Podcasts about Cono

This month on Last Call, Kevin Muir, Aahan Menon, Ben Hunt and Brent Kochuba break down the market through four lenses: macro, inflation data, narrative and options positioning. They examine whether midterm election volatility is underpriced, why inflation may be more demand-driven and persistent than headline data suggests, how the Fed's credibility has shifted under Kevin Warsh, and why options markets still look remarkably complacent.Follow Last Call on Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow Last Call on Apple Podcasts⁠Topics coveredWhy ending Fed forward guidance could create more uncertainty around interest rate decisionsKevin Muir's case that midterm election volatility is unusually cheapWhy seasonal volatility, low implied correlation and election risk may favor owning protectionAahan Menon on inflation breadth and why 70 to 80 percent of PCE components are above the Fed's 2 percent targetWhy demand-driven inflation may be stickier than supply-driven inflationHow oil shocks can feed into core inflation and increase pressure on the Fed to hikeBen Hunt on the sudden collapse in the Fed credibility narrative and why gold has respondedThe four risks facing the Fed and Treasury: oil, fading fiscal stimulus, insurance and private credit stress, and the long end of the Treasury curveBrent Kochuba on why implied volatility and put positioning show a market with very little fearNvidia options positioning, potential resistance near 250 to 275, and what dealer gamma says about the stockStanley Druckenmiller's AI-written Wall Street Journal op-ed and what AI-assisted writing means for investment thinkingTimestamps00:00 Midterms, inflation, Fed credibility and options complacency07:45 Kevin Muir on why midterm volatility may be underpriced11:55 Why this midterm could be more volatile than the options market expects16:36 Cheap volatility and how election risk could get repriced20:39 Inflation breadth and why the headline numbers miss the bigger problem25:43 Why cooling inflation data may hide persistent demand-driven pressure33:31 Ben Hunt on why the Fed credibility narrative suddenly reversed40:01 Four risks the Fed and Treasury cannot afford to ignore44:43 What the options market says after Jackson Hole49:10 Why Fed events can become an expensive options tax53:14 Why falling volatility could help stocks push toward new highs57:34 Druckenmiller, AI-written investment commentary and authenticity01:01:53 Why writing is part of thinking in an AI worldLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Kevin Muir of The MacroTourist joins Matt Zeigler to break down the bond market, Scott Bessent's Treasury buybacks, the Treasury General Account, AI-driven earnings growth, leveraged ETF risk, gold and the U.S.-Canada trade fight. Kevin explains why rising long-term yields may be less surprising than investors think, how the AI capex boom can inflate earnings before costs show up, and why leveraged ETFs and policy uncertainty could make markets more fragile.Kevin Muir on Xhttps://x.com/kevinmuirThe MacroTouristhttps://themacrotourist.comTopics coveredWhy stronger nominal GDP, large fiscal deficits and record corporate issuance are pressuring long-term Treasury yieldsHow Scott Bessent's Treasury liquidity buybacks work and why investors are comparing them with QE and Operation TwistHow replacing long-dated Treasuries with T-bills could ultimately force reserve management purchases by the Federal ReserveWhy the Treasury General Account matters for liquidity and why attempts to manage the yield curve can distort market signalsJim Chanos's "earnings bubble" argument and how massive AI data-center capex can boost current earnings while costs are amortizedWhy stock prices can fall before forward earnings estimates roll over, and why retail investors may have an advantage over institutionsHow daily-reset leveraged ETFs create reflexive buying and selling and could amplify a semiconductor or single-stock selloffWhy Kevin is bullish on gold again, the role of People's Bank of China demand, and how he combines fundamentals with technical signalsWhy platinum below production cost caught his attention and what rolling mini-bubbles in gold, silver and AI say about investor psychologyWhat 2025 U.S.-Canada trade data says about autos, oil and gas, manufacturing, tariffs and the economic cost of policy uncertaintyTimestamps00:00 Intro06:31 Scott Bessent's Treasury buybacks and the bond market10:39 How T-bill issuance could lead to debt monetization18:25 The AI capex boom and the "earnings bubble"22:27 The giant bet embedded in accelerating AI earnings27:37 Why leveraged ETFs are changing market structure32:00 How forced ETF unwinds can amplify a selloff36:41 Why Kevin is bullish on gold again41:57 Platinum, production costs and the precious metals trade46:08 Sentiment extremes and why popular trades get dangerous51:00 Globalization, manufacturing and America's distribution problem55:00 Why oil and gas dominate the U.S.-Canada trade deficit59:00 How tariff uncertainty can deter U.S. manufacturing investment01:03:10 The trade math Kevin wants investors to seeLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Dan Rasmussen, founder and managing partner of Verdad Advisers and author of The Humble Investor, joins Kai Wu to examine the unraveling of private equity, the rise of private credit, and how AI is reshaping software, labor, and the economics of technology investing. They also explore the massive AI CapEx boom, why value investing has struggled in the intangible-heavy U.S. market, the unusual opportunity in Japanese small caps, and how investors can quantify intangible value in biotech.Subscribe on Spotify⁠⁠⁠⁠⁠⁠Subscribe on AppleTopics covered:Why private equity became a consensus trade and why exits are now cloggedHow leverage and high debt costs threaten private equity returnsWhat publicly traded private equity funds reveal about true volatility and NAV discountsHow private equity shifted from old-economy buyouts into software and healthcare technologyWhy AI may have erased code as a software moat while strengthening other intangible advantagesHow ARR lending helped private credit finance software buyouts and created an obsolescence mismatchWhat AI is doing to hiring, junior roles, productivity and the composition of workWhy the AI CapEx boom may be a crowded, path-dependent overinvestment cycleWhy traditional value metrics work better in Japan than in the intangible-heavy U.S.How Tokyo Stock Exchange reforms, buybacks and dividends can unlock value in Japanese small capsHow R&D spend, specialist ownership and short interest can help quantify biotech valueTimestamps:00:00 Intro04:03 Why private equity's debt burden changes the equity math09:24 How private equity became a software momentum trade13:29 Why code may no longer be a durable software moat17:48 How private credit enabled software buyouts through ARR lending23:56 AI productivity, jobs and why displacement is slower than expected30:23 Why the AI CapEx boom may be the market's most crowded risk34:29 Rational overinvestment, leverage and the timing risk in AI38:46 Why consumers may capture more of AI's value than investors44:07 Japan's below-book-value reform and the return of old-school value51:03 Quantifying biotech value with R&D, specialist ownership and short interest55:08 Dan's non-consensus views on private markets and JapanLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Ian Cassel, founder of MicroCapClub and author of Stock Picker, joins Matt Zeigler to break down the mindset, temperament and core skills required to outperform as an active stock picker. They discuss microcap investing, position sizing, active patience, valuation, management quality, portfolio survival, benchmarking against the S&P 500 and how great investors evolve their edge over decades.Stock Picker: How to Develop the Mindset, Temperament, and Strategy to Outperform Wall Streethttps://amzn.to/4hU28ImTopics coveredHow an investor's motivations change as ambition gives way to family, legacy and the scarcity of timeHow Ian turned $20,000 into $120,000, then watched it fall to $8,000, and why that early win permanently shaped his risk toleranceIan's four-part survival framework: recession-resistant growth, strong balance sheets, conservative valuation and signs of intelligent fanaticismWhy balance-sheet strength is not just defensive and can let great companies act aggressively when competitors are forced to retreatWhy Ian targets roughly a 25 percent CAGR without relying on multiple expansionThe Judas goat lesson, talking your book on social media and why investors still have to do their own workWhy comparing short-term returns can corrupt an investing process and why Ian measures himself against the S&P 500 over a 10-year horizonThe five core stock-picking skills: identifying, analyzing, buying, selling and holding, plus why selling matters especially in microcapsWhy position sizing should account for initial excitement, and why Ian now starts much smaller than he did earlier in his careerActive patience, expanding your circle of competence and the difference between good, great and GOAT stock pickersWhy temperament evolves with experience, why leverage can destroy otherwise good investing, and why the best investors keep sharpening their edgeWhy Ian is willing to back repeat-winner management teams before every piece of the business is fully in placeTimestamps00:00 Intro06:58 The $20,000 to $120,000 win and 90 percent loss11:02 Ian Cassel's four-part survival framework15:02 Why strong balance sheets create offensive optionality19:03 The Judas goat and social media stock promotion23:18 Why comparison is the enemy for stock pickers29:39 The five core stock-picking skills34:43 Active patience and knowing what you are looking for39:28 Good, great and GOAT stock pickers47:02 How investor temperament evolves over time52:03 Leverage, situational awareness and surviving to compound57:24 Betting on repeat-winner management before the numbers arriveLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, joins us to explain why today's economy and stock market are increasingly defined by rotation, instability and a changing stock-bond relationship. We discuss AI capital spending and earnings concentration, Treasury yields and the deficit, immigration and labor supply, investor sentiment, market breadth, portfolio rebalancing, IPOs and the growing economic importance of the stock market wealth effect.Topics covered:Why the post-pandemic economy is moving through sector-level recessions and expansions instead of a traditional linear cycleThe return of a more temperamental market regime, inflation volatility and the changing correlation between stocks and bondsWhy volatility-based rebalancing may matter more than calendar-based rebalancing and why market leadership is broadeningImmigration, labor shortages and why slower population growth changes how investors should interpret payroll dataFederal deficits, entitlement spending, rising 30-year Treasury yields and why Treasury intervention cannot solve the underlying fundamentalsHow the AI spending boom, imports and hyperscaler capital expenditures are affecting GDP, bond issuance and capital marketsCorporate profits versus labor compensation and why Liz Ann does not see an obvious near-term catalyst for convergenceKevin Warsh, reduced Fed guidance and why less communication could create more market uncertaintyAttitudinal versus behavioral investor sentiment, the vibe session and why sentiment is becoming harder to use as a timing signalThe AI cascade beyond mega-cap tech, the Neural Nine, small caps and why rotation may be the new momentum tradeMargin debt, record household equity exposure and the risk that a future stock market decline feeds back into the economyS&P 500 earnings concentration, sell-side versus buy-side expectations, AI depreciation risk and the return of a major IPO cycleTimestamps:00:00 Liz Ann Sonders on the unusual 2026 market and economic cycle05:49 Portfolio construction, diversification and volatility-based rebalancing11:39 Immigration, labor supply and the new payroll breakeven rate17:38 Why long-term Treasury yields are rising and what the Treasury can and cannot fix22:07 Corporate profits versus labor compensation as a share of GDP27:37 Attitudinal versus behavioral sentiment and lessons from 202232:13 The vibe session, consumer confidence and conflicting investor expectations37:14 The Neural Nine, widening stock dispersion and rotation as the new momentum41:21 Margin debt, leveraged speculation and where the real risk may be45:52 S&P 500 earnings growth, concentration and the sell-side versus buy-side gap50:27 Hyperscaler AI capex, debt financing and signals from the corporate bond market55:05 IPOs, FOMO and why investors should be careful about chasing new issues60:05 Where to follow the real Liz Ann Sonders and avoid impersonator scamsLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Andy Constan is back on First Principles to explain why record stock prices, rising long-term Treasury yields and sticky inflation can all coexist, and why the next major market risk may come from the financing behind the AI CapEx boom rather than the eventual return on that investment. We discuss Kevin Warsh and Fed balance sheet policy, Treasury issuance and the quarterly refunding announcement, corporate bond and equity supply, Nvidia's $500 billion financing structure, and Andy's "not enough pie" framework for comparing AI earnings expectations with GDP and productivity growth.Follow First Principles on Spotify⁠⁠Follow First Principles of Apple PodcastsTopics coveredWhy rising long-term interest rates can be consistent with strong economic growth and record stock pricesWhy Andy does not see higher government interest costs creating an imminent U.S. debt crisisThe "script to kill inflation" and why reducing the wealth effect may require lower stock, bond and asset pricesHow the Fed, Treasury and other policymakers have suppressed long-term interest rates and risk premiumsWhy Kevin Warsh's comments about the Fed balance sheet and letting the bond market "do the work" could signal a policy shiftHow Treasury bill issuance, coupon issuance and the quarterly refunding announcement can affect stocks, bonds and financial conditionsWhy the AI CapEx boom is shifting from cash flow funding toward massive corporate debt and equity issuanceAndy's "hamburger thesis" and why the ability to finance AI infrastructure may matter before anyone knows the ultimate AI ROIWhy capital markets can suddenly close after issuance booms and what that could mean for the AI investment cycleHow Nvidia's $500 billion financing structure expands the pool of capital available to data center projectsThe "not enough pie" problem: why projected corporate earnings may require extraordinary GDP growth, productivity gains or a larger corporate share of the economyWhat Andy watches in new stock and bond deals for signs that investors are becoming unwilling to absorb more supplyTimestamps00:00:08 Why stocks, long-term yields and inflation can all rise together00:07:18 The "script to kill inflation" and why short-term rates may not be enough00:12:48 How policymakers have suppressed long-term interest rates00:16:53 The Warsh "drumbeat" and a possible shift in Fed balance sheet policy00:21:56 Why markets may be underestimating Warsh's willingness to fight inflation00:26:27 Treasury bills versus coupons and the limits of current financing policy00:31:33 The "hamburger thesis" behind the massive AI CapEx funding shift00:38:41 Why AI financing may matter more than AI ROI in the short run00:42:55 Breaking down Nvidia's $500 billion data center financing structure00:47:51 The "not enough pie" problem for AI earnings and economic growth00:52:03 Demographics, productivity and the limits on future GDP growth00:56:14 What issuance prices reveal about capital market stressLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Bob Robotti, founder and CIO of Robotti & Company, joins Matt Zeigler and Bogumil Baranowski to explain why bottom-up value investing may be entering one of its best opportunity sets in decades. They discuss AI and reindustrialization, inflation and interest rates, passive investing, capital cycles, private equity, long-term ownership, and why today's neglected industrial businesses may offer opportunities that the market is missing.Bob Robotti on Xhttps://x.com/BobRobottiRobotti & Companyhttps://www.robotti.comTopics coveredHow Bob finds misunderstood businesses with latent earnings powerWhy his "grassroots macro" process starts with company-level supply and demandHow AI spending is increasing demand for energy, copper, aluminum, cement and other physical assetsWhy North America's natural gas advantage could support a long-term reindustrialization cycleWhy persistent inflation could force higher interest rates and lower valuation multiplesWhy no competitive moat is permanent, even for today's dominant technology companiesHow passive investing and shorter time horizons can create opportunities for fundamental stock pickersWhy prolonged downturns can improve industry economics through consolidation and reduced capacityWhy Bob views himself as an active owner rather than an activist investorWhy he is skeptical of today's private equity model and its expansion into retirement portfoliosThe NewMarket investment that taught him the cost of selling a great business too earlyWhy he thinks individual company research can outperform indexing over the next decadeTimestamps00:00 Intro04:02 Grassroots macro and the search for latent earnings power08:37 Why Bob started his own investment firm13:00 How AI creates demand for the physical economy17:59 Why Bob avoids the mega-cap technology companies22:00 Inflation, interest rates and the valuation risk investors may be missing26:07 Why no competitive moat is permanent31:36 How passive investing creates opportunities for stock pickers36:00 Why Bob believes the "fallen" areas of the market can rise again40:06 How bad business conditions create better long-term investments44:39 Active ownership, boards and understanding businesses from the inside48:59 Why Bob is skeptical of modern private equity55:15 The biggest loss of his career: selling a winner too early01:03:32 The one investing lesson Bob would teach everyoneLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

In this episode of The Jim Paulsen Show, Jim explains why weakening labor data, softening inflation, and lagged policy tightening could shift markets from inflation fears toward growth and recession fears. He also breaks down why the AI productivity boom may be overstated, how AI capital spending is supporting the economy, why Treasury yields look too high, and why investors may want to rebalance from new era technology stocks toward old era stocks and bonds.Subscribe to the Jim Paulsen Show on Spotify⁠⁠⁠⁠⁠⁠Subscribe to the Jim Paulsen Show on Apple PodcastsTopics CoveredWhy weak jobs data and benign inflation have changed the outlook for the Federal ReserveLabor force contraction, stalled job growth, and the risks facing consumer spendingHousing affordability, services activity, real income, savings, and signs of economic weaknessHow the stock-bond correlation can reveal a shift from inflation fears to growth and recession fearsWhy Jim expects Fed rate cuts before year-end and sees downside risk for Treasury yieldsHow higher oil prices, bond yields, and the dollar can hit stocks and the economy with a lagWhy today's AI productivity boom may be a mirage rather than a repeat of the 1960s or 1990sHow AI CapEx, core capital goods orders, and technology stocks are linkedWhy the 10-year Treasury yield may be mispriced relative to growth and inflationThe widening divide between new era and old era stocks and what it could mean for portfolio allocationTimestamps00:00 Jim's outlook: weak jobs, benign inflation, and growth fears04:11 Labor force rollover and consumer warning signs09:06 Real income collapse and economic surprise data13:06 Why bond yields could fall below 4 percent17:45 Why Jim expects Fed cuts instead of hikes22:07 How policy tightening hits the economy with a lag26:16 Why productivity gains can be a recession mirage30:20 What a true productivity boom looks like34:38 AI stocks as a leading signal for capital spending39:08 Why Treasury yields may be mispriced44:31 Oil, core inflation, and the case for easing48:32 New era versus old era correlation as a warning52:54 Why today's AI economy may be more vulnerable than dot-com57:22 Portfolio allocation takeaways: bonds, old era, and techLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Un capítulo “delicioso” de Salud por la Historia. Andrés Kalawski y Paula Molina reconstruyen una increíble cadena de decisiones, casualidades e innovaciones que conectan a Napoleón Bonaparte, la venta de Luisiana y una feria mundial en San Luis con uno de los inventos más populares de la historia de la gastronomía: el cono de helado.La historia comienza a comienzos del siglo XIX, cuando Francia decide vender el territorio de Luisiana a Estados Unidos. Un siglo después, la Feria Mundial de San Luis reúne grandes novedades, avances tecnológicos y nuevas formas de comer. Entre ellas, una idea sencilla que cambiaría para siempre la manera de consumir helados: ponerlos dentro de un cono de galleta.Pero la historia no termina ahí. La feria también ayudó a popularizar otros alimentos y productos, como la hamburguesa en pan redondo, los hot dogs, el algodón de azúcar y la bebida Dr. Pepper.Conéctate con la historia… en Cooperativapodcast.cl

T. Rowe Price technology portfolio manager Dom Rizzo joins Jack Forehand and Kai Wu to break down the AI investment cycle, hyperscaler capital spending, semiconductor demand, and why the recent tech selloff may look more like 1998 than the end of the boom. They discuss AI return on investment, OpenAI and Anthropic, open versus closed models, financing the data center buildout, the future of software, labor productivity, and how to construct a global technology portfolio.Topics coveredWhy Dom sees similarities between the 2026 semiconductor correction and the 1998 selloffWhy hyperscaler AI CapEx could accelerate from already historic levelsWhat cloud revenue growth and operating margins say about AI return on invested capitalWhy end-user productivity is the key test for sustainable AI demandOpen-weight models versus frontier labs and where AI economic value may accrueWhy chips, memory, logic semiconductors, TSMC and ASML sit at critical points in the AI value chainHow equity, debt and operating cash flow could finance the next stage of the data center buildoutWhy semiconductors remain cyclical even in a structurally capital-intensive AI boomWhy AI agents could turn traditional enterprise software into data pipesAI productivity, labor displacement and the case for faster GDP growthHow Dom thinks about technology portfolio construction, risk factors and global stock selectionTimestamps00:00 AI, the tech correction and the 1998 comparison04:07 Why the AI capital spending cycle may only be halfway12:33 The real test for AI demand: end-user ROI17:00 Why frontier models may capture most of the economic value21:23 Where the biggest AI moats and profit pools could emerge28:12 Financing the AI buildout with equity and debt36:03 Are semiconductors in a supercycle or still cyclical?41:43 What AI agents mean for traditional software companies46:03 AI productivity versus labor displacement51:01 Building a portfolio for a technology revolution56:06 Global tech opportunities and Dom's stock-picking frameworkLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

This week on the Excess Returns Weekly Wrap, Jack Forehand and Matt Zeigler break down the AI capital spending boom, the risk that data center investment is crowding out housing and other parts of the economy, and what that means for markets. Featuring Richard Bernstein, David Rosenberg, Tian Yang, and Brent Donnelly, the episode covers AI CapEx, GDP growth, inflation, the K-shaped economy, AI ROI, and why rationality and Bayesian thinking matter more than raw intelligence for investors and traders.Topics coveredWhy the AI and data center boom may be misallocating capital away from housing and infrastructureWhat the dot-com bubble taught Richard Bernstein about investing where capital is scarceWhy AI related spending is approaching half of business CapEx while ex-AI investment is shrinkingHow today's K-shaped economy differs from the broad economic boom of the late 1990sThe difference between AI's contribution to GDP growth and its share of total GDPTian Yang's Kalecki-Levy framework for understanding spending, savings, income, and economic resilienceWhy a pullback in hyperscaler CapEx could weaken the spending and income loopWhy AI return on investment is so difficult to measure and how the profit pool could broaden beyond hardwareBrent Donnelly on why rationality and flexibility matter more than credentials or raw intelligenceWhy persistent bearishness can become a major investing mistakeHow Bayesian thinking, position sizing, and changing your mind help investors stay in the gameTimestamps00:02 Rich Bernstein and David Rosenberg reunite and this week's lineup04:10 The dot-com lesson: what happens when capital floods one sector08:15 AI CapEx, inflation, and why today's economy is different from the 1990s13:58 Kalecki-Levy: how spending and savings are keeping growth resilient18:03 AI CapEx concentration, productivity, and the uncertainty around ROI22:21 Brent Donnelly on why rationality beats intelligence26:21 Strong opinions, flexibility, and Bayesian thinking30:33 What traders and market makers can teach long-term investorsLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Santa Misa de Hoy, San Lorenzo, diácono y mártir (10-08-2026) Pbro. Santiago Martín, FM Canales de comunicación de Magnificat TV, proyecto evangelizador de los Franciscanos de María: Todo nuestro trabajo evangelizador no sería posible sin la colaboración de ustedes, Cuenta PayPal: paypal@magnificat.tv Canales de comunicación de Magnificat TV, proyecto evangelizador de los Franciscanos de María: Sitio web: http://magnificat.tv/ Facebook: https://www.facebook.com/Magnificattv/ YouTube: https://www.youtube.com/c/MagnificatTVFranciscanosdeMaria Twitter: https://twitter.com/MagnificatTV Instagram: https://www.instagram.com/misioneros.del.agradecimiento/ Podcast por Ivoox: https://bit.ly/AudiosMagnificatTV Podcast por Spotify: https://bit.ly/MagnificatTV_Podcast #FranciscanosDeMaria #MisionerosDelAgradecimiento #PadreSantiagoMaríin #Magnificattv #Agradecimiento #Católico #IglesiaCatólica #LaSantaMisa #LaMisaHoy #LaMisadeHoy #Eucaristía #Homilia #HomiliadeHoy

"Los pobres son el tesoro de la Iglesia" | Homilía, San Lorenzo, Diácono y Mártir (10-08-2026) | P. Santiago Martín FM Canales de comunicación de Magnificat TV, proyecto evangelizador de los Franciscanos de María: Todo nuestro trabajo evangelizador no sería posible sin la colaboración de ustedes, Cuenta PayPal: paypal@magnificat.tv Canales de comunicación de Magnificat TV, proyecto evangelizador de los Franciscanos de María: Sitio web: http://magnificat.tv/ Facebook: https://www.facebook.com/Magnificattv/ YouTube: https://www.youtube.com/c/MagnificatTVFranciscanosdeMaria Twitter: https://twitter.com/MagnificatTV Instagram: https://www.instagram.com/misioneros.del.agradecimiento/ Podcast por Ivoox: https://bit.ly/AudiosMagnificatTV Podcast por Spotify: https://bit.ly/MagnificatTV_Podcast #FranciscanosDeMaria #MisionerosDelAgradecimiento #PadreSantiagoMaríin #Magnificattv #Agradecimiento #Católico #IglesiaCatólica #LaSantaMisa #LaMisaHoy #LaMisadeHoy #Eucaristía #Homilia #HomiliadeHoy

San Lorenzo, Diácono y Mártir Jn 12,24-26 12,24 Les aseguro que, si el grano de trigo que cae en la tierra no muere, queda solo; pero si muere, da mucho fruto. 12,25 El que tiene apego a su vida la perderá; y el que no está apegado a su vida en este mundo, la conservará para la Vida eterna. 12,26 El que quiera servirme, que me siga, y donde yo esté, estará también mi servidor. El que quiera servirme, será honrado por mi Padre. Evangelio según san Juan 12, 24-26 En aquel tiempo, Jesús dijo a sus discípulos: «Yo les aseguro que si el grano de trigo sembrado en la tierra no muere, queda infecundo; pero si muere, producirá mucho fruto. El que se ama a sí mismo, se pierde; el que se aborrece a sí mismo en este mundo, se asegura para la vida eterna. El que quiera servirme que me siga, para que donde yo esté, también esté mi servidor.El que me sirve será honrado por mi Padre». *** San Lorenzo, Diácono y Mártir Los datos acerca de este santo los ha narrado San Ambrosio, San Agustín y el poeta Prudencio. Lorenzo era uno de los siete diáconos de Roma, o sea uno de los siete hombres de confianza del Sumo Pontífice. Su oficio era de gran responsabilidad, pues estaba encargado de distribuir las ayudas a los pobres. En el año 257 el emperador Valeriano publicó un decreto de persecución en el cual ordenaba que todo el que se declarara cristiano sería condenado a muerte. El 6 de agosto el Papa San Sixto estaba celebrando la santa Misa en un cementerio de Roma cuando fue asesinado junto con cuatro de sus diáconos por la policía del emperador. Cuatro días después fue martirizado su diácono San Lorenzo. Entonces Lorenzo viendo que el peligro llegaba, recogió todos los dineros y demás bienes que la Iglesia tenía en Roma y los repartió entre los pobres. Y vendió los cálices de oro, copones y candeleros valiosos, y el dinero lo dio a las gentes más necesitadas. La antigua tradición dice que cuando Lorenzo vio que la Sumo Pontífice lo iban a matar le dijo: «Padre mío, ¿te vas sin llevarte a tu diácono?» y San Sixto le respondió: «Hijo mío, dentro de pocos días me seguirás». Lorenzo se alegró mucho al saber que pronto iría a gozar de la gloria de Dios. El alcalde de Roma, que era un pagano muy amigo de conseguir dinero, llamó a Lorenzo y le dijo: «Me han dicho que los cristianos emplean cálices y patenas de oro en sus sacrificios, y que en sus celebraciones tienen candeleros muy valiosos. Vaya, recoga todos los tesoros de la Iglesia y me los trae, porque el emperador necesita dinero para costear una guerra que va a empezar». Lorenzo le pidió que le diera tres días de plazo para reunir todos los tesoros de la Iglesia, y en esos días fue invitando a todos los pobres, lisiados, mendigos, huérfanos, viudas, ancianos, mutilados, ciegos y leprosos que él ayudaba con sus limosnas. Y al tercer día los hizo formar en filas, y mandó llamar al alcalde diciéndole: «Ya tengo reunidos todos los tesoros de la iglesia. Le aseguro que son más valiosos que los que posee el emperador». Llegó el alcalde muy contento pensando llenarse de oro y plata y al ver semejante colección de miseria y enfermedad se disgustó enormemente, pero Lorenzo le dijo: «¿por qué se disgusta? ¡Estos son los tesoros más apreciados de la iglesia de Cristo!». El alcalde lleno de rabia le dijo: «Pues ahora te mando matar, pero no creas que vas a morir instantáneamente. Te haré morir poco a poco para que padezcas todo lo que nunca te habías imaginado. Ya que tienes tantos deseos de ser mártir, te martirizaré horriblemente». Y encendieron una parrilla de hierro y ahí acostaron al diácono Lorenzo. San Agustín dice que el gran deseo que el mártir tenía de ir junto a Cristo le hacía no darle importancia a los dolores de esa tortura. Los cristianos vieron el rostro del mártir rodeado de un esplendor hermosísismo y sintieron un aroma muy agradable mientras lo quemaban. Los paganos ni veían ni sentían nada de eso. Después de un rato de estarse quemando en la parrilla ardiendo el mártir dijo al juez: "Ya estoy asado por un lado. Ahora que me vuelvan hacia el otro lado para quedar asado por completo". El verdugo mandó que lo voltearan y así se quemó por completo. Cuando sintió que ya estaba completamente asado exclamó: «La carne ya está lista, pueden comer». Y con una tranquilidad que nadie había imaginado rezó por la conversión de Roma y la difusión de la religión de Cristo en todo el mundo, y exhaló su último suspiro. Era el 10 de agosto del año 258. El poeta Pruedencio dice que el martirio de San Lorenzo sirvió mucho para la conversión de Roma porque la vista del valor y constancia de este gran hombre convirtió a varios senadores y desde ese día la idolatía empezó a disminuir en la ciudad. San Agustín afirma que Dios obró muchos milagros en Roma en favor de los que se encomendaban a San Lorenzo. El santo padre mandó construirle una hermosa Basílica en Roma, siendo la Basílica de San Lorenzo la quinta en importancia en la Ciudad Eterna. Tomado deSantopedia

“El que me sirve será honrado por mi Padre.”Del santo Evangelio según san Juan: 12, 24-26.Lectura y reflexión: Pbro. José Jesús Tello Bárcenas.En aquel tiempo, Jesús dijo a sus discípulos: «Yo les aseguro que si el grano de trigo sembrado en la tierra no muere, queda infecundo; pero si muere, producirá mucho fruto. El que se ama a sí mismo, se pierde; el que se aborrece a sí mismo en este mundo, se asegura para la vida eterna.El que quiera servirme, que me siga, para que donde yo esté, también esté mi servidor. El que me sirve será honrado por mi Padre».Palabra del Señor. Gloria a ti, Señor Jesús.

2 Corintios 9, 6-10.Salmo Responsorial 111.Juan 12, 24-26.

Primeira Leitura: 2Cor 9,6-10 | Salmo: Sl 111(112),1-2.5-6.7-8.9(R.5a) | | Evangelho: Jo 12,24-26Compartilhe com amigos e familiares. Baixe nosso APP com conteúdos católicos: orações, reflexões, homilias e muito mais.Conheça nosso canal youtube/voxcatolicawww.voxcatolica.com.brNarração: Sonia Abreu

Programa - ENCONTRO COM O PASTOR - São Lourenço, diácono e mártir - 10.08.2026

Adquiere el "LIBRO DE ORACIÓN. Mi día a día con Jesús" en https://sercreyente.com/libros. Con más de 400 páginas, más de 500 oraciones y decenas de ilustraciones. Ve el vídeo en https://youtu.be/_9Z40IqjHj8________________Lunes, 10 de agosto de 2026 (San Lorenzo, diácono y mártir)Evangelio del día y reflexión... ¡Deja que la Palabra del Señor transforme tu vida! Texto íntegro del Evangelio y de la Reflexión en https://sercreyente.com/10-agosto-san-lorenzo-diacono-y-martir/[Juan 12, 24-26] En aquel tiempo, dijo Jesús: «En verdad, en verdad os digo: si el grano de trigo no cae en tierra y muere, queda infecundo; pero si muere, da mucho fruto. El que se ama a sí mismo, se pierde, y el que se aborrece a sí mismo en este mundo, se guardará para la vida eterna. El que quiera servirme, que me siga, y donde esté yo, allí también estará mi servidor; a quien me sirva, el Padre lo honrará».En aquel tiempo, dijo Jesús: «En verdad, en verdad os digo: si el grano de trigo no cae en tierra y muere, queda infecundo; pero si muere, da mucho fruto. El que se ama a sí mismo, se pierde, y el que se aborrece a sí mismo en este mundo, se guardará para la vida eterna. El que quiera servirme, que me siga, y donde esté yo, allí también estará mi servidor; a quien me sirva, el Padre lo honrará».________________Descárgate la app de SerCreyente en https://sercreyente.com/app/¿Conoces nuestra Oración Online? Más información en: https://sercreyente.com/oracion¿Quieres recibir cada día el Evangelio en tu whatsapp? Alta en: www.sercreyente.com/whatsappTambién puedes hacer tu donativo en https://sercreyente.com/ayudanos/Contacto: info@sercreyente.com

EVANGELIO DEL DIA | San Juan 12, 24-26. Ciclo ASupport the show

Richard Bernstein and David Rosenberg reunite to debate the Federal Reserve, inflation, the AI investment boom, market bubbles, gold and the case for international diversification. The former Merrill Lynch colleagues examine whether the Fed should raise rates, how AI CapEx is reshaping the U.S. economy, why credit markets may lead the AI trade, what is driving gold, and where investors may find opportunities outside the mega-cap U.S. market.Topics coveredWhy the Taylor Rule points toward higher rates and why Rosenberg thinks the Fed should not hikeWhat slowing GDP growth, productivity and labor costs suggest about underlying inflationHow AI CapEx and data center spending may be misallocating capital away from housing and the broader economyWhy the current AI boom differs from the late-1990s technology bubbleHow credit spreads, CDS markets and financing costs could signal trouble in the AI trade before equities doWhat real interest rates, the U.S. dollar and central bank demand mean for goldWhy Bernstein views gold as a portfolio spare tire rather than a short-term tradeWhy non-U.S. stocks and international markets may offer a better valuation and growth opportunityHow AI exposure extends beyond the Mag Seven into financials, industrials and utilitiesWhy CAPE valuations, leverage, sentiment and market positioning point to a highly speculative U.S. marketWhy diversification becomes most unpopular when investors may need it mostWhat Bob Farrell's market rules say about crowded positioning and consensus forecastsTimestamps00:00 Introduction08:31 Why Rosenberg thinks the Fed should not hike16:02 AI, data centers and capital misallocation25:08 What is driving gold: real rates, the dollar and central banks36:11 Why Bernstein sees a secular shift toward non-U.S. stocks41:41 How AI concentration extends beyond the technology sector48:31 International diversification as protection from AI concentration54:06 Bob Farrell's Rule 9 and the danger of consensus1:00:06 The housing-cycle warning Bernstein and Rosenberg saw before the financial crisisLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Tian Yang, head of research at Variant Perception and portfolio manager of the VPX ETF, explains how investors can use adaptive leading indicators, capital cycle analysis and behavioral signals to navigate a market shaped by AI spending, inflation and government intervention. He breaks down why the macro backdrop remains risk-on, what would signal a true market top, why a Federal Reserve rate hike may still be unlikely and how AI could reshape profits, jobs and portfolio construction.Variant Perceptionhttps://www.variantperception.com/Variant Perception Cycle Aware US Equity ETFhttps://etf.variantperception.com/Topics coveredHow first-principles thinking separates causal signals from noisy dataWhy static recession indicators and consumer sentiment have become less reliableHow Variant Perception combines growth, inflation, policy and liquidity into a Macro Risk IndicatorWhy AI capital spending and low savings rates are supporting economic resilienceHow AI profits could broaden from hardware bottlenecks to adopters and complementary assetsWhy the sovereign technology race may extend the AI investment cycleWhat savings rates, liquidity, leverage and cash settlement reveal about recessions and market topsHow potential SpaceX, Anthropic and OpenAI supply could affect public equity marketsWhat capital cycle and crowding signals say about semiconductors and hyperscalersWhy headline inflation may stay high without creating persistent core inflationHow the K-shaped consumer, labor market and Federal Reserve reform shape the policy outlookHow AI could widen economic inequality, compress wages and change investment researchHow the VPX ETF uses adaptive sector tilts, stock selection and active riskTimestamps00:00 First principles, causal data and leading indicators04:48 Why traditional recession indicators stopped working09:00 Building the Macro Risk Indicator13:02 How AI CapEx is keeping the economy resilient17:18 Is the AI boom different from past bubbles?21:32 Why rising savings rates often precede recessions26:11 Why the market-top warning is amber, not red30:58 Are semiconductors still cyclical?36:22 Why an oil shock may not force the Fed to hike42:12 How Kevin Warsh could reform the Federal Reserve46:50 The increasingly bifurcated economy51:11 How AI is changing investment research55:38 Active risk, playing the game and avoiding forced errorsLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

WINGMAN is out now on Gumroad, Apple TV and Amazon Prime! GUMROAD- https://thewingman.gumroad.com/l/WINGMAN APPLE TV- https://tv.apple.com/us/movie/wingman/umc.cmc.nfzru25awp5jnendhudhjw9t This episode is sponsored by CashApp, Hims & Hers. Thanks for watching the Harland Highway! -Download Cash App Today: https://click.cash.app/ui6m/7o7jwwlk #CashAppPod. -To get simple, online access to personalized, affordable care for ED, HairLoss, Weight Loss, and more, visit Hims.com/Harland. More Harland Williams: Harland Highway Podcast Video: https://www.youtube.com/c/HarlandHighwayPodcast Harland Highway Podcast Audio: https://podcasts.apple.com/us/podcast/the-harland-highway/id321980603 Instagram: https://www.instagram.com/harlandwilliams Harbling Shirts: https://www.harbling.com Official Website: https://www.harlandwilliams.com Twitter :https://twitter.com/harlandhighway?lang=en More CONO: Instagram: https://www.instagram.com/cono/?hl=en Youtube: youtube.com/@cono?si=CnZZCqI8DGi9vHoT Tiktok: https://www.tiktok.com/@cono #podcast #harlandwilliams Instagram: https://www.instagram.com/harlandwilliams Harbling Shirts: https://www.harbling.com Official Website: https://www.harlandwilliams.com Twitter :https://twitter.com/harlandhighway?lang=en More CONO: Instagram: https://www.instagram.com/cono/?hl=enYoutube: youtube.com/@cono?si=CnZZCqI8DGi9vHoTTiktok: https://www.tiktok.com/@cono #podcast #harlandwilliams Learn more about your ad choices. Visit megaphone.fm/adchoices

Brent Donnelly joins Matt Zeigler to explain how professional traders build a durable edge through risk management, trading psychology, probabilistic thinking, and creative market analysis.Drawing from his new book, Trade Outside the Box: Advanced Thinking for Professional Traders, Brent breaks down why trading strategies decay, why rationality beats intelligence, how to avoid risk of ruin, and how lessons from poker, behavioral finance, and real-world experience can improve decision-making.Trade Outside the Box: Advanced Thinking for Professional Tradershttps://amzn.to/4h9bi3eBrent Donnelly on Xhttps://x.com/donnelly_brentSpectra Marketshttps://www.spectramarkets.comTopics covered:Why fundamentals, technical analysis, behavioral finance, and quantitative methods are necessary but not sufficient for trading successHow traders can develop an edge by connecting markets to poker, psychology, biology, auto racing, and video gamesWhy profitable trading strategies decay as more investors discover and copy themHow changing volatility regimes force traders to adapt their style and avoid becoming a one-trick ponyWhy mismatching a long-term investment thesis with a short-term stop loss can destroy a good ideaHow trading journals and P&L data help separate normal variance from a broken processWhy the house money effect can make traders more reckless after large gainsWhy rationality, flexibility, and expected value matter more than credentials or raw intelligenceHow Bayesian thinking helps traders update probabilities and fight confirmation biasThe difference between independent thinking and blind contrarianismWhy avoiding risk of ruin, protecting family and health, and defining success beyond money are essential to a sustainable trading careerTimestamps:00:00 Introduction to Brent Donnelly and Trade Outside the Box04:00 Why smart analysts often produce fully priced trade ideas08:00 Poker discipline and avoiding boredom trades12:00 How lead-lag correlation trading lost its edge16:35 Matching a trade's stop loss to its time horizon21:00 What trading data reveals about win rates and expected value25:00 The house money effect and the danger of overearning29:00 Why rational traders beat smarter traders33:00 Strong opinions weakly held and Bayesian updating37:00 Curating a balanced diet of bullish and bearish information41:00 Using creativity and outside disciplines to find market edge45:11 Avoiding risk of ruin and the lessons of Jesse Livermore50:29 The Serenity Prayer and focusing on what traders can control55:00 Choosing family and health over markets59:00 Why your first thought may not be your ownLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms, or their clients.

On this episode of the Excess Returns Weekly Wrap, Jack Forehand and Matt Zeigler examine how the AI capital spending boom, an unpredictable Federal Reserve, reduced corporate reporting and factor investing are reshaping markets.They break down Ben Hunt's warning about private credit and AI infrastructure, Cameron Dawson and Dave Nadig on the loss of Fed forward guidance, Wes Gray on why value may matter more than company size, and Rupert Mitchell on the rate hike that could end the cycle.Topics covered:Why the AI capital spending boom is forcing hyperscalers to borrow money and issue equityHow private credit and private equity are financing the AI infrastructure buildoutWhy a slowdown in AI CapEx could create broader financial system riskHow government borrowing and AI investment are crowding out capital and pushing interest rates higherThe impact of data center electricity demand on consumers and the broader economyHow Kevin Warsh's no-forward-guidance policy changes Federal Reserve expectationsWhy greater front-end interest rate volatility matters for floating-rate debt and private creditThe debate over replacing quarterly corporate reports with six-month reportingWes Gray's argument that value, not small-company size, is the real source of higher expected returnsRupert Mitchell's death shot framework for how a final central bank rate hike can end a market cycleTimestamps:00:00 AI spending, Fed uncertainty and this week's market themes05:07 How the AI buildout crowds out capital across the economy10:44 No Fed forward guidance and a new era of policy uncertainty15:48 Why six-month corporate reporting could hurt investors20:30 Wes Gray on the small-cap premium24:42 Why value matters more than company size28:57 How a surprise rate hike could break risk assets34:05 Global value investing and pairing different investor perspectivesLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Rupert Mitchell of Blind Squirrel Macro joins Matt Zeigler to explain how surging AI capital spending, mega-cap share issuance and expensive U.S. technology stocks could reshape global equity leadership. They discuss the case for equal-weight stocks, energy equities, gold, UK small caps, Uzbekistan and Turkey, along with the risk that a surprise Federal Reserve hike could trigger a broader unwind in leveraged markets.Rupert Mitchell on Xhttps://x.com/SquirrelMacroBlind Squirrel Macrohttps://www.blindsquirrelmacro.comTopics coveredWhy the S&P 500 versus the rest of the world remains Rupert's chart of truthHow the Bushy portfolio uses international equities, gold, commodities and hedges as an alternative to a traditional 60/40 portfolioWhy positive stock-bond correlation has weakened the diversification case for long-duration bondsHow AI data center spending, mega IPOs and new share issuance could reverse the buyback-driven de-equitization of U.S. marketsWhy Rupert is long the equal-weight S&P 500 and short the Nasdaq 100 as market leadership broadensHow China's growing power in oil markets may create a price collar that supports energy producers, refiners, midstream companies and offshore servicesWhat a surprise Federal Reserve hike or death shot could mean for technology stocks, private credit, private equity and leveraged risk assetsWhy deeply discounted UK small and mid-cap stocks may benefit from buybacks, takeovers, pension capital and investment trust activismThe opportunity in Uzbekistan's privatization program and the role of Templeton in improving governanceWhy Turkey's inflation-tested companies, strategic geography and cheap valuations may offer an attractive emerging-market setupTimestamps00:00 Intro04:00 Bushy portfolio changes across energy, commodities and precious metals08:54 How AI capital spending and equity issuance threaten the buyback era13:00 Equal-weight valuations and the long RSP, short QQQ trade17:02 China's oil price collar and the energy equity re-rating22:18 The Fed death shot and the danger of an unpriced hike30:06 Peak populism and the historic valuation gap in UK equities34:10 M&A, pension capital and UK investment trusts38:50 Uzbekistan's privatization opportunity43:39 Turkish equities, inflation and geopolitical leverage49:13 Why stress-tested businesses may offer better value53:39 Blind Squirrel Macro and Benny and the SquirrelLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

On the latest 100 Year Thinkers, Robert Hagstrom joins Matt Zeigler and Bogumil Baranowski to revisit the 25th anniversary edition of The Warren Buffett Portfolio and explain why volatility is not the same as investment risk.They discuss concentrated portfolios, active share, business valuation, behavioral finance, complex adaptive systems, and Warren Buffett's warning that the market's casino can overwhelm its cathedral.The Warren Buffett Portfolio – 25th Anniversary Editionhttps://amzn.to/3TVXoruRobert Hagstrom on Xhttps://x.com/RobertGHagstromEquity Compasshttps://www.equitycompass.com/Topics coveredWhy Markowitz's definition of risk as variance shaped modern portfolio theoryWhy Buffett views permanent capital loss, not volatility, as the real investing riskWhat Hagstrom's study of 3,000 portfolios revealed about concentration and market outperformanceThe difference between know-something investors and investors better served by indexingHow benchmark awareness creates closet indexers and weakens active managementWhat loss aversion and prospect theory explain about investor behaviorWhy Darwin, William James, and complex adaptive systems offer better models for marketsBuffett's cathedral and casino metaphor for business ownership versus speculationThe El Farol problem, Jim Simons, and why successful market models stop workingWhy options trading, leveraged ETFs, and record single-stock dispersion may be strengthening the casinoHow to evaluate portfolios using cash flow, return on invested capital, and look-through earningsWhy permanent capital and System 2 thinking are essential for focused investingTimestamps00:00 Intro04:00 Why Markowitz defined risk as variance11:47 What 3,000 portfolios revealed about concentration17:17 Know-something versus know-nothing investors22:23 Kahneman, loss aversion, and modern portfolio theory26:58 Darwin, pragmatism, and adaptive markets32:28 Buffett's cathedral and casino metaphor37:37 The El Farol problem and why markets resist prediction42:08 Why investors crave market forecasts46:16 Why investing is most intelligent when businesslike51:38 Record stock dispersion, options, and leveraged ETFs56:00 Measuring portfolio progress through business economics01:00:43 Why permanent capital enables focus investing01:04:43 How markets survive widespread investor mistakesLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms, or their clients.

Analizamos la reciente campaña de la DGT sobre el exceso de velocidad en zonas de obras, donde el 90% de los conductores sancionados habrían superado los límites establecidos. José Lagunar cuestiona la veracidad de estos datos y la falta de operarios reales en muchos de estos tramos, poniendo en duda la credibilidad de la señalización actual frente a la seguridad del conductor. Profundizamos además en la nueva medida de los conos conectados con balizas V16, una iniciativa que genera dudas técnicas y económicas, y revisamos las cifras oficiales de siniestralidad vial bajo la actual legislatura, contrastando los discursos institucionales con la realidad de las estadísticas de fallecidos en carretera.

This week's Excess Returns Weekly Wrap examines when AI spending will translate into measurable end-user ROI, why the U.S. business cycle may now produce fewer recessions, and how Federal Reserve policy could combine lower short-term rates with a smaller balance sheet. Jack Forehand and Matt Zeigler break down insights from Andy Constan, Azeem Azhar and Aahan Menon on AI productivity, business-cycle shifts, asset prices and the tradeoffs between Wall Street and Main Street.Topics coveredWhy subsidized AI tokens may be masking the true economics of end-user ROIThe difference between personal productivity gains, cost savings and measurable business profitsHow the transition from electric light bulbs to assembly lines explains AI process redesignWhy adding more copilots cannot turn a legacy company into an AI-native enterpriseThe productivity J-curve and why promising AI investments may initially look unprofitableHow the shift from manufacturing toward services and technology changed the business cycleWhy housing and industrial indicators may be less reliable signals for the broader economyHow consumer conditions, equity wealth and technology investment increasingly drive growthWhy stronger balance sheets and policy intervention may be reducing recession frequencyHow lower short-term rates and a smaller Fed balance sheet could affect asset prices and inequalityTimestamps00:00 Intro and this week's triple-A lineup04:00 AI's long-term promise and medium-term transition risk08:18 Azeem Azhar on electricity as a model for AI adoption12:28 Why more copilots cannot create an AI-native company16:39 How services and technology changed the business cycle21:20 Why policy intervention may be smoothing recessions26:00 How Fed policy could rebalance Wall Street and Main Street30:05 Closing thoughts and where to follow Excess ReturnsLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Wes Gray joins us to explain how factor investors should think about high market valuations, S&P 500 concentration, value investing, small caps, artificial intelligence and the behavioral challenge of staying invested for the long term. He also breaks down Section 351 ETF exchanges, including how appreciated portfolios can move into an ETF without an immediate taxable sale, why direct-indexing portfolios are a major use case and how the ETF wrapper is reshaping asset management.Wes Gray on Xhttps://x.com/alphaarchitectAlpha Architecthttps://alphaarchitect.comETF Architecthttps://etfarchitect.comLong-Only Value Investing: Does Size Matter?https://alphaarchitect.com/wp-content/uploads/2022/11/AA-JBISFactorInvesting22LongOnlyValueInvesting.pdfEven God Would Get Fired as an Active Investorhttps://alphaarchitect.com/wp-content/uploads/2021/08/Even_God_Would_Get_Fired_as_an_Active_Investor.pdfTopics coveredWhy high valuations may lower long-term expected returns without providing a reliable market-timing signalHow S&P 500 concentration creates a major large-cap, quality and growth factor betWhy earnings and operating income may be better value metrics than book-to-market in an intangible economyWhy valuation may matter more than company size for long-only value investorsHow unprofitable companies and low-quality stocks can distort small-cap value indexesWhether AI has changed the historical relationship between growth and value investingHow AI may eliminate short-term trading edges while leaving long-horizon opportunities intactWhy even an investor with perfect foresight could suffer severe drawdowns and get firedHow passive investing flows may affect market prices and factor returnsHow Section 351 exchanges can solve problems created by appreciated SMAs, tax-loss harvesting and direct indexingThe 25/50 diversification rules, cost-basis transfer and tax-deferral mechanics of ETF conversionsWhy assets continue moving from mutual funds, hedge funds and separate accounts into ETFsWhy enduring underperformance may be necessary to earn higher long-term returnsTimestamps00:00 Alpha Architect, ETF Architect and building an ETF platform04:00 Can factor investors time a market bubble?08:03 Intangible assets and the problems with book-to-market13:42 The quality problem inside small-cap value indexes18:18 Has technology changed the growth-versus-value equation?23:25 Can AI create lasting investment alpha?27:42 Are investors behaving better today?34:39 How Section 351 ETF exchanges work39:48 The diversification rules for tax-deferred ETF conversions44:34 How cost basis and deferred taxes carry into the ETF49:07 Mutual fund, hedge fund and SMA conversions54:13 Why investors should embrace underperformanceLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Aahan Menon, founder of Prometheus Research, joins Jack Forehand to explain what systematic macro data says about economic growth, inflation, Federal Reserve policy, oil prices, AI investment and the outlook for stocks and bonds. They examine why nominal GDP remains stable, why traditional recession indicators have failed, how consumer dissaving is boosting corporate profits, and why today's unusually balanced regime probabilities make this a difficult time for large macro bets.Aahan Menon on Xhttps://x.com/AahanPrometheusPrometheus Researchhttps://www.prometheus-macro.comTopics coveredWhy geopolitical volatility and disrupted market trends make concentrated macro bets unusually difficultWhat Prometheus Research's daily GDP nowcast says about stable nominal growthWhy AI capital spending matters but consumer spending still drives the US economyHow household dissaving and the wealth effect are supporting corporate profitsWhy the economy and Federal Reserve policy may be increasingly sensitive to stock pricesHow oil prices are driving inflation volatility and changing expectations for interest ratesWhy demand-driven inflation is more persistent than supply-driven inflationHow technology investment has weakened traditional recession and business-cycle indicatorsThe value and limitations of timing Federal Reserve policy with systematic macro dataWhat macro regime probabilities, valuations and expected returns suggest for stocks, bonds and diversificationTimestamps00:02 Why this is a difficult time for big macro bets05:02 A daily GDP nowcast shows stable nominal growth09:21 Consumer dissaving and the future economic risk13:23 The wealth effect linking stocks, spending and profits17:52 Oil prices and extreme inflation volatility22:23 Separating persistent demand inflation from supply shocks27:27 Why traditional recession indicators stopped working32:55 How technology is changing the business cycle37:42 Why timing Federal Reserve cycles matters for bond returns42:28 The limitations of alternative data and short histories47:33 Macro regime forecasts and expected returns51:54 Why the macro backdrop still supports equities56:19 Why investors can finally get paid to diversifyLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Azeem Azhar joins Kai Wu to break down the real economics of the AI boom, including the $110 billion demand base, where profits may accrue across chips, hosting, foundation models and applications, and whether spending can translate into enterprise productivity. They discuss AI infrastructure bottlenecks, open-source competition, vertical integration, organizational redesign, software moats, human judgment and the signals investors can use to identify companies turning AI adoption into durable competitive advantage.The State of the AI Economyhttps://intelligence.exponentialview.co/assets/ev-state-of-ai-economy-2026.pdfWhy AI Isn't Showing Up on Your Bottom Linehttps://www.exponentialview.co/p/why-ai-isnt-showing-up-on-your-bottom-lineAzeem Azhar on Xhttps://x.com/azeemExponential Viewhttps://www.exponentialview.co/Topics CoveredThe size and growth rate of real generative AI demandHow the AI stack divides between chips, hosting, foundation models and applicationsWhy memory and energized data centers may be the key AI infrastructure bottlenecksOpen-source models, proprietary pricing and enterprise assuranceVertical integration and foundation model labs moving into applicationsHow AI value could flow to consumers rather than infrastructure providersWhy AI productivity requires workflow and organizational redesignWhat investors can learn from earnings calls, hiring and enterprise spendingForward-deployed engineers, consulting firms and vendor lock-inWhich intangible business moats strengthen or weaken as intelligence becomes abundantTimestamps00:00 The economics and sustainability of the AI boom06:34 Mapping the four layers of the AI stack10:43 Vertical integration and cross-stack competition15:31 Why memory is becoming an AI infrastructure bottleneck20:01 Open-source models versus proprietary AI24:36 Why foundation model labs are moving up and down the stack28:51 Could AI profits become consumer surplus?33:00 Why more copilots cannot create an AI-native company37:17 Job postings and the intangible investments behind AI adoption44:16 Can forward-deployed engineers transform legacy companies?49:15 Which business moats strengthen or weaken in the AI economy?54:20 Do foundation models really have network effects?59:00 Why judgment, verification and human provenance become more valuable01:04:56 The exponential gap in data centers and education01:10:06 How Azeem uses AI to deepen research and generate ideasLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

In this episode of the Excess Returns Weekly Wrap, Jack Forehand and Matt Zeigler break down lessons from their conversations with Market Wizards author Jack Schwager and Data 4 the People founder Eric Pachman. They explore why the unemployment rate can hide labor market weakness, how aging and care jobs are reshaping employment, why elite traders survive by following strict risk management rules and whether artificial intelligence can ever solve financial markets.Topics covered:Why the headline unemployment rate can miss a deteriorating labor marketHow falling labor force participation changes the meaning of jobs dataWhy prime-age workers leaving the labor force matters for economic growth and consumptionThe limitations of relying on long-standing BLS and Federal Reserve benchmarksHow an anonymous trader turned a small account into roughly half a billion dollarsWhy trading discipline, stop losses and risk management matter more than being rightWhat the Carvana short squeeze reveals about the danger of breaking your own rulesHow aging demographics are concentrating job growth in healthcare and social assistanceWhy home healthcare and elder care workers are essential but often poorly paidWhether AI can generate market alpha or simply raise the baseline quality of investment toolsTimestamps:00:00 Jack Forehand and Matt Zeigler become market wizards04:24 What falling labor force participation hides08:55 Simon Russo chooses trading over music13:00 How ignoring stops could wipe out a fortune17:05 Messi and the rule sets behind elite performance21:05 Aging America and the rise of low-paid care jobs25:05 Why financial markets are uniquely difficult for AI29:07 How AI raises the floor without creating super-investorsLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

On the Latest First Principles, Andy Constan explains what the options market is signaling about the AI and semiconductor boom, why he believes earnings expectations have outrun the size of the economy, and where the next risks may emerge. We discuss speculative call buying, single-stock volatility, AI capital spending, consumer dissaving, the Fed put, Kevin Warsh's monetary policy framework, and the looming reset of US tariffs.Topics covered:* Why parabolic moves in AI infrastructure and semiconductor stocks may reflect a speculative bubble* What rising single-stock volatility and unusually low market correlations reveal beneath a calm index* Why out-of-the-money calls became more expensive than puts and what that says about investor positioning* How investors can hedge concentrated stock gains by selling calls and buying protective puts* Why the AI bubble may be hiding in earnings expectations rather than traditional valuation multiples* Andy's economic pie framework and why projected corporate profits may exceed the GDP available to support them* How AI competition, open-source models, job displacement and subsidized token usage affect the return on AI investment* Why capital spending and consumer dissaving are supporting economic growth, and where those drivers could weaken* Whether the Federal Reserve could eventually buy equity ETFs and the inflationary consequences of a permanent Fed put* How lower short-term rates and a smaller Fed balance sheet could rebalance Main Street and Wall Street* Why expiring Section 122 tariffs could create a near-term shift in inflation, growth and the federal deficitTimestamps:00:02 Why the options market is flashing a warning on AI stocks04:02 Extreme stock dispersion beneath a calm market08:49 The signals of a speculative call-buying frenzy13:00 How to hedge a stock position without calling the top18:36 Why earnings expectations may be the real AI bubble23:00 The economic pie cannot support every company's forecasts27:00 AI job displacement and the widening gap between winners and losers31:59 How capital spending and consumer dissaving are sustaining growth36:00 When the return on AI investment starts to matter40:26 Could the Fed buy stocks in the next financial crisis?44:53 How Kevin Warsh might respond when markets and employment collapse48:58 Lower rates, a smaller balance sheet and wealth inequality52:59 The tariff deadline investors may be overlookingLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Jack Schwager joins Excess Returns to discuss Market Wizards: The Next Generation and the extraordinary young traders profiled in the newest installment of the Market Wizards series.He explains how traders turned small accounts into fortunes, survived devastating losses, built exceptional risk-adjusted records and adapted from day trading to longer-term strategies, while revealing the psychology, risk management and commitment behind elite trading performance.Jack Schwager on Xhttps://x.com/jackschwagerMarket Wizards: The Next Generationhttps://amzn.to/4psEOmHTopics coveredHow video games, prop trading firms and modern technology shaped a new generation of tradersHow Jack Schwager finds candidates and verifies extraordinary trading track recordsWhy return-to-risk measures can reveal more than the Sharpe ratioLukas Froelich's astonishing 2020 performance and the limits of compounding and scalabilitySimon Rousseau's journey from a $40,000 borrowed account to nearly $500 millionHow breaking risk rules led to massive losses even after extraordinary successKristjan Kullamägi's path from security guard to more than $100 million after repeated account blowupsPhil Goedeker's success with short selling, option selling and unusually strong risk controlRick Bandazian Jr.'s merger arbitrage edge and more than a decade without a losing monthWhy financial markets may remain uniquely difficult for artificial intelligence to solveLance Breitstein's apprenticeship, deliberate practice and shift from day trading to longer-term positionsWhat traders and long-term investors can learn about talent, discipline, persistence and human natureTimestamps00:00 Intro to Market Wizards: The Next Generation04:33 How Jack finds exceptional traders and how the trading ecosystem changed09:15 Auditing Lukas Froelich's extraordinary 2020 returns14:03 Simon Rousseau: turning $40,000 into nearly $500 million18:42 The $50 million Carvana loss and the danger of breaking trading rules22:54 Kristjan Kullamägi: from security guard to more than $100 million28:36 Phil Goedeker and the risk of negative asymmetry strategies32:41 Hedging option risk during the Liberation Day market selloff37:34 Trading personality and Rick Bandazian Jr.'s no-loss record41:36 Can artificial intelligence ever become a Market Wizard?45:42 Lance Breitstein: choosing mentorship over a higher salary49:42 What long-term investors can learn from elite traders53:52 Innate talent, human nature and all-consuming commitment57:58 What the next generation of trading may look likeLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Eric Pachman of Data 4 The People joins Matt Zeigler to explain why headline employment and inflation data may be giving investors an incomplete picture of the U.S. economy. They examine falling labor force participation, Medicaid-funded healthcare jobs, wage quality, oil and diesel shortages, consumer financial stress and how AI can make public data more useful.Eric Pachman on Xhttps://x.com/EricPachmanData 4 The Peoplehttps://www.data4thepeople.com/Main topics coveredWhy the establishment survey and household survey can tell very different labor market storiesWhy unemployment may miss weakening labor force participation and disappearing working-age AmericansThe decline in participation among older workers and menHow healthcare and Medicaid-funded care have become the engine of U.S. job growthWhy Medicaid cuts could create a major employment and consumer spending riskWhat occupational wage data reveals about the quality of new jobs and home healthcare payThe differences between CPI, PCE and core inflation and why the standard measures can be misleadingHow crude oil grades, refinery design and 3-2-1 crack spreads shape energy pricesWhy falling diesel inventories could spread inflation through transportation, food and retailWhat the single-income stress test reveals about household fragility, poverty and multiple-job holdersHow Data 4 The People is using AI to build public-interest data research toolsTimestamps00:00 Intro04:41 Why the unemployment rate can miss a labor crisis11:24 Healthcare jobs, aging America and the Medicaid care economy18:44 The Wage Ledger and the hidden quality of U.S. job growth24:18 Why inflation is moving higher30:48 Why every equity investor needs to understand oil36:00 Crack spreads and the refinery mismatch problem44:05 Why diesel is the inflation risk that matters most48:34 The single-income stress test and consumer fragility54:42 Data 4 The People's nonprofit mission59:00 Building an AI research assistant for public data01:03:37 Where to follow Eric and Data 4 The PeopleLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

This week's Weekly Wrap examines whether weakening mega-cap leadership, massive AI capital spending, and record earnings expectations are creating hidden risks beneath the market.Jack Forehand and Matt Zeigler compare Jim Paulsen's correction case, Katie Stockton's technical analysis, Jeff Klingelhofer's fixed-income view of AI debt, and Matt Zenz's evidence-based analysis of corporate investment.They discuss why semiconductors have replaced the Magnificent Seven as the market's narrowest leadership group, why healthy breadth can coexist with fading momentum, how roughly $600 billion in AI CapEx is influencing U.S. economic growth, and why excellent earnings momentum does not eliminate correction risk.Main topics covered• Jim Paulsen's case for a 10% to 20% correction without a recession or long-term bear market• Why S&P 500 technology was already 10% below its June high• How broader market leadership could outperform mega-cap technology• Katie Stockton on weakening Magnificent Seven momentum and narrow semiconductor leadership• The difference between market breadth, participation, and leadership• How roughly $600 billion of AI CapEx from four companies is supporting economic growth• Why heavy AI-related debt issuance may create attractive opportunities in high-quality bonds• How fixed-income investors evaluate AI spending differently from equity investors• Matt Zenz on asset growth, corporate investment, and the factor evidence around future returns• Why current mega-cap AI spending may not be extreme relative to company size• Why strong earnings momentum and optimistic analyst estimates can still precede market troubleTimestamps00:00 Four perspectives on technology, AI spending, and market leadership05:00 Technology is already down 10% and Paulsen's long-term bull case09:21 Katie Stockton on Magnificent Seven weakness and semiconductor leadership15:36 Jeff Klingelhofer on $600 billion of AI CapEx and the bond market20:13 Why high-quality AI debt may offer attractive yields24:25 Why mega-cap AI spending may not be extreme by factor standards29:09 Earnings momentum, earnings bubbles, and why strong fundamentals can precede troubleLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms, or their clients.

This week Whitney draws attention to things we can actually be happy about because why hang by a thread when you can hang by two... Tickets for The Big Baby Tour https://www.whitneycummings.com SHOP: https://whitneycummings.com/index.html#store Thank you to our sponsors! iRestore Unlock your best hair & skin with @iRestorelaser and HUGE savings on iRESTORE with code WHITNEY at https://www.irestore.com/whitney #irestorepod Revolve Go to https://www.revolve.com/whitney to shop our faves and use code WHITNEY for 15% off your first order. Everything420 https://www.everything420.com  Use code CONO for 15% off and download the Everything420 app Booking.com Go on, book that trip - it's easy. Booking.com. Booking.yeah https://www.booking.com

9  DE JUNIO - SAN EFRÉN, DIÁCONO Y DOCTOR DE LA IGLESIA. S. JOSÉ ANCHIETA, SJ 

“Ustedes son la luz del mundo.”Del santo Evangelio según san Mateo 5, 13-16.Lectura y reflexión: Pbro. Sergio Alejandro Arroyo Rodríguez.En aquel tiempo, Jesús dijo a sus discípulos: “Ustedes son la sal de la tierra. Si la sal se vuelve insípida, ¿con qué se le devolverá el sabor? Ya no sirve para nada y se tira a la calle para que la pise la gente. Ustedes son la luz del mundo. No se puede ocultar una ciudad construida en lo alto de un monte; y cuando se enciende una vela, no se esconde debajo de una olla, sino que se pone sobre un candelero para que alumbre a todos los de la casa.Que de igual manera brille la luz de ustedes ante los hombres, para que viendo las buenas obras que ustedes hacen, den gloria a su Padre, que está en los cielos”. Palabra del Señor.

Lo que empezó como una curiosidad infantil derivó en años de lectura e investigación para una periodista de la BBC.

El vestuario del Real Madrid es ahora mismo un polvorín. Según ha analizado Jorge Bustos en el programa Herrera en COPE, la situación es una noticia de alcance mundial que ha llegado a la portada del New York Times. El último episodio ha sido una pelea en un entrenamiento entre Federico Valverde y Aurélien Tchouaméni que ha terminado con el uruguayo, segundo capitán, en urgencias y con una baja de entre 10 y 14 días.El enfrentamiento se ha producido tras un par de acciones duras de Valverde a Tchouaméni. Aunque el francés no se revolvió en el campo, sí buscó al uruguayo en el vestuario, donde se enzarzaron con puñetazos. Durante la pelea, Valverde se ha resbalado y, según las informaciones, ha llegado a perder el conocimiento.El periodista Manolo Lama ha añadido más leña al fuego al desvelar uno de los secretos del vestuario que explican la tensión existente, especialmente con el entrenador y los jugadores nacionales. Según Lama, los futbolistas españoles que no ...

Johanna Zambrano, gerente general de Asics para Colombia y Cono Norte by Diario La república

31 DE MARZO - SAN BENJAMÍN, DIÁCONO Y MÁRTIR

On this episode of RawTalk, Bradley Martyn sits down with Cono and talks about saving his podcast with Brad, responding to industry plant accusations, turning rage bait into a business, quitting steroids, manifestation, landing a song with Post Malone & much more!Sponsored by: Rugiet Go to Https://www.rugiet.com/RAWTALK for 15% off your first order!*Individual results may vary with prescription treatment. Compounded drugs are permitted to be prescribed under federal law, but are not FDA-approved and do not undergo FDA safety, effectiveness, or manufacturing review. Please visit the Rugiet website for full safety information.*Sponsor RAWTALK: https://public.liveread.io/media-kit/rawtalkSUBSCRIBE HERE: https://www.youtube.com/c/REALRAWTALK?sub_confirmation=1LISTEN ON APPLE PODCASTS: https://podcasts.apple.com/us/podcast/rawtalk/id1294154339FOLLOW RAWTALK PODCAST:INSTAGRAM | https://instagram.com/getrawtalkTIKTOK | https://tiktok.com/@askrawtalkFOLLOW BRADLEY:INSTAGRAM | https://instagram.com/bradleymartynSUBSCRIBE TO RAWTALK PODCAST CLIPS: https://www.youtube.com/channel/UCvzSBNBOK599FqzrTZS8ScQ/?sub_confirmation=1SUBSCRIBE TO LIFE OF BRADLEY MARTYN: https://www.youtube.com/channel/UCWTQG2aMDYKGDqYEGqJb1FA/?sub_confirmation=1SUBSCRIBE TO FITNESS CHANNEL: https://www.youtube.com/bradleymartynonline?sub_confirmation=1RAWGEAR: https://www.rawgear.com (CODE:RAW)