Podcasts about ctp

Treasury is evolving fast - and the leaders who succeed today are the ones who can bridge strategy, technology, risk, and business partnership.In this returning guest episode, Karen Van den Driessche, former Vice President, Group Treasurer and Head of Tax at LIPTON Teas and Infusions, shares how treasury professionals can move beyond operational responsibilities to become trusted advisors across the organisation.Karen Van den Driessche returns to the podcast to discuss the next chapter of her career journey since first appearing on the show several years ago. As the former Vice President and Group Treasurer, Head of Tax at LIPTON Teas and Infusions, Karen reflects on the lessons learned through restructurings, refinancing challenges, technology transformation, leadership evolution, and combining treasury with tax responsibilities.Throughout the conversation, Karen shares practical insights on leadership, mentoring, treasury transformation, automation, business partnering, and why treasury remains one of the most exciting functions in finance.What We Cover in This Episode:Karen's career journey since her first appearance on the podcastWhy treasury leadership is shifting towards business partnershipLessons learned from restructurings, refinancing, and covenant negotiationsBuilding treasury functions during periods of organisational changeWhy strong treasury teams should make leaders “redundant”The growing importance of technology, automation, and visibility in treasuryCombining treasury and tax under one leadership structureThe importance of translating technical finance topics into business languageHow mentorship and coaching shaped Karen's careerWhy treasury professionals need both technical expertise and communication skillsThe changing expectations of younger generations entering treasuryHow ATEB and the treasury community continue to evolveWhy treasury remains a rewarding long-term career pathYou can connect with Karen Van den Driessche on LinkedIn.---

Treasury and tax are often treated as separate functions, but when capital, cash, risk, debt, and business strategy are all connected, working in silos can create costly problems.In this episode, we chat with Robert Westreich, Senior Vice President, Treasurer and Chief Tax Officer at Newell Brands and explore why modern treasury leaders need curiosity, cross-functional awareness, and strong communication to make better decisions for the business.Robert currently serves as Senior Vice President, Treasurer, and Chief Tax Officer of Newell Brands, where he leads the company's global tax, treasury, and global business services organizations.On the podcast Robert shares how his career evolved from tax into treasury, and how intellectual curiosity helped him move across functions, build broader business understanding, and take on increasingly complex leadership responsibilities.The conversation explores the powerful connection between tax and treasury, particularly around cash movement, capital structure, debt management, repatriation, acquisitions, divestitures, and risk. Robert explains why treasury professionals do not need to become tax experts, but they do need to understand how tax decisions can affect treasury outcomes, and vice versa.The episode also covers leadership, team empowerment, AI in finance, and practical career advice for treasury professionals at every level.What We Cover in This Episode:How curiosity helped Robert move from tax into treasury leadership.Why tax, treasury, legal, and business strategy are more connected than ever.The hidden tension between tax efficiency and treasury's need for cash.Why siloed teams can accidentally disrupt major transactions.How tax and treasury meetings create better visibility and fewer surprises.What treasury leaders must understand about debt, credit ratings, covenants, and capital structure.How to lead complex global teams without getting lost in the detail.Why empowered people are essential for managing fast-moving workstreams.Where AI can genuinely improve treasury, tax, and finance processes.Why AI still needs human judgment when mistakes can cost millions.How early-career treasury professionals can turn repetitive work into career advantage.Why putting your hand up can open doors long before a formal review.You can connect with Robert Westreich on LinkedIn.---

هناك قرارات تُتَّخذ في الساعات والأيام الأولى بعد وقوع حادث سير قد تكون حاسمة، رغم الانشغال باحتواء الصدمة والعودة إلى الحياة اليومية. لكن بعض الأخطاء البسيطة في هذه المرحلة قد تكلّف المصاب صحته وحقوقه القانونية في الوقت نفسه. من التأخر في طلب العلاج إلى تجاهل الإجراءات الأساسية، قد تتحول التفاصيل الصغيرة إلى عوائق كبيرة في مسار التعويض ضمن نظام التأمين الإلزامي لحوادث المركبات (CTP) في ولاية نيو ساوث ويلز. فما أكثر الأخطاء شيوعاً التي يقع فيها المتضررون بعد الحادث؟ من لحظة الصدمة إلى معركة التعويضات، ما الذي يجب ألّا تفعله بعد وقوع حادث سير؟

Treasury technology is moving fast, but the real value comes from knowing what problem you are trying to solve before choosing the system, tool, or innovation to help you solve it.In this returning guest episode, host Mike Richards welcomes back Séverine Le Blévennec, Global Head of Treasury at Aliaxis.On this week's podcast we welcome back Séverine Le Blévennec, Global Head of Treasury at Aliaxis, for an update on her treasury transformation journey. Having joined the show previously, Séverine returns to share what has changed over the past few years, how the treasury function at Aliaxis has evolved, and why technology, AI, governance, and data quality must all be connected to real business needs.Séverine discusses the progress made in building a more mature global treasury function, including the creation of a global treasury community, the implementation of treasury technology, the rollout of a payment hub, improved cash visibility, stronger governance, and the importance of developing treasury talent. She also shares her views on AI in treasury, explaining why teams need to balance opportunity with risk, and why clean data, transparency, and strong fundamentals matter more than ever.Main topics discussed:Aliaxis' treasury transformation journey and progress toward greater maturity.Building a clearer global treasury community with stronger ownership.Choosing treasury technology based on real problems, not buzzwords.Rolling out treasury systems, payment hubs, and cash visibility tools.Strengthening governance, policies, controls, and treasury processes.Supporting regional treasury teams while respecting local complexity.Managing AI opportunities, risks, governance, and data quality.Developing treasury talent through learning, cross-training, and knowledge sharing.Challenging the status quo and expanding treasury's business value.Keeping treasury strategic while embracing technology and innovation.You can connect with Séverine Le Blévennec on LinkedIn.---

Investment teams increasingly build and rely on their own AI tools, but the payoff depends on how deliberately a team reinvests the time that AI frees up. Emerging markets portfolio manager Wen Quan Cheong walks through how his team puts believability-weighted decision making into daily practice, and where AI has genuinely enhanced the process. He closes with a tour of the emerging-market themes he is watching most closely, from reshoring and clean-room capacity to physical AI, low-earth-orbit satellites, and businesses winning simply by putting the customer first. Above all, he returns to the idea that AI's real value lies in what a team chooses to do with the time it saves. Key Takeaways The team practices believability-weighted decision making: deferring more to teammates with deeper expertise on a given name, while still doing enough independent work to spot blind spots. One of AI's biggest productivity gain so far for the team has been in forensic analysis, running deeper, more consistent checks across longer time periods than a human could alone, freeing up time for higher-value work like idea generation and company research. That saved time is meant to be reinvested, not banked: attending more conferences, joining more management calls, and turning insight generation itself into a discipline, described as "learning compression." On reshoring, the team sees opportunity less in the household names and more in the infrastructure behind the shift: industrial park developers, port operators, and specialized clean-room engineering firms like Acter Group and CTP. Beyond AI and reshoring, the team explores other areas such as physical AI and low-earth-orbit satellites, as well as EM businesses, such as NU Holdings, Bajaj Finance, and HDFC Bank, that win by being more customer-obsessed than entrenched incumbents.   Host: Rob Campbell, CFA Institutional Portfolio Manager Guest: Wen Quan Cheong, CFA Emerging Markets Portfolio Manager   This episode is available for download anywhere you get your podcasts. Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore.  Visit us at: https://www.youtube.com/@MawerInvestment https://www.mawer.com https://www.linkedin.com/company/mawer-investment-management/ https://www.instagram.com/mawerinvestmentmanagement/ 

Interview de Nicolas Gueroux: L'animation vol.2 Présenté par Doc et Néo ! Aujourd'hui, nous explorons de nouveau les terres sauvages de l'Animation, avec un sherpa d'immense qualite: Nicolas Gueroux ! Voici les références et liens dont nous parlons dans l'émission et plus encore: Asterix et Obelix mission Cléopâtre : https://www.youtube.com/watch?v=eFraAjzYAkI Jurassik park : https://www.youtube.com/watch?v=n3ZB-FKBzpo&list=PL0ImnEfFlC1nUA5z22lQQQsJ8D7EQOY6L L'école des gobelins : https://www.gobelins.fr/ CTP : https://www.cratersoftware.com/index.html?language=fr Bibo films : https://fr.wikipedia.org/wiki/Bibo_Films Bruno Dequier : https://www.youtube.com/watch?v=mml55SaCEOc Framestore : https://www.framestore.com/fr Dneg : https://www.dneg.com/fr La boussole d'or : https://www.youtube.com/watch?v=ackucNuGOfI Pablo Grillo : https://www.imdb.com/fr/name/nm1279536/ Adorable Adventures : https://www.youtube.com/watch?v=LHpCnSVBUVo Paul : https://www.youtube.com/watch?v=BJxlNYb8sJQ Phil Tippett : https://www.youtube.com/watch?v=l9OS16Ljzfo Paddington : https://www.youtube.com/watch?v=iAiMhMSebeU Emile cohl : https://www.youtube.com/watch?v=VL0hSmeyetg Ralph Bakshi : https://www.youtube.com/watch?v=TE9mENS9i4c (son) seigneur des anneaux : https://www.youtube.com/watch?v=6WcJbPlAknw&list=PLhoG7Tljmp9-dJCKVge1PGFTuYHla78AC&index=2 Jim Henson : https://www.youtube.com/watch?v=iyGFV6VIxkI Pocoyo : https://www.youtube.com/watch?v=QTM4KLcfwco La linea : https://www.youtube.com/watch?v=6iw_rdx11V0 Le prince d'Egypte : https://www.youtube.com/watch?v=FQe-hlccB2g&list=RDFQe-hlccB2g&start_radio=1 Making of Lord of the rings : https://www.youtube.com/watch?v=Gti51b46QD0 Making of King kong : https://www.youtube.com/watch?v=Ooi-xoXiy8o Le complexe de Frankenstein : https://www.youtube.com/watch?v=cT0GAKYz0E0 Si vous voulez nous soutenir: _Devenez Patreo-Bipede! (Patreon): Become a Patron! _PayPal (pour des dons uniques): _La boutique de Goodies: https://shop.spreadshirt.fr/cgwhy/ Grand merci à nos PatréoBipèdes: _BLACK_LAUGH _Tristan Perard _Raphaelle Bonneton - Lighting Artist _Belisaire Earl - CG Supervisor _Johanna Aïli – Lighting Artist – https://vimeo.com/992945915 _Axel Taus - Doctorant en Production _Quentin Aguirre – Animateur _Sylvain Nouveau – Superviseur FX – http://www.ref-fx.com/ _Adrien Dussaud - Etudiant Rendu/Compo - https://vimeo.com/661968939 _Emilie Damo - Layout Artist _Thierry Espeyrac - Directeur Artistique _Mickael Beugnier - Motion Designer - http://linkedin.com/in/mickael-beugnier _François de Chateleux _Vincent Bachmatiuk - expert rendu PBR _Thibault Pansiot - Animateur 3D - https://www.animstarter.com _Frederic Bonometti _Kader Alihadef - Animateur 3D _Audrey Krawczyk - Photographe - https://www.audreyk.fr/ _Indra Raghouber _Guillaume Bertrand _Dominique Vidal - VFX Sup (BUF) _Quentin Herfeld - VFX Producer _Jean-Baptiste Baron - Consultant Digital (Tech4Art Consulting) _Akuto _Mauryl Saint-Jalmes _Loic Huss _Pierre Bertin Si vous avez des questions, commentaires, corrections à apporter ou des mots sympa, n'hésitez pas à le faire via les réseaux sociaux, le mail ou les commentaires de l'émission. Nous faisons notre possible pour vous répondre au plus vite ;) _CGWhy sur Internet: Mail: cgwhypodcast@gmail.com Twitter: @cgwhypodcast Instagram: https://www.instagram.com/cgwhypodcast/ Facebook: https://www.facebook.com/cgwhypodcast/ Spotify: https://open.spotify.com/show/0OliAxlgRpRsbQbFlALQ9y Deezer: https://www.deezer.com/fr/show/392962 Génériques: Vulfpeck - Welcome to Vulf Records (feat. Joey Dosik) https://www.youtube.com/user/DJparadiddle/featured https://www.youtube.com/watch?v=eCO_hcBz-0I N'hésitez pas à noter, commenter l'émission et à nous rester fidèles :) Rendez-vous bientôt pour la prochaine émission !

Treasury is no longer a quiet back-office function that only gets noticed when cash runs short.In this live Treasury Career Corner panel, three senior treasury leaders explain how trust, relationships, commercial understanding, and curiosity are what truly help treasury earn influence across the business.Meet the Guests:Louise Woodroffe, Head of Treasury at Hastings DirectMike Tackley, Global Head of Treasury, Howden InsuranceJoanne McCormack, Treasury DirectorIn this live recorded episode from our Treasury Career Corner event in London, host Mike Richards is joined by:Louise Woodroffe, Head of Treasury at Hastings Direct, with previous treasury experience at Marks & Spencer, Burberry, and across mining and real estate.Mike Tackley, Global Head of Treasury, Howden Insurance, with previous experience scaling the treasury function at Chrysaor and working across treasury roles at BG Group.Joanne McCormack - An experienced treasury leader whose career has taken her through Time Warner Inc, Warner Music Group, GE Capital Real Estate, Travelport, and Interpublic Group.This episode explores what it really takes to build a successful treasury career and become a trusted voice within the wider business. The panel discusses how their careers evolved across different industries, why treasury professionals need to understand the business behind the numbers, and how strong relationships can open doors that technical skills alone cannot.The conversation also looks at the future of treasury, including the role of AI, automation, data quality, and prompt skills. While technology is becoming more important, the panel is clear that human judgement, commercial awareness, and trust remain essential.Key topics discussed:How each guest found their way into treasury through different routes and career paths.Why treasury professionals should stay open to opportunities rather than relying only on a fixed career plan.The importance of understanding the business, not just the treasury function.How treasury earns a seat at the table by building trust, protecting the business, and adding commercial value.Why relationship-building is essential when joining a new company or building a treasury function from scratch.How treasury teams can become stronger business partners across the business.The role of AI and automation in treasury.How networking, recruiters, and industry events can shape long-term career opportunities.What hiring managers really look for.Why technical qualifications such as ACT can help open doors, but behaviours and relationships often determine progression.---

A Special Industry Update, With Jason Diamond and Mindy Diamond Jason and Mindy Diamond revisit how advisor due diligence is evolving—from AI and enterprise value to firm stability, ownership, and optionality—and why those questions matter more than ever. In Summary Due diligence has always been about finding the right fit. But what advisors are evaluating has expanded considerably. In this replay of an Industry Update, Jason Diamond and Mindy Diamond revisit The Advisor Transition Playbook to explore how advisor priorities continue to evolve. Beyond the traditional reasons advisors consider change, they discuss newer factors shaping decisions today—from artificial intelligence and enterprise value to ownership structure, firm stability, and long-term optionality. The conversation reinforces that while every advisor's motivations are personal, the evaluation process has become far more strategic. Today's advisors aren't simply comparing recruiting deals or platforms. They're considering how today's decisions may influence the value, flexibility, and future of the businesses they're building. The Storyline For years, advisor movement was largely driven by familiar themes: bureaucracy, management changes, technology frustrations, and the desire for greater independence. Those factors remain important. But the conversations Diamond Consultants has with advisors today increasingly include questions that rarely surfaced just a few years ago. How should AI factor into firm selection? What is the long-term value of building enterprise value instead of simply maximizing a recruiting package? How important is a firm's ownership structure? And how should advisors think about stability in a marketplace where acquisitions, recapitalizations, and private equity investment have become commonplace? Jason and Mindy revisit the transition framework introduced in Part 1, focusing less on the mechanics of making a move and more on the evolving criteria advisors are using to evaluate their options. The result is a broader discussion about due diligence—not simply as a transition exercise, but as an ongoing strategic process for advisors seeking to build their best business life. Topics Covered Advisor due diligence Traditional vs. emerging drivers of advisor movement Artificial intelligence in wealth management Enterprise value and advisor ownership Recruiting deals versus long-term economics Reverse due diligence Firm ownership and stability Private equity in wealth management Advisor optionality Building a long-term advisory business Blubrry Player > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why are the traditional drivers of advisor movement still relevant? (4:00) Jason and Mindy revisit the longstanding push-and-pull factors that continue to influence advisor decisions, from bureaucracy and management frustrations to the desire for greater ownership and control. How has AI become part of the due diligence process? (13:50) The discussion explores why advisors increasingly expect firms to demonstrate a clear AI strategy—and why investment, integration, and vision may become meaningful competitive advantages. Why should advisors care about enterprise value, even if they don't technically own their business? (24:30) Jason and Mindy explain why more advisors are evaluating decisions through the lens of long-term business value rather than solely short-term economics. What does reverse due diligence really involve? (37:15) The conversation highlights why advisors should evaluate prospective firms with the same rigor firms use when evaluating advisors. How does firm ownership affect advisor optionality? (38:00) Private equity, acquisitions, and changing ownership structures have made it increasingly important to understand what happens if a firm's strategy changes after an advisor joins. Why has due diligence become more strategic than ever? (45:30) The episode concludes with a broader discussion about defining one's “best business life” and making decisions that align with long-term goals rather than reacting to short-term frustrations. Key Takeaways The reasons advisors evaluate change have expanded well beyond traditional frustrations such as bureaucracy and compensation. AI has become an increasingly important component of firm evaluation, not because it replaces advisors, but because it can enhance productivity and client service. Enterprise value is becoming a consideration even for advisors who currently work within employee models. Reverse due diligence is just as important as a firm's evaluation of an advisor, particularly when assessing ownership structure, capitalization, and long-term stability. The most effective transition decisions balance immediate economics with long-term flexibility, ownership, and optionality. Every advisor's definition of success is different, making clarity around personal goals the foundation of any due diligence process. https://youtu.be/WZbUZJZK1yc Quotable Moments “Every advisor deserves to live their best business life.” “Just because you're frustrated doesn't mean you should move. You need something worth moving toward.” “The question isn't simply what you're paid today. It's what you're building over time.” “Knowledge is power. Understanding what your business is worth should be part of every advisor's decision-making process.” FAQs Why are more advisors expanding their due diligence beyond compensation? While transition economics remain important, advisors are increasingly evaluating technology, AI capabilities, enterprise value, ownership opportunities, and long-term flexibility as part of the decision-making process. How should advisors evaluate a firm's AI strategy? Rather than looking for finished products, advisors should assess whether a firm has a clear vision, meaningful investment, and an integrated approach to using AI to improve advisor productivity and client experience. What is reverse due diligence? Reverse due diligence is the process of evaluating a prospective firm as thoroughly as the firm evaluates the advisor. It includes understanding ownership structure, financial stability, culture, technology, leadership, and long-term strategy. Why does enterprise value matter for employee advisors? Even advisors who do not currently own their businesses may benefit from understanding how different business models create opportunities for ownership, long-term value creation, and future monetization. How has private equity changed advisor due diligence? Private equity has introduced new opportunities for growth and capital, but it has also made it more important for advisors to understand ownership structures, investment horizons, and what future transactions could mean for their business. What does Diamond Consultants mean by an advisor's “best business life”? It refers to aligning an advisor's business model, goals, client experience, compensation, flexibility, and long-term vision in a way that best supports both the advisor and the clients they serve. While transition economics remain important, advisors are increasingly evaluating technology, AI capabilities, enterprise value, ownership opportunities, and long-term flexibility as part of the decision-making process. Rather than looking for finished products, advisors should assess whether a firm has a clear vision, meaningful investment, and an integrated approach to using AI to improve advisor productivity and client experience. Reverse due diligence is the process of evaluating a prospective firm as thoroughly as the firm evaluates the advisor. It includes understanding ownership structure, financial stability, culture, technology, leadership, and long-term strategy. Even advisors who do not currently own their businesses may benefit from understanding how different business models create opportunities for ownership, long-term value creation, and future monetization. Private equity has introduced new opportunities for growth and capital, but it has also made it more important for advisors to understand ownership structures, investment horizons, and what future transactions could mean for their business. It refers to aligning an advisor's business model, goals, client experience, compensation, flexibility, and long-term vision in a way that best supports both the advisor and the clients they serve. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. Related Resources The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 1 Annual Advisor Transition Report Top 10 Tips for a Strategic Due Diligence Process Should I Stay or Should I Go? View the transcript of this episode… The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 2 A Special Industry Update with Jason Diamond and Mindy Diamond. Jason Diamond: Welcome to a replay of one of the most popular episodes from our podcast series for financial advisors, The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between. It's Part 2 of a 2-Part Industry Update with Mindy Diamond. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner, well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our Annual Advisor Transition Report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Jason Diamond: There’s been a noticeable shift in how advisors are approaching decisions about their business, not necessarily in whether they’re exploring change, but in what they’re focused on when they do. Mindy is back with me for a continuation of our earlier conversation on the Advisor Transition Playbook. Last time, we spent time on the mechanics, how due diligence works, what a move actually entails, and how to think through the process. What’s become more apparent since then is that the inputs into that process are evolving. The traditional drivers are still there, but layered on top are a set of considerations that didn’t carry the same weight before. AI is one of them, and not just as a tool, but as a differentiator that advisors are starting to diligence more seriously. Enterprise value is another. Showing up in conversations, even for advisors who don’t technically own their business, but are thinking more critically about what they’re building over time. And then there are questions around stability, ownership, and flexibility. What happens to the firm itself and whether advisors retain the ability to adapt again if circumstances change. None of this is theoretical. It’s showing up in real time conversations. What we want to do here is unpack those new triggers of advisor movement and what they suggest about how decisions are being made today. So let’s get to it. Mindy, the legend, thank you for joining me. So glad to have you on. Mindy Diamond: Thank you. I’m so happy to be here. Jason Diamond: Great. Let’s dive right in. I’ll set the stage really quickly one more time. When we spoke about this topic last, we talked about the drivers of movement, what we’ll call in this conversation as the old or the legacy drivers of movement, and we spoke about the mechanics of the move. Before we get into the new drivers of movement, which I want to be the meat of the conversation, remind us, when we talk about the legacy drivers of movement …. And by the way, by saying legacy, I by no means want to suggest that they’re not valid today, because they’re equally valid, if not more so today than they were then. But when you think of the classic drivers of movement in our industry, what are they? Mindy Diamond: Yeah. So I would say, first of all, let’s start by saying that for every advisor, they’ve got a unique set of needs. So the first thing to say is that while you and I can talk about the categories of frustrations or things that might bother an advisor, they show up differently in each advisor’s life. So it’s important to note that everyone is unique. But generally speaking, if I had to package them, I’d say it’s number one that shows up most of the time is too much bureaucracy. A feeling that a firm or a model is just too hypervigilant in terms of compliance and it’s too bureaucratic and too hard to get things done. Number two would be some sort of change in or frustration with management. Something is going on that the person or persons that are responsible for managing the business are just not … They’re not the wind at their back. They’re obstreperous. They’re causing difficulty and frustration. And probably the third one would be less about a pain point and more about the desire to be something that they couldn’t where they were. The notion that they want to be more independent, they want to be a business owner and they just can’t do that. That doesn’t exist within the model where they work. Those probably have been the three ones top of mind, but I bet you’ll have some … You’ll add to that. Jason Diamond: I’ll add a couple. But before I do, I’ve heard you talk about this topic, maybe said another way as pushes and pulls. Can you explain what you mean by that? Mindy Diamond: Yeah. So I think that we think about the pushes, the frustrations, the things pushing somebody out the door, the factors that make it less easy or less fluid to do business. And there’s almost always pushes that exist when somebody comes to us, where they’re frustrated to some degree or another about certain things. But we tell people all the time that just to be frustrated should never be enough, because if all you’re doing is running from one set of problems, you’re very likely to run into maybe a different set, but still problems elsewhere. So a move needs to be driven in equal part, if not more, by pulls. Being pulled toward an opportunity that can be needle moving enough or better enough than where you are now. Pushes and pull. Jason Diamond: I love it. So let me ask you a little bit of a pointed question. Is a recruiting deal a valid pull factor? Mindy Diamond: So look, it’s different for every person. We’ve had advisors come and say, “I just went through a divorce and the most important thing to me is to recapitalize. And so a recruiting deal is really important.” And while I would never be one to say that’s not valid, it can be … And by the way, any advisor should want to and expect to better their financial situation. There should be economic gain. But it shouldn’t be the only or the primary reason for the move. So you want to monetize. The notion of wanting to monetize in the short term should be a factor in what model you pick, but it shouldn’t be the primary driver for a move. Jason Diamond: I agree with that wholeheartedly. I was going to say something I think maybe would’ve surprised you a little, which is like, yeah, I think recruiting deal is a very valid pull factor because what we’re saying is, it shouldn’t be the only pull factor. And sometimes it is and it makes us a little bit sad, I think, when that’s the case. But all of these factors you mentioned, and the ones I would add, I think that maybe technology would be another kind of factor that drives movement, all of these factors are not one specific reason. If you did the exit interview, either actually conducted the exit interview with advisors or thought exercise exit interview, I think they would point to a confluence of all of these factors. Compliance was a headache. I wanted to launch a podcast. I wanted to be able to send a timely communication to my clients. We used to hear that one during COVID a lot, right? By the time compliance approved something to send to clients, it was already stale. So do you agree with that, that it’s generally a confluence or a combination of these? Or in your experience, is it advisors are like, “No, compliance or the tech is so bad, I’m out”? Mindy Diamond: Yeah. So most often there’s a straw that breaks the camel’s back incident or thing where they’re willing to put up with a series of minor paper cuts, if you will. And then almost always there’s something that happens. You and I got a call the other day from a team that said that they had split from their partner and the management of the firm was favoring the ex-partner, making it harder for them to stay or making it less fun or feel good for them to stay. So while they gave me a laundry list of things that were imperfect, I don’t know that any one of the things that were imperfect up until then would’ve been enough to drive them out. But when that one thing, that feeling that they were a second class citizen came up, that was the straw that breaks the camel’s back and went from a minorly frustrated to, “I’m out of here.” Jason Diamond: Yeah. And there’s probably a hundred examples you could walk us through. And I wanted to just highlight too, this concept is not limited to the wirehouse or employee or captive firm world, this is equally relevant for independent advisors. Granted, some of the pushes and pull factors, some of the triggers are not necessarily the same, but the idea that advisors outgrow a broker dealer or an RIA or either need or want or desire in some way, shape or form, greater autonomy, flexibility, freedom, control is certainly not limited to the employee space. I just wanted to make that point. Mindy Diamond: And I think that’s absolutely right. I think the notion of that frustrations or limitations or bureaucracy only existed if you were a W2 employee at a bulge bracket firm. That went out the window. As the industry landscape has expanded and there’s more and more valid ways to be a financial advisor, there’s more and more ways for a firm or a model or an infrastructure to frustrate an advisor. And that’s not being overly negative. It’s just to say there is no perfection anywhere. Jason Diamond: Yeah, 100%. And by the way, to play a little bit of devil’s advocate on that, and then we’ll move on, I would just say there are pain points that might come from a firm being small and subscale as well. My firm doesn’t have efficient technology. They don’t invest enough in the business. They don’t provide a lead mechanism. They don’t have a robust banking and lending or investment solutions platform. So this stuff cuts both ways. An advisor can be frustrated or limited and an advisor can be excited. Pushes and pulls I think touch on, we’ve heard from advisors in every single pocket of the market, this is a relevant concept. Mindy Diamond: The theme of this is that every advisor deserves to live their best business life. That’s what people are in search of when they reach out to us or when they engage with us. What they’re looking for more than anything, and this is irrespective of where they work or how long they’ve worked or how much they manage, every advisor is in search of their best business life. And what defines their best business life is having the best quality of work life, but also the best ability to do what they want to do with their business, to serve their clients without limitations, to grow the way they want, to be paid a fair wage, and ultimately set up to maximize the value of the business they’ve built. Those are the definitions of one’s best business life. Jason Diamond: I used an even simpler definition of best business life and I stole it from you, which is the true north concept, which is if your true north is maximizing enterprise value and chasing the dollar and trying to build something that’s scalable and saleable, then great. If your true north is to build a lifestyle practice, there’s plenty of advisors who are successful and happy and content in that regard as well. And I think that’s what we’re talking about, is finding your true north and then it’s possible. I mean, that’s the beauty of the landscape. We’re talking about this, a lot of this is pain points or things that advisors experience. The exciting part of this is there’s never been a better time to be an advisor because of the breadth of choice they have and the ecosystem that’s been born to support advisors, to your point, across the spectrum. Mindy Diamond: Yeah. And it’s also, I think, worth saying that it starts with really good crystal clear clarity around not only what’s frustrating you, but what you want ideal to look like. Because I can’t tell you, or I can tell you because … I can’t tell our listeners, I can’t stress enough how often we get calls from advisors that tell us where they think they want to be or tell us they want to move. They have clarity about what’s frustrating them or what they want to change, but they don’t really have clarity about what they want it to look like. And the less clarity you have, the less likely you are to be successful in finding the exact right solution. So our work, the thing we probably do best is really work with advisors to help them. It doesn’t take long. In an hour conversation, we can help them to really get crystal clear on what they’re looking to solve for. Jason Diamond: Absolutely. All right. Great appetizer. We set the table. Let’s dive into the main course now. I want to talk now about what I’m calling the 2.0 triggers or the new triggers of movement. And to be clear, it’s not that these are more important or better or more significant drivers of movement. In fact, you could argue they’re probably at present less significant than the ones we just listed. But I think what we’re saying is these are triggers that are starting to come up more and more in conversations and we expect them to only proliferate further. And in that regard, they’re noteworthy and important for advisors because advisors should be reconciling not just what are the things I need to be worrying about today, but also what are the things I need to be potentially worrying about five years from now. So with that in mind, let’s dive in. I think the first one we have to start with is AI. And I always chuckle a tiny bit when we mention AI, we used to have to specify what are we talking about. Are we talking about artificial intelligence or alternative investments? And now it’s very clear. Everybody knows we’re talking about artificial intelligence. So the direction of the industry, no over-dramatization to say is at stake here. It’s that important of a topic. Let me ask you just very simply first, is this coming up in conversations with advisors? Mindy Diamond: Oh, all the time, but it’s almost table stakes. So I think the way it comes up is that people assume, advisors assume, and by the way, have the right to assume that AI is part of the tech stack. The notion that if I’m evaluating a firm and part of what frustrates me or part of what’s really important to me is cutting edge, really robust technology, part of what I am expecting is that a new firm is going to have really robust technology. And part of that is really robust access to AI. And has honed the AI in a way that’s user-friendly, that really answers or delivers on making me a better … Not replacing me as an advisor, but making me a better, more efficient advisor. Jason Diamond: 100%. And I would also add, so as I think about this AI topic, I don’t want this to become a conversation around, is AI going to replace advisors, because I think we both agree that’s not going to be the case. Especially at the top end of the market for quality advisors, I think they’re not going anywhere. But in my view, when we think about the trigger of movement, AI has the potential to be transformative because a couple kind of use cases or trigger cases come to mind, and I’d love to hear your thoughts. One is, do you think advisors will potentially consider a move because they’re worried about this? So in other words, play this logic out with me. I’m 55 years old and I’m like, “Oh man, AI might be coming from my job.” And there’s firms offering 400% of revenue to move my book. Maybe I should take that check and kind of de-risk and monetize while I can. What are your thoughts on that? Mindy Diamond: I absolutely think we’re already working with that fall into that category, but to say that is the only reason for the move would be wrong. I’m grateful that people trust us enough to be transparent with us. So they let us know that underneath the notion that they want to better serve clients, they ultimately want better access to A, B, and C, they want to be able to do D, E and F with less restriction, is really the main reason for the move. But underneath it, the notion that my book, I want to protect myself. My book may well be the biggest it’s ever going to be. It is going to be worth more today than it could be in the future if things don’t go my way. And if I know I’m going to move and one of my goals is to monetize, I might want to do that now. Jason Diamond: I agree. And that’s where the top deal story comes in also. Firms paying a top deal is a part of that story. It’s what you just said, plus advisors know firms are willing to pay incredible multiples. I mean, as we speak, UBS is in market with one of the largest deals in history. So those two narratives side by side, I agree. I think this becomes more of a kind of catalyst or driver movement. It’s come up in my conversations on both sides of the spectrum. It’s the tech savvy, AI savvy advisors who are excited about this, who are like, “I want to be the most AI enabled version of myself I can be. It’s going to make me a rockstar and it’s going to widen the gap with my peers,” but it’s also come up with the people who are, I think, rightly scared and fearful about what this might mean for their job. Mindy Diamond: Let me ask you, what are examples of the way you’ve seen some of the best firms who have embraced AI? What is their narrative? What is it that they’re saying to advisors that if you come here from a tech or AI perspective, you’ll be better because we’re able to do … Fill in the blank. Jason Diamond: Yeah. So a couple that come up. First of all, I want to make the important point. Advisors do not expect that firms, either their current firm or firms that they are diligencing prospectively, have this figured out or solved. Everybody understands this is a fairly new area that firms are still very much kind of developing their strategies in. What advisors want to see is a few things. They want to see though leadership, they want to see investment, and they want to see a strategy, right? Effectively, they want to see a step in the right direction, really. So I’ll give you a couple examples. There are a number of tech savvy RIAs, very tech-enabled, AI-focused RIAs, because I think this is easier to be nimble. I think where you’ll see this quicker probably is in the independent space. That what they’re doing is things like this. An advisor logs on to their workstation in the morning and their system queues them proactively, Mr. and Mrs. Smith may be good candidates for a Roth IRA conversion. And then if the advisor decides to contact the client in some way about it, the system will of course help them draft the communication, but then it’ll take it a step further and actually help them to process and transact that conversion. So soup to nuts, ultimately driving efficiency. That’s the name of the game. That’s why firms, I think, are excited about AI, at least the good firms. Because what I think they realize it will do is, the stuff that’s a waste of time that could be automated that advisors, and probably even more so their associates, client associates are spending time on, that should be a massive time saver for advisors. And I think if you play that story out, what does that mean? It should mean bigger books of business and therefore more productive advisors because they have more time to prospect and focus on their clients. Thoughts? Mindy Diamond: Yeah. So I think you said it perfectly, but it raises the question then. You say that the RIAs can be more nimble. You’re right. I mean, the big story around the biggest firms was like moving a battleship, it takes a long time to turn it. It’s not as nimble. So what and how are the bigger firms competing against the RIAs with respect to AI? And second question, we still always get questions, and rightly so, about Morgan Stanley has more money to invest… Jason Diamond: That was going to be part of my answer. Mindy Diamond: … than fill in the blank RIA. So how does that all work? Jason Diamond: That is absolutely going to be part of my answer, is that I have heard this question posed almost presumptively both ways. “Oh, it’s got to be that the RIAs are going to be the clear winners in this.” And I’ve also heard, “Oh, it’s got to be that the wirehouses are going to be the clear winners in this.” I don’t think it’s going to be channel specific like that. I think it is going to be firm specific. I think there’s going to be firms that are going to do this well and firms that are going to not do this well. But there’s going to be winners in the wirehouse space. There’s going to be winners in the regional firm space, with firms like Raymond James who are clearly trying to be on the cutting edge of this. There’s certainly going to be winners in the broker-dealer space. LPL is investing heavily in this, as are many of their broker-dealer competitors. And then of course the RIA space, where sometimes they may not have the budgets, but they have a couple things. They have private equity backing, sometimes. They have the custodians that they’re built on, right, or the tech vendors that they’re built on. So Schwab and Fidelity or Orion and Addepar. They have other ways to access these innovations. One of the things that comes up with this that your question I think gets at is, a similar question that was raised around technology stacks, which is strength of offering versus integration. And that’s where I think a firm like Morgan Stanley really will shine, is they should … Because they don’t put anything out that’s not well integrated. The big firms have generally done a pretty good job of that. Versus the RIAs. Sometimes we’ve heard feedback where, yes, you have access to you name it, right? You dream it up, you can go and buy it. But the left hand may not speak to the right hand quite as well. Mindy Diamond: Yeah, that’s actually a really good point. And integration is probably one of the biggest … If you ask an advisor when they talk about technology as either being one of their pushes or pulls, probably what they’re referring to more than anything is not only having the capability, but having the integrated capability. So that’s a great point. And I think your point is right, that the final chapter on this has not been written. Nobody thinks that it has. And so whatever answers you and I can talk about today about who’s winning this race, or this tech race or this AI race, will be totally different tomorrow. We all know that. But I think for purposes of this conversation, to say that an advisor having an expectation that their technology be outstanding and that AI be on the table, that a firm is embracing it and heading in the right direction, if you will, has the right thought leadership and the right willingness to invest in it is what advisors are really looking for right now. Jason Diamond: Absolutely. And this is a question too from the firm’s perspective, if you are a firm of any size, you must be able to answer that. This has become question 1A. And again, I don’t mean to suggest that I think AI is the number one most important factor driving advisor movement today. It very well might be at some point down the road. I don’t think we’re there yet. But I do think it’s the topic du jour or the hot topic, where every advisor is asking about this. So that means if you’re a firm, you need to be prepared to tell the story or at least have the vision. And I think what we’re hearing from both advisors and from firms is this, AI is going to … What is right now a gap between the good and the bad, the quality and the non, is going to become an absolute chasm, right? An absolutely mountainous gap between the best firms and the firms who are able to adapt this technology or this AI. And the same thing at the advisor level, between the AI-enabled superpowered advisor versus those who are in the dinosaur ages, for lack of a better term. Mindy Diamond: Yeah. And we’ll move on, but it is worth saying that the day of the standalone independent, the one man or one woman band who hangs out a shingle, and to use your term, running a lifestyle practice, nothing wrong with that, but it would be near impossible to imagine a world where a standalone independent can compete with a private-equity-backed RIA or an RIA that has a big pool of capital behind them or to compete with the major firms. And our point is the ability to compete is probably more important with respect to this topic than just about any other. Jason Diamond: Totally agree. Thank you for tying a bow on that because I think that’s a good place to leave the AI topic, at least for now. I’m certain we’ll have more to say on this one. By the time we release this episode, we’ll probably have more to say on it. So we’ll have to do a follow-up again. But I want to talk now about enterprise value. And this is one where if you’re an RIA or if you’re an advisor at an independent firm, this might sound like a duh, but hear me out on this one. The idea is as follows, if I’m a wirehouse advisor or any sort of captive advisor, I don’t technically own anything. Agree? Mindy Diamond: Agreed. Jason Diamond: Okay. So if that’s true, that I don’t technically own anything, I technically don’t have any sort of enterprise value or ability to monetize. But my premise here and why I would argue that enterprise value has become a driver of movement is even wirehouse advisors know … They see teams like OpenArc, a massive RIA that launched last year. They see their corner office peers breaking away, starting independent firms. They see them selling to asset managers, private-equity-backed RIAs, private equity firms in their own right for these massive multiples. And what I guess I’m getting at, and I’m curious if you agree is, if a wirehouse advisor, let’s say, sees their colleagues sell to a private equity firm for 20X, doesn’t that have to become a little bit of a catalyst for movement in its own right? Mindy Diamond: Without a doubt. Historically … Actually, let me date myself. When I started this business now 32 years ago, there was zero way for an advisor who was a captive employee of a firm, of any firm, to monetize their business. It’s why there was so much movement, because the only way they could monetize was to get paid a big fat transition deal to move from one firm to the other. Jason Diamond: Yep. Mindy Diamond: Obviously, we all know that first it started with the big firms, and then just about every brokerage firm on the street began to offer a retire-in-place program. And that is the big firms or a traditional brokerage firm’s way of allowing advisor to monetize in place from their perspective to stave off attrition. And for an advisor that believes that the status quo serves them well, that finishing their career, that leaving their legacy, that leaving their team at their firm is the best thing to do, then those retire-in-place programs, like Merrill’s CTP or Morgan’s FAP or UBS’s Alpha or a name at every firm has them, is the best gift to advisors there is. But the problem is that the next generation at those firms are buying an asset they don’t own. And so when we talk about enterprise value or the desire to build enterprise value as a real driver of movement, what we’re talking about is not only that advisors want ownership of an asset, because ownership translates into more control and autonomy and agency over building it the way you want to, but it also translates into maximizing the value of the business that you’ve built. So that’s a long-winded way of saying that the OpenArc deal you are referencing, for anybody not familiar, is a Merrill Lynch team, a legacy Merrill Lynch team in Atlanta that was managing more than 120 billion in assets, part retail, ultra high net worth client assets, and part institutional consulting assets. And believe me, I don’t want to make it sound like it was a snap that one day they’re happy and the next day they’re going independent. Over a 10-year period became more and more aware, driven by the pushes and more aware of the pulse. But ultimately, while there was a long list of things they wanted to be able to do that they couldn’t to best serve clients and grow the business, the real driver at the end of the day, or I shouldn’t say the real driver, but a major driver was the notion of building and owning enterprise value. Yes, they could have all gotten very attractive deals and retired with your Merrill CTP, but they wanted to own the business, they wanted cap gains treatment. And so they went through the sweat equity big time of building what they’re calling OpenArc for the ability for probably five, 10, 20 years, because there’s partners with all different ages, so at all different times, to be able to really maximize the value of the business they’ve built. Jason Diamond: Can I push back on that for … It’s a super helpful example, but my one thought is, okay, yeah, of course, 130 billion in assets, they should be concerned with enterprise value at that size. And the delta between caring about enterprise value and not is too great because those guys have, by all accounts, a phenomenal business that is rivaled by very few in the industry. Most of our audience does not fit into that stratosphere. So what about advisors in, let’s call it the million to $10 million space? Should they still care about this concept? Mindy Diamond: Again, it’s an inside job. It’s a personal thing. Some don’t. But the answer is yes. And if I were them, I would. Why? Because whether I am generating a million a year in revenue or $10 million a year in revenue, at the end of the day, I’ve got an asset. I’ve built a valuable asset. And I have the choice at the end of the day or the middle of the day to decide a million things about that asset. How do I want to live my business life? How do I want to serve my clients? Where do I want to work? But one of the biggest factors to determining where and how they want to work is, ultimately, do I want to be able to maximize the value of the business that I’ve built? And while there are few things that are really definitive in this industry, the one thing that is absolutely indisputably definitive is that if you build an independent practice like the ex-Merrill Lynch churned RIA OpenArc team did, you will ultimately build enterprise value exponential multiples greater than any way you could monetize the business as a traditional employee. Jason Diamond: And that math absolutely still holds up even at numbers smaller than we’ve mentioned. I totally agree with that. I’ll give you one other reason why I think you should care. And I’d love your thoughts on this one. I’ll ask it two ways maybe. I’ll tell you my take and then I’ll ask you yours. Morgan Stanley, let’s use as an example. Who are Morgan Stanley’s competitors? In my opinion, the legacy answer to that is, well, of course the wirehouses are Morgan Stanley’s competitors. Merrill, UBS, Wells Fargo, what maybe used to be a longer list, but today those four. I don’t think that’s the answer anymore. I think those are the direct competitors. But because of this enterprise value conversation, I think Morgan Stanley’s competitors are anyone and everyone who recruits financial advisors with books of business. Because if you think about it, an advisor who has a $3 million business at a wirehouse, even if they’re not actually going to do this, they don’t have any entrepreneurial spirit, no desire to go independent, they still know that they could. This is an option and a viable option. And firms are even figuring out ways to cut out the middle step, right? Because this was historically a two-step process. You’re a wirehouse advisor or a W2 advisor. You break away, launch an independent business to establish your enterprise value, begin building it, and then you monetize it. If you could cut out the middle step, or even if you couldn’t, I still think it’s pretty clear that if you’re an advisor, this is important because the firms know … Like when Morgan Stanley’s writing a recruiting deal, they’re kept honest by RIAs and acquirers just the same as their direct peer set. Do you agree with that or do you think I’m reading too far into this? Mindy Diamond: Oh no, I agree a thousand percent. I think that it is naive for anyone recruiting for or on behalf of a traditional firm to think that the only competition is another traditional firm. The days of pomposity for a senior leader at a traditional firm to say, “We’ve got the best technology, the best everything fill in the blank. We have no competitors.” That’s just naive. Because even if it’s true, you’ve got the best platform infrastructure fill in the blank, there is a multitude of advisors that value things different than what you can provide. Beauty is in the eye of beholder is probably a good way to say that. But at the end of the day, what we’re really talking about is when I started the business, because there was no way, no really good way for an advisor to really monetize their life’s work, the only thing they could or were focused on from a personal financial gain perspective was the short-term deal. What are they paying? What’s the transition deal? Now, of course they’re concerned about that. But almost to a person, they’re equally concerned about what I can build and what will this allow me to build in terms of the value of the business I’m building in the long term. So let me ask you, if we’re talking about an advisor that has the ability to monetize in the short term for what could be 4X and in some cases more than that these days, and we’re talking about the ability to maximize enterprise value, and we talk about the concept of moving once and monetizing twice, what kind of numbers are we talking about? Fill in the blanks there. Jason Diamond: It’s such a hard question to answer because I do genuinely believe recruiting deals, when you talk about 300 to 400% revenue deals in the recruiting space, they vary a little bit, but I feel pretty comfortable quoting those types of numbers that most firms are somewhere in the 300 to 400% of T12 realm. There are some outliers, we mentioned UBS. But the multiple or EBITDA based or enterprise value M&A market where we’re doing these legitimate buyout transactions, the valuations do vary quite a bit. But here’s how I think about it. First of all, most firms are not purchased or sold at top line revenue. Most are sold at some sort of adjusted EBITDA number, which factors in local expenses, platform expenses, but also advisor compensation. And then that adjusted number is typically multipled. The multiples are anywhere from 8X for small kind of, let’s say, million dollar revenue businesses up to, we’ve seen deals struck at north of 20X for some of these mega cap RIAs. Typically, just back of the envelope, if I had to quote, I typically estimate around 5X top line at capital gains is a good kind of ballpark valuation. But there is quite a bit of nuance to it, more so than the traditional recruiting space. And I do think, shameless plug, part of the value in working with somebody who’s an expert on the entirety of the industry landscape is just that. It’s the idea that you need to run the horse race across multiple verticals. The good advisors who work with us typically are looking at a wire like a Morgan Stanley or a Merrill. They’re looking at a boutique firm like a Rockefeller, or they’re looking at a regional like an RBC or a Ray J. They’re looking at an independent firm like an LPL or a Sanctuary. They’re looking all across the spectrum. Mindy Diamond: I think that’s exactly right. But the topic of enterprise value, you can see how powerful it is and how wise it is. For an advisor today, when considering their personal economics to consider not just the short term, but to weigh in or add in or factor in, what could I be building and what ultimately will that business be worth at the end of the day? Jason Diamond: Yeah, 100%. Short of going out and selling your business, what can advisors do then? So I’m an advisor, okay, I’m curious about this. Or is it just as simple as, “Yeah, you should know what your business is worth if you’re an advisor”? Mindy Diamond: Definitively yes, because I mean, we always believe that knowledge is power. And just like it’s important for you to understand what your options are within your own firm, how can I ultimately retire out and monetize my business where I am, I think it’s really hard to make a decision in a vacuum without having other perspective. And getting other perspective doesn’t have to be that you have to go out and take 20 meetings. It’s not that hard for you to figure out what your business is worth to make it a data point for whether or not you’re ultimately best to retire in place or go elsewhere. Jason Diamond: Yeah, that I think is the main takeaway. And the education point is so important. I think because these are relatively new concepts for a lot of advisors that haven’t formally shopped a business before, there’s a lot of resources available. And we’ll certainly link some as well on the page for the episode. Let’s shift gears now, our kind of final trigger 2.0, which is stability and ownership structure of the firm. And this has been a little bit of a hot topic. It’s honestly been a hot topic every year because it seems like things pop up every year. And a lot of times advisors don’t reconcile the question of who owns the firm or how stable is the firm until something happens. The firm gets bought, the firm goes bankrupt, like the First Republic scenario. What should a good advisor do proactively about the idea that if you’re a W2 employee or even an employee who’s affiliated with a broker dealer, you saw this with Commonwealth, you just don’t really have control over what the firm decides to do. Give me your thoughts on this. I know it’s a big topic. Mindy Diamond: Yeah. First of all, using Commonwealth an example, it’s a good one. Because for those unfamiliar, Commonwealth is a boutique broker dealer that was privately owned and whose tagline was, “We love our privately owned status and we are never going to sell,” until one day they did. And not only did they sell, but they sold to the biggest independent broker dealer in the country, ala LPL. That’s not good nor bad, it’s just a fact. So if Commonwealth, who had definitively said we’re never up for sale, suddenly sells, any time you’re an employee of a firm, you never know what tomorrow brings in. You’re not in control over whether it’s sold. So that’s one example. But as you’re talking about this, I’m thinking about, I’m probably going back 20 years, so I’m 10 years into my career and I talked to someone who had been a very successful Merrill advisor. So I’m going to say he was probably generating around $5 million in revenue at the time. Going back 20 years, that’s a pretty significant book of business. He was courted for years by what he thought was a top RIA. And in those days, remember 20 years ago, the RIA space wasn’t nearly as mainstream as it is now. But the story the RIA told him was that ultimately, one, he was going to be a partner in the firm, that was very appealing to him. So he was going to have equity in the firm and much more freedom and control. And locally, by the way, the RIA was a really high quality brand. He worked on a lot of the economics, the short term and the long term with them. They did a ton of due diligence on his book of business. But he failed to ask … And I didn’t represent him. I just know this story. He failed to ask or do enough due diligence about the stability of the firm. What we think is really important, we talk about this expanded landscape. If you’re looking at Morgan Stanley, I don’t think you necessarily need to see Morgan Stanley’s balance sheet. If you are talking to a firm that is anything but a bulge bracket or anything but a large firm, it’s really important to do what we call reverse due diligence and to really understand if a firm expects you to open your kimono and show everything about your business to prove your worth, it is equally important that you do the same for them. In this new world order where private equity has come in and there are so many different ways for a firm to be owned and to be capitalized, it’s very important that an advisor understand what’s going on behind the scenes. And one of the questions around stability, if a firm is private equity backed, is it permanent capital? Is it patient capital? Is the private equity firm going to look to sell and monetize in five years? And then who would the likely buyer be and what does that mean for you? So the question is a big question and it’s really important. Jason Diamond: I love everything you just said, except I do think even the wirehouses, wirehouse advisors, honestly, as much as anybody should be asking these questions. And I’ll give you an example right now, UBS. And UBS, it’s not a story of balance sheet stability. I don’t think anybody has concerns that UBS is going to fail. But UBS management has been very publicly, “Oh, we’re cutting costs.” There’s been some rumors, I think for years, probably dating back 30 years to when you started the business about UBS’s commitment to the US wealth management business. I think those questions about stability and ownership structure are still valid. And to me, the implication of it is twofold. One, what you said, reverse due diligence, ask the questions, plan B. But also the concept of the exits or the off-ramps or how many bites of the apple do you get. So if you’re an advisor and you sell your business to somebody and you sign garden leave and non-competes and non-solicits, the question of ownership structure of that firm becomes less relevant because you have no off-ramps and no ability to exit that business anyway. A lot of times that’s how advisors get comfortable with this concept. And that’s what firms will tell them too, frankly, and we’re living through the middle of this, by the way, with Commonwealth and LPL, is vote with your feet, right? To the extent advisors can, the offer … And this is like, you used the example of private-equity-backed firms. This is how Rockefeller addresses the question of their private equity ownership. If we sell to UBS, all of our advisors will leave. They have that built-in put option. So knowing where the off-ramps are or how many bites of the apple an advisor gets, I think is a big concept that ties into that. But we’re absolutely seeing this pop up, probably largely because of those two examples, Commonwealth and UBS this year, more so Commonwealth, to your point. Janney’s another example last year or two years ago now where KKR comes in and buys Janney. So when these examples happen, it seems like it triggers advisors to say, “Is this something that could happen to me and should I be thinking about this?” Mindy Diamond: Yeah. So let me ask you a question. You’re talking, you’ve mentioned UBS offering this outsized deal. So how does the notion of stability and ownership factor in? If an advisor is considering an unprecedented deal from UBS, what are the caveats or concerns with respect to stability and ownership? Jason Diamond: It’s the same list of considerations you should and would ask of any other firm you’re diligencing, except I think amplified even more in the case … If I was counseling an advisor who was looking at UBS, that would be what I would say, is exactly that. You’re seeing all of these departures and defections, and I would want to have conversations with those advisors and understand exactly why and have guarantees or assurances that I’m not going to suffer from those same pain points that force them to leave. Or, and I say this a little bit flippantly, but it’s a little bit true, I understand the devil that I’m getting into bed with, but for 550%, or whatever the deal might be, I can suck it up. And that’s something that some advisors might well say as well. Mindy Diamond: Yeah. Jason Diamond: I don’t want to end on the negative note of overly large transition, not there’s anything wrong with large transition deals, but as you look out, is there anything that’s coming up in your conversation with advisors that you view as the next wave of this? I’ll give you one that maybe you could touch on, and if you have another one, feel free to offer it in conclusion, but do you think age or advisors starting to succeed out of the business will become more of a driver of movement, even though to your point, advisors can access sunset deals? Mindy Diamond: I do actually, because I think the more the average advisor age increases, the more likely that those advisors are going to want to move on to do something else to monetize the business. And so much of the wave of movement we see is driven not so much by the senior advisor, because many seed advisors are happy enough with the ability to monetize their business in place. Even though it may not maximize the value of the business, it’s a close enough approximation and it means I don’t have to disrupt the apple cart. So we support that 100%. But where we get the calls is from the next generation that says, “Yeah, but hold on a minute. It’s a good way for me to take on a book of assets that I not otherwise have access to. And it’s great for my senior partner, my father, my mother, my whatever to monetize the business. But I’m buying an asset again that I don’t own and I ultimately don’t have control over all these things we’re talking about, the AI investment, the ability to create enterprise value, the stability, the cost cutting, all of it.” So I think it’s all of the above. You say, “What else is there?” I think that’s it. It’s all of the above. It’s anything and everything that drives movement. One, it’s personal, it’s highly unique, it’s different for every advisor. There are certainly themes, and we’re talking about them, but there’s a million different things. It’s personal. And while there are an awful lot of pushes, things that can frustrate an advisor, it is the most exciting time in our view to be an advisor, particularly a high quality one, because the options abound, the ecosystem is big, because the ability to monetize both in the short term and the long term is big, mammoth, exponentially bigger than it ever was before. And the true ability to really build an enterprise has never been greater. And I think all of those things, the desire for an advisor to be the best that they can be and live their best business life is probably the biggest driver of all. Jason Diamond: It’s really true these days, if you can dream it, you can probably build it. And we’ve said in the past, if you build it, they will buy it. It’s a great place to end. This was a really fun topic. I think that’s a spot on kind of fourth trigger, by the way, too. This sort of next gen is almost like the force multiplier or the amplifier of like they see all this other stuff and they’re asking these questions even more so. Because if I’m 60 years old, none of this matters all that much. It matters, but I’m out of the business in five to 10 years. Versus the next gen advisors are the ones who often bear the brunt of this. So I think a lot of really smart stuff. Thank you for sharing your wisdom and expertise. In the episode page, we’ll be sure we have our Industry Transition Report. And we’ve also created a tool, the top 10 tips for a strategic due diligence process, which is a great kind of practical hand-in-hand companion for this topic for advisors looking for more pointed tips on the due diligence process. So Mindy, thank you again. This has been a blast. Mindy Diamond: My pleasure. Thank you. Jason Diamond: Thank you for joining us. We'll be back with a new episode next week, so be sure to listen in. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty, and credibility. You are successful because you take your professional responsibility seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I Stay or Should I Go? is a book written with you in mind. It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively, whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook. The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 2 A Special Industry Update with Jason Diamond and Mindy Diamond. Jason Diamond: Welcome to a replay of one of the most popular episodes from our podcast series for financial advisors, The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between. It's Part 2 of a 2-Part Industry Update with Mindy Diamond. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner, well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our Annual Advisor Transition Report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Jason Diamond: There’s been a noticeable shift in how advisors are approaching decisions about their business, not necessarily in whether they’re exploring change, but in what they’re focused on when they do. Mindy is back with me for a continuation of our earlier conversation on the Advisor Transition Playbook. Last time, we spent time on the mechanics, how due diligence works, what a move actually entails, and how to think through the process. What’s become more apparent since then is that the inputs into that process are evolving. The traditional drivers are still there, but layered on top are a set of considerations that didn’t carry the same weight before. AI is one of them, and not just as a tool, but as a differentiator that advisors are starting to diligence more seriously. Enterprise value is another. Showing up in conversations, even for advisors who don’t technically own their business, but are thinking more critically about what they’re building over time. And then there are questions around stability, ownership, and flexibility. What happens to the firm itself and whether advisors retain the ability to adapt again if circumstances change. None of this is theoretical. It’s showing up in real time conversations. What we want to do here is unpack those new triggers of advisor movement and what they suggest about how decisions are being made today. So let’s get to it. Mindy, the legend, thank you for joining me. So glad to have you on. Mindy Diamond: Thank you. I’m so happy to be here. Jason Diamond: Great. Let’s dive right in. I’ll set the stage really quickly one more time. When we spoke about this topic last, we talked about the drivers of movement, what we’ll call in this conversation as the old or the legacy drivers of movement, and we spoke about the mechanics of the move. Before we get into the new drivers of movement, which I want to be the meat of the conversation, remind us, when we talk about the legacy drivers of movement …. And by the way, by saying legacy, I by no means want to suggest that they’re not valid today, because they’re equally valid, if not more so today than they were then. But when you think of the classic drivers of movement in our industry, what are they? Mindy Diamond: Yeah. So I would say, first of all, let’s start by saying that for every advisor, they’ve got a unique set of needs. So the first thing to say is that while you and I can talk about the categories of frustrations or things that might bother an advisor, they show up differently in each advisor’s life. So it’s important to note that everyone is unique. But generally speaking, if I had to package them, I’d say it’s number one that shows up most of the time is too much bureaucracy. A feeling that a firm or a model is just too hypervigilant in terms of compliance and it’s too bureaucratic and too hard to get things done.

He walked away from a company that was generating $80m in annual revenue...he had built it from scratch. The reason why will change how you think about your career.Ricky Peacock, SVP at AnnieMac Home Mortgage and the architect behind their construction-to-perm lending division, joins Fobby and Justin to break down everything loan officers need to know about CTP lending — including AnnieMac's national program launching July 1st.Ricky shares how he lost everything in 2008, rebuilt from zero, became the #1 USDA loan officer in the country two years running, and grew a single builder relationship into $70–80M in revenue before selling his company to AnnieMac to build something even bigger.In this episode: how to walk into a builder for the first time, why conventional is the easiest CTP loan nobody talks about, the "vacation folder" story every manager needs to hear, what builders actually want from a lender, and why Ricky says answering the phone was his entire competitive advantage.If you've avoided construction perm because it felt complicated, this is your sign to stop leaving money on the table.Laugh, Lend & Eat drops weekly. Hosted by Fobby Naghmi and Justin Neal. Find us on YouTube for full video episodes.And if this episode made you think about what's possible at your current shop — that's worth paying attention to.Ricky left 18 years and a million dollars a year behind because the vision on the other side was bigger. If you're a loan officer who's been curious about what AnnieMac is building — the CTP launch, the programs, the people — find Fobby Naghmi on LinkedIn. No pitch. Just a conversation.Laugh, Lend & Eat drops weekly. Hosted by Fobby Naghmi and Justin Neal. Find us on YouTube for full video episodes.

What does it really take to step into a Group Treasurer role?In this episode, Kate Randall, Group Treasurer at Balfour Beatty plc shares why treasury leadership is about far more than technical knowledge, covering confidence, decision-making, stakeholder management, bank relationships, AI and the importance of staying curious throughout your career.Kate Randall is Group Treasurer at Balfour Beatty plc, a leading international infrastructure group operating across the UK, US and Hong Kong.On this episode Kate shares how she found her way into treasury after an early career in finance, and how curiosity, resilience and strong mentors helped shape her progression.She also discusses her move into the Group Treasurer role at Balfour Beatty, the leadership shift that comes with stepping up, and why treasury professionals need to build confidence, relationships and commercial judgement alongside technical skills.This episode is a great reminder that treasury careers are rarely perfectly planned. Kate's story shows how asking questions, taking opportunities before you feel fully ready, and learning to back yourself can shape a successful treasury leadership career.What We Cover in This Episode:Kate's move from finance into treasuryEarly career setbacks and rebuilding confidenceThe role of curiosity in discovering and growing within treasuryLearning through the financial crisis and wider project rolesThe value of mentoring, sponsorship and strong role modelsStepping up from Deputy Group Treasurer to Group TreasurerWhy treasury leadership relies on influence, judgement and relationshipsAI, TMS implementation and the importance of cash forecasting at Balfour BeattyYou can connect with Kate Randall on LinkedIn.---

Announcing the CTP for SpaceX. MahJong Craze gone wild. Goodbye to Alan Greenspan – The Maestro. Have you seen RAM prices? PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env:'production', hosted_button_id:'JJJHP2GDEJC7J', image: { src:'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt:'Donate with PayPal button', title:'PayPal - The safer, easier way to pay online!', } }).render('#donate-button'); Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm-Up - Announcing the CTP for SpaceX - MahJong Craze - Goodbye to Alan Greenspan - The Maestro - Have you seen RAM prices? Markets - Economic Collapse Imminent? - Breathe is narrowing again - chips chips chips are the only play - Spacex coming back down to earth? What is that sucking sound? -- Markets getting weird..... 3% down for NASDAQ 100 today - 8% for SMH and 14% for Memory ETF - Just announced - Alphabet (Google) will replace Verizon in DJIA DEDICATION: Alan Greenspan - Died Monday at age 100 Google Enters DJIA - High priced shares - Moves tech to 22% of DJIA from 17% or so - very meaningful move - Every $1 move for Google = $7 move on DJIA - Tech:  S&P 500 (~30%+), Nasdaq (~50%+) Computer Pricing - What as $2,000 a year ago for a nice desktop is not like $4,000 - Dell not holding pricing quotes - and even if they do, back ordered so prices could go up after order - Will IPOs put more money in the pocket of tech companies to buy gear at any price? Endless - SpaceX recently finalized two massive, multibillion-dollar artificial intelligence contracts: a $6.3 billion computing power agreement with Reflection AI and a $60 billion acquisition of the AI coding startup Cursor. - AI Compute Deal with Reflection AI - - - - The Terms: Reflection AI agreed to pay SpaceXAI $150 million per month from July 2026 through the end of 2029. - - -- - - The Infrastructure: The startup will tap into hardware and GB300 chips housed at SpaceX's Colossus 2 data center in Memphis, Tennessee. More SpaceX - SpaceX shares were as high as $220 post IPO. - Sharea ahve been down over the past 3 days. - Most that got in POST IPO probably bought in at about $162-$165 - Newsline: SpaceX shares slipped for a third straight day, shedding hundreds of billions of dollars in market value, after the company said it is selling investment-grade bonds for the first time. - The stock fell 16% Monday to close at $154.60, the lowest level since the company's first day of trading, pushing its three-day loss to 23% and erasing over $600 billion in value over that period. - SpaceX is seeking to raise at least $20 billion from the first bond offering to fund its artificial-intelligence ambitions. Missed Opportunity - Short the Mattress companies he said...... ----- Got squeezed out....Never to return Swing and a Miss Maybe Because this can happen... - Shares of Getty Images Holdings Inc. soared as much as 145% on Monday after it announced a licensing deal with OpenAI. - Getty said that images from its library will appear in the search and discovery features of ChatGPT, marking a key reversal for the firm. - The partnership with OpenAI could improve “licensing optics” and shift the narrative on the stock, according to analyst Mark Zgutowicz. - Getty shares were up 118% to $1.32 as of 12:44 p.m. in New York, putting them on track for the best session since July 2022. The stock had fallen about 55% this year to close at 61 cents on Thursday before the Juneteenth holiday weekend began. KOREA - SK Hynix - New #1 in South Korea: SK Hynix surpassed Samsung Electronics on Monday to become the country's most valuable listed company. - Remarkable turnaround: A striking reversal for a chipmaker that nearly collapsed under heavy debt roughly two decades ago. (CYCLES) - AI memory leader: Now the dominant supplier of high-bandwidth memory (HBM) chips powering AI systems. - Marquee customers: Key buyers include Nvidia (NVDA) and Alphabet's Google (GOOGL). - Massive 2026 rally: Shares are up more than 340% year-to-date, fueled by the global AI boom. - Market cap milestone: Valuation now exceeds both Samsung and Micron (MU). Markets Get Chopped - Questions being asked about if AI spend boom producing fast enough return - Back to earth on valuation scare - (all of a sudden?) - KOSPI down 11% - Chips getting hit - 12% for Memory ETF - MU down 9%, Intel 4%, ASML 7% RAM Prices... - Looking at some additional RAM today for some office computers .... --- ARE THEY KIDDING? RAM Prices Imminent Collapse???? - President Donald Trump said the prospect of global economic collapse was a big reason he signed an interim peace deal with Iran. - According to sources, the deal reopened the Strait of Hormuz and set in motion waivers for sanctions on Iran's oil sales to the international market, with the effect being an immediate drop in oil prices and a rise in US stocks. - The agreement has been seen as skewed in Iran's favor, giving the country broad gains before the next round of talks, and has prompted pushback and anger from Republican lawmakers. - MOU signed lat Wednesday - also now more waivers of sanctions on sale of Iranian oil - 60 day reprieve. China - Weak economic conditions - H Shares about to enter bear market - Hong Kong - Close to a technical bear market, dragged down by weak domestic consumption, a struggling property sector, and an exodus of funds fleeing "old tech" for AI plays elsewhere in Asia. - A-shares are listed in mainland China (Shanghai/Shenzhen) and primarily target domestic investors. H-shares are listed in Hong Kong and are freely available to international investors More China - Retail sales declined for the first time since December 2022, dropping 0.6% from a year earlier. - China's urban fixed-asset investment contracted 4.1% as of end-May, dragged by real estate and manufacturing. - Manufacturing fixed-asset investment contracted for the first time since December 2020. - Industrial output was the lone bright spot, rebounding from April's near three-year low. - The national unemployment rate fell to 5.1% in May, compared with 5.2% in April. Marrrr Jonggg - Mahjong can be highly addictive due to its rewarding blend of strategy, luck, and social interaction. The rapid tile-drawing, need for pattern recognition, and "just one more round" mentality trigger dopamine releases. If compulsive play disrupts your finances or daily life, it can become a behavioral addiction requiring intervention. - Tactile and Auditory Appeal: Many users on community forums like Reddit agree that the physical weight, texture, and distinct clinking sound of shuffling tiles provide soothing, sensory satisfaction. - There has been a 70% surge in mahjong content on TikTok in the past year - Yelp recently named the Chinese tile game a top trend of 2026, noting that searches for mahjong clubs surged 4,467% year over year for the period from September 2024 to August 2025 and that searches for mahjong lessons rose 819%. Alphabet - WHAT>????*&*^ - Alphabet shares slid 7%, on track for the search giant's worst day in a year. - Alphabet's Google has seen consecutive high-profile researchers leave in the last several days. - The company also has exposure to the market's concerns around commoditized AI and ballooning capital expenditures. - The share slide also came on the heels of a Sunday Wall Street Journal interview with Microsoft CEO Satya Nadella, who called for less dependence on “AI Giants” and said the AI market was commoditized. Back to Oracle - Oracle reduced workforce by 21,000 employees over past twelve months. - Cuts broader than previously disclosed, driven by artificial intelligence adoption. - Global headcount fell from 162,000 to 141,000 full-time employees year-over-year. - Workforce reductions generated $1.8 billion in restructuring costs, company reported. - Company warned AI deployment may continue resulting in workforce reductions. NVDA - Underperforming - Nvidia shares slipping recently despite remaining up about 12% in 2026. - Stock down roughly 3% past month, underperforming semiconductor peers. - SMH ETF surged 84% year-to-date, gaining 15% last month. - Traders predict Nvidia chip pricing power is beginning to decline. - Wall Street focus shifting toward memory and infrastructure AI buildout. - Micron and Sandisk shares jumped nearly 60% over past month. Gloom and Doom - JCD sent interesting take from Chris Bloomstran - Traditionally asset light companies with all sorts of revenue, high margins now.... ---- Converting into asset heavy with no real understanding of what the profitability or even revue will be in the future ----- Here are the highlights of his commentary we can explre: ------------AI buildout shifting markets from asset-light toward capital-intensive infrastructure cycle - Hyperscaler capex surge reflects move into heavy, long-duration asset base - Massive capital requirements challenge economics versus prior asset-light models - Depreciation burden rising sharply as infrastructure scales across AI ecosystem - Returns depend on utilization of expensive, long-lived physical compute assets - Asset-heavy cycles historically lead to overbuild, weak returns, eventual consolidation - Infrastructure spending absorbing nearly all operating cash flow for hyperscalers - Off-balance-sheet financing masking true scale of capital intensity shift - AI economics hinge more on physical capacity than software-driven scalability - Echoes of past asset-heavy booms with eventual oversupply and value destruction Amazon Day - Today - June 26th - US consumers will spend $26.3 billion online at Amazon and other retailers during the four-day sale, up 9% from last year's event in July, according to Adobe Inc. - About 201 million Amazon shoppers in the US were Prime subscribers as of March, up about 3% from a year earlier - Amazon will capture about 60% of all US online spending during Prime Day, its highest market share since 2019, according to estimates from EMarketer Inc. Chevron and Microsoft - Chevron Corp signed 20-year deal with Microsoft for data center power. - Agreement supplies natural-gas fired generation for massive West Texas facility. - Project Kilby expected online 2028, ramping to 2.67 gigawatts. - Full output enough to power more than 530,000 Texas homes. - Chevron partnering Engine No. 1, final investment decision planned later. - Deal follows prior reports of exclusive long-term power negotiations. More Oil News - Drill baby Drill - Interior Department cutting federal drilling bonds by 95% to spur exploration. - Required bond drops from $500,000 to $25,000 for leases. - Bonds ensure cleanup costs don't fall on taxpayers if wells abandoned. - Policy change aims to encourage more oil and gas development. - Proposal subject to 60-day public comment after Federal Register publication. FedEx Earnings - FedEx posted strong fiscal fourth-quarter earnings on Tuesday in the company's last quarter that included the freight business before its spin off. - FedEx Freight spun off into a separate publicly traded company on June 1. - The company said it saw a 3% year-over-year increase in domestic volume. - Stock down 6% A/H   Love the Show? Then how about a Donation? PayPal.Donation.Button({ env:'production', hosted_button_id:'JJJHP2GDEJC7J', image: { src:'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt:'Donate with PayPal button', title:'PayPal - The safer, easier way to pay online!', } }).render('#donate-button'); ANNOUNCING the THE CLOSEST TO THE PIN for SpaceX (SPCX) Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!     FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter

هناك قرارات تُتَّخذ في الساعات والأيام الأولى بعد وقوع حادث سير قد تكون حاسمة، رغم الانشغال باحتواء الصدمة والعودة إلى الحياة اليومية. لكن بعض الأخطاء البسيطة في هذه المرحلة قد تكلّف المصاب صحته وحقوقه القانونية في الوقت نفسه. من التأخر في طلب العلاج إلى تجاهل الإجراءات الأساسية، قد تتحول التفاصيل الصغيرة إلى عوائق كبيرة في مسار التعويض ضمن نظام التأمين الإلزامي لحوادث المركبات (CTP) في ولاية نيو ساوث ويلز. فما أكثر الأخطاء شيوعاً التي يقع فيها المتضررون بعد الحادث؟ من لحظة الصدمة إلى معركة التعويضات، ما الذي يجب ألّا تفعله بعد وقوع حادث سير؟

In a profession defined by uncertainty, the treasury leaders who thrive are the ones who never stop learning.In this live Treasury Career Corner panel discussion from our Amsterdam event, three experienced treasury leaders explore why curiosity, continuous learning, networking, and understanding the wider business are the skills that drive long-term success in treasury.Meet the Guests:Marco Schuchmann, Director Treasury at BrukerLorena Pérez Sandroni, Group Treasurer at TMF GroupFeliks Indenbaum, Head of Group Treasury, JetBrainsRecorded live in Amsterdam, this Treasury Career Corner panel brings together three senior treasury professionals to discuss how treasury careers are built, developed, and sustained in an increasingly complex business environment.The conversation explores the importance of curiosity, proactive learning, networking, leadership, and understanding the wider business. The panel also shares practical insights on managing treasury teams, embracing technology and AI responsibly, handling uncertainty, and preparing for the future of the profession.Whether you're just starting your treasury career or leading a global treasury function, this episode provides valuable lessons on developing the skills that matter most.Key topics discussed:How each panellist found their way into treasury and built their careerBuilding treasury functions from the ground upWhy curiosity remains one of the most valuable career skills in treasuryDeveloping both technical treasury expertise and soft skillsHow treasury professionals can become better business partnersThe role of networking in career development and professional growthBuilding relationships across the organisation to create influenceCreating a culture where teams can learn from mistakesDeveloping future treasury leaders through trust and empowermentHow AI and technology are changing treasury operationsWhy treasury remains cautious in adopting new technologiesManaging uncertainty, volatility, and financial riskThe future direction of treasury and the evolving role of the treasurerBuilding high-performing treasury teams and securing resources for growth---

What separates good treasury careers from great ones?According to this panel of treasury leaders, it often comes down to curiosity, reliability, and a willingness to say yes to opportunities before you feel completely ready.This special live episode from our Dublin event features a panel of experienced treasury professionals sharing their career journeys, leadership lessons, and views on the future of the profession.Meet the Guests:John James Dunne, Founder & Principal at Elevate Treasury AdvisoryDonna Foley, Global Treasury Director at SandiskRónán Clifford, Senior Director of Treasury and EMEA Treasury Lead at HoneywellAimee Cullen, Director Global Cash at CarrierRecorded LIVE in Dublin, this panel discussion explores the realities of building a successful treasury career. The conversation covers career progression, professional qualifications, talent development, leadership, international opportunities, and the growing impact of AI on treasury teams.The panellists share candid reflections on their own career journeys, including the opportunities they embraced, the challenges they overcame, and the lessons they wish they had learned earlier.They also discuss what they look for when hiring treasury talent and why relationship-building, curiosity, and business partnering are becoming increasingly important skills for treasury professionals.Key topics discussed:How each panellist found their way into treasury careersThe role of treasury qualifications and professional educationWhy continuous learning remains important throughout a careerDeveloping treasury careers within large multinational organisationsThe value of international assignments and global experienceHow to create opportunities for career progressionBuilding credibility and earning a seat at the tableWhat treasury leaders look for when recruiting new talentThe importance of soft skills, communication, and stakeholder managementCoaching, mentoring, and developing treasury teamsTreasury's role as a business partner across the organisationAI, automation, and the future of treasury operationsWhy treasury professionals must understand the business behind the numbersLessons learned from working across different countries and culturesCareer advice the panellists would give their younger selves---

Recorded live at the Kyriba Live in Las Vegas, this episode features Sabrina Janulis, Benjamin Seal, and Brian Gittelman sharing honest insights into treasury careers, leadership, networking, treasury transformation, and the skills needed to build long-term career growth in the profession.Here's the YouTube video of the session - https://youtu.be/YeNOj70MZMgMeet Our Guests:Benjamin Seal, Director, Global Treasury & Risk Management at Inotiv, bringing a unique perspective on treasury leadership shaped by healthcare, process transformation, and global treasury experience.Sabrina Janulis, Director of Treasury at Baxter International, known for leading treasury transformation initiatives and championing relationship-driven career growth.Brian Gittelman, Deputy Treasurer at Kapitus, sharing insights on treasury strategy, financial services, professional networking, and technology implementation.In this live panel discussion, the guests explore how treasury careers are often shaped by unexpected opportunities, strong professional relationships, and continuous learning. The conversation covers transitioning into treasury from different professional backgrounds, implementing treasury technology, managing banking relationships, and developing leadership skills that support long-term career progression.The panel also shares practical advice for treasury professionals looking to grow their careers, including how to advocate for yourself, leverage networking opportunities, and stay open to new experiences that expand your skill set.What We Cover in This Episode:Why treasury careers are rarely linearThe role of networking and mentorship in career progressionTreasury transformation and implementationManaging banking relationships and reducing banking complexityTreasury technology, AI, APIs, and data readinessThe importance of process improvement and cross-functional collaborationHow treasury professionals can position themselves for promotionsThe value of certifications like the CTPPractical strategies for advocating for yourself professionallyWhy curiosity and listening are critical leadership skillsLessons learned from treasury leadership during COVIDThe importance of understanding end-to-end treasury processes---

Another good month – investors are giddy. Oil – CRITICALLY LOW inventory (Inside Baseball). Fed governor admits inflation is hard to control. A major name says they are reducing stocks – but are they really? Announcing the Winner of the CTP for Salesforce (CRM). PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env:'production', hosted_button_id:'JJJHP2GDEJC7J', image: { src:'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt:'Donate with PayPal button', title:'PayPal - The safer, easier way to pay online!', } }).render('#donate-button'); Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm-Up - Another good month - investors are giddy - Oil - CRITICALLY LOW inventory (Inside Baseball) - Fed governor admits inflation is hard to control - A major name says they are reducing stocks - but are they really? - Announcing the Winner of the CTP for Salesforce Markets - Huge reversal in Software stocks - A few names on the move - and moving BIG! - SpaceX IPO - could drain markets - More AI valuations through the roof Pizza Mouth ! Reversal - Software stocks bounced this week on strong results from Snowflake and Okta, which both recorded their best days on record. - The results signal that investors may have been too quick to declare the end of software with the emergence of artificial intelligence. - Even as AI displaces certain tools and job functions, many software companies continue to show growth, assisted by their own AI products. - The iShares Expanded Tech-Software exchange-traded fund rose 8% this week and closed May up 21%, the best monthly performance for the ETF since October 2001. - With this month's rally, the iShares software ETF is only down 3.8% for the year, still badly trailing the Nasdaq, which has gained 18% in 2026. Snowflake - Amazon said Wednesday that its cloud division has landed a $6 billion spending commitment from Snowflake, which includes the use of the company's custom silicon and chips for artificial intelligence. - Snowflake's purchase of services and technology from Amazon Web Services will occur over five years, according to a press release about the agreement. - Snowflake intends to expand its use of Amazon's Graviton general-purpose chips, as well as cloud-based graphics processing units for AI. - Snowflake and Amazon are frenemies - they compete but also partner with each other. - Stock up 36% on this news DELL!!!!!!!!!!!! - Dell Technologies Inc. shares surged due to an outlook for annual sales that far surpassed expectations on demand for servers that power artificial intelligence work. - Revenue in the fiscal year ending in January 2027 will be about $167 billion, including $60 billion from the sale of AI servers, topping analysts' average estimate of $142.1 billion. - The company booked $24.4 billion in AI orders and generated $16.1 billion in AI server sales in the quarter ended May 1, with Chief Operating Officer Jeff Clarke saying “The AI opportunity shows no signs of slowing.” - The shares surged 33% to $420.91 at the close Friday in New York, the biggest single-day increase in the more than seven years since the hardware maker returned to the public markets after a five-year hiatus as a private firm. - Up 150% YTD More Dell - New XPS 13 at $699 targets price-sensitive market - Aims to compete with MacBook Neo, lower-end Windows devices - Launch amid global memory chip crunch to gain market share - WINING OVER JCD: -- 13.4-inch screen (very compact footprint) Options: 2K / 2.5K LCD (120Hz) OLED touchscreen (higher contrast)| - Very thin bezels ? almost edge?to?edge screen - Weighs 2.2 lbs - one of the lightes out there and a rival to Apple's Macbook Neo Infighting - OpenAI may release multi-chip AI software, challenging Nvidia's (NVDA) ecosystem advantage, according to The Information - Oh, and NVDA is now releasing a CPU for PCs that is aggrevating Intel and AMD Kaboom! - Blue Origin's New Glenn rocket exploded in a massive fireball while undergoing a test on a Florida launchpad, dealing a major setback to the company. - The explosion is the latest blow to New Glenn's reputation as a reliable alternative to SpaceX's Falcon 9, and Blue Origin's launch schedule is certain to suffer significant delays. - The incident will also affect Amazon's ambitions to build out its Leo satellite network and may delay Blue Origin's role in NASA's Artemis program, which aims to send humans back to the moon. - As important as it will be for Blue Origin to diagnose the cause of the rocket explosion, it could take many months to repair its launchpad in Florida. Taking Down - Really? - BlackRock Inc. is trimming its bet on stocks across its model-portfolio business as US equities surge to record highs following a strong earnings season. - The firm cut its overweight position in equities from 3% to 1%, triggering billions of dollars of flows between BlackRock's exchange-traded funds. - BlackRock remains confident in equities and will maintain positions that bet on growing corporate profits, artificial intelligence and government spending, but is rotating away from longer-dated US debt in favor of global fixed-income and liquid alternatives. Slight - SpaceX is targeting a valuation of at least $1.8 trillion in its initial public offering, according to people familiar with the matter. - The company is seeking to raise as much as $75 billion, which would make it the biggest IPO of all time, and is expected to start formal marketing of its IPO as soon as June 4. -SpaceX had $18.7 billion in revenue in 2025, and the company's pitch to investors shows its evolution into an AI services and infrastructure giant with a total addressable market of $28.5 trillion. - 3-5% of the shares will be floated (TIGHT) Strategy: keep supply constrained, which: supports price discovery maintains founder control creates early scarcity dynamics - - - SpaceX has reserved 5% of the shares ?in its planned initial public offering for certain employees and individuals selected by its executive officers, exempting them from post-IPO lock-up restrictions AND.. Even more Valuations - AI giant Anthropic is now worth more than OpenAI. - Anthropic announced a $65 billion Series H financing at a $965 billion valuation, a round led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. - The financing puts its valuation above that of rival AI lab OpenAI. - The valuation has TRIPLED since February Let's GO! - Shares of LG Electronics surged as much as 24% after the company announced a series of automotive innovations built with technology from Alphabet Inc.'s Google. - The company said its new range of solutions is built on Android automotive operating systems. Its system can control multiple displays with different aspect ratios at the same time by using a single-on-chip, which is different from other conventional in-vehicle display systems, LG said. - But 24% on this news? - More reason that the KOSPI is moving higher No One Care - But... - Inflation has been above the 2% target for 5 years now - Minneapolis Federal Reserve President Neel Kashkari said Thursday that bringing down inflation in the U.S. remains his top priority, warning that consumer prices are still “much too high.”| - Speaking to CNBC's Kaori Enjoji at the Bank of Japan-IMES Conference, Kashkari said that the U.S. central bank would continue taking a “balanced approach” to its dual mandate of price stability and full employment. - 5 YEARS! ---- What that tells us is that the Fed is totally unable to do anything about inflation .... Are we the only ones that see that? Inside Baseball - From a colegie that will go un-named. --- Let's just say he is someone who knows what they are talking about and runs BIG money ----- This is what he said to me..... - Apparently, oil execs were opining with POTUS in meetings yesterday that oil inventories are at alarmingly low levels and oil prices could soon skyrocket (I might soften that language a bit but they know the oil biz better than me) if SoH does not open soon. - I ran a few numbers on total oil inventories including and excluding the SPR. - Total supplies are 10th percentile vs history (although that includes a period when the SPR ramped from 0 to 600mln barrels in the 1980's). - Today it is 4th percentile if you start from 1990 when the SPR was basically full. - The 4 week net and % draw the last 3 weeks are the largest draws of all time. - And not surprising the 1 week net and % draw of the SPR are also the 2 largest draws of all time the last 2 weeks. Surprised - No.... --- This is another story similar to what we saw a few months ago - Taiwan prosecutors suspect that three individuals smuggled at least one shipment of Nvidia Corp. AI chips to China after first exporting them to Japan. - The trio was detained for allegedly falsifying documents related to exports of Super Micro Computer Inc. servers containing advanced Nvidia chips, which the US has barred from sale to China without a license. - Taiwan authorities seized about 50 servers for which they accuse the trio of preparing fraudulent export documents, but at least one shipment had already gone through Taiwan customs and made it to Hong Kong. Under/Over? - Tesla will be somehow folder/merged or taken over by SpaceX in an all stock deal - Tesla market cap is $1.6 Trillion so that will be a tough one to take on as SpaceX is about equal in size. ---- If this happens, when ? Mini Retirement - Is this a THING? - A mini retirement is when you take a planned break from working, usually for a few months to a couple of years, instead of waiting until age 65+ to fully retire. - Tim Feerris popularized this... (4 day workweek dude) Step 1: Work & save aggressively 2–10+ years Build a specific “freedom fund” Step 2: Take time off 3 months to 2 years Travel, recharge, pursue interests, or experiment with new ideas Step 3: Return to work Same career… or pivot to something new Then repeat if desired.   Love the Show? Then how about a Donation? Announcing the THE CLOSEST TO THE PIN for SALESFORCE (CRM)   Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!     FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter

AI is reshaping treasury faster than most finance teams realize - and the professionals willing to evolve now will define the future of the function.In this episode Bojan Belejkovski, Vice President Finance & Treasury at Voltava, discusses how finance leaders can embrace AI, build future-ready treasury teams, and stay ahead in a rapidly changing industry.Bojan Belejkovski is the Vice President Finance & Treasury at Voltava. A finance executive and transformation leader he has more than 17 years of experience across automotive manufacturing, food and distribution, sports and entertainment, and real estate development. He specializes in treasury transformation, liquidity strategy, AI-driven finance solutions, and digitalization initiatives.Bojan is also the author of Treasury 2.0: Future-Proofing Finance with AI and holds an MBA from the University of Illinois alongside his Certified Treasury Professional (CTP) designation.On the episode Bojan shares his journey from studying international law to becoming a treasury leader driving AI-powered transformation across global organizations. He discusses how treasury has evolved from a largely manual function into a strategic business partner focused on automation, analytics, and real-time decision-making.The conversation explores how AI is already changing forecasting, reconciliations, variance analysis, and treasury operations - while also redefining the skills future treasury professionals will need to succeed.What We Cover in This Episode:Moving from law into treasury and finance leadershipLessons from M&A, treasury transformation, and global operationsHow AI and automation are changing treasury workflowsBuilding centralized and technology-driven treasury teamsUsing AI-driven forecasting and variance analysis to improve efficiencyWhy treasury professionals must continuously learn and adaptThe future skills treasury professionals need to stay competitiveCreating cross-functional “positionless” treasury teamsWhy treasury is becoming more strategic within organizationsYou can connect with Bojan Belejkovski on LinkedIn.---

In this live panel discussion from TEXPO, senior treasury leaders, Meredith Vance, Emily Howell, and Bruce Perry share how networking, mentorship, intentional career moves, and continuous learning helped shape their paths from accidental entrants into treasury to leading global treasury organisations.Meet the Guests:Meredith Vance, Senior Vice President and Global Treasurer at NTT DataEmily Howell, Corporate Treasurer & Senior Director of Treasury & Risk at CopartBruce Perry, Senior Vice President and Treasurer at Gainwell TechnologiesRecorded live at TEXPO, this episode explores how treasury professionals can intentionally build rewarding and long-lasting careers in treasury leadership. The panel discusses their different career journeys into treasury, the importance of education and the CTP qualification, how mentorship and networking accelerate career progression, and why treasury remains one of the most relationship-driven areas of finance.The conversation also covers leadership, treasury technology, scaling global treasury organisations, navigating acquisitions and transformations, and how treasury professionals can continue developing their careers in a rapidly changing environment.Key topics discussed:How each panelist entered the treasury professionBuilding a treasury career intentionally versus “falling into” treasuryThe role of the CTP qualification and continuing educationWhy networking is critical for treasury career growthMentorship and developing future treasury leadersExpanding treasury skillsets through strategic career movesTreasury leadership during acquisitions, carve-outs, and transformationsBuilding global treasury organisations from the ground upSelecting treasury technology and treasury management systemsThe importance of relationships across treasury, banking, and the wider businessManaging treasury teams in remote and hybrid environmentsHow treasury professionals can become more comfortable networking and building industry connections---

A treasury career isn't built on technical skills alone - it's shaped by storytelling, decision-making, and mastering complexity. In this episode, Tony (Phong) Vu, Treasurer of Broward Health, shares how these elements have defined his journey from treasury analyst to leading treasury in a complex healthcare environment.Tony (Phong) Vu is the Treasurer of Broward Health, with extensive experience across public sector treasury roles, including higher education. From Treasury Analyst to four-time Treasurer, he has built deep expertise in managing cash, investments, and debt while navigating complex stakeholder environments.In this episode, we explore his career journey from corporate finance to leading treasury in healthcare, highlighting the shift from specialization to broad leadership. The conversation also emphasizes the importance of strong fundamentals, along with how storytelling and data drive better decision-making.We also examine the differences between corporate and public sector treasury, the complexity of healthcare finance, and why curiosity and decision-making are critical skills in an increasingly AI-driven environment.What We Cover in This Episode:Transitioning from treasury analyst roles into senior leadership positionsMoving from corporate treasury into public sector and healthcareManaging cash, investments, and debt across large, complex organizationsBuilding and implementing internal banking and centralized investment structuresNavigating stakeholder management in decentralized institutionsThe complexity of tax-exempt debt and public financeDifferences between corporate “margin” focus and public sector “mission” focusUsing dashboards and data to improve cash visibility and decision-makingSimplifying treasury processes by returning to first principlesThe evolving role of treasury with technology and AIThe importance of storytelling in explaining treasury to stakeholdersYou can connect with Tony (Phong) Vu on LinkedIn.---

A torn Meniscus – that is what they say… now what? The beginning of UBI as a response from the AI boom? Black in packaging – byproduct of war Markets – – Up up and away! – New inflation data is in… – The Circular Economy – Great chart…. – Some inflation facts PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm-Up - Torn Meniscus - that is what they say... now what? - The beginning of UBI as a response from the AI boom? - Black in packaging - byproduct of war - Insights into consumer confidence reports Markets - Up up and away! - New inflation data is in... - The Circular Economy - Great chart.... - Some inflation facts - From the TACO trade to the NACHO trade The new CTP for Salesforce is open for entries! From TACO to NACHO - Not A Chance Hormuz Opens - - New phrase being used in the oil pits and trading floors Life Support - President Trump tells reporters that ceasefire with Iran is on "massive life support"; says Iran's peace proposal was a "piece of garbage" Going to CHYNA - President Donald Trump has invited executives from some of the biggest U.S. companies — including Tesla CEO Elon Musk, Apple CEO Tim Cook, BlackRock's CEO Larry Fink and Boeing CEO Kelly Ortberg — to join his trip to China this week, according to a White House official. - Also expected to join Trump's delegation for meetings with Chinese President Xi Jinping are Blackstone's Stephen Schwarzman, Cargill's Brian Sikes, Citigroup's Jane Fraser, Coherent's Jim Anderson, GE Aerospace's H. Lawrence Culp Jr., Goldman Sachs's David Solomon, Illumina's Jacob Thaysen, Mastercard's Michael Miebach, Meta Platforms executive Dina Powell McCormick, Micron Technology's Sanjay Mehrotra, Qualcomm's Cristiano Amon and Visa's Ryan McInerney, the official said, speaking on condition of anonymity because the list has not been announced. - Jensen Huang supposedly not invited Inflation Report Today - Total CPI increased 0.6% month-over-month in April, as expected, following a 0.9% increase in March. That left total CPI up 3.8% year-over-year versus 3.3% in March. - Core CPI, which excludes food and energy, jumped 0.4% month-over-month (Briefing.com consensus: 0.4%) following a 0.2% increase in March. That left core - CPI up 2.8% year-over-year versus 2.6% in March. ----Key Factors - The food index was up 0.5% month-over-month and up 3.2% year-over-year. - The energy index was up 3.8% month-over-month and up 17.9% year-over-year. - The shelter index was up 0.6% month-over-month and up 3.3% year-over-year. - The used cars and trucks index was flat month-over-month and down 2.7% year-over-year. - The apparel index was up 0.6% month-over-month and up 4.2% year-over-year. - The services index was up 0.6% month-over-month and up 3.4% year-over-year (services less rent of shelter was up 3.5% year-over-year). - The all items index less food, shelter, and energy was up 0.2% month-over-month and up 2.3% year-over-year. Consumer Confidence - Surging gas prices due to the Iran war sent consumer sentiment to a new low in the early part of May, according to a University of Michigan survey Friday. “Taken together, consumers continue to feel buffeted by cost pressures, led by soaring prices at the pump,” the survey's director, Joanne Hsu, said. - The latest University of Michigan Consumer Sentiment preliminary reading for May came in at 48.2, below the 50.5 consensus estimate and below the prior 49.8 final reading for April. ---Note: Conference board's consumer confidence reading was actually better than last month so there is a discrepancy in reports. - Conference Board measure as highly important because it is widely followed and often tied closely to labor-market perceptions, while the Michigan survey is also closely watched for inflation-sensitive consumer attitudes. Thwarted! - Google's Threat Intelligence Group said hackers are using AI models such as OpenClaw to uncover and exploit zero-day software vulnerabilities. - GTIG said it has “high confidence” that it recorded hackers using an AI model to find and exploit a zero-day vulnerability, or a software flaw unknown to developers, creating a way to bypass two-factor authentication. -The group said in a report that it had uncovered and likely thwarted an AI-developed attack. - Anthropic delayed its Mythos model rollout due to cybersecurity concerns, but current models are being used by hackers. - How are we going to stop the hackers from using powerful AI models to hack? Circular Economy - Great Graphic Circular Always Money to be made... - US derivatives exchange CME Group Inc. and index provider Silicon Data are teaming up to create a futures market for computing power. - The futures will help traders, financial firms, AI builders and cloud providers manage volatility and price swings, according to a statement. - CME CEO Terry Duffy said compute is "the new oil of the 21st century" and creating a futures market can help make the costs more transparent. ----- One more way to pump this as now there is ways to further inflate costs through a leveraged futures market Private Credit Transparency? - Faster mark-to-market plans - Apollo Global Management Inc. has been stepping up efforts to provide liquidity and price transparency in the private-credit market, where assets don't typically change hands. - Last week, the firm said more than $830 billion of its credit assets will be priced daily by the end of September. " - Others in the industry are not so happy about this. - Most say that this is little more that lipstick on a pig No Problem - Congress is looking to suspend the federal gas tax for a few months - Trump backing - $0.18 per gallon tax in a effort to reduce gas prices that are now approx $4.40 average per gallon higher than before the war - War not changed, Iran still stringing us along. - Under/Over how long it will take until next Ceasefire bombings start? - Will a sprinkle of warfare prior to China visit be in the cards as a show of strength? AI Jobs - Kevin Hassett says that AI isn't costing anybody their jobs rights now - EVEN THOUGH TECH CONTINUES LAYOFFS - Why bother even listening to these guys? - Major deep discussion on this on TDI Podcast this week -- WORTH THE LISTEN Asian Markets - Continuing to brush off any worries about oil prices, escalation or valuations that are in the stratosphere - Korea - as we discussed this would be the case is up a staggering 78% last year and already up 81% this year - Market cap has increased $2.7 trillion over the past year - The massive wealth increase has been heavily concentrated. Tech giants Samsung Electronics and SK Hynix accounted for the vast majority of the gains, with individual rallies of up to 382% over the year. Strange - The retail trades added nearly 22,000 jobs in April, accounting for almost one-fifth of total job growth. - In March, retailers posted their largest number of monthly job openings since 2023. - Retailers are more confident after seeing consumers keep their wallets open in the face of an uncertain economy and higher gas prices. - Nearly 15.5 million employees now hold retail industry jobs, the most since July 2024. - What is strange is the UMich confidence hit another all-time low last Friday for the latest prelim reading for the month ANALlysts - The earnings upgrades for tech are not just incremental - Examples: -  Seagate Tech target raised to $1000 from $750 at Evercore ISI, cites HAMR-driven multi-year HDD growth, pricing power, and strong AI/data center demand backdrop - AMD - Goldman Sachs upgraded to Buy and raised its price target dramatically (e.g., to $450 from $240). Other firms like Bernstein (to $525), Barclays, KeyBanc, TD Cowen, and Baird also hiked targets significantly (many by $200+) - Several other names upgrades with big ranges of price increases UBI Starting...? - South Korea should consider institutional ways to redistribute potential excess tax revenue generated by the AI infrastructure boom to help ease inequalities that could deepen in an AI-driven era, a top presidential policy aide said. - President Kim proposed the principle, tentatively named a “national dividend,” underlining that gains from AI infrastructure should be understood as the product of South Korea's collectively built industrial foundation. - In his Facebook post on Monday, Kim explained that "the central question of the AI era is not simply about growth rates, but about how to socially stabilize excess profits." Black ink - Calbee to switch its brightly colored packaging to black and white because war has disrupted supply of certain raw materials used in ink - Calbee, whose potato chip brands in particular are known for brightly colored bag designs, said 14 of its products would switch to monochrome branding by the end of May. - Printing ink requires naphtha, an oil derivative for which Japan relies on imports from the Middle East for about 40% of its consumption. Black Ink Printing HantaVirus - Tristan da Cunha, home to only around 200 people, is halfway between South Africa and South America. It is the world's remotest inhabited island, more than 2,400 km and a six-day boat ride from St Helena, its nearest inhabited neighbor. - It usually relies on a medical team of two people for its health needs, and is normally only accessible by boat as it has no airstrip. - A British man was dropped from the death ship was there and has the symptoms - so "out of an abundance of caution...." - "The arrival of paratroopers, medical personnel and medical supplies from the sky has hopefully reassured the people of Tristan da Cunha," said Brigadier Ed Cartwright, Officer Commanding 16 Air Assault Brigade. - Does this give comfort that paratroopers dropping in with hazmat suits?     Love the Show? Then how about a Donation? Announcing the THE CLOSEST TO THE PIN for SALESFORCE (CRM)   Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!     FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter

Building global treasury impact requires more than technical skills - it demands data-driven insight, strong relationships, and the ability to influence across the business.This week's guest is Takachida Kuhudzai, Head of Treasury at Avon. With a career spanning banking, corporate treasury, and global leadership roles, he has developed deep expertise in analytics, working capital optimisation, and navigating complex international markets.In this episode, Takachida Kuhudzai, Head of Treasury at Avon shares his journey from starting in banking to leading global treasury functions. He reflects on how early experience in FX trading shaped his ability to operate in fast-moving environments, and how transitioning into corporate treasury gave him a broader understanding of how businesses operate.A key highlight is his work in building a global working capital analytics platform, which became a central tool for decision-making and helped unlock significant cash flow across the organisation. He also discusses the importance of stakeholder relationships, tailoring treasury strategies to different markets, and managing complexity in volatile environments.The episode also explores his current role at Avon, where he has been instrumental in transforming treasury operations and supporting the company's transition to private equity ownership.What We Cover in This Episode:Career journey from banking into corporate treasuryExperience in FX trading and fast-paced financial marketsTransition to corporate treasury and understanding business operationsBuilding and scaling a global working capital analytics platformUsing data to unlock cash flow and drive decision-makingStakeholder management and influencing across global teamsAdapting treasury strategies to local market constraintsManaging volatility and risk in emerging marketsLeading treasury transformation during organisational change at AvonThe role of technology and data in the future of treasuryDeveloping leadership, communication, and influenceYou can connect with Takachida Kuhudza on LinkedIn.---

Most treasury careers don't follow a plan - they evolve through unexpected opportunities, bold decisions, and continuous reinvention.Recorded LIVE from our Treasury Career Corner event in New York, this episode brings together three senior treasury leaders - Bob Kane, Deepali Chawla, and Keith Gaub to share how their careers evolved from chance beginnings into strategic leadership roles.In this LIVE session in New York, three experienced treasury leaders share how their careers evolved - often unexpectedly - into senior strategic roles. From accidental entries into treasury to leading global teams and influencing enterprise decisions, the discussion explores how treasury has shifted from an operational function to a critical strategic partner.Meet the Guests:Bob Kane (Vice President, Corporate Treasurer at Neptune Retail Solutions) - transitioned from FP&A and finance roles into treasury, building expertise through experience and professional networks.Deepali Chawla (Chief Treasury Officer at Moody's Corporation) - began in finance operations before moving into treasury, progressing through global roles and leadership positions across multiple organisations.Keith Gaub (Vice President & Assistant Treasurer at Bristol-Myers Squibb) - started in banking and moved into corporate treasury, where he helped build treasury functions and lead major capital markets activities.The panel highlights the importance of adaptability, internal and external relationship management, and maintaining a forward-looking mindset in a rapidly changing environment shaped by technology, AI, and global business dynamics.Key topics discussed:Non-linear treasury career paths: Careers shaped by chance rather than structured planningFrom operations to strategy: Treasury evolving into a key driver of enterprise decision-makingLearning through experience: On-the-job development as a core driver of career growthEnterprise mindset and internal influence: Building cross-functional relationships and business understandingManaging banking relationships: Using transparency and communication to balance partnerships and outcomesLeading global teams: Driving ownership and alignment across regions in a hybrid environmentAI and technology in treasury: Embracing innovation while maintaining control and judgmentCareer progression strategies: Leveraging networking, visibility and intentional career planningExecution and credibility: Delivering consistently and producing decision-grade outputs---

How do you transform a treasury function from manual processes into an AI-powered, automation-driven strategic partner?In this episode, we're joined by Karen Kearney, Treasurer at Stanford University. She leads treasury across one of the world's most complex and innovative institutions, overseeing areas including capital markets, cash management, and financial strategy within a large, mission-driven environment.On the episode Karen Kearney, Treasurer at Stanford University shares her unconventional journey into treasury, from starting in audit to exploring a career in the culinary world before returning to finance and ultimately leading treasury at Stanford.The conversation dives into how treasury can evolve into a strategic function through innovation, automation, and collaboration. Karen explains how her team implemented predictive cash forecasting, automated complex processes, and developed in-house solutions that outperform market offerings.She also discusses the unique challenges of operating in a nonprofit, consensus-driven environment, the importance of institutional understanding, and how AI will shape the future of treasury.What We Cover in This Episode:Transitioning from audit to treasury through a non-linear career pathThe complexity of managing finances in a large research universityDifferences between corporate and nonprofit treasury environmentsDriving transformation through automation and process optimisationManaging a multi-billion-dollar debt portfolio and internal banking structureCreating a scalable merchant services solution and winning a major industry awardThe role of innovation and Silicon Valley influence on treasury strategyElevating treasury as a strategic partner within an organisationThe growing importance of AI, data quality, and upskilling in financeFuture skills required for treasury professionalsCareer advice: embracing opportunities and continuous learningYou can connect with Karen Kearney on LinkedIn.---

Building a treasury function from scratch is only the beginning - turning it into a strategic engine is where the real impact happens.This week, we welcome back Ben Loper, Senior Vice President & Corporate Treasurer at Hilton Grand Vacations.A returning guest to the podcast, Ben joins us for an update episode, sharing how his role and treasury itself has evolved since his first appearance, now overseeing a multi-billion-dollar financing business alongside treasury operations.In this follow-up conversation, Ben Loper, now Senior Vice President & Corporate Treasurer at Hilton Grand Vacations walks through his journey from banking and equity research into corporate treasury, and how he helped build a treasury function from scratch within a newly independent company.He shares how treasury has evolved from a back-office function into a strategic partner in capital allocation, risk management, and growth, and reflects on the realities of scaling teams, navigating acquisitions, and operating in an increasingly complex global environment.The discussion also explores the future of treasury, including technology, payments, remote working challenges, and why treasury professionals must think beyond operations to deliver real business value.Key topics discussed:Transitioning from banking and equity research into corporate treasuryBuilding a treasury function from scratch in a newly spun-out companyScaling treasury through acquisitions and rapid business growthThe role of treasury in capital allocation and strategic decision-makingHow banking experience translates into corporate treasury successThe shift from operational treasury to strategic treasury leadershipNavigating post-pandemic challenges, including inflation and market uncertaintyThe growing importance of payments, customer experience, and technology in treasuryRemote working challenges and training the next generation of treasury professionalsThe evolving role of certifications and experience in hiring treasury talentYou can connect with Ben Loper on LinkedIn or for more info check out www.benrloper.com.---

Pierre explains how he ended up deep in mineral chemistry instead of the ketamine series he was writing. After four years treating vaccine‑injured patients at Leading Edge Clinic, he's learned that almost every promising therapy — hyperbaric, stem cells, exosomes, chlorine dioxide, DMSO, ivermectin — helps some people a lot, others modestly, and leaves a stubborn cohort behind. A contact kept pushing him to look at a mineral extract derived from biotite (black mica), a volcanic rock containing 50 to 80 minerals. The backstory: a Japanese researcher in the 1950s, transfixed by a tree growing out of a bare rock, spent roughly 15 years in his off‑hours coaxing the minerals out in sulfated, bioavailable form. Pierre dug in, set the ketamine work aside, and hasn't come up for air since. From there the conversation turns sharp. Tim, May, and Pierre dissect the long COVID research pipeline — $1.2 billion committed, the first government‑funded trial studying Paxlovid, a repurposed HIV drug Pfizer dusted off during the pandemic. Pierre pulls no punches on regulatory capture, rebound, and the PR campaign that made Paxlovid a household name despite a paper‑thin evidence base. They reminisce about the monoclonal antibody era — a clinic with the state's entire supply, patients improving in hours, and then the EUA vanishing right as things were working. The episode wraps with a tease for next week: a full deep dive on chlorine dioxide, the subject of Pierre's newest book written with Jenna McCarthy. ABOUT DR. PIERRE KORY Dr. Pierre Kory (MD, MPA, CTP) is the former Chief of the Critical Care Service and Medical Director of the Trauma and Life Support Center at the University of Wisconsin. Considered one of the world pioneers in the use of ultrasound by physicians in the diagnosis and treatment of critically ill patients, he helped develop and run the first national courses in Critical Care Ultrasonography in the U.S. and served as a director of these courses with the American College of Chest Physicians. He is senior editor of the leading textbook “Point of Care Ultrasound,” now in its second edition and translated into seven languages worldwide. Dr. Kory was a U.S. pioneer in therapeutic hypothermia research and treatment for post‑cardiac arrest patients. In 2005, his hospital was the first in New York City to begin regularly treating patients with therapeutic hypothermia, and he served as an expert panel member for New York City's Project Hypothermia. He has led ICUs in multiple COVID‑19 hotspots throughout the pandemic and co‑authored five influential papers on COVID‑19, including the first to support the diagnosis of early COVID‑19 respiratory disease as an organizing pneumonia. In collaboration with Dr. Paul Marik, Dr. Kory pioneered the research and treatment of septic shock patients with high doses of intravenous ascorbic acid. He is co‑author of “The War on Ivermectin” (with Jenna McCarthy) and founder of Leading Edge Clinic, where he treats post‑vaccine syndrome, long COVID, and complex chronic conditions. He has testified before Congress on ivermectin and appeared on Joe Rogan, Tucker Carlson, and other major media platforms. CONNECT WITH US Thanks for joining us — you are the reason we are here. Have questions? Reach out at doc@bsfreemd.com or find Tim and May on Facebook and Instagram.

In higher ed, international travel safety is crucial. With studies abroad, research collaborations, global partnerships, and athletics, managing risk and protecting people is crucial. But many travel programs have not kept up with need, and schools are left with more exposure to risk than they may know. 280,000 students study abroad each year, and many institutions don't know where all their travelers are. In this podcast, E&I and CTP discuss how institutions can help keep their college president from taking a dreaded midnight phone call to learn that traveling students are in harm's way. E&I Host: Dennis Hyde, Category Marketing Manager, E&I Cooperative ServicesGuests: Morgan Hoyt, VP of Business Development & Account Management, CTP; Ben Rader, Director of Business Development, CTP           Cooperatively Speaking is hosted by E&I Cooperative Services, the only member-owned, non-profit procurement cooperative exclusively focused on serving the needs of education. Visit our website at www.eandi.org/podcast.Contact UsHave questions, comments, or ideas for a future episode? We'd love to hear from you! Contact Cooperatively Speaking at podcast@eandi.org. This podcast is for informational purposes only. The views expressed in this podcast may not be those of the host(s) or E&I Cooperative Services.

Leading treasury across multiple industries requires more than technical expertise - it demands adaptability, broad experience, and a forward-looking mindset.In this episode, Garima Thakur, Global Treasurer and Risk Leader at Creative Artists Agency (CAA) shares insights from building a treasury career spanning finance, technology, consumer products, sports, and entertainment.Garima Thakur is Global Treasurer and Risk Leader at Creative Artists Agency (CAA), where she oversees treasury, liquidity management, and financial risk. She brings extensive treasury leadership experience across multiple industries, including financial services, technology, consumer products, and entertainment.On the show Garima shares how she discovered treasury during an MBA internship and built a career across several industries and treasury disciplines. She explains why developing broad experience early in a treasury career can create a strong foundation for future leadership roles.The conversation also explores how treasury functions evolve within growing organizations, the importance of forward-looking liquidity planning, and how technology and AI are beginning to influence areas such as forecasting, data analysis, and decision-making.What We Cover in This Episode:Discovering treasury during an MBA internship and choosing it as a career pathBuilding early career experience across multiple treasury disciplinesThe advantages of working in lean treasury teams and learning across functionsLeading treasury roles across finance, technology, consumer products, sports, and entertainmentBuilding and evolving treasury capabilities within a fast-moving organizationThe role treasury plays in supporting both strategic initiatives and daily operationsForward-looking liquidity planning and scenario analysisThe growing role of technology and AI in treasury processesDeveloping strong treasury teams and learning from operational mistakesWhat treasury leaders value when hiring and developing talentYou can connect with Garima Thakur on LinkedIn.---

Publicistul și scriitorul Cristian Tudor Popescu este astăzi „Cap la cap” cu Cătălin Striblea la România în Direct. În ultima ediție dinainte de vacanța de Paște, Cristian Tudor Popescu invită publicul să-i adreseze orice fel de întrebări despre cariera sa, despre viața profesională și personală. De asemenea, CTP va răspunde la întrebări legate de controversele carierei sale, credințele exprimate public sau relațiile cu spațiul politic și administrativ. Adresează-i orice întrebare lui Cristian Tudor Popescu. Dați-i greu lui CTP!

Publicistul și scriitorul Cristian Tudor Popescu este astăzi „Cap la cap” cu Cătălin Striblea la România în Direct. În ultima ediție dinainte de vacanța de Paște, Cristian Tudor Popescu invită publicul să-i adreseze orice fel de întrebări despre cariera sa, despre viața profesională și personală. De asemenea, CTP va răspunde la întrebări legate de controversele carierei sale, credințele exprimate public sau relațiile cu spațiul politic și administrativ. Adresează-i orice întrebare lui Cristian Tudor Popescu. Dați-i greu lui CTP!

Global treasury leaders are operating in one of the most complex financial environments in decades. Volatility, evolving risks, and growing strategic expectations mean treasury must balance liquidity, risk management, and long-term value creation more carefully than ever.In this episode, Deepali Chawla, Chief Treasury Officer shares how she navigates these challenges while leading the global treasury function at Moody's Corporation.Deepali Chawla is the Chief Treasury Officer at Moody's Corporation, where she leads the company's global treasury function. She brings extensive experience in treasury strategy, financial risk management, and liquidity oversight, along with an international career spanning multiple markets and leadership roles.In this episode of the Treasury Career Podcast, host Mike Richards speaks with Deepali about her journey into treasury and her leadership role at Moody's. She shares insights on leading a global treasury function, managing risk and liquidity in a volatile environment, and how treasury has evolved into a more strategic business partner.Deepali also discusses the role of technology and forward planning in modern treasury, along with the mindset and skills needed to build resilient teams and successful treasury careers.What We Cover in This Episode:Deepali's early career journey and transition into treasuryBuilding a career internationally and adapting to new environmentsThe evolving role of treasury within global organisationsLeading the treasury function at Moody'sManaging financial risk and liquidity in a complex global environmentThe importance of forward planning and preparing for potential market disruptionHow technology and automation are reshaping treasury operationsCreating a more strategic and forward-looking treasury functionBuilding and developing high-performing treasury teamsCareer advice for professionals looking to grow within treasuryYou can connect with Deepali Chawla on LinkedIn.---

What does it take for a treasurer to earn - and protect - credibility with boards, rating agencies, and banking partners during billion-dollar transactions?In this episode, we explore how treasury leaders like Stephen Kaufhold, Vice President & Treasurer at Incyte, build trust when the stakes are highest.Stephen Kaufhold returns to the show, now serving as Vice President & Treasurer at Incyte. When he last appeared, he was SVP & Treasurer at Allergan, leading treasury through significant capital markets activity and transformation. Since then, he has continued to navigate change at scale, bringing experience across financial services, telecom, and pharmaceuticals.In this follow-up conversation, Stephen reflects on his transition from Allergan to Incyte and shares how treasury builds and sustains credibility during defining corporate moments.We discuss capital allocation in pharma, managing leverage through large-scale transactions, and staying strategically relevant in an evolving financial landscape. Stephen also outlines how treasury professionals can deliberately build the exposure, skills, and judgment required to lead at the highest levels - from rating agency presentations to boardroom financing decisions.What We Cover in This Episode:Transitioning from Allergan to Incyte and navigating corporate transformationFinancing multi-billion-dollar acquisitions and divestituresPresenting capital structure strategies to boards and audit committeesBuilding and maintaining credibility with rating agenciesCapital allocation priorities in pharma: R&D, business development, debt reduction and buybacksOperating in both investment-grade and non-investment-grade environmentsDeveloping and mentoring treasury teams for long-term successThe importance of broad treasury exposure across cash management, capital markets and securitizationNavigating compressed deal timelines and capital markets volatilityThe evolving impact of AI, crypto, and cybersecurity on treasuryYou can connect with Stephen Kaufhold on LinkedIn.---

Have an idea or comment for North Boros Beat? Click here and let us know.Judy talks with the cast of CTP's Spring Production-the madcap “American History in 60”.  We talk about this unique play, along with the busy lives of actors in community theatre.  American History in 60 - performed by the Community Theatre PlayersVenue - Community Presbyterian Church of Ben Avon, 7501 Church Avenue, Pittsburgh, PA 15202Dates - Fri. April 11, Sat. April 12, 7:30 pm, Sun. April 13, 3:30 pmFri. April 17, Sat. April 18, 7:30 pm$12 adults  $5 kidsTIckets at https://bactp.seatyourself.bizCash at doorCTP website:  bactp.com   

What does it really take to build a global, state-of-the-art corporate treasury from the ground up - and then lead it through a global pandemic, digital transformation, and the rise of AI?In this returning guest episode, Julien Muet, Head of Corporate Finance & Treasury at TÜV Rheinland Group, shares how he built and transformed a global treasury function - and what seven years of leadership, crisis management, and modernization have taught him.Julien Muet leads the global corporate finance and treasury function at TÜV Rheinland Group, a multinational testing, inspection and certification organization operating across industries worldwide.Since stepping into the role, he has centralized governance, strengthened liquidity structures, modernized systems, and positioned treasury as a strategic partner to the business.Seven years after first joining the show, Julien returns to share how he built TÜV Rheinland Group's treasury function from scratch, navigated the COVID-19 liquidity crisis, and modernized operations through automation and AI.From securing liquidity during uncertainty to embedding technology and strengthening leadership culture, this episode is a practical look at what modern treasury transformation really requires.What We Cover in This Episode:Building and centralizing a global treasury functionDesigning and executing a multi-year treasury strategyStrengthening liquidity through revolving credit facilities and crisis financingLeading treasury through the COVID-19 pandemicImplementing automation and integrating treasury systemsApplying AI in treasury: bots, forecasting, and reportingLeadership evolution: humility, team stability, and hiring philosophyThe future of treasury and the skills professionals need to stay relevantYou can connect with Julien Muet on LinkedIn.---

Marketing can feel uncomfortable for a lot of therapists. Most of us were trained to be neutral, private, and to keep the focus on the client. So when someone tells you that you need to show up on social media or talk about your work publicly, it can feel a little strange. But visibility matters more than ever when it comes to building a private practice. In this episode, I'm joined by Jazzmyn Proctor, a therapist, podcaster, and marketing mentor who helps clinicians show up online in ways that feel authentic and sustainable. Jazzmyn shares how she started building her presence while still in grad school and how social media became a natural way to grow her practice and connect with the right clients. We talk about the tension many therapists feel between being a "blank slate" and being visible online, how to find a marketing style that fits your strengths, and why you do not have to be everywhere to grow your practice. If social media has ever felt intimidating or overwhelming, this conversation will give you a practical and realistic way to think about marketing your work. Resources Mentioned In This Episode  Read the show notes here Watch on YouTube Wealth & Worth Within   CEO Financial Clarity Corner Use the promo code "GORDON" to get 2 months of Therapy Notes free Consulting with Gordon The PsychCraft Network Meet Jazzmyn Proctor, M.S., LGPC, NCC, CTP Jazzmyn Proctor, M.S., LGPC, NCC, CTP, is a mental health therapist specializing in trauma-informed, attachment-based therapy under the supervision of Dr. Jennifer Kaufman Walker. She earned her master's degree from Hood College. During her time in graduate school, she was actively involved in community initiatives, including serving on the board of directors for Annapolis Pride. Jazzmyn believes strongly in working to create meaningful change both inside and outside of the therapy room. Website Instagram

Send a textWe catch up on the latest heat in Microsoft Flight Simulator 2024, from a standout Piaggio P180 to the sudden A340 buyer's dilemma. We also get honest about how we plan routes, why long hauls feel rewarding, and how scenery and updates can make or break a sim night. • first impressions of the Flight FX Piaggio P180 Avanti II for MSFS 2024 • building believable corporate routes using FlightAware and Flightradar24 • why freeware airports on FlightSim.to change how we fly • the Aerosoft Toliss A340-600 versus iniBuilds A340-300 tradeoffs • long haul culture, time compression debates, and VATSIM realities • Black Square Cessna 208 Caravan expectations and real-world ops • scenery and platform updates across MSFS 2024 and X-Plane 12 Please make sure you, you know, give us a good rating there on all of your favorite podcast outlets and all that fun stuff. Make sure you go and come out to sunny Minneapolis, Minnesota, and spend some time with us and the CTP crew. Website: www.closedtrafficpodcast.com Facebook: @Closedtrafficpodcast Follow us on Patreon: https://patreon.com/closedtraffic

Bringing order to financial chaos requires more than policies and processes.In this episode, Ritu Narula, SVP Finance and Treasurer at Hilco Global, shares how she has built centralized, high-performing treasury and finance teams across geographies and cultures by focusing on what actually works in decentralized organizations.Ritu Narula is the Senior Vice President of Finance and Treasurer at Hilco Global, a global financial services firm specializing in asset valuation, advisory, and monetization. With over 20 years of experience, including 18 years at Stericycle, Ritu has led treasury transformations across diverse sectors and geographies. From scaling global teams to managing multi-billion dollar deals, she brings a unique blend of hands-on knowledge and strategic leadership.In this candid conversation, Ritu walks us through her journey from a one-person treasury team to becoming a global finance leader. She shares actionable insights on building centralized treasury operations in decentralized businesses, balancing speed with controls, managing through stress, and adapting leadership styles across cultures.What We Cover in This Episode:Transitioning from a decentralized to a centralized treasury modelLeading treasury through rapid M&A activity and international expansionThe difference between public and private company treasury structuresBuilding trust and credibility in new roles and new culturesCreating shared services from scratch and integrating global operationsLessons in situational leadership and letting go of controlTreasury technology: from Excel chaos to automation and analyticsCultural nuances in global banking and regional operationsTraining and mentoring the next generation of finance professionalsYou can connect with Ritu Narula on LinkedIn.---

It's EV News Briefly for Monday 02 March 2026, everything you need to know in less than 5 minutes if you haven't got time for the full show.Patreon supporters fund this show, get the episodes ad free, as soon as they're ready and are part of the EV News Daily Community. You can be like them by clicking here: https://www.patreon.com/EVNewsDailyBMW USA SHOP LEAK POINTS TO 2027 LINEUPA leak on BMW USA's online shop revealed two fully electric i3 sedan variants — the i3 40 xDrive and i3 50 xDrive — confirmed for the US in 2027, sharing the Neue Klasse platform with the iX3 and featuring Gen6 batteries, 800-volt hardware, and an iDrive X interior. The 2027 lineup also adds a first-ever iX4 coupe-SUV in two variants, an iX3 in three configurations launching in North America this summer, an electric iX5, and an i3 M60 alongside a full electric M3 positioned as the spiritual successor to today's M3 Competition.TESLA BERLIN RUNS HALF FULL AS UNION ROW SIMMERSTesla's Gigafactory Berlin produced 211,235 vehicles in 2024 against a stated annual capacity of 375,000 — a 56% utilisation rate — and output has since declined further, with the factory now reportedly running at around 40% capacity and BYD outselling Tesla in Europe in January 2026. Labour tensions are deepening ahead of works council elections, with IG Metall pursuing collective wage agreements similar to those at Volkswagen and BMW, while Tesla filed a criminal complaint against a union member and Elon Musk warned that "outside organisations" could hinder the site's ambition to become Europe's largest factory complex.T&E: LOCAL BATTERIES COULD CUT COST GAPA Transport & Environment report argues the EU can shrink the cost gap between domestically made and Chinese batteries from 90% to around 30% through scaled-up local production, with higher automation and lower scrap rates potentially cutting the gap to $14 per kWh by 2030 — equivalent to roughly €500 on an average EV. The findings align with the EU's forthcoming Industrial Accelerator Act, which targets ~70% local content thresholds for publicly supported EVs, though some carmakers warn this risks making batteries prohibitively expensive while T&E's Julia Poliscanova calls it "a sovereignty premium worth paying," particularly given China's export restrictions on critical minerals.TRIBUNAL BACKS 5% VAT ON SOME PUBLIC CHARGINGA UK tax tribunal has ruled against HMRC in a case brought by community charging operator Charge My Street, finding that a de-minimis clause in the VAT Act 1994 — capping "domestic" supplies at 1,000 kWh per month per customer — can qualify most neighbourhood charge points for the 5% reduced VAT rate rather than the 20% rate currently applied to public charging. The ruling is significant for drivers without off-street parking, though it also raises commercial complications, as many charge point operators have multi-year contracts priced on 20% VAT, and it opens the door to networks gaming the threshold by splitting sites or charger banks into separate "premises".ŠKODA OPENS €205M CTP BATTERY PLANT IN CZECHIAŠkoda has opened a €205 million (~$216M), 55,000 m² battery production facility at Mladá Boleslav, making it the Volkswagen Group's largest BEV battery system site and the first VW Group plant in Europe to manufacture cell-to-pack (CTP) systems at scale. The line produces over 1,100 battery systems per day — targeting up to 335,000 annually — and Škoda's switch to LFP cells has cut battery production costs by 30% compared to its previous MEB systems.MG CLOSES IN ON EUROPEAN FACTORY PLANMG has narrowed its European factory search to five countries, aiming to begin production by 2027 to circumvent the EU's 45% tariff on Chinese-built BEVs — a levy that caused MG's European BEV sales to fall 33% to 48,479 units last year, even as overall European sales rose 26% to 307,282 units in 2025. MG Europe head William Wang declared "it's time to build local," positioning the brand as a European marque rather than a Chinese import, as rivals BYD, Chery, and Leapmotor also race to establish European manufacturing footholds.CITROËN UPDATES C5 AIRCROSS PHEV FOR EURO 7Citroën has refreshed the C5 Aircross plug-in hybrid with a new 21.5 kWh battery (17.8 kWh usable), delivering up to 96 km (60 miles) of WLTP combined electric range — a 33% improvement over the outgoing model and ahead of rivals like the Peugeot 3008 Hybrid4 (69 km) and Ford Kuga PHEV (64 km). Priced in the €40–50k range, Citroën positions the updated C5 Aircross as one of the most tax-efficient family SUVs in the mainstream segment across EU markets while still targeting Euro 7 compliance.CANADIAN TRIAL PEGS ELECTRIC SEMI SAVINGS AT $157,126A real-world Canadian trial by FPInnovations' PIT Group and Transport Canada tracked two commercial fleets over 12 months and more than 200,000 km of Montreal-area operations, projecting savings of $157,126 per truck over six years — described as the most comprehensive dataset of its kind outside controlled demonstrations. The study compared the Freightliner eCascadia (BEV) directly against the diesel Cascadia and found that despite the electric truck's higher purchase price, higher-than-expected maintenance costs, and lower residual value, a six-year saving still emerged and may prove conservative.DENZA D9 ELECTRIC MPV ARRIVES IN AUSTRALIADenza has launched the D9 electric MPV in Australia from A$85,990, powered by a 103.3 kWh Blade Battery with 200 kW DC fast charging, 11 kW AC charging, and V2L capability across both variants, all built on BYD's e-Platform 3.0 with a cell-to-body battery structure. The seven-seat, three-row cabin targets the premium end of the people-mover segment with nappa leather, open-pore white ash wood trim, a 14-speaker Dynaudio sound system, adaptive suspension, and second-row captain's chairs offering over 900 mm of legroom, massage, and individual screens.CHINESE CAR BRANDS SPLIT US BUYERSA Cox Automotive survey of 802 prospective US car buyers found the country almost evenly divided — 38% would consider Chinese brands if available, 39% would not — with Gen Z showing notably higher openness at 69%. Chinese brands remain locked out of the US market by high tariffs and software regulations, but cost pressure is a key driver of interest, with 68% of open buyers expecting lower prices against an average new car price of $50,000, while BYD has already surpassed Tesla in European EV sales.

What does it take to lead treasury during a once-in-a-generation investment cycle?In this episode, we chat with Andrew Binnie, Group Treasurer at SSE plc and uncover how treasury is powering SSE's £33 billion transformation - driving strategy, navigating funding, and building purpose-led teams.This week's guest is Andrew Binnie, Group Treasurer at SSE plc. With an impressive career spanning Vodafone, BT, and now SSE, Andrew has led treasury through large-scale corporate transformations, capital market transactions, and strategic reorganizations.Andrew shares the inside story of his transition to SSE and how he's leading the treasury function through one of the UK's largest investment programs in energy infrastructure. From IPOs and hybrid capital to leadership philosophies and capability building, this episode offers a masterclass in treasury leadership during transformation.What We Cover in This Episode:SSE's £33bn “Transformation for Growth 2030” investment planTreasury's role in funding £15bn of that investment through debt and hybrid capitalBuilding and integrating high-performing treasury teamsLeading with clarity, purpose, and a co-created team visionAndrew's lessons from Vodafone's M&A, IPO, and high-yield venturesHow BT's £25bn fiber investment reshaped its treasury functionCareer insights: when to take risks, and when to build foundationsWhy strong leadership and aligned values matter more than job titlesThe importance of communication, planning, and preparation in treasuryTreasury's evolving role: from support function to strategic enablerYou can connect with Andrew Binnie on LinkedIn.---

Send a textWe weigh the X-Crafts recent ERJ 2.0 release, celebrate the Marwin's sharp HondaJet 2024 rebuild and consumer-friendly pricing, and pull apart Southwest's pivot to hub-and-spoke. Spirit's restructuring and a bold new 787-9 project round out a packed hour.• ERJ family 2.0 strengths and weaknesses• Marketing lead times versus delivery windows and buyer trust• HJet 2024 rebuild highlights, mission fit, upgrade path and price• Southwest's route cuts, hub shift and traveler impact• Spirit's bankruptcy restructuring and premium seating pivot• New 787-9 project goals, risks and what long-haulers want• FS Expo ticket timing, community survey and plansPlease ensure that you all are booking your tickets. Prices go up on March 1. CTP is very proud to announce that we are once again sponsors at this year's FS Expo.Website: www.closedtrafficpodcast.com Facebook: @Closedtrafficpodcast Follow us on Patreon: https://patreon.com/closedtraffic

Yesterday marked the fourth anniversary of Russia's invasion of Ukraine. Four years of war in which Russian forces have occupied roughly one and a half percent of Ukraine's territory at the cost of approximately half a million lives. Our guest, Frederick W. Kagan, and his team at the Institute for the Study of War (ISW) and the Critical Threats Project (CTP) assess that Russia's strategy is to win at the negotiating table what it cannot seize on the battlefield. Putin's theory of victory rests on the assumption that Russian forces will continue grinding forward indefinitely, regardless of the cost, and that he will be able to persuade the West to abandon Ukraine, ultimately forcing Kyiv to concede more than it already has. Successful negotiation requires changing Putin's calculus. Over the past four years, Ukrainians have made their position unmistakably clear: “We would rather die than be part of Russia.” So, what will drive this tipping point toward peace? Would a global inflection point against malign actors and axis partners change Putin's negotiating position? And what security guarantees from the West would be sufficient to sustain this hypothetical peace? Frederick W. Kagan is a senior fellow and the director of the Critical Threats Project (CTP) at the American Enterprise Institute (AEI). He edits CTP's and the Institute for the Study of War's (ISW) daily updates on Russia's invasion of Ukraine. He was previously an associate professor of military history at West Point, and he earned the Distinguished Public Service Award for his volunteer service in Afghanistan. Dr. Kagan coauthored the report Defining Success in Afghanistan and is the author of the “Choosing Victory” report series, which recommended and monitored the US military surge in Iraq.Read the transcript here.Subscribe to our Substack here.

What if your treasury function could run smarter, not harder?David Mazzola, Head of Treasury at Norstella shows how a systems-first mindset turned chaotic spreadsheets into scalable, global treasury operations - and how you can do the same.David Mazzola is the Head of Treasury at Norstella, a global pharma intelligence solutions provider.Known for being “tech-obsessed,” David has led treasury transformations across insurance, tech, and pharma by embedding systems thinking into every function he touches.In this episode, David shares how a deep interest in technology shaped his unconventional path into treasury and helped him drive transformation at companies like QBE, Spotify, and now Norstella.You'll hear how he implemented treasury management systems across global teams, why many organizations fail at tech adoption, and how automation tools like RPA can radically reduce manual workloads.If you're a treasury professional looking to modernize your function - or just want to understand how to lead with systems thinking - this episode is packed with practical strategies and real-world lessons.What We Cover in This Episode:How David transitioned from banking operations into corporate treasuryEarly lessons from building treasury systems from scratch at QBEWhy many treasury functions fail at tech adoption - and how to avoid itImplementing KYRIBA across global regions and its organizational impactWhat David learned by contrasting organic treasury builds (like Spotify) with post-M&A integrations (like Norstella)How robotic process automation (RPA) helped slash 20 hours of work into 45 minutesBalancing urgency with control when building treasury infrastructure fastWhy treasury leaders must keep their eyes on liquidity, risk, and future scalingDavid's take on the future of treasury - from AI to blockchain to better B2B payment flowsYou can connect with David Mazzola on LinkedIn.---

What separates a treasury leader from a scorekeeper?In this episode, you'll learn how to step out of the traditional treasury box and drive strategic, high-impact results across your organization - straight from Scott Paredes who's done it across multiple industries.Scott Paredes is a seasoned finance and risk management executive known for his innovative strategies and for leading high-performing treasury teams across global organizations. Throughout his career, Scott has consistently positioned treasury departments at the forefront of business transformation.He pioneered multiple first-of-their-kind capital markets transactions - including the first Sustainability-Linked Asset Based Loan and was recognized with a 2022 Alexander Hamilton Award by Treasury & Risk for developing a cutting-edge cyber-fraud prevention solution.Host Mike Richards sits down with Scott to explore his multifaceted treasury journey - from leading funding strategies in Latin America to pioneering sustainability-linked lending and combatting cyber fraud. Scott shares how thinking differently, collaborating internally, and continually evolving treasury strategy can move the function from back-office to business-critical.What We Cover in This Episode:Scott's unique journey working alongside his twin brother in treasuryLessons from managing liquidity and FX through 9/11 and global crisesLaunching new asset classes in underdeveloped capital marketsHow Scott approached massive M&A integration and refinancing at EnscoImplementing the first sustainability-linked asset-based loan at SouthwireReal-world fraud prevention strategies that won awardsCreative cash flow improvements through customer partnershipsWhy AI and cyber controls are central to treasury's futureCareer-building strategies for aspiring treasury leadersYou can connect with Scott Paredes on LinkedIn.---

What does it take to transform a lean, manual treasury operation into a global, scalable powerhouse supporting 40+ markets?Alex Chalmers, Group Treasurer at Inchcape, shares how he did just that - while navigating complex M&A, implementing automation, and building regional treasury leadership around the world.Alex Chalmers is the Group Treasurer at Inchcape, the world's leading independent automotive distributor. With a career spanning Vodafone, Subsea7, and private equity-backed ventures, Alex brings deep expertise in building treasury functions that align with dynamic, fast-growing global businesses.In this episode of the Treasury Career Corner, Alex takes us through his treasury journey, from entering the field “by accident” to leading Inchcape's treasury function through major growth and transformation.You'll hear how he modernized systems, scaled operations across continents, and handled a £1.3B acquisition - while still staying hands-on with regional treasury realities.What We Cover in This Episode:How Alex transitioned from accounting to treasury - and why it stuckEarly lessons from Vodafone and Subsea7 on cash visibility and project healthTreasury in a PE-backed business vs. a listed global companyBuilding a modern treasury function from the ground up at InchcapeManaging treasury across 40+ markets with regional leadershipThe importance of TMS, payment platforms, and automationFinancing a £1.3B acquisition and preparing for market debut bondsThe role of stablecoins and digital payments in emerging marketsDeveloping yourself as a senior treasury leaderWhy curiosity, simplification, and networking are core to treasury successYou can connect with Alex Chalmers on LinkedIn.---

Sara shares a pattern she hears all the time: when she calls newly engaged couples to congratulate them, their first response is almost always, “Thank you… but wow, this is stressful.” On todays episode we have Anansia Leslie-Bailey, RP, CCC, CTP of I Do Therapy, who's here to help you figure out when normal planning stress starts tipping into something heavier. By understanding what's triggering those feelings and learning practical coping tools, you can protect your mental health—and strengthen your marriage at the same time. Let this episode be your first step toward more peace, confidence, and joy in the season ahead. Please rate, review and subscribe to this podcast wherever you're listening so you never miss an episode. Even better share it with a friend! It's a great way to show your support and let us know what you think. Thank you for listening. To get the full show notes head to https://sarazarrella.com/unexpected-wedding-planning-emotions-wedding-secrets-unveiled-podcast/ For more information check out our website at www.sarazarrella.com/podcast Check us out on YouTube! Make sure to like and subscribe! https://www.youtube.com/@SaraZarrella/podcasts Join our Monthly Newsletter for tips, tricks and Freebies! https://sarazarrella.com/newsletter Would love to be friends on the gram at https://www.instagram.com/sarazarrellaphotography/

For our 200th episode, we break down one of the highest grossing films of the year with Avatar: Fire and Ash! Cameron's third film in a planned series of five has not made the money its predecessors have, but did it work for us? Thank you for listening to our 200th episode of CTP! Come back next week as we start our Scream series with the 1996 original!

What does it take to lead treasury at a global manufacturing powerhouse known for constant expansion?In this episode, we uncover the operational discipline, strategic thinking, and career moves that shaped Bert Jameson's path to becoming Vice President and Corporate Treasurer at Ingersoll Rand.Bert Jameson is the Vice President and Corporate Treasurer at Ingersoll Rand. With a career that spans high-impact roles at Cargill, Buffalo Wild Wings, and Winnebago, Bert has built treasury functions from scratch, led billion-dollar bond issuances, and helped guide complex M&A transactions - all while staying grounded in the fundamentals of financial leadership.In this conversation, Bert walks through his journey from accounting and tax into the world of treasury, sharing how key career moves, mentorship, and adaptability shaped his rise to leadership.He reveals how treasury operates at the heart of business growth and explains the systems and mindset that allow him to support global operations and fast-paced corporate development.What We Cover in This Episode:How Bert pivoted from tax to treasury through initiative and educationThe skillsets he developed on Cargill's corporate treasury advisory teamEarly exposure to valuations, deal structuring, and bond issuanceMoving from big food and hospitality brands into cyclical manufacturingBuilding a treasury function from the ground up at Buffalo Wild WingsSupporting global operations through a scalable treasury playbookThe role of treasury in M&A - from pre-close due diligence to post-close integrationBert's “Three Pillars of Treasury” frameworkThe cautious role AI is beginning to play in cash forecasting and operationsThe importance of being a mentor and strategic career plannerYou can connect with Bert Jameson on LinkedIn.---

With Tim Krueger, Co-Founder and Partner at Krueger, Fosdyck, Brown, McCall & Associates – New Edge Advisors, LLC Overview For many advisors, the real question isn't how big the business becomes—but what happens next. This episode explores how Tim Krueger and his $1.4B Merrill team rethought succession, liquidity, and legacy to create long-term continuity. Watch… Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… For many advisors, success is defined by growth: more clients, more assets, more revenue. But at some point, the question shifts from, “How big can we build this?” to “What happens next?” After nearly two decades at Merrill, Tim Krueger and his partners had built a $1.4B practice and one of the most successful teams in their market. By any traditional measure, the internal sunset path would have been the simplest option. But simplicity wasn't the goal. Protecting clients, creating opportunities for the next generation, and preserving the culture they had built mattered more. That led Tim and his partners to make a very different decision: to break away from the wirehouse, sell out of that environment entirely, and align with NewEdge Advisors in a way that solved for succession, liquidity, and long-term continuity—simultaneously. In this conversation with Louis Diamond, Tim shares how focusing on other people's needs – clients, teammates, and future leaders – became the ultimate growth strategy. Plus, they discuss: Lessons learned over nearly two decades at Merrill—and how structure, team building, and next gen cultivation become paramount. Stepping away from Merrill's CTP retire-in-place program—and what other business owners shared with him that inspired the decision to leave the wirehouse. Opting to align with NewEdge Advisors—and how liquidity and continuity were key factors. “Shrinking to grow”—and why it isn't just a portfolio philosophy, but a business one. Monetizing the business—and how the process can be a new beginning for the business, not an end for the business owners. Building a true runway for G2 and G3—and how it can create a rare win-win-win for founders, teams, and clients alike. It's a candid look at what life after a wirehouse can unlock—and how thinking differently about succession can redefine both legacy and fulfillment. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Diamond Consultants Merrill Advisor Transition Report This annual “firm-focused report” takes a closer look at advisor movement to and from Merrill during the first half of 2025. The Transition Roundtable: Merrill, UBS, Wells, and Morgan Advisors Reflect on Their Paths Four top advisors who each left a major firm share how they built successful independent businesses on their own terms. Originally recorded as a live webinar, this candid roundtable explores the real fears, challenges, and opportunities of transition, and what advisors wish they'd known before making the leap. Shrink to Grow: Why Advisors are Making the “Strategic Decision” to Let Go of Assets In a world where bigger is considered better, many of Wall Street's most talented and productive advisors are opting to go against the grain and leave chips on the table. Tim Krueger With over four decades years of experience in financial services, Tim Krueger is a recognized leader in wealth management. As Co-Founder and Partner at KFBMA, Tim provides strategic oversight for the firm's vision, growth, and operational excellence. He guides key initiatives, mentors advisors, and ensures that KFBMA remains at the forefront of industry's best practices, delivering a client experience defined by trust, innovation, and results. Drawing on decades of experience in private wealth management, Tim combines strategic insight with deep expertise in investment planning, risk mitigation, and tax-efficient strategies. His commitment to building enduring relationships ensures that every recommendation is tailored to deliver meaningful, long-term results aligned with each client's goals and family priorities Tim is known for creating comprehensive, highly personalized wealth management strategies that reflect the goals, values, and family priorities of his clients. His approach combines strategic insight with a commitment to building lasting relationships, ensuring advice that drives meaningful, long-term results that align with each client's goals and family priorities. In 2025, Tim partnered with Cory Fosdyck, Jerry Brown, and Collin McCall to establish Krueger, Fosdyck, Brown, McCall & Associates (KFBMA)—an evolution of the highly regarded Krueger, Fosdyck & Associates team that operated under Merrill Lynch Wealth Management from 2006 to 2025. Beyond his professional achievements, Tim is a passionate community advocate. He has emceed numerous charitable events in the Destin area and served as Chair of the American Cancer Society's Cattle Barons' Ball (2008–2009) and Chairman of the Safety & Public Works Committee for the City of Destin. Today, Tim continues to make an impact as a Trustee of the Destin Charity Wine Auction Foundation, charter sponsor of Sinfonia Gulf Coast, and supporter of the Mattie Kelly Arts Foundation and Special Operators Transition Foundation. Tim also serves on the board of directors of DEFENSEWERX the nation's largest 501(c)(3) organization of its kind, dedicated to enabling agile innovation for government partners through a network of innovation hubs across the country. Recognition & Honors: Named to Forbes Best-in-State Wealth Advisors list (2022–2025) Named to Forbes Best-in-State Wealth Management Teams list (2023–2025) Also available on your favorite podcast app and other media sites

The AI boom is propelling a once-obscure group of state regulators into key decision-making roles for the economy. AI needs data centers, data centers need power and power is generally regulated in some way — depending on the state — by public utilities commissions.That's the topic of a new report from the Center on Technology Policy at NYU. Scott Brennen, CTP director and author of the report, said these commissions often make decisions on planning and permitting for new infrastructure and decide the rates utilities charge consumers.

The AI boom is propelling a once-obscure group of state regulators into key decision-making roles for the economy. AI needs data centers, data centers need power and power is generally regulated in some way — depending on the state — by public utilities commissions.That's the topic of a new report from the Center on Technology Policy at NYU. Scott Brennen, CTP director and author of the report, said these commissions often make decisions on planning and permitting for new infrastructure and decide the rates utilities charge consumers.

Winner of the CTP Cup for IBIT Announcing the participants for the CTP Cup 2025 Calling a Code Red! Sam Altman’s declaration PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Interactive Brokers  Warm-Up - Winner of the CTP for IBIT - Announcing the participants for the CTP Cup 2025 - Calling a Code Red! Sam Altman's panic - Here come the Tariff lawsuits - - Smart Toilets are a thing (And learning the Bristol Scale) Markets - Horses can smell the barn.... Seasonal Trends - PR Teams - full throttle - (This is their Social Media) - Tax planning over the next couple of weeks may see some selling into year end Impressive Results - India's economy grew at a faster-than-expected pace of 8.2% in the quarter ended September against a forecast of 7.3% in a Reuters poll and 7.8% expansion in the previous quarter, data released last Friday showed. - The Indian government has cut consumer taxes on hundreds of items and implemented long-delayed labour reforms in the last three months as it tries to keep the domestic economy strong in the face of global uncertainties. - Strongest in 6 quarters - Economists said stockpiling for the festive season as well as expedited exports ahead of the 50% tariff deadline on August 27 might have contributed to the quarterly growth figures. - Manufacturing output rose 9.1% in the quarter ending in September from a year earlier against growth of 7.7% a quarter ago, while construction expanded 7.2% year-on-year from 7.6% a quarter ago. NVDA Spreading Out - Nvidia on Monday announced it has purchased $2 billion of Synopsys common stock as part of a strategic partnership to accelerate computing and artificial intelligence engineering solutions. - As part of the multiyear partnership, Nvidia will help Synopsys accelerate its portfolio of compute-intensive applications, advance agentic AI engineering, expand cloud access and develop joint go-to-market initiatives, according to a release. - Nvidia said it purchased Synopsys' stock at $414.79 per share (Now at $445) Amazon Ultra Fast Service - The parent company of Instacart fell nearly 4% after Amazon said it's testing “ultra-fast” delivery of groceries in Seattle and Philadelphia. - These deliveries take about 30 minutes or less, said Amazon. - Doordash and other delivery companies stocks also fell. Microstrategy - Strategy - Stock has been under pressure - Who knows what the company actully does anymore - Leverage Bitcoin play - issuing massive debt and convertibles to but Bitcoin - Stock down 39% this year and 52% 1 -year (Up 400% in the last 5 years) -Bitcoin dropped below $87k this week before staging a recovery bounce. Devil's Metal - Silver has outpaced gold in 2025, with a growth of about 71%, compared to gold's 54%. - Silver mine production has been decreasing for the past ten years, especially in Central and South America, due to mine closures, resource depletion and infrastructure challenges. - While industrial demand for silver is expected to decline slightly in 2025, the metal is increasingly used in electric vehicles, for AI components and in photovoltaics. - Some people are saying that people were having to transport silver by plane rather than on cargo ships to meet delivery demand INTERACTIVE BROKERS Check this out and find out more at: http://www.interactivebrokers.com/ Some Trump Updates: - Reiterates his view that Chair Powell should reduce rates. - Says he's negotiating with Democrats on healthcare. - Plans to give refunds out of collected tariffs. Crying Game - SoftBank Group founder Masayoshi Son on Monday downplayed the decision to offload the conglomerate's entire Nvidia stake, saying he “was crying” over parting with the shares. - Speaking at a forum in Tokyo Monday, Son addressed SoftBank's November disclosure that the firm had sold its holding in the American chip darling for $5.83 billion. - According to Son, SoftBank wouldn't have made the move if it didn't need to bankroll its next artificial intelligence investments, including a big bet on OpenAI and data center projects. Are Stocks Overvalued? CAPE RATIO Consumers... Consumer Confidence CODE RED -  Chief executive Sam Altman reportedly declared a “code red” on Monday, urging staff to improve its flagship product ChatGPT, an indicator that the startup's once-unassailable lead is eroding as competitors like Google and Anthropic close in. - In the memo, reported by the Wall Street Journal and The Information, Altman said the company will be delaying initiatives like ads, shopping and health agents, and a personal assistant, Pulse, to focus on improving ChatGPT. This includes core features like greater speed and reliability, better personalization, and the ability to answer more questions, he said. - Herein lies the problem with this entire tech market - what if ChatGPT fades to the sideline with $1.5Trillion promised over the next 5-7 years? - Remember, Google declared a Code Red after the arrival of ChatGPT. AI Takeover - Massachusetts Institute of Technology on Wednesday released a study that found that artificial intelligence can already replace 11.7% of the U.S. labor market, or as much as $1.2 trillion in wages across finance, health care and professional services. - The study was conducted using a labor simulation tool called the Iceberg Index, which was created by MIT and Oak Ridge National Laboratory. - The index simulates how 151 million U.S. workers interact across the country and how they are affected by AI and corresponding policy. Costco Sues - Costco filed a lawsuit asking for a full refund of tariffs the warehouse club giant has paid since President Donald Trump imposed “reciprocal” and “fentanyl” tariffs earlier this year. - Costco sued the Trump administration to get a full refund of new tariffs it paid so far this year, and to block those import duties from continuing to be collected from the retail warehouse club giant as a Supreme Court case plays out. - Costco is worried that it would lose the money even if the Tariffs were deemed illegal. Fat Cutting -  Eli Lilly said it is lowering the cash prices of single-dose vials of its blockbuster weight loss drug Zepbound on its direct-to-consumer platform, LillyDirect. - Starting Dec. 1, cash-paying patients with a valid prescription can pay $299 to $449 per month for Zepbound vials on LillyDirect, depending on the dose, down from a previous range of $349 to $499 per month. - The announcement comes just weeks after President Donald Trump inked deals with Eli Lilly and Novo Nordisk to make their GLP-1 drugs easier for Americans to access and afford. Smart Toilets - This year industry giants Toto Ltd. and Kohler Co. introduced smart toilets capable of analyzing what is in the bowl - Launched in August, the latest model in the Neorest line starts at roughly $3,200. - It uses an LED light and a sensor to read the shape, color, hardness and volume of stool as it drops, and sends data to a smartphone app in less than a minute. - Each toilet can support as many as six users — enough for most households — while some companies have bought multiple units for their employees. Toto aims to sell 7,300 units annually by 2028. - For now the stool-scanning Neorest is available only in Japan. - The app analyzes bowel movements against the Bristol scale, which is commonly used to diagnose constipation, inflammation or diarrhea, and offers simple recommendations such as eating more fiber and drinking more water, or even menu suggestions, like vegetable soup. Bristol Scale Feel Good - Entrepreneur Michael Dell and his wife, Susan, will deposit $250 in the individual investment accounts of 25 million American children in a $6.25 billion philanthropic pledge as part of the Trump administration's Invest America initiative. - $250 each child born after between 2015 and 2025 - The money will go to the accounts of children who live in ZIP codes where the median family's income is $150,000 or less, according to a spokesperson for the Dells. Love the Show? Then how about a Donation? Announcing the Winner for iShares Bitcoin Trust ETF (IBIT) Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt! CTP CUP 2025 Here is the list of players: Jim Beaver Mike Kazmierczak Joe Metzger Ken Degel David Martin Dean Wormell Neil Larion Mary Lou Schwarzer Eric Harvey (2024 Winner) FED AND CRYPTO LIMERICKS See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter