices. You can also do other things like you can only buy at night, for example. So the price goes down at night. And so you can say, oh, I want to only buy, you know, if the price is lower than 90 cents. And so if you have some long running job, you can make it only run on 90 cents and then you recover back and so on. Yeah. So what you can kind of create as like a spot inst is what other the CPU world has. Yes. But you've created a system where you can kind of manufacture the exact profile that you want. Exactly. That is not just whatever the hyperscalers offer you, which is usually just one thing. Correct. SF Compute is like the power tool. The underlying primitives of like hourly compute is there. Correct. Yeah, it's pretty interesting. I've often asked OpenAI. So like, you know, all these guys. Cloud as well. They do batch APIs. So it's half off of whatever your thing is. Yeah. And the only contract is we'll return in 24 hours. Sure. Right. And I was like, 24 hours is good. But sometimes I want one hour. I want four hours. I want something. And so based off of SF Compute's system, you can actually kind of create that kind of guarantee. Totally. That would be like, you know, not 24, but within eight hours, within four hours, like the work half of a workday. Yes. I can return your results to you. And then I can return it to you. And if your latency requirements are like that low, actually it's fine. Yes. Correct. Yeah. You can carve out that. You can financially engineer that on SFC. Yeah. Yeah. I mean, I think to me that unlocks a lot of agent use cases that I want, which is like, yeah, I worked in a background, but I don't want you to take a day. Yeah. Correct. Take a couple hours or something. Yeah. This touches a lot of my like background because I used to be a derivatives trader. Yeah. And this is a forward market. Yeah. A futures forward market, whatever you call it. Not a future. Very explicitly not a future. Not yet a futures. Yes. But I don't know if you have any other points to talk about. So you recognize that you are a, you know, a marketplace and you've hired, I met Alex Epstein at your launch event and you're like, you're, you're building out the financialization of GPUs. Yeah. So part of that's legal. Mm-hmm. Totally. Part of that is like listing on an exchange. Yep. Maybe you're the exchange. I don't know how that works, but just like, talk to me about that. Like from the legal, the standardization, the like, where is this all headed? You know, is this like a full listed on the Chicago Mercantile Exchange or whatever? What we're trying to do is create an underlying spot market that gives you an index price that you can use. And then with that index price, you can create a cash settled future. And with a cash settled future, you can go back to the data centers and you can say, lock in your price now and de-risk your entire position, which lets you get cheaper cost of capital and so on. And that we think will improve the entire industry because the marginal cost of compute is the risk. It's risk as shown by that graph and basically every part of this conversation. It's risk that causes the price to be all sorts of funky. And we think a future is the correct solution to this. So that's the eventual goal. Right now you have to make the underlying spot market in order to make this occur. And then to make the spot market work, you actually have to solve a lot of technology problems. You really cannot make a spot market work if you don't run the clusters, if you don't have control over them, if you don't know how to audit them, because these are super computers, not soybeans. They have to work. In a way that like, it's just a lot simpler to deliver a soybean than it is to deliver it. I don't know. Talk to the soybean guys. Sure. You know? Yeah. But you have to have a delivery mechanism. Your delivery mechanism, like somebody somewhere has to actually get the compute at some point and it actually has to work. And it is really complicated. And so that is the other part of our business that we go and we build a bare metal infrastructure stack that goes. And then also we do auditing of all the clusters. You sort of de-risk the technical perspective and that allows you to eventually de-risk the financial perspective. And that is kind of the pitch of SF Compute. Yeah. I'll double click on the auditing on the clusters. This is something I've had conversations with Vitae on. He started Rika and I think he had a blog post which kind of shone the light a little bit on how unreliable some clusters are versus others. Correct. Yeah. And sometimes you kind of have to season them and age them a little bit to find the bad cards. You have to burn them in. Yeah. So what do you do to audit them? There's like a burn-in process, a suite of tests, and then active checking and passive checking. Burn-in process is where you typically run LINPACK. LINPACK is this thing that like a bunch of linear algebra equations that you're stress testing the GPUs. This is a proprietary thing that you wrote? No, no, no. LINPACK is like the most common form of burn-in. If you just type in burn-in, typically when people say burn-in, they literally just mean LINPACK. It's like an NVIDIA reference version of this. Again, NVIDIA could run this before they ship, but now the customers have to do it. It's annoying. You're not just checking for the GPU itself. You're checking like the whole component, all the hardware. And it's a lot of work. It's an integration test. It's an integration test. Yeah. So what you're doing when you're running LINPACK or burn-in in general is you're stress testing the GPUs for some period of time, 48 hours, for example, maybe seven days or so on. And you're just trying to kill all the dead GPUs or any components in the system that are broken. And we've had experiences where we ran LINPACK on a cluster and it rounds out, sort of comes offline when you run LINPACK. This is a pretty good sign that maybe there is a problem with this cluster. Yeah. So LINPACK is like the most common sort of standard test. But then beyond that, what you do is we have like a series of performance tests that replicate a much more realistic environment as well that we run just assuming if LINPACK works at all, then you run the next set of tests. And then while the GPUs are in operation, you're also going through and you're doing active tests and passive tests. Passive tests are things that are running in the background while somebody else is running, while like some other workload is running. And active tests are during like idle periods. You're running some sort of check that would otherwise sort of interrupt something. And then the active tests will take something offline, basically. Or a passive check might mark it to get taken offline later and so on. And then the thing that we are working on that we have working partially but not entirely is automated refunds, which is basically like, is the case that the hardware breaks so much. And there's only so much that we can do and it is the effect of pretty much the entire industry. So a pretty common thing that I think happens to kind of everybody in the space is a customer comes online, they experience your cluster, and your cluster has the same problem that like any cluster has, or it's I mean, a different problem every time, but they experience one of the problems of HPC. And then their experience is bad. And you have to like negotiate a refund or some other thing like this. It's always case by case. And like, yeah, a lot of people just eat the cost. Correct. So one of the nice things about a market that we can do as we get bigger and have been doing as we can bigger is we can immediately give you something else. And then also we can automatically refund you. And you're still gonna experience it like the hardware problems aren't going away until the underlying vendors fix things. But honestly, I don't think that's likely because you're always pushing the limits of HPC. This is the case of trying to build a supercomputer. that's one of the nice things that we can do is we can switch you out for somebody else somewhere, and then automatically refund you or prorate or whatever the correct move is. One of the things that you say in this conversation with me was like, you know, you know, a provider is good when they guarantee automatic refunds. Which doesn't happen. But yeah, that's, that's in our contact with all the underlying cloud providers. You built it in already. Yeah. So we have a quite strict SLA that we pass on to you. The reason why

On our latest One Life Radio show, Kenneth Lipman, PhD, joins Bernadette and Marie to discuss his book, “Circumcision” and the history behind the controversial procedure. Why do we circumcise more babies in America than any other developed country? And, for the babies who get circumcised without their consent what are the long-term physical and mental side-effects?Kenneth Lipman, PhD, is a scientist with a sense of humor. He has a PhD in Integrative (Holistic) Health, and an MS in psychology. He is a former member of the Chicago Mercantile Exchange, the largest futures exchange in the world. He meditates daily and is a recovering atheist. On weekends, he often plays guitar and piano at music jams. He lives with his dog Joni Mitchell in Berkeley. · Learn more about him at kennethlipman.com.

Creativity through the lens of the President and Founder of Get Looped"Creativity is about taking risks and showing up."Chris is a seasoned sales and business veteran with a Masters in Finance and Economics from Northwestern University. His forty-year career began on the floor of the Chicago Mercantile Exchange, where he started his first business in partnership with his brother Curtis. With the introduction of electronic trading, he transitioned to Wall Street to participate in this disruptive new technology. As a Senior Sales Executive with some of the world's most prominent financial institutions, he learned the business practices that can propel or crush a company's potential for success. He was able to apply those lessons as a Founder and Board Member of a small business which developed into a publicly listed company on NASDAQ.During his vast experience at the heart of the financial world, Chris weathered and witnessed the personal and societal impacts caused by the increasing speed, complexity and volatility of the industry. He observed and recognized how the extraordinary wealthy rarely shared the credit or the wealth with the employees, vendors and community that made organizational success a reality. The power of a reshaped version of Capitalism and potential of the community of socially conscious leaders inspired Chris's mission to help redefine the hierarchical, shareholder-first corporate model and foster companies that prioritize purpose as importantly as profits.Driven by an unshakable desire to partner with the leaders of small and medium businesses, Chris founded GET LOOPED, LLC as a platform to showcase the value and benefits of a collective prosperity for people, businesses and communities. Today, he helps businesses and CEOs incorporate prosperity in collaboration with profitability into their business practices.https://www.facebook.com/people/Get-Looped/100070935636104/https://www.linkedin.com/in/chris-lautenslager/https://get-looped.com/Send us a text

Sixteen years ago, CNBC commentator Rick Santelli stood on the floor of the Chicago Mercantile Exchange and delivered an impassioned rant against federal plans to bail out struggling homeowners. “Do we really want to subsidize the losers' mortgages?” he shouted, calling for a “Chicago Tea Party” to protest government intervention.That moment became the rallying cry for a movement that would reshape conservative politics, define opposition to the Obama presidency, and eventually evolve into the MAGA movement that has since won the White House twice.Lately, the Tea Party has been on my mind because of the way political movements are often dismissed by their opponents. In liberal circles, one word was frequently used to wave off the Tea Party: astroturf.“This isn't a grassroots movement,” critics insisted. “It's funded by billionaires to look like a populist uprising.” After all, it started on CNBC—hardly a blue-collar favorite.But that's not the whole story. And now, in 2024, astroturfing accusations are being hurled in the opposite direction.Last week, Republican Rep. Rich McCormick of Georgia faced a hostile crowd at a town hall in Roswell. The moment (captured in a widely circulated video) showed Democrats in his district voicing their frustration, pushing back forcefully against GOP policies.In response, conservatives dismissed the backlash as manufactured outrage, a coordinated effort by the so-called “deep state” to rattle the Republican establishment.Sound familiar?To understand whether today's Democratic anger is real or manufactured, it's worth looking back at how the Tea Party took shape.While Santelli's on-air rant is widely credited with sparking the Tea Party, grassroots opposition to Obama's policies had already begun. Keli Carender, a blogger in Seattle, organized an anti-stimulus protest even before Santelli's speech. Her February 2009 demonstration—dubbed the “Porkulus Protest”—drew about 100 people.But once Santelli's rant went viral, Tea Party protests exploded across the country. Social media platforms like Facebook and Twitter helped coordinate events, and by April's Tax Day, an estimated quarter-million people took to the streets in organized demonstrations. Conservative media played a crucial role in amplifying the movement. Fox News hosts like Glenn Beck and Sean Hannity championed Tea Party causes, helping grow its ranks. Soon, prominent Republican figures lent their support, though the movement remained largely decentralized.By the summer of 2009, as Obamacare made its way through Congress, Tea Party activists shifted their strategy. Instead of street protests, they flooded town halls, confronting Democratic lawmakers with fiery opposition. Videos of these clashes—angry constituents challenging their representatives—became a defining image of the movement.And electorally, the Tea Party had teeth. While it failed to topple the Republican establishment entirely (Mitt Romney still won the 2012 nomination), it helped flip House seats and push the GOP further to the right.What does the Tea Party teach us about today's Democratic opposition?* It's never too early to be angry. Santelli's rant came barely a month after Obama took office. Right now, Trump's disapproval ratings are rising, but Democrats haven't yet rallied around a singular issue.* Movements can make an impact—especially in the House. The Tea Party didn't need to control the White House to change the political landscape. A handful of flipped seats can shift the balance of power.* Dismissing protests as ‘astroturf' is risky. If the same kind of town hall showdowns seen in McCormick's district begin happening elsewhere, they could turn into a trend.The Tea Party was fueled by a raw, pent-up anger over fiscal conservatism. Many conservatives felt betrayed by their own party—George W. Bush had campaigned on balanced budgets, only to expand deficits through wars and bailouts. Obama's presidency, with its ambitious government programs, only amplified those frustrations.The question for Democrats now is: What's their version of that anger?If it's simply opposition to Trump, that's not enough. Even figures like Elon Musk—despised by many progressives—aren't sustainable political villains. “Musk sent another email” isn't a battle cry that will mobilize voters in the long run.That's why Democratic strategists should be tickled by what just happened in the House. They (impressively) passed a budget that, while avoiding direct mention of Medicaid, includes $880 billion in cuts overseen by the Energy and Commerce Committee—which just happens to control Medicaid.Why the cuts? Because fiscal hawks in the House need a way to offset the Trump tax cuts.For Democrats, that's a classic, politically potent message: Republicans are cutting your Medicaid to give tax cuts to the rich.If they can harness that into a movement—one that gets people angry enough to show up at town halls, knock on doors, and vote—then history might just be repeating itself.Podcast Chapters & Timecodes* 00:00:00 – Introduction* 00:01:58 – The Tea Party's Legacy and Lessons for Democrats* 00:14:55 – Dan Bongino Becomes FBI's Second-in-Command* 00:19:15 – MSNBC's Prime-Time Shake-Up & Network Struggles* 00:22:58 – NYC Mayor Eric Adams' Re-Election Challenges* 00:26:27 – Interview with Brian Sack on Ukraine & DEI Policies* 01:05:28 – Wrap-Up This is a public episode. 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In this episode of Fill the Gap: The Official Podcast of the CMT Association, we welcome John Kosar, CMT, President and Chief Market Strategist at Asbury Research. After spending most of the first half of his 40-year career on the Chicago Mercantile Exchange trading floor, he has spent much of the second half trying to take emotions out of the equation by becoming as data-driven as possible. John describes some of the indicators and models he and his son, Jack, combine into portfolios of varying risk/reward profiles to meet the needs of different types of investors.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

Milk markets are not created equal. Here in Wisconsin, we talk a lot about milk and dairy prices moving on the Chicago Mercantile Exchange or CME. But Wisconsin ranks No. 2 for the most organic dairy farms in the country. Organic dairy markets don't follow quite the same market trends as their conventional counterparts. Shawna Nelson is the executive vice president of membership with Organic Valley. She gives us a look into how organic milk markets move. Starting with, who even sets the price for organic milk?See omnystudio.com/listener for privacy information.

Guy Adami, Elizabeth Thomas of SoFi, and Dan Nathan dive into the latest market trends, football updates, and notable financial happenings in Monday's edition of the On The Tape podcast. The episode starts with a light-hearted discussion about the Green Bay Packers' performance before shifting focus to the market's current state, with the S&P 500 nearing all-time highs. The hosts analyze historical interest rate trends, sector performances, and the impact of the Federal Reserve's actions. They delve into rising tech stocks, particularly AI-driven companies, and discuss the potential consequences of a long-duration bull market. The episode also highlights important corporate earnings from companies like Microsoft, Micron, and Costco, and their implications for the broader market. The show wraps up with thoughts on potential mergers and acquisitions, particularly Intel and Qualcomm, and the current regulatory environment.  Guy Adami sits down with Terry Duffy, the chairman and CEO of CME Group, at the Georgetown University Psaros Center for Financial Markets and Policy. Duffy reflects on his journey from a humble start at the Chicago Mercantile Exchange in 1980 to leading CME Group, a company now valued at $78 billion. They discuss the vital role of futures in risk management, with Duffy highlighting how proper hedging could have prevented the downfall of institutions like SVB and Republic Bank. The conversation also touches on Duffy's instincts regarding the fraudulent nature of FTX's Sam Bankman-Fried and the profound impact of emerging markets like crypto and AI. Subscribe to our newsletter: https://riskreversalmedia.beehiiv.com/subscribe — About the Show: On The Tape is a weekly podcast with CNBC Fast Money's Guy Adami, Dan Nathan and Danny Moses. They're offering takes on the biggest market-moving headlines of the week, trade ideas, in-depth analysis, tips and advice. Each episode, they are joined by prominent Wall Street participants to help viewers make smarter investment decisions. Bear market, bull market, recession, inflation or deflation… we're here to help guide your portfolio into the green. Risk Reversal brings you years of experience from former Wall Street insiders trading stocks to experts in the commodity market. — Check out our show notes here See what adding futures can do for you at cmegroup.com/onthetape. — Shoot us an email at OnTheTape@riskreversal.com with any feedback, suggestions, or questions for us to answer on the pod and follow us @OnTheTapePod on Twitter or @riskreversalmedia on Threads — We're on social: Follow @GuyAdami on Twitter Follow Danny Moses @DMoses34 on Twitter Follow Liz Thomas @LizThomasStrat on Twitter Follow us on Instagram @RiskReversalMedia Subscribe to our YouTube page The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

On Tuesday's AOA, powered by Cenex, we start the show with a look at the market picture working through harvest with Kristi Van Ahn-Kjeseth of Van Ahn & Company. In Segment Two, we discuss tips and reminders during National Farm Safety and Health Week with Jana Davidson from Progressive Agriculture Foundation. (Learn more at www.progressiveag.org)   In Segment Three, we have a conversation with Columbia Grain President and CEO Jeff Van Pevenage as we get an update on pulse crops, PNW logistics and more. Then we close the show discussing the potential changes to daily price limits for cattle trade at the Chicago Mercantile Exchange with DTN Livestock Analyst, ShayLe Stewart in Segment Four.

In this episode of “Healthy Mind, Healthy Life,” host Avik Chakraborty interviews Timothy Clifford, a seasoned financial expert and founder of Core Wealth Consultants LLC. Timothy shares his journey from the Chicago Mercantile Exchange floor in the 1980s to becoming a certified financial planner. He emphasizes the importance of having a plan, diversification, and seeking counsel for wealth building. Timothy explains how his experiences at Charles Schwab highlighted the differences between high earners and true wealth accumulators. He discusses the motivation behind establishing Core Wealth Consultants and the creation of Plan Assist, a tool designed to help individuals simplify their wealth-building journey. Timothy also highlights the significance of mindset in wealth building and offers advice to younger generations starting their financial journey.

Democratizing Markets Through Innovation - Tzero.com CEO David Goone Shares Timeless Advice Website: Tzero.com Bio: David Goone is the CEO of tZERO, a financial technology company that democratizes access to capital markets by establishing innovative, transparent, and efficient marketplaces. tZERO works with companies and entrepreneurs to provide unique solutions for primary capital raises and secondary trading. Prior to joining tZERO, Goone was the Chief Strategy Officer of Intercontinental Exchange (ICE), from its earliest days, responsible for many of the strategies that brought ICE from a startup to a global enterprise that operates exchanges, data, businesses, and technologies across all major asset classes. ICE, the parent company of the New York Stock Exchange, is also a significant investor in tZERO. While Goone was at ICE, he also served on numerous boards, including the Depository Trust & Clearing Corporation (DTCC), the Options Clearing Corporation (OCC), and the National Futures Association (NFA). He also was a member of the Commodity Futures Trading Commissions, and Local Advisory Committee, as well as Vice Chairman of Brazil City, a clearing house for Brazil's equity and commodities until its merger with B3 exchange. He also served on the boards of all of ICE's derivative exchanges and was on the board and responsible for ICE Benchmark Administration IBA, which Produced LIBOR. Prior to ICE, Goone was a senior executive at the Chicago Mercantile Exchange, where he created and developed many innovative products. --- Support this podcast: https://podcasters.spotify.com/pod/show/smartmoneycircle/support

In this clip of Market Mondays, Rashad Bilal and Ian Dunlap dive deep into the latest economic predictions and analyses. They begin by discussing the possibility of a rate cut in September, with Ian sharing his optimistic forecast despite the current economic landscape. Will Jerome Powell and the Federal Reserve take action? Stay tuned to find out.The duo also sheds light on the recent comments from Fed Chair Jerome Powell about inflation trends and the likelihood of a rate cut. With data from the Chicago Mercantile Exchange suggesting a 95% chance, the conversation gets intriguing. Could we really witness a rate cut this September? And if not, what could be the next steps in November or even December?Next, they tackle analyst Tom Lee's bold prediction that the S&P 500 will triple by 2030. Is it realistic for the market to see such an exponential rise within just six years? Ian weighs in on the feasibility of such growth, considering potential reshuffling in the S&P 500 and the impact of inflation.Rashad introduces a fascinating angle on hyperinflation and its influence on market returns. If inflation rates increase, the traditional 7% returns may no longer suffice. They walk you through the Rule of 72, which underscores the importance of higher returns to combat the devaluation of money.Key Takeaways:- Insights on the potential rate cut in September 2023.- Analysis of Fed Chair Jerome Powell's recent statements and their implications.- An in-depth look at Tom Lee's prediction for the S&P 500 reaching 15,000 by 2030.- The impact of inflation on investment returns and market behavior.- Strategic advice on staying long in the market despite economic fluctuations.Don't miss out on this thought-provoking discussion that could enhance your understanding of the current and future state of the market.*Hit the like button, subscribe, and share this video with others. Stay tuned for more Market Mondays insights!*#MarketMondays #Finance #Investing #StockMarket #Economy #RateCut #FederalReserve #JeromePowell #Inflation #SP500 #TomLee #InvestingTips #LongTermInvesting #MarketAnalysisSupport this podcast at — https://redcircle.com/marketmondays/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

In this episode of Investing In Integrity, Ross Overline speaks with Steve Quirk, Chief Brokerage Officer at Robinhood.  While the democratization of finance makes investing more accessible to a broader investor base, Steve emphasizes the importance of responsible investing behavior, especially for novice investors. The conversation also touches on the innovation and evolution within the finance industry. Steve and Ross also explore the topic of industry leadership and the strategies essential for navigating disruptive changes. Steve emphasizes the importance of passing wisdom and experience to the next generation of finance leaders while emphasizing the importance of integrity, authenticity, and financial literacy. Steve Quirk oversaw the strategy and deployment of initiatives for Trading at TD Ameritrade. He also served as a member of the company's Senior Operating Committee, which shaped the organization's strategic focus. Under Steve's leadership, TD Ameritrade debuted the Investor Movement Index® (IMXSM), a proprietary, behavior-based index aggregating Main Street investor positions and activity.  Steve focused on teaching the next generation of investors and has championed the creation of the TD Ameritrade U program to bridge the gap between academia and reality. Before that role, Steve was responsible for developing new trading tools and technology enhancements for the thinkorswim® trading platform.  Steve's trading career began in 1987 on the Chicago Mercantile Exchange and Chicago Board Options Exchange (CBOE). While at the CBOE, he served on the exchange's Index Market Performance Committee and the Arbitration Committee. He partnered with SCMS for seven years, trading options on index products. He also led the Chicago operations of Van der Moolen USA. Content here is for educational purposes only. It is not individualized tax or investment advice. Consult a tax or investment adviser regarding your specific situation. Past performance does not guarantee future results. Reference to actual stocks or symbols is for illustrative purposes only and is not a recommendation to buy, sell, or hold any specific security. The Robinhood Investor Index (RIX) is not a tradable index and individuals cannot invest directly in any index. Data is intended for informational purposes only and nothing referenced with regard to the Robinhood Investor Index is a recommendation of a security, account type, trading or investment strategy. For more complete statistical information and our index methodology, you can visit the RIX website. Views and opinions expressed here are those of the participants and do not necessarily represent those of Robinhood, its employees, or its customers. All investments involve risk, including loss.

In this episode of Investing In Integrity, Ross Overline speaks with Steve Quirk, Chief Brokerage Officer at Robinhood.  While the democratization of finance makes investing more accessible to a broader investor base, Steve emphasizes the importance of responsible investing behavior, especially for novice investors. The conversation also touches on the innovation and evolution within the finance industry. Steve and Ross also explore the topic of industry leadership and the strategies essential for navigating disruptive changes. Steve emphasizes the importance of passing wisdom and experience to the next generation of finance leaders while emphasizing the importance of integrity, authenticity, and financial literacy. Steve Quirk oversaw the strategy and deployment of initiatives for Trading at TD Ameritrade. He also served as a member of the company's Senior Operating Committee, which shaped the organization's strategic focus. Under Steve's leadership, TD Ameritrade debuted the Investor Movement Index® (IMXSM), a proprietary, behavior-based index aggregating Main Street investor positions and activity.  Steve focused on teaching the next generation of investors and has championed the creation of the TD Ameritrade U program to bridge the gap between academia and reality. Before that role, Steve was responsible for developing new trading tools and technology enhancements for the thinkorswim® trading platform.  Steve's trading career began in 1987 on the Chicago Mercantile Exchange and Chicago Board Options Exchange (CBOE). While at the CBOE, he served on the exchange's Index Market Performance Committee and the Arbitration Committee. He partnered with SCMS for seven years, trading options on index products. He also led the Chicago operations of Van der Moolen USA. Content here is for educational purposes only. It is not individualized tax or investment advice. Consult a tax or investment adviser regarding your specific situation. Past performance does not guarantee future results. Reference to actual stocks or symbols is for illustrative purposes only and is not a recommendation to buy, sell, or hold any specific security. The Robinhood Investor Index (RIX) is not a tradable index and individuals cannot invest directly in any index. Data is intended for informational purposes only and nothing referenced with regard to the Robinhood Investor Index is a recommendation of a security, account type, trading or investment strategy. For more complete statistical information and our index methodology, you can visit the RIX website. Views and opinions expressed here are those of the participants and do not necessarily represent those of Robinhood, its employees, or its customers. All investments involve risk, including loss.

Chris Lautenslager is an accomplished business leader with over 40 years of experience in sales and business management. - Thanks to my Sponsors : If you or know some body you know is struggling with anxiety and want to know how to be 100% anxiety free, in 6 weeks, without therapy or drugs, fully guaranteed    https://www.danielpackard.com/     Upgrade Your Brain Unleash & Use Your Uniqueness   https://braingym.fitness/   ----- Speaking Podcast Social Media / Coaching My Other Podcasts ⁠https://bio.link/podcaster⁠   ============ About my Guest: Chris Lautenslager is an accomplished business leader with over 40 years of experience in sales and business management. He embarked on his notable career by founding a trading firm at the Chicago Mercantile Exchange. His expertise quickly led him to senior roles in New York City at some of the world's leading financial and technology companies. With a deep understanding of the American corporate landscape, Chris has dedicated his career to championing small businesses and addressing the challenges posed by large, multinational corporations. He is the founder of Get Looped , a platform designed to boost the collective prosperity of Americans. Chris holds a B.S. in Accounting from the University of Colorado and a Master's in Finance and Economics from Northwestern University, equipping him with a solid foundation to lead and inspire in the business world. What we Discussed:   - Chris's Business Journey (3 mins) - Entrepreneurs Expect the Curve balls in Business ( 4 mins) - Missing a lot of the joy while working (5:45 mins) - The Real Estate Corruption Crisis (8:30 mins) - Capitalism is the best system (12 mins) - How he helps Small Business Owners after his painful life experiences ( 15 mins) - The Level he works with ( 17 mins) - Entreprenture needs to look at their life to make a decision ( 22 mins) - The Common Mistake Business Owners Make (24 mins) - He is not a therapist but helps stopping bad bahaviour ( 26 mins) - Overcoming the Ego as an Entreprenuer (27 mins) - When you lose your Mojo (32 mins) - Surrounding Yourself with Winners (36 mins) - His Book the Prosperity Loop (38:30 mins) - His Free live Webinars (44 mins)   ===============   How to Contact Chris Lautenslager : https://get-looped.com/ https://www.facebook.com/people/Get-Looped/100070935636104/ https://x.com/GetLoopedLLC https://www.linkedin.com/in/chris-lautenslager/ ------------------------- Donations  ⁠⁠https://www.podpage.com/speaking-podcast/support/⁠⁠   Speaking Podcast Social Media / Coaching My Other Podcasts ⁠https://bio.link/podcaster

Send us a Text Message.Chris is a seasoned sales and business veteran with a Masters in Finance and Economics from Northwestern University. His forty-year career began on the floor of the Chicago Mercantile Exchange, where he started his first business in partnership with his brother Curtis.Driven by an unshakable desire to partner with the leaders of small and medium businesses, Chris founded GET LOOPED, LLC as a platform to showcase the value and benefits of a collective prosperity for people, businesses and communities. Today, he helps businesses and CEOs incorporate prosperity in collaboration with profitability into their business practices.

From the time he was headlight height, Patrick knew that these were magic machines, drawn from the high banks of imagination to drink gasoline & eat asphalt.  He bootstrapped his first collector car business in 2003 after a career as an Executive Recruiter within the Information Technology sector during the "tech-boom" which began in the mid-1990's.  As an I.T. Recruiter and Consultant to the e-Commerce, Electronic Trading, and Insurance industries, he pioneered internet sourcing, marketing, and selection practices to build high-performance teams in mission-critical business units within companies such as IBM, Walgreens, Discover Card, Chicago Mercantile Exchange, and Allstate Insurance.He also grew up learning how to wrench, restore, tune, and drive American Muscle Cars, owning 13 cars within two years in high school and more since, everything from Mopars, to Mustangs, to Chevelles and GTO's. Starting Show Your Auto was an opportunity for Patrick to marry his skills honed in the business world with his innate passion for automobiles. "I know that to pursue and purchase a rare collectible car is not just a buying decision, or even just an investment decision, this is about fulfilling your heart's desire, one that has been there since you were a boy, if you were like me."Today, Rev Muscle Cars uses the same commitment to best practices in marketing and selection to take the hassle out of selling and the risk out of buying collectible cars.  Rev! has worked hard to become a valued resource to private owners and pay back into the enthusiast community.Social Media Links:https://patrickkrook.com/https://patrickkrook.com/buy-the-book/https://www.revmusclecars.com/https://www.instagram.com/patrick_krook/https://www.facebook.com/PatrickKrookAuthor/https://www.instagram.com/revmusclecars/https://www.facebook.com/revmusclecarsConnect and tag me at:https://www.instagram.com/realangelabradford/You can subscribe to my YouTube Channel herehttps://www.youtube.com/channel/UCDU9L55higX03TQgq1IT_qQFeel free to leave a review on all major platforms to help get the word out and change more lives!

Join us for an insightful conversation with Timothy Clifford, Managing Partner and Financial Advisor at Core Wealth Consultants LLC, as we explore the journey from earning a high income to achieving lasting wealth. Timothy shares his extensive experience from the trading floors of the Chicago Mercantile Exchange to his current role in wealth management, highlighting the key principles from his book, "Making Money ≠ Having Money." In this episode, we discuss the importance of a well-crafted financial blueprint, the benefits of diversification, and the necessity of seeking professional financial advice. Timothy also delves into the mindset shifts required for better financial decision-making and offers practical strategies that listeners can apply immediately. Whether you're striving to build your wealth or seeking to optimize your financial strategies, Timothy's insights provide a roadmap to transforming your income into sustainable wealth. Tune in for a compelling discussion filled with expert advice and actionable tips to elevate your financial future. To connect with Timothy, visit his website: https://www.planassist.com/ Disclaimer: Not advice. Educational purposes only. Not an endorsement for or against. Results not vetted. Views of the guests do not represent those of the host or show. Do your due diligence. Click here to join PodMatch (the "AirBNB" of Podcasting): https://www.joinpodmatch.com/drchrisloomdphd We couldn't do it without the support of our listeners. To help support the show: CashApp- https://cash.app/$drchrisloomdphd Venmo- https://account.venmo.com/u/Chris-Loo-4 Buy Me a Coffee- https://www.buymeacoffee.com/chrisJx Thank you to our sponsor, CityVest: https://bit.ly/37AOgkp Click here to schedule a 1-on-1 private coaching call: https://www.drchrisloomdphd.com/book-online Click here to purchase my books on Amazon: https://amzn.to/2PaQn4p Follow our YouTube channel: https://www.youtube.com/chL1357 Follow us on Twitter: https://www.twitter.com/drchrisloomdphd Follow us on Instagram: https://www.instagram.com/thereal_drchrisloo Follow us on Threads: https://www.threads.net/@thereal_drchrisloo Follow us on TikTok: https://www.tiktok.com/@drchrisloomddphd Follow the podcast on Spotify: https://open.spotify.com/show/3NkM6US7cjsiAYTBjWGdx6?si=1da9d0a17be14d18 Subscribe to our Substack newsletter: https://substack.com/@drchrisloomdphd1 Subscribe to our Medium newsletter: https://medium.com/@drchrisloomdphd Subscribe to our email newsletter: ⁠https://financial-freedom-for-physicians.ck.page/b4622e816d⁠ Subscribe to our LinkedIn newsletter: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=6992935013231071233 Join our Patreon Community: https://www.patreon.com/user?u=87512799 Join our Spotify Community: ⁠https://podcasters.spotify.com/pod/show/christopher-loo/subscribe⁠ Thank you to our advertisers on Spotify. Financial Freedom for Physicians, Copyright 2024

Today's guest is Julie Winkler, Chief Commercial Officer of the CME Group. CME Group is a Chicago-based financial services firm that operates derivative exchanges including the Chicago Mercantile Exchange and Chicago Board of Trade. Julie joins Emerj CEO and Head of Research Daniel Faggella on today's program to pull apart new trends in AI adoption for financial services with a focus on data and security challenges. Later in the program, she offers strategic advice on prioritizing different AI initiatives in the enterprise and subsequent lessons for leadership. If you've enjoyed or benefited from some of the insights of this episode, consider leaving us a five-star review on Apple Podcasts, and let us know what you learned, found helpful, or liked most about this show!

Interview with Chris Lautenslager, who is a seasoned sales and business veteran with a Masters in Finance and Economics from Northwestern University. His forty-year career began on the floor of the Chicago Mercantile Exchange, where he started his first business in partnership with his brother Curtis. With the introduction of electronic trading, he transitioned to Wall Street to participate in this disruptive new technology. As a Senior Sales Executive with some of the world's most prominent financial institutions, Chris learned the business practices that can propel or crush a company's potential for success. He was able to apply those lessons as a Founder and Board Member of a small business which developed into a publicly listed company on NASDAQ. Driven by an unshakable desire to partner with the leaders of small and medium businesses, Chris founded GET LOOPED, LLC as a platform to showcase the value and benefits of a collective prosperity for people, businesses and communities. Today, he helps businesses and CEOs incorporate prosperity in collaboration with profitability into their business practices. His web site is https://get-looped.com/

Our guest this week is our colleague, Bryan Armour, who is director of passive investment strategies research, North America, for Morningstar Research Services. Bryan is also editor of the ETFInvestor newsletter. Before joining Morningstar in 2020, Bryan spent seven years working for Finra, the Financial Industry Regulatory Authority, conducting trade surveillance and investigations specializing in exchange-traded funds. Prior to Finra, he worked for a proprietary trading firm as an options trader at the Chicago Mercantile Exchange. Bryan holds a BA in Economics from the University of Illinois and the Chartered Financial Analyst designation.BackgroundBioPassive Investing and ETFs“Index Funds Have Officially Won,” by John Rekenthaler, Morningstar.com, Feb. 13, 2024.“Active Funds Fell Short of Passive Peers in 2023,” by Bryan Armour, Morningstar.com, March 12, 2024.“It's Official: Passive Funds Overtake Active Funds,” by Adam Sabban, Morningstar.com, Jan. 17, 2024.“ETFs vs. Mutual Funds: The Benefits That Really Matter,” by Bryan Armour, Morningstar.com, Feb. 6, 2024.“2023 Model Portfolio Landscape,” Morningstar.com.“Markets Are ‘Fundamentally Broken' Due to Passive Investing, Says David Einhorn,” by William Watts, marketwatch.com, Feb. 9, 2024.“How Fund Fees Are the Best Predictor of Returns,” by Russ Kinnel, Morningstar.com, Jan. 12, 2026.“Cage Match: Traditional Index Funds vs. ETFs,” by Christine Benz and Margaret Giles, Morningstar.com, Oct. 20, 2023.“Global Fund Flows: 2023 in Review,” Morningstar.com, Feb. 6, 2024.“A Closer Look at Vanguard's Newest Core Bond ETFs,” by Dan Sotiroff, Morningstar.com, Feb. 12, 2024.“3 New ETFs That Stand Out From the Pack,” by Ryan Jackson, Morningstar.com, Aug. 30, 2023.“Converting Mutual Funds to ETFs: What to Make of the Trend,” by Daniel Sotiroff, Morningstar.com, April 11, 2023.“How to Choose a Great Dividend ETF,” by Dan Sotiroff, Morningstar.com, May 17, 2023.“The Best and Worst New ETFs of 2023,” by Bryan Armour, Morningstar.com, Dec. 19, 2023.Bitcoin and Covered-Call ETFs“Spot Bitcoin ETFs Are Here. Should You Invest?” by Bryan Armour, Morningstar.com, Jan. 11, 2024.“Grayscale's Victory Over the SEC Doesn't Mean a Spot Bitcoin ETF—for Now,” by Bryan Armour, Morningstar.com, Aug. 30, 2023.“Should You Buy a Covered-Call ETF?” Video interview with Bryan Armour and Ruth Saldanha, Morningstar.com, June 14, 2023.Securities MentionediShares ESG Aware ETF ESGUiShares MSCI USA Quality Factor ETF QUALARK Innovation ETF ARKKGrayscale Bitcoin Trust (BTC) GBTCJPMorgan Equity Premium Income ETF JEPIGlobal X Nasdaq 100 Covered Call ETF QYLDVanguard's High Dividend Yield ETF VYMBlackRock Flexible Income ETF BINCSchwab High Yield Bond ETF SCYBT. Rowe Price Capital Appreciation Equity ETF TCAF2x Bitcoin Strategy ETF BITXYieldMax AI Option Income Strategy ETF AIYYOther“The ETF Rule: What It Is and Why It Matters,” by Irene Huhulea, Investopedia.com, Jan. 25, 2024.

NBC News' Christine Romans is the guest, there's pizza headlines, and the pizza topic is: "the Pizza Subway Connection".Christine Romans is NBC News' senior business correspondent. She spent over 20 years at CNN where she ended up anchoring both On the Money, and Early Start. Last year it was announced she was moving to NBC. You can now see Christine's reporting across NBC News, including the TODAY Show, NBC Nightly News with Lester Holt, NBC News NOW, NBCNews.com, as well as on MSNBC. She's the author of 2015's “Smart is the New Rich: Money Guide for Millennials”.Christine regales the guys about working with her siblings at Happy Joe's Pizza in Le Claire, Iowa. She tells pizza tales from the Quad Cities in Iowa, to the trading floors of the New York Stock Exchange. We are totally onboard with her starting her own pizzeria. This podcast is brought to you by Ooni Pizza Ovens. Go to Ooni.com for more information.Follow us for more information!Instagram: @pizzapodparty @NYCBestPizza @AlfredSchulz4Twitter: @PizzaPodParty @ArthurBovino @AlfredSchulzTikTok: @thepizzapodpartyThreads: @pizzapodparty @NYCBestPizza @AlfredSchulz4

As a risk officer with the Chicago Mercantile Exchange, Will Gogolak was setting margin requirements and saw a wide variety of traders' accounts and what separated the winning traders from the losing ones, before leaving to pursue his own trading and obtaining a PHD in finance and share his knowledge of quantitative analysis and market experience with students at Carnegie Mellon University. Combining his market experience with knowledge of statistics helps William create his custom buy the dip strategy with futures and leveraged ETFs, and focusing on probabilities and determining market direction for informed trading decisions. Learn more about your ad choices. Visit megaphone.fm/adchoices

LLMs are great with text but struggle with extensive structured data and expressing insights about it. In this podcast episode, Steven Wasick, the founder and CEO of infoSentience, introduces their AI platform and how it's already impacting healthcare by turning vast datasets into human-like narratives, thus providing valuable insights. Unlike general generative AI, infoSentience specializes in handling large structured datasets, offering a unique solution for organizations overwhelmed by data. Steven explains how infoSentience collaborates with IU Health to automate doctor bios, ensuring continuous updates for accuracy and time savings. He also shares how the platform's versatility extends to sports, with CBS Sports and the Chicago Mercantile Exchange, providing customized reports and adopting a journalistic approach as it weaves key moments into compelling stories. Tune in to learn how infoSentience's innovative AI platform transforms data into actionable insights, revolutionizing the approach to data analysis! Resources:  Connect with and follow Steven Wasick on LinkedIn.  Learn more about infoSentience on their LinkedIn and website. Listen to Steven's previous interview on the podcast here.

TJ Gliha, Co-Founder of Journey Wealth.Established in 2021, Journey Wealth is a full-service wealth planning firm that helps entrepreneurs explore the world of opportunities availed by their success, by addressing their needs and enabling them and their families to lead the lives they aspire to. From its humble beginnings with just 4 employees, Journey Wealth has grown as a self-governing Registered Investment Advisory firm to nearly 20 professionals, with the strategic acquisition of a significant equity stake in FSM Wealth, offering multi-family office services primarily to professional golfers.With a robust background as a portfolio manager and trader at the Chicago Mercantile Exchange, and as a former shareholder at Sequoia Financial Group, TJ brings a wealth of experience to the table. Not only is he dedicated to helping entrepreneurs make the most of their time…their most valuable asset… but he also plays an active role in the community as a board member of the Make-A-Wish Foundation and Cleveland Clinic Children's Council in addition to his role as Treasurer of the Avon Lake Football Club, stemming from his passion for football!This was a really fun conversation for me, as a long-time student of public market investing, TJ and I got to really unpack the wealth management business and industry overall, the intersection of investing and entrepreneurship, the psychology and cognitive biases of investors, his formative past as trader on the exchange floor, the evolution of Journey Wealth over time in service of entrepreneurs, leadership, and so much more.-----Lay of The Land is brought to you by Ninety. As a Lay of The Land listener, you can leverage a free trial with Ninety, the platform that helps teams build great companies and the only officially licensed software for EOS® — used by over 7,000 companies and 100,000 users!This episode is brought to you by Impact Architects. As we share the stories of entrepreneurs building incredible organizations throughout NEO, Impact Architects helps those leaders — many of whom we've heard from as guests on Lay of The Land — realize their visions and build great organizations. I believe in Impact Architects and the people behind it so much, that I have actually joined them personally in their mission to help leaders gain focus, align together, and thrive by doing what they love! As a listener, you can sit down for a free consultation with Impact Architects by visiting ia.layoftheland.fm!-----Connect with TJ on LinkedIn — https://www.linkedin.com/in/t-j-gliha-aif%C2%AE-cepa-a4ba801/Learn more about Journey Wealth — https://www.journey-wealth.com/-----For more episodes of Lay of The Land, visit https://www.layoftheland.fm/Past guests include Cleveland Mayor Justin Bibb, Steve Potash (OverDrive), Ed Largest (Westfield), Ray Leach (JumpStart), Lila Mills (Signal Cleveland), Pat Conway (Great Lakes Brewing), Lindsay Watson (Augment Therapy), and many more.Stay up to date on all our podcasts by signing up for Lay of The Land's weekly newsletter — sign up here.Connect with Jeffrey Stern on LinkedIn — https://www.linkedin.com/in/jeffreypstern/Follow Jeffrey Stern on Twitter @sternJefe — https://twitter.com/sternjefeFollow Lay of The Land on Twitter @podlayofthelandhttps://www.jeffreys.page/

My guest today is Salem Abraham, the President of Abraham Trading. Salem graduated cum laude from the University of Notre Dame in December 1987 with a bachelor's degree in finance. He began his investing career as a futures trader while still in college, using quantitative models to trade global futures markets beginning in 1987. Throughout his career, Salem has managed investments in stocks, bonds, options, derivatives, and private equity. He has held full membership seats at both the Chicago Mercantile Exchange and the Chicago Board of Trade. Salem has bought and sold more than 200,000 acres of land and resources. He manages investments in oil and gas properties, wind rights and residential, commercial, and agricultural real estate properties. The topic is Trend Following. In this episode of Trend Following Radio we discuss: His personal background and values Meeting Jerry Parker and his trading strategy Influence of individuals like Richard Dennis, Jim Simons, and Paul Tudor Jones on trading Concerns about extreme events and risk management Diversification Inflation and its impact on stocks The role of trend following and CTAs Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

We interview Hollywood producer (The Joker) Anjay Nagpal about his new podcast "Brokers, Bagmen, and Moles." The pod examines the Chicago Outfit's involvement in the Chicago Mercantile Exchange during the 1980s.

Carl Icahn gets what he was after as Illumina's CEO steps down but what does this mean for the company's potential big acquisition? (00:21) Jason Moser and Deidre Woollard discuss: - If Illumina's CEO's exit will impact the company's moves to acquire Grail. - Carl Icahn's history of activist investing. - Thoma Bravo's success in buying companies and repackaging them for sale. (14:37) Ricky Mulvey interviews Anjay Nagpal, host of the podcast “Brokers, Bagmen, and Moles” about the curious history of the Chicago Mercantile Exchange and its ramifications on today's investing universe. Companies discussed: ILMN, IEP, NDAQ, MSFT, ATVI Host: Deidre Woollard Guests: Jason Moser, Ricky Mulvey, Anjay Nagpal Producer: Ricky Mulvey Engineer: Dan Boyd

In the 1980s, brokers at the Chicago Mercantile Exchange were not Ivy League financial-types. They were mostly blue-collar workers with on-the-job training in commodities exchanges. And they were making more money than most knew what to do with. All that cash caught the interest of the FBI, who suspected financial fraud at the Merc. But after undercover agents spent thousands of hours on the floor losing millions of dollars in taxpayer money, their investigation turned out to be a bad investment.In “Brokers, Bagmen, and Moles” host Anjay Nagpal takes listeners into the pits of Chicago's exchanges to detail one of the costliest FBI investigations ever. Were authorities really going after the handful of small fish they caught - or did they actually have their sights on some blue chip executives?OUR SPOILER-FREE REVIEWS OF "BROKERS, BAGMEN, AND MOLES" BEGIN IN THE FINAL NINE MINUTES OF THE EPISODE.In Crime of the Week: booze cruise.