Podcasts about Copper

“You haven't missed the boat on this one. There's still lots of the story to come." Ian Harris explains why scarce deposits, years of underinvestment, electrification, and AI could fuel a decade-long structural bull market in copper.

In today's episode of The Daily Brief, we cover a deep dive and another story for the day shaping Indian and global markets:1. India's Untapped Copper Pool We'll cover: ●How much copper India already has in use●Why copper scrap cannot immediately solve the supply gap●India's recycling, refining and scrap-import challenges2. Why Indian Industry Still Needs CoalWe'll cover:●Why cleaner electricity doesn't automatically mean less industrial coal use●The challenge of decarbonising steel production●What India's upcoming industrial investments mean for coal demandAudio Timestamps00:04 Intro00:41 India's copper recycling challenge13:46 India can't quit coal yet20:33 Tidbits We also send out a crisp and short daily newsletter for The Daily Brief. Put your email here and we'll make you smart every day: https://thedailybrief.zerodha.com/Note: This content is for informational purposes only. None of the stocks, brands, or products mentioned are recommendations or endorsements.

The Storm Skiing Journal and Podcast is made in the USA. Thank you for supporting independent ski journalism.About CaberfaeOwned by: The Meyer FamilyYear founded: 1937Pass affiliations:* Ikon Pass: 2 days, blackouts* Freedom Pass: 3 days, no blackouts Base elevation: 1,076 feetSummit elevation: 1,561 feetVertical drop: 485 feetSkiable Acres: 200Average annual snowfall: 120 inchesLift count: 5 (1 fixed-grip quad, 3 triples, 1 carpet – view Lift Blog's inventory of Caberfae's lift fleet)The Zoom transcript (click “transcript” above for the Substack transcript, then click on any text block to teleport to the associated point in the video; timestamps below DO NOT MATCH THE VIDEO; also since Tim and Pete were on one screen, the transcript does not differentiate between them).Stuart Winchester: Welcome to the storm. I'm your host, Stuart Winchester. Today is Thursday, September 17th, 2026, and we are going to mix things up a little bit today. Instead of starting with the takes, we are starting with the guests, and I have some great guests today.00:22:29.000 --> 00:22:40.000Stuart Winchester: They are the general managers of Cabrifay Peaks, Michigan, with over 200 acres of terrain served by 4 chairlifts across 3 peaks, with a 485-foot vertical drop.00:22:40.000 --> 00:22:44.000Stuart Winchester: Cabar Fay is one of the largest ski areas in Michigan's Lower Penins.00:22:44.000 --> 00:22:49.000Stuart Winchester: The ski area averaged 120 inches of lake effect snowfall per winter.00:22:49.000 --> 00:23:06.000Stuart Winchester: Their family has operated Cabaret since 1980. They are co-general managers, with Tim Meyer on the right, handling everything on the mountain, and Pete Meyer on the left, taking care of everything off. Tim and Pete, welcome to the storm. I'm always hyped to talk Cabaret. How are you guys doing today?00:23:07.000 --> 00:23:11.000Pete Meyer: Good. We're doing awesome. Thanks for having us. Yeah.00:23:10.000 --> 00:23:26.000Stuart Winchester: Yeah, and trigger warning for any Sparties or Buckeyes out there who want to go to the video version on stormskiing.com or YouTube. Me and Tim are both proudly rocking our Wolverines gear. This is a shirt I wore to the maze out when Michigan blasted Oklahoma in the big house this past weekend. So we're feeling.00:23:26.000 --> 00:23:31.000Stuart Winchester: Although I understand Tim's also got a little Sparty, side loyalty.00:23:31.000 --> 00:23:35.000Pete Meyer: Yes, my children, both my sons are Spartans, so that's…00:23:34.000 --> 00:23:44.000Stuart Winchester: Yeah, as soon as my daughter got into college, I bought all the gear for her place. So, you know, there's tons going on at Cabaret, and I want to start…00:23:35.000 --> 00:23:36.000Pete Meyer: It.00:23:44.000 --> 00:23:54.000Stuart Winchester: with this coming expansion, and you, you announced this a while ago, and I'm gonna share my screen here so that everyone can see, uh, see this as we talk through it.00:23:54.000 --> 00:24:13.000Stuart Winchester: And this is where I am never quite as fast as I want to be. Uh, but… okay. So, here is the Cabra Fay trail map. This is the one I took off your website this morning, so it's the most current that I have. Uh, and last time I talked to Tim in, I think, 2021, when you came on the podcast.00:24:13.000 --> 00:24:15.000Stuart Winchester: Uh, it…00:24:15.000 --> 00:24:31.000Stuart Winchester: This East Peak triple chair was still still in a theory phase and you hadn't built yet. Now that's in place and we'll talk about that in a minute and how that's gone. But talk to us about the Green Mountain triple chair, what we're getting and why you're building it.00:24:32.000 --> 00:24:34.000Pete Meyer: Yeah, so, um…00:24:34.000 --> 00:24:40.000Pete Meyer: I'm going to start with why, because it's kind of an interesting story, you know.00:24:40.000 --> 00:24:51.000Pete Meyer: we… when we put in the East Peak lift, we took out the shelter chairlift, the double. They started in almost the same place, but the shelter… the shelter lift.00:24:46.000 --> 00:24:47.000Stuart Winchester: Mmhm.00:24:51.000 --> 00:24:54.000Pete Meyer: let off about halfway up the hill.00:24:54.000 --> 00:25:04.000Pete Meyer: And because we we have our dads before us and then and then we also have continued to develop the terrain.00:25:04.000 --> 00:25:13.000Pete Meyer: the terrain changes and the flow changes. And what happened over time, like, especially over the last.00:25:13.000 --> 00:25:16.000Pete Meyer: 25 years or so.00:25:16.000 --> 00:25:23.000Pete Meyer: we kept adding on to Smiling Irishman and making it wider and wider and wider, and it got busier and busier and busier, so…00:25:23.000 --> 00:25:29.000Pete Meyer: The shelter chairlift was essentially letting off these new skiers.00:25:29.000 --> 00:25:33.000Pete Meyer: in the middle of flowing traffic. And…00:25:33.000 --> 00:25:37.000Pete Meyer: We thought when we put in the East Peak lift.00:25:37.000 --> 00:25:41.000Pete Meyer: Now we're gonna take these lower end skiers to the top.00:25:41.000 --> 00:25:55.000Pete Meyer: we're going to give them a longer run, and the new part we're giving them is actually the easier half. They're already negotiating the tougher half, the steeper half, and the narrower half. If we add the upper half, it's easier, it's wider, it should be fine.00:25:50.000 --> 00:25:51.000Stuart Winchester: Mmhm.00:25:55.000 --> 00:26:06.000Pete Meyer: And that's what we thought. And so we put it in and then but then what we found and this is the this is the piece that you learn as you go.00:26:06.000 --> 00:26:07.000Pete Meyer: is…00:26:07.000 --> 00:26:15.000Pete Meyer: The new skiers accepted being let off at the lower level, and having to merge into traffic, because.00:26:15.000 --> 00:26:32.000Pete Meyer: They didn't really know any different and that it was the psychological factor. Well, I'm only halfway up the mountain. I can, I can do this. When we took them up to the top, you know, that East Peak lift actually feels like a out, it almost feels like an out West lift. It has.00:26:32.000 --> 00:26:43.000Pete Meyer: like, three rises, you know? So you ride… you go up over a break, and then you… and then you go again for a while, and then up over another break, and then you're coming into the top, and you… you know, you're above…00:26:43.000 --> 00:26:47.000Pete Meyer: Tree line, basically, and you can see the horizon, and it just…00:26:47.000 --> 00:26:51.000Pete Meyer: would kind of psych out that new skier, you know, they would just, they would.00:26:50.000 --> 00:26:51.000Stuart Winchester: Mmhm.00:26:51.000 --> 00:26:55.000Pete Meyer: They'd get up there and kind of freeze and panic, and…00:26:55.000 --> 00:27:06.000Pete Meyer: say, there's no way I'm gonna go down, you know, I'm not gonna go down that hill. And, uh, so we found our ski patrol having to give a lot of lessons just to get people down the hill, and…00:26:59.000 --> 00:27:00.000Stuart Winchester: Mmhm.00:27:06.000 --> 00:27:13.000Pete Meyer: And, um, and so we, we just, we kind of knew that we had a, you know, a little bit of an issue that we had to work through.00:27:13.000 --> 00:27:21.000Pete Meyer: And so Pete and I would be talking, you know, and I would say, I think I have it all figured out, you know, I'm saying, um…00:27:21.000 --> 00:27:34.000Pete Meyer: we just need to give them… make sure that all the… every single new skier gets a lesson, and we get them ready to… you know, we get them ready to go. And a lot of the… a lot of this is the school groups, you know, the different groups, and we do offer lessons.00:27:34.000 --> 00:27:40.000Pete Meyer: to everybody, but sometimes they don't take them, and, you know, they slide, they slide through, and…00:27:40.000 --> 00:27:42.000Pete Meyer: And so.00:27:42.000 --> 00:27:50.000Pete Meyer: Pete and I were having a meeting on Green Mountain with our ski patrol director, Katie, and Dennis, one of our top instructors.00:27:50.000 --> 00:27:59.000Pete Meyer: And we think we have it all figured out. You know, we're just we just need to put them through a lesson and then and then problem solved.00:27:59.000 --> 00:28:00.000Pete Meyer: And…00:28:00.000 --> 00:28:12.000Pete Meyer: And Dennis, our ski instructor, was like, almost grabbed right onto my jacket. He's like, you don't understand. I can't get them ready for East Peak on this.00:28:12.000 --> 00:28:23.000Pete Meyer: we need something in between, and I… and… and so it's like, oh, oh, well, what do you need, Dennis? And he pointed up at the Green Mountain, and he said, we need that.00:28:12.000 --> 00:28:14.000Stuart Winchester: Yeah, thank you.00:28:23.000 --> 00:28:41.000Pete Meyer: And I… I said, well, I think we have a plan for that on a cocktail napkin somewhere. We could go look at that again. So basically, what… what hap… what it was is we… we had always had this. We… we actually had lift lines staked out, and we hadn't been looking at doing this. We just thought it would be…00:28:41.000 --> 00:28:51.000Pete Meyer: the last thing that we do. We thought we would… we would continue to develop into the… into the backcountry area, and then do the Green Mountain expansion later.00:28:51.000 --> 00:29:06.000Pete Meyer: But what the… what the customer told us was, no, you need the Green Mountain expansion now. So that's the why and the how, that all of a sudden that thing kind of appeared out of nowhere, and why it was a two…00:29:06.000 --> 00:29:14.000Pete Meyer: why it's a two-year construction, because there's nothing over there. No services. Um, so we've had… we had to…00:29:14.000 --> 00:29:18.000Pete Meyer: You know, we had to do the final planning kind of fast.00:29:18.000 --> 00:29:30.000Pete Meyer: so we wanted to take 2 years to do it. Um, and so what are you getting? You're getting about 135 vertical feet, a brand new Doppelmayr triple.00:29:30.000 --> 00:29:38.000Pete Meyer: uh, that's just like East Peak and just like Vista, so it's gonna show this, you know, it's gonna take the new skier, um.00:29:38.000 --> 00:29:43.000Pete Meyer: Uh, and get them going on a lift that's similar to what we have throughout the area.00:29:43.000 --> 00:29:55.000Pete Meyer: it runs a little bit slower, has a bigger chair spacing, so it's going to be a little bit easier to load and unload. And when it's all built out, we should have 4 or 5.00:29:55.000 --> 00:30:00.000Pete Meyer: really, uh, easy trails, but with character. I mean, these aren't just…00:30:00.000 --> 00:30:14.000Pete Meyer: you know, a football field at 10 degrees that doesn't have any character. These are, you know, tree-lined, um, interesting slopes. Uh, the lift itself actually goes through the woods.00:30:14.000 --> 00:30:20.000Pete Meyer: and part of the way, and it's just a really neat development. So we think that.00:30:20.000 --> 00:30:32.000Pete Meyer: You know, even though it's not big vertical, it lifts about a thousand feet long. The terrain has really good character and we think it's going to be really popular.00:30:31.000 --> 00:30:47.000Stuart Winchester: I've always loved that about Cabaret. My favorite section of Cabaret for the folks who are watching is this sort of lower section where all the trails split off. And I've always found it a little confusing and fun. And I like confusing. I like it. I feel like it makes ski areas feel bigger than they are.00:30:47.000 --> 00:30:59.000Stuart Winchester: I want to zoom out a little bit and connect this expansion to some larger ski industry narratives, because the narrative that won't die is that the big corporate consolidation and big passes are killing the independents.00:30:59.000 --> 00:31:15.000Stuart Winchester: here I'm looking at Cabra Fay, family-owned for the last 46 years, and in 2016, you put in a brand new triple chair right here on North Peak. In 2022, you put in the brand new East Peak triple chair, and then you're putting in this brand new Green Mountain triple chair next year, at least that's the plan. I mean…00:31:15.000 --> 00:31:31.000Stuart Winchester: So you're affording three new chairlifts. Uh, you know, Monarch was willing to tell me out in Colorado. Yeah, we, and we paid cash for them. I don't know if you, if you have, you know, theories on debt. I know a lot of scare operators like Platykill in New York, like to stay out of debt, but, but how did Cab.00:31:31.000 --> 00:31:40.000Stuart Winchester: How is Calgary managing all these capital upgrades, and what does it say, do you think, about independents competing in 2026?00:31:41.000 --> 00:32:05.000Pete Meyer: Yeah, I don't have access to the checkbook, so you have to let me answer that one. No, that's a great question, Stu. And Tim kind of hit on this on his first podcast with you, but when Tim and I got moved back here in 2001, we had what I call like soul crushing debt. You know, it was just crippling, like every dollar we made had to go and service the debt.00:31:48.000 --> 00:31:49.000Stuart Winchester: Yep.00:32:05.000 --> 00:32:08.000Pete Meyer: Uh, we didn't have…00:32:08.000 --> 00:32:18.000Pete Meyer: really any money to even make capital improvements or to do much of anything. So our our main mission early on was try to try to get out of debt and get out of that hole.00:32:18.000 --> 00:32:35.000Pete Meyer: And, you know, our dad's done a nice job developing and building, and they got it out of bankruptcy. So when you get something out of bankruptcy, they've already cut every corner and done all kinds of deferred maintenance, pushed it all off. So we had quite a bit to deal with, and it was a long…00:32:35.000 --> 00:32:36.000Pete Meyer: Um…00:32:36.000 --> 00:32:46.000Pete Meyer: the long slugfest. Tim and I call those the dark days, you know, about 10 years of just really grinding. And then, finally, right, you know.00:32:46.000 --> 00:32:58.000Pete Meyer: about 2015, we were able to, uh, to get out of debt, and then… and then we started to, um, really put capital back into it, and that's why we decided on… on…00:32:58.000 --> 00:33:02.000Pete Meyer: Uh, putting in some new chairlifts, and yes, we have not gone back into debt since.00:33:02.000 --> 00:33:14.000Stuart Winchester: That's fantastic, and as you think to the future, okay, you have this North Peak quad chair, built in, I think, 92, and then you have the South Peak triple, which I think early 80s lift, it's a riblet, which…00:33:14.000 --> 00:33:29.000Stuart Winchester: As you know, is out of business now. I think this one's a SeaTac. So, I don't know if when, you know, you give a really good summary, Tim, of how East Peak changed traffic around the mountain. Uh, I, I've seen a, there's a ton of comments. I was just scrolling through, through Lyft blog for the folks watching.00:33:29.000 --> 00:33:41.000Stuart Winchester: to show Peter's excellent pictures of that lift. And the Cabaret page on there has a ton of comments, and I'm sure you've seen them. So, there's a lot of wondering, it seems, among skiers.00:33:41.000 --> 00:33:44.000Stuart Winchester: Why the quad is still here, because it…00:33:44.000 --> 00:33:57.000Stuart Winchester: they don't seem to think it runs a lot, and they think the triple does the job. Is there any thought of moving the quad, or do you really need 7 seats here? Or, just thinking long-term, what does the lift distribution look like across Cabaret Fay as you look at this map?00:33:57.000 --> 00:34:13.000Pete Meyer: Well, I think that we do need the quad on the busiest days, right? Otherwise, the reason we put the Vista Triple in there is the lines on the quad used to get so long. And it was like, that's the artery. I mean, you know, more people.00:34:01.000 --> 00:34:02.000Stuart Winchester: Mmhm.00:34:03.000 --> 00:34:04.000Stuart Winchester: Mmhm.00:34:14.000 --> 00:34:17.000Pete Meyer: go through the North Peak complex.00:34:17.000 --> 00:34:34.000Pete Meyer: every day than than the others, you know, because it's the middle. And so it's you go through there on your way to and from South Peak, and a lot of people just ski there because it's really really good inter advanced, intermediate and intermediate type terrain, and even some advanced beginner terrain. So it.00:34:19.000 --> 00:34:20.000Stuart Winchester: Mmhm.00:34:34.000 --> 00:34:43.000Pete Meyer: It services a wide range of abilities. So I think you want to have the two lifts.00:34:43.000 --> 00:34:45.000Pete Meyer: Um…00:34:45.000 --> 00:34:58.000Pete Meyer: I think ultimately, though, we want to have more places for people to go, more pods of skiing, so that actually you do run the quad less and less, but you have it there so that on the really busy days.00:34:58.000 --> 00:35:14.000Pete Meyer: you can turn it on and have, you know, a lift that doesn't have a line that somebody can sit on and ride up. But, um, I don't know if that answers the question. Yeah, right now, Stu, we run it 3 days a week, Friday, Saturdays, and Sundays, the busier days, and so…00:35:12.000 --> 00:35:13.000Stuart Winchester: Mmhm.00:35:14.000 --> 00:35:24.000Pete Meyer: Uh, we don't run it, uh, Monday through Thursday, just because it's a redundant lift, and we don't need the uphill capacity, um, is… is why people say it's not running some of the time.00:35:24.000 --> 00:35:41.000Stuart Winchester: Yeah, I guess what I was getting at is, is there a world where you move the quad over here to serve some of this backcountry terrain and in the top of Green Mountain? As it's, as there's kind of open space on the trail map and, and knowing Gary Milken, how he designs maps, he sometimes leaves that space.00:35:41.000 --> 00:35:57.000Stuart Winchester: for expansion. So, so what's the thought around, you know, and you alluded to it earlier when you were thinking about a lift for backcountry, and Tim, you had mentioned even maybe reviving those halls. I don't know if that's still a possibility. I don't know if they're still sitting at the bottom of the mountain here, but what's the thought on.00:35:57.000 --> 00:36:02.000Stuart Winchester: potential expansion over in this area or lifts in this area long term.00:36:03.000 --> 00:36:17.000Pete Meyer: I think that would be the next frontier. So, somewhere in the bottom… because you've skied here, Stu, you know if you go through the backcountry, you run out of gas, and then you have… and then you have to walk, and that's why we call it backcountry, because it's a…00:36:09.000 --> 00:36:10.000Stuart Winchester: Mmhm.00:36:11.000 --> 00:36:12.000Stuart Winchester: Yeah. Okay.00:36:17.000 --> 00:36:27.000Pete Meyer: Because it's a tearful experience for many people coming out of there in the flats. And so somewhere down in that basin.00:36:21.000 --> 00:36:23.000Stuart Winchester: Mmhm.00:36:27.000 --> 00:36:40.000Pete Meyer: there could, there could be a lift someday that goes up to east of the top of East Peak. And Stu, what Tim had alluded to earlier in his first answer is that that was our original plan, so that would have been.00:36:32.000 --> 00:36:34.000Stuart Winchester: Mm-hmm.00:36:40.000 --> 00:36:58.000Pete Meyer: Uh, that was the plan to be our next chairlift, was to service that area. But due to the reaction and the response of our skiers, you know, we deviated and focused on… and moved to Green Mountain. Um, and, you know, one thing we found is that transition from the magic carpet, right there on the trail map, you can see, to the East Peak chair.00:36:55.000 --> 00:36:57.000Stuart Winchester: Mmhm.00:36:57.000 --> 00:36:59.000Stuart Winchester: Yeah. Okay.00:36:58.000 --> 00:37:15.000Pete Meyer: was just too much for most of our skiers. And not only were we not doing Cabaret any favors, but we're not doing the industry any favors. You know, it's just, it was asking them to do too much, too big of a, make too much of a jump. So by putting in this East Peak.00:37:01.000 --> 00:37:03.000Stuart Winchester: Right.00:37:15.000 --> 00:37:30.000Pete Meyer: chair, and then we'll have all green runs that'll all be, um, varying degrees of difficulty of a green run, but all of them will be in between the Magic Carpet slope and the Smiling Irishman slope, so it'll be a really nice.00:37:17.000 --> 00:37:18.000Stuart Winchester: Mmhm.00:37:30.000 --> 00:37:43.000Pete Meyer: transition, and quite frankly, we think a lot of school groups and a lot of skiers are going to come out, um, and never get off that chair, and stay on Green Mountain all day, and have a wildly successful day, and want to return, um, to not only Cabaret Fay, but to other ski.00:37:43.000 --> 00:37:48.000Stuart Winchester: I love it, and I can confidently say, because I ski all over, uh, that Cabaret is now…00:37:48.000 --> 00:38:04.000Stuart Winchester: And, and especially once you put in this new lift, it's one of the most modern up to date ski areas in the entire region. And, and that wasn't always true. When I first skied at Cabaret in the nineties, it was a lot of haul double chairs. I mean, these, these guys were over here, the, the quad and the, and the triple, but.00:38:04.000 --> 00:38:11.000Stuart Winchester: that, that throwback feel to it. And I know, Tim, when you were on last time, uh, you, you talked, you lamented a little bit.00:38:11.000 --> 00:38:23.000Stuart Winchester: getting rid of the last rope toe for the carpet, and just sort of the emotion of it, even though you knew it was logically the right thing. What if you could bring back a little throwback by putting a little rope toe right here to bring people out of the backcountry?00:38:24.000 --> 00:38:27.000Pete Meyer: Well, you know, it's funny, I…00:38:27.000 --> 00:38:36.000Pete Meyer: I was kind of slow to warm up to getting rid of that rope toe. I guess, you know, I always had that old school…00:38:36.000 --> 00:38:52.000Pete Meyer: you know, I learned on a rope toe, my kids learned on a rope toe, your kids are going to learn on a rope toe, which is just backwards thinking, right, for a for a ski area manager to have that kind of thought process. I'm not sure. I know where you're going. I mean, no one knows what the future holds.00:38:40.000 --> 00:38:41.000Stuart Winchester: Yeah.00:38:42.000 --> 00:38:43.000Stuart Winchester: Mmhm.00:38:52.000 --> 00:39:09.000Pete Meyer: I do see ski areas having a lot of success with train parks with fast tows that service them. Again, another cocktail napkin plan that we have that we're not going to get into in this interview is something like that on our property down the road.00:38:58.000 --> 00:38:59.000Stuart Winchester: Yeah. Okay.00:39:09.000 --> 00:39:16.000Pete Meyer: Um, so there, you know, I could see that kind of a thing, but, um…00:39:16.000 --> 00:39:26.000Pete Meyer: And… but I think… I don't know if we would ever want to put a surface tow out of the backcountry area unless, for some reason, we weren't going to lift serve it.00:39:25.000 --> 00:39:27.000Stuart Winchester: Got it.00:39:26.000 --> 00:39:31.000Pete Meyer: But, you know, I guess, you know, no one knows for sure.00:39:30.000 --> 00:39:31.000Stuart Winchester: Yeah, thank you.00:39:31.000 --> 00:39:37.000Pete Meyer: Um, but I wanna… I wanna back up on the Green Mountain expansion a little bit, if… if you'll let me.00:39:34.000 --> 00:39:36.000Stuart Winchester: Sure.00:39:36.000 --> 00:39:38.000Stuart Winchester: Yeah, do it. Let's do it.00:39:37.000 --> 00:39:44.000Pete Meyer: When we were at the Midwest, uh, show this year, there was a, there was a fireside chat, and we were talking about.00:39:44.000 --> 00:39:54.000Pete Meyer: We're talking about, you know, turning first-time skiers into second-time skiers, and making the experience the best it can be.00:39:54.000 --> 00:40:06.000Pete Meyer: And so that we have… we have success in that arena. And the Green Mountain… the Green Mountain is… is really a missing piece, because you're looking at our trail map, and you see how the parking lot is laid out.00:40:06.000 --> 00:40:07.000Stuart Winchester: Mmhm.00:40:06.000 --> 00:40:12.000Pete Meyer: Um, so if you're, you know, trying to make it as easy as possible for somebody who's never skied before.00:40:12.000 --> 00:40:17.000Pete Meyer: You can park on pavement right in front of our ticket office.00:40:17.000 --> 00:40:18.000Stuart Winchester: Mmhm.00:40:17.000 --> 00:40:24.000Pete Meyer: Get out of your car, walk a short distance on heated sidewalks to the ticket office.00:40:22.000 --> 00:40:23.000Stuart Winchester: Mmhm.00:40:24.000 --> 00:40:36.000Pete Meyer: Get… pay for everything you need. Pay for your skis, pay for your ticket, pay for your rentals, pay for your lesson, and then walk up to the… walk up to the, um…00:40:36.000 --> 00:40:37.000Pete Meyer: Rental.00:40:37.000 --> 00:40:38.000Stuart Winchester: Mmhm.00:40:37.000 --> 00:40:52.000Pete Meyer: In your, in your regular boots, so it's easy walking, go inside, take your stuff off, take your boots off, get your boots, get your skis and come and then, and then secure your lesson at the end and then walk out the door.00:40:52.000 --> 00:41:09.000Pete Meyer: And you're 30, you know, you're 30 feet from where the ski school meets and you're right at the bottom of the conveyor. So it's really easy to start out and we can get you going on the conveyor. We can virtually get anybody that can stand up on skis or snowboard up to the top.00:41:08.000 --> 00:41:10.000Stuart Winchester: Mmhm.00:41:09.000 --> 00:41:13.000Pete Meyer: And then put, you know, all their energy into getting them down the hill.00:41:13.000 --> 00:41:28.000Pete Meyer: And then once you outgrow that, you just get off the conveyor and you ski down a little slope right onto the East Peak lift. Or, I'm sorry, onto the Green Mountain lift. So now you're right there, and you have this real easy area.00:41:22.000 --> 00:41:24.000Stuart Winchester: Mmhm.00:41:28.000 --> 00:41:37.000Pete Meyer: to learn to ski, and then when you, when you're ready, you just ski down, just ski down the hill to the east peak lift. So the, the flow.00:41:37.000 --> 00:41:42.000Pete Meyer: for that never ever in the in the ah, the the.00:41:42.000 --> 00:41:51.000Pete Meyer: possibility of getting them to come a second and third and fourth time is really real, and I think… I think we're in, like, a new stratosphere for getting…00:41:51.000 --> 00:41:59.000Pete Meyer: you know, getting people, uh, skiing. And then as it flows, you know, the next step, the next place to ski is East Peak.00:41:59.000 --> 00:42:10.000Pete Meyer: And then as you get a little more daring, you work your way into the North Peak complex, and then eventually over to South Peak. So the flow is really natural, and I think it's going to work out extremely well.00:42:08.000 --> 00:42:21.000Stuart Winchester: Yeah, it's like a mini, uh, Copper Mountain. I know you're a Winter Park guy, but it, you know, the, the, the viability… You know what, the exciting thing, I think, for skiers who are not novices, who know Cabaret Faye well.00:42:10.000 --> 00:42:12.000Pete Meyer: Yeah.00:42:21.000 --> 00:42:38.000Stuart Winchester: starts to creep back into old Caber Fay. And, and when we've talked a while ago, Tim, I, I didn't have a good perspective, but some new maps have popped up on ski map.org, which is my go to for old trail maps. And this one I think shows the old terrain really well. So here's the road looping around, here's the parking lot.00:42:38.000 --> 00:42:47.000Stuart Winchester: And then here's all the terrain. And so I… Google Earth also makes it really easy. So as I go here…00:42:47.000 --> 00:43:02.000Stuart Winchester: I am, for those who are watching, I am zooming in on… so this is what you were talking about, you kind of just park on pavement, you get out here, for those watching on YouTube or StormSkiing.com, the carpet's right around here, and then this will be green, is that right?00:43:01.000 --> 00:43:07.000Pete Meyer: No, if you go, if you, if you go back to that old, old trail map, like you can see right to there, there's a.00:43:04.000 --> 00:43:06.000Stuart Winchester: Yeah.00:43:07.000 --> 00:43:14.000Pete Meyer: A rope toe — there's two rope toes right there, right up that line, top of that peak. There was two rope toes.00:43:10.000 --> 00:43:12.000Stuart Winchester: Right there? Okay.00:43:12.000 --> 00:43:13.000Stuart Winchester: Okay.00:43:14.000 --> 00:43:19.000Pete Meyer: Uh, heading up that way, and another rope tow coming out at 90 degrees from… from the top.00:43:17.000 --> 00:43:19.000Stuart Winchester: Okay.00:43:19.000 --> 00:43:20.000Stuart Winchester: Mm-hmm.00:43:19.000 --> 00:43:37.000Pete Meyer: And that shack still is up there to this day. It's a two-story tow shack where we had three different rope tows coming in. So it's going to come right up to the top of that. And that area was always called practice area. That was the old name of it. So if you look at old trail maps, you'll see that word practice area.00:43:23.000 --> 00:43:24.000Stuart Winchester: That's cool.00:43:25.000 --> 00:43:26.000Stuart Winchester: Mm-hmm.00:43:37.000 --> 00:43:41.000Pete Meyer: It's a great name for a learn to ski area.00:43:40.000 --> 00:43:54.000Stuart Winchester: Yeah, here's another map, the 1971 map has it as practice area. Okay, so I was assuming that you were digging that up, but I guess you're taking earth from there for the other… is that where you took it for East Peak? Is that what this big sandpit is?00:43:53.000 --> 00:44:07.000Pete Meyer: Oh, that's more of the West Ridge area out into that area. So we're actually off to the left. It's all still green. Up into there, yeah, so it'll be a nice natural hilltop with big mature trees, tree line runs. It's gonna be really, it's gonna be really nice.00:43:55.000 --> 00:43:57.000Stuart Winchester: Okay.00:43:59.000 --> 00:44:00.000Stuart Winchester: Okay.00:44:01.000 --> 00:44:02.000Stuart Winchester: Okay.00:44:07.000 --> 00:44:18.000Stuart Winchester: So as you… so you can see, for those watching, this is old cab buffet. These are… this is all abandoned, right? I… do you still own this? I mean, it… because once you put the lift up here.00:44:18.000 --> 00:44:37.000Stuart Winchester: It seems like it could potentially open some of this backside terrain. I know people would love that. It also makes you very big. I don't know if that's on your radar as Cabaret continues to grow and succeed, but what are the thoughts on this really cool abandoned terrain that you have back here? And Tim, I know we talked about this a few years ago, but I also know that thoughts evolve over time.00:44:38.000 --> 00:44:44.000Pete Meyer: So we do still own all of that. So that area you're looking at, we do own it.00:44:40.000 --> 00:44:41.000Stuart Winchester: Okay.00:44:45.000 --> 00:44:55.000Pete Meyer: I think that we don't have any plans to go back into that area at this time, but you never know.00:44:50.000 --> 00:44:52.000Stuart Winchester: Mmhm.00:44:53.000 --> 00:44:54.000Stuart Winchester: Yeah.00:44:55.000 --> 00:45:04.000Pete Meyer: Going back, though, a little bit, we don't want to get too far into the weeds. Unless you want to get into the weeds, we can go. Um, I brought my machete, so we can…00:45:03.000 --> 00:45:06.000Stuart Winchester: I live in the weeds, man, that's, uh, my…00:45:04.000 --> 00:45:22.000Pete Meyer: we can do what we need to do. But when… way back, going way back to 1982, 83, when South Peak opened, you know, South Peak was redeveloped, all that… a lot of that terrain was still running back then. We were riding T-bars and rope tows on the North Ridge, and West Ridge was alive, and.00:45:07.000 --> 00:45:09.000Stuart Winchester: Yes.00:45:12.000 --> 00:45:13.000Stuart Winchester: Mmhm.00:45:16.000 --> 00:45:18.000Stuart Winchester: Yeah.00:45:20.000 --> 00:45:21.000Stuart Winchester: Mmhm.00:45:22.000 --> 00:45:31.000Pete Meyer: The practice area tow was still running. So I remember that stuff, you know, as a kid, all happening. And when South Peak was built.00:45:31.000 --> 00:45:43.000Pete Meyer: it was so much bigger than all that, you know, vertical-wise. It was, like, twice, you know, twice the vertical, um, real snowmaking, real grooming.00:45:36.000 --> 00:45:37.000Stuart Winchester: Mmhm.00:45:43.000 --> 00:45:56.000Pete Meyer: people just abandoned the back… the back hills. They just went… they left that. They left that area, and they went to Salt Peak. And that's really why it all closed, is people just stopped going back there. It just wasn't as good. So…00:45:45.000 --> 00:45:46.000Stuart Winchester: Or did they?00:45:56.000 --> 00:46:00.000Pete Meyer: I often think maybe it just is better to be a memory.00:46:00.000 --> 00:46:05.000Pete Meyer: But but who knows? You know, down the road it could be what it could be.00:46:04.000 --> 00:46:16.000Stuart Winchester: Yeah, I think between opening the backcountry and that, uh, the Green Mountain expansion, I think you excited some folks. Alright, that, that's, uh, that's, that's all really cool. I appreciate you taking me inside that. Let's talk passes now, and I'm.00:46:16.000 --> 00:46:19.000Stuart Winchester: the screen share here. So, uh…00:46:19.000 --> 00:46:36.000Stuart Winchester: Cabrefe joined IndyPass as an inaugural member in 2019, and has been on that pass every season since, for the 2026-27 season. Cabrefe has, and I'm just laying this out for the listeners, uh, Cabrefe has departed the IndyPass and has joined.00:46:36.000 --> 00:46:51.000Stuart Winchester: The full icon pass, uh, on their two day tier, which is only on the full icon pass, not on the icon base, there's no access, and there's also holiday blackout, so the only mountains that are holiday blacked out on the full icon are the, the two day mountains, of which.00:46:51.000 --> 00:46:55.000Stuart Winchester: Cabaret is now one. So, so talk us through.00:46:55.000 --> 00:47:03.000Stuart Winchester: your experience with IndiePass and the decision, ultimately, to leave that partnership and to join up with ICON.00:47:04.000 --> 00:47:09.000Pete Meyer: Yeah, sure, Stu, we have a feeling this might be a topic of conversation today, so…00:47:07.000 --> 00:47:08.000Stuart Winchester: Yeah.00:47:09.000 --> 00:47:11.000Pete Meyer: So we.00:47:10.000 --> 00:47:11.000Stuart Winchester: Okay.00:47:11.000 --> 00:47:22.000Pete Meyer: There's a lot of layers to this answer, and this decision was not made quickly or lightly, and a lot of analysis and discussion went into it.00:47:22.000 --> 00:47:37.000Pete Meyer: To be quite honest, we were… we've been frustrated with the IndyPass a little bit for a couple years, and we kind of… we kind of laid out a bunch of, um, the pros and cons list, and the cons list was a lot longer than the pros, and so we… we ultimately kind of came to this decision to exit, and um…00:47:37.000 --> 00:47:53.000Pete Meyer: We're going to talk about — I'll talk about a couple of those reasons now. But before I do, I think it's important to provide some history and some context with Cadbury and IndyPass. So as you mentioned, Indy launched in 2019. We were an early adopter. We had some great conversations with Doug Fish that summer.00:47:39.000 --> 00:47:41.000Stuart Winchester: Mmhm.00:47:45.000 --> 00:47:46.000Stuart Winchester: Mmhm.00:47:53.000 --> 00:48:10.000Pete Meyer: Doug worked really hard to get this pass going. We really enjoyed our conversations. He kind of could answer the questions that nobody could answer. He knew things that nobody else knew. And I still remember to this day, I'm like, Doug, how do you know all this? And he's like in his raspy voice.00:48:10.000 --> 00:48:21.000Pete Meyer: I just know, you know, so it's like, it was kind of cool. So we had confidence that, uh, that he could implement this pass and make it successful, um, because he knew what it took. So we…00:48:19.000 --> 00:48:26.000Stuart Winchester: I'm sorry to interrupt. I may have been the first ever Cabaret Redemption on the Indie Pass since November 2019.00:48:22.000 --> 00:48:25.000Pete Meyer: You know what? That's this.00:48:25.000 --> 00:48:30.000Pete Meyer: It wasn't, it was December 5th, 2019.00:48:29.000 --> 00:48:31.000Stuart Winchester: Okay. It…00:48:30.000 --> 00:48:39.000Pete Meyer: So, I was gonna get into that in a little bit, but now I'll hit on that. So then, um, in digging through all these redemptions, which I was gonna get into.00:48:31.000 --> 00:48:34.000Stuart Winchester: Yeah, yeah, okay, go ahead.00:48:37.000 --> 00:48:40.000Stuart Winchester: Yeah. Sorry, I spoiled it.00:48:39.000 --> 00:48:56.000Pete Meyer: And pouring this data, I was like, Stuart Winchester, you were redemption number one for us. I don't know if you knew that. And I remember it to this day because I never heard your name. I never heard of your podcast. I don't even know if you had it going then.00:48:41.000 --> 00:48:42.000Stuart Winchester: Yep.00:48:47.000 --> 00:48:49.000Stuart Winchester: Wow, that's cool.00:48:52.000 --> 00:48:53.000Stuart Winchester: Yah.00:48:55.000 --> 00:48:59.000Stuart Winchester: It launched, uh, that October, so it was brand new. Mm-hmm.00:48:57.000 --> 00:48:59.000Pete Meyer: That October? Okay.00:48:59.000 --> 00:49:14.000Pete Meyer: So the… our… my office is right behind the ticket window, and the ticket teller… our office… the ticket manager wasn't in there, so the ticket teller came and got me when he came to the window. I have this, uh, IndiePass, I don't know what to do with it. So I was showing her how to…00:49:03.000 --> 00:49:04.000Stuart Winchester: Yeah.00:49:08.000 --> 00:49:09.000Stuart Winchester: Yeah.00:49:14.000 --> 00:49:18.000Pete Meyer: redeem it in in Brooklyn.00:49:18.000 --> 00:49:43.000Pete Meyer: New York pops up. Oh, I got to talk to this guy. I go, you mean that you drove all the way here just to ski at Cabra Faith in Brooklyn, New York? And you're like, yeah, I did. And I thought, I'm like, this pass is awesome, right? It's great, guys. But then we talked a little bit more and you said you had family in the area and we're in the area for a while. So I was really high for a long time on the UniPass because of that. But I didn't know it was you until I was digging through the data. I'm like, oh, that's.00:49:19.000 --> 00:49:20.000Stuart Winchester: Right.00:49:34.000 --> 00:49:36.000Stuart Winchester: Yeah.00:49:36.000 --> 00:49:37.000Stuart Winchester: Mm-hmm.00:49:39.000 --> 00:49:40.000Stuart Winchester: Yeah, so.00:49:42.000 --> 00:49:44.000Stuart Winchester: Oh, that's cool.00:49:43.000 --> 00:49:58.000Pete Meyer: That's that's so. So anyways, anyways, we'll where was I? So okay, so then we were the first as part of that. Then we were the 1st ski resort in the Lower Peninsula to to commit to the to Indy Pass, and I'm not sure about.00:49:44.000 --> 00:49:46.000Stuart Winchester: Love that.00:49:59.000 --> 00:50:01.000Pete Meyer: Um, the UP, uh.00:50:01.000 --> 00:50:16.000Pete Meyer: But the only one in the Lower Peninsula. And so we knew at that time, well, this isn't going to do anything unless we get a couple more ski resorts to join. So we had reached out to a few. And Pete Bigford was interested. And he was the CEO and president of Shanty Creek at the time.00:50:16.000 --> 00:50:30.000Pete Meyer: And Pete had said, yeah, we'll do it, but we need a couple of downstate resorts to join as well. So then we reached out to Jamie at Swiss Valley, she said yes, and Doug at Cannonsburg, and he said yes. So that first year, we had four.00:50:30.000 --> 00:50:33.000Pete Meyer: Um, resorts on the Indy Pass. And…00:50:33.000 --> 00:50:45.000Pete Meyer: During that time he that 1st year he charged resorts a thousand dollars to get in. So we we had conversations. We're like, well, let's let's try it. The worst we can do is be out a thousand dollars right? So we had these.00:50:45.000 --> 00:51:00.000Pete Meyer: 4 ski areas in, and we did… I think we did 44 redemptions that first year. It was… it was virtually nothing. I don't even think it covered the… the $1,000. It might have come… but… but we liked the concept, it was neat, and the word got out, and then… and then Crystal Mountain joined, um, the next year.00:50:52.000 --> 00:50:53.000Stuart Winchester: Oh, wow. Okay.00:51:00.000 --> 00:51:06.000Pete Meyer: Uh, and then, so we kind of hit a critical mass there, and then it was a really good pass, um.00:51:06.000 --> 00:51:16.000Pete Meyer: for a long time, for a while, for several years. And one thing that Doug had said, and during that first year, I think in 2019, they had about 50.00:51:16.000 --> 00:51:32.000Pete Meyer: ski resorts on the pass, if I remember. And he said, I really hope to get it to 80 to maybe 100 passes. Um, and you as an early adopter, um, Cabaret will have say who gets in, in, in your particular region, because I really want to keep it, do just a couple ski resorts per region.00:51:32.000 --> 00:51:37.000Pete Meyer: not to not to oversaturate the market. Like, yeah, great. This sounds sounds really good.00:51:37.000 --> 00:51:40.000Pete Meyer: So then as we go on, um…00:51:40.000 --> 00:51:50.000Pete Meyer: he sells the pass to, uh, Entebani and Eric. Um, and great for Doug, we're happy for Doug, he worked really hard to make that pass, good for him for selling it. Um, can't fault him.00:51:50.000 --> 00:52:05.000Pete Meyer: Um, and then we like to say, like, Eric, Eric took the pass and put it on steroids. You know, it's just, he, he's, he's done a wonderful job with it. You know, he's obviously very, very intelligent, very successful, running three different businesses, um, um, and doing well at all of them.00:51:56.000 --> 00:51:57.000Stuart Winchester: Okay.00:52:05.000 --> 00:52:09.000Pete Meyer: But he's blown it up. He just had a different mission.00:52:09.000 --> 00:52:13.000Pete Meyer: than than Doug had. Right? So what did that evolve into?00:52:12.000 --> 00:52:14.000Stuart Winchester: Blowing it up, you mean making bigger, right?00:52:14.000 --> 00:52:22.000Pete Meyer: Yeah, making it bigger. Like, Doug was gonna keep it small and couple to each region, and we were gonna have an input on, you know.00:52:14.000 --> 00:52:15.000Stuart Winchester: Yeah.00:52:16.000 --> 00:52:17.000Stuart Winchester: Mmhm.00:52:23.000 --> 00:52:35.000Pete Meyer: to try to prevent it from being oversaturated. So, I know the Midwest has a lot of ski areas on the pass, but, like, our world is Michigan and our, more specifically, northern Michigan.00:52:26.000 --> 00:52:27.000Stuart Winchester: Yep.00:52:35.000 --> 00:52:36.000Stuart Winchester: Okay.00:52:35.000 --> 00:52:38.000Pete Meyer: So it got down to where we had 6.00:52:38.000 --> 00:52:56.000Pete Meyer: um, ski resorts within a 60-mile radius in northern Michigan, right? So if you drop a pin, you can drive within, within 60 miles, you can get to six resorts on it. Um, that density just became too much for us, because that's 12 visits, right? If a skier buys an Andy Pass, they can ski 12 times, two at each place. It's great for them, they get a lot of.00:52:42.000 --> 00:52:43.000Stuart Winchester: Yeah.00:52:57.000 --> 00:53:12.000Pete Meyer: Um, the problem is, is what we're seeing, and we're watching the numbers every year, um, and it was easy to do because there's not a ton of redemptions, but how many of those people were former Passovers, right? And that percentage kept rising every year.00:53:11.000 --> 00:53:12.000Stuart Winchester: Mmm.00:53:12.000 --> 00:53:25.000Pete Meyer: So what it became and evolved into is just a direct competitor of our own season pass product. And that's ultimately reason number one why we — it just oversaturated.00:53:23.000 --> 00:53:25.000Stuart Winchester: Yeah. Okay.00:53:25.000 --> 00:53:26.000Pete Meyer: And.00:53:25.000 --> 00:53:27.000Stuart Winchester: So, go ahead.00:53:26.000 --> 00:53:28.000Pete Meyer: And, you know, so…00:53:28.000 --> 00:53:34.000Pete Meyer: I and I think the the Indy Pass really for a lot of ski resorts.00:53:34.000 --> 00:53:51.000Pete Meyer: doesn't move the needle a ton, um, financially. Uh, for… for us, it really didn't, and I felt like we were… did a reasonable number of redemptions, so we could… we could take it… take it or leave it. It doesn't have a big impact. It affects the customer more. Like, that decision was hard, the person who bought it in the past.00:53:51.000 --> 00:53:56.000Pete Meyer: Um, but I think Eric's a stand-up guy. He'll let anybody who…00:53:56.000 --> 00:54:07.000Pete Meyer: who bought an E-Pass, and their favorite resort is not on that, they'll give a refund to anybody who wants one. So the Cabaret listeners know that, and I think that's nice of him to do. Also, for those.00:54:01.000 --> 00:54:02.000Stuart Winchester: Yeah, thank you.00:54:07.000 --> 00:54:19.000Pete Meyer: um, Cabaret, uh, listeners who bought an Indy add-on. He'll honor that for this year, from what I understand. So, it's a couple of really good things that he's doing there, so we're thankful, thankful for that. But, um.00:54:19.000 --> 00:54:28.000Pete Meyer: through conversations, and we just decided it was time to get out. So that's reason number one. I got a couple more reasons if you've got time.00:54:25.000 --> 00:54:26.000Stuart Winchester: Yeah, thank you.00:54:26.000 --> 00:54:41.000Stuart Winchester: Well, let's linger on that for a second. I mean, for me, it just comes down to good old-fashioned free market competition, right? Where there's another pass available that is looking for smaller mountains like Caber Fay. It also signed mountains like Buck Hill and.00:54:41.000 --> 00:54:58.000Stuart Winchester: Uh, and uh… Wild Mountain over in Minnesota, just small areas near populations that are popular. I saw you catching some heat in comments to me, you know, on my platforms and social media, because you go from the Indy Pass, which maxed out at $419.00:54:58.000 --> 00:55:16.000Stuart Winchester: to the full Icon, which is $1,449 right now, and I know you can upgrade and buy a discounted Icon session pass, but I don't want to overstate it. What's the reaction been like from your pass holders, and how have you handled that?00:55:16.000 --> 00:55:24.000Stuart Winchester: The fact that you're no longer available on the cheap discounted pass, multi-mountain pass, but you are available on the very expensive one.00:55:24.000 --> 00:55:27.000Pete Meyer: Great question, great question, because we've been getting…00:55:27.000 --> 00:55:42.000Pete Meyer: Uh, we've been getting both, uh, good and, and bad feedback from it. So, what, what it comes down to is the, is the decision to, to, uh, leave Indy and, and join OCCON. Those, those decisions were, were mutually exclusive. Like, like, we had made the decision to.00:55:42.000 --> 00:55:43.000Stuart Winchester: Mmhm.00:55:42.000 --> 00:55:52.000Pete Meyer: to leave Indy, um, before we even started to Icon. And we had a lot of conversations of, hey, let's just… let's just be… let's just be independent and not on any… any, uh…00:55:52.000 --> 00:56:08.000Pete Meyer: Multi resort pass, you know, there's a lot of really successful and really nice ski resorts that have that model, like Perfect North Slopes, Cascade in Wisconsin. We always go out and ski somewhere every spring and I went out to the Tahoe area this year and skied at Mount Rose, you know, that place is.00:55:58.000 --> 00:55:59.000Stuart Winchester: Yeah. Okay.00:56:01.000 --> 00:56:03.000Stuart Winchester: Mmhm.00:56:08.000 --> 00:56:09.000Stuart Winchester: Yeah.00:56:08.000 --> 00:56:18.000Pete Meyer: that place is phenomenal. They're not on any, any, um, any pants. And, um, it was neat to ski there, and just see they had a similar vibe and feel that, um, Cabaret had, right?00:56:10.000 --> 00:56:11.000Stuart Winchester: Yeah. Okay.00:56:11.000 --> 00:56:13.000Stuart Winchester: Right. That's right.00:56:17.000 --> 00:56:18.000Stuart Winchester: Yeah.00:56:18.000 --> 00:56:23.000Pete Meyer: So quite a bit more, quite a bit more. Yeah, yeah.00:56:18.000 --> 00:56:21.000Stuart Winchester: Just a little more elevation.00:56:21.000 --> 00:56:24.000Stuart Winchester: They're at, like, 9,000 feet.00:56:23.000 --> 00:56:27.000Pete Meyer: Absolutely, but it was great terrain. So.00:56:24.000 --> 00:56:25.000Stuart Winchester: Yeah.00:56:25.000 --> 00:56:26.000Stuart Winchester: Yeah.00:56:27.000 --> 00:56:29.000Pete Meyer: After we left the Indy Pass.00:56:29.000 --> 00:56:31.000Pete Meyer: Then we, um…00:56:31.000 --> 00:56:46.000Pete Meyer: Started talking to the folks at ICON, and I want to give a shout out to Aaron Keene and Caitlin Windauer, those girls are really sharp and would answer all the questions. It kind of reminded me of the early DuckFish days where they were all knowing and knew a lot of answers to everything.00:56:46.000 --> 00:56:53.000Pete Meyer: We talked to them for a long time. We weren't in any rush to make a decision to go down this road.00:56:52.000 --> 00:56:54.000Stuart Winchester: Mmhm.00:56:53.000 --> 00:56:57.000Pete Meyer: And you know what ultimately decided for us is.00:56:57.000 --> 00:57:10.000Pete Meyer: We want to do what's best for our core customer, and our core customer is our season pass holder, okay? And this IndyPass or this IconPass brought on this reciprocal benefit of a three-day.00:57:10.000 --> 00:57:27.000Pete Meyer: 3 day session pass you can get for 50% off. Right? And that adds a lot of value. To our pass holders. And so we've been hit as much as the negativity that you've seen online for leaving any pass, we've been getting messages from our pass holders saying, hey, thank you for this benefit. This is great.00:57:12.000 --> 00:57:13.000Stuart Winchester: It's.00:57:13.000 --> 00:57:15.000Stuart Winchester: Oh, three day. Yeah. Okay.00:57:18.000 --> 00:57:19.000Stuart Winchester: Mmhm.00:57:27.000 --> 00:57:43.000Pete Meyer: I'm gonna use it. I'm gonna take a trip. And then we've known we've gone out west together and 3 days of skiing is plenty. Like we like to ski bell to bell and it's you're by that 3rd day you're waking up and you're like you can't even move your legs for you know we're so so we think it's a nice.00:57:29.000 --> 00:57:31.000Stuart Winchester: Mmhm.00:57:37.000 --> 00:57:38.000Stuart Winchester: Okay, yeah.00:57:40.000 --> 00:57:41.000Stuart Winchester: Okay.00:57:43.000 --> 00:57:55.000Pete Meyer: Uh, you can ski locally here, you can head up in, um, hit up, hit up both Boyne Mountain and Boyne Highlands, or drive over to, uh, Blue Mountain, Ontario, so you don't have to get in a plane. So it's.00:57:55.000 --> 00:58:11.000Pete Meyer: Uh, of our pass holders. Cause we know, we know, Stuart, that nobody's going to buy a full icon pass for two days at Cabaret. We, we know that that wasn't even the, like Pete said, we're, we do like our independence and, and.00:57:57.000 --> 00:57:59.000Stuart Winchester: Yeah, yeah, yeah.00:58:03.000 --> 00:58:04.000Stuart Winchester: Right.00:58:04.000 --> 00:58:06.000Stuart Winchester: Yeah.00:58:11.000 --> 00:58:25.000Pete Meyer: And we like to create these partnerships that are good for our core customers. The people that commit to us, we're going to give you the best we can. And so, you know, that that three day session pass is just it's it's.00:58:25.000 --> 00:58:29.000Pete Meyer: It's a it's a great benefit for our core customers.00:58:29.000 --> 00:58:47.000Stuart Winchester: Yeah, it's like you take a trip to Steamboat, or Palisades Tahoe, or a lot of the mountains that are on that. So, you know, it all makes sense, and I like the, you know, Boyne, Cabaret, sort of on one team, and then you have Nubs, and Crystal, and Treetops, and Shani on the other. I think that's good for skiers, it's good for.00:58:47.000 --> 00:59:03.000Stuart Winchester: Uh, two more, two more things I wanna talk about and then we'll get out of here. Uh, I, I really wanna talk about your season pass. $299 unlimited. I think it was even a little cheaper for early birds, but that's what it is right now. Uh, 219 for weekday, 129 for Sunday. That, that's an awesome, awesome deal.00:59:03.000 --> 00:59:18.000Stuart Winchester: by any measure. I noticed you no longer have the Saturday-Sunday pass, and I think it's been a couple years, and it also… Saturday lift tickets are more than Sunday, so it seems as though, from my point of view, you're really trying to manage the experience on Saturday. So, talk about your season pass suite.00:59:18.000 --> 00:59:27.000Stuart Winchester: And how that relates to your mountain management as far as making sure when people show up, they have a good experience.00:59:27.000 --> 00:59:42.000Pete Meyer: No, you're exactly right. You hit the nail on the head right there. We're trying to preserve the Saturday experience. That's the day everybody wants to ski. So if you're going to be on a pass and ski at Calgary on a pass, you got to have the seven-day week pass.00:59:42.000 --> 01:00:00.000Pete Meyer: And we wanted to protect that experience and not get overcrowded, not get overrun, and that's one of the main reasons that we got rid of the weekend pass. The weekend pass, we roll out, it was a $99 weekend pass in 2007 when we launched that, and that thing went all the way till.01:00:01.000 --> 01:00:14.000Pete Meyer: I think 2000 or 2001, we had that, so we had that for a long time, and that brought a lot of skiers here and exposed us as we continued to get better, and they saw the resort that we had, and all the work that Tim was doing on the hill.01:00:14.000 --> 01:00:21.000Pete Meyer: And then that just evolved into trying to manage the volume levels on Saturdays.01:00:21.000 --> 01:00:38.000Stuart Winchester: Yeah, it's a, it's, it's a great deal. And, uh, you know, even, even as it's risen past 99, I mean, you know, 299, there's, there's a lot of resorts in the West that are charging more than that for a day this year. Beaver Creek's topping out at 392. So I love it. Okay. The last thing I want to.01:00:38.000 --> 01:00:48.000Stuart Winchester: This one's a little personal, and I know I talked to you about this, uh, it was about 4 years ago, Tim or Pete, I forget, it was maybe both of you I was talking to. So I want to talk about this Trail Starkey.01:00:48.000 --> 01:01:03.000Stuart Winchester: Uh, I knew Dick Starkey. I'm friends with his daughter Crystal from way back. We went to school together. Uh, and, and I met him and I, I was always just remember being very impressed by him. He had a really good presence. Uh, he was, he was very fit and active and, and did a lot of things.01:01:03.000 --> 01:01:09.000Stuart Winchester: Um, I didn't know him super well, but I met him a few times, and… and I… I just want to talk about, you know, he passed.01:01:09.000 --> 01:01:25.000Stuart Winchester: Four or five years ago now, and I noticed this trail and, and I said, oh, is that, is that named after Dick? And, and you said it was. So, uh, can, can you talk about the Starkey trail? Talk about Dick Starkey and, and, uh, his legacy at Cabre Fay and, and, and why it was fitting to name a.01:01:27.000 --> 01:01:34.000Pete Meyer: Yeah, Dick was a volunteer patroller at SP, patroller at Caber Fay for…01:01:34.000 --> 01:01:42.000Pete Meyer: I think… I… I think as long as… as my dad was around, you know, uh, Dick was there, and so, you know.01:01:39.000 --> 01:01:40.000Stuart Winchester: Mmhm.01:01:42.000 --> 01:01:52.000Pete Meyer: 40… however many years, 40… 40-some years, he was a patroller at Cabaret, and uh… you know, just had a big presence, you know, you knew him.01:01:52.000 --> 01:01:53.000Stuart Winchester: Mmhm.01:01:52.000 --> 01:02:01.000Pete Meyer: Played football at Ferris. Great stories about that. He was a captain and so he's tough.01:01:54.000 --> 01:01:55.000Stuart Winchester: Yeah. Okay.01:02:01.000 --> 01:02:02.000Pete Meyer: And.01:02:02.000 --> 01:02:17.000Pete Meyer: just a… just a great guy, great patroller, great mentor, um, a ton… lots and lots of stories about Dick Starkey for another day, but, uh, just somebody that we wanted to honor, and, um, so, you know, we made that change.01:02:17.000 --> 01:02:21.000Stuart Winchester: And why this trail? Why this, uh, why did you choose this one?01:02:24.000 --> 01:02:35.000Pete Meyer: you know, that… I don't… I don't know why we picked that one. We just… we… we… I think we… the, um… the previous name was an old, you know, an older name that… that… that honored a…01:02:35.000 --> 01:02:47.000Pete Meyer: an older ski instructor, but I think we thought, you know, maybe… maybe it was time for a change there. Some… maybe just something a little more relevant to… someone more relevant to…01:02:41.000 --> 01:02:43.000Stuart Winchester: Mmhm.01:02:47.000 --> 01:02:52.000Pete Meyer: You know, this this last, you know, 40 years of caprophage tradition.01:02:51.000 --> 01:02:57.000Stuart Winchester: Yeah. And, and I believe, I believe Crystal still, uh, volunteer patrols there as well, right? Yeah.01:02:56.000 --> 01:02:59.000Pete Meyer: Yes. Yes, she is.01:02:57.000 --> 01:03:03.000Stuart Winchester: Yeah, that's great. I haven't talked to her in a minute, but hi, Crystal. Hope you're doing great. Pete.01:03:03.000 --> 01:03:05.000Pete Meyer: No, no, not about the trail.01:03:04.000 --> 01:03:22.000Stuart Winchester: Okay, okay, all right. Well, hey, listen, guys, I really appreciate catching up with you. There's so much always going on at Cabaret, and we were long overdue, so let's do it again soon, and I gotta get up there and ski that East Peak lift, because I haven't been in a minute, so I really appreciate that, and I'll talk to you guys soon, and thanks so much.01:03:22.000 --> 01:03:25.000Pete Meyer: Thanks, Stuart. Thanks a lot, Stu. Appreciate it.01:03:24.000 --> 01:03:26.000Stuart Winchester: All right, talk soon.01:03:26.000 --> 01:03:28.000Stuart Winchester: All right, let me just…01:03:30.000 --> 01:03:43.000Stuart Winchester: Okay, that was Tim and Pete Meyer of Cabaret. I love Cabaret. It was my pseudo home mountain when I lived in Michigan. It was just 90 minutes down the road, so I never had a season pass there.01:03:43.000 --> 01:03:51.000Stuart Winchester: but I would go there a lot. I mean, and this was, you know, lift tickets were $20 or something back then, so it didn't really matter, and they had a lot of specials. So, I want to…01:03:51.000 --> 01:03:57.000Stuart Winchester: wrap up today, I want to talk about lift tickets a little bit, because there's some lift ticket deals going on.01:03:57.000 --> 01:03:59.000Stuart Winchester: And…01:03:59.000 --> 01:04:14.000Stuart Winchester: I'll tell you about the deals first, and then I'll, I'll tell you what I make of them as a, as a theme. So we're gonna focus on Colorado for a moment. So Arapahoe Basin, to celebrate its 80th anniversary, is doing $80 lift tickets every Wednesday.01:04:14.000 --> 01:04:29.000Stuart Winchester: from late December through April, except for December 30th, which is holiday week, of course. Uh, they are $50 on Wednesdays outside of those windows, so early season at A-Basin, and then late season, and of course, uh, the mountain typically goes until June.01:04:29.000 --> 01:04:35.000Stuart Winchester: $80 lift ticket today, based in on their anniversary weekend, Saturday and Sunday, December 5th and 6th.01:04:35.000 --> 01:04:45.000Stuart Winchester: Also, anyone born in 1946, making you 80 years old, skis free all winter. Uh, A-Basin has a lot of ways to get in cheap. They have 3-day packs.01:04:45.000 --> 01:05:00.000Stuart Winchester: With no blackouts, any day, use any 3 days for $249. They have midweek packs, 5 days for $319. Midweek season pass is $539, and a full is $699, and of course, A-Basin is unlimited on both the Icon and the Icon.01:05:00.000 --> 01:05:03.000Stuart Winchester: Uh, base pass, and I wanna see…01:05:03.000 --> 01:05:08.000Stuart Winchester: Okay, they did get rid of the fall pass. I had…01:05:09.000 --> 01:05:21.000Stuart Winchester: I had emailed, because… because A-Basin used to have this great pass for, like, 250 bucks. It was from opening day until Christmas, but they did get rid of it. Uh, and… and they… Shayna from A-Basin emailed, and she told me.01:05:21.000 --> 01:05:37.000Stuart Winchester: Uh, for background, that was a very small audience for, for us who were interested in the Fall Pass pack. So, uh, so thank you, Shayna, for getting back to me so quickly, and I'd sent that right before the podcast started. So, so A-Basin deals on Wednesdays, you know, put that down in your.01:05:37.000 --> 01:05:55.000Stuart Winchester: List if you, if you wanna actually day ski and maybe you have an epic pass, but you wanna, you miss a basin. Uh, and then Thursdays Copper Mountain is again doing $99 Thursdays. They're play for every Thursdays and a portion of that goes to a good cause. They're doing that every Thursday from January 7th to April 8th.01:05:55.000 --> 01:06:04.000Stuart Winchester: Including the holiday week in February, I don't know if that's a mistake, but grab it while you can, because I don't think they can take it back once you buy it. Uh, and then.01:06:04.000 --> 01:06:05.000Stuart Winchester: $99 a copper.01:06:05.000 --> 01:06:19.000Stuart Winchester: starting Monday, April 12th, which is pretty awesome. So, if you wanted to do a little day ski, and, you know, right now you can still buy tickets and everything, or still buy passes, because we're recording this on September 17th.01:06:19.000 --> 01:06:30.000Stuart Winchester: But if you're listening in the future, you could do a Wednesday $80 a day basin, a Thursday $99 at Copper Mountain. It's not a bad couple days in Summit County for a pretty reasonable price, given.01:06:30.000 --> 01:06:44.000Stuart Winchester: prices in 2026 for lift tickets at most mountains. Uh, down the road, Aspen, for its 80th anniversary, is doing $80 lift tickets Saturday and Sunday, December 12th and 13th. They also offered…01:06:44.000 --> 01:07:01.000Stuart Winchester: Uh, tickets for $3 and 75 cents for Monday, December 14th. But those are sold out and they, I'm pretty much sure they sold out instantly. And it's funny ‘cause they didn't even market it at first. And, and Aspen folks tell me they just blew off the shelves. So that is for Aspen's 80th anniversary.01:07:01.000 --> 01:07:17.000Stuart Winchester: Same year as, uh, a basin is celebrating right now. And of course, some of the little guys around there, you know, ski Cooper hasn't announced their lift ticket prices yet. And I know it's small, but it's still, it's, it's a place you can go. It's high. There's no snow making. It's all natural snow.01:07:17.000 --> 01:07:22.000Stuart Winchester: $49 midweek tickets at Ski Cooper last year, maxed out at $99 on weekends.01:07:22.000 --> 01:07:30.000Stuart Winchester: Down the road, if you're on your way to Aspen, Sunlight, which has 1,750 feet of vertical drop.01:07:30.000 --> 01:07:46.000Stuart Winchester: And two brand new lifts. Well, one was from a base and used, but it was only 20 years old. So they put in two brand new lifts last year. Big vertical. Uh, their lift tickets max out at $109. Midweek, they're $74 to $94. It's a fun little area. It gives you Colorado.01:07:46.000 --> 01:07:53.000Stuart Winchester: with a little bit more of a… a throwback Colorado, old Colorado feel. So, so the question here is.01:07:53.000 --> 01:07:57.000Stuart Winchester: Are we starting to see a rationalization?01:07:57.000 --> 01:07:58.000Stuart Winchester: In the lift ticket market.01:07:58.000 --> 01:08:04.000Stuart Winchester: Are we starting to see ski areas value the skier that.01:08:04.000 --> 01:08:19.000Stuart Winchester: maybe has an Icon Pass, but wants to ski another mountain for a day? Or I guess more in this case, since Copper and A-Basin are both Epic Pass mountains, are we seeing them take advantage of the fact that right now, if you look at prices for.01:08:19.000 --> 01:08:27.000Stuart Winchester: Breckenridge, it's $153 to ski on Friday, November 6th. Who knows what they'll have open? Probably not a lot.01:08:27.000 --> 01:08:43.000Stuart Winchester: Uh, it's 180 that day. Breckenridge goes over 300 for peak days. Uh, and on Monday, April 19th, as, as copper has dropped to 99, Breck right now is set to have a $179 walkup price for Monday, April 19th. So.01:08:43.000 --> 01:08:49.000Stuart Winchester: I think you're seeing some smart reactions from some of the…01:08:49.000 --> 01:08:55.000Stuart Winchester: larger players and showing there's still a competitive market in Colorado. The question is…01:08:55.000 --> 01:09:07.000Stuart Winchester: will Vail follow? In their earnings call, one of their earnings calls recently, uh, Rob Katz, or their end-of-year earnings, their CEO, Rob Katz, said that Lyft ticket sales had softened considerably.01:09:07.000 --> 01:09:14.000Stuart Winchester: To absolutely no one's surprise, uh, because of the price of lift tickets. So, Ken Vale…01:09:15.000 --> 01:09:27.000Stuart Winchester: find a way in the softer seasons to start to compete, because it's clear that their direct compe

The futures options markets are digesting a turbulent Fed week, and there's no shortage of action across equities, energy and metals. On this episode of This Week in Futures Options, host Mark Longo is joined by Scott Bauer of Prosper Trading Academy to break down the latest activity across CME Group's futures options markets. They examine the post-Fed swings in Nasdaq and E-mini S&P 500 options, including the continued dominance of short-dated trading and unusually heavy put activity across the equity index complex. Then it's off to crude oil, where elevated volatility, changing skew and active downside strikes are creating some intriguing setups. The conversation also turns to copper's continued rally and growing upside options interest, plus the latest action in gold following the Fed decision. Along the way, Mark and Scott discuss gamma exposure and dealer positioning, the popularity of 0DTE options, futures trading in the CME Challenge, and whether traditional relationships between gold, equities and crypto are beginning to shift.

C3 Metals Inc (TSX-V:CCCM, OTC:CUAUF) CEO Dan Symons tells Proactive's Stephen Gunnion that new gravity and magnetic surveys at the Khaleesi copper project in Peru have identified a major anomaly around two kilometres northeast of the main drill zone. The company has expanded the survey area by more than 65% to 1,500 hectares and plans to drill-test the new target in Q4. Symons said the main Khaleesi mineralised zone extends to 500 metres depth and remains open, while glacial cover means geophysics is key to identifying concealed copper-bearing magnetite skarns. A 3D IP survey is also due to start at the end of September, targeting potential porphyry or intrusive sources at depth. In Jamaica, assays from the Superblock gold project and a Freeport-McMoRan-funded deep drilling programme at Bellas Gate are expected in Q4. Symons said the company expects significant news flow across its three projects into 2027. Read Proactive's Editorial Policy here: https://www.proactiveinvestors.co.uk/pages/editorialPolicy #C3Metals #CCCM #copperexploration #copper #Peru #Jamaica #miningstock #juniorminning #resourceexploration #proactiveinvestors

Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF, FRA:3XS0) CEO and President Craig Hallworth tells Proactive's Gunnion that the company will receive an $8 million non-dilutive payment from Nuton in exchange for adding approximately 3 million tons of mineralized material to the Johnson Camp Mine plan. Hallworth said the additional material will be mined and processed using Nuton's sulfide leaching technology within the existing stage two period, which ends in mid-2030, and the proceeds will be directed to the flagship Gunnison Copper project. Hallworth also addressed the decision not to proceed with 48C tax credits, saying the company cannot claim more than one federal benefit on the same asset and is focused on maximising the total value of incentives available for the Johnson Camp construction. He declined to specify which alternative programs are being pursued but directed investors to gunnisoncopper.com for updates. On permitting, Hallworth confirmed that Gunnison Copper has submitted its Mined Land Reclamation Plan amendment to the Arizona State Mine Inspector. The amendment converts the project from the predecessor company's in-situ leaching approach to an open pit, heap leach, and SXEW plant design. He said approval with no lawsuits is expected by the end of this calendar year, consistent with guidance already given. Hallworth discussed the possibility of skipping the pre-feasibility study and going directly to a full feasibility study, noting that strategic partners are consistently advising this path. He cited the project's history as a mine restart, the high proportion of measured and indicated resources, and existing permits and technical data as reasons the accelerated timeline is viable. In the base case, a final investment decision would come at around mid-2030 following a pre-feasibility study to mid-2028 and a feasibility study after that. Hallworth said the accelerated decision has not yet been made but that the permitting timeline is aligned with it if chosen. He described the Gunnison project as potentially supplying between 10 and 15 percent of total US refined copper from ore production. Read Proactive's Editorial Policy here: https://www.proactiveinvestors.co.uk/pages/editorialPolicy #GunnisonCopper #GCU #copper #mining #Arizona #criticalmineral #domesticcopper #Nuton #mininginvesting #resourcestocks`

It’s the end of the world and we know it… CPI numbers – HOT – Markets think hit a top – or just options Friday? Sell Rosh Hashana and Buy Yom Kippur? Plenty of AI PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env:'production', hosted_button_id:'JJJHP2GDEJC7J', image: { src:'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt:'Donate with PayPal button', title:'PayPal - The safer, easier way to pay online!', } }).render('#donate-button'); Follow John S. Dvorak on X Follow Andrew Horowitz on X Warm-Up - Follow Up - I am the House! - 10YR shot above 5% on Monday - Follow Up 2 - Straight of Hormuz - NO Boats passing (can we please stick to the facts?) - CPI numbers - HOT - Markets think hit a top - Let's talk end of the works - Cyberdyne IRL Markets - 100% Probability of a rate hike this week - Sell Rosh Hashana, Buy Yom Kippur - HACK ETF - Cybersecurity name up 49% YTD DHU MAILING LIST! - Go to DHUnplugged.com FED HIKE IS BACK - Fed meets Tuesday-Wednesday, with a 25 bp hike to 3.75%-4.00% now the dominant expectation. - 85% of economists surveyed expect a hike; futures moved to roughly 90% odds after the latest inflation data. - August CPI rose 0.4% month-over-month and 3.4% year-over-year; core rose 0.3% for the month and 2.4% annually. - Markets are increasingly pricing additional tightening beyond September rather than this being a one-and-done move. AND -> THE 5% TREASURY IS BACK - The 10-year Treasury yield briefly crossed 5% Monday for the first time since 2023. - Higher oil prices, hotter inflation, heavy bond supply and expectations for more Fed tightening are all pushing yields higher. - The move raises the hurdle rate for stocks while feeding directly into mortgages, corporate borrowing and other credit. - Bonds are becoming meaningful competition for equities again at a time when stock valuations remain elevated. SLOW DOWN THE AI - Anthropic CEO Dario Amodei called for deliberately slowing frontier-model advancement to create more time for safety controls. - Sam Altman and Elon Musk publicly backed the push for more caution; Microsoft separately released a draft AI code requiring models to remain under human control. - Microsoft says its models must accept shutdowns and corrections and should not be designed around claims of consciousness or legal rights. - The semiconductor index dropped more than 5% Monday; Nvidia, Broadcom, Micron and AMD were among the major casualties. DEEPSEEK CHANGES THE MEMORY MATH - DeepSeek's latest architecture sharply lowers the amount of memory required to run inference, including a major reduction in KV-cache requirements. - This is not simply HBM being replaced by SSD: the architecture reduces both high-speed memory and persistent-storage requirements per inference. - That complicates the straight-line thesis that every incremental AI token requires proportionally more HBM and storage. - Micron, Samsung and SK Hynix still benefit from enormous AI memory demand, but will efficiency gains become an important counterweight to unlimited-demand forecasts? V4V - What is it and how can you participate? TOKENS - A Quick Tutorial ORACLE SAYS THE AI SPENDING IS REAL - Oracle booked more than $30 billion of new AI cloud contracts during the quarter, taking total backlog to $664 billion. - Revenue rose 30% to $19.3 billion and adjusted EPS came in at $1.92 versus $1.74 expected. - Oracle spent $28.5 billion on capex, but about $11.36 billion was offset by customer prepayments. - Most new AI orders use prepayments, customer-owned hardware or similar arrangements, reducing the amount Oracle itself must finance. AI STOCKS MEET THEIR FIRST REAL NARRATIVE PROBLEM - The Philadelphia semiconductor index dropped roughly 5.4% Monday even though it remains up about 58% for the year. - Nvidia fell roughly 2.6%; Broadcom, Micron and AMD were each down around 4% during the session. - The new concern is not whether AI works, but whether safety restrictions could slow the pace of model releases and infrastructure spending. - Software names including Adobe, ServiceNow and Workday initially benefited as investors reconsidered how quickly AI might disrupt incumbent software. CHATGPT INVENTS THE WITNESSES - A New Mexico defense lawyer was fined $5,000 and held in contempt after submitting fabricated police testimony and nonexistent witnesses generated by ChatGPT. - The attorney had used ChatGPT to summarize trial proceedings and failed to verify the output before filing it with the court. - The appeal was reassigned to a public defender and the attorney was referred for further disciplinary review. - This goes beyond fake case citations: the system generated supposed factual evidence and attributed it to witnesses who did not exist. HUMANOID ROBOTS: FROM IPO MANIA TO THE BATTLEFIELD - China is researching humanoid robots for reconnaissance, logistics, hazardous missions and potentially urban combat. - Separately, Chinese regulators are tightening scrutiny of humanoid-robot IPOs after extreme volatility surrounding Unitree Robotics. - Unitree shares reportedly fell roughly 45% after initially increasing fivefold following its listing. - Hyundai-owned Boston Dynamics also said a 2027 IPO is unlikely; Hyundai wants production capacity of roughly 30,000 robots annually by 2028. CHINA GETS ACCUSED OF INDUSTRIAL-SCALE AI COPYING - U.S. officials accused six Chinese AI companies, including DeepSeek, Moonshot and Alibaba, of using U.S. models for large-scale distillation. - Distillation trains smaller models using outputs from more powerful models, dramatically reducing development cost and time. - U.S. officials said the activity targeted technology from Anthropic, OpenAI, Google and SpaceX. - China rejected the allegations and argued that distillation is a normal industry technique also used by American companies. OIL BACK ABOVE $100 - Brent traded around $107 Monday and WTI around $103 after fresh attacks on Saudi infrastructure and Middle East shipping. - Saudi Arabia's East-West pipeline was temporarily disabled, threatening a route capable of carrying roughly 4% of global crude supply. - Gulf states postponed planned talks with Iran over the Strait of Hormuz as regional tensions widened. - Physical crude prices are becoming highly location-dependent: barrels with secure export routes command major premiums while trapped grades trade at steep discounts. COPPER GOES VERTICAL - Copper has recently traded near record territory around $14,500-$14,700 per metric ton. - Tight mine supply is colliding with demand from electric grids, data centers, renewable power and other electrification projects. - Tariff uncertainty has also distorted flows as traders move available metal toward markets offering the highest prices. - Copper's surge makes proposed mining combinations such as Anglo American-Teck increasingly valuable; that roughly $54 billion deal is still awaiting Chinese regulatory approval. THE BIG MYSTERY BANK SANCTION - Treasury Secretary Scott Bessent said the U.S. would sanction a large bank as part of increased financial pressure on Iran. - He initially declined to identify the bank or its country. - The campaign has already targeted oil, shipping, finance, aviation, weapons procurement and digital-asset channels connected to Iran. - The market question is whether secondary sanctions begin touching larger banks or companies outside Iran that facilitate trade. APPLE'S $1,999 FOLDING BET - Apple launched the iPhone Duo, its first folding iPhone, priced at $1,999. - It opens to a 7.6-inch display and represents one of Apple's biggest changes to the iPhone form factor in years. - The launch puts Apple directly into a market dominated by Samsung and Huawei and could help push foldables beyond their current niche. - It is also arriving during a severe memory-and-storage chip shortage that has already forced higher pricing elsewhere in Apple's product lineup. PRIVATE CREDIT REDEMPTION PRESSURE EASES - Investors in BlackRock's $23.1 billion HPS Corporate Lending Fund requested withdrawals equal to about 11.5% of shares, down from 13.3% the prior quarter - BUT, is this just a rounding error? - The fund will repurchase only 5%, the normal quarterly limit, leaving some redemption requests unfilled. - Other BlackRock private-credit vehicles also showed lower withdrawal requests during the quarter. - Private-credit investors have been worried about lending standards and heavy exposure to software companies potentially disrupted by AI. DID WE DISCUSS >>> THE $50 BILLION DATA-CENTER IPO - SB Energy is reportedly seeking a valuation above $50 billion despite having no operational data centers. - It reported about $139 million of first-half revenue against a $3.21 billion net loss. - The company claims roughly $439 billion of project backlog. - OpenAI is an investor, warrant holder and major future customer; Nvidia is also providing capital while supplying the chips. - Soooooo...... No operating data centers, billions in losses and a possible $50 billion valuation. At least they remembered to build the valuation first.   Love the Show? Then how about a Donation? PayPal.Donation.Button({ env: 'production', hosted_button_id: 'JJJHP2GDEJC7J', image: { src: 'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt: 'Donate with PayPal button', title: 'PayPal - The safer, easier way to pay online!' } }).render('#donate-button-2'); THE CLOSEST TO THE PIN for SpaceX (SPCX) Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!   FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter

There are new meaningful drill results from Tocvan Ventures, Fregold Ventures and G Mining Ventures today. K2 Gold has confirmed strong gold solubility at the Dragonfly Zone. Intrepid Metals has commenced a 10,000-metre drill program. Surge Copper has formally entered the environmental assessment process. 1911 Gold has hit a string of operational milestones at the True North mine in Manitoba. Gunnison Copper and Nuton LLC, a Rio Tinto venture, have revised the Stage 2 mine plan at the Johnson Camp Mine in southeastern Arizona. This episode of Mining Stock Daily is brought to you by... ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Revival Gold ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vizsla Silver⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Equinox Gold⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Integra Resources ⁠⁠⁠⁠⁠⁠⁠⁠⁠

More than a century after the 1913–14 Copper Country Strike, one of its most prominent leaders now has a permanent place in downtown Calumet, Michigan. Anna Klobuchar Clemenc, better known as “Big Annie,” was born in Calumet to Slovenian immigrant parents and became a leader in the strike, founding and serving as president of the Women's Auxiliary No. 15 of the Western Federation of Miners. In this episode of the Lake Superior Podcast, Walt Lindala and Frida Waara talk with Team Big Annie chairperson Vada Riederich about the years-long community effort to raise $150,000 to create a bronze statue honoring her legacy and the August 2026 unveiling. Vada about how a Facebook post grew into a years-long campaign, the people who helped make the monument possible, and what Big Annie's legacy can teach new generations about labor history in Michigan's Keweenaw Peninsula.Notable Quotes:“She was driven and she would not give up on what should be fair and right.”“At that time when women had no voice and no vote, that's quite an undertaking for a young woman of 25 years old.”“I hope that young people will be inspired to learn more about our amazing history and be proud to share it.”“We're still a young nation and we're still growing and learning from our mistakes…history gives you that information so we can figure a path to correct those mistakes”“So she spoke up at that time, and it led to good things in the future.”Helpful links:Big Annie Statue Projecthttps://www.biganniestatue.com/Keweenaw National Historical Parkhttps://www.nps.gov/kewe/Coppertown Mining Museumhttps://www.nps.gov/places/coppertown-mining-museum.htmKeweenaw Community Foundation – Big Annie Statue Fundhttps://www.keweenawcommunityfoundation.org/big-annie-statue-fundConnect with us:Lake Superior Podcast Page: https://nplsf.org/podcastFacebook: https://www.facebook.com/NationalParksOfLakeSuperiorFoundationSponsors:Cafe Imports – Minneapolis-based importers of specialty green coffees since 1993, focused on sustainability. Learn more: cafeimports.comNational Parks of Lake Superior Foundation – Donate to protect Lake Superior's five national parks: nplsf.org/donate

In the latest episode of Fastmarkets' Market Briefing podcast, Laura Varriale, regional editor for base metals covering Europe, Africa and the Middle East, speaks with Laura Roberts, strategic markets editor for base metals, about how low-carbon aluminium and copper markets are evolving, what drives premiums, and whether buyers are truly willing to pay more for greener metal. As manufacturers work to reduce supply chain emissions, low-carbon metals are becoming an increasingly important part of procurement strategies. But while low-carbon aluminium has developed into a well-established premium market, low-carbon copper is still in its early stages. Fastmarkets is your source of critical minerals and battery raw materials market analysis, forecasting and price data, keeping you ahead of the competition. To discover more about our products, visit https://www.fastmarkets.com/podcast/

In this Company Introduction, we welcome Richard Osmond, President and CEO of Element 29 Resources (TSX-V: ECU, OTCQB: EMTRF), for a comprehensive exploration update on the company's portfolio of copper assets in Peru. Richard breaks down the advantages of the flagship Elida project, its unusually low strip ratio, infrastructure access, and the path forward toward an updated resource estimate and preliminary economic assessment. Flagship Elida asset and infrastructure advantages: An overview of the 100%-owned copper-molybdenum porphyry system, its discovery history, and the logistical edge of operating at low elevation with nearby paved highways, power, and port access. Maiden resource and low strip ratio: Insights into the 322-million-tonne pit-constrained resource, higher-grade starter zones, and a 0.74:1 strip ratio. Fully funded drill program and expansion targets: Details on the fully financed 12,000-meter multi-rig campaign designed to test deeper mineralization, delineate near-surface shells, and support an updated resource model. Regional pipeline upside: A briefing on drill-ready exploration assets, including the Flor de Cobre project in the Southern Peru copper belt and the high-grade skarn potential at Paka. Strategic capital and leadership depth: Discussion on the strong shareholder register featuring Alpayana, Haywood, and mining industry veterans, alongside board governance from former Capstone and Wheaton Precious Metals leadership.   Click here to visit the Element 29 website to learn more about the Company - https://www.e29copper.com/    ------------------------- Please email us with any follow up questions you have for Richard. Our email addresses are Fleck@kereport.com and Shad@kereport.com.    For more market commentary & interview summaries, subscribe to our Substacks:  The KE Report: https://kereport.substack.com/  Shad's resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Coyote Copper Mines CEO Daniel Weir joined Steve Darling from Proactive to discuss a major advancement at the company's wholly owned Copper Springs Project, announcing that Coyote has received full approval for its Phase 1 drilling permits following the successful completion of its Plan of Operations. The approval represents an important milestone for the company as it moves from exploration and target generation into an active drilling phase aimed at unlocking the project's copper potential. Weir explained that regulators have authorized a total of 37 drill locations across the Copper Springs Project. Each location can accommodate multiple drill holes, providing the company with significant flexibility as it evaluates a range of priority targets. Under the permit terms, Coyote has three years to complete all drilling and reclamation activities associated with the approved program. The upcoming Phase 1 drilling campaign will target both near-surface oxide copper mineralization and deeper sulphide copper systems, giving the company an opportunity to test multiple styles of mineralization across the project area. These targets were developed through extensive exploration work that included geological mapping, surface sampling, and several generations of geophysical surveys designed to identify and prioritize prospective zones. To further enhance drill targeting, Coyote is continuing additional fieldwork that includes soil sampling, channel sampling and new geophysical surveys. The company believes the ongoing work will help refine target locations and maximize the effectiveness of the Phase 1 drill campaign. At the same time, management is already planning for the project's next stage of exploration. Weir confirmed that preparations for Phase 2 drilling permits will begin shortly, demonstrating the company's commitment to advancing Copper Springs through a systematic and multi-year exploration strategy. In another significant development, Coyote has expanded its land position around the project by staking 111 additional mineral claims, increasing the overall footprint of the Copper Springs Project to approximately 72.36 square kilometres. The company is also progressing a new 2D Induced Polarization (IP) geophysical survey, a key component of its exploration program. Phase 1 of the survey is currently underway and covers approximately 17 line kilometres across survey lines L1 through L7 in the central-eastern portion of the property. The survey is expected to be completed by mid-September. #proactiveinvestors #coyotecoppermines #tsxv #ccmm #CopperSprings #CopperMining #CopperExploration #MiningNews #CriticalMinerals #JuniorMining #DrillProgram #Geophysics #InducedPolarization #MineralExploration #ResourceStocks #CopperStocks #ProactiveInvestors #SteveDarling

On this episode of The End Game, Bill Fleckenstein and I welcome Mike Green for a fascinating conversation about a force that has quietly become one of the most important drivers of modern financial markets: passive investing. Mike argues that ETFs, mutual funds, target-date funds and systematic strategies increasingly function as liquidity-concentration mechanisms, mechanically directing capital into securities with little regard for price, valuation or fundamentals—and, in doing so, changing the behaviour of the markets themselves. We discuss the work behind his new firm, Tier1 Alpha Asset Management, which attempts to identify the distinctive “signature” left by these flows and use that information to construct portfolios capable of responding more intelligently to incoming liquidity. Mike walks us through some extraordinary examples of the distortions this process can create, including the role leveraged semiconductor ETFs such as SOXL have played in individual stocks and even the composition of the S&P 500, before turning to the bond market, where he believes passive investing is creating similarly important—and potentially exploitable—anomalies. The crucial question is where all this ultimately leads. Mike believes passive's share is still growing and that we may be only a year or two away from a considerably more unstable phase, making it increasingly important to understand not what investors think should happen, but who is actually buying, why they are buying and what those mechanical flows are doing to prices.   Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory, Shifts Happen and The Hundred Year Pivot, is available to Copper and Silver Tier subscribers at my website www.Grant-Williams.com.  Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… 

The Storm Skiing Journal and Podcast is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Welcome to the Storm's short-form, news-focused podcast. Don't worry, I still write long-form newsletters. Paid subscribers can leave a comment in the article below, or by joining The Storm's chat (also below). I'll respond to some comments in the next episode, which is scheduled for Wednesday, Sept. 16.Transcript updateFollowing up on yesterday's feedback, there are now two transcripts available for each podcast:* Substack's transcript: This transcript is auto-generated when I upload the podcast file to Substack, which is the platform that hosts stormskiing.com. This one is cool because you can click on any block of text and the audio will jump to that point in the conversation. Click the “transcript” button above to access. * Zoom's transcript: Zoom automatically generates this transcript as I record. It should be more or less identical to Substack's transcript, but with names attached to each quote block. The downside of this transcript is that you can't teleport to that point in the pod by clicking on the text block, as you can with Substack's. Another downside: the timestamps are off, since I typically start recording prior to the start of the podcast. I'll work on cleaning this up.So until the robots get smarter, we're stuck with two different transcripts. Both are auto-generated, and I don't proofread either one, as that would be the fastest way to make sure my quick-turnaround, up-to-date podcast turns into a slow-turnaround, out-of-date one. My hope is that Substack will soon hire or invent or weld from raw iron a robot that's smart enough to know who's speaking when. I'll just keep following the robots around and using their hyper-intelligence until they decide to kill me.The Zoom transcript (click “transcript” above for the Substack transcript, which will zoom to any point in the video when you click on the associated text block; timestamps below DO NOT MATCH THE VIDEO)Stuart Winchester: Welcome to The Storm! I'm your host, Stuart Winchester. It is Tuesday, September 15th, 2026, and I am very excited today to bring you a conversation with the General Manager of Monarch Mountain, Colorado, Chris Haggerty. Now, I've never featured Monarch either on the long-form pod or on the short-form pod.00:09:57.000 --> 00:10:11.000Stuart Winchester: There's never really a reason behind that, other than this is just kind of when it happened. If you run an area, a ski area anywhere in America, I do want to talk to you. I've just never had the opportunity to feature Monarch before, so we will talk about Monarch in just a little bit here.00:10:11.000 --> 00:10:27.000Stuart Winchester: Part of the reason why we're talking about Monarch is because they were one of two Western Mountains to this year join Snow Operating's Snow Pass. Now, the Snow Pass, if you missed the news, it works a lot like the Indy Pass or the Mountain Collective Pass, where you get two days each.00:10:27.000 --> 00:10:37.000Stuart Winchester: at a set number of ski areas. In this case, it's planned to be 14 ski areas for the 2026-27 ski season. And…00:10:37.000 --> 00:10:45.000Stuart Winchester: That product went on sale last Tuesday. I had Snow Operating CEO Joe Heschen on the podcast to talk through it with us.00:10:45.000 --> 00:11:01.000Stuart Winchester: Couple days later, I got an email from Snow Operating saying, Hey, guess what? Our first round of Snow Operating and Snow Triple Play, which are two different products, and I'll explain the difference in a moment, sold out. So we're taking it off sale. We're putting it back on sale next Monday, September 21st.00:11:01.000 --> 00:11:13.000Stuart Winchester: at 10 a.m. Eastern. It will be $349.99 for Snowpass, and $184.99 for Snow Triple Play. Still a pretty good deal. Those products at full price.00:11:13.000 --> 00:11:24.000Stuart Winchester: the prices that Snow Partners gave me, and they anticipate selling both products through Christmas Eve, December 24th, just like they did last year with the first season of the Triple Play.00:11:24.000 --> 00:11:40.000Stuart Winchester: They, the final prices they anticipate will be 3 99 99 for snow pass and 1 99 99 for snow triple play. So you get a nice little discount, particularly with the snow pass, $50 off if you buy it in the next round. So let's talk a little bit about the snow pass because.00:11:40.000 --> 00:11:43.000Stuart Winchester: When this product debuted.00:11:43.000 --> 00:11:53.000Stuart Winchester: I… I've been saying for years, there's 4 national ski passes, right? There's obviously Epic and Icon, and those have some season pass unlimited tiers at certain mountains.00:11:53.000 --> 00:12:08.000Stuart Winchester: And a limited number of days at other partner mountains. And then you have Indian Mountain Collective, which essentially worked the same way, 2 days at each ski area that is on their roster. Uh, Mountain Collective is more expensive, tends to be your bigger, more high-end resorts, Snowbird, Jackson Hole.00:12:08.000 --> 00:12:23.000Stuart Winchester: Uh, Sun Peaks up in Canada. And Indy tended to be the lesser-known ski areas, but still some really dynamite stuff there, and a lot more ski areas. Mountain Collective always has around 30, and Indy is more like 250, not counting their cross-country.00:12:23.000 --> 00:12:36.000Stuart Winchester: ski areas. So, I always thought there was probably room for a fifth national pass, but I wasn't sure, and as time went on, and more and more mountains joined multi-mountain passes.00:12:36.000 --> 00:12:37.000Stuart Winchester: I…00:12:37.000 --> 00:12:41.000Stuart Winchester: I thought, okay, maybe there's not room for a fifth national pass. Maybe everyone who's…00:12:41.000 --> 00:12:44.000Stuart Winchester: who wants to join a pass has, because I know Indy, uh.00:12:44.000 --> 00:12:58.000Stuart Winchester: Now, I'm not saying they don't have standards, but they'll let just about anybody on the pass just to help them get that exposure and that national marketing. But Snow Operating, the outfit that owns Mountain Creek in New Jersey and the indoor big snow ski area in New Jersey, they launched.00:12:58.000 --> 00:13:15.000Stuart Winchester: their Snow Pass, and it's a pretty good roster. Here, I'm gonna share my screen for those of you watching on video, and if you're not watching on video, don't worry, I'm gonna talk through it. So, here's the Snow Triple Play East roster, and here's the Snow Pass roster. Now, the Snow Pass has 14 ski areas on it.00:13:15.000 --> 00:13:18.000Stuart Winchester: And you get 2 days at each ski area.00:13:18.000 --> 00:13:22.000Stuart Winchester: The Snow Triple Play has…00:13:22.000 --> 00:13:27.000Stuart Winchester: 23 total ski areas on it, and you get 3 days total.00:13:27.000 --> 00:13:43.000Stuart Winchester: across all 23 ski areas. That's why it's so much less expensive. The most days you can use at any ski area is 2, so you can't buy this as a 3-pack Force A Gore Mountain, alright? So, that's the first important.00:13:43.000 --> 00:13:59.000Stuart Winchester: distinction is that Snow Triple Play is a much more limited basket of days. You also don't want to assume that they have the same roster. Just because something's on Snow Pass doesn't mean it's on Snow Triple Play, and vice versa. Snow Triple Play right now has a pretty…00:13:59.000 --> 00:14:15.000Stuart Winchester: Big roster that I wish was on the, uh, Snow Pass, because it has Jiminy Peak in, uh, Massachusetts, and also Cranmore in New Hampshire, which is jointly owned. It has Platykill up in the New York Catskills.00:14:15.000 --> 00:14:30.000Stuart Winchester: It has all these summit ski areas around Quebec. It has Bromont, one of the great eastern townships ski areas. Uh, so that's Snow Triple Play. Snow Triple Play does not have anything in the west. It's all east. It's all east coast, either eastern Canada or eastern New York.00:14:30.000 --> 00:14:45.000Stuart Winchester: Uh, Snow Pass has… it's a pretty interesting roster, and it's a great roster for a very particular type of skier. Now, it does have two ski areas in the West, uh, Snow King, which has been controversial, I'm gonna set that aside, and Monarch, which we'll talk about in a moment.00:14:45.000 --> 00:15:00.000Stuart Winchester: The core of the Snow Pass, and the reason why it makes sense, is because of the south to north line of ski areas that it offers. So if you buy the Snow Pass, again, goes back on sale for $349.99 next Monday, September 21st.00:15:00.000 --> 00:15:05.000Stuart Winchester: You would get two days each at Bel Air, which is in New York's Catskills.00:15:05.000 --> 00:15:07.000Stuart Winchester: Gore.00:15:07.000 --> 00:15:16.000Stuart Winchester: higher up in the Adirondacks, and Whiteface, which are all owned and run and operated by the state, all fantastic ski areas. So it's 2 days at each of those, that alone would be worth $350.00:15:16.000 --> 00:15:33.000Stuart Winchester: Then you add in the fact that you get two days at Mountain Creek, which is right there in New Jersey, uh, two days at the indoor snow dome, big snow American dream. Uh, if you have kids, two days at Butternut and two days at Mount Southington in Connecticut. Uh, Butternut is in Massachusetts. They're both day drive distance from New York City.00:15:33.000 --> 00:15:42.000Stuart Winchester: Let them wander around, let them explore. They're both, uh, especially Butternut. It's very up-to-date, very modern lifts, very, very well-run ski area. So…00:15:42.000 --> 00:15:45.000Stuart Winchester: You have a really great little, you know.00:15:46.000 --> 00:16:03.000Stuart Winchester: 5, 6, 7 ski areas that really make sense. Now, Ski Martok doesn't really make sense. It's all the way up in the middle of nowhere in the, in the Atlantic provinces in, in Canada. Uh, and, and Pleasant Mountain makes less sense. It's, it's up in Maine and, uh, harder to get to from, from the folks who would likely buy this as.00:16:03.000 --> 00:16:13.000Stuart Winchester: But what you have to ask yourself is, okay, the snow pass, that's a pretty good deal, right? It's $349.99 for 2 days each of 14 mountains. Then you look at Indy.00:16:13.000 --> 00:16:16.000Stuart Winchester: And Indy Pass is 254.00:16:16.000 --> 00:16:34.000Stuart Winchester: uh, alpine ski areas, and it just went off sale for $429 for the base pass. So, it would be 2 days each at all of these, and the… the plus pass, the ND plus pass, was $469. It had no blackouts. Now, the other thing to know about Snow Triple Play.00:16:34.000 --> 00:16:50.000Stuart Winchester: and snow passes, there are a lot of blackouts, okay? So, a lot of these are holidays, you probably expect that. Uh, you know, here I see Big Snow, Oak Mountain, Plattekill, a lot of holiday blackouts, Butternut holiday blackouts, Gore, uh, Bel Air. Bel Air, though, you want to stop.00:16:50.000 --> 00:17:06.000Stuart Winchester: Bel Air is blacked out every Saturday and Sunday. That's a big deal, because when do you probably want to go to Bel Air if you're someone skiing around with your little kids? Probably on a Saturday or Sunday. So, you want to be really careful and really look at these, uh, these blackout dates before you pull the trigger.00:17:06.000 --> 00:17:09.000Stuart Winchester: on the snow pass. So…00:17:09.000 --> 00:17:14.000Stuart Winchester: So if you have a snow pass, I I'm calling it.00:17:14.000 --> 00:17:18.000Stuart Winchester: A national pass, kind of, uh…00:17:18.000 --> 00:17:24.000Stuart Winchester: out of anticipation, right? It's more of a, I think they'll get there, sort of designation, because right now.00:17:24.000 --> 00:17:40.000Stuart Winchester: it's not really a national pass, right? You have one small skier in Wyoming, one small skier in Colorado. Is someone who lives in New York's metro really going to travel to Colorado just to ski that because they have a snow pass, right? Because it's not cheap to get up to Colorado.00:17:40.000 --> 00:17:56.000Stuart Winchester: And there's a lot of much bigger mountains out there. So… so I think that Snow Pass, much like Indy did when it started in 2019, will grow into a national… a true national pass. Uh, for now, just based on the reputation of the operators, uh, the fact that I think that they will be able to grow this thing, the fact that I…00:17:56.000 --> 00:18:11.000Stuart Winchester: know their relationships with folks all around the country, and how much folks like working with them, I am assuming that this pass will grow up, and if it does, Monarch will be the OG Western partner. So, let's talk more about Monarch now, and I'm gonna bring.00:18:11.000 --> 00:18:13.000Stuart Winchester: Chris Haggerty in.00:18:14.000 --> 00:18:17.000Stuart Winchester: And we will, uh… Chris, how you doing?00:18:17.000 --> 00:18:20.000Chris Haggerty: I'm doing well today, Stuart. How are you?00:18:19.000 --> 00:18:37.000Stuart Winchester: I'm doing great. All right, you passed the sound check, so I'm going to give you an intro here. Joining us now is the general manager of Monarch Mountain, Colorado. Monarch has six chairlifts serving 1,017 acres of terrain, including the 377-acre no-name expansion that opened last winter.00:18:37.000 --> 00:18:44.000Stuart Winchester: Monarch's 10,727-foot base elevation is the third highest in American skiing.00:18:44.000 --> 00:18:59.000Stuart Winchester: Prior to taking the top job at Monarch in 2024, he spent 21 years as general manager of Mountain Creek, New Jersey. Chris Haggerty is my guest. Chris, welcome to The Storm. Awesome to connect with you. I've really been wanting to spotlight Monarch for a long time now, and I'm so hyped we get to.00:19:00.000 --> 00:19:10.000Chris Haggerty: Yeah. Thanks for having me, and I'm excited to be here and chat Monarch. It's a special place, so excited to share some discussion about it.00:19:10.000 --> 00:19:23.000Stuart Winchester: So, the New Jersey to Colorado pipeline is maybe not necessarily a well-trod one, although there are a surprising amount of IntraWest vets working in the ski industry because of its relationship with IntraWest, but talk to us about…00:19:24.000 --> 00:19:40.000Stuart Winchester: Getting to Monarch, and you were taking over for Randy Stroud, super experienced guy, he was retiring, uh, he'd been there 23 years, a decade as GM, and he stayed on, I believe, for, for a year. So, talk to us about going from New Jersey, where they have a lot of snowmaking, because they have to.00:19:39.000 --> 00:19:41.000Chris Haggerty: Mmhm.00:19:40.000 --> 00:19:47.000Stuart Winchester: to Monarch, where they have no snowmaking, and just what that adjustment period was like, and how you settled into the role.00:19:48.000 --> 00:20:07.000Chris Haggerty: Yeah, just a quick story is that, you know, as you mentioned, I was at Mountain Creek for a long time, and, you know, really where I found my love for the ski industry, and after college, I had taken a trip out to Colorado and got my first taste of, like.00:20:07.000 --> 00:20:12.000Chris Haggerty: the Rockies, right? So it's always been something in the back of my mind. Um…00:20:12.000 --> 00:20:28.000Chris Haggerty: And I ended up stumbling upon Monarch. I hadn't been to Monarch before, and I was like, oh, this place looks pretty cool. It definitely screamed the ski independent. I definitely wanted to.00:20:28.000 --> 00:20:50.000Chris Haggerty: you know, if I was going to relocate, wanted to find an area where the resort and the local community both had that kind of just feeling of community and stuff. So a monarch was it. And I was blessed to step in after Randy Stroud, and we shared a season together. So I got to learn a lot of institutional knowledge from him.00:20:50.000 --> 00:20:58.000Chris Haggerty: Um, but also bring my viewpoints coming from New Jersey in an area where, you know, we're not…00:20:58.000 --> 00:21:15.000Chris Haggerty: maybe blessed with natural snow. Um, so last year was, like, a challenging winter, and, um, I was ready for it, because I was like, man, 120 inches, like, if you gave me that in New Jersey, we'd be celebrating for years, right? So, um, you know, just kind of a unique perspective, but…00:21:15.000 --> 00:21:21.000Chris Haggerty: um, definitely happy to be here, and just pumped to keep the Monarch kind of spirit going forward.00:21:21.000 --> 00:21:37.000Stuart Winchester: So you've been there for a couple years, one full year as GM, and one of the… there's been tons of stuff coming out of Monarch, it's amazing for a small ski area, which is why I wanted to get you on. So you recently joined the Snow Pass, one of two Western partners to join the Snow Pass, which gives pass holders.00:21:32.000 --> 00:21:34.000Chris Haggerty: Thank you.00:21:37.000 --> 00:21:54.000Stuart Winchester: Two days at Monarch. I don't think there's blackouts on that, but correct me if I'm wrong now. Now, Multimon Pass has been around for years and almost everybody in Colorado is on either Epic or Icon if they're large and if they're small, a lot of them have joined Indy. So the option has been there for years.00:21:54.000 --> 00:22:00.000Stuart Winchester: Why was it finally time for Monarch to join a multi-mountain pass, and why the snow pass?00:22:02.000 --> 00:22:15.000Chris Haggerty: Yeah, two parts there. I think on the, I mentioned it before, we're ski independent as our tagline, right? Part of independence is like the definition is freedom.00:22:10.000 --> 00:22:11.000Stuart Winchester: Mmhm.00:22:15.000 --> 00:22:19.000Chris Haggerty: Right? Like, you make your own choices. You do what you wanna do.00:22:19.000 --> 00:22:31.000Chris Haggerty: we've been approached in the past for IndyPass, and, you know, it wasn't right for us because it kind of went against our spirit of being independent. Like, we want to be able to work with who we…00:22:31.000 --> 00:22:43.000Chris Haggerty: who we choose at any given moment, um, and that just isn't something that, um, is available through the Unipass, so… so we've passed on that. Um, we were even approached about it this year. Um…00:22:43.000 --> 00:23:00.000Chris Haggerty: As far as Snowpass goes, they respect that. They're all about, hey, you want to work with XYZ Pass, go for it. And obviously, I've spent some time working with the Snow Partners group.00:23:00.000 --> 00:23:05.000Chris Haggerty: You know, from my perspective, that group is all about, um…00:23:05.000 --> 00:23:17.000Chris Haggerty: you know, rising tides lifts all boats, right? And, um, you know, for me personally, they've opened doors for me, right? And helped me throughout growing in my career, so, um…00:23:39.000 --> 00:23:40.000Chris Haggerty: We're down.00:23:40.000 --> 00:23:52.000Stuart Winchester: I want to share, because you've sort of created your own… I'm sharing my screen now, if you can see that, and hopefully the folks watching can as well, and if you're listening, I'll talk through it. So, Monarch has…00:23:45.000 --> 00:23:46.000Chris Haggerty: Thank you.00:23:52.000 --> 00:24:07.000Stuart Winchester: not joined a pass, necessarily, but you've kind of built your own pass, and what I have on the screen right now is a list of Monarch's reciprocals, and it's a pretty amazing pass all in and of itself, so if you buy a Monarch season pass, which I believe now is, what, $6.59, less if you renew.00:24:07.000 --> 00:24:24.000Stuart Winchester: It comes with a lot of reciprocal days. Some of the big ones that people probably are really attracted to, 3 days at A-Basin, 3 days at Copper. Now there's blackouts on that, but still, it's freaking Copper Mountain. Uh, 3 days at Purgatory. And then, uh, 3 days each at all of the Mountain Capital Partners-owned skiers, which Purgatory.00:24:07.000 --> 00:24:08.000Chris Haggerty: Mm-hmm.00:24:14.000 --> 00:24:16.000Chris Haggerty: I'll do that.00:24:24.000 --> 00:24:25.000Chris Haggerty: Yes.00:24:24.000 --> 00:24:39.000Stuart Winchester: Also, Arizona Snowball. And there's a bunch more. I don't want to list them all, given our time constraints here today. But talk about this reciprocal program, because essentially, you're saying you're going to give pass holders of all these mountains.00:24:33.000 --> 00:24:34.000Chris Haggerty: Yes.00:24:37.000 --> 00:24:38.000Chris Haggerty: Sure.00:24:39.000 --> 00:24:46.000Stuart Winchester: free visits to Monarch in exchange for your pass holders getting free visits there, so…00:24:41.000 --> 00:24:42.000Chris Haggerty: Oh.00:24:43.000 --> 00:24:44.000Chris Haggerty: Yes.00:24:46.000 --> 00:24:52.000Stuart Winchester: whatever you did or didn't like about IndyPass, it does pay per visit, so what was attractive about.00:24:47.000 --> 00:24:49.000Chris Haggerty: Just a second.00:24:52.000 --> 00:24:57.000Stuart Winchester: this, and why did it make sense to do these free visit exchanges with other ski areas?00:24:57.000 --> 00:25:15.000Chris Haggerty: We look at it as other skiers are not our competition, right? There's 350 million people roughly in the United States. Less than 5% actually ski or snowboard, right? So there's a lot of people out there that just need to be introduced into the sport.00:25:15.000 --> 00:25:17.000Chris Haggerty: Um…00:25:17.000 --> 00:25:23.000Chris Haggerty: rather than trying to fight for visits between resorts. So… so one of the things is just…00:25:23.000 --> 00:25:39.000Chris Haggerty: How do we get more people skiing and snowboarding, which is obviously a huge conversation you could talk about forever. But with this one, it's just like, hey, these are other resorts that are interested in also giving their pass holders as well as ours.00:25:55.000 --> 00:26:10.000Chris Haggerty: allow our pass holders to try each out while still knowing that, like most people that have a copper pass, they're not migrating to Monarch because they came here for two days.00:26:10.000 --> 00:26:28.000Chris Haggerty: they're bought a Copper Pass for a reason, they love that, and they're like, yeah, if I could get two days over at Monarch, cool. Same thing with our Monarch guests, like, they… they… they love Monarch, they want most of their days to be here, and if we could break it up for them, um, you know, a couple times a year, or they could go to A-Basin and Copper, then.00:26:16.000 --> 00:26:17.000Stuart Winchester: Yeah. Okay.00:26:28.000 --> 00:26:37.000Chris Haggerty: That adds a lot of value to them and gives them that flexibility to move around and go where it works for them.00:26:37.000 --> 00:26:52.000Stuart Winchester: You know, Monarch is small by Colorado standards, but it always surprised me to see that it actually does have a pseudo national following. And I get emails from people all over the country that say they buy the Monarch Pass because it gives them all those reciprocals and they come out and they like to support the small ski area.00:26:52.000 --> 00:26:59.000Stuart Winchester: I want to get your take on something here, Chris. I'm going to share my screen again, and I want to share a chart that I made.00:26:59.000 --> 00:27:14.000Stuart Winchester: Uh, so, so this is a chart of Monarch's skier visits since 1997, up to 2024 to 25, right? And I've compiled these from all kinds of different places, and I have a little bit of a gap there. But as you, as you see right here, they've been going steadily up, right?00:27:14.000 --> 00:27:29.000Stuart Winchester: So, so you were averaging below $200,000 for most of the, of the 2010s, you know, much lower some years, and now you're pretty steadily adding, averaging over $200,000. Now, last year, I don't have your numbers, I'm, I'm sure that they were, uh, pretty bad, but.00:27:29.000 --> 00:27:33.000Stuart Winchester: You know, in relation to what your past numbers were.00:27:33.000 --> 00:27:35.000Stuart Winchester: So here's my question.00:27:35.000 --> 00:27:48.000Stuart Winchester: Monarch was supposed to be one of the ski areas that got squeezed out by Epic, squeezed out by Icon. That was one of the big worries. Uh, independent ski areas can't compete. We're seeing the opposite, because I've put some things on this timeline.00:27:48.000 --> 00:28:04.000Stuart Winchester: So, for example, 2007, IntraWest buys Steamboat. Uh, 2008, the Epic Pass launches. 2009, Powder buys Copper. Uh, the Mountain Collective launched in 2012. Uh, Mountain Capital Partners bought Purgatory in 2015. Powder bought Eldora the following year.00:28:04.000 --> 00:28:21.000Stuart Winchester: Uh In 2017, Alterra combined Steamboat and Winter Park in 2018, they launched the icon pass. Uh And then we had the 20% epic price cut in 2022. So all these things you think, ok, Vale and Alterra putting their mountains on sale. These are big world famous mountains, Steamboat Vale Mountain.00:28:21.000 --> 00:28:25.000Stuart Winchester: Monarch must be getting crushed. No, it's not. Why?00:28:27.000 --> 00:28:45.000Chris Haggerty: I think it's a couple of reasons. Number one is we've just stayed true to who we are. And as the population has grown in the front range, like since 2010, Denver and Colorado Springs have grown by about 20%.00:28:45.000 --> 00:29:00.000Chris Haggerty: Right? So there's just more people, um, that are finding Monarch, and they're, they're like, wow, we like this, this is what we want. You know, you also throw in the fact that, um, I-70, for those in Colorado, are pretty familiar with, like, the traffic that is.00:28:49.000 --> 00:28:50.000Stuart Winchester: Mmhm.00:29:00.000 --> 00:29:17.000Chris Haggerty: created there on the weekends and it's not for everybody. So thankfully the drive to Monarch currently is a pretty attractive one, a lot less traffic. And I give credit to our ownership group, our current ownership group. They bought the resort in.00:29:17.000 --> 00:29:33.000Chris Haggerty: 2002. And part of it was, you know, a little bit of a passion project. Right? Like, they had come here and just really liked the vibe at Monarch and and wanted to protect that. And what they've been able to do is, number one, protect it.00:29:33.000 --> 00:29:53.000Chris Haggerty: Um, by not selling, you know, to, to one of the larger players, um, to just investing into our, our core, um, like deferred maintenance projects and those types of things, and then being really committed to the no name project, which we talked about and, and making sure timing was right on that and.00:29:53.000 --> 00:30:11.000Chris Haggerty: Um, that we were a healthy company before we jumped into that, so we didn't need a lifeline from, you know, someone else. So, um, there's kind of a lot of pieces that go into it. Um, and it's also worth noting that, like, our pass holders, like, and I think this goes to the growth, like, once people find us.00:30:11.000 --> 00:30:25.000Chris Haggerty: Um, our pass holder, uh, renewal rate is about 85% every year. Um, and the industry standard, depending on where you, you know, who you ask, it's somewhere between, like, 55% and 62%.00:30:25.000 --> 00:30:42.000Chris Haggerty: Um, and, and most of the 15% that we lose as we've dug into it is because of, uh, we have a lot of season pass holders from Fort Carson, um, military base outside of Colorado Springs, and they've just moved out of the area, right? So, um, I think our growth is partly due to, like.00:30:34.000 --> 00:30:35.000Stuart Winchester: Mmhm.00:30:42.000 --> 00:30:49.000Chris Haggerty: Once people come here and they discover it and they love it and they just keep coming back and we're just building upon that.00:30:49.000 --> 00:31:06.000Stuart Winchester: So you have owners that are willing to invest and that's really important. And Randy Stroud, I interviewed him, not on the podcast, but just for an article a couple of years ago. And he told me, and I'm not sure if this ended up being true, but their intention was to pay for the entire no name expansion in cash, including a brand new SkyTrak.00:31:06.000 --> 00:31:22.000Stuart Winchester: triple chair, or Doppelmayr, I can't remember what it was offhand, but regardless, it spoke to a very stable operation. Now, meanwhile, you still have some pretty old lifts, some pretty old infrastructure on the front side of the mountain, and recently Monarch's.00:31:22.000 --> 00:31:36.000Stuart Winchester: Master Development Plan was accepted by the U.S. Forest Service, which, for the listeners, just means that they said, okay, we'll let you consider doing these things on a project-by-project basis in the future. I have a lot of questions about the Master Plan, but first.00:31:36.000 --> 00:31:52.000Stuart Winchester: I want to focus on one that you called out, that Monarch Mountain called out in its first blog post announcing acceptance of the Master Plan, and it was about snowmaking. And Dan Torsell, the longtime GM of Ski Cooper, told me a long time ago when he came on this pod that.00:31:52.000 --> 00:32:04.000Stuart Winchester: that Ski Cooper and Monarch were the only big lift-surf ski areas in Colorado that don't have snowmaking. I think Silverton is too, but that sometimes gets lost in the shuffle. So, uh, you have it in your master development plan.00:32:04.000 --> 00:32:19.000Stuart Winchester: to a sort of rudimentary snowmaking system that would allow you to open early. But, this is a quote from your blog, quote, Before anyone panics when they read about snowmaking, let me assure you that Monarch is committed to remaining 100% all natural.00:32:19.000 --> 00:32:37.000Stuart Winchester: Snowmaking has been a part of our previous MDPs, Master Development Plan, and we have chosen not to implement it as we truly believe that natural snow provides the best skiing experience. This continues to be the case as snowmaking is in the plan to cover all bases, but we will not implement anything unless Mother Nature gives us no other choice.00:32:37.000 --> 00:32:40.000Stuart Winchester: Care to expand upon that at all?00:32:41.000 --> 00:32:53.000Chris Haggerty: Definitely. And yeah, and we are committed to that. And I actually, last summer, I spoke in front of some of the locals and pass holders, and when I let them know that we were committed to.00:32:41.000 --> 00:32:43.000Stuart Winchester: Or elaborate.00:32:53.000 --> 00:33:09.000Chris Haggerty: 100% all natural. That was the loudest cheer we got all day. So, like, that's what our, that's what our guests want. That's what we want. Um, as far that, you know, snowmaking has come a long way, and, and it is a necessity for a bunch of resorts.00:33:09.000 --> 00:33:19.000Chris Haggerty: Um, we're not at that point, um, and we're gonna push as far as we can, um, leaning into, like, snow farming and everything else before we ever, um.00:33:19.000 --> 00:33:35.000Chris Haggerty: have snow… have snowmaking. But, you know, in the Master Development Plan, it's in there because, like, part of putting things into that document is because it's a conceptual document. It's, like, it's designed to be a 15-year document. If it's not in there.00:33:35.000 --> 00:33:51.000Chris Haggerty: The Forest Service really doesn't even consider something. So if 15 years from now we're like, we need to put snowmaking in and it's not in there, we'd have some challenges. I will say our base elevation being basically 10,800 feet.00:33:51.000 --> 00:34:02.000Chris Haggerty: has helped us out, right? Like, as weather patterns has changed, and temperatures have rised, and winters are, you know, different every year, um…00:34:02.000 --> 00:34:13.000Chris Haggerty: we've been pretty lucky because of that base elevation, where we're… we are seeing snow, where other resorts are seeing some of that other precipitation falling, right? So, um…00:34:13.000 --> 00:34:30.000Chris Haggerty: you know, and then I mentioned the snow farming, like, we're… we're gonna do everything we can, like, on that side of things, right? And that's all the way from, like, fences strategically placed throughout the mountain, whether they're permanent or temporary, to catch the snow when the winds are coming from whatever direction.00:34:30.000 --> 00:34:47.000Chris Haggerty: And we do early season, we take the snow in the parking lots and we plow it all up and get it into one of the corners and then our groomers take it from there and start to build our base in the base area. So we have some different techniques to try to insulate us as much as possible.00:34:47.000 --> 00:34:53.000Chris Haggerty: And we're going to keep going that way as long as Mother Nature allows us to.00:34:53.000 --> 00:35:09.000Stuart Winchester: So snowmaking, it sounds like, is Monarch's emergency parachute. Meanwhile, there are a lot of big chairlift upgrades outlined on the master development plan. So Monarch has had substantially the same footprint for decades until last season's snowmaking upgrade.00:35:09.000 --> 00:35:24.000Stuart Winchester: And like I said before, more and more skier visits, and you were still running, with the exception of the 1999 Pioneer lift, the quad that was put in, with a lot of older double chairs. So Breezeway is a 1968 hall, Garfield is a 1969 hall, Panorama is a 1980 hall.00:35:24.000 --> 00:35:40.000Stuart Winchester: Tumbling as a 1981 hall. Those are all doubles. Now they've all gotten new drive terminals. So I understand they're, they're more modern in their actual functioning than, than in their look. However, the capacity is probably not a whole lot more than maybe it would have been. The master development plan proposes.00:35:40.000 --> 00:35:43.000Stuart Winchester: Replacing all of these with.00:35:43.000 --> 00:35:54.000Stuart Winchester: is advanced of a lift as a high-speed quad. Now, I realize you wanna… maybe the same reason as somebody… you say high-speed quad because you can always take it down, easier to go down than up, but talk us through…00:35:54.000 --> 00:36:05.000Stuart Winchester: your lift upgrade plan, and whether you think that high speed would be good for Monarch, or if you think that maybe fixed grip is the way you want to stay.00:36:06.000 --> 00:36:09.000Chris Haggerty: Yeah, fixed script is, you know.00:36:09.000 --> 00:36:24.000Chris Haggerty: Well, let me back up. A lot of that is in there because it's got to be in there if we choose to do that. And with no name opening, there's a lot of unknowns as far as, like, how is that going to change skier traffic around the mountain, right?00:36:14.000 --> 00:36:15.000Stuart Winchester: Mmhm.00:36:24.000 --> 00:36:41.000Chris Haggerty: One of the things we worked with the SE group, so they're, you know, a company that helps ski areas, right, with all sorts of development projects, big and small. And one of the things that they do is they do this density analysis, right? And it's a complicated, you know.00:36:41.000 --> 00:36:57.000Chris Haggerty: Analysis that takes on a lot of different data, but basically it's like they look at your uphill capacity based on the speed of the lift, the size of the lift, the length of the trip up, the time, and then what terrain it accesses from that lift.00:36:57.000 --> 00:37:14.000Chris Haggerty: And, like, an optimal score where, like, you have, like, perfect harmony from uphill and downhill is, like, a hundred percent. If you're below that, you're actually putting fewer people up the hill, that the downhill terrain can handle.00:37:14.000 --> 00:37:34.000Chris Haggerty: Monarch, in our current state, sits at a 56%. So basically, like, when you ski the runs at Monarch, even on our busiest day, because of the capacity that we have at our lifts, like, you have, like, semi-private runs, right? If we were to do all of our lift upgrades in the 2025 MDP.00:37:34.000 --> 00:37:49.000Chris Haggerty: we would actually get to an 84% density analysis. So even still, you wouldn't feel overcrowded on the runs. So knowing that, we're like, wow, well, we don't need to right away push for any kind of high speed lifts.00:37:49.000 --> 00:37:58.000Chris Haggerty: Um, and in fact, again, things that our guests like about them is twofold. Number one, it's like…00:37:58.000 --> 00:38:11.000Chris Haggerty: that slow metering from a fixed grip lift just adds, like, this extra time, right? Like, part of why we ski and snowboard is because we like to just disconnect, right, from reality for a little while and, like, be out in nature and, like.00:38:11.000 --> 00:38:21.000Chris Haggerty: you know, our guests like taking a step back and slowing things down here, and it feels like things are just moving a little slower. And second, one thing that we feel is like a…00:38:21.000 --> 00:38:36.000Chris Haggerty: a strong differentiator for us is, um, having a fixed grip lift. Our lift operators have to be at, like, the load point, and, um, you know, bumping the chairs and helping our guests on, and.00:38:36.000 --> 00:38:40.000Chris Haggerty: It's this, like, human interaction piece that, like.00:38:40.000 --> 00:38:56.000Chris Haggerty: You don't get everywhere else, especially with some of the newer lifts where, you know, it's everything's so automated, um, which has its value, but for us, again, with who Monarch is and taking that step back in time a little bit like that, that face-to-face interaction.00:38:56.000 --> 00:39:14.000Chris Haggerty: like, so many of our reviews are constantly calling out our lift operators, like, oh, yeah, I remember so-and-so, like, he's awesome, he helped me on, or he just said hello, or he remembered what kind of skis I'm wearing, or told me about this secret powder stash, which… another benefit of a slower uphill capacity is, like.00:39:14.000 --> 00:39:23.000Chris Haggerty: Monarch, even though it's smaller in size, doesn't get tracked out. Like, you get powder turns at the end of the day on a powder day.00:39:23.000 --> 00:39:34.000Stuart Winchester: So the, I'm gonna share my screen to, to talk about this next bit. So those are the lift upgrades that you're proposing. There's also two, and I'm, I, so for those watching.00:39:34.000 --> 00:39:49.000Stuart Winchester: On YouTube or stormskiing.com, I have the master development plan, conceptual plan up. There's also two infill lifts. Okay, so there would be this planned NNB lift, which is a redundant lift in the No Name Basin expansion. This is the new lift that opened last year. And then there's this…00:39:49.000 --> 00:40:04.000Stuart Winchester: Plan, divide, express. So, again, it's two more lifts on the same footprint. And I didn't see in the master plan, maybe I missed it, that you do have all this cat skiing terrain over here, so…00:40:04.000 --> 00:40:10.000Stuart Winchester: So, talk us through the logic of putting in more lists to serve the same amount of terrain, and if you've considered.00:40:10.000 --> 00:40:18.000Stuart Winchester: moving lift surf skiing into the cat skiing, as Targi did with its peaked mountain expansion a couple of years ago.00:40:19.000 --> 00:40:37.000Chris Haggerty: Yeah, so no name is actually was a part of our cat skiing terrain. So we did take a little bit of that. That redundant lift out there is just because we'll see what happens, how many people just access the terrain and no name. And if we ever need a second lift there, then.00:40:23.000 --> 00:40:24.000Stuart Winchester: Hmm. Okay.00:40:37.000 --> 00:40:55.000Chris Haggerty: um, we'll consider it. As far as further into cat skiing terrain, um, you know, our current MDP outlines our next 15 years, so we're not looking to push any further into that. Um, we also have, um, the Mirkwood terrain, which is a little bit of a hike-to terrain.00:40:55.000 --> 00:41:04.000Chris Haggerty: Um, between, like, the front side and no name, and we get… that's… that's the area we most commonly get asked about a lift, and uh…00:41:04.000 --> 00:41:12.000Chris Haggerty: I will tell you from my, uh, initial conversations with owners, it's… it's not a, um…00:41:12.000 --> 00:41:27.000Chris Haggerty: the answer isn't no, we're not putting a lift there, it's a expletive no, we're not putting a lift there. Um, we take pride in having, like, being a small mountain, but still offering, like, all these other things, right? Which one being hike to terrain, um, which is pretty cool for…00:41:27.000 --> 00:41:31.000Chris Haggerty: a small mountain like this. And then that, um…00:41:31.000 --> 00:41:41.000Chris Haggerty: the Divide Express, right, that would get us all the way from the base area to the summit on the front side. Um, that… that is one that we've, you know, had some…00:41:41.000 --> 00:41:55.000Chris Haggerty: serious discussions about, and, um, you know, it probably… number one, it would just, you know, allow guests to not have to take two lifts to get to the… to the summit on the front side. Um, but also, if we…00:41:55.000 --> 00:42:06.000Chris Haggerty: explore, um, summer operations in the future. You know, having a high-speed, you know, detachable lift gives you more flexibility to do that.00:42:06.000 --> 00:42:13.000Chris Haggerty: So that kind of, you know, would add into that if we get to that point.00:42:12.000 --> 00:42:24.000Stuart Winchester: So let me ask a stupid question, because that's what I'm here for. So Garfield Lyft, as I said, was built in the 60s. Pioneer Lyft came along in 1999. So I would have thought, okay, they cross over each other.00:42:24.000 --> 00:42:41.000Stuart Winchester: Because they, they retroactively built Pioneer and didn't realize it. Uh, I would have thought, hey, the master plan is an opportunity to straighten those out so they don't have to cross over each other. Maybe I'm overthinking it and it's not that complicated, but, but talk about this interesting crisscross pattern you have here and, and why that's where Garfield and Pioneer are slated.00:42:24.000 --> 00:42:25.000Chris Haggerty: Mm-hmm.00:42:41.000 --> 00:42:45.000Stuart Winchester: to continue to exist, even if you were to upgrade their lifts.00:42:47.000 --> 00:43:05.000Chris Haggerty: Yeah, I mean, I don't know that I have the best answer. We do have a proposal to shift the base of the bottom terminal of Pioneer uphill a little bit, just because the terrain is a little more desirable there. And obviously, if we needed to add the Divide Express, we need to open that area up.00:43:05.000 --> 00:43:06.000Chris Haggerty: um…00:43:06.000 --> 00:43:21.000Chris Haggerty: but other than that, right, we just kind of… we like the terrain that they serve right now, we don't really have a better spot, so the lifts crisscrossing wasn't like a, oh man, we need to change this. It wasn't something that we were focused on solving, um, in a way.00:43:21.000 --> 00:43:24.000Chris Haggerty: I think it's kind of a little cool, I guess.00:43:24.000 --> 00:43:40.000Stuart Winchester: I do like criss-crossing lifts, so I'm glad we're doing this one a video, because every time I bring this up, I get tomatoes thrown at me. Uh, Monarch skier visits have gone up and up, as we said. However, as they've gone up and up, there's still nowhere to stay on the mountain. There never has been. Uh.00:43:40.000 --> 00:43:51.000Stuart Winchester: a philosophical choice? Is that just a practical matter of, hey, the Forest Service owns the land at the base? Is it both? Talk us through why there's nowhere to stay at Monarch as a drive ski area only.00:43:52.000 --> 00:43:55.000Chris Haggerty: Yeah, there's a couple of reasons.00:43:56.000 --> 00:44:02.000Chris Haggerty: And, you know, one of them, again, I'll say our pass holders and our guests, like…00:44:02.000 --> 00:44:18.000Chris Haggerty: are pretty vocal about not wanting that, right? Like that's what separates Monarch. We're not that resort that has the big base village. And again, that's not to knock those resorts. I think that that's, you know, I've gone to those resorts as a guest. I think it's awesome.00:44:18.000 --> 00:44:38.000Chris Haggerty: I think another side of it for us is we're really focused on our community, right? We're a small mountain ski area and there's a small mountain community 15 miles from where we are that has a really cool, the town of Salida has a really cool downtown, a main street.00:44:38.000 --> 00:44:52.000Chris Haggerty: Um, with a ton of restaurants, a ton of mom-and-pop-owned shops, right? And, um, you know, we're our largest, uh, driver for winter visits, and, and, you know, um…00:44:52.000 --> 00:45:01.000Chris Haggerty: in the wintertime, and we want to make sure we embrace that community. If we moved a village up onto the mountain, like.00:45:01.000 --> 00:45:16.000Chris Haggerty: Salida is going to suffer. All those guests now are going to stay in the lodging up at Monarch versus in town. And we want to be good community partners and be like, no, here, you guys should be the ones to have lodging. And we live.00:45:16.000 --> 00:45:35.000Chris Haggerty: all of us live in the community as well, and we want to see those restaurants, you know, stay active all year round, the mom-and-pop shops, like, you know, thrive. So part of it is just, like, wanting to be a part of something bigger, right, in that larger community, rather than.00:45:35.000 --> 00:45:38.000Chris Haggerty: moving everything up to… to Monarch.00:45:38.000 --> 00:45:53.000Stuart Winchester: So if Snowpass skiers do decide to come out and visit Monarch, they'll stay in Salida, most likely, and drive up that day. So leave us with this, Chris, because Joe Heschen, the CEO of Snow Partners.00:45:53.000 --> 00:45:58.000Stuart Winchester: Said we get so caught up on stats, but stats aren't aren't always the thing and and.00:45:58.000 --> 00:46:04.000Stuart Winchester: when you look statistically at Monarch, it's 1,100 vertical feet.00:46:04.000 --> 00:46:21.000Stuart Winchester: Lift serve drop. That's 25th in Colorado. Uh, 1017 acres that ranks 17th in Colorado is bigger than Aspen Mountain. I'll point, I'll point out, uh, it's 308 inch average annual snowfall is good, but it's, it's good for ninth best. It has the third highest base, as I said, but the 12th highest summ.00:46:21.000 --> 00:46:28.000Stuart Winchester: It has those older lifts in a state that has 120 high-speed lifts, and there's nowhere to stay on the mountain, so…00:46:28.000 --> 00:46:34.000Stuart Winchester: I'm just stating those facts, right? So what's your pitch to someone to come.00:46:34.000 --> 00:46:37.000Stuart Winchester: use that snow pass, and try out Monarch.00:46:39.000 --> 00:46:44.000Chris Haggerty: Yeah, the big one is to start with, we're 100% natural, right?00:46:44.000 --> 00:46:59.000Chris Haggerty: you want natural snow, it is a definitely a different feel, even as good as snowmaking is these days, like, come check it out. And this, and the second part is, um, the people that are at Monarch are a unique group, right? Like, we're, we're.00:46:59.000 --> 00:47:18.000Chris Haggerty: past the characters, whether you work here or you're a guest here. And, um, we're looking out for each other, right? Like, it's not, um, it's not judgmental, like, no matter what you show up wearing or what your ability is, like, we just want everyone here to have a fun day on the mountain.00:47:18.000 --> 00:47:37.000Chris Haggerty: whether you're the extreme person out in the cat skiing terrain, hiking Mirkwood, the Never Ever, or the SnowTuber, which I love SnowTubers, you know, I think that's who we all are at our core. Um, you know, it's just… it's just a cool vibe that you gotta just come check it out, and our track record's saying that.00:47:29.000 --> 00:47:31.000Stuart Winchester: Yeah.00:47:37.000 --> 00:47:40.000Chris Haggerty: People love it once they find it. So give it a shot.00:47:40.000 --> 00:47:51.000Stuart Winchester: I'm always telling my readers that these old lifts, these hauls, these riblets, they're not gonna be around for a whole lot longer, right? There's still hundreds in operation, but they don't last forever.00:47:51.000 --> 00:48:08.000Stuart Winchester: And the best thing you can do to memorialize them, you can't really preserve them forever because they're functional machines, right? But go ride them. And right now, Monarch, along with Lost Trail, is probably the best place in the West to go and ride all Old Hall Liftley. And I understand, again, they've been updated.00:48:08.000 --> 00:48:23.000Stuart Winchester: But the aesthetic is similar. So, alright, Chris, look, I gotta take my own advice and get out there and ride those hauls with you this winter. It was really great to talk to you. I really appreciate you coming on. I can't wait to catch up and hopefully make some turns together this winter.00:48:23.000 --> 00:48:27.000Chris Haggerty: Yeah, thanks a lot for the time and look forward to seeing you out here at Monarch.00:48:26.000 --> 00:48:29.000Stuart Winchester: All right. Talk to you soon. Thanks so much, Chris.00:48:28.000 --> 00:48:30.000Chris Haggerty: Thank you. Bye.00:48:31.000 --> 00:48:47.000Stuart Winchester: Alright, that was Chris Haggerty, the General Manager of Monarch Mountain. That was really fun, I'm really glad that he came on. Uh, Randy Stroud, just to be clear, the former GM, it's not that he ever didn't want to come on the podcast, it's just that.00:48:47.000 --> 00:49:00.000Stuart Winchester: I covered Monarch in a different way for the story about the expansion. So he was very good to the storm as well. I do want to tell you that today's podcast is brought to you by Profile Search International.00:49:00.000 --> 00:49:08.000Stuart Winchester: If you want to find a great leader for your mountain team, I want to introduce you to the pros at Profile Search International.00:49:08.000 --> 00:49:18.000Stuart Winchester: They are the ski industry talent acquisition experts, and they are the only executive search and recruitment firm in the entire world that is 100% focused on the ski industry.00:49:18.000 --> 00:49:31.000Stuart Winchester: ProfileSearch has used their intimate understanding of skiing and related industries, and of available candidates worldwide, to place hundreds of transformational leaders at the best and most progressive ski areas over the past 30 years.00:49:31.000 --> 00:49:44.000Stuart Winchester: Profile Search has offices in the US and Canada. They find and negotiate with the right leaders for your team, which sometimes you don't even know that you need in this era of online everything and big data. You can reach Profile Search.00:49:44.000 --> 00:49:59.000Stuart Winchester: Directly at ProfileSearch.com, where you will find their email or phone number. You can also send me a note. I will be happy to connect you directly with this expert team. My email address is skiing at substack.com. Alright, we are going to wrap up today.00:49:59.000 --> 00:50:05.000Stuart Winchester: With some reader reaction to yesterday's podcast on…00:50:06.000 --> 00:50:22.000Stuart Winchester: with Midwest skiers, Matt Zabranski, and there wasn't a lot of feedback. I think, number one, because the Midwest doesn't get as much feedback in general, but also because I published this one pretty late, I think I put it out at 8 or 9 at night, and so folks may just have not had a chance.00:50:24.000 --> 00:50:27.000Stuart Winchester: really process it yet. So…00:50:28.000 --> 00:50:30.000Stuart Winchester: Nell says…00:50:30.000 --> 00:50:41.000Stuart Winchester: Midwest Skiers, meaning MidwestSkiers.com, Matthew Zbrensky's site, is a regional treasure. The ride-throughs are so thorough, and what Nell means by that is.00:50:41.000 --> 00:50:52.000Stuart Winchester: Uh, Midwest Skiers puts up on their YouTube channel a, hey, look, here's the trail map at, say, Trollhagen, Wisconsin. Here's all 32 trails, whatever it is.00:50:52.000 --> 00:51:03.000Stuart Winchester: and then it rides the reach for the GoPro, and tells you about them, and gives you a really specific breakdown, uh, with some great graphs. So the production quality is really, really good. So, I second that now. Really good.00:51:03.000 --> 00:51:15.000Stuart Winchester: breakdowns of the ski areas from Midwest Skiers. Eric Morris says, great Midwest content, it'd be great to talk to the Dean of Southern Skiing, Randy Johnson, who wrote Southern Snow, the new guide to winter sports.00:51:15.000 --> 00:51:31.000Stuart Winchester: Couldn't agree more, Eric. If you know him, I would love an introduction. I am not acquainted with Mr. Randy Johnson, but I would love to meet him, as the South has certainly been an undercovered region from my point of view, and not on purpose, just because there's…00:51:31.000 --> 00:51:44.000Stuart Winchester: a little different culturally than the rest of the United States from a ski point of view, and I have not sunk as far of roots in there as I would like to, especially since I'm not too far from those ski areas. There was also…00:51:44.000 --> 00:51:47.000Stuart Winchester: We're not getting as much action on the chat, but here's one.00:51:47.000 --> 00:51:57.000Stuart Winchester: question on the chat, and this is not to do with the podcast from yesterday, but I want to talk about it a little. What will it take for Vail Resorts to turn around? That's from Saurabh Jain.00:51:57.000 --> 00:52:06.000Stuart Winchester: And commenter Slappy said, redefine what success looks like and suspend the dividend and stock buyback. Of course, those last two may be non-negotiable.00:52:06.000 --> 00:52:24.000Stuart Winchester: I'm not going to get out of my lane and talk too much about dividends and stock buybacks, though I do like stocks and follow that world nominally. It's certainly nothing that I'm an expert to speak on. What Vail needs to do to turn around, I think, is very simple, and I've said this many, many times.00:52:24.000 --> 00:52:25.000Stuart Winchester: And I've written about it.00:52:25.000 --> 00:52:37.000Stuart Winchester: many times, and we've talked about it on the podcast many times, is they need to treat every single ski resort like it's Vail Mountain, and every single guest like they're the President of the United States. They…00:52:37.000 --> 00:52:40.000Stuart Winchester: They need to make sure that.00:52:41.000 --> 00:52:48.000Stuart Winchester: the experience of a lifetime ethos is transferred to any Skiera, whether it's Beaver Creek.00:52:48.000 --> 00:53:03.000Stuart Winchester: or it's Mad River, Ohio. And that has not always seemed to be the case since Vail Resorts purchased Peak Resorts in 2019 and sort of doubled the size of its owned resort portfolio within a year's span. Now.00:53:03.000 --> 00:53:08.000Stuart Winchester: Certainly, Vail has recently recommitted to.00:53:08.000 --> 00:53:11.000Stuart Winchester: To that sort of quality, and we'll see how that plays out.00:53:11.000 --> 00:53:13.000Stuart Winchester: I think…00:53:13.000 --> 00:53:19.000Stuart Winchester: maybe a little more shuffling with the Epic Pass, uh, maybe a higher-priced.00:53:19.000 --> 00:53:22.000Stuart Winchester: Full pass to to.00:53:22.000 --> 00:53:37.000Stuart Winchester: help traffic some of the more popular ski areas, and maybe some more options. They do a really good job, actually, with the Epic Regionals, with the Tahoe Local, the Northeast Local, and the Summit County Local. So, I think Vail's done a nice job with that. And I think…00:53:38.000 --> 00:53:45.000Stuart Winchester: From my experience, Vail executives, and I've hosted many of them on this podcast. They're very receptive to criticism.00:53:45.000 --> 00:53:47.000Stuart Winchester: Uh, and they are…00:53:48.000 --> 00:53:53.000Stuart Winchester: Willing to listen and change and evolve. I'm not sure.00:53:53.000 --> 00:53:57.000Stuart Winchester: If that always comes through.00:53:57.000 --> 00:54:04.000Stuart Winchester: Outside of direct lines of questioning, if that makes sense. So, so the, the owning of mistakes and saying, okay, you know what?00:54:04.000 --> 00:54:19.000Stuart Winchester: we messed up because Paley Peaks was only open 25 days a year in 2021, or whatever it was. There was a year when a lot of its Midwest ski areas were extremely restricted, or the COVID restrictions and everyone else, but the local ski area operators there.00:54:19.000 --> 00:54:24.000Stuart Winchester: we're out competing them. Uh, you know, when Vail first bought Wilmot, Wisconsin.00:54:24.000 --> 00:54:27.000Stuart Winchester: In 2016, there…00:54:27.000 --> 00:54:38.000Stuart Winchester: their… or maybe that was 2012. They bought Afton Alps, Wilmot, and Mount Brighton in some order, two of them in 2012 and one in 2016. Anyway, there was a great article I read that said.00:54:38.000 --> 00:54:49.000Stuart Winchester: what Wilmot skiers can expect, and Wilmot's a small ski area outside of, well, it's broad, it has a lot of lifts, outside of Wisconsin and Chicago, uh, Milwaukee and Chicago.00:54:49.000 --> 00:54:56.000Stuart Winchester: And what they said was, we're gonna bring Western standards to the Midwest, right? And that was very out front. Dale spokespeople were saying that.00:54:56.000 --> 00:55:11.000Stuart Winchester: You never hear them say that anymore, and it's not clear that that is the standard, and I had a very nice time at Wilmot when I went two years ago, and super friendly staff, and all the lifts were running, even though clearly they didn't need to be, because it was a Monday, and hardly anyone was there, so I'm certain they were.00:55:11.000 --> 00:55:19.000Stuart Winchester: losing money on that day, and yet they still did their best to provide an experience. I'm just not…00:55:19.000 --> 00:55:21.000Stuart Winchester: It's just not always…00:55:21.000 --> 00:55:31.000Stuart Winchester: super clear throughout the portfolio, particularly in the Lower Midwest, Indiana, Missouri, Ohio, uh, in some of the Pennsylvania ski areas, Mid-Atlantic.00:55:31.000 --> 00:55:36.000Stuart Winchester: that that this is their operating philosophy. So I think that.00:55:36.000 --> 00:55:38.000Stuart Winchester: I think Vail's better than most…00:55:38.000 --> 00:55:49.000Stuart Winchester: than you would think, scrolling through social media. Uh, in general, I've been to pretty much every Vail resort in North America, other than, I think, the two in Missouri and Paoli Peaks.00:55:49.000 --> 00:56:07.000Stuart Winchester: And I generally have a really good time and a positive experience, and I find the staff friendly, and that's a super important thing to me. I love that Vail puts bars on all the lifts. I love that they're focused on safety in general, that they help police speed. As someone who skis with my kids, that's important to me.00:56:07.000 --> 00:56:13.000Stuart Winchester: So I generally have a pretty good experience. I think…00:56:14.000 --> 00:56:29.000Stuart Winchester: there's a little too much gum in the machine, maybe, when it comes to communicating these things and owning and correcting mistakes. So, anyway, with that, I will leave Vel alone for today, and you're probably wondering why I haven't yet covered the new Slate.00:56:29.000 --> 00:56:44.000Stuart Winchester: of proposed board members by Oasis Capital for Vail Resorts. I don't want to get too into the weeds on stock stuff, but I do have some thoughts on that. I want to wait till I have a little bit more time to break it down.00:56:45.000 --> 00:56:50.000Stuart Winchester: So I thank you for coming today. I hope you enjoyed that podcast episode.00:56:50.000 --> 00:56:58.000Stuart Winchester: If you are not already subscribed to the Storm Skiing newsletter, please click over to stormskiing.com and subscribe.00:56:58.000 --> 00:57:14.000Stuart Winchester: That will come right to your inbox. It is not only podcasts, I do a ton of writing. And if you want to upgrade to a paid subscription to the Storm Skiing Journal and Podcast, that will give you everything below the paywall, which is a lot of really deep analysis.00:57:14.000 --> 00:57:29.000Stuart Winchester: that I do on the lift service ski industry, particularly in North America, and especially in the United States. Also, if you're a paid subscriber to The Storm at stormskiing.com, that is the only way to interact with the podcast, because I'm only reading comments from the.00:57:29.000 --> 00:57:30.000Stuart Winchester: Previous.00:57:31.000 --> 00:57:47.000Stuart Winchester: Day's podcast and only paid subscribers can comment. Only paid subscribers can join the chat, which is the second way that they can interact with the podcast. If you want to rep the storm, we have a swag store. You can buy shirts, hats, et cetera, at stormskiing.myshopify.com.00:57:47.000 --> 00:57:48.000Stuart Winchester: Okay.00:57:48.000 --> 00:57:52.000Stuart Winchester: Please follow me on YouTube. YouTube is…00:57:52.000 --> 00:57:55.000Stuart Winchester: Where we will increasingly.00:57:55.000 --> 00:58:02.000Stuart Winchester: It'll be increasingly important to us, and right now, we don't have that many subscribers there. Uh, everything is going there, but it's just not…00:58:02.000 --> 00:58:12.000Stuart Winchester: made it into the cultural fabric of that site just yet, so please follow me at Storm Ski Journal on YouTube. Also, Instagram, which I post on more during the winter season.00:58:12.000 --> 00:58:27.000Stuart Winchester: I will be back tomorrow, or I'm scheduled to be back tomorrow, with, and this is one a lot of people have asked me for, a conversation with the general manager of what I think was perhaps the most improved ski area in the country last year, Camelback.00:58:27.000 --> 00:58:38.000Stuart Winchester: Pennsylvania. If you're rolling your eyes, if you live out west, I encourage you to tune in anyway, because the story of Camelback is a really good story of how do we do things wrong?Stuff referenced in the pod:Monarch's amazing season pass reciprocal network:A full breakdown of Monarch's U.S. Forest Service masterplan:Conversation with Snow Partners' CEO Joe Hession: Get full access to The Storm Skiing Journal and Podcast at www.stormskiing.com/subscribe

Welcome to another episode of Impact Quantum, where we explore the cutting edge of quantum computing and emerging technologies reshaping our world.Today, co-hosts Frank La Vigne and Candace Gillhoolley sit down with Vivek Raghunathan, co-founder of Xscape Photonics, to delve into the revolutionary intersection of photonics, artificial intelligence, and quantum computing. From comparing the astounding power efficiency of the human brain to today's AI clusters, to discussing how multicolor lasers could unlock massive advancements in data center performance and sustainability, Vivek shares how his company is tackling the growing power demands of AI by reimagining the future of hardware.We'll hear why the traditional focus on faster processors is giving way to a new era where the speed and efficiency of inter-chip communication—powered by light, not electricity—becomes the key to smarter, greener computing.Tune in as we decode the transformation of data center architecture, explore the practical and philosophical implications of merging photonics and electronics, and peek into how today's innovations lay the foundation for tomorrow's quantum breakthroughs.Whether you're a seasoned technologist or just quantum-curious, this is a conversation you won't want to miss!LinksVivek on LinkedIn -https://www.linkedin.com/in/vivek-raghunathan-8228913a/XScape Photonics -https://www.xscapephotonics.com/Watch on YouTube -https://youtu.be/NcXWZyPuyqETime Stamps00:00 Discussing Montreal weather transition05:04 AI efficiency and power use10:14 Advancing data transfer on copper wires11:31 Copper vs. fiber optics limits17:13 Optical cables replacing copper wires20:36 Quantum computing and comb lasers24:32 Integrating electronics and photonics27:40 AI efficiency and energy consumption31:54 Photonics on 12-inch wafers33:39 Analog computation basics37:50 Transition to photonic computing42:24 Data center strategy discussions45:32 NVIDIA's holistic system design approach47:05 High-bandwidth cluster discussion51:31 Reducing data center power consumption53:42 Candace and Frank on podcasts

Pecoy Copper CEO Vincent Metcalfe joins Mining Stock Daily to discuss a busy summer at the company's flagship copper project in Peru. Metcalfe reviews continued expansion of the South Breccia, including broad mineralized intercepts extending beyond the historical pit shell, alongside new near-surface copper discoveries and the emerging MTP-01 geophysical target. With four drill rigs now active, Pecoy is advancing a 35,000-metre program ahead of a planned resource update in early 2027. Metcalfe also discusses strategic partnership interest, upcoming technical studies, and the company's goal of significantly growing Pecoy beyond its current 6.5-billion-pound copper resource.

  As macro fault lines widen from Treasury intervention to global reserve diversification, markets are flashing sharply conflicting signals across commodities and headline equities. This...

As macro fault lines widen from Treasury intervention to global reserve diversification, markets are flashing sharply conflicting signals across commodities and headline equities. This Weekend Show brings together macroeconomic asset manager Axel Merk to assess precious metals valuations and fiscal policy crosscurrents, alongside technical analyst TG Watkins to dissect alarming breadth breakdowns and unprecedented volume shifts in leveraged funds.  Segment 1 & 2 - Axel Merk, President and Chief Investment Officer of Merk Investments, joins the program to discuss the macroeconomic factors driving the precious metals sector, including Federal Reserve monetary policy, Treasury actions, and rising global debt. Throughout the discussion, he analyzes the durability of the current gold bull market and central bank demand while emphasizing the importance of strong management teams when evaluating undervalued mining equities.  Click here to learn more about Merk Investments - https://www.merkinvestments.com/   Segment 3 & 4 - TG Watkins, Director of Stocks at Simpler Trading and editor of Profit Pilot, provides a technical chart analysis evaluating commodities, energy, and broad equity markets. He outlines anticipated pullbacks toward key moving averages for gold, silver, and copper, while warning that frothy crude oil prices and underlying weakness in equal-weight and small-cap indexes indicate an impending seasonal market correction before another leg higher.  Click here to visit TG's site - Profit Pilot - https://www.profit-pilot.com/   If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don't forget to subscribe and leave us a review!   For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

This interview is disseminated on behalf of Eastport Critical Metals Corp. Eastport Critical Metals (TSXV: EVI | OTCQB: EVIIF) is pursuing multiple critical mineral opportunities across Botswana. CEO Daniel Major discusses the pending assay results from the Semarule Project, next steps at the Matsitama and Selebi East projects, and how upcoming exploration could determine which assets become Eastport's primary focus over the next 12 months.Learn more: https://eastportcmc.comWatch the full YouTube interview here: https://youtu.be/PSyAmAPQ4_Y?si=ZBDscN00f3cHXiPfAnd follow us to stay updated: https://www.youtube.com/@stockstowatchofficial 

Choice Classic Radio presents Sherlock Holmes, featuring today's episode titled “TCOT Copper Breeches.” Please consider supporting our show by becoming a patron at http://choiceclassicradio.com We hope you enjoy the show!

From the open to the close, “Closing Bell” and “Closing Bell: Overtime” have you covered. From what's driving market moves to how investors are reacting, Scott Wapner, Melissa Lee and Michael Santoli guide listeners through each trading session and bring to you some of the biggest names in business. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In today's episode on 10th Sept, we give you a simple explainer on why copper prices are rising.Sign up for the FREE insurance masterclass from Ditto

Oil near $100, copper at a record, and the Fed still says 2%. Why the bond market breaks before the stock market does.

Today, a thorough look across the commodity space with Saxo Head of Commodity Strategy Ole Hansen, discussing the latest developments in oil, refined products and the natural gas markets, the drivers for the recent record highs in the copper price and whether that price remains "too low" relative to gold if suppliers are to increase production. Elsewhere, a discussion of the latest moves in equities, a still heavy focus on FX and rates as the yen is on the move and yields are pushing on the highs for the cycle ahead of the ECB meeting tomorrow and US August CPI report up on Friday. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Does heavy AI us mean that students don't learn as much? Probably, but there are nuances. "In China and many other countries, well-designed tutoring tools already exist, often at nearly zero cost. Most students just do not use them. Rather, they prefer general-purpose AI tools that make it easy to outsource homework." Erik Townsend points out the very high cost of the most recently completed US nuclear power plants and wonders if the new ones can be built (by a South Korean outfit) in the US at prices that are proven possible elsewhere and some 75% lower. Stumbled across another interesting post on NexGen Energy and long-term uranium supply as well. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

BRS Resources (CSE: BRS | FRA: B4G.F) Vice President Jason R. Hylton-Foster joins Stocks to Watch to discuss the company's copper, gold, and silver exploration activities in Mexico and British Columbia. The conversation covers recent results from the SilverGold Mountain Project, preparations for a maiden drill program, ongoing work at the Cowtrail Property, pending assay results, and key catalysts ahead.Learn more: https://brsresourcesca.com/Watch the full YouTube interview here: https://www.youtube.com/watch?v=JXQkJIqODx8And follow us to stay updated: https://www.youtube.com/@stockstowatchofficial 

Today, noting the significant technical break lower for USDJPY and what may come next, with spiking energy prices somewhat of a headwind for JPY bulls and for global risk sentiment in general. At what point could energy prices suddenly seize more of the market's attention bandwidth? Elsewhere, we look into the record copper price, which is partially related to Hormuz Strait woes, Amazon's abuses of its monopoly status, geopolitics and much more. Hosting today's pod is Saxo Global Head of Macro Strategy John J. Hardy.  Links John's The FX Trader piece from today, focusing mostly on the yen. Cory Doctorow carves up Amazon for its "payola" practices and aggressive extraction of profits, even for shipping, from the sellers on its platform. Here's a podcast that goes into where risk may be hiding in the cozy relationship between some insurance companies and private credit outfits.  Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.  

CNBC Business News Update with Jessica Ettinger - Markets & Business News With Expert Analysis From Top Business Names. Visit CNBC.com For More. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of The Grant Williams Podcast, I welcome back Jared Dillian for a fascinating conversation about his terrific new book, The Awesome Portfolio, and a deceptively simple question: what should an investment portfolio actually be designed to achieve? Jared argues that too many investors optimise for maximum returns while paying insufficient attention to volatility, drawdowns and, crucially, their own ability to withstand losses when markets turn against them. His alternative is strikingly straightforward—a 20/20/20/20/20 allocation across stocks, bonds, gold, cash and real estate, designed to capture much of the long-term return available from equities while producing a considerably smoother journey. From there, we explore FOMO, concentration, the reluctance to take profits, the importance of creating a “life hedge” between your investments and your source of income, and why the best portfolio may ultimately be the one that allows you to spend the least amount of time worrying about it.   Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory, Shifts Happen and The Hundred Year Pivot, is available to Copper and Silver Tier subscribers at my website www.Grant-Williams.com.  Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… 

Interview with David Wolfin, CEO of Avino Silver & Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/avino-silver-gold-tsxasm-record-revenue-powers-three-mine-expansion-strategy-8753Recording date: 4th September 2026Avino Silver & Gold Mines Ltd. (TSX:ASM) enters the second half of 2026 in the strongest financial position in its 57-year history, and that strength is now being deployed toward a decision that could reshape the company's production profile. Q2 2026 revenue reached $26.8 million, up 23% year-on-year, driven by higher realised silver prices at $68.90/oz and increased throughput from La Preciosa development material. Net income of $10.9 million and EBITDA of $12.6 million both grew strongly year-on-year, and the company closed the quarter debt-free with $144.2 million in cash and $140.8 million in working capital.That balance sheet strength underpins the company's most consequential near-term decision: whether to build a standalone processing plant at La Preciosa, its silver development project 19 kilometres from the existing Avino mill. Management estimates a facility comparable to Avino's current 2,500-tonne-per-day mill would cost $200-300 million, roughly half of which the company already holds in cash. A pre-feasibility study now underway with an independent engineering firm is expected within 8-10 months, after which Avino could move directly to a construction decision.The case for going standalone rests on both economics and optionality. Trucking material 19 kilometres at a much larger scale would strain logistics and community relations at the volumes a full La Preciosa operation would require, and CEO David Wolfin has been explicit that a standalone plant is the better use of capital once the study confirms it. Recent drilling supports that confidence: intercepts including 7.9 metres of 1,600 g/t silver and 2 g/t gold, and a further 6 metres at 550 g/t silver, suggest underground mining grades could exceed the diluted, open-pit-based resource model inherited from the project's previous owner, Coeur Mining.Underpinning this is Avino's first mineral reserve in company history, published in April 2026 after the company crossed the $90 million trailing-revenue threshold required under NI 43-101 to report reserves. The combined 127 million silver equivalent ounces in proven and probable reserves, alongside 301 million ounces of measured and indicated resources, gives the growth story a formal technical foundation it lacked a year ago. Average reserve mine life across the portfolio comfortably exceeds the roughly 8-year average among primary silver peers, a comparison management uses to argue for a valuation re-rating as the company de-risks.Risks remain concentrated in execution. Costs rose alongside the cash build, with all-in sustaining costs of $38.75 per silver equivalent ounce in Q2, reflecting the expense of developing a new mine rather than deterioration at Avino itself. Copper production fell 50% year-on-year as the company processed oxidised material from historical open-pit walls, a sequencing decision expected to reverse over the next six to eight months. Investors should also note that much of the grade upside management points to remains in step-out drilling not yet reflected in the reserve model; an updated estimate is expected in Q1 2027.For investors, Avino offers a rare combination: an operating, cash-generating mine funding a second high-grade asset, a debt-free balance sheet providing genuine optionality, and two concrete near-term catalysts: the La Preciosa pre-feasibility study, and the Q1 2027 resource update against which to track execution.View Avino Silver & Gold's company profile: https://www.cruxinvestor.com/companies/avino-silver-gold-mines-ltdSign up for Crux Investor: https://cruxinvestor.com/subscribe

Originally recorded and released in 2024. Adam and Logan talk to Alex Schmidt about the history of the WNBA's Chicago Sky franchise. Proof that this podcast hated Sophie Cunningham way before anyone else, part one. Become a supporter of this podcast: https://www.spreaker.com/podcast/hey-unpopular--7047651/support.Follow the You Don't Even Like Podcasts Network on social media!Instagram: http://instagram.com/youdontpodBluesky: https://bsky.app/profile/youdontpod.bsky.socialThreads: https://www.threads.com/@youdontpodFacebook: http://facebook.com/youdontpodYouTube: https://www.youtube.com/@youdontpods

Beneath the frozen forests of Michigan's Keweenaw Peninsula lies a labyrinth of abandoned mines, forgotten graves, and more than a century of restless and bloody history. From the tragic Christmas Eve disaster at Calumet's Italian Hall to phantom miners glimpsed undergroundm, and long dead workers wandering through spectral fog, Copper Country has no shortage of ghosts. When the spoils were had, the companies took their copper and left. The dead, however, stayed behind. Citizens of the Milky Way, prepare yourselves for The Haunting of Copper Country! 

Amar Kuchinad, CEO of Copper, joined me to discuss how the firm is building crypto and blockchain infrastructure to help institutions securely participate in digital asset markets.Topics:- TradFi's adoption of digital assets - Amar's time at the SEC and the agencies approach to crypto guidance - Can Blockchain in markets prevent another financial crisis? - Building crypto infrastructure for institutions - The future of markets 

This interview is disseminated on behalf of Nicola Mining Inc.Nicola Mining (NASDAQ: NICM | TSXV: NIM | FSE: HLIA) President, CEO, and Director Peter Espig discusses the company's production and exploration portfolio in British Columbia. The conversation covers the Merritt Mill and its expansion, mining at the Dominion Creek Gold Project, plans for the Treasure Mountain Silver Project, exploration at the New Craigmont Copper Project, and Nicola's strategy of combining near-term operations with exploration upside.Visit: https://nicolamining.com/Watch the full YouTube interview here: https://youtu.be/AVrhUREDxt8And follow us to stay updated: https://www.youtube.com/@stockstowatchofficial 

Host: Cindy Allen Published: September 4, 2026 Length: 21 min. Presented by: Global Training Center Summary CBP wants to know you better—and Cindy Allen is breaking down what that could mean for the future of import compliance. In this episode of Simply Trade: Cindy's Version, Cindy uses Taylor Swift's “Everything Has Changed” as the backdrop for a major new CBP proposal: Heightened Import Disclosures for Supply Chain Visibility. Unlike a typical proposed rule, CBP is asking the trade community 64 questions covering foreign export documentation, manufacturer identification, the Global Business Identifier (GBI), supply chain tracing technology, CTPAT, and the economic impact of providing greater visibility. But that's not all that changed this week. Cindy also examines shifting tariff politics ahead of the midterms, a potential 10-year AGOA renewal, Section 232 developments involving chips and unmanned aerial aircraft, tariff stacking issues affecting CAPE refunds, and new copper smelt-and-cast origin requirements. The takeaway: CBP is signaling a desire to see much further into the supply chain—and importers should pay close attention to what these 64 questions may reveal about future compliance expectations. This Week in Trade • Shifting tariff positions on Capitol Hill and a potential 10-year renewal of AGOA • Potential expansion of Section 232 tariffs on chips and semiconductors • CBP guidance on unmanned aerial aircraft, tariff stacking, and CAPE refund issues • New copper smelt-and-cast origin requirements for imported goods • CBP's proposed Heightened Import Disclosures for Supply Chain Visibility Main Topic / Discussion The centerpiece of this episode is CBP's proposed Heightened Import Disclosures for Supply Chain Visibility. Cindy walks through the proposal's 64 questions and explains why their unusual format matters. Rather than simply announcing how new requirements will be implemented, CBP is actively asking the trade community how expanded supply chain visibility could work, who should provide the information, and how requirements might differ by entry type, commodity, country of origin, transportation mode, company size, or CTPAT participation. One major area involves foreign export documentation. CBP is exploring whether importers should provide documentation filed with foreign governments and how differences in valuation, classification, and other information between export and U.S. import filings should be handled. Cindy sees this as another indication of CBP's longstanding desire to push visibility beyond the U.S. border and further back toward the origin of the goods. The proposal also examines manufacturer identification and the Global Business Identifier. Cindy explains how GBI has evolved beyond simply identifying companies and could provide CBP with much deeper information about suppliers, products, manufacturing capabilities, production processes, value, classification, and potentially components throughout the supply chain. CBP is also asking about AI and other supply chain tracing technologies, whether importers should be responsible for providing those tools, what they cost, and whether expanded visibility could become part of CTPAT requirements or benefits. For importers and customs brokers, the questions provide an important clue about where customs compliance may be headed: more information, greater upstream visibility, and potentially more responsibility for understanding the supply chain all the way back to the source. Key Takeaways • CBP's 64 questions could provide an early indication of future import reporting and supply chain visibility requirements. • Importers may need greater access to foreign export documentation and the ability to reconcile that information with U.S. import declarations. • GBI and other initiatives could push compliance beyond identifying suppliers toward product, manufacturing, production, and component-level information. • AI and supply chain tracing technology may play a larger role in demonstrating visibility and compliance to CBP. • CTPAT participants could potentially face additional visibility requirements while receiving new benefits for making those investments. • Trade associations provide an important avenue for companies to participate in the comment process and help shape how future requirements are implemented. Resources & Mentions • Trade Force Multiplier • Heightened Import Disclosures for Supply Chain Visibility • Global Business Identifier (GBI) • Customs Trade Partnership Against Terrorism (CTPAT) • African Growth and Opportunity Act (AGOA) • Section 232 tariffs on chips, semiconductors, and unmanned aerial aircraft • Copper smelt-and-cast country-of-origin requirements • CAPE refunds and tariff stacking Credits Host: Cindy Allen Guest(s): N/A Producer: Lalo Solorzano

Interview with Alex Walker, CEO of East Star ResourcesOur previous interview: https://www.cruxinvestor.com/posts/east-star-resources-lseest-partner-funded-copper-production-and-25m-gold-search-in-kazakhstan-10606Recording date: 2nd September 2026East Star Resources (LSE:EST) has added a second free-carried development structure to its Kazakhstan copper and gold portfolio, signing a binding Heads of Agreement for a joint venture over its Rulikha copper project. The deal follows the same non-dilutive logic that underpins East Star's existing Verkhuba joint venture with Chinese mine-builder Xinhai Mining: rather than raising capital from shareholders to fund permitting, drilling and construction, East Star brings in a partner with deeper development expertise and lets that partner carry the cost, in exchange for a minority economic interest once the project reaches production.At Rulikha, that partner group consists of two entities: Nova, a financing vehicle, and Orion, an operating team that has previously built two copper mines in Kazakhstan and exited its most recent project to a Chinese buyer for approximately $125 million within the past four years. CEO Alex Walker cited that track record, along with the personal involvement of a well-connected Kazakh lawyer who structured the deal, as central to his confidence in the partnership.The earn-in mechanics are designed to protect East Star's downside. The partners' initial percentage only crystallises once they complete the first of either 3,000 metres of drilling or $1.5 million of spend, and even that threshold represents only a fraction of the total committed spend, not a cap. East Star's final economic interest lands between 25% and 35% depending on whether the partners fund with equity or debt and importantly, majority ownership does not pass to the partners until they reach the construction stage, well beyond the current commitment.Operationally, drilling approval for Rulikha is already secured, land access was obtained before the joint venture was even discussed, and management expects drilling to begin in the third or fourth quarter of 2026, targeting both the main Rulikha deposit areas and two satellite targets, Taloskoy and Rulikha North, the latter having already returned a 120-metre interval of disseminated sulphide mineralisation last year.Meanwhile, at the more advanced Verkhuba copper deposit, drilling continues under the existing Xinhai-funded joint venture, with a second rig now on site and the first assay results due at the lab within one to two weeks. East Star's separate gold exploration joint venture with Endeavour Mining, covering two large land packages in northern and central Kazakhstan under a $25 million funding commitment, remains unchanged and continues to offer a third free-carried catalyst.For investors, the Rulikha announcement effectively doubles East Star's exposure to potential copper production funded entirely by third parties, without adding dilution risk. The near-term catalysts to watch are execution of the definitive Rulikha joint venture agreement (currently only a Heads of Agreement), the start of Rulikha drilling later this year, and Verkhuba's forthcoming assay results, which together will begin to clarify the pace at which East Star's project pipeline converts into cash flow.Learn more: https://www.cruxinvestor.com/companies/east-star-resourcesSign up for Crux Investor: https://cruxinvestor.com/subscribe

With Amar Kuchinad, Group CEO of Copper, on how Copper's Clearloop platform can be the future of collateral mobility for digital assets and automate the reconciliation of margin between counterparties. In this episode, we discuss: How Copper ClearLoop pioneered off-exchange custody. The Lehman weekend, when collateral could only move once a day and never on weekends. Why the biggest win in collateral is not faster settlement but the ability to move on weekends. How smart contracts, oracles and API calls automate what once took 200 people reconciling spreadsheets. Why he believes custody has always been the foundation you build higher-margin businesses on, not a commodity. The term "real world assets" that he hates, and why. Why 20% of crypto conversations make no sense while 80% sound exactly like TradFi.

Zambia's election is raising fresh questions about the country's democratic trajectory — even as its vast copper reserves make it increasingly important to the global economy and to strategic competition between the United States and China. In this episode, Zaynab Hoosen of Pangea Risk explains the political tensions surrounding the election, Zambia's economic outlook, and why the global race for copper is putting the country in the geopolitical spotlight.

This interview is disseminated on behalf of Upside Gold Corp.Upside Gold (CSE: UG | OTCQB: UGODF | FSE: 47I) is advancing an expanded drill program at the Kena Gold-Copper Project in British Columbia. CEO and Director Sophy Cesar discusses the ongoing drilling, testing of priority gold and copper-gold targets, the path toward an updated NI 43-101 mineral resource estimate targeted for Q1 2027, and the company's outlook for gold and copper.Learn more: https://upsidegoldcorp.comWatch the full YouTube interview here: https://youtu.be/S9ZGr6jMAZQAnd follow us to stay updated: https://www.youtube.com/@stockstowatchofficial 

Legacy and new stocks take the attention of Dan Deming on today's Big 3. For Verizon (VZ), he sees the company's yield as "compelling" amid all the current risks weighing against equities. Copper and silver's resurgence is something Dan sees lifting Newmont (NEM) shares and believes SpaceX (SPCX) "found its footing" after volatile post-IPO trading action. Dan offers example options trades for his stock picks while Rick Ducat takes investors through his technical analysis of the charts. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

【欢迎订阅】 每天早上5:30，准时更新。 【阅读原文】 标题：China is winning the race for the Ice Silk RoadMelting in the Arctic is unleashing a geopolitical tussle over new trade routes正文：Last month, global sea temperatures reached a record high for July. This is an ominous sign for climate change, which is contributing to maritime heatwaves across the Atlantic, Pacific and Mediterranean. But, like it or not, it also presents commercial opportunities. As Arctic ice melts, new shipping lanes in the High North have opened. They promise to radically decrease the time and energy it takes to transport commercial goods from the Atlantic to the Pacific. These new commerce pathways will also reshape the geostrategic map.知识点：【a record high】 /ə ˈrekɔːd haɪ/ 固定短语 英文释义：a record high means the highest level or value that has ever been measured or recorded for something本义为"有记录以来的最高点"，数据与统计语境核心义为"打破历史纪录的峰值读数"（本文特指：上月全球海水温度在历年七月的对比中创下最高值——文中特别用"for July"限定比较范围，因夏季海温本就偏高，唯有同月对比才具备统计意义）核心搭配：hit a record high、reach a record high、a record low、an all-time high、at a record high・Copper prices hit a record high after supply disruptions at two major Chilean mines.在智利两座大型矿场供应中断后，铜价创下历史新高。・Youth unemployment reached a record high in the region last quarter, alarming policymakers.上季度该地区青年失业率触及历史峰值，令政策制定者深感忧虑。【节目介绍】 《早安英文-每日外刊精读》，带你精读最新外刊，了解国际最热事件：分析语法结构，拆解长难句，最接地气的翻译，还有重点词汇讲解。 所有选题均来自于《经济学人》《纽约时报》《华尔街日报》《华盛顿邮报》《大西洋月刊》《科学杂志》《国家地理》等国际一线外刊。 【适合谁听】 1、关注时事热点新闻，想要学习最新最潮流英文表达的英文学习者 2、任何想通过地道英文提高听、说、读、写能力的英文学习者 3、想快速掌握表达，有出国学习和旅游计划的英语爱好者 4、参加各类英语考试的应试者（如大学英语四六级、托福雅思、考研等） 【你将获得】 1、超过1000篇外刊精读课程，拓展丰富语言表达和文化背景 2、逐词、逐句精确讲解，系统掌握英语词汇、听力、阅读和语法 3、每期内附学习笔记，包含全文注释、长难句解析、疑难语法点等，帮助扫除阅读障碍。

Commodities span far beyond gold. From precious metals and energy to agriculture, they can offer investors another way to think about markets and portfolio diversification. Kathy Kriskey, Head of Alternatives Product Strategy at Invesco, joins SoFi Chief Market Strategist, Liz Thomas this week to share her take on today's commodities market and explore what's happening beyond the usual suspects, from copper to coffee. Kathy dives deep into her view on the relationship between copper demand and the growth of AI data centers. She also explores how weather events such as El Niño could affect agricultural commodities and food prices. Throughout the conversation, Kathy offers her outlook on current trends, including why she considers silver the “meme stock” of precious metals. She explains the thinking behind “Doctor Copper” as a potential indicator of broader economic activity and discusses the role diversification can play within commodities. This episode is for informational purposes only and should not be considered investment advice. Additional resources: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠On The Money⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Sign up for SoFi's newsletter for intel, insights, and inspo to help you get your money right. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Investing 101 Center⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: At SoFi, we believe investing is for everyone — which is why we've created a hub with info for beginners and experts alike. Start exploring to get investment education, advice, resources, and more. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Wealth Investing Guide⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Information you need to know to make your money work harder for you. This podcast should be used for informational purposes only and not deemed as a recommendation. Our Automated investing is via SoFi Wealth LLC, and is a registered investment advisor. Our Active investing is via SoFi securities LLC, member FINRA/SIPC. For additional disclosures related to the SoFi Invest® platforms, please visit www.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ SoFi.com/Legal⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. ©2026 Social Finance, Inc. All Rights Reserved.

The Pacific Northwest has a copper theft problem. Seattle police say this type of crime has increased 300% in the city since 2016. And it's hitting Seattle's mom and pop shops especially hard, because often they're the target of these robberies. We're in the midst of a big shift from a fossil fuel-based economy to one powered by electricity. And that's made copper more valuable than ever. On today's episode, why is copper theft surging in the PNW? And can anything be done about it? Do you have a story idea for us? Give us a call at (206) 221-7158 and leave a voicemail. You can also email us at booming@kuow.org. Thank you to the supporters of KUOW, you help make this show possible! If you want to help out, go to kuow.org/donate/boomingnotes.Booming is a production of KUOW in Seattle, a proud member of the NPR Network. Our editor is Carol Smith. Our producers are Lucy Soucek and Alec Cowan. Our hosts are Joshua McNichols and Monica Nickelsburg.Support the show: https://kuow.org/donateSee omnystudio.com/listener for privacy information.

-Along with continuing to make its synonymous action cameras and run its subscription and cloud services, GoPro plans to move into defense, government, robotics and aerospace sectors. -The BT subsidiary Openreach is in the process of replacing its legacy copper network with full-fiber broadband, with plans to connect 30 million residences by the end of the decade. -Meta's release comes less than a week after Google Gemini 3.5 Transcribe, its own audio model that boasts similar capabilities. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Show notes: (0:00) Intro (1:08) Morley Robbins' background and path into mineral research (3:58) Why copper matters for oxygen use and cellular energy (10:15) The relationship between copper and iron (14:11) How the body recycles iron (19:55) Hemoglobin, ferritin, and serum iron explained (25:42) Morley's views on iron supplementation and fortified foods (29:33) Supplements he recommends avoiding or reconsidering (32:06) Synthetic vs. whole-food vitamin C (33:54) Vitamin D, cod liver oil, and mineral balance (35:58) Why Morley cautions against zinc supplements (37:50) Copper supplementation and the Recuperate formula (41:18) Testing copper, iron, magnesium, and related markers (46:20) Diet, stress, hepcidin, and iron recycling (48:52) Final takeaways for supporting mineral health (50:12) Where to learn more about Morley and his resources (51:29) Outro Who is Morley Robbins?   Morley M. Robbins, MBA, CHC, is a health educator, author, and creator of the Root Cause Protocol, a nutrition-focused framework centered on the relationship between copper, iron, magnesium, and other nutrients. He earned a BA in Biology from Denison University and an MBA in Healthcare Administration from George Washington University. Before focusing on nutrition and mineral research, Robbins spent more than three decades working as a hospital executive and healthcare consultant. He later trained in wellness coaching, nutritional counseling, and functional diagnostic nutrition and became a certified health coach.   Robbins is also the founder of the Magnesium Advocacy Group and author of [Cu]re Your Fatigue. His work explores mineral metabolism, cellular energy, stress, and the relationships among copper, iron, magnesium, and calcium. His second edition of [Cu]re Your Fatigue was published by BenBella Books in November 2025. His podcast interview also describes his transition from hospital administration and consulting into years of independent research on minerals and health. Connect with Morley: Website: https://therootcauseprotocol.com/ Email: morleyrobbins@gmail.com Phone: 847-922-8061 Links and Resources: Peak Performance Life  Peak Performance on Facebook Peak Performance on Instagram  

Centauri Minerals CEO Sam Leung joins Mining Stock Daily on the company's first day of public trading to discuss the launch of this new Argentina-focused copper-gold explorer and its strong financial position. Leung outlines the opportunity at the flagship Rio Grande copper-gold-silver project, where Centauri plans to begin drilling in Q4, and explains how new geophysics and metallurgical work are being used to refine targets ahead of the program. The conversation also covers Centauri's connection to the successful Aldebaran and Regulus teams, its broader six-project portfolio in Argentina, and how Leung plans to apply lessons from his previous work with AbraSilver as Centauri begins its next phase of exploration.

MERCH: https://orchideight.com/collections/poorhammer TWITCH: https://www.twitch.tv/poorhammer PATREON: https://www.patreon.com/SolelySingleton   On this week's episode, Brad and Eric are joined by none other than @VinceVenturella to discuss the holy liquid that your pile of shame is deprived of: PAINT! What colors other than white are better than white to do its job? What colors other than black are better than black to do its job? How to make the green tones on your Ork skin differ from a dead zombie skin? To answer those questions and much more, tune in to find out.   SHOW LINKS: Brad's Bsky: https://bsky.app/profile/drruler.bsky.social Eric's Bsky: https://bsky.app/profile/onekuosora.bsky.social   OUR GUEST'S CHANNELS: https://www.youtube.com/@VinceVenturella https://www.youtube.com/@fireballthegazebo https://www.youtube.com/@SnarlingBadgerStudios VINCE'S DISCOUNT CODE AT MICHIGAN TOY SOLDIER (5% Discount) - VVENT2025 Mentioned this episode: Must Have Paints: https://www.youtube.com/watch?v=1y3XtjJVeVk Vince's "My go-to Paints": https://www.youtube.com/watch?v=15JidTXMT-I The Secret to Paint Warhammer Armies: https://www.youtube.com/watch?v=08aTGygKaDI Vince's 4 Tips to Smoother Blends: https://www.youtube.com/watch?v=kNvFil7lIVo Vince's How to Paint Bright White Hair: https://www.youtube.com/watch?v=SpxmGZZYd78 Vince's 10 Tips for Fast Quality Characters: https://www.youtube.com/watch?v=4g1cssLujCg Vince's Bear Cavalry Paint Review: https://www.youtube.com/watch?v=sxui-7aK8sE Vince's How Good are Speed Paint Metals: https://www.youtube.com/watch?v=2A6Uq78huwE Vince's The Best Gold: https://www.youtube.com/watch?v=26_1W7zR-cA Vice's Tricks for Oil Washes: https://www.youtube.com/watch?v=b0kSonz55Do   00:00 Hello and Welcome 01:05 News! 03:02 Only Acrylics Today! 08:05 Black and White 12:17 Ivory 13:02 Grey or Gray, depends on how you swing 15:50 Silver 18:24 Copper 21:09 Bronze and Brass 22:55 Gold 25:12 Bone 26:37 Skin 28:49 Dead Skin and Ork Skin 30:33 Leather 32:10 Fur 32:51 Contrast Blue, Red, Yellow and Black 34:32 Contrast Purple 34:58 Green Glow 36:31 Red 39:13 Pink and Magenta 42:08 Purple 44:38 Blue 50:05 Turquoise and Jades 50:43 Green 54:56 Yellow 57:25 Orange 01:00:50 Brown 01:02:31 Wash 01:03:29 WIld Picks 01:18:17 NO, VINCE, DON'T GO. BRING ME WITH YOU 01:23:20 Alright Audio Audience   Contact Information: You can interact with Solely Singleton by joining the hosts on discord and Twitter to give input to improve the show. Feel free to email more detailed questions and suggestions to the show's email address.   Your Hosts: Brad (DrRuler) & Eric (OnekuoSora) Brad's Bsky: https://bsky.app/profile/drruler.bsky.social Eric's Bsky: https://bsky.app/profile/onekuosora.bsky.social Show Email: thepoorhammerpodcast@gmail.com Merch Website: http://www.poorhammer.com/ Edited by: Menino Berilio Show Mailing Address: PO Box 70893 Rochester Hills, MI 48307   Licensed Music Used By This Program: "Night Out" by LiQWYD CC BY "Thursday & Snow (Reprise)" by Blank & Kytt CC BY "First Class" by Peyruis CC BY "Funky Souls" by Amaria CC BY

It's getting real.  Big investors have discovered what we contrarians have known for a long time, yet they still don't understand the full severity of the situation.  We go over the copper supply, demand, bull and bear case, and alert you to 2 very important things going on right now in the overall commodities market that you will definitely want to be aware of going forward.   The ByBit Blog - https://nononsenseforex.com/cryptocurrencies/best-crypto-trading-platform/   The ApeX Omni Blog (US/Privacy Friendly) - https://nononsenseforex.com/top-defi-trading-platform-apex-omni/   Blueberry Markets Blog (Top FX Broker) - https://nononsenseforex.com/uncategorized/blueberry-markets-review-my-top-broker-for-2019/   Get a Discount On Any Trading View Package - https://www.tradingview.com/?aff_id=159841   The Old Blog Has Moved to My New Free Substack - https://thecontrarianinvestorblog.substack.com/p/what-to-expect-and-what-not-to?r=16orow   Follow VP on Twitter https://twitter.com/This_Is_VP4X   Check out my Forex trading material too! https://nononsenseforex.com/   The host of this podcast is not a licensed financial advisor, and nothing heard on this podcast should be taken as financial advice.  Do your own research and understand all financial decisions and the results therein are yours and yours alone.  The host is not responsible for the actions of their sponsors and/or affiliates.  Conversely, views expressed on this podcast are that of the host only and may not reflect the views of any companies mentioned. Investing involves risk.  Losses can exceed deposits. We are not taking requests for episode topics at this time.  Thank you for understanding.  

In this episode of The Grant Williams Podcast, I welcome back Andrew McDermott of Mission Value Partners for a fascinating reassessment of one of the world's most misunderstood economies. While many investors remain focused on Japan's currency, bond market, and decades of sluggish growth, Andrew argues that these headline narratives obscure a far more important story: Japan remains one of the world's indispensable industrial powers. Together, we explore how Japanese companies quietly embedded themselves deep within global supply chains after the trade tensions of the 1980s and 1990s, becoming world leaders in advanced manufacturing, semiconductors, robotics, defence systems, machine tools, and precision engineering. The discussion also examines the strategic consequences of a weaker yen, Japan's evolving relationship with the United States, and why the country's greatest investment opportunities may lie not in broad market indices but in the globally competitive industrial businesses that continue to underpin much of the modern economy.   Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory, Shifts Happen and The Hundred Year Pivot, is available to Copper and Silver Tier subscribers at my website www.Grant-Williams.com.  Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… 

This week, Margaret finished the story of the tragic and powerful strike that shook Michigan and copper production, through the lens of the Joan of Arc of Calumet Sources: https://en.wikipedia.org/wiki/Demographics_of_Finland https://www.loc.gov/classroom-materials/immigration/scandinavian/the-finns/ https://bestneighborhood.org/conservative-vs-liberal-map-michigan/ https://trailsendup.com/en/weather-in-the-upper-peninsula https://www.archives.gov/publications/prologue/2014/spring/women-citizenship-repatration https://ss.sites.mtu.edu/cca/tamarack-co-operative-store/ Beyond Brothers & Bars: Disovering Women’s Roles in One Mining Community, Jean F. Ellis Annie Clemenc and the Great Keweenaw Copper Strike, Lyndon Comstock https://www.bls.gov/charts/census-of-fatal-occupational-injuries/rate-and-number-of-fatal-work-injuries-in-selected-occupations.htm https://weneverforget.org/we-never-forget-strikers-alois-tijan-and-steve-putrich-shot-down-by-gunthugs-august-14-1913-at-seeberville-michigan/ https://libcom.org/article/sabotage-elizabeth-gurley-flynn https://www.facebook.com/KeweenawNHP/posts/the-tamarack-co-operative-association-store-on-oak-street-just-outside-of-red-ja/1762278843850820/ https://coloradoencyclopedia.org/article/western-federation-miners https://www.marxists.org/history/usa/pubs/miners-magazine/index.htm https://en.wikipedia.org/wiki/Eugene_V._Debs#Sedition_conviction_and_appeal_to_U.S._Supreme_Court https://www.copperrange.org/strike.htm See omnystudio.com/listener for privacy information.

In this episode of The Grant Williams Podcast, I welcome back Gerard Minack back for a fascinating discussion about one of the most consequential questions facing investors today: whether AI represents a durable investment opportunity or an extraordinary technology surrounded by an increasingly fragile earnings boom. Gerard makes an important distinction between an earnings bubble and a valuation bubble, arguing that the extraordinary profits currently being generated by the companies supplying the AI buildout are real, but may prove far less sustainable than markets expect as Chinese competition intensifies, customers become increasingly price-sensitive, and margins inevitably come under pressure. From there, our conversation broadens into what happens if the AI trade cracks, why that needn't necessarily produce a US recession, and where capital might flow next. Gerard's answer leads to a compelling discussion of Japan, where improving corporate behaviour, a cheap currency, strengthening domestic fundamentals and the potential for enormous repatriation flows offer an intriguing alternative to both an expensive US market and a Chinese economy still struggling with the consequences of chronic overinvestment.   Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory, Shifts Happen and The Hundred Year Pivot, is available to Copper and Silver Tier subscribers at my website www.Grant-Williams.com.  Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm…