Podcasts about Concentration

In this episode, Alan Dunne speaks with Dan Mikulskis, CIO of People's Partnership, about the evolution of large pension funds and what it means to think like an asset owner. Managing over £40 billion for millions of members, Dan explains how scale changes the way portfolios are constructed, managers are selected, and partnerships are built. The conversation explores the balance between passive and active strategies, diversification beyond equities, and the growing role of private markets. Dan also shares insights on governance, investment philosophy, and why humility is essential when making asset allocation decisions in complex global markets.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Alan on Twitter.Follow Dan on LinkedIn.Episode TimeStamps: 01:33 - Introduction to the global macro series02:18 - Introducing Dan Mikulskis and his background03:38 - From actuarial science to investment consulting05:45 - The history and growth of People's Partnership08:18 - Auto-enrolment and the rise of large UK pension schemes11:12 - What it means to operate as an asset owner13:24 - Building the investment team and ownership model18:34 - Scale advantages in manager relationships and partnerships23:24 - How large asset owners select external managers28:58 - Balancing core partnerships and specialist managers34:25 - Macro insights and quarterly investment forums37:34 - Portfolio construction and diversified growth strategies43:19 - Concentration risk and global equity allocations50:44 - Factor investing and style diversification53:30 - The role of hedge funds and alternative strategies56:08 - Total portfolio approach in pension investing58:56 - Measuring performance and evaluating investment teams01:03:18 - Career advice for future CIOsCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

The Israeli/American War against Iran continues. On today's panel we wrestle with the question of the war’s legality. In doing so, we reject US Secretary of Defense Pete Hegseth’s assertion that the US will fight this war with “no stupid rules of engagement,,” and his assertion that there will be “no politically correct wars,” and “no nation-building quagmire.” While he dismisses the importance of international laws on war, we do not. So, we ask, is this war legal? Are the tactics of Israeli and American militaries legal? Is Iran's response aligned with international law? [ dur: 40 mins. ] Gabor Rona is Professor of Practice at Cardozo Law School. He is the author of Venezuelan Boat Attacks: Utterly Unprecedented and Patently Predictable ,Is There a Way Out of the Non-International Armed Conflict Detention Dilemma? and State Responsibility to Respect, Protect and Fulfill Human Rights Obligations in Cyberspace . Jennifer Trahan is a Clinical Professor and Director of the Concentration in International Law and Human Rights at NYU's Center for Global Affairs. She is also Convenor of the Global Institute for the Prevention of Aggression, and is the author of Existing Legal Limits to the Use of the Veto in the Face of Atrocity Crimes. Her book forthcoming this spring is entitled: The Crime of Aggression and Russia’s Invasion of Ukraine Studies show that powerful people feel less empathy. What does that mean for societies? [ dur: 18mins. ] Michael Inzlicht is Professor of Psychology at the University of Toronto. He is co-author of Stereotype Threat: Theory, Process, and Application and co-author of the article Power Changes How the Brain Responds to Others. This program is produced by Doug Becker, Ankine Aghassian, Maria Armoudian, Anna Lapin and Sudd Dongre. Politics and Activism, War / Weapons, Middle East, Iran, Israel, humanity

We're often great at making money, terrible at managing it. Multi-exit entrepreneur David McKeegan joins us to discuss personal finance built specifically for founders: The "refrigerator number" — what it is and how to find yours The 4% rule — is it still relevant, and what rate would you actually bet on? Concentration vs. diversification: when to double down and when to spread out Portfolio construction for 7-8 figure entrepreneurs (ETFs, TIPS, bonds — the real breakdown)

In this episode, Alan Dunne speaks with Aoifinn Devitt about what it really means to build resilient portfolios in a world of shifting regimes and competing narratives. Drawing on experience across pensions, hedge fund advisory, and private wealth, Aoifinn reflects on how institutional lessons translate to individual investors. The conversation explores the role of diversification, the evolving case for private markets, and the limitations of labels such as hedge funds, factors, or alternative assets. Along the way, they discuss the behavioral traps that influence allocators, the challenges of manager selection, and why outcome based investing may offer a clearer framework for navigating uncertain markets.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Alan on Twitter.Follow Aoifinn on LinkedIn.Episode TimeStamps: 02:16 - Introducing Aoifinn Devitt and her background03:14 - From corporate law to a career in finance05:16 - Institutional vs private wealth portfolio construction09:47 - How macro regimes influence asset allocation12:53 - Rethinking the endowment model and private markets15:32 - Private credit and diversification challenges18:13 - Total portfolio approach vs traditional allocation21:27 - Bonds, equities, and changing correlations27:52 - Concentration risk and the dominance of mega cap stocks37:33 - The evolving role of hedge funds in portfolios42:35 - Gold, commodities, and inflation protection46:23 - Behavioral biases and long term market cycles57:35 - Advice for young professionals entering financeCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

This episode features a live audience conversation and tasting at The Vine Club in Atlanta, GA with Pauline Vranken, the Chief Executive Officer of Vranken-Pommery America. This was Pauline's first ever visit to Atlanta, and she brought a variety of sparkling wines for us to taste from California, England, and Champagne. Our friends at Georgia Crown Distributing Co. had the brilliant idea of pairing this eclectic lineup of sparkling wines with a variety of pizza flavors throughout the night. We talk about the historical legacy of Madame Pommery, her connection to the arts, and how carrying on her innovative spirit still grounds a lot of the work being done in the company today. Pauline earned her Master of Science in Civil Engineering, with a Concentration in Real Estate, Construction and Finance from Columbia University and is currently based in New York City. She says Champagne runs in her veins, so we ask her to also shed light on the significance and current status of the sparkling wine category in the wine industry as a whole today. You can follow @champagnepommery on Instagram and visit www.maisonpommery.com to learn more about their history and current portfolio.Recorded March 3, 2026 with a live audience at The Vine Club in Atlanta, GA-----------------*** Check out our ⁠⁠MERCH SHOP⁠⁠ to directly support the show, and visit www.acorkintheroad.com for all upcoming events and media contributions

In this episode of the Goal Crazy Podcast, host Jason VanDevere speaks with concentration coach Regina Sweeney about the importance of focus for leaders and C-suite executives. Regina shares her journey from being a mother to co-founding a Montessori school, emphasizing the connection between concentration and peace. They discuss the challenges of modern distractions, particularly from social media, and offer strategies for improving concentration in both personal and professional settings. Regina also highlights the role of music in enhancing focus and shares insights on how adults can recognize and address their concentration issues.Enjoy the show!View Regina's website and playlist at https://ReginaSweeney.com/

Dans cet épisode du podcast La Pause Fitness nous allons parler d'un complément vendu pour la concentration qui pourrait raccourcir la vie des hommes, un miel au chocolat sorti d'un labo brésilien, l'additif caché dans l'Ozempic oral qui dérange le microbiome, et ce que 5 000 centenaires chinois nous apprennent sur la viande et le […] The post Ce complément vendu pour la concentration raccourcirait la vie des hommes, le miel au chocolat miracle ou arnaque, et Ozempic en pilule : ce que les études disent vraiment appeared first on Fitnessmith.

Inscription gratuite pour ma prochaine webconférence pour retrouver votre temps et votre énergie : https://event.webinarjam.com/rm9y4/register/475vqu2n?webinar_id=132Vous perdez du temps et de l'énergie… parfois sans même vous en rendre compte. Je vous montre ce qui vous vole réellement votre temps et votre énergie au quotidien !

In this episode I discuss the power of concentration. I expand on how the attack on our concentration is what hinders us the most, as men.

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Pour savoir quel type de procrastinateur tu es : https://tally.so/r/442GdX

Vous avez investi dans des formations, des livres, des coachings… et pourtant vous plafonnez.Vous avancez… mais quelque chose bloque.Et plus vous investissez, plus vous sentez que “ça ne prend pas”.Dans cette vidéo, je vous révèle la pièce manquante à votre succès :comprendre votre fonctionnement et arrêter d'appliquer des méthodes “universelles”.Je vous partage 3 exemples réels :✅ Multipotentiel : bloqué par l'absence de fil conducteur et d'écosystème✅ Introverti : bloqué par une vente agressive qui ne correspond pas à son énergie✅ TDAH : bloqué par des systèmes trop complexes et inadaptésVous allez aussi comprendre :Pourquoi certaines stratégies ne marcheront jamais pour vousComment adapter une méthode à votre profil au lieu de vous suradapterLes red flags des coachs qui imposent “leur méthode”Le green flag pour enfin avoir un vrai retour sur investissement sur vous

If institutional investors have already shifted toward global diversification and private markets, why are most retail portfolios still stuck in the past?In this episode of Insight Is Capital, host Pierre Daillie sits down with Clay Khan, Head of Canada and Managing Director at Neuberger Berman, to explore one of the biggest structural changes in modern portfolio construction: the migration of capital from public markets toward private assets and globally diversified strategies.Drawing from Neuberger Berman's “Solving for 2026” investment outlook, Khan explains how global macro forces—AI-driven productivity shifts, diverging fiscal and monetary policies, and evolving capital markets—are reshaping the investment landscape for both institutions and private investors. The conversation dives into the growing dominance of private equity and private credit, why institutional portfolios increasingly resemble pension-style allocations, and why Canadian investors may need to rethink traditional 60/40 portfolio structures.Khan also highlights emerging strategies gaining traction among sophisticated investors, including tax-loss harvesting, direct indexing, evergreen private market structures, and secondary markets in private equity. These innovations are gradually bringing institutional-grade investment strategies into the portfolios of high-net-worth investors and advisors.Ultimately, the discussion centers on a crucial shift: moving from wealth accumulation toward wealth preservation and tax-efficient diversification, particularly for families transitioning from concentrated entrepreneurial wealth into multi-generational portfolios.3 Key Takeaways1️⃣ Institutional portfolios are leading the shift toward private marketsCanadian pension plans have steadily migrated capital from public markets toward private equity, infrastructure, real estate, and private credit in pursuit of the illiquidity premium and smoother return profiles. 2️⃣ Global diversification is finally broadening beyond the U.S.While the S&P 500 has dominated recent years, Khan notes that EAFE and emerging markets recently outperformed, highlighting the growing case for international diversification in advisor portfolios. 3️⃣ Tax efficiency may be the next frontier in portfolio constructionHigh-net-worth investors are increasingly adopting tax-loss harvesting and direct indexing strategies to generate “tax alpha,” potentially adding meaningful after-tax returns over time. ⏱️ Timestamped Chapters00:00 – Introduction: Markets entering a new macro regime 01:07 – What Neuberger Berman's “Solving for 2026” outlook is signaling 01:27 – Clay Khan's background and Neuberger Berman's Canadian business 02:20 – Market shifts in early 2026 and global equity rotations 03:28 – Value vs growth and international outperformance 05:28 – Why institutional and retail portfolios look so different 06:46 – How Canadian pensions moved from public to private markets 10:02 – Why private credit is replacing hedge funds in portfolios 12:43 – The shrinking public market and expanding private economy 15:03 – The challenge of implementing alternatives in retail portfolios 18:35 – How family offices approach long-term investing 20:45 – Tax-loss harvesting and the rise of “tax alpha” 24:39 – Institutional investing philosophy: global diversification 26:09 – Why private companies may outperform public markets 28:13 – Solving liquidity challenges in private markets 29:34 – The booming private equity secondary market 31:59 – A real estate analogy for understanding private equity 34:34 – Where advisors are reallocating portfolios today 37:32 – The challenge of replacing fixed income diversification 39:46 – Lessons from Canadian pension portfolio construction 41:34 – How portfolio conversations have evolved over the last decade 45:05 – Evergreen private market structures 45:13 – What will define the next phase of Canadian portfolio construction 46:33 – Concentration vs diversification in wealth preservation 49:25 – The psychology of entrepreneurial wealth 51:19 – Final reflections on diversification and legacy planning#PrivateMarkets#PrivateEquity#PrivateCredit#PortfolioStrategy#WealthManagement#InstitutionalInvesting#AlternativeInvestments#CanadianInvesting#GlobalDiversification#TaxLossHarvesting#FamilyOffice#InvestmentStrategy#AdvisorInsights#InsightIsCapital#NeubergerBerman

La performance des grands indices boursiers est-elle vraiment aussi solide qu'elle n'y paraît ? Derrière les records du S&P 500 se cache un phénomène que peu d'investisseurs mesurent vraiment : une force concentration d'indices. En effet, une poignée de géants technologiques pèse désormais près de 40 % de l'indice. Et ce déséquilibre soulève des questions sur les risques, la diversification, et les choix d'allocation.Dans ce Focus Marchés, Aurore Perrin reçoit Nour Bendimered, Directeur des Investissements chez iVesta, pour décrypter ce que cette concentration d'indices signifie vraiment pour vos investissements.Dans cet épisode, vous découvrirez : Ce qu'est exactement la concentration des indices, comment la mesurer, pourquoi elle s'est accentuée ces cinq dernières années et en quoi le S&P 500 est un cas d'école.Le phénomène du "darwinisme des marchés" et pourquoi la concentration ne signifie pas nécessairement plus de risque, mais bien un changement de nature du risque (une nuance essentielle souvent mal comprise).L'impact de cette concentration d'indices sur la gestion passive et pourquoi ce contexte rend la gestion active particulièrement difficile sur les marchés large cap.Comment diversifier intelligemment son portefeuille sans tomber dans les fausses bonnes idées (equal weight, "cherry picking"...)Bonne écoute ! Quelques ressources pour aller plus loin : Comment choisir un ETF ? Découvrez nos 5 conseils ! https://sapians.com/blog/comment-choisir-un-etfQuel ETF choisir pour une allocation performante et résiliente ? https://sapians.com/blog/quel-etf-choisirGestion Passive vs Gestion Active : comment mettre en place sa stratégie d'investissement ? https://sapians.com/blog/gestion-passive-vs-gestion-activeComment fonctionne un ETF ? https://sapians.com/blog/fonctionnement-etf -----------------------Attention : Les performances passées ne préjugent pas des performances futures et investir comporte des risques de perte partielle ou totale en capital. Ce contenu est informatif et ne constitue pas un conseil en investissement. Toute décision doit être adaptée à votre situation. Si vous souhaitez bénéficier de conseils personnalisés, veuillez créer votre compte ou prendre rendez-vous avec un conseiller Sapians.SAPIANS - RCS n°919 330 969 - ORIAS n°23003561 en qualité de CIF et COA. Activité de démarchage bancaire et financier.

In this episode, Chanie Gluck dives into the critical topic of client concentration in the revenue cycle management (RCM) industry. Drawing from her extensive experience, she explains how over-reliance on a few clients can jeopardize business valuation and outlines the risks associated with client contracts. Chani shares actionable steps to mitigate concentration risk and enhance the stability of your RCM business. Don't miss this insightful discussion that can help you prepare for a successful exit or higher valuation!     Chapters: (00:00) Introduction (01:00) Importance of Client Contracts (02:30) Risks of Client Concentration (05:00) Action Steps to De-risk (08:00) Conclusion and Next Episode Preview   Start With Clarity: Download the Exit Readiness Scorecard https://info.4dglobalinc.com/is-your-rcm-business-built-to-exit   Sponsors:   https://4dglobalinc.com  

We return to the foundations of Buddhist practice by exploring the Five Aggregates — material form (rupa), feeling (vedana), perception (sanna), mental formations (sankhara), and consciousness (vinnana) — the components that make up what we call the “self.” From this understanding, we examine how the Four Foundations of Mindfulness arise: mindfulness of body, feeling, mind, and Dhamma.The talk emphasizes that whichever object becomes most prominent — body, feeling, or mind — can serve as the doorway to insight. With steady mindfulness, supported by effort and concentration, wisdom gradually develops. Like polishing a tarnished brass bowl, repeated and continuous practice removes layers of defilement accumulated over countless lives.Through persistent cultivation of the Noble Eightfold Path, each moment of precise mindfulness becomes a stroke of the paddle carrying us across the ocean of samsara toward Nibbana. A practical reminder of what truly matters in the journey of insight meditation.YouTube Video LinkYouTube Channel Link Website:www.satipatthana.caDonations and Memberships

In this episode of Lead-Lag Live, I sit down with Derek Yan, Senior Investment Strategist at KraneShares, to explore how the next phase of the AI boom may be driven by emerging market technology companies rather than US mega caps alone.With nearly 40 percent of the S&P 500 concentrated in just ten names, Derek explains why investors may be underexposed to critical parts of the global AI supply chain, including semiconductor manufacturing, memory production, and materials essential to infrastructure buildout.We also discuss how a weakening US dollar has historically acted as a powerful tailwind for emerging market equities and why improving fundamentals, lower valuations, and AI-linked demand could position EM technology for a multi-year cycle of outperformance.In this episode:– Why S&P 500 concentration is near decade highs– How emerging markets drive AI manufacturing– Why memory chips are a bottleneck in AI growth– How a weaker dollar benefits EM equities– Where advisors may be missing diversificationLead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.#ArtificialIntelligence #EmergingMarkets #Semiconductors#StockMarket #SP500 #KEMQSupport the show

In this episode of Lead-Lag Live, I sit down with Henry Greene, Investment Strategist at KraneShares, to discuss how a weakening U.S. dollar and global AI capital spending could reshape leadership in technology markets.From Taiwan and South Korea's semiconductor dominance to China's growing AI innovation ecosystem, Greene explains why emerging markets technology may offer exposure to the same growth themes investors love in the U.S. — but with lower multiples and broader diversification.In this episode:– Why dollar weakness is a tailwind for emerging markets– How Taiwan and Korea benefit from AI CapEx– China's role in large language model innovation– The case for diversifying beyond top-heavy US tech– How KEMQ captures emerging markets technology exposureLead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.#EmergingMarkets #AIInvesting #Semiconductors #USdollar #GlobalMarkets Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Support the show

Hope. The hope that the past doesn't determine the future. A positive outlook. Life as an adoptive parent and as an adoptee can be tough. What keeps us going? Love, for sure. And hope! Listen in as we dive into overcoming trauma, abuse and other tough stuff. Robin Sizemore, Executive Director of Hopscotch Adoptions Inc., was recognized in 2012 by the Winston-Salem Alumnae Chapter of Delta Sigma Theta Sorority, Inc as a person who has “Transform Lives and Impacted the Community”. Among five other recipients, Robin Sizemore, was recognized in the area of “International Awareness” for her work and advocacy of children through international adoption and aid.  Robin was also the recipient of the “Angels in Adoption” award in 2008, in recognition of her service to children since 1995. She is an adoptive mother and has been an adoption professional since 1995. In addition to placing children in forever families, Robin has been involved in both national and international levels regarding policies and regulations impacting child welfare: she has brought educational opportunities to a variety of officials in Georgia and Armenia, spearheaded cooperative humanitarian efforts, and hosted numerous international delegations through the U.S. State Department and Ministries in other countries which are associated with institutionalized children. Robin has a warm rapport with the wide range of individuals involved with children in need, including government officials, orphanage directors and staff, hospital and humanitarian aid administrators, and adoptive families and children alike. Robin volunteered as a Council on Accreditation Hague Accreditation evaluator and team lead from 2016- 2020 and earned a Certificate of Nonprofit Executive Director Academy Institute/ Nonprofit Executive Director Academy Institute -Center for Creative Leadership – Guilford County Nonprofit Consortium 2014 and a Certificate of Nonprofit Management Nonprofit Management – Guilford Nonprofit Consortium – High Point University 2013. Robin and her husband James are the adoptive parents of the first internationally adopted child from Georgia and, with their second adoption, of the first direct “birthmother to adoptive mother” international placement in Georgia. In addition to their two beautiful children from Georgia. Robin and James have also been blessed with the surprise birth of their youngest and third child. Robin's work is well regarded and highly respected within the country programs and she is considered a valuable resource and thoughtful orphan advocate by U.S. and international officials as the result of her dedication to children and families through humanitarian assistance programs over more than a decade. Robin has developed direct programs for Hopscotch with highly experienced and reliable partners in Armenia, Bulgaria, Georgia, Ghana, Guyana, Morocco, Pakistan, Serbia, Trinidad & Tobago, Ukraine, and appreciates the uniqueness of complex Kinship cases in need of a provider, when called upon. Robin graduated in 1986 from Appalachian State University, Boone, North Carolina, with a Bachelor of Science from the School of Communication and Media Arts, with a Concentration in Public Relations and Minor in Marketing. https://www.linkedin.com/in/robin-ellington-sizemore-a4188a7/ https://www.instagram.com/hopscotch_adoptions/ https://www.facebook.com/HopscotchAdoptions/ https://hopscotchadoptions.org/ Guests and the host are not (unless mentioned) licensed pscyho-therapists and speak from their own opinion only. Seek qualified advice if you need help.

In this episode, we explore the Mahanama Sutta, where King Mahanama asks the Buddha how laypeople can find stability and peace in the midst of a chaotic, worry-filled world. The Buddha responds by teaching the importance of cultivating the Five Spiritual Faculties: faith, effort, mindfulness, concentration, and wisdom. With these as a foundation, one can practice the Six Recollections — reflecting on the qualities of the Buddha, Dhamma, Sangha, morality, generosity, and the virtues of celestial beings.Through these practices, the mind becomes free from greed, anger, and delusion, giving rise to joy, calm, happiness, and concentration. This teaching offers a practical path for busy everyday people to live with steadiness and inner peace while walking the path toward liberation.YouTube Video LinkYouTube Channel Link Website:www.satipatthana.caDonations and Memberships

Ahead of BC Budget 2026, the provincial government was already laying the groundwork to defend austerity measures by arguing that there is not enough wealth to redistribute. Economist Alex Hemingway disagrees. He and fellow economist Silas Xuareb at Canadians for Tax Fairness say that there is wealth in BC and Canada, and claiming otherwise is a way to distract us from the massive concentration of wealth in this country. Alex Hemingway is Senior Economist and Public Finance Policy Analyst with BC Policy Solutions. He joins me today to talk about the report published last week, The New Robber Barons.

In this episode of Lead-Lag Live, I sit down with Kai Wu, Founder and CIO of Sparkline Capital, to break down why the AI boom may be entering a new phase and why investors concentrated in infrastructure stocks could be taking more risk than they realize.With nearly half of the S&P 500 tied directly or indirectly to AI infrastructure buildout, Kai explains the dangers of crowded positioning, excessive capital spending, and valuation expansion. Drawing on historical technology cycles from railroads to the internet, he outlines why the biggest long-term winners often aren't the builders, but the early adopters who use new technology to gain efficiency and market share.We also dive into enterprise adoption rates, proof-of-ROI versus hype-driven AI mentions on earnings calls, and how to distinguish companies generating measurable productivity gains from those simply telling the story.In this episode:– Why the AI cycle may be shifting from buildout to adoption– How only about 10 percent of firms are currently using AI in production– The valuation risk embedded in infrastructure-heavy portfolios– Why early adopters may outperform the AI builders– How advisors can rethink AI exposure without abandoning the themeLead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.#AI #StockMarket #SP500 #NVDA #TechStocks #TeslaSupport the show

Get AudioBooks for Free Best Self-improvement Motivation Master Concentration with Dandapani & Focus Discover powerful focus and mindfulness strategies from Dandapani and Jim Kwik. Learn how to train your mind for deep concentration and peak performance. Get AudioBooks for Free ⁠We Need Your Love & Support ❤️ https://buymeacoffee.com/myinspiration #Motivational_Speech #motivation #inspirational_quotes #motivationalspeech Get AudioBooks for Free Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Lead-Lag Live, I sit down with Michael Germano, Founder and Wealth Manager at Key Sage Wealth, to discuss whether markets are entering a major rotation after years of mega-cap tech dominance.From signs of mean reversion and passive-driven distortions to the case for a commodity supercycle and a weakening U.S. dollar, Germano explains why investors may want to rethink concentration risk and reassess exposure to AI-driven valuations.In this episode:– Why mega-cap tech may be “long in the tooth”– How passive flows have created market inefficiencies– The case for a structural commodity supercycle– What a weaker dollar means for portfolios– How wealthy investors compound capital using lending strategiesLead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.#MarketRotation #Commodities #AI #AssetAllocation #WealthManagementSupport the show

The Hidden Investment Risks Pre-Retirees and Retirees Don’t See Coming: Kentucky Retirement Planning Insights Are you approaching retirement and concerned about protecting your life savings from market volatility? In this comprehensive episode of the Tom Dupree Show, Kentucky retirement planning advisors Tom Dupree and Mike Johnson explore the multidimensional nature of investment risk and why personalized investment management is essential for pre-retirees aged 50-65. Unlike mass-market approaches from large firms, Dupree Financial Group provides direct access to portfolio managers who understand your specific retirement goals and risk tolerance. This evergreen financial education episode delivers timeless wisdom on risk assessment, portfolio protection strategies, and why understanding what you own is critical before retirement. Whether you’re working with a local financial advisor in Kentucky or managing investments on your own, these insights will help you make more informed decisions about your retirement security. Key Takeaways: Investment Risk Management for Pre-Retirees Risk is multidimensional: Investment risk extends beyond simple volatility—it includes sequence of returns risk, concentration risk, and the risk of falling short of your retirement goals The Capital Asset Pricing Model misconception: More risk doesn’t automatically mean more return; it means a wider range of potential outcomes, both positive and negative The danger of false security: Long periods of strong returns can create complacency, causing investors to unknowingly take on excessive risk right before retirement Personalized portfolio analysis matters: Your investment strategy must align with your specific retirement timeline, income needs, and risk capacity—not just market averages Understanding beats panic: Clients who truly understand their portfolio holdings don’t panic during market downturns because they know their strategy is designed for their goals Active risk identification: Professional Kentucky retirement planning involves continuously identifying and monitoring specific risks to each holding, not just following the crowd Howard Marks on Investment Risk: Wisdom from a Market Legend The episode draws heavily from Howard Marks’ influential 2006 memo on risk, which Tom and Mike have studied extensively. Marks, co-founder of Oaktree Capital Management, challenges conventional thinking about risk and return relationships. “If more risk always meant more return, it would cease being risky. The risk would be riskless,” explains Mike Johnson, highlighting the fundamental misunderstanding many investors have about the risk-return relationship. The discussion emphasizes that bearing risk unknowingly represents one of the biggest mistakes pre-retirees can make. This is particularly relevant for those who have experienced strong market performance for years without understanding the volatility embedded in their portfolios. The Real-World Cost of Ignoring Investment Risk Tom Dupree shares a cautionary tale that every pre-retiree should hear: “There was a man that came to me years ago who had been at UK for a number of years. He had invested in Fidelity and TIAA-CREF, good funds, great returns. He had something like 1,000,006 and he had averaged 13 and a quarter percent return per year for like 23 years. He extrapolated that he could take 10% a year, which was $160,000, live on it and be okay because it was gonna keep doing that. The sequence of returns turned around and bit him good.” This example perfectly illustrates sequence of returns risk—a critical concept for anyone approaching retirement. Even with excellent average returns, the timing of market downturns relative to when you need to withdraw funds can devastate a retirement plan. This is why personalized investment management from a local financial advisor who understands your specific timeline is so valuable. Why Volatility Isn’t the Only Risk Pre-Retirees Face The episode challenges the traditional definition of investment risk as merely volatility. For pre-retirees and retirees specifically, Mike Johnson explains: “The base case that we’re trying to solve here? We’re speaking specifically to near retirees and retirees. Volatility is gonna be your friend or your foe the day you need to take your money out. That’s gonna be your definition of risk—what has the volatility done to my money the day I need it.” Additional Risk Dimensions for Kentucky Retirement Planning Falling short of goals: The risk that your portfolio won’t produce sufficient income for your desired retirement lifestyle Concentration risk: Over-exposure to single stocks or sectors, especially common with company stock or recent tech winners Unconventionality risk: The professional risk advisors take when thinking independently rather than following the crowd—but this can benefit clients long-term Underperformance risk: Short-term underperformance relative to indices, which requires conviction in your strategy and understanding your goals Hidden risk exposure: Unknown risks embedded in portfolios, particularly index funds that provide no true diversification strategy The False Sense of Security: Why Long Bull Markets Are Dangerous One of the most powerful concepts discussed is how prolonged positive market performance can numb investors to risk—exactly when they should be most vigilant. Mike Johnson references Nassim Taleb’s “Fooled by Randomness” to illustrate this danger: “Reality’s far more vicious than Russian roulette. First, it delivers the fatal bullet rather infrequently, like a revolver that would have hundreds or even thousands of rounds instead of six. After a few dozen tries, one forgets about the existence of a bullet under a numbing false sense of security. One is thus capable of unwittingly playing Russian roulette and calling it by something alternative: low risk.” This perfectly describes the situation many pre-retirees face today after years of strong market performance. The analogy to driving at 90 mph—where you stop feeling the speed—resonates powerfully. You’re taking significant risk, but you’ve become accustomed to it and no longer perceive the danger. Direct Access to Portfolio Managers: The Dupree Financial Difference Unlike large firms where you’re assigned an investment counselor who may change frequently, Dupree Financial Group provides direct access to portfolio managers Tom Dupree and Mike Johnson. This relationship-focused approach enables: Deep understanding of your specific retirement timeline and goals Customized portfolio construction based on your unique risk capacity Ongoing education about what you own and why you own it Proactive risk identification specific to your holdings The ability to think unconventionally when it serves your interests “When our clients understand what’s in their portfolio and why, they don’t call us panicking when the market drops,” Tom Dupree emphasizes, highlighting the value of education and transparency in financial relationships. Why Index Funds Aren’t a Complete Investment Strategy The episode delivers a sobering message about the limitations of index fund investing for retirees: “If you don’t like risk and you think that you’re not taking any risk by investing in the S&P 500, sweetie pie, you need to get in the money market fund and just hope you got enough money to ride through it because you are taking risk that you don’t know about. And that is a problem because you’re gonna find it out in a very uncomfortable way at some point.” This doesn’t mean index funds have no place in portfolios, but rather that they shouldn’t be confused with a comprehensive retirement income strategy. Personalized portfolio analysis considers: Your specific income needs in retirement Time horizon until you need to access funds Concentration risk in popular stocks or sectors The difference between the accumulation and distribution phases Tax efficiency of different investment approaches Building a Foundation: From Stocks to Portfolio For younger investors just starting out, Mike Johnson offers this perspective: “If somebody’s in their late twenties, early thirties and they have a few stocks here and there, that’s great. You’re ahead of the curve from a lot of people, but that is not a portfolio. What you want to do is lay a foundation that’s more sturdy, more solid than just having a few stocks here and there.” This guidance is equally relevant for pre-retirees who may have accumulated individual positions over time without a cohesive strategy. Kentucky retirement planning requires transitioning from an accumulation mindset to a distribution strategy—and that requires professional portfolio architecture. The Retirement Risk Equation: It’s About Income, Not Just Account Balance One of the most important insights for pre-retirees: “Remember, it’s not just the accumulation, it’s not the dollar amount, it’s what it’s gonna produce for you and how long can it produce that to sustain you. Retirement has the normal set of rules plus other variables that you have to take into consideration.” This shift in perspective—from portfolio value to sustainable income—is where personalized investment management becomes critical. Every individual’s situation differs slightly, and those differences matter enormously in retirement planning. Faith, Risk, and Investment Philosophy Tom Dupree introduces an often-overlooked dimension of investment risk: the role of faith. Not just faith in markets or historical returns, but a deeper consideration of existential risk and what you ultimately trust. “Underpinning any investment scheme is faith. At the base of everything related to risk is faith. You cannot get away from it. One of the things about the God factor is that it takes certain elements of risk that you’re willing to take on for yourself and transfers them to a higher power.” While this dimension is personal and not emphasized in typical financial planning, it reflects Dupree Financial Group’s holistic approach to understanding clients as people—not just portfolios. Frequently Asked Questions About Investment Risk and Retirement Planning What is the biggest investment risk for pre-retirees? The biggest risk for pre-retirees is sequence-of-returns risk—experiencing market downturns just as you begin withdrawing from your portfolio. Even with strong average returns over time, poor returns in the years immediately before and after retirement can devastate your retirement security. This is why personalized retirement planning in Kentucky focuses on more than just average returns. How is investment risk different for retirees versus younger investors? For retirees, risk is primarily defined by volatility’s impact on withdrawals. When you need to take money out during a market downturn, you crystallize losses and reduce your portfolio’s recovery potential. Younger investors have time to recover from volatility. As Tom Dupree explains, “Volatility is gonna be your friend or your foe the day you need to take your money out.” Are index funds safe for retirement portfolios? Index funds are not inherently “safe” for retirement—they carry significant volatility and concentration risks (especially in large-cap tech stocks right now). While they can be part of a retirement strategy, they should not be confused with a comprehensive income plan. Local financial advisors can help design strategies that balance growth needs with income stability. How much can I safely withdraw from my retirement portfolio annually? There’s no universal answer—withdrawal rates depend on your portfolio composition, risk tolerance, retirement timeline, and income needs. The gentleman in Tom’s example assumed 10% annual withdrawals based on historical 13.25% returns, which proved disastrous. Personalized portfolio analysis determines sustainable withdrawal rates specific to your situation. Why should I work with a local Kentucky financial advisor instead of a large national firm? Local advisors like Dupree Financial Group provide direct access to portfolio managers who personally manage your investments, rather than being assigned to a counselor who may change. You receive personalized service, education about your holdings, and strategies tailored to your specific goals—not mass-market approaches. Tom emphasizes: “When our clients understand what’s in their portfolio and why, they don’t call us panicking when the market drops.” What does it mean to “know what you own” in my portfolio? Knowing what you own means understanding not just the names of your holdings, but the specific risks each position carries, how they work together, and why each was selected for your situation. It means knowing what could go wrong with each investment and having conviction in your overall strategy during market volatility. How often should I review my retirement portfolio risk? Pre-retirees should review portfolio risk at least annually, and more frequently as retirement approaches. Risk tolerance, time horizon, and income needs change as you near retirement. Kentucky retirement planning professionals continuously monitor holdings for emerging risks and rebalance as needed. What is concentration risk, and why does it matter? Concentration risk occurs when your portfolio has too much exposure to a single stock, sector, or asset class. Many investors have unknowingly accumulated concentration in large technology stocks through both index funds and individual holdings. If that sector declines, your entire portfolio suffers disproportionately. Diversification addresses concentration risk. How do I know if I’m taking too much risk before retirement? Signs you may have excessive risk include: heavy concentration in stocks after years of strong returns, high portfolio volatility relative to your withdrawal timeline, lack of income-producing assets, or simply not understanding what you own. A complimentary portfolio review with Dupree Financial Group can identify hidden risks: call 859-233-0400. What makes Dupree Financial Group’s investment philosophy different? Dupree Financial Group focuses on building long-term relationships with people—not just managing money. The team conducts their own research, provides comprehensive education, thinks independently rather than following the crowd, and designs portfolios around your specific goals. Learn more about their investment philosophy. Schedule Your Complimentary Portfolio Risk Analysis Don’t Wait for a Market Downturn to Discover Hidden Risks in Your Portfolio If you’re retired or approaching retirement, understanding the specific risks in your portfolio is critical. After 47 years in the investment business, Tom Dupree has seen countless retirees discover they were taking far more risk than they realized—often at the worst possible time. Dupree Financial Group offers Central Kentucky residents a complimentary portfolio review to help you: Identify hidden concentration risks in your current holdings Understand the sequence-of-returns risk as you approach retirement Evaluate whether your portfolio aligns with your retirement income needs Learn what you actually own and why it matters Develop a personalized strategy for your retirement timeline Call 859-233-0400 to schedule your complimentary consultation Or visit us online: Schedule Your Personalized Portfolio Analysis Learn About Our Investment Philosophy Listen to More Market Commentary Read Client Testimonials Explore Kentucky Retirement Planning Services Dupree Financial Group serves clients throughout Central Kentucky, including Lexington, Louisville, Frankfort, Winchester, Richmond, and surrounding communities. About the Tom Dupree Show The Tom Dupree Show provides timeless financial education for investors approaching and in retirement. Hosted by Tom Dupree, Jr., founder of Dupree Financial Group, and portfolio manager Mike Johnson, each episode delivers practical insights on investment management, retirement planning, and portfolio risk assessment. Unlike generic financial advice, the show focuses on the specific challenges facing Kentucky retirees and pre-retirees. Tom Dupree founded Dupree Financial Group on the principle that creating long-term relationships with people—not just their money—is the key to successful wealth management. With direct access to portfolio managers and personalized investment strategies, Dupree Financial Group delivers the attentive service of a local advisor with the knowledge of a seasoned investment team. Episode Type: Evergreen Financial Education Primary Topics: Investment Risk, Retirement Planning, Portfolio Management, Sequence of Returns Risk Featured Guests: Mike Johnson, a member of the team at Dupree Financial Group Listen to More Episodes: Market Commentary Archive Share This Episode Help others understand investment risk by sharing this episode: www.dupreefinancial.com/podcast The post The Hidden Investment Risks You Don’t See Coming: Kentucky Retirement Planning Insights appeared first on Dupree Financial.

Resource sector investor Erik Wetterling (a.k.a. The Hedgeless Horseman) shares insights about current conditions in gold and silver equities, market corrections, jurisdictional risk, and how he sizes positions. Erik shares his perspective of risk/reward set-ups and when he bets big on undervalued junior mining stocks. Furthermore, Erik discusses market psychology, volatility, some stock picks and what he looks for in a quality junior mining stock opportunity. 0:00 Intro 1:04 Market Correction After VRIC: Staying Fully Invested & Value Shuffling 2:46 Why Juniors Still Look Cheap: Patience, Boredom, and the ‘Wall of Worry' 4:23 Sentiment Whiplash: Buying Misery vs. Hot Metals Markets 7:21 Beyond Gold & Silver: Copper, Nickel, and Macro Uncertainty (AI, Economy) 9:39 How to Play Base Metals: Producers vs. Developers + The Importance of Teams 12:29 Conference Circuit: First Vancouver Trip, PDAC Plans, and Why Events Matter Again 15:11 PDAC Talk Preview: Psychology, Volatility, and Being Comfortable Looking Stupid 18:03 Filtering the Noise: Social Media, Discipline, and Holding a 2-Year Thesis 22:12 Technicals vs. Fundamentals: Charts as Entertainment, Position Size as the Real Tool 25:58 People Matter: Evaluating CEOs, Communication, and Execution Ability 27:03 Why ‘Good People' Beat ‘Hidden Gems' in Mining Investing 28:50 Due Diligence Shortcuts: Third-Party Validation & Knowing What Success Looks Like 29:43 Vision Matters: 1–3 Year Roadmaps and 10-Year Mine Plans 31:19 People vs. Project: When the Asset Speaks for Itself 33:32 Low-Maintenance, Long-Term Portfolios (and Why People Matter More Over Time) 34:42 Jurisdictional Risk Spotlight: Mexico After the Tragedy 38:22 Positioning Through Metal Cycles: Invest Like It's a Perpetual Bear Market 41:34 Concentration & Conviction: No Hard Rules on Position Size 45:01 Qualitative vs Quantitative Conviction: Choosing the Right Team Over ‘Cheap' Numbers 49:06 Top Pick Breakdown 51:32 Wrap-Up, Where to Follow Erik's website: https://www.thehedgelesshorseman.com/ Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Mining Stock Education (MSE) offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. If you buy stock in a company featured on MSE, for your own protection, you should assume that it is MSE's owner personally selling you that stock. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Learn how concentration risk can affect index funds and how 2026 catch-up contributions work. Senior news writer Anna Helhoski and Ryan Sterling, a wealth advisor with NerdWallet Wealth Partners, break down stock market concentration risk and what it means for index fund diversification. Then, hosts Sean Pyles and Elizabeth Ayoola answer a listener's question about 2026 catch-up contributions, including FICA wages, Roth 401(k) rules for some high earners, and other ways to boost retirement savings. NerdWallet Wealth Partners, LLC is an affiliate of NerdWallet Inc. NerdWallet Wealth Partners is a fiduciary online financial advisor, offering low-cost, comprehensive financial advice and investment management. Learn more at https://nerdwalletwealthpartners.com/  Use NerdWallet's free investment return calculator to estimate how much your money can grow. Enter your planned contributions, timeline, rate of return and compounding frequency to get started: https://www.nerdwallet.com/investing/calculators/investment-calculator  Backdoor Roth IRA: What It Is and How to Set It Up https://www.nerdwallet.com/retirement/learn/backdoor-roth-ira  Want us to review your budget? Fill out this form — completely anonymously if you want — and we might feature your budget in a future segment! https://docs.google.com/forms/d/e/1FAIpQLScK53yAufsc4v5UpghhVfxtk2MoyooHzlSIRBnRxUPl3hKBig/viewform?usp=header To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is my second conversation with Josh Kushner, founder and managing partner of Thrive Capital. I recorded this conversation in October after publishing the Colossus cover story about him and Thrive. Given the overwhelming response, we created some breathing room before releasing it. Josh started Thrive in 2011. The firm now manages approximately $50 billion with a very small investment team. What makes Thrive different is how concentrated they are and how involved they get with their portfolio companies. We cover the iconic investments that defined Thrive: Instagram, Stripe, GitHub, and spend a lot of time on OpenAI. Josh explains how Thrive thinks about investing today and the three categories they're currently focused on. Josh also talks about building the firm, why they keep the team small, and what he's learned from A24 about enabling artists to do their best work. He shares personal stories that shaped him, including his grandmother's experience surviving the Holocaust, and lessons from Stan Druckenmiller, Jon Winkelried, and others at formative moments in Thrive's history. Please enjoy my great conversation with Josh Kushner. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit ⁠vanta.com/invest⁠.  ----- ⁠WorkOS⁠ is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. Visit⁠⁠ ⁠WorkOS.com⁠⁠⁠ to transform your application into an enterprise-ready solution in minutes, not months. ----- ⁠Rogo⁠ is an AI-powered platform that automates accounts payable workflows, enabling finance teams to process invoices faster and with greater accuracy. Learn more at ⁠Rogo.ai/invest⁠. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps: (00:00:00) Welcome to Invest Like the Best (00:02:43) Intro: Josh Kushner (00:03:46) How Thrive Has Changed Since 2023 (00:05:18) Thrive's Entrepreneurial Culture (00:12:22) The Power of Small Teams (00:13:35) Sponsors (00:14:35) Concentration as Differentiation (00:16:16) The Github Deal (00:18:08) Lesson from Stan Druckenmiller (00:20:37) Leading Stripe's $50 Billion Round (00:23:16) Instagram: Doubling an Investment in Days (00:25:43) Isomorphic: Thrive as an Enabling Technology (00:27:04) Thrive & A24 (00:28:19) OpenAI: The Product Josh Couldn't Unsee (00:32:09) Pricing the OpenAI Investment (00:33:40) OpenAI and Power (00:35:26) Finding Joy in Hard Work (00:39:15) Inside View of the Tech & AI Landscape (00:42:28) Three Investment Categories Thrive is Focused On (00:44:37) Thrive Holdings: Inside-Out Disruption (00:48:54) Competition in Venture (00:50:49) Sponsors (00:51:48) Thrive's Immutable Values (00:54:21) A Family Story of Survival (00:56:43) The American Dream (00:58:03) What Artists Can Teach Investors (01:00:26) Never Compromise Your Values (01:01:33) The Story Behind Josh's Forever Watch

Scott Wapner and the Investment Committee debate whether Big Tech stocks are turning around and how you should trade them. Plus, the Committee shares their latest portfolio moves. And later, we hit the latest Calls of the Day.  Investment Committee Disclosures Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

 In this talk, we explore Vedana (feeling) as a key mental factor in Buddhist meditation and daily life. The teacher explains how feelings arise as pleasant, unpleasant, neutral, and how they are classified in different ways in the teachings of the Buddha. By learning to observe feelings with mindfulness, listeners discover how to prevent craving and aversion, understand impermanence, and break the cycle of suffering through Satipatthana Vipassana practice. YouTube Video LinkYouTube Channel Link Website:www.satipatthana.caDonations and Memberships

You've been told index funds are safe — and they are. But what if your “diversified” portfolio is more concentrated than you realize? In this episode, Certified Financial Planner Mike Morton and Five Minute Finance host Matt Robison unpack how market-cap weighting has quietly increased risk inside popular index funds, why mega-cap stocks dominate your portfolio, and what simple adjustments (not panic moves) can strengthen your diversification.Find out more about Mike at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/

 In this talk, we explore the Buddhist teaching of Anattā (non-self) as it appears in everyday life. Through simple examples like eating, seeing, aging, and thinking, the speaker explains how mind and body function through cause and effect rather than a permanent “self” or soul. Listeners are encouraged to observe daily experiences mindfully to develop a direct, experiential understanding of non-self and deepen their meditation practice. YouTube Video LinkYouTube Channel Link Website:www.satipatthana.caDonations and Memberships

Stay Connected With UsWebsite: anchorfaith.comAnchor Faith Church Facebook: www.facebook.com/anchorfaithAnchor Faith Church Instagram: www.instagram.com/anchorfaithPastor Earl Glisson Facebook: www.facebook.com/earlwglissonPastor Earl Glisson Instagram: www.instagram.com/earlglisson

A screencast from Chapter 11 in CH 222 entitled “Colligative Concentration Units”

In this expansive episode of Hidden Wisdom, Meghan Farner is joined by returning guest Phil McLemore for a deep, practical teaching on meditation as the highest form of prayer. Phil presents meditation as an ancient practice of awareness, union with God, and transformation.Together, they explore the difference between mindfulness and transcendental (yoga) meditation, why stillness is essential for spiritual perception, and how meditation aligns with Jesus' own teachings on prayer, the inner kingdom, and becoming “one” with God. Phil offers step-by-step guidance on posture, breath, mantra, handling distractions, and receiving meditation as a feminine, receptive flow of grace rather than a forced effort.This episode also addresses common fears around meditation, ego resistance, spiritual ego, emotional release, and discernment—grounding the practice firmly in Christ-centered theology, embodiment, and character transformation. For anyone seeking a deeper experience of God, inner healing, and true at-one-ment, this episode serves as both teaching and invitation.00:00 | Introduction & why meditation matters for spiritual growth03:00 | Phil's background & discovering meditation through pain06:10 | Meditation as prayer, not self-improvement07:20 | God in the present moment & spiritual awareness09:00 | Mindfulness vs transcendental (God-centered) meditation12:50 | Jesus' model of prayer & the Aramaic meaning of “pray”16:30 | Awareness of awareness & inner stillness19:00 | Yoga, atonement, and union with God23:00 | Still mind, pure heart, and scriptural foundations29:40 | Preparing for meditation: time, place, posture34:00 | Harmonizing the body & devotional intent43:10 | “Don't pray to God—pray in God”46:20 | Breath as the gateway to Spirit52:35 | Diaphragmatic breathing & nervous system safety56:00 | Mantra meditation & examples (“Be Still,” “Peace, Be Still”)01:05:30 | Handling intrusive thoughts & ego resistance01:11:50 | Concentration vs meditation: receiving grace01:15:40 | Oneness, transformation, and Christ-consciousness01:23:30 | Obstacles, emotional release, and patience01:31:30 | Discernment, symbolism, and avoiding spiritual ego01:33:30 | Character transformation as the true fruit01:37:15 | Closing reflections & invitation to practice Join the Contemplative Prayer + Meditation Q&A with Meghan and Phil McLemore, on February 16th at 7pm MT. Register here! Hidden Wisdom initiates truth-seekers into the Mysteries, guiding listeners toward a lived experience of the Divine that awakens and transforms faith—without dismantling family or community. Pursue your Journey: ✨ Hidden Wisdom App – Coming Spring 2026! Pathway programs, community, library, events and more! Join the waitlist for updates, sneak peeks, and discounts!

In this special archive episode of With Flying Colors, Mark Treichel is joined by Steve Farr and Todd Miller — both former NCUA leaders — to revisit a foundational topic that continues to shape credit union supervision today: risk appetite, risk culture, and concentration risk.While regulators often emphasize capital levels, history shows that capital alone cannot offset poor risk governance. This conversation explores why concentration risk continues to challenge institutions — even those that appear well capitalized.Drawing on decades of regulatory experience, the team walks through the core components of a modern risk management framework and discusses how boards should think about oversight in today's environment.What We Cover

In this episode of Excess Returns, we sit down with Bloomberg Opinion columnist Nir Kaissar for a wide-ranging conversation on markets, AI, interest rates, private credit, small caps, and the risks investors may be underestimating. Nir shares his unexpected predictions for 2026, challenges the consensus on Fed rate cuts, explains why high profitability may be putting a floor under valuations, and offers a thoughtful framework for thinking about AI, concentration risk, and the future of public versus private markets. This is a deep dive into today's most important investing debates, grounded in history and focused on what may come next.Topics CoveredNir's unexpected predictions for 2026 and why mass adoption of autonomous vehicles may arrive faster than investors expectWhy the consensus on lower interest rates in 2026 may be wrong and what the two year Treasury yield is signalingThe impact of tariffs, affordability pressures, and corporate margins on inflationWhy high corporate profitability may support elevated stock market valuations even if returns slowThe role of earnings growth in driving S&P 500 returns and why 2015 to 2024 may not repeatIs AI more like 1995 or 1999 in the internet cycle and what that means for long term investorsThe convergence of big tech companies around AI and the risks of a more zero sum competitive landscapeWhy companies staying private longer could hurt retail investors and distort public market indicesConcentration risk in the S&P 500 and what it means for long term portfolio constructionOpportunities and risks in small cap stocks, including the importance of quality screensThe growth of private credit markets and the hidden risks investors may not seeWhy Treasuries may still be the cleanest shirt in the laundry during a crisisLessons from 20 years of running strategies and what Nir has changed his mind aboutTimestamps00:00 Nir's 2026 predictions and the rise of Waymo05:00 Interest rates, Trump, and the outlook for Fed policy08:40 Tariffs, inflation, and corporate margins12:00 Valuations, profitability, and future S&P 500 returns16:00 AI compared to the internet era and long term investing lessons19:00 Public versus private markets and regulatory concerns32:00 Concentration risk and the Magnificent Seven39:00 Small caps, quality screens, and value opportunities47:00 Private credit risks and default cycles54:30 Nir's investment philosophy and 20 year lessons

The Hidden Investment Risks Pre-Retirees and Retirees Don’t See Coming: Kentucky Retirement Planning Insights Are you approaching retirement and concerned about protecting your life savings from market volatility? In this comprehensive episode of the Tom Dupree Show, Kentucky retirement planning advisors Tom Dupree and Mike Johnson explore the multidimensional nature of investment risk and why personalized investment management is essential for pre-retirees aged 50-65. Unlike mass-market approaches from large firms, Dupree Financial Group provides direct access to portfolio managers who understand your specific retirement goals and risk tolerance. This evergreen financial education episode delivers timeless wisdom on risk assessment, portfolio protection strategies, and why understanding what you own is critical before retirement. Whether you’re working with a local financial advisor in Kentucky or managing investments on your own, these insights will help you make more informed decisions about your retirement security. Key Takeaways: Investment Risk Management for Pre-Retirees Risk is multidimensional: Investment risk extends beyond simple volatility—it includes sequence of returns risk, concentration risk, and the risk of falling short of your retirement goals The Capital Asset Pricing Model misconception: More risk doesn’t automatically mean more return; it means a wider range of potential outcomes, both positive and negative The danger of false security: Long periods of strong returns can create complacency, causing investors to unknowingly take on excessive risk right before retirement Personalized portfolio analysis matters: Your investment strategy must align with your specific retirement timeline, income needs, and risk capacity—not just market averages Understanding beats panic: Clients who truly understand their portfolio holdings don’t panic during market downturns because they know their strategy is designed for their goals Active risk identification: Professional Kentucky retirement planning involves continuously identifying and monitoring specific risks to each holding, not just following the crowd Howard Marks on Investment Risk: Wisdom from a Market Legend The episode draws heavily from Howard Marks’ influential 2006 memo on risk, which Tom and Mike have studied extensively. Marks, co-founder of Oaktree Capital Management, challenges conventional thinking about risk and return relationships. “If more risk always meant more return, it would cease being risky. The risk would be riskless,” explains Mike Johnson, highlighting the fundamental misunderstanding many investors have about the risk-return relationship. The discussion emphasizes that bearing risk unknowingly represents one of the biggest mistakes pre-retirees can make. This is particularly relevant for those who have experienced strong market performance for years without understanding the volatility embedded in their portfolios. The Real-World Cost of Ignoring Investment Risk Tom Dupree shares a cautionary tale that every pre-retiree should hear: “There was a man that came to me years ago who had been at UK for a number of years. He had invested in Fidelity and TIAA-CREF, good funds, great returns. He had something like 1,000,006 and he had averaged 13 and a quarter percent return per year for like 23 years. He extrapolated that he could take 10% a year, which was $160,000, live on it and be okay because it was gonna keep doing that. The sequence of returns turned around and bit him good.” This example perfectly illustrates sequence of returns risk—a critical concept for anyone approaching retirement. Even with excellent average returns, the timing of market downturns relative to when you need to withdraw funds can devastate a retirement plan. This is why personalized investment management from a local financial advisor who understands your specific timeline is so valuable. Why Volatility Isn’t the Only Risk Pre-Retirees Face The episode challenges the traditional definition of investment risk as merely volatility. For pre-retirees and retirees specifically, Mike Johnson explains: “The base case that we’re trying to solve here? We’re speaking specifically to near retirees and retirees. Volatility is gonna be your friend or your foe the day you need to take your money out. That’s gonna be your definition of risk—what has the volatility done to my money the day I need it.” Additional Risk Dimensions for Kentucky Retirement Planning Falling short of goals: The risk that your portfolio won’t produce sufficient income for your desired retirement lifestyle Concentration risk: Over-exposure to single stocks or sectors, especially common with company stock or recent tech winners Unconventionality risk: The professional risk advisors take when thinking independently rather than following the crowd—but this can benefit clients long-term Underperformance risk: Short-term underperformance relative to indices, which requires conviction in your strategy and understanding your goals Hidden risk exposure: Unknown risks embedded in portfolios, particularly index funds that provide no true diversification strategy The False Sense of Security: Why Long Bull Markets Are Dangerous One of the most powerful concepts discussed is how prolonged positive market performance can numb investors to risk—exactly when they should be most vigilant. Mike Johnson references Nassim Taleb’s “Fooled by Randomness” to illustrate this danger: “Reality’s far more vicious than Russian roulette. First, it delivers the fatal bullet rather infrequently, like a revolver that would have hundreds or even thousands of rounds instead of six. After a few dozen tries, one forgets about the existence of a bullet under a numbing false sense of security. One is thus capable of unwittingly playing Russian roulette and calling it by something alternative: low risk.” This perfectly describes the situation many pre-retirees face today after years of strong market performance. The analogy to driving at 90 mph—where you stop feeling the speed—resonates powerfully. You’re taking significant risk, but you’ve become accustomed to it and no longer perceive the danger. Direct Access to Portfolio Managers: The Dupree Financial Difference Unlike large firms where you’re assigned an investment counselor who may change frequently, Dupree Financial Group provides direct access to portfolio managers Tom Dupree and Mike Johnson. This relationship-focused approach enables: Deep understanding of your specific retirement timeline and goals Customized portfolio construction based on your unique risk capacity Ongoing education about what you own and why you own it Proactive risk identification specific to your holdings The ability to think unconventionally when it serves your interests “When our clients understand what’s in their portfolio and why, they don’t call us panicking when the market drops,” Tom Dupree emphasizes, highlighting the value of education and transparency in financial relationships. Why Index Funds Aren’t a Complete Investment Strategy The episode delivers a sobering message about the limitations of index fund investing for retirees: “If you don’t like risk and you think that you’re not taking any risk by investing in the S&P 500, sweetie pie, you need to get in the money market fund and just hope you got enough money to ride through it because you are taking risk that you don’t know about. And that is a problem because you’re gonna find it out in a very uncomfortable way at some point.” This doesn’t mean index funds have no place in portfolios, but rather that they shouldn’t be confused with a comprehensive retirement income strategy. Personalized portfolio analysis considers: Your specific income needs in retirement Time horizon until you need to access funds Concentration risk in popular stocks or sectors The difference between the accumulation and distribution phases Tax efficiency of different investment approaches Building a Foundation: From Stocks to Portfolio For younger investors just starting out, Mike Johnson offers this perspective: “If somebody’s in their late twenties, early thirties and they have a few stocks here and there, that’s great. You’re ahead of the curve from a lot of people, but that is not a portfolio. What you want to do is lay a foundation that’s more sturdy, more solid than just having a few stocks here and there.” This guidance is equally relevant for pre-retirees who may have accumulated individual positions over time without a cohesive strategy. Kentucky retirement planning requires transitioning from an accumulation mindset to a distribution strategy—and that requires professional portfolio architecture. The Retirement Risk Equation: It’s About Income, Not Just Account Balance One of the most important insights for pre-retirees: “Remember, it’s not just the accumulation, it’s not the dollar amount, it’s what it’s gonna produce for you and how long can it produce that to sustain you. Retirement has the normal set of rules plus other variables that you have to take into consideration.” This shift in perspective—from portfolio value to sustainable income—is where personalized investment management becomes critical. Every individual’s situation differs slightly, and those differences matter enormously in retirement planning. Faith, Risk, and Investment Philosophy Tom Dupree introduces an often-overlooked dimension of investment risk: the role of faith. Not just faith in markets or historical returns, but a deeper consideration of existential risk and what you ultimately trust. “Underpinning any investment scheme is faith. At the base of everything related to risk is faith. You cannot get away from it. One of the things about the God factor is that it takes certain elements of risk that you’re willing to take on for yourself and transfers them to a higher power.” While this dimension is personal and not emphasized in typical financial planning, it reflects Dupree Financial Group’s holistic approach to understanding clients as people—not just portfolios. Frequently Asked Questions About Investment Risk and Retirement Planning What is the biggest investment risk for pre-retirees? The biggest risk for pre-retirees is sequence-of-returns risk—experiencing market downturns just as you begin withdrawing from your portfolio. Even with strong average returns over time, poor returns in the years immediately before and after retirement can devastate your retirement security. This is why personalized retirement planning in Kentucky focuses on more than just average returns. How is investment risk different for retirees versus younger investors? For retirees, risk is primarily defined by volatility’s impact on withdrawals. When you need to take money out during a market downturn, you crystallize losses and reduce your portfolio’s recovery potential. Younger investors have time to recover from volatility. As Tom Dupree explains, “Volatility is gonna be your friend or your foe the day you need to take your money out.” Are index funds safe for retirement portfolios? Index funds are not inherently “safe” for retirement—they carry significant volatility and concentration risks (especially in large-cap tech stocks right now). While they can be part of a retirement strategy, they should not be confused with a comprehensive income plan. Local financial advisors can help design strategies that balance growth needs with income stability. How much can I safely withdraw from my retirement portfolio annually? There’s no universal answer—withdrawal rates depend on your portfolio composition, risk tolerance, retirement timeline, and income needs. The gentleman in Tom’s example assumed 10% annual withdrawals based on historical 13.25% returns, which proved disastrous. Personalized portfolio analysis determines sustainable withdrawal rates specific to your situation. Why should I work with a local Kentucky financial advisor instead of a large national firm? Local advisors like Dupree Financial Group provide direct access to portfolio managers who personally manage your investments, rather than being assigned to a counselor who may change. You receive personalized service, education about your holdings, and strategies tailored to your specific goals—not mass-market approaches. Tom emphasizes: “When our clients understand what’s in their portfolio and why, they don’t call us panicking when the market drops.” What does it mean to “know what you own” in my portfolio? Knowing what you own means understanding not just the names of your holdings, but the specific risks each position carries, how they work together, and why each was selected for your situation. It means knowing what could go wrong with each investment and having conviction in your overall strategy during market volatility. How often should I review my retirement portfolio risk? Pre-retirees should review portfolio risk at least annually, and more frequently as retirement approaches. Risk tolerance, time horizon, and income needs change as you near retirement. Kentucky retirement planning professionals continuously monitor holdings for emerging risks and rebalance as needed. What is concentration risk, and why does it matter? Concentration risk occurs when your portfolio has too much exposure to a single stock, sector, or asset class. Many investors have unknowingly accumulated concentration in large technology stocks through both index funds and individual holdings. If that sector declines, your entire portfolio suffers disproportionately. Diversification addresses concentration risk. How do I know if I’m taking too much risk before retirement? Signs you may have excessive risk include: heavy concentration in stocks after years of strong returns, high portfolio volatility relative to your withdrawal timeline, lack of income-producing assets, or simply not understanding what you own. A complimentary portfolio review with Dupree Financial Group can identify hidden risks: call 859-233-0400. What makes Dupree Financial Group’s investment philosophy different? Dupree Financial Group focuses on building long-term relationships with people—not just managing money. The team conducts their own research, provides comprehensive education, thinks independently rather than following the crowd, and designs portfolios around your specific goals. Learn more about their investment philosophy. Schedule Your Complimentary Portfolio Risk Analysis Don’t Wait for a Market Downturn to Discover Hidden Risks in Your Portfolio If you’re retired or approaching retirement, understanding the specific risks in your portfolio is critical. After 47 years in the investment business, Tom Dupree has seen countless retirees discover they were taking far more risk than they realized—often at the worst possible time. Dupree Financial Group offers Central Kentucky residents a complimentary portfolio review to help you: Identify hidden concentration risks in your current holdings Understand the sequence-of-returns risk as you approach retirement Evaluate whether your portfolio aligns with your retirement income needs Learn what you actually own and why it matters Develop a personalized strategy for your retirement timeline Call 859-233-0400 to schedule your complimentary consultation Or visit us online: Schedule Your Personalized Portfolio Analysis Learn About Our Investment Philosophy Listen to More Market Commentary Read Client Testimonials Explore Kentucky Retirement Planning Services Dupree Financial Group serves clients throughout Central Kentucky, including Lexington, Louisville, Frankfort, Winchester, Richmond, and surrounding communities. About the Tom Dupree Show The Tom Dupree Show provides timeless financial education for investors approaching and in retirement. Hosted by Tom Dupree, Jr., founder of Dupree Financial Group, and portfolio manager Mike Johnson, each episode delivers practical insights on investment management, retirement planning, and portfolio risk assessment. Unlike generic financial advice, the show focuses on the specific challenges facing Kentucky retirees and pre-retirees. Tom Dupree founded Dupree Financial Group on the principle that creating long-term relationships with people—not just their money—is the key to successful wealth management. With direct access to portfolio managers and personalized investment strategies, Dupree Financial Group delivers the attentive service of a local advisor with the knowledge of a seasoned investment team. Episode Type: Evergreen Financial Education Primary Topics: Investment Risk, Retirement Planning, Portfolio Management, Sequence of Returns Risk Featured Guests: Mike Johnson, a member of the team at Dupree Financial Group Listen to More Episodes: Market Commentary Archive Share This Episode Help others understand investment risk by sharing this episode: www.dupreefinancial.com/podcast The post The Hidden Investment Risks You Don’t See Coming: Kentucky Retirement Planning Insights appeared first on Dupree Financial.

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Delaney Nolan on the town of Modeste and a new giant industrial park planned for the area. [...] Read More... from A town on the brink of extinction: Modeste is facing an acute concentration of industry as a proposed new development threatens to engulf it The post A town on the brink of extinction: Modeste is facing an acute concentration of industry as a proposed new development threatens to engulf it appeared first on The Lens.

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The Gemara in Masechet Shabbat (119) teaches that responding "Yeheh Shemeh Rabba" to Kaddish "with all one's strength" has the power to annul harsh decrees. According to some versions of this passage, even if a decree of seventy years of suffering was issued against a person, he can have the decree repealed by answering "Yeheh Shemeh Rabba" with all his "strength." The common understanding of this expression – "with all one's strength" – is that it refers to full Kavana (concentration). Answering to Kaddish with concentration, focusing on the meaning of the words, has the power to annul harsh decrees. People often look for effective "Segulot," especially when they are dealing with some kind of problem or crisis, or when they have an important court case or business deal. Unfortunately, they generally overlook what might be the most obvious and most well-documented "Segula" of all – responding to Kaddish with full concentration. No matter what harsh punishment has been decreed against a person, he has the opportunity to have it annulled by responding to Kaddish properly. People who talk during Kaddish need to remember that they can gain far more by concentrating during Kaddish than they do with any conversation they have with their fellow. The "return on investment" for properly concentrating during Kaddish is far greater than we could ever imagine. The Yeser Ha'ra (evil inclination), knowing the great benefits of concentrating on Kaddish, lures a person to disregard Kaddish, and to engage in conversation instead of listening and responding properly. But speaking during Kaddish – even words of Torah! – is strictly forbidden by Halacha, and by doing so, one forfeits the immense rewards that this special prayer offers, and becomes liable to punishment, Heaven forbid. The Bet Yosef brings the story of Rabbi Hama who saw Eliyahu Ha'nabi leading thousands of camels loaded with "anger and wrath," and Eliyahu said that all this anger is for those who engage in conversation during the recitation of Kaddish. And the Kaf Ha'haim (Rav Yaakob Haim Sofer, Baghdad-Jerusalem, 1870-1939) cites the Mateh Moshe as relating that a certain Torah scholar had a student who died young, and the student appeared to him in a dream, with an unseemly mark on his forehead. The student explained that this mark was his punishment for speaking during Kaddish. One should not fold his Tallit or Tefillin, or engage in other activity, during the recitation of Kaddish, so that he can fully concentrate on the words. This applies to all the Kaddish recitations – the Kaddishim recited during the prayer service, the Kaddish recited after Torah learning, the Kaddish recited at an Arayat, and so on. Rav Yisrael Bitan cites an opinion that this applies only when one responds, "Yeheh Shemeh Rabba," though Rav Bitan disagrees, and maintains that this is forbidden even while listening to Kaddish. He adds, however, that this is forbidden only through "Da'amiran Be'alma," which is the essential Kaddish. During the remainder of Kaddish, which is a later addition to Kaddish, it is permissible to engage in other activities. If someone fell behind during the prayers, and needs to complete the previous prayer during Kaddish, he should do so only after "Da'amiran Be'alma." Until that point, he should remain silent and respond to the Kaddish. Rav Bitan cites this ruling from the Mishna Berura.

(Spirit Rock Meditation Center)

In this episode of Talking Real Money, Don and Tom dig into the Washington State pension system's heavy exposure to private equity, sparked by Jason Zweig's Wall Street Journal reporting and a Seattle Times investigation. They explain why high fees, opaque valuations, and lack of liquidity make private equity especially dangerous for public retirement funds—and why Washington leads the nation in risk. The conversation expands to compare pension strategies across states, question governance and oversight, and warn retirees about the real-world consequences of excessive risk. Later, the hosts respond to a listener trapped in a high-fee, actively managed portfolio and variable annuity, illustrating how costs and complexity quietly erode wealth. The show wraps with practical retirement guidance inspired by Warren Buffett—simplify and protect—plus a discussion of converting mutual funds to ETFs for greater efficiency. 0:04 Show open, call-in invitation, and setup on private equity 0:32 Jason Zweig's WSJ reporting on private equity fees and markups 1:25 Washington State pension's heavy private equity exposure 3:23 Valuation and liquidity problems in private equity 4:35 Breakdown of WA pension assets (private equity + real estate) 5:18 Risks of market downturns and illiquidity 6:25 Who's overseeing the pension fund and their qualifications 7:06 Concerns for Washington retirees and contributors 8:28 Board “experts” and potential conflicts of interest 9:55 Difficulty exiting private equity investments 11:06 Questioning reported 12.3% returns vs public markets 11:59 Call for political accountability and reform 12:50 Comparison to states using mostly public index funds 13:35 Why private equity suffers most in downturns 14:22 Comparison of pension private equity exposure by state 15:58 Rebalancing and “emperor's clothes” concern 17:07 Caller Luke reacts to pension risks 18:11 Promotion of RetireMeet and retirement education 19:22 Warren Buffett's retirement advice: simplify and protect 20:28 Risk reduction and advisor role in retirement 21:26 Fiduciary standards and conflicts of interest 22:55 Emphasis on simple, protective portfolios 23:07 Caller Jane asks about high advisory fees 24:40 Discussion of “active management” risks 26:12 Review of proposed funds and red flags 29:57 Analysis of high-fee, high-turnover portfolio 30:57 Concentration and volatility concerns 32:16 Variable annuity warning signs 33:37 Commission conflicts and surrender charges 33:57 Recommendation to change advisors 34:56 Recap of excessive fees and risks 36:33 Importance of honest warnings vs future losses 37:48 Question on converting Vanguard mutual funds to ETFs 38:52 Advantages of ETFs: cost, tax efficiency, liquidity Learn more about your ad choices. Visit megaphone.fm/adchoices

Dr. Read Montague, PhD, is a professor and director of the Center for Human Neuroscience Research at Virginia Tech and an expert in how dopamine and serotonin shape human learning, motivation and decision-making. We discuss how they impact focused effort in the context of short- and long-term goals of all kinds. Also, how SSRIs and low-effort, high-engagement activities reduce the rewarding properties of dopamine, and how AI algorithms are revolutionizing understanding of the brain. Episode show notes are available at hubermanlab.com. Thank you to our sponsors AG1: https://drinkag1.com/huberman David: https://davidprotein.com/huberman Joovv: https://joovv.com/huberman Function: https://functionhealth.com/huberman LMNT: https://drinklmnt.com/huberman Timestamps (00:00:00) Read Montague (00:02:54) Dopamine, Motivation & Learning (00:08:49) Reward Prediction Error, Expectations (00:12:24) Sponsors: David & Joovv (00:14:54) Foraging, Dating, Expectations vs Outcomes; AI (00:23:36) Dopamine, Expectation, Motivation; Forward Drive; Dopamine "Hits" (00:29:58) Baseline Dopamine & Fluctuations; Parkinson's Disease (00:34:36) Movement, Urgency; ADHD, Bee's Dance, Explorer vs Focus Mode (00:42:29) Sponsor: AG1 (00:43:40) Social Media, ADHD; Explorers vs Task-Based, Combat (00:50:54) Effort, Learning; Social Media & Phones, Resisting Behaviors (01:01:36) Serotonin & Dopamine, Opponency, SSRIs (01:11:21) Hunger, Dopamine; Negative Feedback, Learning, Trauma; Torture (01:18:34) Drugs of Abuse & High Dopamine (01:19:48) Sponsor: Function (01:21:35) Trauma & Dopamine Adaptation (01:27:34) SSRIs, Dopamine, Positive Experiences (01:29:50) Deep Brain Stimulation; Measuring Dopamine & Serotonin in Humans (01:36:16) Sleep; Divorce; Science is a Contact Sport (01:45:14) Long-Term Motivation, Learning How to Fail, Tool: Kids & Sports (01:54:14) Sponsor: LMNT (01:55:34) Meditation, Breathing, Learning; Dopamine as a Currency (02:04:38) Function of Sleep, Motivation; Time Perception & Dopamine, Tracking Time (02:13:18) LLMs, AI, Uses & Problem Solving (02:18:33) Future Projects, Commercial Brain-Machine Interfaces; Concentration (02:25:57) Dopamine "Hits"?; Depression & Schizophrenia; Quitting (02:30:17) Dopamine & Serotonin Misunderstandings; Internal Satisfaction; Motivation (02:35:58) Serotonin Syndrome; Acknowledgements (02:38:31) Zero-Cost Support, YouTube, Spotify & Apple Follow, Reviews & Feedback, Sponsors, Protocols Book, Social Media, Neural Network Newsletter Disclaimer & Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Kevin Frazier analyzes how AI can fail like Western Union, warning that excessive concentration and lack of innovation could doom today's artificial intelligence giants just as the telegraph company declined.1955

Episode Summary: Today we are diving into a topic that affects millions of people who feel stretched too thin and overwhelmed by life. We are talking about real world tools for managing chronic stress and mental fatigue so you can regain clarity, rebuild your strength, and restore your hope. Chronic stress is not simply an inconvenience. It quietly infiltrates every area of life and disrupts sleep, relationships, thought patterns, mood, and even your sense of spiritual connection. Our goal today is to equip you with proven strategies that help you move from exhaustion to renewal so you can thrive again. When mental fatigue sets in and stress feels unending, many people assume that feeling overwhelmed is their new normal. But God offers a better way. You can experience renewed strength, restored clarity, and a calm mind even in the middle of challenging seasons. If you long for sustainable emotional wellness, Christ centered stress management tools, and practical ways to quiet your mind, this episode is for you. We want to help you step out of survival mode and experience the peace that God promises. Today we’re going to be talking about Tools for Managing Chronic Stress and Mental Fatigue. Quotables from the episode: Chronic stress affects the whole person. It impacts the body, mind, emotions, and even our sense of spiritual grounding. As a neuropsychologist, I see how the stress response system affects the brain. When people experience stress for long periods of time, the brain becomes over activated. Concentration decreases. Memory becomes foggy. Emotional regulation becomes harder. We feel more reactive and less resilient. The good news is that the brain is both adaptable and changeable. With consistent tools, we can retrain the mind and restore mental clarity. It is critical to remember that God did not design our bodies to live in chronic stress. Chronic stress is the type of ongoing stress that does not resolve quickly. It comes from situations that continue to require emotional or physical energy without enough recovery time. Chronic stress and mental fatigue are not signs of weakness. They are signs that your body and mind need care. With intentional tools and God’s help, your mind can heal, your body can recover, and your spirit can strengthen. Scripture References: Nahum 1:7 “The Lord is good, a refuge in times of trouble. He cares for those who trust in Him.” Recommended Resources: Reframing Rejection: How Looking Through a Different Lens Changes Everything By Jessica Van Roekel Sacred Scars: Resting in God’s Promise That Your Past Is Not Wasted by Dr. Michelle Bengtson The Hem of His Garment: Reaching Out To God When Pain Overwhelms by Dr. Michelle Bengtson, winner AWSA 2024 Golden Scroll Christian Living Book of the Year and the 2024 Christian Literary Awards Reader’s Choice Award in the Christian Living and Non-Fiction categories Today is Going to be a Good Day: 90 Promises from God to Start Your Day Off Right by Dr. Michelle Bengtson, AWSA Member of the Year, winner of the AWSA 2023 Inspirational Gift Book of the Year Award, the 2024 Christian Literary Awards Reader’s Choice Award in the Devotional category, the 2023 Christian Literary Awards Reader’s Choice Award in four categories, and the Christian Literary Awards Henri Award for Devotionals Breaking Anxiety’s Grip: How to Reclaim the Peace God Promises by Dr. Michelle Bengtson, winner of the AWSA 2020 Best Christian Living Book First Place, the first place winner for the Best Christian Living Book, the 2020 Carolina Christian Writer’s Conference Contest winner for nonfiction, and winner of the 2021 Christian Literary Award’s Reader’s Choice Award in all four categories for which it was nominated (Non-Fiction Victorious Living, Christian Living Day By Day, Inspirational Breaking Free and Testimonial Justified by Grace categories.) Breaking Anxiety’s Grip Free Study Guide Free PDF Resource: How to Fight Fearful/Anxious Thoughts and Win Hope Prevails: Insights from a Doctor’s Personal Journey Through Depression by Dr. Michelle Bengtson, winner of the Christian Literary Award Henri and Reader’s Choice Award Hope Prevails Bible Study by Dr. Michelle Bengtson, winner of the Christian Literary Award Reader’s Choice Award Free Webinar: Help for When You’re Feeling Blue Social Media Links for Host and Guest: Connect with Rev. Jessica Van Roekel: Website / Instagram / Facebook For more hope, stay connected with Dr. Bengtson at: Order Book Sacred Scars / Order Book The Hem of His Garment / Order Book Today is Going to be a Good Day / Order Book Breaking Anxiety’s Grip / Order Book Hope Prevails / Website / Blog / Facebook / Twitter (@DrMBengtson) / LinkedIn / Instagram / Pinterest / YouTube / Podcast on Apple Co-Host: Jessica Van Roekel is a worship leader, speaker, and writer who believes that through Jesus, personal histories don’t need to define the present or determine the future. She inspires, encourages, and equips others to look at life through the lenses of hope, trust, and God’s transforming grace. Jessica lives in rural Iowa surrounded by wide open spaces which remind her of God’s expansive love. She loves fun earrings, good coffee, and connecting with others. Hosted By: Dr. Michelle Bengtson Audio Technical Support: Ashton Bengtson Discover more Christian podcasts at lifeaudio.com and inquire about advertising opportunities at lifeaudio.com/contact-us.

(Spirit Rock Meditation Center)