Podcasts about CIO

Cem Karsan sits down with Ben Hunt, founder of Epsilon Theory, to explore how narratives shape markets, politics, and decision making itself. Drawing on decades of experience across academia, hedge funds, and applied AI, Ben explains why stories, not data, increasingly drive outcomes in modern markets. The conversation spans unstructured data, inference, common knowledge, and the mechanics of narrative momentum. Together, they examine consumer expectations, inflation silence, geopolitical signaling, and the slow shift away from US dominance. What emerges is a framework for understanding markets as reflexive systems, where perception often matters more than reality.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Cem on Twitter.Episode TimeStamps: 00:00 - Introduction to U Got Options and the trading floor setting02:18 - Ben Hunt's background and Epsilon Theory origins04:11 - Markets as the ultimate multiplayer game06:15 - Inference, unstructured data, and narrative analysis08:18 - Why sentiment and word counts miss the real signal11:16 - Mapping meaning and truthy stories15:00 - LLMs as operating systems, not oracles18:01 - Giving money back and when models stop working21:16 - Applying narrative tools beyond markets24:10 - Consumer weakness versus bullish expectations30:43 - Inflation, recession, and why markets do not care33:29 - Dormant stories and volatility discovery34:26 -

What if your accredited clients could tap into institutional-quality private deals without locking up their money for a decade?   In this episode of the Registered Investment Advisor Podcast, Seth Greene interviews Joseph DaGrosa Jr., Founder and Chairman of DaGrosa Capital Partners LLC, who explains how his career evolved from auditing at a wirehouse to partnering with an early leveraged buyout pioneer and ultimately building Access Capital to open private equity and private credit to the mass affluent accredited investor market. He also shares why interval funds, rigorous sub-advisor due diligence, and his new educational resource, The Financial Advisor's Guide to Private Investments, are helping RIAs bring institutional-style private allocations to a broader client base.   Key Takeaways: → Why the accredited investor segment represents a massive, historically underserved opportunity for private investments. → How the rules of the Investment Company Act of 1940 limit traditional private equity vehicles. → How Access Capital structures registered vehicles to bring private equity and private credit access to mass affluent accredited investors. → What interval funds are, how their semi-liquid structure works, and why they may be a fit for long-term investors who want private exposure with periodic liquidity. → Why RIAs and RIA aggregators are turning to outsourced CIO relationships to help them evaluate and implement private investments at scale.   Joseph DaGrosa Jr. is the Founder and Chairman of DaGrosa Capital Partners (DCP) and a veteran investor with over 30 years of experience across sports, entertainment, real estate, hospitality, aviation, retail, and more. He has led more than $2 billion in capitalized transactions and oversees several DCP portfolio companies, including Axxes Capital, Kapital Football Group, and Soccerex, the world's largest organizer of soccer business conferences. DaGrosa previously co-founded Quinn Residences, a $900 million single-family rental platform, and played key leadership roles in major turnarounds and acquisitions, including Heartland Food Corp., Jet Support Services Inc., and F.C. Girondins de Bordeaux. Earlier in his career, he was a partner at Maplewood Partners and began in capital markets at Paine Webber.   Connect With Joe: Website: https://dagrosacp.com/ X: https://x.com/joe_dagrosa LinkedIn: https://www.linkedin.com/in/joseph-dagrosa-jr-59415934/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Our Chief Cross-Asset Strategist Serena Tang and senior leaders from Investment Management Andrew Slimmon and Jitania Kandhari unpack new investment trends from supportive monetary and fiscal policy and shifting market leadership. Read more insights from Morgan Stanley.----- Transcript -----Serena Tang: Welcome to Thoughts on the Market. I'm Serena Tang, Morgan Stanley's Chief Cross Asset Strategist. Today we're revisiting the 2026 global equity outlook with two senior leaders from Morgan Stanley Investment Management. Andrew Slimmon: I am Andrew Slimmon, Head of Applied Equity Team within Morgan Stanley Investment Management. Jitania Kandhari: And I'm Jitania Kandhari, Deputy CIO of the Solutions and Multi-Asset Group, Portfolio Manager for Passport Strategies and Head of Macro and Thematic Research for Emerging Market Equities within Morgan Stanley Investment Management.It's Tuesday, February 3rd at 10 am in New York. So as investors are entering in 2026, after several years of very strong equity returns with policy support reaccelerating. As regular listeners have probably heard, Mike Wilson, who of course is CIO and Chief Equity Strategist for Morgan Stanley – his view is that we ended a three-year rolling earnings recession in last April and entered a rolling recovery and a new bull market. Now, Andrew, in the spirit of debate, I know you have a different take on valuations and where we are at in the cycle. I'd love to hear how you're framing this for investment management clients. Andrew Slimmon: Yeah, I mean, I guess I focus a little bit more on the behavioral cycle. And I think that from a behavioral cycle we're following a very consistent pattern, which is we had a bad bear market in 2022 that bottomed down 25 percent. And that provided a wonderful opportunity to invest. But early in a behavioral cycle, investors are very pessimistic. And that was really the story of [20]23 and really 2024, which were; investors, you know, were negative on equities. The ratios were all very negative and investors sold out of equities. And that's consistent with a early cycle. And then as you move into the third-fourth year, investors tend to get more optimistic about returns. Doesn't necessarily mean the market goes down. But what it does mean is the market tends to get more volatile and returns start to compress, and ultimately, bull markets die on euphoria. And so, I think it's late cycle, but it's not end of cycle. And that's my theme; is late cycle but not end of cycle.Serena Tang: And I think on that point, one very unusual feature of this environment is that you have both monetary and fiscal policy being supportive at the same time, which, of course, rarely happens outside of recession. So how do you see those dual policy forces shaping market behavior and which parts of the market tend to benefit? Andrew Slimmon: Well, that's exactly right. Look, the last time I checked, page one of the investment handbook says, ‘Don't fight the Fed.' And so, you have monetary policy easing. And what we; remember what happened in 2021? The Fed raised rates and monetary policy was tightening. Equities do well when the Fed is easing, and that's one of the reasons why I think it's not end of cycle. And then you layer in fiscal policy with tax relief coming, it is a reason to be relatively optimistic on equities in 2026. But it doesn't mean there can't be bumps along the way – and I think a higher level of optimism as we're seeing today is a result of that. But I think you stick with those more procyclical areas: Finance, Industrials, Technology, and then you move down the cap curve a little bit. I think those are the winning trades. They really started to come to the fore in the second half of last year, and I think that will continue into 2026. Serena Tang: Right. And we've definitely seen some bumps recently, but I think on your point around yields. So, Jitania, I think that policy backdrop really ties directly to your idea of the age of capped real rates. In very simple terms, can you explain what that means and what's behind that view? Jitania Kandhari: Sure. When I say age of real rates being capped, I mean like the structural template within which I'm operating, and real rates here are defined by the 10-year on the Treasury yield adjusted for CPI.Firstly, I'd say there was too much linear thinking in markets post Liberation Day. That tariffs equals inflation equals higher rates. Now, tariff impacts, as we have seen, can be offset in several ways, and economic relationships are rarely linear.So, inflation may not go up to the extent market is expecting. So that supports the case for capped rates. And the real constraint is the debt arithmetic, right? So, if you look at the history of public debt in the U.S., whenever there was a surge in public debt during the Civil War, two World Wars, Global Financial Crisis, even during COVID. In all these periods, when debt spiked, real rates have remained negative.So, there can be short term swings in rates, but I believe that markets not necessarily central banks will even enforce that cap. Serena Tang: You've described this moment, as the great broadening of 2026. What's driving this and what do you think is happening now after years of very narrow concentration? Jitania Kandhari: Yes. I think like if last decade was about concentration, now it's going to be about breadth. And if you look at where the concentration was, it was in the [Mag] 7, in the AI trade. We are beginning to see some cracks in the consensus where adoption is happening, but monetization is lagging. But clearly the next phase of value creation could happen from just the model building to the application layer, as you guys have also talked about – from enablers to adopters.The other thing we are seeing is two AI ecosystems evolve globally. The high cost cutting edge U.S. innovation engine and the lower cost efficiency driven Chinese model, each of them have their own supply chain beneficiaries. And as AI is moving into physical world, you're going to see more opportunities. And then secondly, I think there are limitations on this tariff policies globally; and tariff fears to me remain more of an illusion than a reality because U.S. needs to import a lot of intermediate goods And then lastly, I see domestic cycles inflecting upwards in many other pockets of the world. And you add all this up; the message is clear that leadership is broadening and portfolio should broaden too. Serena Tang: And I want to sort of stay on this topic of broadening. So, Andrew, I think, you've also highlighted, you know, this market broadening, especially beyond the large cap leaders, even as AI investment continues, I think, as you touched on earlier. So why does that matter for equity leadership in 2026? And can you talk about the impact of this broadening on valuations in general? Andrew Slimmon: Sure. So I think, you know, I've been around a long time and I remember when the internet first rolled out, the Mosaic browser was introduced in 1993. And the first thing the stock market tried to do is appoint winners – of who was going to win the internet, you know, search race. And it was Ask Jeeves and it was Yahoo and it was Netscape. Well, none of those were the winners. We just don't know who's ultimately going to be the tech winner. I think it's much safer to know that just like the internet, AI is a technology productivity enhancing tool, and companies are going to embrace AI just like they embraced the internet. And the reason the stock market doubled between 1997 and the dotcom peak was that productivity margins went up for a lot of companies in a lot of industries as they embraced the internet. So, to me, a broadening out and looking at lower valuations, it is in many ways safer than saying this is the technology winner, and this is technology loser. I think it's all many different industries are going to embrace and benefit from what's going on with AI. Serena Tang: You don't want to know where I was in 1993. And I don't recognize most of those names. Andrew Slimmon: Sorry. I was 14! Serena Tang: [Laughs] Ok. Investors often hear two competing messages now. Ignore the macro and buy great companies or let the big picture drive everything. How do you balance top-down signals with bottom-up fundamentals in your investment process? Andrew Slimmon: Yeah, I think you have to employ both, and I hear that all the time; especially I hear, you know, my competitors, ‘Oh, I just focus on my stock picks, my bottom up.' But, you know, look statistically, two-thirds of a manager's relative performance comes from macro. You know, how did growth do? How did value do? All those types of things that have nothing to do with what stock picks... And likewise, much of a return of an individual stock has to do with things beyond just what's happening fundamentally. But some of it comes from what's happening at the company level. So, I think to be a great investor, you have to be aware of the macro. The Fed cutting rates this year is a very powerful tool, and if you don't understand the amplifications of that as per what types of stocks work, because you're so focused on the micro, I think that's a mistake. Likewise, you have to know what's going on in your company [be]cause one third of term does come from actual stock selection. So, I'm a big believer in marrying a top down and a bottom up and try to capture the two thirds and the one third.Serena Tang: Since that 2022 bear market low that you talked about earlier. I mean, your framework really favored growth and value over defensives. But I think more recently you've increased your non-U.S. exposure. What changed in your top-down signals and bottom-up data to make global opportunities more compelling now? Is it the narrative of the end of U.S. exceptionalism or something else? Andrew Slimmon: No, I really think it's actually something else, which is we have picked up signals from other parts of the world, Europe and Japan. That are different signals than we saw really for the last decade, which is namely that pro-cyclical stocks started to work. Value stocks started to work in the first half of 2025. And you look at the history of when that happens, usually value doesn't work for a year and peter out. So that's been a huge change where I would say, a safer orientation has shown the relative leadership, and we have to be – recognize that. So, in our global strategies, we've been heavily weighted towards, the U.S. orientation because we didn't see really a cyclical bias outside. And now that's changing and that has caused us to increase the allocation to non-U.S. exposure. It's a longwinded way of saying, look, I think what the story of last year was the U.S. did just fine. But there were parts of the world that did better and I think that will continue in 2026. Serena Tang: Andrew, Jitania thank you so much for taking the time to talk. Andrew Slimmon: Great speaking with you, Serena. Jitania Kandhari: Thanks for having us on the show. Serena Tang: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Since inception, ARK has researched and published thoughts on the cryptocurrency ecosystem within Big Ideas and through articles, whitepapers, monthly Bitcoin reports and podcasts. Now, in coordination with Bitcoin Park, ARK is pleased to introduce a monthly conversation with leaders in the Bitcoin space, to discuss everything happening in the rapidly-changing and still nascent Bitcoin ecosystem. Published through the For Your innovation podcast channels, this monthly series aims to be informative and enlightening, including experts with diverse viewpoints. In this episode, Cathie Wood and guests reflect on ARK's decade-long Bitcoin journey—from early research to its prominent role in Big Ideas 2026—and debate Bitcoin's evolving thesis amid shifting macro conditions. The conversation distinguishes Bitcoin as “freedom technology” versus stablecoins as more “humanitarian” but censorable tools, while exploring institutional adoption, emerging-market use cases, and gold's relationship to Bitcoin as a hedge. The group then pivots to the convergence of Bitcoin, AI, and decentralized social (Noster), highlighting “vibe coding,” open-source acceleration, and the rise of autonomous agents—ending with a forward-looking vision of 2030 shaped by autonomous mobility, healthcare breakthroughs, and expanding digital/space frontiers.Guests on this month's Bitcoin Brainstorm include: Lorenzo Valente: Director of Digital Assets, ARK InvestAlex Gladstein: Chief Strategy Officer (CSO), Human Rights Foundation (HRF) Tuur Demeester: Founder, Adamant CapitalAlex Gleason: Open-source developer / Soapbox developer; formerly Head of Engineering at Truth Social.Rapha Zagury: Chief Investment Officer, SwanCathie Wood: Founder, CEO and CIO at ARK Invest  Rod Roudi: Founder, Bitcoin Park  Key Points From This Episode:(0:00) Intro disclaimer(1:04) Flashback: ARK's 2016 Bitcoin white paper(2:33) Bitcoin in Big Ideas — a 10-year evolution(7:49) Bitcoin vs. stablecoins: freedom tech vs. humanitarian tech(12:23) Personal stories: Brazil, inflation, and Bitcoin's role(17:14) Tuur on Bitcoin cycles, gold correlation, and price thesis(26:37) Convergence: Bitcoin, AI, and decentralized social(31:41) New renaissance: vibe coding, AI agents, and entrepreneurship(34:24) Open source, Claude bots, and encrypted personal AI(46:44) Autonomous agents exchanging Bitcoin(48:19) Dreaming of 2030: freedom tech and decentralization(52:17) Bitcoin mining, energy, and infrastructure(56:11) Cathie: AI's biggest opportunities — mobility and healthcare Learn more about Bitcoin Park: bitcoinpark.com 

Most investors don't blow up because they “didn't know enough.” They blow up because they frame the decision wrong. Lance Roberts & Jonathan Penn break down narrow framing—the behavior where investors judge one investment in isolation (“Why don't I own that?”) instead of evaluating results through the entire portfolio and a long-term plan. When something becomes “hot,” it feels obvious, safe, and inevitable. But return-chasing often ends the same way: buying after a big run, then selling after the first real drawdown. That cycle turns investing into reaction instead of strategy—headlines instead of planning, emotion instead of discipline. 0:00 - INTRO 0:19 - ISM Manufacturing Feed Reflation Narrative 4:15 - Sector Rotations Worth Watching 8:20 - Markets Continue in Rising Trend 13:24 - The Trap of Cahasing Returns 15:58 - The Trouble w Investor Complacency 18:20 - The Flaw in Framing 22:09 - Momentum Drives Price 23:21 - Leverage Unwinding & Volatility 24:42 - It's Silver Profit Taking Time 25:47 - Risk Tolerance vs Risk Capacity 28:03 - A Portfolio is Like a Car 31:12 - The Misconception Between Risk & Volatility 34:23 - Risk is the Destruction of Capital 35:58 - Markets Do Not Compound Returns 37:31 - Would You Rather... 42:33 - Everybody Idolizes Warren Buffett 43:30 - Establish a Discipline 45:52 - Have a Plan - Write it Down 48:51 - E-book Library Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Senior Investment Advisor, Jonathan Penn, CFP Produced by Brent Clanton, Executive Producer ------- Register for our next Candid Coffee, 2/21/26: https://streamyard.com/watch/Wq3Yvn9ny5GV ------- Watch Today's Full Video on our YouTube Channel: https://youtube.com/live/sKXpfWf8oRs?feature=share ------- Watch our previous show, "Bears Are an Endangered Species," here: https://www.youtube.com/live/NAyXnrquGiQ -------- The latest installment of our new feature, Before the Bell, "Reflation Rotation" is here: https://youtu.be/9f2tn_O1BUc ------- Visit our E-book Library (no library card required!) https://realinvestmentadvice.com/ria-e-guide-library/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #StockMarket #SectorRotation #RiskManagement #ReflationTrade #PortfolioRebalancing

Our CIO and Chief U.S. Equity Strategist Mike Wilson discusses how the nomination of Kevin Warsh to lead the Fed could move markets.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast: The implications of Kevin Warsh's nomination as the next Fed Chair. It's Monday, February 2nd at 10 am in New York. So, let's get after it.Last Friday, President Trump officially nominated Kevin Warsh to be the next Chair of the Fed. The prevailing narrative around Warsh is fairly straightforward: he's seen as more hawkish on the size of the Fed's balance sheet, potentially more flexible on interest rates, and less comfortable with open-ended liquidity support than the current leadership. That characterization is fair, but it doesn't answer the more important question—why pick Warsh now, and what problem is this nomination trying to solve?In my view, the answer starts with markets, not politics. Over the past several months, we've witnessed parabolic moves in precious metals alongside persistent weakness in the U.S. dollar. While this administration has been very clear that a weaker dollar is not inherently a bad thing—especially as part of a broader economic rebalancing strategy—there's an important distinction between a controlled decline and a disorderly one.To understand why this matters so much, you need to zoom out. The administration is attempting to rebalance the U.S. economy across three dimensions simultaneously, all with the same ultimate goal—growing out of an enormous debt burden that's been building for more than two decades. At this point, simply cutting spending isn't realistic, economically or politically. Nominal growth is the only viable path forward.The current strategy is more supply side driven. It focuses on rebalancing trade through tariffs and a weaker dollar, shifting the economy away from over-consumption and toward investment, and addressing inequality through immigration enforcement and deregulation. The goal is to let companies—not the government—make capital allocation decisions, while boosting income through wages rather than entitlements. If it works, the result should be higher nominal growth with a healthier mix of real growth driven by productivity.Markets, to some extent, have already started to price this in. Since last spring, cyclical stocks have outperformed, market breadth has improved, and leadership has begun to rotate away from the mega-cap names that dominated the last cycle. Small and mid-cap stocks are working again too. That's exactly what you'd expect in the middle stages of a ‘hotter but shorter' expansion, my core view. At the same time, the surge in gold tells us something else is going on. Precious metals don't move like that unless investors are questioning the endgame.That's where Kevin Warsh comes in. His nomination appears designed to restore credibility around the balance sheet and slow the momentum of that skepticism. Based on Friday's price action, it worked. Gold and silver sold off sharply, the dollar strengthened modestly, and equities and rates stayed relatively stable. That combination buys time—and time is exactly what this strategy needs to work.One of the best ways to track whether markets are buying into this story is by watching the ratio of the S&P 500 to gold. It's a simple but powerful proxy for confidence in productive growth. The recent collapse was driven mostly by gold rising—and Friday's sharp reversal was mainly gold prices falling, one of the largest on record.That doesn't mean skepticism has been eliminated. Instead, it tells me the administration is paying attention and understands they need to restore confidence. If the ratio continues to recover, it will likely come first through lower gold prices and tighter liquidity expectations, and later through stronger earnings growth driven by productivity gains. That could mean near term risk for other risk assets, including equities. Bottom line, the current ‘run it hot' approach has a better chance of delivering sustainable growth than prior policy mixes—but it won't be smooth, and confidence will ebb and flow along the way. Watching how markets respond, especially through signals like gold, the dollar, and capital spending trends, will tell us whether this strategy ultimately succeeds. My view is that it's the best approach which keeps me bullish on 2026 even if the near term is more rocky.Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

On today's manager meeting, Kristen VanGelder speaks with Jonathan Lewinsohn. Kristen is Deputy Chief Investment Officer at Evanston Capital, a $4 billion hedge fund of funds whose CEO and CIO, Adam Blitz, was a past guest on the show. She's spent the last eighteen years at Evanston alongside Adam and the team. Jonathan co-founded Diameter Capital four years ago alongside Scott Goodwin and today manages a $6 billion credit-focused hedge fund alongside $1 billion in CDOs and a $1 billion drawdown fund. The two were colleagues at Anchorage Capital, and Jonathan spent some time at Centerbridge Capital as well before starting Diameter.   Their conversation includes insights into the credit markets, Diameter's approach, and how it all comes together. Before we dive in, Kristen and I discuss how Evanston came to back Diameter on day one and how it fits into their portfolio.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

In this episode of Cannabis Unlocked, Jordan Youkilis is joined by Adi Divgi, Founder and CIO of Divino Global Holdings, for a thoughtful discussion on manager selection, and what it takes for institutional investors to engage with emerging asset classes like cannabis.The conversation begins with Adi's 20+ year history in financial services, spanning institutional allocation, private insurance, and wealth management, and how that experience shaped Divino's focus on specialized, under-the-radar managers with disciplined deployment strategies. Next Adi shares how his portfolio construction has evolved in approach into a manager-first framework designed to reduce risk and improve consistency across cycles.Jordan and Adi then turn the conversation to liquidity, private credit, and why shorter realization timelines and current income matter in volatile markets. In closing, Adi offers his perspective on cannabis as a distressed but compelling opportunity, explaining why regulatory uncertainty has kept large pools of capital sidelined, and how Schedule III momentum plus SAFE Banking could unlock broader participation. Please enjoy!#CannabisUnlocked #InstitutionalInvesting #PrivateMarkets #CannabisCapital #AlternativeInvestments

Right now, the "giant mindless robot" of passive capital flows appears to be the most important macro trend in keeping stock prices rising.So many worry that a stalling -- or reversal -- of these passive flows is the #1 risk to markets.But today's guest, David Hay, founder & former CIO of Evergreen Gavekal, sees an even greater risk -- one that practically no one else is paying attention to.There are a growing number of reasons why foreign capital is likely to start draining out of the US financial markets.And it could reach a volume where those flows are even bigger than the giant mindless robot of domestic passive flows.This would severely tank the prices of many US financial assets.To learn why, David has prepared a slide presentation that you simply must watch.WORRIED ABOUT THE MARKET? SCHEDULE YOUR FREE PORTFOLIO REVIEW with Thoughtful Money's endorsed financial advisors at https://www.thoughtfulmoney.com#capitalflows #exchangerates #commodities _____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter.We produce educational content geared for the individual investor. It's important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such.We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer's unique goals, needs & risk tolerance.IMPORTANT NOTE: There are risks associated with investing in securities.Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods.A security's or a firm's past investment performance is not a guarantee or predictor of future investment performance.Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC.Copyright © 2026 Thoughtful Money LLC. All rights reserved.

This one has a twist ending!In this episode of the Regretful Parents series, Erika and Kristen react to a Reddit post titled “I genuinely hate my baby.” What starts as a familiar story about parenting regret, sleep deprivation, and postpartum mental health quickly turns into total chaos when the hosts realize the post wasn't written by a mother — but by a first-time father (FTF).This episode dives deep into the realities of new parent burnout, baby sleep training, cry it out (CIO) methods, and the crushing isolation that comes with being an expat parent with no support system. The Reddit post describes a 33-year-old parent with a 4.5-month-old baby who hasn't slept more than two hours at a time, leading to severe mental health struggles, weight loss, emotional breakdowns at work, and intense regret over becoming a parent.Along the way, Erika and Kristen unpack:The emotional toll of sleep deprivation and newborn parentingWhether sleep training actually works or causes harmWhy parenting forums are obsessed with acronyms (FTF, CIO, PLS, TCB… seriously, why?)The differences in how mothers vs fathers are treated when they struggle mentallyHow parental regret is discussed (or ignored) onlineWhy so many overwhelmed parents turn to churches, daycare, or community support just to surviveAnd how being child-free offers a radically different perspective on parenting cultureThis episode blends dark humor, brutal honesty, and social commentary while exploring topics like postpartum depression (PPD), parenting expectations, gender roles, and the myth that having children automatically brings fulfillment.If you're interested in:regretful parentsnew parent mental healthbaby sleep trainingparenting regret storieschild-free commentaryReddit parenting storiesfirst time father strugglespostpartum depression discussions…this episode is for you.

Katy Kaminski joins us to assess the early signals shaping markets in 2026. The conversation explores the resurgence of commodity trends, the role of volatility estimation, and why diversification across markets and speeds matters more than ever. Drawing on new research, they examine dispersion within the CTA universe, the limits of replication, and how volatility targeting quietly determines outcomes. From precious metals to currencies, from crisis alpha to geopolitical risk, this episode offers a grounded look at why trend following thrives during disruption and why regime change remains its natural habitat.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Katy on LinkedIn.Episode TimeStamps:00:00 - Introduction to the Systematic Investor Series00:39 - Weather disruptions and market perspective02:31 - Precious metals and extreme commodity moves04:28 - Gold, central banks, and monetary regime shifts07:43 - Replication versus full CTA diversification09:47 - Liquidity differences across metals12:03 - Metals leading trend performance in 202615:01 - Multi-sector trends and diversification benefits20:13 - Media attention and the return of trend following23:29 - Research insights on speed and dispersion31:44 - Trend speed and timing tradeoffs40:59 - Market concentration and narrow universes43:19 - Volatility estimation as a hidden...

Today we are breaking down Games Workshop. This episode is another examination of the business of IP. Whether it's Disney, Electronic Arts, or Nintendo, there are so many businesses built around core IP. And while Games Workshop and its Warhammer franchise may not be as familiar to our North America listeners - this episode will tell you why that may be changing very soon. My guest is Todd Wenning, President and CIO of KNA Capital. Todd shares his own personal story uncovering Games Workshop many years ago, he gets into the fun evolution of this business which ties into the vertical integration today, and he shares what lies ahead as awareness of Warhammer's loyal enthusiasts welcome more into their world. For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠⁠⁠⁠⁠⁠ here.⁠⁠⁠⁠⁠⁠⁠ — This episode is brought to you by⁠⁠⁠⁠ ⁠Portrait Analytics⁠⁠⁠⁠⁠ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before. Sign-up for a free trial today at⁠⁠⁠⁠ ⁠portraitresearch.com⁠⁠⁠⁠⁠ — Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠⁠⁠⁠ colossus.com/episodes⁠⁠⁠⁠⁠⁠⁠. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠). Timestamps  (00:00:00) Welcome to Business Breakdowns (00:03:55) Introduction to Games Workshop  (00:05:31) History of the Warhammer IP  (00:09:14) Games Workshop's Evolution  (00:10:59) Warhammer Retail Stores  (00:12:37) The Numbers Behind Warhammer's Popularity  (00:14:03) Geographic and Demographic Concentration  (00:16:36) Competition from Other Games & Hobbies  (00:18:49) Events and Community: Hidden Network Effects  (00:19:48) Margins and Cash Generation  (00:21:31) Growth Drivers & Prime Potential  (00:24:51) Licensing Model & Tariff Volatility  (00:26:49) Why the Business is Defensible  (00:28:33) The Relevance Risk  (00:31:43) Games Workshop's Unique Flat Structure  (00:32:52) Capital Allocation & Dividend Focus  (00:34:16) Valuing Games Workshop  (00:35:25) Three Man Risks for the Business  (00:38:33) Riches in Niches & Other Lessons

Ryan Gibson, co-founder and CIO of Spartan Investment Group, a real estate investment firm specializing in the self-storage industry, joins the program to discuss the industry's evolution and outlook, how investors can successfully enter the space, and the Five D's that have traditionally driven demand for space on self-storage properties. (01/2026)

Ryan Gibson, co-founder and CIO of Spartan Investment Group, a real estate investment firm specializing in the self-storage industry, joins the program to discuss the industry's evolution and outlook, how investors can successfully enter the space, and the Five D's that have traditionally driven demand for space on self-storage properties. (01/2026)

Ryan Gibson, co-founder and CIO of Spartan Investment Group, a real estate investment firm specializing in the self-storage industry, joins the program to discuss the industry's evolution and outlook, how investors can successfully enter the space, and the Five D's that have traditionally driven demand for space on self-storage properties. (01/2026)

Episode 248 has a listener poll of viral snow-day announcement songs from districts around the country. Check out the videos below and tell us your favorite by emailing us at info@k12techtalkpodcast.com: Option 1: Benson Boone - Ozarks Schools (MO) Option 2: Extraordinary - Novi Community School District (MI) Option 3: Code Red - Montgomery County Public Schools (MD) The second half of this episode is an interview with Dr. Richard Charles, CIO for the Denver Public Schools. Dr. Charles discusses Denver's decision to block ChatGPT for students and staff over privacy, safety, and compliance concerns, explains the district's AI governance and procurement changes, and outlines criteria for safe vendor adoption (data privacy agreements, visibility and guardrails). He also shares alternatives being evaluated, plans for an AI whitelist, and district AI initiatives like knowledge management and partnerships. https://openai.com/index/our-approach-to-age-prediction/ ———— Sponsored by: Rise Vision Interactive Digital Signage Templates + Touchscreen Displays Screen Sharing Emergency Alerts  VIZOR   Meter - meter.com/k12techtalk Visit meter.com/k12techtalk to book a demo!   Managed Methods IncidentIQ Fortinet - fortinetpodcast@fortinet.com ———— Join the K12TechPro Community (exclusively for K12 Tech professionals) Buy some swag (tech dept gift boxes, shirts, hoodies...)!!! Email us at k12techtalk@gmail.com OR our "professional" email addy is info@k12techtalkpodcast.com X @k12techtalkpod Facebook Visit our LinkedIn Music by Colt Ball Disclaimer: The views and work done by Josh, Chris, and Mark are solely their own and do not reflect the opinions or positions of sponsors or any respective employers or organizations associated with the guys. K12 Tech Talk itself does not endorse or validate the ideas, views, or statements expressed by Josh, Chris, and Mark's individual views and opinions are not representative of K12 Tech Talk. Furthermore, any references or mention of products, services, organizations, or individuals on K12 Tech Talk should not be considered as endorsements related to any employer or organization associated with the guys.

In this episode, the mates & Cathie discuss the big tech trends for 2026.  Get access to metatrends 10+ years before anyone else - https://qr.diamandis.com/metatrends   Cathie Wood is the founder and CEO/CIO of ARK Invest Get Cathie's Big Ideas Report https://www.ark-invest.com/big-ideas-2026  Salim Ismail is the founder of OpenExO Dave Blundin is the founder & GP of Link Ventures Dr. Alexander Wissner-Gross is a computer scientist and founder of Reified – My companies: Apply to Dave's and my new fund:https://qr.diamandis.com/linkventureslanding      Go to Blitzy to book a free demo and start building today: https://qr.diamandis.com/blitzy   _ Connect with Peter: X Instagram Connect with Dave: X LinkedIn Connect with Salim: X Join Salim's Workshop to build your ExO  Connect with Alex Website LinkedIn X Email Listen to MOONSHOTS: Apple YouTube – *Recorded on January 27th, 2026 *The views expressed by me and all guests are personal opinions and do not constitute Financial, Medical, or Legal advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Federal Reserve is holding interest rates steady, keeping policy in a 3.5%–3.75% range. Lance Roberts and Michael Lebowitz examine how markets are reacting to Chair Jerome Powell's message, and break down what the Fed is signaling—and why it could fuel market volatility ahead. 0:00 - INTRO 0:19 - Mega Reports & Fed Fallout 4:31 - Markets Struggle after 7,000 9:33 - Inflation, Truflation, & Labor 14:14 - Chances of Rate Changes Higher or Lower? 16:44 - Current Growth Spurt is Unsustainable 19:10 - No Mention of QT/QE 21:10 - Citadel Securities; Risk-on Indicator 23:14 - Margin Debt is Bullish for Markets 26:13 - Liquidity Shifts & Fed Watching 29:15 - Geopolitics, Mid-term Elections & Potential Gov't Shutdown 31:42 - Why Fed Policy Matters 34:02 - Are We In an AI Bubble 35:53 - Favorite Search Engine Rankings - Then & Now 38:23 - The AI Boom vs the Dot-com Bubble Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Portfolio Manger, Michael Lebowitz, CFA Produced by Brent Clanton, Executive Producer ------- Watch Today's Full Video on our YouTube Channel: https://www.youtube.com/watch?v=1vX2vPQQp28 ------- Articles Mentioned in Today's Show: "AI Bubble: History Says Caution Is Warranted" https://realinvestmentadvice.com/resources/blog/ai-bubble-history-says-caution-is-warranted/ ------- Watch our previous show, "Q&A Wednesday, the YouTube Chatroom Free-for-all," here: https://www.youtube.com/watch?v=XLaWDc-IGAw&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 -------- The latest installment of our new feature, Before the Bell, "Markets Stall at 7,000: Breakout or Bull Trap?" is here: https://www.youtube.com/watch?v=meTHta-tC1o&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 ------- Get more info & commentary: https://realinvestm entadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #MarketOutlook #TechnicalAnalysis #RiskManagement #MarketSpeculation #InvestorDiscipline #FederalReserve #JeromePowell #InterestRates #MarketOutlook #MonetaryPolicy

In this episode of The Derivative, Jeff Malec dusts off the dress shoes and steps out from behind the webcam for his first in-person interview since before COVID. He heads to Potomac's studio to sit down with Dan Russo, Portfolio Manager and CIO, for a conversation on why investing theory often breaks down when real life shows up. This chat covers why market timing isn't about catching every move, it's about avoiding the ones that cause lasting damage. Dan also explains how Potomac applies systematic, rules-based models built on trend, breadth, and intermarket signals, why cash is a position, and why many popular investing slogans oversimplify risk. SEND IT!Chapters:00:00-00:19= Intro00:20-08:05 = Tactical vs. Passive Investing, Education in Investing, & Understanding Market Timing and Drawdowns08:06-21:47= The Role of Education in Investing & Analyzing Market Trends and Health21:48-35:32= Combining Technical Analysis with Market insight35:33-45:22= Advisor relationships, Portfolio management & Market Psychology45:23-54:56= Cash as a Diversifier, Tactical Strategies & Risk management54:57-01:01:53= Future directions, Market Adaptation & The Evolution of Trading01:01:54-01:06:35=  Parkerization and Pinot: Hot Takes on the Modern Wine IndustryDon't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, or⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ , and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠sign-up for our blog digest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

The Federal Reserve is holding interest rates steady, keeping policy in a 3.5%–3.75% range. Lance Roberts and Michael Lebowitz examine how markets are reacting to Chair Jerome Powell's message, and break down what the Fed is signaling—and why it could fuel market volatility ahead. 0:00 - INTRO 0:19 - Mega Reports & Fed Fallout 4:31 - Markets Struggle after 7,000 9:33 - Inflation, Truflation, & Labor 14:14 - Chances of Rate Changes Higher or Lower? 16:44 - Current Growth Spurt is Unsustainable 19:10 - No Mention of QT/QE 21:10 - Citadel Securities; Risk-on Indicator 23:14 - Margin Debt is Bullish for Markets 26:13 - Liquidity Shifts & Fed Watching 29:15 - Geopolitics, Mid-term Elections & Potential Gov't Shutdown 31:42 - Why Fed Policy Matters 34:02 - Are We In an AI Bubble 35:53 - Favorite Search Engine Rankings - Then & Now 38:23 - The AI Boom vs the Dot-com Bubble Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Portfolio Manger, Michael Lebowitz, CFA Produced by Brent Clanton, Executive Producer ------- Watch Today's Full Video on our YouTube Channel: https://www.youtube.com/watch?v=1vX2vPQQp28 ------- Articles Mentioned in Today's Show: "AI Bubble: History Says Caution Is Warranted" https://realinvestmentadvice.com/resources/blog/ai-bubble-history-says-caution-is-warranted/ ------- Watch our previous show, "Q&A Wednesday, the YouTube Chatroom Free-for-all," here: https://www.youtube.com/watch?v=XLaWDc-IGAw&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 -------- The latest installment of our new feature, Before the Bell, "Markets Stall at 7,000: Breakout or Bull Trap?" is here: https://www.youtube.com/watch?v=meTHta-tC1o&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 ------- Get more info & commentary: https://realinvestm entadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #MarketOutlook #TechnicalAnalysis #RiskManagement #MarketSpeculation #InvestorDiscipline #FederalReserve #JeromePowell #InterestRates #MarketOutlook #MonetaryPolicy

In this episode of the Shift AI Podcast, Alex Waddell, Chief Information Officer at Adobe Population Health, joins host Boaz Ashkenazy live from Dreamforce in San Francisco for a deep dive into AI adoption in one of the most highly regulated—and most impactful—industries: healthcare.Alex shares his unconventional journey from Salesforce administrator to CIO, and how Adobe Population Health built a custom electronic medical record (EMR) on the Salesforce platform to support population health case management long before it became an industry buzzword. The conversation explores why traditional EMRs often get in the way of care—and how AI can help remove friction so clinicians can focus on patients, not paperwork.Together, Boaz and Alex unpack how AI is being applied today to reduce clinician burnout, automate documentation, improve quality assurance, and deliver the right data at the right time. Alex also explains why “augmented intelligence,” not full automation, is the future of healthcare—and why humans will always remain at the center of care delivery.The episode closes with a thoughtful discussion on AI adoption, clinician trust, and why involving end users directly in building AI workflows is essential for success.This episode is a must-listen for healthcare leaders, technologists, and operators who want to understand how AI can drive real-world outcomes—not just efficiency metrics.Key Themes & TakeawaysWhy population health required building a custom EMR from scratchThe hidden cost of documentation and clinician burnoutHow AI can get “the system out of the way” of patient careUsing AI for chart summarization, note generation, and QA auditsOvercoming fear and resistance to AI in regulated environmentsWhy adoption—not technology—is the real challengeThe future of healthcare as augmented intelligenceChapters[00:00] Welcome & Live from Dreamforce[01:30] Alex Waddell's Journey: From Admin to CIO[03:39] Building a Custom EMR for Population Health[05:45] Data, Interoperability, and MuleSoft[06:45] Reducing Clinician Burnout with AI[08:24] Voice, Automation, and the Future of Admin Work[09:30] Using AI for Quality Assurance at Scale[10:49] AI's Real Impact on Patient Outcomes[12:20] “Augmented Intelligence” and the Future of Work[14:00] Adoption, Trust, and Bringing Clinicians Along[16:00] Learning More & Closing ThoughtsEpisode Quote“An EMR doesn't change lives. The human interaction does. AI's job is to get out of the way so clinicians can actually care.”Connect with the GuestsAlex WaddellChief Information Officer, Adobe Population HealthWebsite: https://www.adobepophealth.comLinkedIn: https://www.linkedin.com/in/alexander-waddell-066bb914a/Boaz AshkenazyHost, Shift AI PodcastLinkedIn: https://www.linkedin.com/in/boazashkenazy/Email: info@shiftai.fm

Crypto taxes stressing you out? You don't have to figure it out alone. We've partnered with Crypto Tax Girl, a crypto-focused tax firm that's been helping investors since 2017, to give readers $100 off personalized, one-on-one crypto tax help. Their team can handle everything from transaction calculations to full tax returns — but pre-April 15 spots are limited, so don't wait! Grab $100 off here In this episode of Bits + Bips, Austin Campbell, Ram Ahluwalia, Chris Perkins, and guest Charles Edwards debate what “realpolitik” means for markets, why gold is leading, and whether Bitcoin is lagging for a reason that is not just sentiment. They also argue over a counterintuitive claim gaining traction on desks: that rate cuts can be bad for risk assets in a high-debt world, and that the biggest adoption blocker for Bitcoin may be a known unknown, the quantum threat, whether it is imminent or simply believed enough to cap upside. Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins, Managing Partner and President of CoinFund Guests: Charles Edwards, Founder & CIO at Capriole Investments Links: Why Gold Rose and Bitcoin Tumbled on Japan Bond Turmoil Should You Buy Gold or Bitcoin? Here's How to Think About It Bitcoin Stumbles as Global Tensions Push Investors Toward Safe Havens Bitcoin Rebounds After Trump's Truth Social Post Eases Tariff Fears Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Alan Dunne is joined by Dario Perkins to examine why the global macro consensus may be fundamentally misreading the current cycle. The conversation moves from US fiscal stimulus and Federal Reserve credibility to the limits of the K-shaped economy narrative. Perkins challenges prevailing assumptions around AI-driven productivity, labor market weakness, and falling inflation, arguing that policy choices are pushing economies toward overheating rather than stagnation. The discussion extends to bond markets, term premia, Japan's normalization, Europe's fiscal pivot, and China's rebalancing dilemma. What emerges is a picture of renewed growth, rising risks, and a cycle whose ending is now becoming visible.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Alan on LinkedIn.Follow Dario on Twitter.Episode TimeStamps: 00:00 - Opening remarks and context02:25 - Global uncertainty and growth expectations05:00 - The K-shaped economy under scrutiny08:12 - Fiscal stimulus, tariffs, and timing effects11:07 - Fed independence and political pressure17:06 - The race to appoint the next Fed chair26:35 - Productivity data and the AI narrative35:51 - Labor market stall speed debate39:56 - Bond markets, term premia, and inflation risk46:03 - Japan's normalization and demographic...

Welcome to Q&A Wednesday: The YouTube Chat Free-for-All — our most interactive show of the week. Lance Roberts & Danny Ratliff answer real-time questions straight from the YouTube live chat. No scripts. No pre-selected topics. Just timely, unfiltered discussion on the issues investors are wrestling with right now. 0:00 - INTRO 0:19 - Major Mega Cap Earnings After the Bell Today 3:27 - Re-setting the Doomsday Clock 5:59 - Markets Set (Another) All-time High 11:31 - Metals as Assets - Where Are Retail Investors Piling In? 21:14 - Commodities are Just an Asset 22:33 - Dollar's Decline & Relative Strength 25:16 - Should You Pay Off Your Mortgage? 29:00 - Tokenization of Real Estate Holdings 33:27 - Roth Conversions Ahead of Higher Taxes 35:04 - How Does an Economy Work in an AI Environment 36:08 - Buying Houses for $500 Down 36:58 - Private Lending Fund? NO. 39:33 - Do Not Sell Gold to Buy a Porsche 40:38 - Take Risk, Retire Young? 44:44 - When is the proper time to rebalance portfolio? 45:54 - Risk vs Volatility 48:23 - CME Raising Silver Margin Requirements 50:17 - What Are Allocations in All-Weather Portfolio? Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Senior Investment Advisor, Danny Ratliff, CFP Produced by Brent Clanton, Executive Producer ------- Watch Today's Full Video on our YouTube Channel: https://www.youtube.com/watch?v=XLaWDc-IGAw&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 ------- Watch our previous show, "Work Sucks...or Does It?," here: https://www.youtube.com/live/ziEdWYE1VwQ -------- The latest installment of our new feature, Before the Bell, "Big Tech Drives Market Highs" is here: https://youtu.be/ut624yuAvDg ------- Get more info & commentary: https://realinvestm entadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #MarketOutlook #MarketRisk #SP500 #EarningsSeason #PortfolioManagement #QAWednesday #InvestorQuestions #MarketVolatility #FinancialEducation #RiskManagement

Welcome to Q&A Wednesday: The YouTube Chat Free-for-All — our most interactive show of the week. Lance Roberts & Danny Ratliff answer real-time questions straight from the YouTube live chat. No scripts. No pre-selected topics. Just timely, unfiltered discussion on the issues investors are wrestling with right now. 0:00 - INTRO 0:19 - Major Mega Cap Earnings After the Bell Today 3:27 - Re-setting the Doomsday Clock 5:59 - Markets Set (Another) All-time High 11:31 - Metals as Assets - Where Are Retail Investors Piling In? 21:14 - Commodities are Just an Asset 22:33 - Dollar's Decline & Relative Strength 25:16 - Should You Pay Off Your Mortgage? 29:00 - Tokenization of Real Estate Holdings 33:27 - Roth Conversions Ahead of Higher Taxes 35:04 - How Does an Economy Work in an AI Environment 36:08 - Buying Houses for $500 Down 36:58 - Private Lending Fund? NO. 39:33 - Do Not Sell Gold to Buy a Porsche 40:38 - Take Risk, Retire Young? 44:44 - When is the proper time to rebalance portfolio? 45:54 - Risk vs Volatility 48:23 - CME Raising Silver Margin Requirements 50:17 - What Are Allocations in All-Weather Portfolio? Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Senior Investment Advisor, Danny Ratliff, CFP Produced by Brent Clanton, Executive Producer ------- Watch Today's Full Video on our YouTube Channel: https://www.youtube.com/watch?v=XLaWDc-IGAw&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 ------- Watch our previous show, "Work Sucks...or Does It?," here: https://www.youtube.com/live/ziEdWYE1VwQ -------- The latest installment of our new feature, Before the Bell, "Big Tech Drives Market Highs" is here: https://youtu.be/ut624yuAvDg ------- Get more info & commentary: https://realinvestm entadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #MarketOutlook #MarketRisk #SP500 #EarningsSeason #PortfolioManagement #QAWednesday #InvestorQuestions #MarketVolatility #FinancialEducation #RiskManagement

Everyone's chasing AI. Meanwhile, most organizations are wasting 25-30% of their software budget on tools nobody uses.In this episode, we meet James Malek, Senior VP of IT Infrastructure at Lexitas, who inherited chaos—45 acquisitions in five years, no structured IT department, and a hodgepodge of contracts everywhere. Instead of chasing the next shiny thing, James took a different approach: foundation first.What his team discovered when they finally got visibility into their software estate—including 300 employees using ChatGPT at a legal services company handling sensitive data—changed everything.In this episode, you'll learn:• Why software waste persists despite decades of awareness—and what actually fixes it• How one company consolidated seven separate ShareFile contracts into one• The shadow AI problem hiding in your organization right now• Why you can't do it all yourself—and what to do insteadFeaturing:• James Malek, Senior VP of IT Infrastructure, Lexitas• Elizabeth D'Amico, Manager, SAM Programs & Enablement, Softchoice• Josh Brewer, Account Executive, SoftchoiceThe Catalyst by Softchoice is the podcast dedicated to exploring the intersection of humans and technology.

On the 62nd episode of Enterprise AI Innovators, hosts Evan Reiser (CEO and co-founder, Abnormal AI) and Saam Motamedi (Greylock Partners) talk with Mike Trkay, CIO at FICO. Mike explains how FICO is moving AI from pilots to production by prioritizing ROI, data foundations, and governance. He argues for sanctioned LLM access to curb leakage, system integration for business-wide answers, and smaller domain models when accuracy, compliance, and trust matter.Quick hits from Mike:On the shift from pilots to ROI: “We're leaving that phase and starting to get to the point of going, okay, but where's the true return on that investment?”On the must-do for enterprises: “Everybody who works for you… they're going to go use one of the LLMs somewhere… and probably share data and proprietary data.”On why one big model is not enough: “Sometimes you need the PhD. Who's got who speaks the jargon, understands the context, and it helps deal with some of the hallucinations and bias, and other things that could be influencing.”Recent Book Recommendation: The Forgotten Founding Father: Noah Webster's Obsession and the Creation of an American Culture by Joshua Kendall--Like what you hear? Leave us a review and subscribe to the show on Apple, Spotify, or Youtube you listen to podcasts.Enterprise AI Innovators is a show where top technology executives share how AI is transforming the enterprise. Find more great lessons from tech leaders and enterprise software experts at https://www.enterprisesoftware.blog/ Enterprise AI Innovators is produced by Abnormal Studios.

Are there some things that can come off your strategic planning radar for IT and cybersecurity in 2026? If you ask AI, you'll get some surprising answers. Johna and John take a critical look at this AI-generated list to see which ones may or may not be “solved enough” to fall off the strategic planning... Read more »

Lance Roberts & Jonathan Penn take a hard look at how Millennials and Gen Z view work, career stability, and success in a rapidly changing economy. From corporate burnout and hustle culture to freelancing, side hustles, and remote work, the rules around employment are shifting fast. 0:00 - INTRO 0:20 - Baylor Hockey & Headphone Parties 3:28 - Fed Week preview 6:57 - Markets' Rally & Earnings Preview 12:55 - The Evolution of Work 15:48 - The Gig Job Economy 16:51 - The Importance of Job Security? 18:40 - Lance & Jon's First Jobs Stories 27:25 - Skill Sets for Success 30:25 - Teaching them Young - Dog Treats Door-to-Door 32:11 - Every Job is a Sales Job 34:08 - Looking for Work That is Meaningful 35:40 - Creation of Job Hopping Culture 37:42 - Retiring at 30? (Fallacies of the F.I.R.E. Movement) 39:39 - The Only Thing You Learn in College 41:54 - Looking for the "Right" Job Title 44:30 - The Myth of Work-Life Balance 48:09 - Level of Effort = Outcome 50:56 - Burnout is Real 52:15 - Save and Invest Early Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Senior Investment Advisor, Jonathan Penn, CFP Produced by Brent Clanton, Executive Producer ------- Watch Today's Full Video on our YouTube Channel: https://www.youtube.com/live/ziEdWYE1VwQ ------- Watch our previous show, "Bitcoin: Diversifier or Distraction - The Parker White Interview," here: https://www.youtube.com/watch?v=D4roSFzE3Ww&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 -------- The latest installment of our new feature, Before the Bell, "Earnings Determine Market's Next Move" is here: https://www.youtube.com/watch?v=154GzrQdhxU&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 ------- Get more info & commentary: https://realinvestm entadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #MarketOutlook #EarningsSeason #StockMarketToday #TechnicalAnalysis #PreMarketUpdate #WorkCulture #Burnout #FutureOfWork #Millennials #GenZ #WorkSucks

In this episode of Security Matters, host David Puner sits down with Ariel Pisetzky, chief information officer at CyberArk, for a candid look at the fast‑evolving intersection of AI, cybersecurity, and IT innovation. As organizations race to adopt AI, the fear of missing out is driving rapid decisions—often without enough consideration for identity, security, or long‑term impact.Ariel shares practical insights on what it really takes to secure AI at scale, from combating AI‑enabled phishing attacks to managing agent identities and reducing growing risks in the software supply chain. The conversation explores how leaders can balance innovation with identity‑centric guardrails, understand the economics of AI adoption, and push for the democratization of IT without losing control. Whether you're a CIO, an IT leader, or simply curious about the future of cybersecurity, this episode offers clear, actionable guidance to help you stay ahead in 2026 and beyond.

Lance Roberts & Jonathan Penn take a hard look at how Millennials and Gen Z view work, career stability, and success in a rapidly changing economy. From corporate burnout and hustle culture to freelancing, side hustles, and remote work, the rules around employment are shifting fast. 0:00 - INTRO 0:20 - Baylor Hockey & Headphone Parties 3:28 - Fed Week preview 6:57 - Markets' Rally & Earnings Preview 12:55 - The Evolution of Work 15:48 - The Gig Job Economy 16:51 - The Importance of Job Security? 18:40 - Lance & Jon's First Jobs Stories 27:25 - Skill Sets for Success 30:25 - Teaching them Young - Dog Treats Door-to-Door 32:11 - Every Job is a Sales Job 34:08 - Looking for Work That is Meaningful 35:40 - Creation of Job Hopping Culture 37:42 - Retiring at 30? (Fallacies of the F.I.R.E. Movement) 39:39 - The Only Thing You Learn in College 41:54 - Looking for the "Right" Job Title 44:30 - The Myth of Work-Life Balance 48:09 - Level of Effort = Outcome 50:56 - Burnout is Real 52:15 - Save and Invest Early Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Senior Investment Advisor, Jonathan Penn, CFP Produced by Brent Clanton, Executive Producer ------- Watch Today's Full Video on our YouTube Channel: https://www.youtube.com/live/ziEdWYE1VwQ ------- Watch our previous show, "Bitcoin: Diversifier or Distraction - The Parker White Interview," here: https://www.youtube.com/watch?v=D4roSFzE3Ww&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 -------- The latest installment of our new feature, Before the Bell, "Earnings Determine Market's Next Move" is here: https://www.youtube.com/watch?v=154GzrQdhxU&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 ------- Get more info & commentary: https://realinvestm entadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #MarketOutlook #EarningsSeason #StockMarketToday #TechnicalAnalysis #PreMarketUpdate #WorkCulture #Burnout #FutureOfWork #Millennials #GenZ #WorkSucks

Are there some things that can come off your strategic planning radar for IT and cybersecurity in 2026? If you ask AI, you'll get some surprising answers. Johna and John take a critical look at this AI-generated list to see which ones may or may not be “solved enough” to fall off the strategic planning... Read more »

Interview recorded - 21st of January, 2026On this episode of the WTFinance podcast I had the pleasure of welcoming back Alex Gurevich. Alex is the founder and Chief Investment Office of HonTe Investments and author of The Next Perfect Trade, which will be updated and the update 27th Jan. Book - https://www.amazon.co.uk/Next-Perfect-Trade-Magic-Necessity/dp/1544550006/During our conversation we spoke about Alex's thoughts on the economy, precious metals play, recession risk, interest rates, dollar, the next perfect trade and more. I hope you enjoy!0:00 - Introduction0:25 - Overview of the economy2:38 - Precious metals6:37 - Interest rates9:41 - Recession14:06 - Geopolitical impact17:12 - Other trends19:11 - Liquidity21:00 - Chinese deflation22:40 - Western economic shift23:40 - Interest rate sensitivity25:24 - Dollar28:00 - The Next Best Trade30:30 - Reviewing trading strategy31:48 - One message to takeaway?Alex Gurevich is the Founder and CIO of HonTe Advisors, LLC. More recently, Alex has transformed his very successful family office into a global macro strategy suitable for institutional investors. He is the author of the Wall Street Journal bestselling book The Trades of March 2020 and The Next Perfect Trade which articulate his rigorous trade selection and investment process. Alex was born and raised in St. Petersburg, Russia, and earned his PhD in mathematics from the University of Chicago.Alex Gurevich - Twitter - https://twitter.com/agurevich23LinkedIn - https://www.linkedin.com/in/alex-gurevich-23a358105Website - https://honteinv.com/WTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

Real-time reporting promises faster decisions, but without trusted and governed data, speed can become a liability. John Hagerty, Distinguished Analyst at Dresner Advisory Services, joins Melissa Howatson to unpack what it really takes to achieve data mastery in modern finance organizations. Drawing on more than 35 years of experience across enterprise performance management, business intelligence and analytics, John explains why data governance is no longer an IT problem, it's a business imperative. In this conversation John shares why finance can't operate in data silos, how CFOs and CIOs must evolve into true partners, and why analytics only deliver value when built on consistent definitions, shared responsibility and clean data foundations. From centers of excellence and data stewardship to AI adoption and real-time decision-making, this episode offers a practical roadmap for finance leaders looking to turn data into a strategic advantage. Discussed in this episode: • Why real-time analytics fail without trusted data • Data governance as a shared enterprise responsibility • The evolving CFO–CIO partnership • Centers of excellence vs. data stewardship (and why you need both)For CFO insights, episode show notes and exclusive blog content, visit thecfoshowpodcast.com.

It was a pleasure to welcome Alex Urdea, Founder and CIO of Deep Ocean Partners to the Alpha Exchange. Alex traces his career from credit derivatives trading at a large bank to a risk management function at a hedge fund focused on distressed investing to ultimately building an asset-backed private credit platform focused on smaller, less trafficked segments of the lending universe. The conversation centers on how regulatory changes following the Global Financial Crisis, prolonged periods of low interest rates, and shifting investor preferences have reshaped where and how credit risk is priced. Alex describes how traditional public credit markets, including leveraged loans and high yield, have increasingly compressed spreads while loosening covenants, reducing compensation for bearing risk. In contrast, private credit has emerged as an alternative channel for borrowers unable to access bank balance sheets, particularly fast-growing businesses that are asset-rich but cash-flow constrained. He emphasizes that credit underwriting remains fundamentally about downside protection, liquidation value, and recovery — principles shaped by his experience in stress, distress, and complex capital structures. A  theme central to our discussion is the distinction between risk monitoring and risk management. Alex explains how Deep Ocean combines asset-backed lending with data connectivity and real-time monitoring to identify potential issues earlier in the life of a loan, rather than relying solely on periodic reporting or mark-to-market signals. The conversation also explores how macro forces — including rate shocks, tariffs, and supply-chain disruptions — can impose themselves even on carefully underwritten credits, reinforcing the importance of portfolio construction and diversification. I hope you enjoy this episode of the Alpha Exchange, my conversation with Alex Urdea.

In this episode, Niels hosts Yoav Git to explore inflation risk, bond fragility, and the changing role of trend following in a world defined by supply shocks and declining trust. Drawing on recent research and market behavior, the conversation examines why traditional bond allocations struggle during inflationary regimes and how commodity trend strategies may offer structural resilience. The discussion spans geopolitics, deglobalization, energy markets, fixed income autocorrelation, and the limits of forecasting macro outcomes. Rather than predicting inflation's path, the episode focuses on portfolio construction that can endure multiple regimes. What emerges is a disciplined argument for robustness over precision in an increasingly unstable global system.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Yoav on LinkedIn.Episode TimeStamps:00:00 - Introduction and series context01:08 - Inflation back on the radar02:38 - Recent podcast influences and inflation narratives06:56 - Geopolitics, trust, and market fragmentation08:52 - Commodities, volatility, and supply driven moves10:48 - Trend performance and early 2026 conditions11:30 - Fixed income, FX, and emerging market trends17:26 - The all weather portfolio problem18:18 - Bonds, inflation regimes, and correlation breakdowns22:39 - Commodity trend as a defensive building block27:01 - Are markets signaling higher inflation ahead30:04 - What...

Host Matt Fisher talks to Theresa Meadows, CIO in Residence, symplr about administrative and operational burdens facing healthcare organizations; focusing on effective ways to deploy and implement technlogy to avoid adding to burdens; considerations for bridging gaps between clinical and IT groups; importance of building relationships to foster trust. To stream our Station live 24/7 visit www.HealthcareNOWRadio.com or ask your Smart Device to “….Play Healthcare NOW Radio”. Find all of our network podcasts on your favorite podcast platforms and be sure to subscribe and like us. Learn more at www.healthcarenowradio.com/listen

I had the pleasure of co-hosting another episode of Excess Returns with Matt Zeigler.In this episode of Excess Returns, we sit down with Gary Mishuris, Managing Partner and CIO of Silver Ring Value Partners, to explore how deep fundamental analysis, behavioral insight, and disciplined process come together in real-world investing. Gary shares formative lessons from his early career at Fidelity during the post-tech bubble period, including firsthand experiences learning from legends like Peter Lynch, and connects those lessons to how he evaluates value, quality, and mispricing today. The conversation spans a detailed case study on Warner Bros. Discovery, portfolio construction under uncertainty, selective use of options, and how artificial intelligence is reshaping the research process for long-term investors.Available now on Excess Returns Podcast and Talking Billions.

Iniziamo a pralare dei mitici libricini, e poi si passa alla musica, alle esperienze fatte e ovviamente... cibo! Trascrizione interattiva e Vocab Helper Support Easy Italian and get interactive transcripts, live vocabulary and bonus content: easyitalian.fm/membership Come scaricare la trascrizione Apri l'episodio in Transcript Player Scarica come HTML Scarica come PDF Vocabolario Scarica come text file Scarica come text file with semicolons (per app che utilizzano flashcard) Iscriviti usando il tuo feed RSS privatoper vedere la trascrizione e il vocab helper subito sulla tua applicazione per ascoltare i podcast sul tuo cellulare. Note dell'episodio The Most Beautiful Italian Word (according to Italians) - https://www.youtube.com/watch?v=rbKSArNUR_4 Con Fabio oggi parliamo della sua esperienza all'estero e poi del suo ritorno in Italia. Come è andata? Dove tornerebbe? Ma non solo, parliamo di libri, di musica e cibo. E di seguito per chi vuole sapere di più di Fabio: Tutti i link utili per sapere di più di Fabio: https://fabiocerpelloni.com/ Any Language You Want - https://a.co/d/f7dp9fU Tiny Book Author (Amazon link) - https://a.co/d/4tSF01G Trascrizione Raffaele: [0:23] Bello, eh, questo stacco di batteria? Bellissimo! Matteo: [0:27] E buongiorno a tutti e due, oggi siamo in tre già dall'inizio. Raffaele: [0:33] Siamo di nuovo in tre. ricordiamo per chi si fosse perso la produttiva precedente, andatevela a recuperare. E questo spiegherà perché in questa puntata siamo in tre. Matteo, ma dove eravamo rimasti? Matteo: [0:53] Beh, e dove eravamo rimasti? Raffaele: [0:55] Io lo chiedo a te e tu lo chiedi a me? Matteo: [0:58] Non lo so. Raffaele: [0:59] Eravamo rimasti alle lingue, no? Abbiamo parlato quasi per tutta la puntata precedente di lingue. In quest'altra puntata, con il nostro Fabio, proviamo a trattare altri argomenti. Però usiamo le lingue come ponte. E quindi io ho subito una domanda per te, Fabio. Ovvero, sei italiano, ma scrivi libri e anche articoli, di questo poi magari ne parliamo nell'after show, in inglese. Come hai raggiunto questo livello di fluency si dice in inglese, di competenza chiamiamola in italiano? Ma anche di fiducia in se stessi, perché in tanti non scriverebbero un libro nella loro lingua madre. Tu invece scrivi libri in una lingua che non è la tua lingua madre. Fabio: [1:42] Ok. Quindi... buongiorno a tutti. A me è sempre piaciuto scrivere, devo dire, anche quando ero alle scuole superiori superiori, scuole superiori e medie. I miei temi che ci facevano fare... diciamo che sono sempre andato bene nei temi. Mi piaceva scrivere, mi piace esprimermi in forma scritta. Formandomi come insegnante ho dovuto scrivere parecchio in inglese, perché c'erano i vari... adesso non so come si può dire... assignments. I vari... (Compiti.) Compiti, esatto, compiti o comunque test dove dovevi produrre un testo scritto. E già questa cosa a me piaceva, perché poi anche scrivendo, vedi, ti vengono in mente cose, ti viene in mente... dubbi. Ci va la virgola, ci va questa proposizione, quell'altra, come esprimo quest'idea, quali parole uso? Quindi è un continuo scoprire quando scrivi. Sia idee che hai, ma anche a livello di forma, quindi di capire come strutturare una frase, un testo, un paragrafo. È una cosa che mi è sempre piaciuta, la faccio anche nella mia attività da libero professionista. Come ho raggiunto questo livello? Scrivendo, ricevendo anche un feedback, un riscontro. Da me stesso più che altro, perché poi sono sempre stato io quello che andava a vedere se il testo andava bene, se non andava bene. Adesso con l'intelligenza artificiale è tutto molto più semplice, quindi per qualcuno che vuole scrivere hai un assistente diretto che ti può dire "guarda, qua ci va questo, perché bla bla bla..." Poi sull'intelligenza artificiale possiamo farci un... Matteo: [3:51] Una serie più che una puntata. Fabio: [3:55] Comunque sì, addirittura adesso, non per dire, però arrivo a scrivere in inglese e mi sono quasi dimenticato le regole di punteggiatura dell'italiano. Perché le virgole in italiano, ho sempre il dubbio dove vanno, come vanno, se ci vanno. Mentre in inglese, scrivendo solo in inglese, perché poi scrivo solo in inglese, sono molto più sicuro di quello che metto sulla pagina. Raffaele: [4:26] C'è sempre interferenza. Ma i tuoi libri hanno una caratteristica, qual è questa caratteristica? Fabio: [4:33] Che sono corti. Sono corti. Appunto io li chiamo tiny books, libricini, perché il mio primo libro, Any Language You Want, in realtà è stato quasi una sorpresa per me. Perché io non ho mai pensato di scrivere un libro, in realtà. Io ho sempre visto questa cosa dello scrivere un libro, pubblicare un libro come un obiettivo impossibile. Scrivere un libro? Quante cose devi dire? Come fai a pubblicarlo? E poi cosa scrivo? Questo era quello che pensavo. Poi ho letto un libricino di business che si chiama Anything You Want di Derek Sivers, che era, che è, è stato un imprenditore americano, dove lui semplicemente aveva pubblicato questo libricino. Ogni pagina, su ogni pagina, ogni due facciate raccontava una storia di come aveva costruito il suo business. Ed era un libricino di meno di 100 pagine, molto piccolo. Ho detto "wow, cavolo, 'sto libro qua ha detto molto di più, ho trovato molto di più in questo libro che in tanti altri che ho letto. Perché comunque leggo parecchio. E ho detto "Quasi quasi lo scrivo anch'io un libro così", un libro corto, storie corte, iniziano e finiscono, ogni capitolo è una storiella. Storiella vera poi, perché non scrivo mai di... cioè non scrivo romanzi o storie inventate. E allora ho detto "Wow, allora ci provo anch'io, quindi non devo pubblicare 300 pagine per diventare un autore." [È] così che ho scritto poi il mio primo e il mio secondo. Che poi il mio secondo è "come scrivere un libricino". (Un metalibro.) Un metalibro, esatto, sempre storie mie. Parlo sempre... cioè parlo sempre di me, non perché sono egocentrico ma perché vorrei far vedere quello che può funzionare. L'ho fatto col primo con language learning, e l'ho fatto col secondo con il self publishing, lo scrivere. Raffaele: [6:53] C'è un grande vantaggio dei libricini, che ho sentito tra l'altro da, come chiamarlo, da un linguista e esperto anche di business che dovresti conoscere, ma ne parliamo nell'after show. Che dice che il vantaggio dei libri piccolini, è quello che ti spingono poi all'azione più facilmente. Finisci il libro presto e sei subito portato all'azione. Mentre invece libri grandi tendono ad addormentarti per certi versi. Quindi leggi il libro, ma poi alla fine del libro ti sei dimenticato di farci qualcosa con il libro. Fabio: [7:26] Sì, ne ho letto uno, appunto, anzi più di uno in realtà, dove è un continuo dire sempre la stessa cosa, sempre il solito, due o tre concetti, i soliti due o tre concetti, e tu dici "ma ok, non mi serve un altro esempio di questo concetto". E a volte questa cosa è un po' dovuta anche all'industria del publishing che richiede poi... l'autore... "o scrivi 250 pagine oppure non possiamo pubblicarti perché magari il libro non si vede sullo scaffale". Mentre un libro piccolo è più funzionale, ti dà quello che ti dà, quello che ti deve dare e basta: è inutile diluire o comunque dilungarsi, ecco. Raffaele: [8:21] Matteo, hai sentito nella puntata precedente? Fabio ha vissuto a Londra. Matteo: [8:27] Fabio ha vissuto a Londra, esattamente, ma questo lo dovevi sentire tu, che sei il Londra lover... Raffaele: [8:35] Eh vabbè, ma ci hai vissuto più tu che io però, è un'altra cosa che ci accomuna. Matteo: [8:40] Ma io prima di andare a Londra, perché poi andiamo anche a Londra, volevo chiedere a proposito dei due libricini: ma c'è un due senza tre in arrivo? Fabio: [8:49] C'è, c'è il 3. C'è il 3, è ancora un'idea, c'è un elenco di cose che voglio mettere dentro. Però ci sarà, io voglio continuare a farlo, sì, sì. Matteo: [9:04] A quel punto la seconda domanda è: ma è per caso su Any Martial Art You Want? Fabio: [9:12] No, non è su martial arts. Mia cognata mi ha detto "ah, hai scritto un secondo libro su come scrivere il primo libro, quindi il tuo terzo cos'è? Scrivi un terzo libro su come scrivere un secondo libro? Cos'è, Inception?" No, non è Inception, è sempre un libro di storie. Allora, ho un po' di idee, però quella che più mi piace, perché poi sempre parlando poi di language learning, di apprendimento linguistico: se fai qualcosa che hai... passione, per la quale passione o comunque qualcosa che ti entusiasma, poi la cosa ti riesce meglio. E quindi sto pensando a un libro di storie mie personali, sempre, ovviamente, però con un messaggio più universale. Non ho ancora ben chiaro il progetto, però questa cosa a me entusiasma molto. Anche perché io nel podcast che avevo aperto nel 2021, tutti [i miei primi] episodi erano storie mie personali, che utilizzavo per insegnare inglese. Prendere quei contenuti, aggiustarli e scrivere una storia, come testo scritto, e racchiudere il tutto in un libro poi... non so, questo qua è un progetto che mi ispira molto. Quindi diciamo che [all']80% questo è il terzo libro. Raffaele: [10:43] In bocca al lupo. Fabio: [10:44] Grazie. Raffaele: [10:46] "Crepi" si dice! No "grazie"! Fabio: [10:47] Crepi, crepi, infatti! Matteo: [10:48] Sei vegetariano? Fabio: [10:50] Io? Sono vegano. Matteo: [10:53] Ah vedi allora per questo non ha detto "crepi"! Matteo: [10:56] Ce li abbiamo tutti e tre allora: l'onnivoro, il vegetariano e il vegano. Matteo: [11:00] Posso fare una domanda che vorrei fare poi a tutti i nostri futuri ospiti, per fare poi una raccolta? Ci dai una ricetta? Fabio: [11:13] Una ricetta vegana? Matteo: [11:15] Una ricetta. Una ricetta che ti piace, una ricetta ovviamente che ti piace e che mangeresti, quindi se sei vegano, vegana. Raffaele: [11:22] La domanda più difficile delle due puntate. Fabio: [11:23] Questa è difficile sì! Allora, la ricetta: riso saltato con le verdure. E come si fa? Prendi il riso, lo salti e ci metti le verdure. Matteo: [11:41] Andiamo un po' più... almeno dicci le verdure. Fabio: [11:46] Ci metti il peperone, ci metti la carota, il broccolo, salti tutto, un po' di salsa di soia, riso integrale ai minerali: è più nutriente. E lo salto. Guarda, questo è come mi ha conquistato la mia compagna, con un riso saltato con le verdure. Raffaele: [12:07] Ma mi sembra una ricetta più asiatica che non italiana. Fabio: [12:10] Sì, perché sia io che la mia compagna siamo innamorati del sud-est asiatico, ci abbiamo viaggiato per cinque mesi e mezzo quando eravamo di ritorno dalla Nuova Zelanda. Così, con lo zainetto, senza... abbiamo pianificato i primi due giorni a Bali e poi il resto non sapevamo in realtà, non avevamo un piano. Avevamo un piano che stavamo in giro con i soldi che avevamo guadagnato in Nuova Zelanda a farci un mega viaggio, con un budget ristretto comunque. Non è che abbiamo fatto hotel 5 stelle, resorts... nulla di tutto ciò. Ma, con l'Asia sì, soprattutto io col Vietnam: mi piace molto. Raffaele: [13:02] Fantastico. Fabio, ti devo interrompere a questo punto, perché io prima ho lanciato l'amo per Londra ma non avete abboccato. Poi tu adesso hai detto che sei stato in Nuova Zelanda. Ma hai vissuto in più posti in giro per il mondo. Ti va di raccontarci un po' di questi tuoi... non viaggi soltanto, ma proprio di esperienze di vita all'estero? Fabio: [13:21] Allora, io sono partito per Londra nel 2011, lavoravo per Pret a Manger, che è tipo Starbucks. E ho fatto lì i primi... facciamo un anno e mezzo. Un anno e mezzo. Ero con la mia ex compagna, a Londra esperienza formativa, però esperienza che mi ha tirato fuori dal guscio, dalla protezione di mamma e papà. Ero lì facendo un lavoro per il quale non avevo studiato, perché facevo panini e zuppe. E il mio inglese lì è migliorato, perché comunque stando a contatto, parlando con i miei colleghi, sono migliorato. Poi con la mia compagna dell'epoca ci siamo lasciati, e ho detto "dove vado?" E pensavo "vado in Canada, adesso me ne vado in Canada, voglio comunque andare in un altro paese dove parlano l'inglese, così vado avanti, imparo sempre di più, diventerò insegnante". Avevo visto che c'era qualcosa qui col visto che non poteva funzionare, ho detto "no, sai dove vado? Andiamo da un'altra parte del mondo!" E sono andato in Australia. In Australia sono atterrato ad Adelaide e l'Australia per me è stato il mio... ancora lo ricordo come i miei due anni più belli dei miei 38 anni. Perché ho conosciuto un sacco di persone, ho visto un sacco di bei posti, poi a me piace il deserto, ho conosciuto la mia compagna attuale, che è quella che mi ha conquistato col riso con le verdure. In realtà l'avevo conosciuta in Italia perché, adesso la storia un po' si complica, in Italia io insegnavo così amatorialmente lezioni di batteria e lei era una mia studentessa. Matteo: [15:21] Oh, quindi legati dall'amore non solo per il sud-est asiatico, ma anche per la batteria e la musica. Fabio: [15:33] Sì, esatto. Una settimana prima che io partissi per l'Australia, io e Aloha, che è la mia compagna, abbiamo iniziato la relazione. Quindi è stata davvero dura all'inizio, perché in Australia io all'inizio ero da solo i primi quattro mesi. Lei poi mi fece la sorpresa di dire "vengo giù anch'io". Ma io ero io ero cotto, innamorato perso, cotto. Quindi i primi quattro mesi a distanza, in realtà quelli sono stati più brutti secondo me. Raffaele: [16:04] E che distanza poi, non è esattamente Napoli-Milano. Fabio: [16:07] Esatto, esatto, poi dall'Australia lei mi ha raggiunto, abbiamo fatto tutto quello che abbiamo fatto, perché abbiamo comprato un van, abbiamo girato, lavoravamo nelle farm, nelle piantagioni e abbiamo fatto lì quei due anni. E da lì poi ho detto "ma dove andiamo? Il visto è scaduto!" Il paese più vicino è la Nuova Zelanda, facilissimo da entrarci per candidarsi per il visto, l'abbiamo preso ed è lì poi che io ho preso la mia prima certificazione per diventare insegnante, ho iniziato a insegnare nelle scuole di lingua ad Oakland, in una scuola di lingua inglese ad Oakland, ho fatto tutta la mia prima esperienza. E la mia... Aloha lavorava in pasticceria, perché lei... no pasticceria, era una... vabbè comunque lavorava in un posto dove facevano da mangiare. E abbiamo fatto due anni lì, poi prima di tornare in Italia appunto abbiamo detto "andiamo a vedere l'Asia". Perché poi in Australia e in Nuova Zelanda incontravamo tante persone che dicevano "sono stato in Vietnam, abbiamo visto la Malesia, e la Cambogia, di qua. di là..." Tante persone in viaggio, sentivamo che avevano appunto avuto queste esperienze. Matteo: [17:27] E quindi dicevate "ma dovremmo vederla anche noi". Giusto. Fabio: [17:31] Esatto. Quindi prima di tornare facciamo anche noi i backpackers, come già lo facevamo, e andiamo lì. Abbiamo fatto appunto questi cinque mesi e mezzo vagando con lo zainetto, bellissimo. Io vorrei andare lì in pensione. Raffaele: [17:54] E invece sei tornato in Italia? Matteo: [17:56] Infatti sì, stavo per dire, vi siete stufati di girare? Fabio: [18:00] Beh, più che stufati,sapevamo l'inizio del viaggio e la fine. In realtà siamo tornati perché il visto della Nuova Zelanda era scaduto, in Indonesia, [nel] sud-est asiatico non potevamo stare. Anche perché i servizi... noi ci lamentiamo magari dell'Italia magari, però ci sono posti dove i servizi sono molto scadenti. E quindi siamo tornati, siamo tornati. Io poi ho iniziato a lavorare al British Council. Matteo: [18:39] Lavori ancora? No, non lavori [più] al British Council. Fabio: [18:43] Al British Council sono... come si dice... collaboratore, insomma, freelance. Raffaele: [18:49] Com'è tornare in Italia dopo aver vissuto diversi anni all'estero? Fabio: [18:54] Ma all'inizio, quando tornavo, perché ogni tanto tornavamo, io non vedevo poi l'ora di andare via, perché comunque la mia routine era dall'altra parte, avevo i miei progetti in Australia, Nuova Zelanda. Poi quando siamo tornati in realtà non è stato poi così scioccante o che so, deprimente o magari... È stata un'esperienza normale, abbiamo preso una casa in affitto, poi abbiamo comprato casa. Shock culturale non c'è stato in realtà, perché fondamentalmente siamo italiani quindi sapevamo cosa trovavamo. In realtà è stato anche... dopo aver visto certe cose fuori dall'Italia, in realtà ci siamo resi conto che in realtà ci sono tante cose che funzionano nel nostro paese. Però siccome siamo qui, non te ne accorgi poi. Te ne accorgi quando non le hai. Raffaele: [19:59] Le dai per scontate. Fabio: [20:01] Esatto, le dai per scontate. E quindi è stato anche un po'... mi ha fatto apprezzare in realtà di più l'Italia, il tornare. Matteo: [20:10] Questo è interessante, molto interessante. Fabio: [20:13] Eh bisogna... per quello che quando si dice "viaggiare ti apre gli occhi, viaggiare..." cioè non è un cliché, è così. Logico: se viaggi... scusa. Matteo: [20:23] No no no, continua. Fabio: [20:24] No, dico, se viaggi in paesi magari dove la cultura è identica... però neanche tanto perché, per esempio in Australia abbiamo avuto un paio di episodi dove ci siamo trovati davvero male. Ora senza... io l'Australia la porto al top, numero uno. Qua non potete vedere, ma ho bandiere australiane appese, ho un didgeridoo, insomma un po' di cose. Però ci siamo trovati male un paio di volte con l'assistenza sanitaria, e ci siamo detti "cavolo, ma in Italia ci lamentiamo però sta cosa è inconcepibile, non ci è mai successa prima". Quindi adesso non voglio dire che il sistema, come si dice... il sistema healthcare dell'Australia non funziona, anzi. Però [ci sono] state un paio di cose che ho detto "mah, le cose..." Anche a Londra, ma in realtà ovunque, in realtà ovunque: trovi cose che qua non hai e viceversa. Matteo: [21:23] Sì, il fatto del viaggiare che ti apre a volte... automaticamente pensiamo sempre verso... guardando noi verso una direzione, guardiamo verso il luogo dove arriviamo e pensiamo sempre che l'apertura è verso nuove cose. Ma a volte, come spesso succede, ci si accorge che anche dietro di noi era una situazione diversa da come la vedevamo. Fabio: [21:53] Esatto. In Cambogia abbiamo visto persone in motorino con la flebo. Raffaele: [22:03] Cosa? Fabio: [22:04] Sì, perché la storia... la Cambogia ha avuto questo genocidio davvero deprimente negli anni '70 con Pol Pot, questo dittatore che aveva fatto fuori 3 milioni di cambogiani, soprattutto gli intellettuali. Cioè se avevi gli occhiali eri considerato intellettuale e quindi dovevi essere fatto fuori. E quindi c'è tutta una sorta di... non ci sono certe figure, tipo medici, ingegneri, intellettuali, che possono portare avanti il paese. Si stanno riprendendo... Questo me la raccontava una volontaria australiana che era lì, quindi magari da verificare questa cosa, però questo è quello che mi aveva detto lei. E quindi manca tutta quella fetta di società, di figure professionali lì, e sono quindi praticamente tutti contadini, pescatori, lavoranti, insomma nel settore agricolo. E la sanità? La sanità lì infatti eravamo in una situazione dove "cavolo, se qua cadiamo in motorino che si fa? Se abbiamo un incidente, se succede qualcosa?" Qua sei... devi poi andare in giro con la flebo attaccata in motorino, come ne abbiamo visti tanti. Persone in motorino con la flebo che uscivano da questa clinica, poi dici "vabbè..." Raffaele: [23:39] Pazzesco, molto Interessante però. Fabio, però il nostro tempo qui nella puntata aperta a tutti è finito. Quindi io ti faccio un'ultima domanda brevissima: come possono trovarti i nostri ascoltatori? Fabio: [23:51] Allora possono trovarmi sul mio sito fabiocerpelloni.com o mi potete trovare su YouTube, Fabio Cerpelloni. Vi mando lì. Ah scusate, un terzo canale è su Substack, che ho ed è chiamato Better Writers Matteo: [24:15] Benissimo. Allora inseriremo tutti questi link nelle show notes, così tutti quanti potete andare a fare un po' di stalking. Raffaele: [24:26] Matteo, però c'è un problema: io ho ancora delle domande per Fabio. Matteo: [24:29] E non c'è problema, in realtà noi abbiamo ancora un po' di tempo con Fabio e lo andiamo a passare di là. Io già so che Raffaele prende il caffè, Fabio la pizza, ho preparato tutto nella nostra saletta dell'aftershow. Quindi salutiamo tutti quanti e andiamo a mangiare pizza e bere caffè. Fabio: [24:53] Bel piano! Raffaele: [24:54] Ciao a tutti. Matteo: [24:56] Ciao. Fabio: [24:57] Ciao ciao!

In this Omni Talk Retail interview, recorded live from FMI 2026 in San Diego at the Simbe booth, Chris Walton and Anne Mezzenga speak with Bruce Burrows, former CIO of Loblaw and Sobeys and current Strategic Advisor at Simbe, about how technology, AI, and shelf intelligence are reshaping grocery retail. Bruce shares his perspective on why retailers should focus on being great retailers, not software developers, and how the buy versus build debate is evolving in an era of AI and private LLMs. The conversation explores where grocery sits on the maturity curve for connected stores, why in store execution is becoming table stakes, and how retailers can use data to drive better decisions across merchandising, supply chain, and store operations. Bruce also outlines a practical crawl, walk, run framework for adopting shelf intelligence, starting with fixing out of stocks and pricing issues, then moving toward smarter merchandising, supply chain integration, and new monetization opportunities. The discussion touches on agentic AI, avoiding solution sprawl, and why mid market grocers are often moving faster than larger enterprises. Key Topics Covered - Buy versus build in retail technology - The role of AI and private LLMs in grocery - Shelf intelligence and the connected store maturity curve - Crawl, walk, run adoption of smart store technology - Improving in stock, pricing accuracy, and execution - Using store data to enhance merchandising and supply chain - Agentic AI, solution sprawl, and platform strategy - Why mid market grocers are leading tech adoption Stay tuned to Omni Talk Retail for continued coverage from FMI 2026, recorded live from the Simbe booth in the FMI Tech section. #FMI2026 #RetailTechnology #GroceryRetail #AIinRetail #ShelfIntelligence #SmartStores #RetailLeadership #OmniTalk

Betting markets are increasingly pointing to Kevin Warsh as a potential successor to Jerome Powell, with Kevin Hassett expected to remain in his White House role under Donald Trump. Which begs the question: What would a Warsh-led Federal Reserve actually bring to markets? Lance Roberts & Michael Lebowitz explore the possibilities of a Warsh Fed: Would such likely be more tolerant of volatility, rely less on emergency interventions, and place greater emphasis on valuation, fundamentals, and disciplined policy rules? 0:00 INTRO 0:18 - Earnings, Economics, & Imminent Greenland Deal 2:48 - Markets Break Trendline - Look for Volatility 8:22 - Greenland, Denmark, & Danish Bonds 15:10 - What the Media Doesn't Say About Bond Auctions 17:14 - Texas Winter & Nat Gas Futures 20:32 - Warsh vs Wallace as Fed Head 23:58 - Keep an Eye on Rick Rieder 26:14 - The Marriage of Blackrock & The Fed 27:52 - Markets are Driven by the Wrong Things 31:12 - The Reflation Narrative 34:29 - Speculation, ETF's & Fighting for the same Dollars 39:05 - The Gamification of Markets 41:29 - The Importance of Risk Management 45:00 - End of the 1st Half of the Secular Period Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Portfolio Manger, Michael Lebowitz, CFA Produced by Brent Clanton, Executive Producer ------- Watch Today's Full Video on our YouTube Channel: https://www.youtube.com/watch?v=D4roSFzE3Ww&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 ------- Watch our previous show, "It's Q&A Day — and (almost) anything goes" here: https://www.youtube.com/live/jFDHVzdwNdo -------- The latest installment of our new feature, Before the Bell, "Markets Stall at Resistance - Volatility Ahead?" is here: https://www.youtube.com/watch?v=8EviI_k5gb8&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 ------- Get more info & commentary: https://realinvestm entadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #MarketVolatility #TechnicalAnalysis #SP500 #RiskManagement #InvestingStrategy #FederalReserve #KevinWarsh #MarketVolatility #MonetaryPolicy #RiskManagement

Betting markets are increasingly pointing to Kevin Warsh as a potential successor to Jerome Powell, with Kevin Hassett expected to remain in his White House role under Donald Trump. Which begs the question: What would a Warsh-led Federal Reserve actually bring to markets? Lance Roberts & Michael Lebowitz explore the possibilities of a Warsh Fed: Would such likely be more tolerant of volatility, rely less on emergency interventions, and place greater emphasis on valuation, fundamentals, and disciplined policy rules? 0:00 INTRO 0:18 - Earnings, Economics, & Imminent Greenland Deal 2:48 - Markets Break Trendline - Look for Volatility 8:22 - Greenland, Denmark, & Danish Bonds 15:10 - What the Media Doesn't Say About Bond Auctions 17:14 - Texas Winter & Nat Gas Futures 20:32 - Warsh vs Wallace as Fed Head 23:58 - Keep an Eye on Rick Rieder 26:14 - The Marriage of Blackrock & The Fed 27:52 - Markets are Driven by the Wrong Things 31:12 - The Reflation Narrative 34:29 - Speculation, ETF's & Fighting for the same Dollars 39:05 - The Gamification of Markets 41:29 - The Importance of Risk Management 45:00 - End of the 1st Half of the Secular Period Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Portfolio Manger, Michael Lebowitz, CFA Produced by Brent Clanton, Executive Producer ------- Watch Today's Full Video on our YouTube Channel: https://www.youtube.com/watch?v=D4roSFzE3Ww&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 ------- Watch our previous show, "It's Q&A Day — and (almost) anything goes" here: https://www.youtube.com/live/jFDHVzdwNdo -------- The latest installment of our new feature, Before the Bell, "Markets Stall at Resistance - Volatility Ahead?" is here: https://www.youtube.com/watch?v=8EviI_k5gb8&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 ------- Get more info & commentary: https://realinvestm entadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #MarketVolatility #TechnicalAnalysis #SP500 #RiskManagement #InvestingStrategy #FederalReserve #KevinWarsh #MarketVolatility #MonetaryPolicy #RiskManagement

Bitcoin and cryptocurrencies are once again at the center of investor debate—but for very different reasons than past cycles. Lance Roberts and special guest, DeFi Development Corp's COO, Parker White, examine what's been happening beneath the surface of the crypto market, including the growing divide between older and younger Bitcoin cohorts and the increasing fractionalization of crypto ownership. Is Bitcoin's volatility evolving in a way that allows it to function as a portfolio diversifier, especially when compared to traditional hedges, like gold? What is its potential role in an all-weather portfolio? With 2026 shaping up as a potential "catch-up trade" year, we also address why altcoins continue to lag—and whether they still have a place in diversified portfolios. The discussion then turns to regulation and transparency. Would clearer rules improve market stability and adoption? We break down recent U.S. legislative efforts focused on stablecoins, crypto market structure, and blockchain innovation—while offering a critical assessment of their strengths and limitations. We also examine real-world blockchain use cases, including foreign remittances, stablecoin payments, and the tension between volatility and utility in global adoption. Lance and Parker address the practical side: how investors think about accessing and storing digital assets—and why protecting software developers and open-source innovation remains a foundational issue for the future of blockchain technology. This episode is designed to move beyond hype and headlines and focus on where cryptocurrency may—or may not—fit within a disciplined investment framework. 0:00 - INTRO 0:50 - Meet Parker White 2:06 - What's been going on lately with Bitcoin? 4:50 - Older & Younger Bitcoin Cohorts 6:37 - Is the cryptocurrency market becoming fractionalized; how does this affect volatility? 12:12 - Can Crypto become a diversifier in volatility? 13:13 - Why investors shy away from Bitcoin/Cryptocurrency 14:01 - Comparisons with Gold 15:34 - Bitcoin in All-Weather Portfolio 17:04 - 2026: The Year of the Catch-up Trade 19:53 - The relative poor performance of altcoins: What's their place in a portfolio? 22:12 - Would the Cryptocurrency market do better with more regulation? Better transparency 25:46 - How to buy & store cryptocurrencies 29:40 - The Viability of the Blockchain - volatility vs utility & global adoption 31:30 - Blockchains & Foreign Remittances 33:11 - Paying bills w Stablecoin 40:59 - The Genius Act & Stablecoin - Dollars still the dominant trading asset 43:42 - The Clarity Act - provides regulatory guidelines for the crypto industry Critiquing the Acts 44:51 - The One Thing - making sure software developers have 1st Amendment protection Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Parker White, COO/CIO, DeFi Development Corp Produced by Brent Clanton, Executive Producer ------- Watch Today's Full Video on our YouTube Channel: https://www.youtube.com/watch?v=D4roSFzE3Ww&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 ------- Watch our previous show, "The Hardest Part of Legacy Planning - Starting the Conversation" here: https://www.youtube.com/live/Loe7qu06Ack -------- The latest installment of our new feature, Before the Bell, "Markets Stall at Resistance - Volatility Ahead?" is here: https://www.youtube.com/watch?v=8EviI_k5gb8&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 ------- Get more info & commentary: https://realinvestm entadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #Bitcoin #Cryptocurrency #CryptoRegulation #PortfolioDiversification #DigitalAssets #ParkerWhite

Stijn Schmitz welcomes Josh Young to the show. Josh Young is Chief Investment Officer & Founder, Bison Interests. The interview explores the current landscape of the global energy market, focusing on geopolitical risks, supply and demand dynamics, and investment opportunities in the oil and gas sector. Young provides a comprehensive analysis of potential geopolitical tensions, particularly surrounding Iran and the Middle East. He suggests that the current situation presents significant risks to global oil supply, with potential disruptions ranging from 1 to 20 million barrels per day. The geopolitical uncertainty is largely underappreciated by the market, creating potential opportunities for investors who understand these dynamics. On the supply side, Josh highlights critical challenges in oil production. He notes that companies like Continental Resources are reducing drilling activities at current price levels, indicating that sustainable oil production may require prices in the $80-$90 range. The industry is experiencing a significant downcycle in both offshore and onshore exploration and development, with exploration success rates declining and existing reserves being depleted. Demand dynamics appear more robust than many analysts expect. Young argues that government stimulus, particularly in an election year, and emerging market growth could support oil consumption. He suggests that a potential economic slowdown might not necessarily reduce oil demand, as increased return-to-office trends could offset potential consumption reductions. Regarding investment strategies, Young cautions against large integrated oil companies trading at high valuations. Instead, he recommends smaller producers with clean balance sheets, debt reduction potential, and attractive valuation metrics. He emphasizes the importance of companies that can pay down debt, buy back shares, and potentially offer high dividends. Young also discusses his Bison Insights substack, where he shares investment ideas in the energy sector. He believes the current market presents unique opportunities, drawing parallels to previous commodity cycles and highlighting the potential for significant returns in carefully selected energy investments. Timestamps: 00:00:00 – Introduction 00:01:18 – Guest Welcome and Recap 00:03:01 – Silver Prediction Success 00:05:25 – Oil Geopolitical Risks 00:10:45 – Iran Production Impacts 00:16:34 – Risk Pricing Discussion 00:18:56 – China Oil Stockpiling 00:26:53 – Supply Cost Curve 00:30:51 – Underinvestment Trends 00:36:30 – Demand Surge Analysis 00:42:04 – US Consumer Strength 00:51:51 – Investment Pitfalls 00:57:10 – Debt Paydown Strategies 01:01:05 – Concluding Thoughts Guest Links: Substack: https://bisoninsights.info X: https://x.com/BisonInsights Website: https://bisoninterests.com Joshua Young has been professionally investing in publicly traded oil and gas securities for nearly two decades, achieving benchmark outperformance as Bison's CIO. Josh possesses a deep understanding of the E&P business model and operating environment, with notable experience as Chairman of Canadian E&P company RMP Energy (rebranded as Ironbridge Resources). Under Josh's leadership, the company achieved a successful turnaround, outperforming peers and ultimately being acquired at a 78% premium. Josh is the author of numerous articles on oil & gas investments and is a frequent guest speaker at various energy industry conferences. Prior to Bison, Josh began his career as a management consultant for Fortune 500 companies and private equity firms. He later worked as an investment analyst for a private equity fund and served as an energy investment analyst at a multi-billion-dollar single-family office, which was nominated as Institutional Investor's Single Family Office of the Year in 2008. Josh holds a B.S. in Economics with honors from the University of Chicago.

Today we discuss one of the most popular and influential economic books of the last few decades - The Winner's Curse. Originally published in 1994, a new version has just been released and we are joined by co-author Alex Imas who wrote the new edition alongside Nobel Prize winner Richard Thaler. When are we likely to spend a windfall and when are we likely to save it? When is it most dangerous to bid for business against competitors? And are ‘arbitrage' opportunities in markets really a free lunch?-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Kevin on SubStack & read his Book.Follow Alex on X.Episode TimeStamps: 00:00 - Opening remarks and framing the law of one price01:42 - Introducing the Ideas Lab series and Alex Imas03:44 - From pre med to behavioral economics08:15 - Mental accounting and how people really treat money10:45 - Housing wealth, illiquidity, and self control15:39 - Savings behavior, capital gains, and inequality17:11 - Attention, salience, and why nudges work or fail22:07 - Nudges versus incentives and policy confusion25:18 - The winner's curse and common value auctions30:01 - Auctions, IPOs, and competitive overbidding33:44 - The law of one price and market mispricing36:50...

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

While our team is observing the Martin Luther King, Jr. holiday in the United States, please enjoy this CyberWire-X episode featuring the team from Horizon3.ai. In this CyberWire-X episode, Dave Bittner speaks with Horizon3.ai co-founder and CEO Snehal Antani about how continuous autonomous penetration testing is reshaping security resilience. Antani reflects on his journey from CIO to DoD operator, where he learned that the hardest part of security isn't patching — it's prioritizing what matters and proving defenses work before attackers do. He explains why vulnerability scans fall short, how “AI hackers” simulate adversary behavior at machine speed, and why organizations must shift from compliance thinking to attacker-centric validation. Antani shares real-world findings, warns of 77-second domain compromise, and predicts a future of AI fighting AI, with humans by exception. Resources: Whitepaper: NodeZero® for Pentesters and Red Teams Whitepaper: Traditional vs. Autonomous: Why NodeZero® is the Future of Cyber Risk Assessments Learn more about your ad choices. Visit megaphone.fm/adchoices