Podcasts about Citadel

IT'S HERE! Pre-Order the 4th installment of the Ashtown Burial Series at ashtownburials.com.Nancy Mace has had an interesting and somewhat conflicted career. For just one example, she was the first woman to graduate from the Citadel, and during her congressional stint she was an active voice in opposing the use of women's bathrooms there by trans men. In other words, she successfully invaded a male-only space, and then fought hard to preserve a female-only space.For more from Doug, subscribe to Canon+: https://canonplus.com/  

We're digging out some of our favorite conversations from the archive. This one is from January 2025, with Julian Gough. Enjoy. Julian Gough sums up his career as follows: "I just sit in my room and write." Well, I think being an acclaimed children's author, novelist, stage playwright, poet and top-ten Irish musician is a little more impressive than he's letting on… Oh, and I didn't even mention that he wrote the ending to the computer game Minecraft! His current project, The Egg and The Rock, puts all of this to shame. This book, which Julian is writing in public on Substack, seeks to do no less than redescribe the universe, arguing that is not some random, dead, purposeless sack of chemicals, but instead a living, evolving organism. Julian joins me to discuss why the arc of human evolution bends towards man-made black holes, the hidden catastrophe at the heart of materialist science, the strange life of subterranean ice aliens, and MUCH more! This was such an interesting conversation - I can't wait for you to hear it. For the full transcript, episode takeaways, and bucketloads of other goodies designed to make you go, "Hmm, that's interesting!", check out our Substack. Important Links: Julian's Website The Egg and The Rock Julian's Twitter Show Notes: "I just sit in my room and write" Why write a book in public? Materialism & science's hidden catastrophe "The scientific method is in conflict with human nature" The faulty assumption at the heart of cosmology Big bangs, supermassive black holes & Darwinian evolution: A ~30 minute masterclass in cosmological natural selection "I'm predicting very, very large amounts of life in this universe" The strange life of subterranean ice aliens Could we spot man-made black holes? Bringing consciousness into physics Pulling back the curtain Julian as World Emperor MORE! Books & Articles Mentioned: The New Inquisition: Irrational Rationalism and the Citadel of Science; by Robert Anton Wilson Against Method: Outline of an Anarchistic Theory of Knowledge; by Paul Feyerabend What the Tortoise Said to Achilles; by Lewis Carroll The Life of the Cosmos; by Lee Smolin What Is Life? The Physical Aspect of the Living Cell; by Erwin Schrödinger Isis Unveiled: A Master-Key to the Mysteries of Ancient and Modern Science and Theology; by Helena Petrovna Blavatsky The Bhagavad Gita Did the Universe evolve?; by Lee Smolin The Great Filter - Are We Almost Past It?; by Robin Hanson

Two men and two hundred years of history… On this week's This Is History: In Conversation, Dan Jones meets Mike Livingston — award-winning historian and novelist from across the pond — to discuss the Hundred Years War. A former Secretary-General for the United States Commission on Military History, Livingston knows a thing or two about battles. He's written multiple award-winning novels and frequently hosts lectures on the subject at The Citadel, the Military College of South Carolina. Together, they delve into Livingston's latest book ‘The Two Hundred Years War' and discuss the curious questions it proposes: when did the war actually start and end? What did the French really think about it? Is the longbow overrated? – If you want a deeper dive into the Hundred Years War with Dan and Mike, grab their accompanying bonus episode at patreon.com/thisishistory. There, they dig deeper into the gory, the genius and the gruesome medieval warfare involved in England and France's most enduring military conflict. – A Sony Music Entertainment production. Find more great podcasts from Sony Music Entertainment at sonymusic.com/podcasts To bring your brand to life in this podcast, email podcastadsales@sonymusic.com Learn more about your ad choices. Visit megaphone.fm/adchoices – Presented by Dan Jones Producer - Alan Weedon Senior Producer - Dominic Tyerman Junior Producer - Dulcie Whadcock Executive Producer - Louisa Field Executive Producer - Dan Jones Production Manager - Jen Mistri Production Coordinator - Eric Ryan Head of Content - Chris Skinner Learn more about your ad choices. Visit podcastchoices.com/adchoices

Joel and Stephen share their thoughts on Spider-Man Brand New Day – Spoilers! They saw it twice! – and discuss some fan theories. Plus, Avatar Aang: The Last Airbender, and K-Pop Demon Hunters demon LEGO.Show notes for The Citadel Cafe are here:https://thecitadelcafe.com/2026/08/25/the-citadel-cafe-508-spider-man-brand-new-day/Join The Citadel Cafe Discord community!http://Patreon.com/TheCitadelCafeThe Citadel Cafe YouTube:https://youtube.com/thecitadelcafe Hosted on Acast. See acast.com/privacy for more information.

Julien Bek is a Partner at Sequoia Capital, one of the most renowned venture firms in the world.  At Sequoia, he has partnered with companies including Rillet, Tacto, and Auctor. Before joining Sequoia, Julien spent five years at Accel, where he worked with companies including Miro, Melio, and BeReal. He is also an angel investor in Revolut and Attio. AGENDA: 06:35 – What did Julien only discover about Sequoia after joining the firm? 08:05 – What does everyone get wrong about Sequoia? 13:00 – Is Series A the hardest stage at which to invest today? 14:00 – Is Sequoia less focused on ownership as outcomes become larger? 19:20 – Does Sequoia simply pay more than everyone else to win deals? 22:00 – Is the "triple, triple, double, double" growth model dead? 25:00 – What is Sequoia's investment process really like behind the scenes? 27:15 – Can a partner still invest when the rest of Sequoia votes against them? 30:00 – Why can a flawless founder pitch actually be a warning sign? 31:00 – How do you judge whether a founder is exceptional in just 30 minutes? 33:00 – How can investors tell whether a founder's story is genuine? 35:10 – Is arrogance a bad trait in a founder? 36:00 – Which great founder did Julien completely misread? 37:15 – How should investors adjust their founder assessment across different cultures? 39:00 – What does a founder's childhood reveal about their future trajectory? 40:30 – What has Julien learned from Doug Leone, Pat Grady, Alfred Lin and Shaun Maguire? 47:00 – What does it mean when "agents become the new customer"? 49:00 – Does UI become irrelevant in an agent-first economy? 50:15 – Will answer-engine optimisation become larger than SEO? 52:00 – Will AI agents destroy software margins and brand loyalty? 53:00 – How quickly will enterprises allow agents to make purchasing decisions? 54:00 – Is AI infrastructure a safer investment than applications? 56:00 – Do software margins matter less when the potential outcomes are larger? 58:00 – Could the next trillion-dollar company masquerade as a services business? 01:00:00 – Which service industries can AI truly automate end-to-end? 01:02:00 – Are enterprises simply crying out for more help implementing AI? 01:03:10 – Will AI lead to dramatically smaller teams? 01:06:15 – Is traditional private equity screwed? 01:07:00 – The most overfunded and underfunded categories in venture 01:08:15 – What is the best AI agent company outside Sequoia's portfolio? 01:09:00 – Which missed investment still haunts Julien? 01:09:45 – Which founder trait will Julien never compromise on? 01:10:00 – Which competing fund makes Sequoia bring its A-game? 01:10:45 – How Julien missed Revolut—and helped his mother retire by investing anyway 01:14:00 – What does Julien believe that other Sequoia partners might disagree with? 01:15:00 – What is Julien most excited about over the next five years of AI?

This episode's Community Champion Sponsor is Ossur. To learn more about their ‘Responsible for Tomorrow' Sustainability Campaign, and how you can get involved: CLICK HEREEpisode Overview: Children with special healthcare needs make up just 20% of the pediatric population, yet account for nearly half of all pediatric health spending, navigating a fragmented system that too often fails them. George Boghos, CEO of Imagine Pediatrics, is on a mission to change that. As a two-time founder with deep roots in pediatric care and healthcare investing, George brings both operational grit and genuine passion to this challenge. Under his leadership, Imagine Pediatrics has grown to serve more than 78,000 children across eight states, delivering 24/7 virtual and in-home medical, behavioral, and social care through value-based partnerships. Join us to discover how this pioneering model is keeping kids out of the hospital, building caregiver confidence, and proving that aligning incentives around outcomes transforms lives.Let's go!Episode Highlights:Imagine Pediatrics serves 78,000 children with special needs, delivering 24/7 virtual and in-home integrated care.George's mother, a retiring pediatrician, sparked his lifelong passion for reimagining pediatric healthcare from childhood.Just 20% of children with special needs account for over 50% of all pediatric healthcare spending nationally.In year one, Imagine Pediatrics saved $65 million in total cost of care across two health plan partnerships.With an NPS above 87, Imagine Pediatrics builds family trust by asking caregivers simply, "What keeps you up at night?About our Guest: Mr. Boghos manages overall operations and sets strategic direction for Imagine Pediatrics. He also leads the Impact arm of our organization, helping to expand our footprint and advance our ability to create a world where every child with special health care needs gets the care and support they deserve. Prior to Imagine Pediatrics, Mr. Boghos co-founded and led AIM Clinics, a center and in-home provider dedicated to delivering evidence-based Applied Behavioral Analysis (ABA) services to children with autism and their families who are from communities that experience health inequity. As CEO of AIM Clinics, Mr. Boghos was responsible for organizational growth and operational strategy. In four years, he led the company's expansion from one clinic in Arkansas to more than 25 clinics spanning five states. In 2021, he oversaw AIM Clinics' merger with Hopebridge Autism Therapy Centers — where he served as Chief Strategy Officer before joining the Clinical Advisory Board in 2023. As a current member of the board, Mr. Boghos remains deeply committed to the company's vision of ensuring that all kids have access to comprehensive autism interventions at the highest level. Before dedicating his career to reimagining pediatric health care, Mr. Boghos trained in healthcare finance and investing, spending time at Primus Capital Funds, Baird Capital, and Citadel. He earned a B.A. in Economics and Mathematics from Vanderbilt University as well as an M.B.A. from the University of Chicago Booth School of Business. He currently resides in Chicago, Illinois with his family. Links Supporting This Episode: Imagine Pediatrics Website: CLICK HEREGeorge Boghos LinkedIn page: CLICK HEREMike Biselli LinkedIn page: CLICK HEREMike Biselli Twitter page: CLICK HEREVisit our website: CLICK HERESubscribe to newsletter: CLICK HEREGuest nomination form: CLICK HERE

MRKT Matrix - Friday, August 21st Dow jumps 500 points, but stocks post losing week (CNBC) Anthropic Expects to Match or Top SpaceX's Record IPO Size (Bloomberg) US refiners are facing a looming supply drop from their biggest foreign crude supplier at a time when they need the oil the most. (Bloomberg) Bitcoin on track for 23% weekly gain as investor optimism floods back  (CNBC) The "China shock 2.0" message from Trump officials (Axios) Ken Griffin says Citadel unwound more than 80% of risk tied to Situational Awareness portfolio (CNBC) --- Subscribe to our newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://riskreversal.substack.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ MRKT Matrix by RiskReversal Media is a daily AI powered podcast bringing you the top stories moving financial markets Story curation by RiskReversal, scripts by Perplexity Pro, voice by ElevenLabs

WS rimbalza, settimana in calo; TBond: ancora vendite nonostante Bessent; Bitcoin: settimana in rally; Petrolio e oro: settimana positiva; Citadel: venduto oltre l'80% dei titoli del "Nostradamus dell'AI" Puntata a cura di Stefania Spatti - Class CNBC Learn more about your ad choices. Visit megaphone.fm/adchoices

Oil Reserves taking a hit. Finally getting to the recent high profile earnings. Market Top Calls (again). ALL TIME HIGHS – Then some consolidation (then highs again). Situational Awareness Update. SpaceX Bounces… PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env:'production', hosted_button_id:'JJJHP2GDEJC7J', image: { src:'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt:'Donate with PayPal button', title:'PayPal - The safer, easier way to pay online!', } }).render('#donate-button'); Follow John S. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm-Up - Oil Reserves taking a hit - Getting to the recent high profile earnings - Market Top Calls (again) Markets - ALL TIME HIGHS - Then some consolidation - Lets round out earnings - Situational Awareness Update - SpaceX Bounces... Etsy - Layoffs With Better Numbers - Etsy is cutting about 220 jobs, or 12% of its workforce. - Management said the cuts were not primarily about cost savings or AI. ----- CEO Kruti Patel Goyal stated the restructuring aims to simplify the organization, remove management layers, and speed up decision-making to better compete against massive rivals like Amazon, Temu, and TikTok Shop - Q2 revenue was about $668 million and core marketplace sales improved. - Etsy also authorized another $2 billion share buyback. - Comes after selling Depop to eBay for about $1.4 billion. Polysilicon - Tariffs Plus Price Floors - U.S. policy adds a 15% tariff and minimum import prices on polysilicon and solar products. - Goal is to protect domestic production from low-cost foreign competition. - U.S. share of global polysilicon capacity fell from about 50% in 2005 to under 2% in 2024. - First Solar and T1 Energy jumped on the announcement. ---- The same playbook - rinse and repeat Chipotle - Salmonella Returns - Minnesota officials linked a salmonella outbreak to jalapenos served at Chipotle. - Chipotle removed the affected pepper supply and switched growers. - Shares fell roughly 8%-10% as investors remembered the company's earlier food-safety problems. - This is on top of the lettuce situation with Sweetgreen- look at  STOCK CHART FOR SG Michael Burry - Calling a Major Top - Michael Burry says the market may be near a "major top." - Warned of the possibility of a 1987-style market drop. - He is short names including Nvidia, Palantir, Tesla and semiconductor stocks. - Main concern is stretched valuations and crowded trades unwinding quickly. - This may be the 100th top he has called since the GFC ---- NVIDIA TURNS GPUs INTO AN ASSET CLASS - Nvidia signed preliminary agreements with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to mobilize more than $500 billion for AI infrastructure. - The Wall Street firms would create dedicated pools of capital to finance Nvidia-based data centers and compute infrastructure at what Nvidia calls attractive rates for customers. - Jensen Huang: “This is really the first time that technology chips have become an investable asset class.” Nvidia says the compute assets now generate revenue and can increasingly be financed like infrastructure. - Nvidia could backstop as much as 25% of individual investments on a case-by-case basis - potentially up to about $125 billion if applied across the full program. STRATEGIC PETROLEUM RESERVE BREAKS 300 MILLION - The Strategic Petroleum Reserve fell by 6.1 million barrels to 298.7 million barrels for the week ended Aug. 7 - below 300 million for the first time since January 1983. - The SPR started 2026 around 415 million barrels, meaning more than 100 million barrels have already come out this year as releases were used to offset disruptions from the Iran conflict. - The reserve's authorized storage capacity is roughly 714 million barrels, leaving current inventories at about 42% of capacity. - Oil on the rise last week Earnings and such Toyota - Big Buyback, Better Outlook - Toyota raised its annual operating-profit forecast 13%, helped by the weaker yen. - Announced a share buyback worth up to $6.3 billion. - Quarterly operating profit still fell 9%, hurt by China weakness and higher Middle East-related costs. McDonald's - Value Problem - U.S. same-store sales rose just 0.8%, below expectations and well below last year's 2.5% growth. - Management blamed weak execution of value promotions and fewer digital deals. (and probably because everyone is taking weight loss drugs - see above) - Lower-income customer traffic remains a major pressure point. - McDonald's is bringing back more digital offers and loyalty promotions to drive traffic. Eli Lilly - Weight-Loss Machine - Lilly crushed Q2 expectations as Mounjaro and Zepbound drove most of the growth. - Mounjaro sales hit $9.94 billion; Zepbound brought in $4.93 billion. - Raised 2026 revenue guidance to $85-$87 billion. - Verzenio, its major breast-cancer drug, remains one of Lilly's biggest non-obesity products. - Lilly continues widening its lead over Novo Nordisk in the obesity-drug market. Disney - Parks Keep Printing Money - Quarterly adjusted EPS rose 28% to $2.06, beating the $1.86 estimate. - Parks and experiences revenue increased 10% to nearly $10 billion. - Global park attendance grew 4%. - Disney is selling its 50% stake in A+E Networks to Hearst for an estimated $1.2 billion. Oil - OPEC Adds Barrels, Maybe - OPEC+ agreed to raise September production targets by another 188,000 barrels per day. - The increase completes the rollback of a 1.65 million-barrel-per-day supply cut dating back to 2023. (In other words - planned so not a surprise) - Actual supply remains constrained because several producers are already pumping below quota. - Any normalization around the Strait of Hormuz could suddenly make OPEC+'s additional barrels much more important. Berkshire Hathaway - Greg Abel Starts Spending - Q2 operating earnings rose 16% to about $13 billion. - Berkshire bought $23.5 billion of stocks and sold just $3.7 billion - its first quarter as a net stock buyer in 14 quarters. - Bought back $4.5 billion of Berkshire shares, versus only $235 million in Q1. - Cash dropped from roughly $380 billion to $365 billion as Abel starts putting the massive cash pile to work. - Important shift: Buffett is still chairman, but this is one of the clearest signs yet of how Greg Abel may allocate capital differently as CEO. Situational Awareness - Nearly Blows Up, Investors Want Back In - The fund lost 67% in July after leveraged AI bets collapsed and forced a major stock sale to Citadel. - Despite the blowup, Situational Awareness was still up about 80% for 2026 because of huge earlier gains. - Bloomberg says Silicon Valley investors are already asking to put more money into the fund. - Situational Awareness is currently telling prospective investors it is not accepting new capital. - The fund has also continued making large private investments even after the near-collapse. --- Most recent was a $400B ---- There is some talk that Citadel made out like a bandit on the rescue Mercedes AMG - The Car Literally Brands You - Two Mercedes AMG owners filed a class-action lawsuit claiming the metal AMG logo embedded in the seat becomes dangerously hot in the sun. - One driver says he suffered first- and second-degree burns, with a dermatologist describing the injury as "AMG inscribed." - The lawsuit wants Mercedes to cover damages and remove the metal logos from affected vehicles. - Hard to beat this one: pay AMG money and get the logo branded into your back. Europe's Drought - History Starts Popping Out - Extreme drought and low river levels are exposing things that have been underwater or hidden for decades or centuries. - In Serbia, sunken German World War II warships have reappeared in the Danube. - In Britain, dry ground revealed outlines of medieval buildings; mammoth remains and ancient structures have also surfaced elsewhere. - Serious drought story, but visually one of the strangest side effects of the summer. Golden Toilet - $6 Million Flush - The 18-carat gold toilet was ripped out of Blenheim Palace in a five-minute raid and has never been recovered - but there is a conviction. - Prosecutors used phone data, forensic evidence and planning activity to link the gang to the theft. - One defendant had cased the palace beforehand and photographed entry points; another man had already pleaded guilty and admitted helping move the stolen gold. - Prosecutors believe the 98-kilo toilet was quickly cut up or melted down and sold as gold. - So the conviction was based on evidence of the robbery and disposal - not on recovering the actual toilet. Final Follow Up SpaceX - Space Junk Smashes Into the Moon - A dead SpaceX Falcon 9 rocket stage crashed into the moon at about 5,400 mph after drifting through space since January 2025. - The roughly 4-ton, school-bus-size object kicked up a lunar dust plume that astronomers detected from Chile. - The impact was accidental - solar activity and gravity gradually pushed the abandoned rocket stage onto a collision course. - NASA and SpaceX are now discussing ways to prevent future lunar crashes as more hardware heads toward the moon. - NEED Space garbage Trucks - something we have discussed on show for years (see next) Space Garbage Trucks - This Is Becoming a Business - Astroscale is building spacecraft designed to inspect, capture and remove dead satellites and other orbital debris. - Its ADRAS-J mission demonstrated close approach and inspection of a large piece of existing space junk - a key step before actually grabbing and removing debris. - ClearSpace is developing similar debris-removal spacecraft, including missions designed to rendezvous with and capture abandoned rocket hardware. - The business model is basically orbital towing: governments and satellite operators pay to remove dangerous junk or service aging spacecraft. - With tens of thousands of tracked objects already in orbit, "space sanitation" could become a real infrastructure business.   Love the Show? Then how about a Donation? PayPal.Donation.Button({ env: 'production', hosted_button_id: 'JJJHP2GDEJC7J', image: { src: 'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt: 'Donate with PayPal button', title: 'PayPal - The safer, easier way to pay online!' } }).render('#donate-button-2'); THE CLOSEST TO THE PIN for SpaceX (SPCX) Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!   FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter

Asymmetric Warfare: Politics and Cultures of Violence in the Modern Era (Cambridge University Press, 2025). The forces that fight asymmetric wars are so distinct that one side avoids direct military confrontation in favor of political, social, or otherwise unorthodox means of resistance. These conflicts have been a mainstay of modern times, though scholars have often separated them into various designations by era. Observers have referred, in chronological order, to Indian warfare, petite guerre (small war), guerrilla warfare, irregular or revolutionary war, and terrorism. The proliferation of labels over time has obscured the continuity of asymmetric wars throughout modernity. Stark distinctions in resources and capabilities have shaped the reasons why states and societies have decided to fight, and the manner in which they have fought. Across the modern era, mismatches arose in the domains of technology, intelligence production, and law. But in recent decades, so-called weak powers have neutralized many of the typical advantages of strong military states. Jacob Hagstrom is an army veteran and historian. He earned a PhD in history from Indiana University, Bloomington, and taught courses at the Citadel, the Military College of South Carolina. Chris Millington is Professor of Modern European History and lead of the Histories and Cultures of Conflict research group at Manchester Metropolitan University, UK. He is the author of eight books including Murder in Marseille: Right-Wing Terrorism in 1930s Europe ((Manchester University Press, 2025), The Invention of Terrorism in France, 1904-1939 (Stanford University press, 2023), and France in the Second World War Collaboration, Resistance, Holocaust, Empire (Bloomsbury Academic, 2020).

Asymmetric Warfare: Politics and Cultures of Violence in the Modern Era (Cambridge University Press, 2025). The forces that fight asymmetric wars are so distinct that one side avoids direct military confrontation in favor of political, social, or otherwise unorthodox means of resistance. These conflicts have been a mainstay of modern times, though scholars have often separated them into various designations by era. Observers have referred, in chronological order, to Indian warfare, petite guerre (small war), guerrilla warfare, irregular or revolutionary war, and terrorism. The proliferation of labels over time has obscured the continuity of asymmetric wars throughout modernity. Stark distinctions in resources and capabilities have shaped the reasons why states and societies have decided to fight, and the manner in which they have fought. Across the modern era, mismatches arose in the domains of technology, intelligence production, and law. But in recent decades, so-called weak powers have neutralized many of the typical advantages of strong military states. Jacob Hagstrom is an army veteran and historian. He earned a PhD in history from Indiana University, Bloomington, and taught courses at the Citadel, the Military College of South Carolina. Chris Millington is Professor of Modern European History and lead of the Histories and Cultures of Conflict research group at Manchester Metropolitan University, UK. He is the author of eight books including Murder in Marseille: Right-Wing Terrorism in 1930s Europe ((Manchester University Press, 2025), The Invention of Terrorism in France, 1904-1939 (Stanford University press, 2023), and France in the Second World War Collaboration, Resistance, Holocaust, Empire (Bloomsbury Academic, 2020). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/book-of-the-day

Was passiert, wenn selbst eine brillante Investmentidee auf zu viel Risiko trifft? Innerhalb weniger Tage verlor ein Hedgefonds-Manager ein Portfolio im Wert von rund 45 Milliarden US-Dollar. Nicht, weil seine Analyse grundsätzlich falsch war. Sondern weil Hebel, Liquidität und Risikomanagement am Ende wichtiger waren als die eigentliche Investmentthese. Du erfährst: ✔ Warum selbst die beste Marktanalyse scheitern kann ✔ Welche Rolle Hebel und Margin Calls bei großen Verlusten spielen ✔ Weshalb Liquidität in Krisenzeiten oft der größte Wettbewerbsvorteil ist ✔ Warum emotionale Marktphasen außergewöhnliche Chancen bieten können ✔ Welche Fehler private Anleger unbedingt vermeiden sollten ✔ Wie professionelles Risikomanagement langfristig Vermögen schützt Erfolgreiches Investieren bedeutet nicht, jede Entwicklung richtig vorherzusagen. Es bedeutet, das Risiko so zu steuern, dass Du auch unerwartete Marktbewegungen überstehst und handlungsfähig bleibst. Genau dieses Denken vermittle ich seit über 25 Jahren Unternehmern, Selbstständigen und ambitionierten Anlegern. ▬▬▬ Dein nächster Schritt ▬▬▬ Du möchtest sehen, wie wir Risikomanagement und Investmententscheidungen mit echtem Geld umsetzen? Im Echtgeldexperiment dokumentieren wir transparent unsere Strategie, unsere Entscheidungen und die Entwicklung unseres Depots Schritt für Schritt und mit echtem Kapital.

Get 30 Days of Merlin free at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MerlinCrypto.Com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Today, I'm breaking down one of the tensest waiting games Wall Street has played in months. Ahead of the CPI inflation print, the markets were practically frozen, but underneath the surface, absolute chaos is brewing. In this episode, I dive headfirst into the massive geopolitical oil whipsaw over the Strait of Hormuz and why crude prices are actively driving the war narrative. Then, we are talking about Nvidia—I explain Jensen Huang's emergency clarification on their eye-watering $500 billion AI financing backstop and break down their brand-new, ultra-efficient 'Nemotron 3.5 Lightning' model. But that's not all. I'm pulling back the curtain on crypto giant Wintermute's massive strategic invasion of traditional Wall Street as they secure a broker-dealer license to go toe-to-toe with Citadel and Jane Street. To wrap it all up, we travel to Switzerland to look at their mind-blowing 0.4% inflation rate and how they are pulling off the ultimate economic escape act.Oh, and if you're completely sick of manually tracking your crypto portfolio across twenty different apps and spreadsheets, I've got a total game-changer for you in today's episode: Merlin. You won't want to miss this one! Enjoy! Join the Age of Radio Discord | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://discord.gg/EeamD8WcjN⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Follow me on Goodpods ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://goodpods.app.link/usUyBZzhuNb⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Free Financial Consultation: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://forms.gle/B6nNZ2FbxbhESCHg9⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Red Wizard Gaming Society: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://discord.gg/9D43EszdUB⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠   DM if you are interested in Life Insurance! If you or someone you know has been struggling or in crisis please call or text 988 or chat ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠988lifeline.org⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  

The Wild Rise and Fall of Leopold AschenbrennerLISTEN AD-FREE!!

Adam grabs Andy and Mr White to cast an eye over the 2003 How To Paint Citadel Miniatures book

Last week, 24-year-old Leopold Aschenbrenner — former FTX staffer, ex-OpenAI researcher, and author of the viral 165-page essay "Situational Awareness" — managed to lose roughly two-thirds of his $45 billion hedge fund in a matter of weeks. The margin calls arrived during his wedding weekend.In this video I break down how a trader with no professional experience raised billions from Silicon Valley, why his AI "hedge" wasn't a hedge at all, and how leverage plus a concentrated bet on artificial intelligence stocks turned a great-looking expected return into a catastrophic outcome. Along the way we look at the cultural gap between Silicon Valley and Wall Street, why Ken Griffin's Citadel ended up buying the collapsing portfolio in an overnight fire sale, and the maths of volatility drag — the reason a high expected return can still drag an investor's typical outcome straight into the ground.It's a story about leverage, risk management, expected versus median returns, and what happens when you go "full Kelly." Featuring reporting from the Wall Street Journal, The New York Times, Bloomberg, and the Financial Times, plus Victor Haghani's lessons from The Missing Billionaires.

Citadel HC Maurice Drayton 08 - 10 by Phil Kornblut, Chris Burgin, and Josh Cohen

Citadel Players Zyion Brown & Darwin Murillo 08 - 10 by Phil Kornblut, Chris Burgin, and Josh Cohen

Get 30 Days of Merlin free at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MerlinCrypto.Com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Today, I'm breaking down one of the tensest waiting games Wall Street has played in months. Ahead of the CPI inflation print, the markets were practically frozen, but underneath the surface, absolute chaos is brewing. In this episode, I dive headfirst into the massive geopolitical oil whipsaw over the Strait of Hormuz and why crude prices are actively driving the war narrative. Then, we are talking about Nvidia—I explain Jensen Huang's emergency clarification on their eye-watering $500 billion AI financing backstop and break down their brand-new, ultra-efficient 'Nemotron 3.5 Lightning' model. But that's not all. I'm pulling back the curtain on crypto giant Wintermute's massive strategic invasion of traditional Wall Street as they secure a broker-dealer license to go toe-to-toe with Citadel and Jane Street. To wrap it all up, we travel to Switzerland to look at their mind-blowing 0.4% inflation rate and how they are pulling off the ultimate economic escape act.Oh, and if you're completely sick of manually tracking your crypto portfolio across twenty different apps and spreadsheets, I've got a total game-changer for you in today's episode: Merlin. You won't want to miss this one! Enjoy! Join the Age of Radio Discord | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://discord.gg/EeamD8WcjN⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Follow me on Goodpods ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://goodpods.app.link/usUyBZzhuNb⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Free Financial Consultation: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://forms.gle/B6nNZ2FbxbhESCHg9⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Red Wizard Gaming Society: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://discord.gg/9D43EszdUB⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠   DM if you are interested in Life Insurance! If you or someone you know has been struggling or in crisis please call or text 988 or chat ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠988lifeline.org⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  

Are you looking to save time, make money, and start winning with less risk? Then head to https://www.ovtlyr.com.Learn more about OVTLYR: https://youtu.be/TUCbD5KovlcA hedge fund goes from $200 million to $45 billion... then loses almost all of it in just a couple of weeks. And somehow, the biggest lesson isn't about making money—it's about how leverage can completely destroy even an incredible trading record.This conversation breaks down the wild collapse of the Situational Awareness Fund, how concentrated AI bets, leverage, margin calls, and forced liquidation created a brutal downward spiral, and why other big players were able to step in and buy positions at fire-sale prices. The discussion also looks at Korea's massive KOSPI selloff, Samsung and SK Hynix, short interest, market contagion, and why the "buy the dip" mentality can be incredibly dangerous when the trend is still pointing down.There's a major lesson here for every trader: never put yourself in a position where someone else can force you to sell. That's why the conversation keeps coming back to leverage, margin, risk management, and having enough dry powder to survive when the market gets ugly. Because the exact moment you're forced to liquidate is often the moment you least want to sell.And then things get really interesting. The episode dives into a massive Plan ETF backtesting session that uncovered some surprising improvements. A rising Nasdaq Fear & Greed Heat Map alone pushed backtested expectancy from 8.66% to 11.55%, while combining rising constituent greed and bullish breadth pushed it even higher. There's also a deep dive into the Sector Intelligence Map, finding emerging themes, managing active trades, and identifying where money is actually flowing.✅ The massive Situational Awareness Fund blowup and leverage risks✅ KOSPI, Samsung, SK Hynix, AI stocks, and market contagion✅ Why forced liquidation can turn a normal selloff into a market-wide spiral✅ Plan ETF backtesting, expectancy, Fear & Greed, and market breadth✅ Sector Intelligence Map, trade management, and finding emerging opportunitiesIf you've ever wondered how a trader can make thousands of percent and still end up in a catastrophic drawdown... or how professional traders improve a strategy using actual data instead of guesswork... this episode has a lot to unpack.Video Link: https://www.youtube.com/watch?v=1-O6ioAE4bQ&t=633sSubscribe to OVTLYR for disciplined trading strategies that actually make sense.

Within the sublevels of the temple, the party meets a dangerous ally, facilitates an emotional reunion, and battles an army of familiar foes.Welcome to Patron DnD, where Platinum-level patrons and I get together to play Dungeons & Dragons via Discord and Roll20. Dragonlance: Shadow of the Dragon Queen is published by Wizards of the Coast, and set in the world of Krynn. We are using the updated 2024 5e rules.Recap at RogueWatson.comStarring:Cere, level 10 dwarf Cleric of the Light DomainDarryl, level 10 human Berserker BarbarianEllowyn, level 10 kender Bard College of LoreKazra, level 10 human Champion Fighter/Paladin Oath of DevotionKorl, level 10 dwarf Bard College of DanceShop for tabletop games, CCGs, miniatures, RPG supplies and more at our sponsor, Noble Knight Games: https://www.nobleknight.com?awid=1553Music by Kevin MacLeod https://incompetech.com/music/royalty-free/music.htmlLicensed under Creative Commons: By Attribution 4.0https://creativecommons.org/licenses/by/4.0/Character art by DemnixChat with us in the Official Discord Server: https://discord.gg/AjvtemjSupport the channel at https://www.patreon.com/Roguewatson

Northwest Registered Agent: Start Your LLC Today at https://www.northwestregisteredagent.com/ich Monarch: Use code ICEDCOFFEE at https://monarch.com to get your first year of Monarch Core half off at just $50! Ethos: Get Your FREE Life Insurance Quote at https://ethos.com/icedcoffee Shopify: Stop waiting for permission to build something. Your next revenue stream starts free at https://shopify.com/ich Follow  @DumbMoneyLive  Here! Chris Camillo Twitter: https://x.com/ChrisCamillo *

“There is a big chasm between defeat and surrender. Surrender is inherently a political decision.” — James M. Scott Exactly eighty-one years ago, on August 9, 1945, the United States dropped its second nuclear device on Nagasaki. Three days earlier, on August 6, the Enola Gay dropped the first bomb on Hiroshima. Little Boy and Fat Man. Our nuclear Rubicon had been crossed. Three days in August that changed the world. These historic 72 hours are the subject of Empire of Ashes: Truman, Hirohito, and the Descent into Total War, by James M. Scott, America's foremost chronicler of the Pacific War. This new book, Scott reveals, grew out of Black Snow, his history of the firebombing of Tokyo. But whereas Black Snow was a military study, he explains, Empire of Ashes focuses on Truman, Hirohito and the politics of nuclear warfare. By August 1945, Scott argues, Japan was already defeated. So surrender was a political decision — one that required a weak, figurehead emperor to summon the power to save his country from an even darker apocalypse. Should America regret these August days? Harry Truman certainly didn't, Scott notes. In fact, in 1958 Truman even held a press conference in Independence, Missouri, to fire back at Hiroshima's city council when it suggested that he should. Nor does Scott render much of a moral verdict of his own. “Nobody needs to hear James Scott in Charleston, South Carolina tell you what it is you should think,” he explains, suggesting that we can all make up our minds by reading Empire of Ashes. So two bombs, somewhere between 150,000 and 246,000 civilian deaths, and no crime? That, oddly enough, might be the biggest tragedy of those three days in August 1945 that changed the world forever. Five Takeaways •       Defeat Is Not Surrender. Scott's organizing insight: as destructive as it was, the atomic bomb was inherently a political weapon, aimed at the chasm between a nation defeated and a nation willing to say so. Surrender is a political act — and Japan's politics ran through Hirohito, ostensibly the center of political, cultural, and spiritual life, in practice a figurehead bypassed by militarists who had consolidated power through the 1920s and '30s under the standing threat of assassination. His first peace soundings had to be conducted incognito, for fear of his own army; not until June 1945 does he rise to the occasion. Truman, by contrast, emerges as strong and morally serious — a First World War artillery officer who inherited the Okinawa bloodbath, approved the invasion of Japan, chose what he saw as the lesser evil, and then stopped all further atomic use the moment surrender came.•       The Firebombing Precedent. Would FDR have made the same call? “Absolutely. No doubt about it.” The moral threshold had already been crossed on March 9, 1945, when Curtis LeMay abandoned precision bombing and burned Tokyo — 105,000 men, women, and children in a single night, the most destructive conventional raid in history. The Pentagon braced for public outrage, monitoring editorials, radio, and the floors of Congress. None came; Time wrote that “properly kindled, Japanese cities will burn like autumn leaves.” LeMay took the green light and burned 64 cities — 170 square miles — before the first atomic bomb ever fell. War Secretary Henry Stimson confessed his amazement to his diary; FDR, with every opportunity to rein it in, said nothing. When Elliott Roosevelt later claimed his father would never have dropped the bomb, Stimson publicly corrected him.•       The Second Bomb Mattered More. Scott's most counterintuitive argument: Nagasaki, not Hiroshima, ended the war. Atomic energy was the AI of its day — over a hundred academic papers in 1939 alone, new physics programs at Berkeley and Chicago, dreams of atom-powered ships — and Japan, which had its own failed program, knew exactly how ruinously expensive a bomb was to build. So after Hiroshima, the militarists reasoned the Americans could not possibly have another, and held to the plan of bleeding the invasion on the beaches for better terms. A second city destroyed seventy-five hours later shattered the illusion: if they can drop one every three days, they may have twenty — or two hundred. As for simply telling Tokyo? There were no channels beyond dropped leaflets and slow relays through neutral capitals. You could not, as Andrew noted, email in those days.•       In the Room Where It Happened. Scott's method — borrowed, he says, from Hamilton — is to put readers in the room: the White House, the Imperial Palace, and above all the streets. He has interviewed survivors in Tokyo, Hiroshima, and Nagasaki across multiple books, and the physics of the firestorm connects all three: heat that melts concrete, fuses coins into lumps, welds roof tiles to kitchenware. Only five photographs were taken in Hiroshima on the day of the blast — stunned people, sitting. Organized rescue took thirty hours to arrive. In Nagasaki, the thirsty and burned waded into the river to die, so many that their bodies formed a dam. Radiation sickness began within thirty minutes. These are beautiful, functioning cities today, Scott notes — which is exactly why the accounts matter.•       No Regrets, No Verdict. Truman defended the decision to his grave — and then some: when Hiroshima's city council passed a resolution in 1958 urging him toward remorse, he wrote back that Japan had started the war, then held a press conference at his museum in Independence to distribute the reply. The Oppenheimer film's chilly Oval Office scene is overdramatized, Scott thinks, but true to the core: the buck — and the moral weight — stopped with the commander-in-chief, not the scientists. Scott himself, pointedly, renders no verdict: “Nobody needs to hear James Scott in Charleston, South Carolina tell you what it is you should think.” Both sides laid out, 95 percent of the documents public, the reader left to grapple — which is perhaps why Black Snow sold well in Japan, and why Empire of Ashes will be published there next August 6. About the Guest James M. Scott is a Pulitzer Prize finalist, New York Times bestselling author, and former Nieman Fellow at Harvard, widely regarded as America's leading historian of the Pacific War. His books include Target Tokyo (Pulitzer finalist), Black Snow, Rampage, The War Below, and, with Jack Carr, Targeted: Beirut. A scholar-in-residence at The Citadel who leads battlefield tours across the Pacific, he lives in Charleston, South Carolina. Empire of Ashes: Truman, Hirohito, and the Descent into Total War (W. W. Norton) is out now. References: •       Empire of Ashes: Truman, Hirohito, and the Descent into Total War by James M. Scott (W. W. Norton). The Charleston Post and Courier: “An amazing accomplishment.”•       Black Snow by James M. Scott — the firebombing of Tokyo, and the book whose cut Hiroshima chapters beca...

“Intelligence is 100 percent human. AI is a tool created by humans to distill, digest, and distribute intelligence.” — Keith Teare The working class died this week — at least in Palo Alto. Delivering the eulogy in our regular That Was The Week tech summary is my co-host Keith Teare. “Humans create intelligence,” (whatever that means) the Silicon Valley-based entrepreneur tells us. And so, in our AI age of supposedly abundant intelligence, he pronounces, human knowledge “should not be trapped inside experts, institutions, or companies.” Check your pockets, everyone. Silicon Valley has another freebie for you. With AI, the entrepreneur promises, intelligence is democratized. Everybody gets it. We will all have the intelligence of a Nobel laureate at our fingertips. Even Keith. And so he attacks Daron Acemoglu, the Nobel Prize-winning MIT economist who has called for a “pro-worker AI.” But, for Keith — a council-estate kid from Yorkshire whose lifetime ambition was to evacuate the working class — this is “complete bullshit.” Acemoglu's ideas, he says, are an example of the “fetishization of workers” when, in fact, we should be celebrating the end of the “working class.” What Acemoglu is calling for in his pro-worker AI manifesto is more government planning for today's transition to the AI epoch. But Keith disagrees. So I asked him three times what government should do while AI kills the working (and middle) class. “Allow it to happen,” he finally answers. “A good upheaval.” Good? The former “worker” will lack jobs, wages, healthcare, housing. Even food in an America now eliminating food stamps. No matter. Let them eat intelligence. Five Takeaways •       Humans Create Intelligence. Keith's editorial thesis distinguishes individual intelligence — where experts live, and always will — from the collective sum of everything all humans, living and dead, have ever contributed. That collective stock was once locked in encyclopedias, libraries, and universities; for the first time, AI can aggregate, distill, digest, and distribute it, at a price falling toward everyone. Knowledge, he writes, “should not be trapped inside experts, institutions, or companies” — but note the fine print: experts don't disappear in this democratization. If anything, they get elevated: the expert reading an AI's output about viruses understands it very differently than the rest of us.•       The End of the Age of Heroes? Noah Smith's much-shared essay argues that AI ends the era of the mathematical hero — and that's fine, since most people (truck drivers, financial advisers, executive assistants) never got to be heroes anyway. Keith's rebuttal turns on his central distinction: AI and intelligence are not the same word. There is no evidence, he argues, that AI creates new knowledge — it understands and distributes the existing stock. Innovation still takes individuals, and those individuals now start from a far higher floor, leveled up to everything already known. Heroes don't go away; they multiply. In the world of AI, he suspects, every single teacher becomes one.•       “What Even Is Pro-Worker AI?” The week's main event: Daron Acemoglu — via Yascha Mounk's Persuasion interview and an Atlantic essay, with What Happened to Liberal Democracy out next week — wants AI agencies, grant programs, and public competitions to build “pro-worker AI.” Keith's verdict: “complete bullshit.” The middle-class “fetishization of workers” is paternalistic; the wage is a temporary power relationship between employer and employee; and the end of the working class is precisely the progressive outcome — says the council-estate kid from Yorkshire whose aspiration was not to be working class. Pressed three times on what government should do amid the upheaval, Keith finally answered: “Allow it to happen… a good upheaval.” Though swap workers for people, he conceded, and he'd almost entirely agree — every teacher a hero, even in East Palo Alto.•       Bandwagons and Silences. Regular people are being arrested protesting data centers; Erin Brockovich — a Keen On guest some years back — is assembling class actions; Ezra Klein has begun folding anti-big-tech language into abundance. A politician-led bandwagon, Keith argues, regressive but keyed to genuine local concerns. The stranger fact is the silence on the other side: neither Altman nor Amodei nor Demis Hassabis is making the public case that AI benefits everybody — astonishing, Keith says, and the vacuum Acemoglu is trying to fill. Hassabis himself stepped aside at Google this week — a scientist returning to science as Sergey Brin becomes AI czar — while the Nobel-winning AlphaFold team has been quietly broken up. “Something strange is going on there.”•       A Drama in a Teacup. Is the AI economy real? Ed Zitron's stat — 70 percent of Amazon, Microsoft, and Google's AI revenue comes from OpenAI and Anthropic — is two-thirds right, says Keith, and no problem at all: beneath the concentration, the money comes from some two billion distributed users paying real subscriptions, and the revenues are sustainable. The Aschenbrenner postscript, via Porter Stansberry's post of the week: he bet the chip layer (Samsung, SK Hynix) when the value sat a layer up, got the timing wrong more than the thesis, sold to Citadel at a discount — and kept his Anthropic shares, remaining a multi-billionaire. As for the coming reality check: Anthropic and OpenAI will IPO only when public capital beats private, and SpaceX's wobble from $135 to $108 — through a 20 percent lockup release — counts as no catastrophe. Public markets, Keith reminds us, don't determine the success of the underlying business. About the Co-Host Keith Teare is the publisher of That Was The Week, the essential weekly tech newsletter, and founder and CEO of SignalRank Corporation. A serial entrepreneur — co-founder of, among others, EasyNet and RealNames — he was present at the creation of the UK internet and has spent four decades at the intersection of technology, capital, and ideas. He joins Keen On America every Sunday to make sense of the week in tech. His AI-assisted book in progress is titled Who Owns Intelligence. References: •       That Was The Week — Keith's newsletter, including this week's editorial, “Humans Create Intelligence.”•       Noah Smith — “The End of the Age of Heroes,” on what happens to human ambition when the machines do the math.•       Daron Acemoglu — the Yascha Mounk interview at Persuasion, the Atlantic essay on pro-worker AI, and What Happened to Liberal Democracy, out next week.•       The Financial Times — “Google's AI shakeup boosts Brin as DeepMind's Hassabis steps aside.”•       Ed Zitron — on the 70 percent of hyperscaler AI revenue that flows from OpenAI and Anthropic.•       Porter Stansberry — post of the week, on Leopold Aschenbrenner's losses, Citadel's discount, and the drama in a ...

Immerse yourself in captivating science fiction short stories, delivered daily! Explore futuristic worlds, time travel, alien encounters, and mind-bending adventures. Perfect for sci-fi lovers looking for a quick and engaging listen each day.

Hi everyone, Jim here. We're taking a short pause on new episodes through the end of August. In the meantime, we're digging out some of our favorite conversations from the archive. This one is from February 2023, so a few of the references have aged since (mine included), but the ideas have only gotten better. Enjoy this one with the wonderfully heretical Jesse Michels. Jesse Michels is an investor at Thiel Capital and the creator and host of 'American Alchemy', a Youtube channel dedicated to highlighting the most heretical thinkers and ideas of our time. He joins the show to discuss the transmission theory of consciousness, whether mushrooms are aliens, the reawakening of the Boomers and MUCH more! Important Links: - American Alchemy - https://www.youtube.com/@JesseMichels/about - Jesse's Twitter - https://twitter.com/alchemyamerican Books Mentioned: - The Half-Life of Facts: Why Everything We Know Has an Expiration Date; by Samuel Arbesman - The User Illusion: Cutting Consciousness Down to Size; by Tor Norretranders - Gödel, Escher, Bach: an Eternal Golden Braid; by Douglas Hofstadter - The Beginning of Infinity: Explanations That Transform the World; by David Deutsch - The Immortality Key : The Secret History of the Religion with No Name; by Brian C. Muraresku - The New Inquisition: Irrational Rationalism and the Citadel of Science; by Robert Anton Wilson - How to Change Your Mind: What the New Science of Psychedelics Teaches Us About Consciousness, Dying, Addiction, Depression and Transcendence; by Michael Pollan - Chaos: Charles Manson, the CIA, and the Secret History of the Sixties; by Tom O'Neill - Weird Scenes Inside the Canyon: Laurel Canyon, Covert Ops & the Dark Heart of the Hippie Dream; by David McGowan - Prometheus Rising; by Robert Anton Wilson - Quantum Psychology: How Brain Software Programs You & Your World; by Robert Anton Wilson - The Cosmic Trigger trilogy; by Robert Anton Wilson - Communion: A True Story; by Whitley Strieber

On today's show Ben and Andrew begin with Microsoft, Meta and Google in the wake of their latest earnings reports. First: Microsoft's push to be the middle layer for enterprise AI, threats to the company's competitive position in the long run, and the subtext of the open weights open letter frenzy two weeks ago. Then: Parsing Google and Meta strategies as Google hedges its frontier bets, while Meta continues its frontier spending and announces questionable plans for an enterprise business. At the end: The future of the lending environment for Meta and the other hyperscalers, a bubble check-in, a rundown of what happened between Citadel and the Situational Awareness, close encounters with Ben's vibe coded app, and an emailer offers a compelling theory on the push for Permanent Daylight Savings Time.

A 22-year-old former OpenAI researcher built one of the hottest AI-focused hedge funds on Wall Street, generated extraordinary returns, then watched it unravel in spectacular fashion after a leveraged bet went wrong. Citadel stepped in to buy the portfolio, markets rebounded, and the episode raised important questions about AI investing, risk management and whether today's market is repeating the mistakes of the past.In this episode of Market Maker, Anthony Cheung and Piers Curran explain what really happened to Leopold Aschenbrenner's fund, why leverage can turn winning trades into disasters, how margin calls work, and why Ken Griffin and Citadel emerged as the biggest winners. They compare the story with the collapse of Long-Term Capital Management in 1998, showing why human psychology often matters more than intelligence in financial markets.They also break down why the S&P 500 has returned to record highs, what blockbuster earnings are telling us about the AI trade, whether semiconductor stocks have found a bottom, what falling oil prices mean for interest rates, and whether today's rally is built on solid foundations or growing optimism.Whether you're investing in AI, preparing for a career in finance, or simply trying to better understand global markets, this episode explains the biggest stories shaping Wall Street and what they could mean for investors next.(00:00) The AI Hedge Fund That Blew Up(02:00) Who Is Leopold Aschenbrenner?(05:30) 439% Returns... Then Disaster(08:04) How Leverage Really Works(14:28) Margin Calls Explained(19:45) Why Citadel Bought the Portfolio(24:11) The Ken Griffin Playbook(27:00) The LTCM Crash Comparison(31:08) The Psychology of Greed(37:22) Why the S&P 500 Hit Record Highs(41:53) Is the AI Trade Back?

Putin just signed Russia's first comprehensive crypto law while the U.S. CLARITY Act sits stalled in the Senate days before recess. Coinbase's Head of U.S. Policy Kara Calvert joins us to break down what CLARITY actually means, where it stands, and why America is falling behind on crypto regulation. We dig into the ethics fight, the Senate deadline, and what happens next for the industry.GUEST: Kara Calvert, Vice President for US Policy at CoinbaseX Account➜ https://x.com/karacalvertStand With Crypto CALL YOUR SENATORS!!➜https://bit.ly/CallYourCryptoRep00:00 intro00:10 Countdown00:30 Odds Collapse00:50 Putin Signs Russian CLARITY Act?03:10 Who is standing in the way?04:20 Why hasn't Thune made a public statement on CLARITY?05:00 Could voting happen this weekend?05:45 Tillis says White House is talking07:45 Josh Hawley is worried for banks10:45 Citadel blames Coinbase13:30 Is Citadel & DTCC getting enough blame16:00 Who wrote WSJ hit piece?18:00 Elizabeth Warren gaslights CLARITY21:10 Tim Scott fails to blame the banks on breaking Republicans22:45 What has ABA been doing behind the scenes?25:30 Scaramucci: Don't donate if Republicans dont put it up for a vote26:45 Midterm fallout28:30 Chances of August passage#Crypto #CLARITY #Ethereum~Putin Signs CLARITY Before the U.S.!?

Unser Partner Scalable Capital ist der einzige Broker, den deine Familie zum Traden braucht. Bei Scalable Capital gibt's nämlich auch Kinderdepots. Alle weiteren Infos gibt's hier: scalable.capital/oaws. Musk setzt bei KI-Chips voll auf NVIDIA. SpaceX plant eigenen Mobilfunktarif, Telkos zittern. Infineon hat Rekord, Börse ist enttäuscht. Alphabet verliert Top-KI-Forscher. Eli Lilly schlägt Novo Nordisk. Shopify wächst krass. Aschenbrenner pusht Citadel. Disney (WKN: 855686) mit starken Zahlen, aber nur 14er KGV. Günstiger als Netflix, günstiger als im Schnitt der letzten Dekade. Doch 40 Mrd. $ Schulden und 40 Mrd. $ geplante Investments dämpfen das Bild. Hyperliquid macht 180 Mio. $ Umsatz im Quartal und kauft 90% der Gewinne als Token zurück. KGV von 33 liegt zwischen Nasdaq und Coinbase. Kann man Krypto-Protokolle wie Aktien bewerten? Diesen Podcast vom 06.08.2026, 3:00 Uhr stellt dir die Podstars GmbH (Noah Leidinger) zur Verfügung. Learn more about your ad choices. Visit megaphone.fm/adchoices

Matty A. and Ryan Breedwell discuss the latest market movements driving the S&P 500 to new all-time highs on this Wise Investor Segment. They unpack the impact of the recent FOMC meeting, where interest rates were held steady, and analyze how geopolitical tensions and negotiations are driving down global oil prices. The hosts also explore the realities of the real estate market, noting that high mortgage rates are squeezing retail buyers while creative financing remains the primary path forward for commercial investors.Additionally, the hosts share actionable investment strategies, taking a close look at massive earnings jumps from AI-driven companies like Palantir, and discussing the long-term outlook for space exploration and robotics equities. They also reveal the dangers of over-leveraging by exploring the rapid liquidation of Leopold Aschenbrenner's hedge fund by Citadel, and provide critical advice on how to vet financial advisors using public SEC disclosures to uncover hidden fees.KEY TOPICS DISCUSSEDS&P 500 all-time highs and the macroeconomic forces behind the market rallyPalantir's explosive earnings and the technical mechanics of stock gap fillingFederal Reserve rate hold decisions and Kevin Warsh's economic commentaryThe impact of Middle East negotiations on global oil prices and inflationMicroStrategy's Bitcoin sell-off and Michael Saylor's corporate historyThe liquidation of Leopold Aschenbrenner's multi-billion dollar hedge fund by CitadelWhy traditional financial advisory firms charge exorbitant fees for generic mutual fundsUsing the SEC Investment Adviser Public Disclosure website to vet financial plannersKEY TAKEAWAYSLeverage in investing can wipe out incredible gains; even a portfolio up over a thousand percent can be liquidated entirely if over-leveraged during market volatility.High-net-worth investors view taxes as a simple byproduct of making money, rather than avoiding them at the cost of liquidity and complex financial gymnastics.The national average 30-year fixed mortgage rate sits near 6.78%, making real estate entry difficult for retail buyers without creative financing or substantial equity.Investors should verify a financial advisor's fiduciary status and disclosure history through the SEC's public database to avoid bad actors and high-fee, non-discretionary models.CONNECT & TAKE ACTIONImagos Income Fund: Text "INCOME" or "DEALS" to 844-447-1555 to learn more about Matty A's private debt fund targeting 10% fixed returns paid out monthly.Visit skylineocresidences.com to discover luxury condo ownership at Skyline OC, Orange County's tallest residential tower.

In this episode of Facts vs Feelings, Ryan Detrick, Chief Market Strategist at Carson Group, and Sonu Varghese, Chief Macro Strategist at Carson Group, open with a cautionary tale from the AI-focused hedge fund Situation Awareness, whose founder went from up over 400% year-to-date to a 67% collapse in July, a stark reminder that concentration, leverage, and liquidity can undo even the best fundamental research.At the Fed's latest meeting, Chair Walsh's refusal to offer guidance sent long-term yields soaring instead of calming markets, with the 30-year hitting its highest level since 2007. Sonu explains why nominal GDP growth running near 6-8% (even as real growth stays soft) points to a genuinely inflationary growth environment, and why the bond market, not stocks, may be the real test of the new Fed chair's credibility. Microsoft, Amazon, Meta, Google, and Oracle are now projected to spend over a trillion dollars in 2027 alone, close to 3% of GDP, with Microsoft and Amazon rewarded for showing results while Meta and Oracle get punished for spending without proof of ROI. They close with a look at GDP internals showing AI investment now accounts for over 40% of real GDP growth, banks breaking out to new highs as a bullish signal, a weakening dollar, and seasonal risks heading into August and September.[Key Takeaways]Situation Awareness, an AI-focused hedge fund, went from up over 400% year-to-date to down 67% in July after a concentrated, leveraged bet unwound, forcing a distressed sale of stock holdings to Citadel.Fed Chair Walsh's press conference offered little forward guidance, and long-term yields spiked in response, with the 30-year Treasury hitting its highest level since 2007 and 30-year mortgage rates climbing from 5.9% to 6.7% over the last five Fed meetings despite no rate changes.Nominal GDP growth has averaged 5.8% over the last six quarters (7.9% in Q2 alone), well above the 2010-2019 trend of 4%, supporting the view that this is an inflationary growth environment even as real GDP growth lags at 1.9%.The five largest hyperscalers (Microsoft, Google, Amazon, Meta, Oracle) are now projected to spend over $1 trillion in CapEx in 2027 alone, up from earlier 2026 outlook estimates of $600 billion, with markets rewarding companies showing revenue results (Microsoft, Amazon) and punishing those that aren't (Meta, Oracle).AI-related hardware and software investment accounted for roughly 42% of real GDP growth over the last six quarters and now represents about 5% of GDP, surpassing the peak proportion seen during the dot-com boom.Bank stocks (KBE) are breaking out to new highs after a base dating back to 2007, a signal Ryan argues is historically a positive one for the broader bull market, even as seasonally weak August and September approach in a midterm year.Jump to:0:00 - Welcome And Quick Banter1:25 - Live Boston Show Announcement3:24 - AI Hedge Fund Blowup Lessons9:39 - Fed Meeting And Market Whiplash16:47 - Nominal Growth And Sticky Inflation28:37 - Hyperscalers March Toward One Trillion32:34 - Earnings Reactions From Big Tech43:45 - GDP Under The Hood And AI Share48:56 - Markets Sideways Seasonality And Banks53:33 - Dollar Drop International Angle And WrapConnect with Ryan:• LinkedIn: https://www.linkedin.com/in/ryandetrick/• X: https://x.com/RyanDetrickConnect with Sonu:• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/• X: https://x.com/sonusvarghese?lang=enQuestions about the show? We'd love to hear from you! factsvsfeelings@carsongroup.com

Coach Andy Fox shares his journey from being a standout basketball player at Cornell (Iowa) to becoming the Associate Head Coach at George Mason University.Andy got his start in the profession as Graduate Assistant at Tennessee under Buzz Peterson, he was retained when Bruce Pearl took the reins, the Volunteers captured the SEC East Championship in 2006 and earned 2 seed in the NCAA Tournament.He went on to join the coaching staff at The Citadel under Ed Conroy and he helped propel the Bulldogs to a school-record 20 wins and the program's first postseason appearance in 2009. Coach Conroy took Andy with him when he accepted the job at Tulane. After five seasons at Tulane, Coach Fox joined the coaching staff at Louisiana Tech serving under Eric Konkol.After four seasons at Louisiana Tech he moved to Nashville and served in a multitude of roles under Jerry Stackhouse at Vanderbilt. The Commodores made a pair of NIT appearances and had their best season in over a decade during his time in Nashville.Coach Fox spent the 2024-25 season coaching at Army West Point under Kevin Kuwik. In 2024-25, Fox helped lead the Black Knights to a historic season, which included the program's first postseason win in 55 years.Tony Skinn hired Andy Fox to his George Mason University coaching staff in June 2025 and they pioneered the Patriots to the program's best-ever overall (18-1) and A-10 starts (6-0). They became the fastest in school history to reach 20 victories (22), they earned a spot in the 2025 NIT. In June 2026 Coach Skinn promoted Fox to an Associate Head Coach.

In Episode 347, Chris goes solo and pulls apart one of the wildest Wall Street stories of the year: the near-collapse of Situational Awareness, the AI-focused hedge fund launched by 25-year-old prodigy Leopold Aschenbrenner. What began as a multibillion-dollar bet on the future of artificial intelligence quickly became a masterclass in concentration risk, leverage and what happens when Silicon Valley confidence runs headfirst into experienced Wall Street operators. From FTX and OpenAI to a brutal margin call, a massive portfolio sale to Ken Griffin's Citadel and a suspiciously well-timed rebound in the very stocks that had just been crushed, Chris walks through the timeline, separates the facts from the theories and asks the question nobody wants to answer: was this simply reckless risk management—or did one of the smartest young minds in AI get completely outplayed?

Group Chat News is back with the hottest stories of the week, including why movies are suddenly back with [Spider-Man clearing ~$1B globally in its opening weekend], Jonah Hill announcing he'll annihilate anyone who calls him the fat funny guy from Superbad, and the [$2.2B tariff refund Apple just got] that isn't showing up in anybody's prices. Plus a 25-year-old who ran a fund to $45B and got margin called on his wedding weekend, Elon saying money will be worthless by 2036, and colleges quietly spending endowment money that donors thought was going somewhere else. This week's Group Chat covers: Movies are back — Odyssey, The Invite, and two theater trips a month Why streaming is losing — no Stranger Things-level show to stay home for [Spider-Man's ~$1B opening weekend] and the flight to quality Jonah Hill says he'll beat up anyone who calls him the fat funny guy from Superbad White belt confidence, early martial arts syndrome, and why the guys still think everyone should learn to fight LeBron, Kevin Hart and Rich Paul golfing at [Sherwood] — and how nothing stays secret in LA [The Supreme Court overturning the tariffs] — and the refunds companies are getting back [Apple's $2.2B and Amazon's $640M] — the rocket-feather effect and why prices never come down Why this is exactly the story that makes socialism sound good to everyone else Mamdani, cheap bananas, and capitalism's optics problem The Elon trillionaire headline that made rich people feel poor [Elon telling the BBC money will be worthless by 2036] The friend who took a huge AI job — and called depressed about what he saw under the hood The nuclear bomb argument: everyone gets the robots, so nobody sends the robots [Leopold] went 0 to $45B in 18 months, then got margin called on his wedding weekend Ken Griffin and Citadel on the other side of the trade... again Zero day options, prediction markets, and why nobody holds anything for four years The new crop of 25-year-old gunslingers who'll run the next Blackstone Colleges are dipping into endowments to pay overhead — and donors are finding the money gone Why most colleges don't survive the next decade Critical thinking as the only skill that matters now And much more! Drop us a 5-star rating and a review if you're rocking with the show.

Happy August! As we enter the 8th month of the year—a month representing new beginnings and a fresh start—we are decreeing sudden career testimonies, unexpected bonuses, and open doors for your professional journey.In this episode, we do a deep dive into the powerful word CITADEL. Whether you're trying to break into a competitive, "hard-to-enter" industry or seeking protection in your current workspace, learn how God operates as a living fortress around you and sends a citadel of angels to guard your path.

SUMMARYJacob and Evan revisit The Clone Wars Season 3 Citadel arc (Episodes 18–20), exploring why this prison break remains one of the series' most memorable storylines. They discuss the high stakes of rescuing Even Piell, Echo's apparent death, and the growing philosophical divide between the Jedi and military leaders like Tarkin.The conversation dives into whether Tarkin's criticism of the Jedi holds any truth, how much of Darth Vader can already be seen in Anakin, and the Republic's gradual transformation toward the Empire. They also compare The Clone Wars to Rebels, debate where the Citadel arc ranks among the show's best, and reflect on the incredible highs—and occasional lows—of the series as a whole.KEYWORDSClone Wars Citadel ArcClone Wars Season 3 Episodes 18-20The CitadelTarkinAnakin SkywalkerDarth Vader foreshadowingEven PiellEcho Clone TrooperJedi GeneralsRepublic vs EmpireClone Wars discussionStar Wars podcastCHAPTERS00:00 - Introduction and Citadel arc overview01:00 - Story recap of Episodes 18–2002:27 - Why the Citadel is one of the strongest Clone Wars arcs05:22 - Echo's apparent death and emotional impact06:49 - Fake sponsor: Tarkin Tactical Leadership Academy07:52 - Was Tarkin actually right about the Jedi?14:14 - Were the Jedi doomed when they became generals?17:30 - How much Darth Vader is already visible in Anakin24:31 - Republic vs. Empire: Are they really that different?28:05 - Anakin and Tarkin's evolving relationship33:31 - Ahsoka's importance to the mission35:10 - Was the mission worth the cost?43:10 - Citadel training foreshadowing and Domino Squad connections48:05 - Ranking the Citadel arc among Clone Wars storylines55:00 - Clone Wars vs. Rebels and the series' greatest strengths

拆解AI股神爆倉完整故事! 阿樂為何前一天就知道股市大反彈? 為什麼基金不能對沖所有風險? Citadel 如何多次成功趁火打劫?

On this episode of our new market wrap show Last Call, we examine the hidden rotation beneath calm stock market indexes, including sharp AI and semiconductor volatility, small-cap strength, forced fund liquidations, higher rates and changing Federal Reserve guidance. Jack Forehand and Matt Zeigler are joined by Jim Paulsen, Ben Hunt, Brent Kochuba, Cameron Dawson and Dave Nadig to discuss stock market correction risk, the economics of the AI data center buildout, options flows, market leverage, regulation and what could drive volatility next.Follow Last Call on Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow Last Call on Apple Podcasts⁠Topics coveredWhy market indexes can hide sharp rotation, dispersion and volatility in semiconductors and high-beta technology stocksJim Paulsen's Policy Pain framework linking oil, Treasury yields, dollar strength and lagged effects on stocks, bonds and economic growthWhy technology stocks could enter a bear market while old-economy sectors, small caps and value stocks hold upBen Hunt's World War AI thesis comparing the AI infrastructure buildout with inflation-adjusted World War II spendingHow hyperscalers, equity issuance, private credit and government financing could crowd out consumers and businessesWhy data centers could consume nearly one quarter of U.S. electricity and lead to higher prices, rationing and government interventionWhat the Situational Awareness fund liquidation and Citadel portfolio transaction reveal about forced market flowsHow options correlations and narrow market breadth can separate a technical rebound from a fundamental AI bottomRisks from speculative retail investments, weakened regulators, leverage and cyclical semiconductor profit marginsWhy reduced Fed forward guidance could create surprise policy decisions and greater algorithmic market volatilityTimestamps00:00 Market rotation and AI volatility beneath the indexes04:07 Jim Paulsen on Policy Pain and market vulnerability09:23 Why tightening hurts stocks before helping bonds14:23 Tech bear market risk and a possible leadership shift18:23 Ben Hunt on World War AI, private credit and systemic risk26:00 Data center electricity demand and the energy constraint31:29 Brent Kochuba on the Situational Awareness liquidation36:00 The forced buying behind the AI stock rebound40:00 Why the liquidation bounce may not signal an AI bottom44:00 How forced flows distort fundamental market narratives48:00 Retail investing pitches, liquidity and cycle FOMO52:00 Deregulation by destaffing at the SEC and CFTC56:00 Semiconductor operating leverage and fragile S&P 500 margins01:00:07 Jack's grievance with the YouTube algorithm01:04:29 What happens when the Fed stops giving forward guidance01:08:34 How markets could react to a surprise Fed decisionLearn more about the Excess Returns podcast network:⁠https://excessreturns.co⁠No information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

“The human part is 99 percent. The AI part is maybe 1 percent — even if 100 percent of the manuscript was dumped onto the page by AI.” — Keith Teare on writing with AI What is “real” authorship in our AI age? For That Was The Week publisher Keith Teare, all authorship, even the most AI-enabled, is real. It's the cave-dwelling Luddites who are the sloppy ones. For Keith, true creativity, in our age of Claude and Gemini, almost requires the use of AI. A couple of weeks ago Keith confessed, or perhaps boasted, that he is writing an AI-assisted book entitled Who Owns Intelligence. This week, publishing discovered what happens when others play the same game without public acknowledgement. So we have the case of the “red-hot” debut novel, fought over by fourteen publishers, dropped overnight when the agent found AI in the mix. “It's a fantastic book,” the book's agent acknowledged, before firing its less than transparent author. Which, for Keith, is precisely the scandal. His position, argued in this week's editorial “AI Detected,” is pretty absolute. Nothing is written by AI, Keith argues, because AI has no will. It doesn't produce a single word unless asked. The human part is 99 percent, he says, even when 100 percent of the manuscript is spat out by the machine. So the real sin isn't using AI but not acknowledging its use. So, on Who Owns Intelligence, Keith makes it crystal clear that “AI was heavily used in the writing of this book.” I'm not so sure. Amazon is now infested with AI slop that requires no authorship. Besides, Keith clearly has no love of reading books. He admits to reading only a single volume in the last couple of years. And he's still smarting from being, in his mind at least, ripped off by the publishing industry for his last published book some 40 years ago. He no longer needs to read books, he pronounces, because his world-view is already set. For a man who thinks he knows everything, AI isn't scary. Maybe we should rename him Claude. Postscript. Full Keith-style disclosure: these shownotes were produced with the help of Anthropic. When I fed Claude my draft, it responded: “‘Maybe we should rename him Claude' is a closer I'm contractually obliged to enjoy.” Nothing, as Keith says, is written by AI. Although some algorithms seem to have cheeky opinions of their own. Maybe Anthropic should rename it Keith. Five Takeaways •       Nothing Is Written by AI. Keith's absolutism starts from the machine's lack of will: AI won't produce a word unless a human asks. His Who Owns Intelligence — fifteen chapters, arguments, and references — was structured in ninety minutes from years of thinking; the AI produced a manuscript he then shaped, like a color grader working sliders in Photoshop. The human part is 99 percent even when the machine types every word. And authorship was never solitary anyway: Plato's contemporaries thought writing itself degraded ideas, and no publisher will touch a book that hasn't passed through an editor and a subeditor. If editing doesn't change authorship, Keith asks, why would AI?•       Transparency, Not Technology. The week's cautionary tale: a debut novel fought over by fourteen publishers, dropped when the agent discovered AI — while conceding, in the same breath, “it's a fantastic book.” For Keith the scandal is concealment, not composition: own the tool, as he now does with a strapline under his byline. The detection regime, meanwhile, is collapsing on its own inaccuracy — universities dropped their AI detectors this week, and Substack's new detection partner scored Keith's human-shaped editorial as 100 percent AI when a fair reading was 40. Cheating exists only against obsolete rules: the question is moving from did you use AI to how well did you use it.•       “The Publishing Industry Is Basically a Scam.” Keith's response to Andy Hunter's ban on AI-generated books — from last week's Keen On interview — was one word: outrageous. There is no such thing as an AI-written book, only good and bad ones; and the true victim of publishing is not the bookstore but the author. Exhibit A: his own 1988 book sold 50,000 copies at £3.99 and earned him roughly £10,000 — about 5p a copy — while Penguin took the rest. The future he wants is direct, author-to-reader, without the middlemen. As for “organic” artisanal literature: real, elite, and tiny — the new vinyl, which is itself cut these days from digital masters.•       Sharks, Playing Their Own Book. Leopold Aschenbrenner — fired young from OpenAI, transfigured by one prophetic essay into the “Nostradamus of AI” — saw his $45 billion, heavily leveraged Situational Awareness fund lose $600 million, get margin-called, and sell to Ken Griffin's Citadel. (He is, Keith suspects, still super rich.) Zuckerberg's sudden conversion to open source as “the distribution of wealth to the people” struck us both as a bit rich; Amodei's “I'm not against open source as long as it's safe” — from a man on record that no AI is safe — translates as: against. Keith's deeper complaint, from an admiring Claude user: you can't trust Dario. And China, hardware-constrained, has made open source its national strategy — undermining American foundation-model revenue one cheap routed prompt at a time.•       Money Won't Matter by 2036? Elon Musk predicts money becomes irrelevant within a decade; Vinod Khosla — our post of the week — thinks he might just have a point. Keith, ever the economics tutor, reaches for tendency and ceteris paribus: money is a means of exchange and a store of value, and if abundance drives the labor-value of things toward zero, its irrelevance is not illogical — though between tendency and reality lies a whole ton of variables. I bet the opposite: that by 2036 money will matter more than ever. The problem, we discovered, is the stake — you can't bet money on money not mattering. Wives and children were proposed and hastily withdrawn (“We'd be losing, Andrew”). Loser buys dinner — at a free restaurant. About the Co-Host Keith Teare is the publisher of That Was The Week, the essential weekly tech newsletter, and founder and CEO of SignalRank Corporation. A serial entrepreneur — co-founder of, among others, EasyNet and RealNames — he was present at the creation of the UK internet and has spent four decades at the intersection of technology, capital, and ideas. He joins Keen On America every Sunday to make sense of the week in tech. His AI-assisted book in progress is titled Who Owns Intelligence. References: •       That Was The Week — Keith's newsletter, including this week's editorial, “AI Detected.”•       The Wall Street Journal — on the red-hot debut novel at the center of publishing's AI mystery: fourteen publishers, one discovery, one dropped author.•      ...

This week: Situational Awareness—an A.I.-forward hedge fund led by a former wunderkind and OpenAI employee—was tanking fast until a rival fund stepped in. Felix Salmon, Elizabeth Spiers, and Emily Peck explain the series of events that led to Citadel swooping in to buy the bulk of assets held by 25-year-old Leopold Aschenbrenner's investment firm. Then, it's time to talk about the “crack spread”—aka the reason we aren't seeing relief at the gas stations despite steadying oil prices. And finally, the hosts discuss the backlash to the SEC's proposal to do away with its quarterly report requirement. In the Slate Plus episode: Is Cheaper Gas Worth Your Time?Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you'll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli. Hosted on Acast. See acast.com/privacy for more information.

This week: Situational Awareness—an A.I.-forward hedge fund led by a former wunderkind and OpenAI employee—was tanking fast until a rival fund stepped in. Felix Salmon, Elizabeth Spiers, and Emily Peck explain the series of events that led to Citadel swooping in to buy the bulk of assets held by 25-year-old Leopold Aschenbrenner's investment firm. Then, it's time to talk about the “crack spread”—aka the reason we aren't seeing relief at the gas stations despite steadying oil prices. And finally, the hosts discuss the backlash to the SEC's proposal to do away with its quarterly report requirement. In the Slate Plus episode: Is Cheaper Gas Worth Your Time?Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you'll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli. Hosted on Acast. See acast.com/privacy for more information.

This week: Situational Awareness—an A.I.-forward hedge fund led by a former wunderkind and OpenAI employee—was tanking fast until a rival fund stepped in. Felix Salmon, Elizabeth Spiers, and Emily Peck explain the series of events that led to Citadel swooping in to buy the bulk of assets held by 25-year-old Leopold Aschenbrenner's investment firm. Then, it's time to talk about the “crack spread”—aka the reason we aren't seeing relief at the gas stations despite steadying oil prices. And finally, the hosts discuss the backlash to the SEC's proposal to do away with its quarterly report requirement. In the Slate Plus episode: Is Cheaper Gas Worth Your Time?Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you'll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli. Hosted on Acast. See acast.com/privacy for more information.

Amazon reported accelerated cloud growth in the quarter to the end of June, and JPMorgan has walked into another football firestorm as it works on a plan with Fifa. Plus, Citadel bought Situational Awareness equity holdings after the hedge fund suffered steep AI losses, and DR Congo's cobalt boom carries an unwanted cargo: uranium. Mentioned in this podcast:Amazon shares surge higher after cloud business grows 37%How JPMorgan walked into another football firestormEuropean nations to boycott World Cup in protest at Fifa's plansCitadel buys Situational Awareness equity holdings after steep AI lossesDR Congo's cobalt boom carries an unwanted cargo: uraniumSave 10% on tickets with the code FTPodcast. Visit ft.com/festival to find out more.Want to get in touch? Email us at podcasts@ft.comNote: The FT does not use generative AI to voice its podcasts The FT News Briefing is produced by Victoria Craig, Sonja Hutson, Saffeya Ahmed, Katya Kumkova, and Fiona Symon. Our editor is Marc Filippino. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. Our intern is Cole van Miltenburg. Our executive producer is Topher Forhecz. Flo Phillips is the FT's global head of audio. The show's theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Joel and Stephen share their thoughts on the new trailer for Avengers: Doomsday, and speculate on what MARVEL fan expectations should be, then dive into Season 2 of the live action Avatar The Last Airbender from Netflix, and look to the starts with a new LEGO set.Show notes for The Citadel Cafe are here:https://thecitadelcafe.com/2026/07/30/the-citadel-cafe-507-avatar-the-last-doomsday/Join The Citadel Cafe Discord community!http://Patreon.com/TheCitadelCafeThe Citadel Cafe YouTube:https://youtube.com/thecitadelcafeMusic for The Citadel Cafe by Kevin MacLeod (incompetech.com) licensed under Creative Commons by Attribution 4.0 Hosted on Acast. See acast.com/privacy for more information.

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Brian Cubellis, and Liam Nelson put four stories on the shot clock. They break down Leopold Aschenbrenner's Situational Awareness fund blowing up and getting scooped by Citadel as South Korea's market sheds roughly $2 trillion in 40 days, Elizabeth Warren and Donald Trump agreeing to scrap the debt ceiling, Fauci pleading the fifth before Rand Paul, and open source tools like Granola and Whoop getting reverse engineered overnight. Where's the signal, and where's the noise?---

P.M. Edition for July 30. The U.S. economy grew just 1.5% last quarter, lower than the previous quarter and falling short of economists' expectations. WSJ economics reporter Harriet Torry explains why the details in the report, particularly around consumer spending, suggest things aren't as bad as the headline number makes it seem. Plus, the buzzy AI-focused hedge fund Situational Awareness, founded by AI whiz kid Leopold Aschenbrenner, sold most of its stock portfolio to investment firm Citadel. We hear from WSJ special writer Greg Zuckerman about why this happened and where the company goes from here. And a big rally in tech companies sent U.S. stocks soaring today. Alex Ossola hosts. See the new fronts in the Iran war.  Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

July 30, 2026: I look at Mark Zuckerberg's argument that AI superintelligence should be for everybody, and why Meta's falling operating margin and massive AI spending tell a more complicated story. Then I get into Leopold Aschenbrenner's AI hedge fund selling its public portfolio to Citadel after a brutal reversal in AI infrastructure stocks. Finally, I unpack the Financial Times report on PwC publishing fake AI citations and why fabricated sources may become one of the biggest credibility risks in the AI era.

Matty A. and Ryan Breedwell dive into a packed week for the financial markets, starting with predictions for the upcoming FOMC rate decision and the impact of the ongoing Iran conflict on global oil prices. They explore how inflation and geopolitical tensions are keeping the S&P 500 range-bound, while highlighting crucial earnings reports from major AI and semiconductor companies like SanDisk, Seagate, and Nvidia.The hosts also analyze the recent spike in United States real estate foreclosures, breaking down why record-high homeowner equity and supply shortages mean a housing crash is highly unlikely. Finally, the conversation shifts to digital assets, discussing the Crypto Clarity Act, the regulatory threat to meme coins, and how tokenization could soon reshape institutional finance.KEY TOPICS DISCUSSEDFOMC rate hike probabilities and Citadel's surprise hike prediction.Impact of the Iran conflict on global oil prices and WTI trends.Semiconductor stock pullbacks and AI data storage investments.Q2 tech earnings expectations for Meta, Apple, and Microsoft.Analysis of rising United States real estate foreclosures compared to 2019.Record homeowner equity and the national housing supply shortage.The Crypto Clarity Act and the future of real world asset tokenization.Regulatory crackdowns on meme coin markets and platforms like PumpFun.KEY TAKEAWAYSA surprise FOMC rate hike is highly unlikely given current market conditions, despite some hawkish institutional forecasts.Geopolitical energy shocks are being digested faster by the market, with oil prices retreating sharply after recent spikes.Semiconductor and memory storage companies present strong buy opportunities as they continue to beat earnings despite broader tech sector pullbacks.The current real estate market is insulated from a crash due to a massive 11 trillion dollars in tappable equity and pervasive sub-6 percent mortgage rates.The impending Crypto Clarity Act will likely eliminate unregulated meme coin exchanges while attracting trillions in institutional capital to legitimate tokenization projects.CONNECT & TAKE ACTIONImagos Income Fund: Text "INCOME" or "DEALS" to 844-447-1555 to learn more about Matty A's private debt fund targeting 10% fixed returns paid out monthly.

It was a pleasure to welcome Alec Litowitz, the Founder of Magnetar Capital and QStar Capital, to the Alpha Exchange. Central to our discussion is an exploration of the ideas in Alec's new book, The Adaptability Quotient. Here, he draws on more than thirty years of investing across multiple market regimes. We begin with Alec's three decades in financial markets, from his early years at Citadel through the founding of Magnetar. Looking back across multiple market cycles, he argues that long-term investing success is driven by more than intelligence alone. Instead, he introduces the concept of Adaptability Quotient, or AQ, emphasizing the ability to revise views, respond to changing conditions, and distinguish between environments defined by risk, uncertainty, and black swans. A central theme throughout the discussion is decision-making under uncertainty. Alec explains why markets spend much of their time in environments where outcomes are possible, but probabilities remain difficult to estimate. He outlines a framework centered on metacognition, simulation, experimentation, and continuous feedback, encouraging investors to develop "strong opinions, weakly held" while remaining willing to revise conclusions as new information emerges. The conversation then turns to practical investing examples drawn from Alec's career. He reflects on building Citadel's risk arbitrage business by developing proprietary research processes around regulatory uncertainty, and later discusses Magnetar's emphasis on sourcing, structuring, and risk management in areas undergoing structural change. Examples include investments tied to energy infrastructure and AI-related computing capacity, illustrating how the firm approached evolving industries through the lens of uncertainty rather than prediction. I hope you enjoy this episode of the Alpha Exchange, my conversation with Alec Litowitz.