Podcasts about China

The Trump Corollary: Reasserting Influence in the Western Hemisphere: Colleague Mary Kissel analyzes the new National Security Strategy, praising its focus on the Western Hemisphere to counter Russian and Chinese influence in Venezuela and Cuba, warning against accepting separate global spheres of influence and emphasizing that the U.S. faces a coordinated threat from China, Russia, and Iran globally. 1952

The Strategic Implosion of China and Global Realignments: Colleague Gregory Copley asserts that the People's Republic of China has strategically collapsed due to economic failure and demographic decline, claiming Xi Jinping is no longer effectively in power, noting that Russia is distancing itself from Beijing and Western leaders like Albanese are pivoting back toward Washington. 1942

SHOW 12-9-25 CBS EYE ON THE WORLD WITH JOHN BATCHELOR 1918 THE SHOW BEGINS IN THE DOUBTS ABOUT THE FED CUT AND THE MARKETS. FIRST HOUR 9-915 Wall Street Bets on Rate Cuts Despite Mixed Economic Signals: Colleague Elizabeth Peek discusses the near certainty of a Federal Reserve rate cut, noting Wall Street's optimism despite steady inflation and mixed employment signals, highlighting strong holiday spending and arguing that fears regarding tariffs were overblown, while emphasizing that AI investment is reshaping, rather than reducing, corporate hiring. 915-930 Concerns Over New York City Mayor-Elect Mamdani's Appointments: Colleague Elizabeth Peek criticizes Mayor-elect Mamdani's controversial appointments, including an ex-convict as a criminal justice adviser and anti-car activists for transportation roles, arguing these ideological choices neglect the pragmatic needs of citizens concerned with safety and education, predicting administrative failure for the new administration. 930-945 Rising Tensions: Hezbollah's Rearmament and Hamas's Defiance: Colleague Jonathan Schanzer warns that Hezbollah has rebuilt its strength in Lebanon using Iranian weapons, prompting Israeli threats of a full-scale attack, noting that Hamas refuses to disarm in Gaza, supported by Turkey and Qatar, while the U.S. moves to designate Muslim Brotherhood branches as terrorist organizations. 945-1000 Syria's Fragmentation and the Regional Arms Race: Colleague Jonathan Schanzer describes Syria as a chaotic mix of armed factions, including Al-Qaeda-led pragmatists and Iranian proxies, held together only by regime brutality, mentioning potential U.S. plans for a base to deter bad actors and highlighting rapid military expansions by Turkey and Egypt amid regional instability. SECOND HOUR 10-1015 The Trump Corollary: Reasserting Influence in the Western Hemisphere: Colleague Mary Kissel analyzes the new National Security Strategy, praising its focus on the Western Hemisphere to counter Russian and Chinese influence in Venezuela and Cuba, warning against accepting separate global spheres of influence and emphasizing that the U.S. faces a coordinated threat from China, Russia, and Iran globally. 1015-1030 Europe's Defense Dilemma and Demographic Decline: Colleague Mary Kissel attributes Europe's inability to fund Ukraine's defense to decades of relying on U.S. protection while prioritizing generous welfare states, citing "scary statistics" regarding France's aging population and pension burdens, arguing that Europe must pursue economic growth rather than government handouts to survive security challenges. 1030-1045 Europe's Economic Stagnation and the Innovation Gap: Colleague Joseph Sternberg discusses Europe's economic decline relative to the U.S., driven by high energy costs and excessive regulation, noting a growing debate in Brussels about deregulation but arguing Europe lacks a unified vision to encourage the entrepreneurship and healthcare innovation seen in the American system. 1045-1100 Angela Rayner's Return and Labour's Economic Struggles: Colleague Joseph Sternberg analyzes the political return of Angela Rayner and her push for a "workers rights bill" despite Prime Minister Starmer's plummeting popularity, arguing this move highlights internal Labour Party conflict and risks imposing policies detrimental to an economy already struggling with inflation and stagnation.THIRD HOUR 1100-1115 Paul Manafort and the Origins of Modern Foreign Lobbying: Colleague Ken Vogel chronicles how Paul Manafort revolutionized the lobbying industry by merging political consulting with foreign representation, creating a model later adopted by Tony Podesta and others, explaining how the fall of Ukraine's Yanukovych and subsequent investigations exposed the industry's widespread failure to comply with FARA regulations. 1115-1130 Robert Stryk's Risky Lobbying Missions in Somalia and Venezuela: Colleague Ken Vogel details lobbyist Robert Stryk's dangerous mission to Mogadishu to secure U.S. aid for Somalia's President Farmajo during the Trump administration, also describing Stryk's controversial efforts to represent Venezuelan dictator Nicolas Maduro, illustrating the lucrative and often perilous nature of foreign influence peddling in unstable regions. 1130-1145 The Revolving Door: Democratic Insiders and Foreign Influence: Colleague Ken Vogel explains how Democratic operatives like Anita Dunn and Antony Blinken leveraged government experience for lucrative consulting roles at firms like SKDK and WestExec, also discussing Hunter Biden's pardon regarding Chinese business dealings and Robert Stryk's representation of sanctioned Russian defense executives. 1145-1200 The Decline of FARA Enforcement and Politicized Justice: Colleague Ken Vogel argues that enforcement of the Foreign Agents Registration Act is weakening, citing Rudy Giuliani's work for sanctioned Balkan leaders and Attorney General Pam Bondi's potential decriminalization of FARA, suggesting the U.S. is returning to a "Wild West" era of unregulated foreign influence where laws are flouted. FOURTH HOUR 12-1215 Reviving the Monroe Doctrine via the Trump Corollary: Colleague Gregory Copley analyzes the Trump administration's National Security Strategy, which reasserts the Monroe Doctrine to counter Chinese and Russian influence in the Western Hemisphere, arguing that "gunboat diplomacy" off Venezuela effectively restores U.S. sovereignty, signaling a shift toward self-reliance and away from traditional alliances like NATO. 1215-1230 European Leaders Scramble to Support Ukraine Amidst Domestic Crises: Colleague Gregory Copley discusses the meeting between UK, French, and German leaders with Zelenskyy, noting they are using the Ukraine war to distract from domestic political failures, tracing Europe's defense dependency to U.S. post-WWII policies and suggesting Zelenskyy is leveraging European fears against Washington to secure his future. 1230-1245 The Strategic Implosion of China and Global Realignments: Colleague Gregory Copley asserts that the People's Republic of China has strategically collapsed due to economic failure and demographic decline, claiming Xi Jinping is no longer effectively in power, noting that Russia is distancing itself from Beijing and Western leaders like Albanese are pivoting back toward Washington. 1245-100 AM King Charles, Environmental Realism, and UK Political Instability: Colleague Gregory Copley observes that King Charles avoids political climate statements despite Bill Gates' recent realism regarding environmental alarmism, discussing political instability in the UK and suggesting Prime Minister Starmer faces challenges from the left that could force new elections, potentially benefiting reformists like Nigel Farage.

Tuesday on the News Hour, Republicans challenge limits on campaign donations in a case before the U.S. Supreme Court, Rep. Marjorie Taylor Greene speaks out about President Trump as she prepares to leave Congress and we explore the economic and security concerns surrounding the Trump administration's decision to sell advanced artificial intelligence chips to China. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy

China pursues a strategy of strategically “beggaring thy neighbor” – but what can we do to fight it? Plus, President Trump unleashes agricultural subsidies, and Jasmine Crockett for Texas Senate? Ep.2330 - - - Click here to join the member-exclusive portion of my show: https://bit.ly/3WDjgHE - - - Facts Don't Care About Your Feelings - - - Today's Sponsors: Perplexity - Ask anything at https://pplx.ai/benshapiro and try out their new AI-powered web browser Comet at https://comet.perplexity.ai/ PureTalk - Switch to PureTalk and start saving today! Visit https://PureTalk.com/SHAPIRO Lumen - Head to https://lumen.me/SHAPIRO to get an additional 15% off your Lumen. HIYA - Receive 50% off your first order. Go to https://hiyahealth.com/SHAPIRO Helix - Go to https://helixsleep.com/ben for an exclusive offer. PreBorn! - Donate today and help save babies from abortion at https://preborn.com/BEN or dial #250 keyword 'BABY' - - - DailyWire+: Once a year, every year, we give you our best deal of the year. And it's happening right now. DailyWire+ memberships are 50% off. https://getdwplus.com/blackfridayBENYT Finally, Friendly Fire is here! No moderator, no safe words. Now available at https://www.dailywire.com/show/friendly-fire Get your Ben Shapiro merch here: https://bit.ly/3TAu2cw - - - Socials: Follow on Twitter: https://bit.ly/3cXUn53  Follow on Instagram: https://bit.ly/3QtuibJ  Follow on Facebook: https://bit.ly/3TTirqd  Subscribe on YouTube: https://bit.ly/3RPyBiB - - - Privacy Policy: https://www.dailywire.com/privacy Learn more about your ad choices. Visit podcastchoices.com/adchoices

Trump makes a major announcement on Chinese chips, the US military unveils its new AI platform, and tens of thousands of migrant kids who went missing under Biden have been found. Get the facts first with Evening Wire. - - - Ep. 2527 - - - Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 - - - Privacy Policy: https://www.dailywire.com/privacy morning wire,morning wire podcast,the morning wire podcast,Georgia Howe,John Bickley,daily wire podcast,podcast,news podcast Learn more about your ad choices. Visit podcastchoices.com/adchoices

President Trump has announced a $12-billion bailout plan for farmers, designed to offset the impacts they have felt from a trade war with China. We discuss how this program fits into Trump's broader economic policy agenda, and whether it detracts from his message that tariffs will be a boon for the country's economy.This episode: national political correspondent Sarah McCammon, White House correspondent Danielle Kurtzleben, and senior national political correspondent Mara Liasson.This podcast was produced by Casey Morell and Bria Suggs, and edited by Rachel Baye.Our executive producer is Muthoni Muturi.Listen to every episode of the NPR Politics Podcast sponsor-free, unlock access to bonus episodes with more from the NPR Politics team, and support public media when you sign up for The NPR Politics Podcast+ at plus.npr.org/politics.Please let us know what you think of our show and how we can make it better by filling out this quick survey. As a token of our appreciation, three respondents will be randomly selected to receive a $25 gift card. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

WarRoom Battleground EP 907: Selling Out American Intelligence To China; Cold War Over Chips

On today's episode of “Fearless,” Jason Whitlock discusses the Chargers' sloppy victory over the Eagles and the embarrassing performance of Eagles QB Jalen Hurts. Danny Kanell joins in to talk about Philip Rivers potentially joining the Indianapolis Colts after Daniel Jones' season-ending injury. Also, Kanell and Whitlock react to the news that Shedeur Sanders has been named the starting QB for the rest of the season for the Cleveland Browns as well as Notre Dame not being selected for the College Football Playoff despite winning 10 straight games. Lastly, Shemeka Michelle joins the show to discuss a Cinnabon worker who was fired after her viral clip. Great show today! You don't want to miss it! ​​Today's Sponsors: PreBorn This Christmas, you can help save a life for only $28. PreBorn's mission is to offer women the courage, faith, and support they need to choose life—a life that has the potential to change the world. Pick up your phone, dial #250 and say “Baby.” Or donate securely at https://PreBorn.com/FEARLESS. Do it now—because life matters. Kindred Harvest Stop trusting China with your family's health. Choose American quality. Choose Kindred Harvest. Cultivating Goodness Daily. Go to https://KindredHarvest.co and use code FEARLESS for 20% off. CBDistillery  This year, give yourself—and everyone on your list—the gift of better sleep, less stress, and pain relief with CBD from CBDistillery. Visit https://CBDistillery.com and enter code FEARLESS for 25% off. Want more Fearless content? Subscribe to Jason Whitlock Harmony for a biblical perspective on everyday issues at https://www.youtube.com/@JasonWhitlockHarmony?sub_confirmation=1 Jeffery Steele and Jason Whitlock welcome musical guests for unique interviews and performances that you won't want to miss! Subscribe to https://youtube.com/@JasonWhitlockBYOG?sub_confirmation=1  We want to hear from the Fearless Army!! Join the conversation in the show chat, leave a comment or email Jason at FearlessBlazeShow@gmail.com Get 10% off Blaze swag by using code Fearless10 at https://shop.blazemedia.com/fearless Make yourself an official member of the “Fearless Army!” Support Conservative Voices! Subscribe to BlazeTV at https://www.fearlessmission.com and get $20 off your yearly subscription. Visit https://TheBlaze.com. Explore the all-new ad-free experience and see for yourself how we're standing up against suppression and prioritizing independent journalism. CLICK HERE to Subscribe to Jason Whitlock's YouTube: https://bit.ly/3jFL36G CLICK HERE to Listen to Jason Whitlock's podcast: https://apple.co/3zHaeLTCLICK HERE to Follow Jason Whitlock on X: https://bit.ly/3hvSjiJ Learn more about your ad choices. Visit megaphone.fm/adchoices

Rare-earth elements help power our everyday electrical devices, and that's because most batteries are made with minerals like lithium, nickel, cobalt and graphite. As of now, China has the largest reserve of these minerals. But some mining companies are eyeing the deep sea's floor, says Marketplace contributor Dan Ackerman, because such rare earths form organically way down there. Plus, the ethical concerns that come with this deep-sea mining.Here's everything we talked about today:“Companies are betting on deep sea mining for critical minerals” from Marketplace Tech“New policies may part the waters for ocean mining” from Marketplace Morning Report“In the depths of the ocean, a new contest between the US and China emerges” from The Guardian“Trump's New Executive Order Promotes Deep Sea Mining in US and International Waters While Bypassing International Law” from Inside Climate News

The US chipmaker, Nvidia has been authorised to sell advanced AI chips to China - in a major reversal of Washington's national security policy. The Democratic Senator, Elizabeth Warren, said the decision risked turbocharging China's bid for technological and military dominance. Donald Trump has also announced a $12bn rescue package for US farmers hit by his tariffs. Also: scientists say a revolutionary treatment for blood cancers is delivering impressive results; Sudan's paramilitary Rapid Support Forces say they've taken control of the country's largest oil field; a takeover battle is underway for Warner Brothers - as Paramount outbids Netflix; the wreck of an ancient ornate pleasure boat is discovered off the coast of Egypt; and the headset that made it possible for a man with almost no sight to watch a live football match. The Global News Podcast brings you the breaking news you need to hear, as it happens. Listen for the latest headlines and current affairs from around the world. Politics, economics, climate, business, technology, health – we cover it all with expert analysis and insight.

On this episode of “The Liz Wheeler Show,” Liz unpacks a recent poll by the Media Research Center showing that a vast majority of Americans still do not know the truth about Charlie Kirk's assassin. SPONSORS: PREBORN: Dial #250 and say the keyword “BABY” or visit http://www.Preborn.com/LIZ. All gifts are tax-deductible, and Preborn is a 5-star rated charity. KINDRED HARVEST: Stop trusting China with your family's health. Choose American quality. Choose Kindred Harvest. Cultivating Goodness Daily. Go to http://www.KindredHarvest.co and use code LIZ for 20% off. -- Get the full audio show on all major podcast platforms: Apple Podcasts: https://podcasts.apple.com/us/podcast/the-liz-wheeler-show/id1567701295 Spotify: https://open.spotify.com/show/4LhlHfocr5gMnLj4l573iI iHeart: https://www.iheart.com/podcast/269-the-liz-wheeler-show-82737301/ Subscribe to The Liz Wheeler Show newsletter: http://lizwheelernewsletter.com Get VIP access to The Liz Wheeler Show on Locals: https://lizwheeler.locals.com/. Stay in touch with Liz on social media: YouTube: https://www.youtube.com/@lizwheeler Facebook: https://www.facebook.com/OfficialLizWheeler Twitter: https://twitter.com/Liz_Wheeler Instagram: https://www.instagram.com/OfficialLizWheeler Rumble: https://rumble.com/LizWheeler Website: https://lizwheeler.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Generative AI and its accompanying data-center slop agenda are being completely fueled by the Trump administration. This is Warped Speed 2.0, where government shields a failed and dangerous endeavor from all market accountability. We're joined today by cognitive scientist Gary Marcus, who is one of the foremost AI experts and an early critic of the “scaling” generative AI model. In a wide-ranging discussion, he explains how the hallucination problem endemic to this model was so easy to predict and why the tech companies are now choking on their own sophistry. We also delve into the unsustainable economic model and how the "but China" argument is a straw man. Not only is this model failing to enhance the human experience, but Marcus believes its modus operandi of disseminating “authoritative BS” is destroying the internet and rotting the brains of youngsters.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of China Decode, hosts Alice Han and James Kynge unpack China's high-stakes push for tech independence, from Moore Threads' explosive IPO to Beijing's drive to build a homegrown alternative to Nvidia. They also explore why the renminbi (CNY) remains deeply undervalued despite calls for a stronger yuan. Later, they sit down with Patrick McGee, author of Apple in China: The Capture of the World's Greatest Company, to discuss Apple's deep reliance on China and the broader political and commercial leverage Beijing now wields over Western companies. Learn more about your ad choices. Visit podcastchoices.com/adchoices

A.M. Edition for Dec. 9. Nvidia shares jumped off-hours after President Trump approved the sale of its high-performance H200 chips to China. WSJ Asia business editor Peter Landers, says it's a boon for the AI-trade, following the recent selloff. Plus, WSJ's Jonathan Cheng and Tom Fairless explain how China's booming manufacturing sector is crushing Europe's core businesses and driving Germany and France to consider tariffs of their own. And we look at the bellwether stakes of Miami's mayoral race. Luke Vargas hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

The brain acts in strange ways during wartime. Even in active combat situations, when soldiers are one mistake away from death, many can’t fire on their enemies because their brain is triggering compassion centers against other soldiers. Studies of World War II show that while soldiers were willing to risk death, only 15% to 20% fired their weapons in intense combat, indicating a reluctance to kill. That’s why successful military leaders were able to motivate their soldiers with ideas of unfairness and justice, that their enemies weren’t human to make them better at fighting and killing. All this goes to show that if you want to understand war, you have to understand how the brain makes sense of it. Does war make all of us retreat to our lizard brain and act on pure instinct – so the only way to win is pumping out manipulative propaganda to the masses and use modern technologies like AI and social media exploit the brain's cognitive vulnerabilities? Well, many nations like Russia and China are already using these to their advantage. Or can we bring higher thinking to the matter? Is a researcher like Robert Sapolsky right when he argues that we can stop wars by persuading enough people that it is bad and pointless. Today’s guest is Nicholas Wright, author of “Warhead: How the Brain Shapes War and War Shapes the Brain.” He’s a neuroscientist and advisor to the Pentagon. We explore how our brains respond under pressure and how these instincts can shape everything from battlefield outcomes to boardroom decisions. He argues that while conflict is inevitable, it’s not unmanageable - if we understand how the brain drives fear, trust, aggression, and judgment.See omnystudio.com/listener for privacy information.

PREVIEW — Mary Kissel — Missing Clarity on the "Condominium of Adversaries" in National Security Strategy. Kissel criticizes the newly published national security strategy for insufficiently highlighting the existential threat posed by China and its expanding strategic alliance with Russia, Iran, and North Korea, creating a coordinated axis of rival powers. Kissel argues that the strategic document fails to adequately address China's systematic domestic infiltration of American infrastructure networks, university campuses, research institutions, and scientific communities, unlike the more explicit and detailed threat characterizations contained in previous national security strategy iterations. Kisselemphasizes that the document's relative ambiguity regarding the "condominium of adversaries" undermines clarity regarding the multi-vector threat environment confronting American strategic planners and military commanders. TAIPEI

SHOW 12-8-2025 CBS EYE ON THE WORLD WITH JOHN BATCHELOR 1895 KHYBER PASS THE SHOW BEGINS IN THE DOUBTS ABOUT THE FEDERAL RESERVE  BOARD OF GOVERNORS. FIRST HOUR 9-915 The DC Shooter, the Zero Units, and the Tragedy of the Afghan Withdrawal: Colleagues Husain Haqqani and Bill Roggio discuss recent violence in Washington, D.C. involving an Afghan immigrant that has drawn attention back to the chaotic U.S. withdrawal from Afghanistan in 2021; the shooter, Ramanula Lakanal, was a member of the elite "Zero Units" of the Afghan National Army, a force that demanded priority evacuation for their families in exchange for providing security at the Kabul airport during the U.S. retreat, and while these units were stalwart allies against enemies like al-Qaeda and ISIS, they fought a "dirty war" and were accused of human rights violations, highlighting the broader failure of the withdrawal which occurred because political will faded across multiple administrations. 915-930 The Vetting Failure and the Lack of an Exit Strategy in Afghanistan: Colleagues Husain Haqqani and Bill Roggioexplain that the chaotic withdrawal from Afghanistan was exacerbated by the lack of a methodical exit strategy, unlike the British who organized their departure and evacuation lists well in advance; critics argue that the U.S. imported significant security risks by rushing the evacuation, bringing in over 100,000 Afghans without adequate vetting, and while there was a moral obligation to help those who served, experts suggest that wholesale importation of citizens from a war-torn country was not the only solution and that better vetting or resettlement in third countries should have been considered. 930-945 Martial Law in South Korea and the Shadow of the North: Colleagues Morse Tan and Gordon Chang discuss South Korea facing severe political turmoil following President Yoon's declaration of martial law, a move his supporters argue was a constitutional response to obstructionist anti-state forces; the opposition, led by figures previously sympathetic to North Korea, has been accused of attempting to paralyze the government, while accusations of "insurrection" against President Yoon are dismissed as nonsensical, with the political infighting fracturing the conservative party and leaving South Korea vulnerable to the North Korean regime in a way not seen since the Korean War. 945-1000 Japan Stands Up for Taiwan While Canada Demurs: Colleagues Charles Burton and Gordon Chang report that Japanese Prime Minister Takaichi recently declared that a Chinese invasion of Taiwan would be a "survival threatening situation" for Japan, authorizing the mobilization of self-defense forces; this statement has triggered a massive propaganda campaign from Beijing demanding a retraction, as a successful invasion of Taiwan would likely require violating Japanese sovereignty, while in contrast Canada remains reluctant to support Tokyo or criticize Beijing, hoping to secure trade benefits and diversify exports away from the U.S., leaving Japan isolated by its allies. SECOND HOUR 10-1015 The Survival of UNRWA and the Flow of Terror Finance: Colleagues Malcolm Hoenlein and Thaddeus McCotterreport that despite investigations revealing corruption and ties to terrorism, the UN has renewed the mandate for UNRWA for another three years; the organization's facilities have been used by Hamas and its schools have been implicated in radicalizing children, yet international efforts to replace it have stalled, while Hamas leadership refuses to disarm or accept international oversight, demanding a Palestinian state as a precondition for any change, with financial support for terror groups continuing to flow through networks in Europe and the Middle East. 1015-1030 Greece's "Achilles Shield" and Israel's Iron Beam Laser Defense: Colleagues Malcolm Hoenlein and Thaddeus McCotter report that Greece is undertaking a historic modernization of its armed forces, unveiling a new national defense strategy focused on long-range missiles and a modernized air defense system dubbed "Achilles Shield," allowing Greece to project power more flexibly in the Eastern Mediterranean and counter threats from Turkey; in Israel, a major defensive breakthrough is imminent with the deployment of the "Iron Beam," a laser defense system capable of intercepting threats at approximately $50 per shot, expected to rewrite the rules of air defense by effectively countering drone swarms and missiles. 1030-1045 Hezbollah's Quiet Regeneration Under Naim Qassem: Colleagues David Daoud and Bill Roggio report that since the ceasefire began, Hezbollah has received at least $2 billion from Iran and is actively rearming and regenerating its forces in Lebanon; the terror group is focusing on acquiring drone swarms and other asymmetrical weapons that are cheap to produce and difficult for Israel to counter, while Hezbollah's new leader Naim Qassem is leveraging his "bookish" and underestimated persona to lower the temperature and allow the group to rebuild without attracting the same level of scrutiny as his predecessor. 1045-1100 Fragmentation in Yemen: The Southern Transitional Council Advances: Colleagues Bridget Tumi and Bill Roggio report that the civil war in Yemen is fracturing further as the Southern Transitional Council, which advocates for southern secession, advances into eastern governorates to secure territory and combat smuggling; this move has heightened tensions within the anti-Houthi coalition, as the STC is backed by the UAE while other government factions are supported by Saudi Arabia, weakening the collective effort against the Houthis who control the capital Sanaa and maintain ambitions to conquer the entire country. THIRD HOUR 1100-1115 The Druze National Guard and Internal Strife in Southern Syria: Colleagues Ahmad Sharawi and Bill Roggio report that instability is growing in Syria's Druze-majority Suwayda province, where a newly formed "National Guard" militia has begun arresting and killing political opponents; the militia is spiritually guided by Sheikh Hikmat al-Hijri, who has consolidated power by sidelining other Druze leaders who were open to reconciliation with the Assad regime, with Turkey expressing support for the anti-Assad Druze factions against both the Syrian government and Kurdish forces, while recent violence suggests a hardening of anti-regime sentiment. 1115-1130 The "Variable Geometry" of the Muslim Brotherhood and Its Global Affiliates: Colleagues Edmund Fitton-Brown and Bill Roggio explain that the Muslim Brotherhood operates as a "mothership" for various Islamist movements, utilizing a strategy of "variable geometry" to adapt to local political environments while aiming for a global caliphate; Hamas functions as the Palestinian branch of the Brotherhood and despite being severely damaged by the war with Israel remains the dominant force in Gaza, with the Brotherhood finding state sponsorship primarily in Qatar, which provides funding and media support via Al Jazeera, and Turkey, where President Erdogan acts as a leader for the organization. 1130-1145 Ukraine Negotiations Hit a Cul-de-Sac Amidst Infiltration Tactics: Colleagues John Hardie and Bill Roggio report that peace talks regarding Ukraine are currently at a standstill, with the U.S. and Ukraine at odds over Russia's demands for territory in the Donbas versus Ukraine's need for meaningful security guarantees; while the U.S. has pressured Ukraine to concede territory, the security assurances offered are viewed skeptically by Kyiv, and Russia refuses to accept any Western military presence in Ukraine, while on the battlefield Russia employs infiltration tactics using small groups, sometimes single soldiers, to penetrate deep into Ukrainian positions. 1145-1200 The Trump Corollary: Reviving the Monroe Doctrine in Latin America: Colleague Ernesto Araújo discusses a new "Trump corollary" to the Monroe Doctrine reshaping U.S. policy in the Americas, signaling a more assertive stance against foreign influence and authoritarian regimes; this shift is evident in Venezuela, where President Maduro appears to be negotiating his exit in the face of U.S. pressure, while in Brazil the administration of Lula da Silva faces significant instability due to a massive banking scandal linking the government to money laundering and organized crime, with the new application of the Monroe Doctrine suggesting the U.S. will favor political figures aligned with its security strategy. FOURTH HOUR 12-1215 Devil's Advocates: Robert Stryk, Rudy Giuliani, and the Business of Influence: Colleague Kenneth P. Vogel discusses how in the power vacuum created by Donald Trump's arrival in Washington, unconventional lobbyists like Robert Stryk rose to prominence by marketing access to the new administration; Stryk, described as an "anti-hero" with a checkered business past, hosted a lavish event at the Hay-Adams Hotel to legitimize the regime of Joseph Kabila of the Democratic Republic of Congo, successfully delivering Rudy Giuliani as Trump's personal attorney, signaling a new informal channel for foreign diplomacy and highlighting how foreign regimes utilized large sums of money and unconventional intermediaries to seek favor. 1215-1230 The Accidental Diplomat: Robert Stryk and the New Zealand Connection: Colleague Kenneth P. Vogel explains that Robert Stryk's rise in the lobbying world was fueled by serendipity and bold bluffs, exemplified by a chance encounter with a New Zealand diplomat at a cafe; the diplomat revealed that New Zealand, having prepared for a Clinton victory, had no contacts within the incoming Trump team and could not arrange a congratulatory call between their Prime Minister and the President-elect, and Stryk, leveraging a connection to a former Trump campaign field director, provided a phone number that successfully connected the embassy to Trump's team, establishing his credibility and launching his career in high-stakes foreign lobbying. 1230-1245 Hunter Biden, Chinese Spies, and the Monetization of Political Connections: Colleague Kenneth P. Vogel reports that following his father's departure from the vice presidency, Hunter Biden faced financial pressure and sought lucrative foreign clients, leading to risky entanglements; one venture involved a corrupt Romanian real estate magnate who hired Hunter along with former FBI Director Louis Freeh and Rudy Giuliani to resolve his legal troubles, with the proposed solution involving selling land including the site of the U.S. Embassy in Romania to a Chinese state-linked fund, and Hunter Biden was aware of the nature of his associates, referring to one as the "spy chief of China." 1245-100 AM FARA: From Fighting Nazi Propaganda to Modern Transparency: Colleague Kenneth P. Vogel explains that the Foreign Agents Registration Act was originally enacted in 1938 to counter Nazi propaganda in the United States before World War II; at the time, the Third Reich was paying well-connected American consultants to whitewash Hitler's image and keep the U.S. out of the war, operating without public knowledge, and Congress passed FARA to create transparency, requiring those paid by foreign principals to influence the U.S. government or media to register their activities, with the law remaining today the primary vehicle for accountability in foreign lobbying

Hunter Biden, Chinese Spies, and the Monetization of Political Connections: Colleague Kenneth P. Vogel reports that following his father's departure from the vice presidency, Hunter Biden faced financial pressure and sought lucrative foreign clients, leading to risky entanglements; one venture involved a corrupt Romanian real estate magnate who hired Hunter along with former FBI Director Louis Freeh and Rudy Giuliani to resolve his legal troubles, with the proposed solution involving selling land including the site of the U.S. Embassy in Romania to a Chinese state-linked fund, and Hunter Biden was aware of the nature of his associates, referring to one as the "spy chief of China." OCTOBER 1, 1949

PREVIEW — Elizabeth Peek — Trump's Embrace of AI and Crypto Viewed as Essential Against China. Peek defends Donald Trump's strategic alignment with cryptocurrency and artificial intelligence technology sectors against partisan criticism characterizing this relationship as favoring billionaire elites over working-class economic interests. Peek argues that American technological leadership in AI is strategically critical to national security and economic competitiveness; ceding dominance in artificial intelligence development to China would allow Beijing to establish global technological standards and dictate the future architectural framework governing digital civilization. Peek contends that Americaninnovation leadership in transformative technologies represents essential rather than ancillary to working-class prosperity. 1870

My guest this week is Gavin Baker. Gavin is the managing partner and CIO of Atreides Management, and he has been on the show many times before.  I will never forget when I first met Gavin in 2017. I find his interest in markets, his curiosity about the world to be as infectious as any investor that I've ever come across. He's encyclopedic on what is going on in the world of technology today, and I've had the good fortune to host him every year or two on this podcast. Gavin began covering Nvidia as an investor more than two decades ago, giving him a rare perspective on how the company – and the entire semiconductor ecosystem – has evolved. A lot has changed since our last conversation a year ago, making this the perfect time to revisit the topic. In this conversation, we talk about everything that interests Gavin – Nvidia's GPUs, Google's TPUs, the changing AI landscape, the math and business models around AI companies and everything in between. We also discussed the idea of data centers in space, which he communicates with his usual passion and logic. In closing, at the end of this conversation, because I've asked him my traditional closing question before, I asked him a different question, which led to a discussion of his entire investing origin story that I had never heard before. Because Gavin is one of the most passionate thinkers and investors that I know, these conversations are always amongst my most favorite. I hope you enjoy this latest in the series of discussions with Gavin Baker. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠.⁠⁠⁠⁠⁠⁠⁠⁠ ----- This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ramp⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ramp.com/invest to sign up for free and get a $250 welcome bonus. ----- This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ridgeline⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more about the platform. ----- This episode is brought to you by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠AlphaSense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Alpha-Sense.com/Invest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Show Notes: (00:00:00) Welcome to Invest Like The Best (00:04:00) Meet Gavin Baker (00:06:00) Understanding Gemini 3  (00:09:05) Scaling Laws for Pre-Training (00:12:12) Google v. Nvidia (00:16:52) Google as  Lowest Cost Producer of Tokens (00:28:05)  AI Can Automate Anything that can be Verified (00:34:30) The AI Bear Case: Edge AI (00:37:18) Going from Intelligence to Usefulness (00:43:44) AI Adoption in Fortune 500 Companies (00:48:58) Frontier Models and Industry Dynamics (00:56:40) China's Mistake and Blackwell's Geopolitical Leverage (00:57:50) OpenAI's Code Red (01:00:46) Data Centers in Space (01:07:13) Cycles in AI (01:11:10) Power as a Bottleneck (01:14:17) AI Native Entrepreneurs (01:16:21) Semiconductor VC (01:20:41) The Mistake the SaaS Industry is Making (01:26:50) Series of Bubbles (01:28:56) Whatever AI Needs, It Gets (01:29:57) Investing is the Search for Truth (01:31:24) Gavin's Investing Origin Story

In this episode of The President's Daily Brief: China issues its most alarming threat in years, releasing a video that depicts nuclear missiles raining down on Japan. We break down the message, the timing, and why this moment matters. A leading Venezuelan opposition figure dies inside the regime's most notorious prison, prompting fresh accusations against Nicolás Maduro. A deadly car bomb explodes outside a police station in Michoacán, killing five in a region long scarred by cartel violence. And in today's Back of the Brief— a troubling development at Chernobyl, where international inspectors say the site's protective shield can no longer fully contain radiation after a drone strike. To listen to the show ad-free, become a premium member of The President's Daily Brief by visiting https://PDBPremium.com. Please remember to subscribe if you enjoyed this episode of The President's Daily Brief. YouTube: youtube.com/@presidentsdailybrief Stash Financial: Don't Let your money sit around. Go to https://get.stash.com/PDB to see how you can receive $25 towards your first stock purchase. Goldbelly: Discover iconic meals from legendary restaurants delivered nationwide with Goldbelly—get 20% off your first order at https://Goldbelly.com using promo code PDB. Nobl Travel: Protect your gear and travel smarter—NOBL's zipper-free carry-on is up to 58% off at https://NOBLTravel.com Learn more about your ad choices. Visit megaphone.fm/adchoices

The Rich Zeoli Show- Full Show (12/08/2025): 3:05pm- Speaking from the Oval Office, President Donald Trump—alongside Treasury Secretary Scott Bessent and Agriculture Secretary Brooke Rollins—announced $12 billion in federal aid for farmers. The aid is meant to provide relief for farmers impacted by the United States' ongoing trade conflict with China. 3:25pm- While speaking with reporters from the Oval Office, President Trump was asked questions about Netflix's move to acquire Warner Bros. for $72 billion. On Monday, Paramount launched a hostile bid for the entertainment corporation—toping Netflix's offer by $10 billion. 3:30pm- Rosie O'Donnell's therapist told her to stop posting about Donald Trump on social media—but she just can't help herself! Now even her friends are concerned and, according to reports, actively begging her to disconnect. 3:40pm- While shopping at Whole Foods, a cashier told Rich that “smiling” is anti-social justice. 4:00pm- In a post to social media, New York City mayor-elect Zohran Mamdani offered advice to illegal immigrants on how to avoid Immigration Customs and Enforcement (ICE). 4:15pm- On Monday, the Supreme Court heard oral argument in Trump v. Slaughter—which focuses on President Trump's unilateral decision to remove of Rebecca Slaughter, a commissioner of the Federal Trade Commission (FTC), before her term expired. Shouldn't the president be able to terminate the employment of people working within the executive branch? 4:40pm- A report from Ernesto Londono of The New York Times documents rampant fraud plaguing Minnesota—dozens of people have been charged with stealing more than $1 billion in taxpayer money from programs meant to feed hungry children and provide therapy for autistic children. Critics of Governor Tim Walz say his administration allowed the fraud to persist “partly because state officials were fearful of alienating the Somali community” who were largely responsible for the scams. 4:50pm- The internet is going “nuts” over Gavin Newsom's weird interview pose. 5:00pm- Drew Allen—VP of client development at Publius PR and the Editor of the Publius National Post. He is also the host of 'The Drew Allen Show' podcast—joins The Rich Zeoli Show to discuss his latest book, “For Christ and Country: the Martyrdom of Charlie Kirk,” which is available on December 10th. 5:25pm- In a video posted to social media, Rep. Shri Thanedar (D-MI) announced he will file articles of impeachment against Secretary of War Pete Hegseth over his targeted strikes on narco-terrorists. 5:30pm- Evan Rama & Param Patel—Co-Founders of Kupid Dating—join The Rich Zeoli Show to discuss their novel new dating platform sweeping college campuses across the country! https://kupiddating.com. 6:05pm- According to reports from The New York Post and Fox News, Rep. Ilhan Omar (D-MN) appears to be closely associated to massive amounts of Welfare fraud identified in Minnesota. 60 of the 79 people indicted on fraud charges live in her district, she held events at a restaurant named in the fraud scandal, and one of her former staffers has been convicted of fraud. 6:20pm- Rep. Jasmine Crocket (D-TX) will run for U.S. Senate. In a campaign advertisement formally announcing her candidacy, Crockett plays audio of President Trump questioning her qualifications for public office. Is it a good idea to run against Trump in a bright red state like Texas? 6:30pm- At last week's White House Christmas tree lighting, President Donald Trump declared that he loves all U.S. citizens—even ones he dislikes! 6:40pm- Will Minnesota's massive Welfare fraud cost Governor Tim Walz reelection?

The Rich Zeoli Show- Hour 1: 3:05pm- Speaking from the Oval Office, President Donald Trump—alongside Treasury Secretary Scott Bessent and Agriculture Secretary Brooke Rollins—announced $12 billion in federal aid for farmers. The aid is meant to provide relief for farmers impacted by the United States' ongoing trade conflict with China. 3:25pm- While speaking with reporters from the Oval Office, President Trump was asked questions about Netflix's move to acquire Warner Bros. for $72 billion. On Monday, Paramount launched a hostile bid for the entertainment corporation—toping Netflix's offer by $10 billion. 3:30pm- Rosie O'Donnell's therapist told her to stop posting about Donald Trump on social media—but she just can't help herself! Now even her friends are concerned and, according to reports, actively begging her to disconnect. 3:40pm- While shopping at Whole Foods, a cashier told Rich that “smiling” is anti-social justice.

Episode 731: Neal and Toby get into the Warner Bros. Discovery drama that just turned up a notch with Paramount attempting a hostile bid to snatch the deal away from Netflix. Then, China's trade surplus topped $1 trillion for the first time, which has many wondering if Trump's tariffs have done anything to slow down Chinese factories. Also, farmers breathe a sigh of relief as the Trump administration announces a $12B bailout. Meanwhile, Toby looks into the trend of etiquette camp for Silicon Valley tech bros looking to up their style game.  Check out https://www.linkedIn.com/mbd for more. Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠  Watch Morning Brew Daily Here:⁠ ⁠⁠https://www.youtube.com/@MorningBrewDailyShow⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Defense Secretary Pete Hegseth uses a speech at the Reagan Library in California to argue that Donald Trump's foreign policy follows in the Gipper's footsteps. Plus, as the White House releases its new national security strategy, what does this document say about Trump's views on China, Russia, and the Western Hemisphere? Learn more about your ad choices. Visit megaphone.fm/adchoices

Nvidia can sell its H200 GPUs to companies in China, and Australia's social media ban for users under the age of 16 is in effect.Starring Jason Howell and Tom Merritt.Links to storied discussed in this episode can be found here. Hosted on Acast. See acast.com/privacy for more information.

Donate (no account necessary) | Subscribe (account required) President Trump stands to gain significant new authority as the Supreme Court signals support for overturning a 1935 precedent that limits presidential control over independent agencies. The ruling could reshape how Washington works and dramatically increase executive power. The White House announces a $12 billion bailout for farmers harmed by the tariff war with China, sparking frustration from small businesses that say they have been hit even harder. Legal challenges to the tariffs raise new questions about whether the funding will ultimately remain available. Trump's new National Security Strategy marks a seismic shift in US foreign policy, prioritizing the Western Hemisphere, confronting China in the Indo-Pacific, and sharply distancing from Europe. Bryan walks listeners through the document using a historical lens, asking how President George Washington might view America's path forward.   "And you shall know the truth, and the truth shall make you free." - John 8:32     Keywords: Supreme Court presidential power, Humphrey's Executor, Trump executive authority, farmer bailout, tariff war, small business tariffs, National Security Strategy, Western Hemisphere focus, China Indo-Pacific strategy, Europe relations, George Washington Farewell Address

This isn't the final episode of 2025 for Des and Kara, but this is the last episode of the year with a long list of running results to discuss. Listen in because there was A LOT of running action this past weekend from XC to the indoor track to the marathon. Des and Kara start with updates on their recent travels - Des to Shanghai and Seoul, Kara to snowy Wisconsin. As highlights, we learn Des's nickname in China and get an update on Colt's race at Brooks XC regionals in proper blizzard conditions. Then, they turn to this past weekend's results, starting with Nike NXN and the US XC Champs in Portland. Who showed up and showed out to earn spots on the World XC team for the US?  Plus, holy Hedengren(!) as Jane H ran 14:44 to break the collegiate indoor and outdoor 5K record at BU. That's also the 2nd fastest time ever by an American indoors. She is only 19, but it seems like she is making it look too easy! The sky is the limit for her. Finally, they drill in on the US Marathon Champs at CIM (including Courtney D's near OTQ) and some fast times at the Valencia Marathon in Spain as the fall marathon season finally wraps up. Thanks to Lever Movement for sponsoring the very uplifting Top 5 this week. For 20% off on your Lever system, use code NOBODYASKEDUS at levermovement.com. 

The news to know for Tuesday, December 9, 2025! We'll tell you what message President Trump is trying to send to voters as he heads back to battleground states. And what to know about a new aid package for American farmers. Also — a shift in U.S.–China policy that supporters say could boost the economy, while critics warn it could put the economy at risk. Plus — where another powerful winter storm is headed, what new data shows about a potentially life-saving shot for newborns, and which movies and TV shows earned the most Golden Globe nominations. Those stories and even more news to know in about 10 minutes!    Join us every Mon-Fri for more daily news roundups!  See sources: https://www.theNewsWorthy.com/shownotes Become an INSIDER to get AD-FREE episodes here: https://www.theNewsWorthy.com/insider Get The NewsWorthy MERCH here: https://thenewsworthy.dashery.com/ Sponsors: Shop my favorite pajamas at SKIMS.com! After you place your order, be sure to let them know we sent you! Get 15% off OneSkin with the code NEWSWORTHY at https://www.oneskin.co/NEWSWORTHY #oneskinpod To advertise on our podcast, please reach out to ad-sales@libsyn.com    

Our Head of Research Product in Europe Paul Walsh and Chief European Equity Strategist Marina Zavolock break down the key drivers, risks, and sector shifts shaping European equities in 2026. Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's Head of Research Product in Europe.Marina Zavolock: And I'm Marina Zavolock, Chief European Equity Strategist.Paul Walsh: And today – our views on what 2026 holds for the European stock market.It's Tuesday, December 9th at 10am in London.As we look ahead to 2026, there's a lot going on in Europe stock markets. From shifting economic wins to new policies coming out of Brussels and Washington, the investment landscape is evolving quite rapidly. Interest rates, profit forecasts, and global market connections are all in play.And Marina, the first question I wanted to ask you really relates to the year 2025. Why don't you synthesize your, kind of, review of the year that we've just had?Marina Zavolock: Yeah, I'll keep it brief so we can focus ahead. But the year 2025, I would say is a year of two halves. So, we began the year with a lot of, kind of, under performance at the end of 2024 after U.S. elections, for Europe and a decline in the euro. The start of 2025 saw really strong performance for Europe, which surprised a lot of investors. And we had kind of catalyst after catalyst, for that upside, which was Germany's ‘whatever it takes' fiscal moment happened early this year, in the first quarter.We had a lot of headlines and kind of anticipation on Russia-Ukraine and discussions, negotiations around peace, which led to various themes emerging within the European equities market as well, which drove upside. And then alongside that, heading into Liberation Day, in the months, kind of, preceding that as investors were worried about tariffs, there was a lot of interest in diversifying out of U.S. equities. And Europe was one of the key beneficiaries of that diversification theme.That was a first half kind of dynamic. And then in the second half, Europe has kept broadly performing, but not as strongly as the U.S. We made the call, in March that European optimism had peaked. And the second half was more, kind of, focused on the execution on Germany's fiscal. And post the big headlines, the pace of execution, which has been a little bit slower than investors were anticipating. And also, Europe just generally has had weak earnings growth. So, we started the year at 8 percent consensus earnings growth for 2025. At this point, we're at -1, for this year.Paul Walsh: So, as you've said there, Marina, it's been a year of two halves. And so that's 2025 in review. But we're here to really talk about the outlook for 2026, and there are kind of three buckets that we're going to dive into. And the first of those is really around this notion of slipstream, and the extent to which Europe can get caught up in the slipstream that the U.S., is going to create – given Mike Wilson's view on the outlook for U.S. equity markets. What's the thesis there?Marina Zavolock: Yeah, and thank you for the title suggestion, by the way, Paul of ‘Slipstream.' so basically our view is that, well, our U.S. equity strategist is very bullish, as I think most know. At this stage he has 15 percent upside to his S&P target to the end of next year; and very, very strong earnings growth in the U.S. And the thesis is that you're getting a broadening in the strength of the U.S. economic recovery.For Europe, what that means is that it's very, very hard for European equities to go down – if the U.S. market is up 15 percent. But our upside is more driven by multiple expansion than it is by earnings growth. Because what we continue to see in Europe and what we anticipate for next year is that consensus is too high for next year. Consensus is anticipating almost 13 percent earnings growth. We're anticipating just below 4 percent earnings growth. So, we do expect downgrades.But at the same time, if the U.S. recovery is broadening, the hopes will be that that will mean that broadening comes to Europe and Europe trades at such a big discount, about 26 percent relative to the U.S. at the moment – sector neutral – that investors will play that anticipation of broadening eventually to Europe through the multiple.Paul Walsh: So, the first point you are making is that the direction of travel in the U.S. really matters for European stock markets. The second bucket I wanted to talk about, and we're in a thematically driven market. So, what are the themes that are going to be really resonating for Europe as we move into 2026?Marina Zavolock: Yeah, so let me pick up on the earnings point that I just made. So, we have 3.6 percent earnings growth for next year. That's our forecast. And consensus – bottom-up consensus – is 12.7 percent. It's a very high bar. Europe typically comes in and sees high numbers at the beginning of the year and then downgrades through the course of the year. And thematically, why do we see these downgrades? And I think it's something that investors probably don't focus on enough. It's structurally rising China competition and also Europe's old economy exposure, especially in regards to the China exposure where demand isn't really picking up.Every year, for the last few years, we've seen this kind of China exposure and China competition piece drive between 60 and 90 percent of European earnings downgrades. And looking at especially the areas of consensus that are too high, which tend to be highly China exposed, that have had negative growth this year, in prior years. And we don't see kind of the trigger for that to mean revert. That is where we expect thematically the most disappointment. So, sectors like chemicals, like autos, those are some of the sectors towards the bottom of our model. Luxury as well. It's a bit more debated these days, but that's still an underweight for us in our model.Then German fiscal, this is a multi-year story. German fiscal, I mentioned that there's a lot of excitement on it in the first half of the year. The focus for next year will be the pace of execution, and we think there's two parts of this story. There's an infrastructure fund, a 500-billion-euro infrastructure fund in Germany where we're seeing, according to our economists, a very likely reallocation to more kind of social-related spend, which is not as great for our companies in the German index or earnings. And execution there hasn't been very fast.And then there's the Defense side of the story where we're a lot more optimistic, where we're seeing execution start to pick up now, where the need is immense. And we're seeing also upgrades from corporates on the back of that kind of execution pickup and the need. And we're very bullish on Defense. We're overweight the issue for taking that defense optimism and projecting out for all of Europe is that defense makes up less than 2 percent of the European index. And we do think that broadens to other sectors, but that will take years to start to impact other sectors.And then, couple other things. We have pockets of AI exposure in the enabler category. So, we're seeing a lot of strength in those pockets. A lot of catch up in some of those pockets right now. Utilities is a great example, which I can talk about. So, we think that will continue.But one thing I'm really watching, and I think a lot of strategists, across regions are watching is AI adoption. And this is the real bull case for me in Europe. If AI adoption, ROI starts to become material enough that it's hard to ignore, which could start, in my opinion, from the second half of next year. Then Europe could be seen as much more of a play on AI adoption because the majority of our index is exposed to adoption. We have a lot of low hanging fruit, in terms of productivity challenges, demographics, you know, the level of returns. And if you track our early adopters, which is something we do, they are showing ROI. So, we think that will broaden up to more of the European index.Paul Walsh: Now, Marina, you mentioned, a number of sectors there, as it relates to the thematic focus. So, it brings us onto our third and final bucket in terms of what your model is suggesting in terms of your sector preferences…Marina Zavolock: Yeah. So, we have, data driven model, just to take a step back for a moment. And our model incorporates; it's quantum-mental. It incorporates themes. It incorporates our view on the cycle, which is in our view, we're late cycle now, which can be very bullish for returns. And it includes quant factors; things like price target, revisions breadth, earnings revisions breadth, management sentiment.We use a Large Language Model to measure for the first time since inception. We have reviewed the performance of our model over the last just under two years. And our top versus bottom stocks in our model have delivered 47 percent in returns, the top versus bottom performance. So now on the basis of the latest refresh of our model, banks are screening by far at the top.And if you look – whether it's at our sector model or you look at our top 50 preferred stocks in Europe, the list is full of Banks. And I didn't mention this in the thematic portion, but one of the themes in Europe outside of Germany is fiscal constraints. And actually, Banks are positively exposed to that because they're exposed to the steepness – positively to the steepness – of the yield curve.And I think investors – specialists are definitely optimistic on the sector, but I think you're getting more and more generalists noticing that Banks is the sector that consistently delivers the highest positive earnings upgrades of any sector in Europe. And is still not expensive at all. It's one of the cheapest sectors in Europe, trading at about nine times PE – also giving high single digit buyback and dividend yield. So that sector we think continues to have momentum.We also like Defense. We recently upgraded Utilities. We think utilities in Europe is at this interesting moment where in the last six months or so, it broke out of a five-year downtrend relative to the European index. It's also, if you look at European Utilities relative to U.S. Utilities – I mentioned those wide valuation discounts. Utilities have broken out of their downtrend in terms of valuation versus their U.S. peers. But still trade at very wide discounts. And this is a sector where it has the highest CapEx of any sector in Europe – highest CapEx growth on the energy transition. The market has been hesitant to kind of benefit the sector for that because of questions around returns, around renewables earlier on. And now that there's just this endless demand for power on the back of powering AI, investors are more willing to benefit the sector for those returns.So, the sector's been a great performer already year to date, but we think there's multiple years to go.Paul Walsh: Marina, a very comprehensive overview on the outlook for European equities for 2026. Thank you very much for taking the time to talk.Marina Zavolock: Thank you, Paul.Paul Walsh: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

In an era of World War II revisionism, it's worth remembering what really led to Japan's surprise attack on Pearl Harbor 84 years ago on Dec. 7, 1941.  Victor Davis Hanson breaks down the real context behind the attack, why Japan miscalculated so badly, the myths that still distort this history, and how Pearl Harbor became the beginning of Japan's greatest strategic blunder on today's episode of “Victor Davis Hanson: In a Few Words.” “Why did they attack? They said that they did not want to attack. They were in the process of negotiating a peace settlement. They said that we had cut off their oil exports. And we had because we had no other mechanism to convince them to get out of China, it was not their territory, to get out of Korea, to get out of Southeast Asia, and to not absorb the Dutch East Indies. “They had refused on all of those accounts and said, yet, we will find a peaceful solution, as they planned the attack. The attack happened at seven in the morning, deliberately, on a Sunday morning when people were either at church or still asleep from Saturday night partying. And they came out of the rising sun. Two waves. And they destroyed four battleships and injured, or just—I don't wanna say injured, they were inanimate objects. But they disabled four that sunk to the shallow bottom of Pearl Harbor.” (0:00) Pearl Harbor and Revisionism (0:14) Context Leading Up to Pearl Harbor (3:53) The Attack on Pearl Harbor (5:27) Aftermath and Misconceptions (7:38) Final Thoughts

Plus: Walmart's new AI era. And Canada ramps up its military satellite communications capabilities. Danny Lewis hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Plus: Anthropic and Accenture strike a three-year partnership to sell AI services to businesses. And the EU has opened an antitrust investigation into Alphabet's Google. Danny Lewis hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Organizations worldwide scramble to address the critical React2Shell vulnerability.  Major insurers look to exclude artificial intelligence risks from corporate policies. Three Chinese hacking groups converge on the same Sharepoint flaws. Ransomware crews target hypervisors. A UK hospital asks the High Court to block publication of data stolen by the Clop gang. The White House approves additional Nvidia AI chip exports to China. The ICEBlock app creator sues the feds over app store removal. The FBI warns of virtual kidnapping scams. The FTC upholds a ban on a stalkerware maker. Dave Lindner, CISO of Contrast Security, discusses nation-state adversaries targeting source code to infiltrate the government and private sector. Craigslist's founder pledges support for cybersecurity, veterans and pigeons. Remember to leave us a 5-star rating and review in your favorite podcast app. Miss an episode? Sign-up for our daily intelligence roundup, Daily Briefing, and you'll never miss a beat. And be sure to follow CyberWire Daily on LinkedIn. CyberWire Guest ⁠Dave Lindner⁠, CISO of ⁠Contrast Security⁠, discusses nation-state adversaries targeting source code to infiltrate the government and private sector. Selected Reading Researchers track dozens of organizations affected by React2Shell compromises tied to China's MSS (The Record) Insurers retreat from AI cover as risk of multibillion-dollar claims mounts (Financial Times) Three hacking groups, two vulnerabilities and all eyes on China (The Record) Researchers spot 700 percent increase in hypervisor ransomware attacks (The Register) UK Hospital Asks Court to Stymie Ransomware Data Leak (Bank Infosecurity) Trump says Nvidia can sell more powerful AI chips to China (The Verge) ICEBlock developer sues Trump administration over App Store removal (The Verge) New FBI alert urges vigilance on virtual kidnapping schemes (SC Media) FTC upholds ban on stalkerware founder Scott Zuckerman (TechCrunch) Craigslist founder signs the Giving Pledge, and his fortune will go to military families, fighting cyberattacks—and a pigeon rescue (Fortune) Share your feedback. What do you think about CyberWire Daily? Please take a few minutes to share your thoughts with us by completing our brief listener survey. Thank you for helping us continue to improve our show. Want to hear your company in the show? N2K CyberWire helps you reach the industry's most influential leaders and operators, while building visibility, authority, and connectivity across the cybersecurity community. Learn more at sponsor.thecyberwire.com. The CyberWire is a production of N2K Networks, your source for strategic workforce intelligence. © N2K Networks, Inc. Learn more about your ad choices. Visit megaphone.fm/adchoices

Rare-earth elements help power our everyday electrical devices, and that's because most batteries are made with minerals like lithium, nickel, cobalt and graphite. As of now, China has the largest reserve of these minerals. But some mining companies are eyeing the deep sea's floor, says Marketplace contributor Dan Ackerman, because such rare earths form organically way down there. Plus, the ethical concerns that come with this deep-sea mining.Here's everything we talked about today:“Companies are betting on deep sea mining for critical minerals” from Marketplace Tech“New policies may part the waters for ocean mining” from Marketplace Morning Report“In the depths of the ocean, a new contest between the US and China emerges” from The Guardian“Trump's New Executive Order Promotes Deep Sea Mining in US and International Waters While Bypassing International Law” from Inside Climate News

From the BBC World Service: A new law comes into force in Australia today, banning children under 16 from some of their favorite social media platforms, including Snapchat, TikTok, and Instagram. And as you'd expect, most teens aren't happy about it, though many parents see it as the government standing up to American Big Tech. Also, Nvidia is now authorized to sell advanced AI chips to China, and President Donald Trump says the U.S. government will be taking a 25% cut of sales.

Trump says Nvidia and others can ship chips to China, but the question is, will China take delivery. OpenAI is ending the code red in about a month, after getting a new model out the door. Meta wants a new Llama model, maybe in a month. And a new smart ring that is pretty intriguing… Trump greenlights Nvidia H200 AI chip sales to China if U.S. gets 25% cut, says Xi responded positively (CNBC) China set to limit access to Nvidia's H200 chips despite Trump export approval (FT) Sam Altman's Sprint to Correct OpenAI's Direction and Fend Off Google (WSJ) From Llamas to Avocados: Meta's shifting AI strategy is causing internal confusion (CNBC) Pebble Is Making a $75 Smart Ring (Wired) Learn more about your ad choices. Visit megaphone.fm/adchoices

In part one of Red Eye Radio with Gary McNamara and Eric Harley, democratic congresswoman Jasmine Crockett announces her bid for senate by her plan to 'turn Texas blue'. Gary is grateful that he will no longer live in her district. Also President Trump unleashes $12B farm rescue as China trade reset hits US growers, SCOTUS to rule on Trump's ability to impose tariffs, Bill Maher and outspoken liberal Ana Kasparian went head-to-head in a fiery clash after he asked her a which Middle Eastern city would tolerate her wearing western clothes and actress Kristen Stewart has claimed that acting is “unmasculine” and “inherently submissive”, and that male actors developed “the method” to compensate. For more talk on the issues that matter to you, listen on radio stations across America Monday-Friday 12am-5am CT (1am-6am ET and 10pm-3am PT), download the RED EYE RADIO SHOW app, asking your smart speaker, or listening at RedEyeRadioShow.com. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Cato Institute's Katherine Thompson and Josh Shifrinson join Justin Logan to dissect the most contentious passages of the National Security Strategy, including its warnings about European “civilizational erasure,” its revived Monroe Doctrine instincts, and the absence of military escalation language on China. The discussion weighs whether this NSS truly reflects restraint and realism or simply refines old habits under a new rhetorical wrapping. Hosted on Acast. See acast.com/privacy for more information.

Lee Camp digs into the stunning reversal of the Trump Administration on China. Plus, Leo Flores joins the show to reveal what will happen next with Venezuela. AND the NY Times finally admits Zelensky is corrupt. My comedy news show Unredacted Tonight airs every Thursday at 7pm ET/ 4pm PT. My livestreams are on Mon and Fri at 3pm ET/ Noon PT and Wednesday at 8pm ET/ 5pm PT. I am one of the most censored comedians in America. Thanks for the support!

I've rewarded myself with new fish and a shrimp, much like someone would buy a lottery ticket, and Daniel has an idea for micro penguins. Daniel recounts the culinary horrors he experienced in China and a listener calls in to explain the mammogram AI upcharge. We discuss Stassi's fall from grace and I challenge Daniel to be my stylist. Plus we did a round of JMOE, HGFY and Podcast Pals Product Picks. Get yourself some new ARIYNBF merch here: https://alison-rosen-shop.fourthwall.com/ Subscribe to my Substack: http://alisonrosen.substack.com Podcast Palz Product Picks: https://www.amazon.com/shop/alisonrosen/list/2CS1QRYTRP6ER?ref_=cm_sw_r_cp_ud_aipsflist_aipsfalisonrosen_0K0AJFYP84PF1Z61QW2H Products I Use/Recommend/Love: http://amazon.com/shop/alisonrosen Check us out on Patreon: http://patreon.com/alisonrosen   This episode is brought to you by OSEA (use code alisonrosen for 10% off) Buy Alison's Fifth Anniversary Edition Book (with new material): Tropical Attire Encouraged (and Other Phrases That Scare Me) https://amzn.to/2JuOqcd You probably need to buy the HGFY ringtone! https://www.alisonrosen.com/store/ Try Amazon Prime Free 30 Day Trial

RUNDOWN   Mitch opens Episode 361 barely able to speak. Area code 361, is a surprisingly stacked Corpus Christi résumé — from Farrah Fawcett's iconic poster-era fame to Eva Longoria, Lou Diamond Phillips, and Lynyrd Skynyrd's longtime keyboardist Billy Powell. The college football playoff drama continues, Notre Dame spent weeks ahead of Miami in the rankings only to get leapfrogged on a Saturday when neither team played — and then "boycott" bowl season in peak Irish fashion. From there they pivot to the Seahawks' 26–6 win in Atlanta, breaking down Sam Darnold's Jekyll-and-Hyde day (ugly first half, near-perfect second), Rashid Shaheed finally becoming a real factor in the passing game, and rookie safety Nick Emmanwori looking like a heat-seeking missile on an already elite defense. Rick breaks down a wild Selection Sunday, starting with the baffling late flip that dropped Notre Dame behind Miami despite neither team playing — a move he believes was driven more by ACC politics than football. He argues Alabama should've been penalized for an awful SEC title game showing, outlines why championship games now feel meaningless, and even says this version of Alabama "has no chance." Mitch, Brady, and Jacson break down Seattle's 37–9 dismantling of the Falcons, a performance highlighted by back-to-back games without allowing a touchdown and the defense's most dominant two-week stretch since 2014. Devin Witherspoon and Nick Emmanwori delivered superstar-level days while the returns of Julian Love and Jarran Reed stabilized the unit even further. On offense, Sam Darnold shook off a miserable first half and exploded for 182 yards and three touchdowns after halftime. Mitch brings Brady and Joe back together for the first Mariners No-Table since the season ended in Toronto, diving straight into Seattle's early offseason headline: the five-year, $92M Josh Naylor deal — a rare moment where the Mariners actually did what "everyone agrees they should do." The guys break down why the front office moved so fast, whether it was an overpay, and what it signals to the clubhouse and the league. From there, they examine the next dominoes (Polanco, bullpen additions, third base uncertainty), debate Cole Young's floor vs. ceiling, unpack the Harry Ford trade, and even entertain the dream-but-unlikely scenario of trading for Tarik Skubal.   GUESTS   Rick Neuheisel | CBS College Football Analyst, Former Head Coach & Rose Bowl Champion Brady Henderson | Seahawks Insider, ESPN Jacson Bevens | Writer, Cigar Thoughts Brady Farkas | Host, Refuse to Lose Podcast (Mariners on SI) Joe Doyle | MLB Draft & Mariners Analyst, OVer-Slot Substack   TABLE OF CONTENTS   0:00 | Mitch battles through a shredded voice, celebrates Corpus Christi's unexpected celebrity roster, and resets the stage for a massive week of Seahawks, CFP, and MLB offseason storylines. 9:10 | BEAT THE BOYS - Register at MitchUnfiltered.com 12:43 | Notre Dame gets ghosted by the committee, Miami sneaks in from the couch, and the Seahawks finally wake up in Atlanta behind Sam Darnold, Rashid Shaheed, and a filthy defense. 27:02 | GUEST: Rick Neuheisel; Committee chaos, Notre Dame's last-second flip, Alabama's free pass, and Rick's early read on who can actually win the 12-team playoff. 43:18 | GUEST: Seahawks No-Table; Another defensive clinic, a second straight touchdown-free game, and an offense that finally woke up when it mattered. 1:05:10 | GUEST: Mariners No-Table; Mariners lock up Josh Naylor, weigh Polanco's future, debate Cole Young's readiness, and navigate a pivotal offseason window. 1:32:50 | Other Stuff Segment: George Pickens vs Richard Sherman Instagram drama, early bowl games (LA Bowl timing), Washington State Cougars losing their coach to Iowa State, WSU coaching turnover history, Doug Gottlieb chair-throwing incident after UW-Green Bay loss, Hannes Steinbach breakout freshman season at Washington, UW basketball freshman class strength, comparing Steinbach to Dirk Nowitzki/Detlef Schrempf/Christian Welp, Utah Tech vs Santa Clara fight after poster dunk, anger over being posterized in the social-media era, Rancho Santa Fe mansion listed by Russell Wilson & Ciara for $54.9M, Liberace's historic LA home with piano-shaped pool for sale, Joey Chestnut wins 2025 wing-eating championship (242 wings in 10 minutes), Tyler Herro hit in groin by referee's errant pass, Seahawks vs Colts upcoming matchup, Huskies vs Boise State bowl game preview RIPs former NASCAR driver Michael Annett, former NBA big man Elden Campbell, former Texas Rangers and Dallas Stars owner Tom Hicks HEADLINES man swallows stolen jeweled Fabergé-style egg and passes it naturally, Paris Hilton seen vacationing in St. Barts, Canadian geese attack Texas woman causing broken pelvis and internal bleeding, China ends condom tax exemption and adds fortunes inside wrappers

PREVIEW — Charles Burton — The US Silence Regarding China's Threats Against Japan. Burton and John Batchelor discuss the strategic "mystery" of the United States failing to explicitly defend Japan against China's recent escalated threats directed toward Japan's new Prime Minister. Burton argues that China systematically deploys disinformation campaigns to misrepresent democratic Japan's legitimate defensive modernization as aggressive militarism, thereby expanding Beijing's regional influence through propaganda and narrative manipulation. Burton warns that this absence of explicit American allied support for Japan against Chinese coercion is "repugnant," undermining the credibility of the U.S.-Japan security alliance and emboldening Beijing to escalate pressure against regional partners through nuclear threats and strategic intimidation. 1937 SHANGHAI

- Trump's New National Security Strategy (0:10) - Economic and Geopolitical Shifts (2:22) - Venezuela's Strategic Importance (3:30) - Europe's Dependence on U.S. Gas (4:52) - AI and Robotics in Different Cultures (8:58) - AI's Role in Society (19:04) - China's AI Innovation (26:20) - India's Embrace of AI (33:14) - Russia and Eastern Europe's AI Potential (37:54) - The Future of Robots (39:54) - AI and Human Survival (55:58) - Digital Library and Christmas Gift Idea (56:17) - Introduction of Health Ranger Store and Corporate Sponsorship (1:22:28) - Interview with Matthew McWhorter on Canon Crossfire (1:25:04) - Exploring Different Christian Denominations and Bibles (1:27:38) - Challenges in Identifying the True Bible (1:28:22) - The Role of the Early Church in Authenticating Scripture (1:54:29) - The Importance of Preserving Knowledge and Scripture (1:54:41) - Comparing Christian Narratives with Other Religions (1:58:29) - The Role of the Resurrection in Authenticating Christianity (2:00:57) - Final Thoughts and Personal Experiences (2:13:09) For more updates, visit: http://www.brighteon.com/channel/hrreport  NaturalNews videos would not be possible without you, as always we remain passionately dedicated to our mission of educating people all over the world on the subject of natural healing remedies and personal liberty (food freedom, medical freedom, the freedom of speech, etc.). Together, we're helping create a better world, with more honest food labeling, reduced chemical contamination, the avoidance of toxic heavy metals and vastly increased scientific transparency. ▶️ Every dollar you spend at the Health Ranger Store goes toward helping us achieve important science and content goals for humanity: https://www.healthrangerstore.com/ ▶️ Sign Up For Our Newsletter: https://www.naturalnews.com/Readerregistration.html ▶️ Brighteon: https://www.brighteon.com/channels/hrreport ▶️ Join Our Social Network: https://brighteon.social/@HealthRanger ▶️ Check In Stock Products at: https://PrepWithMike.com

Today's Headlines: The Trump administration released its 33-page National Security Strategy — immediately praised by the Kremlin — outlining U.S. “dominance” in the Americas, embracing Middle East leaders “as they are,” warning Europe of “civilizational erasure,” and boosting far-right movements there. It also shifts U.S. policy in Africa toward extracting “latent economic potential,” and says avoiding conflict with China is suddenly a “priority.” At the Reagan Defense Forum, Pete Hegseth declared the end of America's “utopian idealism,” saying the military should ditch democracy-building and climate concerns for “practical interests.” Sure, Pete. Israel, Qatar, and the U.S. met to build relations after Israel's strike in Doha it was, of course, hosted by Steve Witkoff — who, along with Jared Kushner, also had a long call with Zelensky about territory and “security guarantees.” Meanwhile, the Supreme Court will hear Trump's effort to end birthright citizenship, despite the Constitution spelling it out pretty clearly and Trump threw a fit after pardoned Democrat Henry Cuellar didn't switch parties, accusing him of “disloyalty” and claiming “God was very happy” with his pardon. In other news, the Jan. 5 pipe-bomb suspect is cooperating with the FBI and says he planted them to support Trump, RFK Jr.'s HHS and anti-vax panel voted to end universal Hep B shots at birth, disregarding the risks to infants, and the Netflix–Warner Bros. merger is in trouble, with the Trump administration favoring a sale to Trump-ally-owned Paramount instead. Resources/Articles mentioned in this episode: The Guardian: Kremlin hails Trump's national security strategy as aligned with Russia's vision Whitehouse: National Security Strategy | The White House Politico:  Hegseth declares end of US 'utopian idealism' with new military strategy Axios: Scoop: Israel and Qatar hold secret meeting in New York to rebuild ties Axios: Zelensky, Trump advisers discuss Ukraine peace terms in 2-hour call Axios: Trump blasts pardoned Democrat as lacking "LOYALTY" NBC News: Pipe bomb suspect told FBI he believed 2020 election conspiracy theories PBS: Fact-checking the CDC panel's reasons for dropping universal newborn hepatitis B vaccine recommendation Fox Business: Trump administration reportedly skeptical about Netflix and Warner Bros.' $72B deal WSJ: Paramount Raises Concerns About Netflix's Bid for Warner Bros. Discovery Morning Announcements is produced by Sami Sage and edited by Grace Hernandez-Johnson Learn more about your ad choices. Visit megaphone.fm/adchoices

On the DSR Daily for Monday, we discuss the case before the Supreme Court on federal firings, China's incredible trade surplus, a fiery interview with Marjorie Taylor Greene, and more.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Mike Wilson, our CIO and Chief U.S. Equity Strategist, and Dan Skelly, Senior Investment Strategist at Morgan Stanley Wealth Management, discuss the outlook for the U.S. stock market in 2026 and the most significant themes for retail investors. Read more insights from Morgan Stanley.----- Transcript -----Mike Wilson: Welcome to Thoughts on the Market. I'm Mike Wilson. Morgan Stanley's CIO and Chief U.S. Equity Strategist. Daniel Skelly: And I'm Dan Skelly, Senior Investment Strategist for Morgan Stanley Wealth Management. Mike Wilson: Today we're going to have a conversation about our views on the U.S. stock market in 2026, and what matters most to retail investors in particular. It's Monday, December 8th at 9am in New York. So, let's get after it. Dan, it's great to see you. We always talk about the markets together. I think this is a great opportunity for us to share those thoughts with listeners. Our view coming into this year is still pretty bullish for 2026. We've been bullish on [20]25 as you have, probably for, you know, similar – maybe some slightly different reasons. I think one of our differentiating views is that we do think inflation is still a major risk for individual investors. And institutional investors, quite frankly, which is why stocks have done so much better. A concept, I think you're well aware of. And I think, you know, the risk for retail is that there's going to be; it's going to be volatile. So, point-to-point, we're still bullish as you are. How are you thinking about managing that point-to-point path? And how are you structuring your portfolio as we go into 2026 with a bullish outlook – but understanding that it's not always going to be smooth. Daniel Skelly: So, like you said, we've also shared this view that next year's going to be positive, albeit there's going to be more volatility. And when I think about the two main risks that retail investors are facing today, one of them is definitely inflation. We're seeing that in services. We're seeing that in housing. We've had the labor market shrink over the recent couple of quarters, so who knows if wage inflation pops up again. But there are ways to definitely hedge against that in an equity portfolio. We think, for instance, owning parts of the AI infrastructure cohort is one of the ways of hedging, whether that be in utilities, pipelines, energy infrastructure in general. These are areas that we think are a necessary hedge against inflation risk. And number two are a positive diversifier. And second key point, Mike, just thinking about that diversification comment. Look, we all know that in many ways the Mag 7 – and the technology strength that we've seen this past year – has driven a fairly concentrated market. I think what people, particularly on the individual side, are recognizing less is just how much AI cuts across many other sectors in parts of the market. And again, we think that risk of over concentration is still out there. And we like the idea of thinking of embedding natural diversification into the equity portfolio. Mike Wilson: Yeah. I mean, it's interesting. Inflation, you know, is part of that story too because AI is somewhat disinflationary or deflationary. I think, you know, investing in things that can drive higher productivity even away from AI can mitigate some of that risk in the economic outlook. But if I think about, you know, the Mag 7 dominance, and just this concentrated market risk, which you spoke about. If inflation re-accelerates next year, which, you know, is one of our core views as the economy improves – doesn't that broaden out the opportunity set? And you know, like there's been this idea that, ‘Oh, you have to own these seven stocks and nothing else.' I mean, part of our view for next year is that we think the market's going to broaden out. How are you set up for that broadening out? And how are you thinking about picking stocks and new themes that can work – that maybe people aren't paying attention to right now? Daniel Skelly: Yeah, it's a great point, Mike. And so, on the first topic, we do think there's broadening, and that's a combination of factors. Number one is just the market becoming more convicted about the Fed cutting path, which we've talked about, and the firm's view reaffirms for next year. Number two is starting to see some of the benefits of deregulation, right, which should impact maybe some of the more cyclical sectors out there – Financials, Energy being two of them. Maybe seeing more M&A activity too as a byproduct of deregulation. And that should bode better for mid- and maybe small caps as well as they receive a M&A premia in the valuations. And I know you've talked about small caps recently in your commentary. But last point I'll make Mike, and it comes back to AI. It almost feels like AI is this huge inflationary ramp at first to get to that deflationary nirvana down the road – with productivity. I think one of the key factors we think about, in terms of a bottom-up perspective, which is what we focus on in across the portfolio, is definitely pricing power. Who owns the pricing power and the key data and the key AI adoption outlook in order to absorb all the different tools and technology diffusion we've seen in the last three years. And that's going to play out, Mike, as you well know, across a variety of sectors and themes. So, agreed, we should see broadening for all those varying reasons. Mike Wilson: So, I mean, there are a couple areas I think, where we overlap. Financials…Daniel Skelly: Yep. Mike Wilson: Industrials, Healthcare, some of the themes that I think we both; we share our bullish views. And what do you think those areas are, within those sectors? You think that you have a differentiated view maybe than the consensus being Financials, Industrials, Healthcare? That the market may be missing, which offers more upset? Daniel Skelly: Sure. I'll start with Financials, which has been an overweight call for us for some time, as I know it has for you as well. And I think that kind of cyclical re-acceleration in the economy is one part. I think the Fed cutting is another part. I think deregulation is clearly another driver. Fourth Capital Markets recovery, which we have seen now. We had a little bit of a technical lull with the government shutdown in terms of filings and issuance, but we see all of the pipeline indicators, indicating green lights for next year in terms of recovery. I think the one thing I would argue that I've observed in looking at all of our vast data sets is that despite all these different bullish factors, this still maybe has been a theme or a sector that investors have traded in and out of, right? I don't think I've even seen like a real strong, consistent overweight. So, I think number one, that's an opportunity. And last point is, listen, there's different sub-sector bifurcation going on, as you know, within the industry, whereas money centers and large banks are performing really well. The same is not the case of regionals and alts managers. And there are varying reasons for that. But we would even argue, Mike, there could be catchup trades within the sector next year. Mike Wilson: Yeah, I would agree on that. I mean, the regional over money centers and actually regionals over alt managers, because I mean – I think the Treasury Secretary has talked about this, you know. Trying to get the regulated banking system kind of back in the game may actually be an opportunity to take share back from some of those alt managers, which have actually done quite well. What about on Healthcare? We upgraded that back in the summer. I think you've been constructive on parts of Healthcare, right. Wwhat do you think people are missing there and why could that be a good sector for next year? Daniel Skelly: Yeah. We were definitely, I'll say, earlier than you and wrong. You had really good timing in terms of your Healthcare upgrade last summer. And look, the sector was out of favor for two years. What we think we observed in the kind of July-August period is: First and foremost, I think we got past the point of maximum policy concern and risk. And ironically, we saw some kind of nominal or surface level deal signed with the government around most favored nation pricing. And it was really, not a lot to write home about. It wasn't as egregious as a policy inflection as some had feared. So, I think that was the first key catalyst. Second, we just saw a really good revisions breadth. And I know this is a comment you make a lot in your work. But we saw across big pharma, tools and life science, medical technology, and devices. We saw really good positive earnings revisions coming out of third and even starting the second quarter. Thirdly, I think if you're talking about an M&A in capital markets recovery, you can't not talk about Healthcare. I think that's a space that'll be ripe for deal making. And then just fourth, right? Look, as the market broadens out, and as people are stopping or maybe slowing the crowding and the key leadership, they're going to go again from AI enablers to AI adopters. And we think AI is going to be a vector that cuts across the Healthcare industry in a really positive way. Mike Wilson: Yeah, I mean, the efficiencies that are, you know, possible in the Healthcare sector seem immense. I mean, it, it appears to me that that's going to be an area where there's probably some new solutions, some new companies we don't even know about yet. So, to me that's a very exciting area that's been dormant for quite a while. What about Consumer, Dan? It's been this K economy. It's been very bifurcated, you know, high-end versus middle-income, lower-income. I mean, what are the themes within consumer that you're finding in putting to work in your portfolio? Daniel Skelly: Yeah. We've talked a lot, Mike, in the last year or so about playing Consumer platforms, particularly domestically oriented versus global consumer brands. And there's a couple of key drivers behind that. But first, when you look at what's going on in consumer land, and Simeon Gutman's been a really good, kind of, analyst looking at this theme over time. In many ways it's starting to resemble the Mag 7 in terms of winner take all phenomena. If you look at some of the major consumer big box platforms, they're taking 50- 60 percent of share of total retail sales. Just a couple of companies. So, number one, we're really focused on platforms where market share gains, free cash flow and revenue – recurring revenue – in particular, are leading to even stronger competitive moats, particularly in a capital-intensive industry. And what we've observed about retail is that as those leaders in big box areas take more share, they can reinvest that winning capital in their advertising growth in their online channel and widen their moats even more. Secondly though, in order to have a positive theme, I've always said you got to fund it from somewhere. And so, what we've observed again over the last year or so is – when I think about some of the even highest quality global brands they've suffered seeing less traction in China. And that's amid less of a willingness from Chinese consumers to own American and European brands. There's a lot to that, but I think culturally, obviously the trade war, the AI war for prominence leading to maybe some of that lack of cultural traction. Secondly, we've also, I think, started to see the growth of AI tools start to weigh on established brands. I think what makes a brand cool and the barriers to entry in terms of creating brands is going to go down in the future because of AI influencing and advertising tools. And so, simply put, we continue to like, Mike, the big box consumer platforms across, clothing and food, housing, across e-commerce. That continues to be one of our higher conviction themes. Mike Wilson: All right, Dan, I want to come back to, kind of, AI infrastructure. I mean, AI spending has been the big, big theme. But there's other types of infrastructure spend and CapEx. It's been dormant, quite frankly, and with the [One] Big Beautiful Bill [Act] perhaps incentivizing some of that. How does that play into your thought process around other industrial stocks that could benefit? Daniel Skelly: Absolutely, Mike. You cited the AI infrastructure spending. We think continues kind of unimpeded going into next year. Number two, we think the Fed cutting, just creating better financing conditions in terms of bigger projects. You mentioned as well, the fiscal incentives. And look, I think Chris Snyder has been spot on the last year or so talking about reshoring production wins coming back to the U.S. I don't think this is certainly as cognizant on the – or on the minds of individual investors. Maybe not even institutional investors. But the U.S. is winning manufacturing production share and has been for some time. And we've seen that no doubt ramp up post the announcement of the [One] Big Beautiful Bill {Act]. No doubt. But we think that has implications, Mike, for stocks and stock picking within what we would call, kind of, shorter cycle themes. And I think whether that be in Logistics and Transports or HVAC or some of the Non-Resi, Non-Datacenter related verticals. There are a whole bunch of stocks that have been kind of dormant for two to three years as we've been in this ISM recession that we think could certainly wake up next year as things broaden out. Mike Wilson: Yeah, we would agree with that. And I guess lastly, you know, there's always this Johnny come lately, you know, fear factor of, ‘Well … stocks are up a ton. My neighbor's bragging how much money they're making. So, I must have missed it all.' And I think embedded within that is this fear of valuation. The valuations are now very rich. What's your response to individual clients about – it's not too late, they haven't missed it. It's still a bull market. In fact, we would argue a new bull market began in April with a new economic cycle. What is your response to those folks who have that angst? Daniel Skelly: Two things. One is the market today looks totally different than it did in the past, and AI is no doubt one big part of that. The composition of the market in many ways is higher quality, less debt, more recurring revenue. Big call option on productivity coming from AI earnings, power, et cetera. So, we think the market should trade at richer levels than it did in the past, point number one. Point number two, we would say whereas most people say time is your friend – for individual investors, they would also say valuation is no short term or short run indicator, but it's the best long run indicator. And looking at today's, again, extended levels of valuation relative to history – they would say that's not going to play out well over the long run. I would actually take the other side of that. I think that the earnings and the economic potential unleashed not just from AI, but some of these fiscal and monetary policies could create tremendous margin earnings potential in the long run. And so, I think today we're looking at a level of multiples that appears artificially high. And based on what could be a big earnings inflection point in that multi-year timeframe could frankly just be superficially high. Mike Wilson: Well, Dan, it's always great to get your perspective. I always enjoyed chatting with you. Daniel Skelly: Likewise. Mike Wilson: Thanks for coming on the show and sharing it with our listeners. It's great to see you. Daniel Skelly: Thanks Mike. Mike Wilson: And thanks to our listeners. Thanks for tuning in and let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out.

Listen to the full episode here Hasan Piker just spent two weeks in The People's Republic of China. The famous streamer is often invoked as being a potential “Joe Rogan of The Left,” who might bring young voters, especially working class men, back into the Democratic Party.  But Piker's livestreams from China raise controversial questions. Is he whitewashing Chinese human rights abuses? Was he paid by their government to propagandize his combined 5 million viewers? How else to explain first-class plane tickets, ultra-luxury hotel rooms, privileged access to forbidden Western social media, and carefully avoiding criticisms of the authoritarian state while waxing poetic about their country and Mao Zedong? Julian digs into Piker's politics in the context of China's tumultuous history. First stop: Tiananmen Square. Learn more about your ad choices. Visit megaphone.fm/adchoices

From the BBC World Service: The latest economic data from China shows that while exports to the U.S. crashed over the past year, China's towering annual trade surplus surpassed $1 trillion for the first time last month. The data reveals what economists and Chinese officials have said for a while now: Chinese manufacturers can find other buyers. Then, lawmakers in France's divided parliament have been at odds for weeks over the country's budget.