Podcasts about Dilemma

In this Friday Night Live on 6 February 2026, Stefan Molyneux opens with a personal update and some thoughts on livestreaming before turning to broader questions of morality, society, and history. He examines the role of capital punishment in historical England, arguing that it played a part in keeping crime rates down and supporting cultural development.Molyneux then breaks down Robert Axelrod's Prisoner's Dilemma simulations, showing where the well-known “Tit for Tat” strategy falls short in more complicated, real-world relationships.Drawing from listener questions, he comments on celebrity culture, gender dynamics, and the particular pressures faced by those who speak uncomfortable truths. He closes with a candid reflection on his life as a public thinker and makes a case for greater accountability in public conversation.GET FREEDOMAIN MERCH! https://shop.freedomain.com/SUBSCRIBE TO ME ON X! https://x.com/StefanMolyneuxFollow me on Youtube! https://www.youtube.com/@freedomain1GET MY NEW BOOK 'PEACEFUL PARENTING', THE INTERACTIVE PEACEFUL PARENTING AI, AND THE FULL AUDIOBOOK!https://peacefulparenting.com/Join the PREMIUM philosophy community on the web for free!Subscribers get 12 HOURS on the "Truth About the French Revolution," multiple interactive multi-lingual philosophy AIs trained on thousands of hours of my material - as well as AIs for Real-Time Relationships, Bitcoin, Peaceful Parenting, and Call-In Shows!You also receive private livestreams, HUNDREDS of exclusive premium shows, early release podcasts, the 22 Part History of Philosophers series and much more!See you soon!https://freedomain.locals.com/support/promo/UPB2025

Full show - Thursday | GMD - Too much academics? | News or Nope - Are you excited for the Olympics? | Erica's got a dress dilemma | Lazy | Would you go to an Admin Party? | Can you spell these commonly-misspelled words? | T'd Off with T. Hack - Pop-Tarts | Does Erica love her dog too much? | Stupid stories www.instagram.com/theslackershow www.instagram.com/ericasheaaa www.instagram.com/thackiswack www.instagram.com/radioerin

Contract structure takes center stage Detroit Lions fans got clarity on a headline decision. On today's Daily Detroit Lions Podcast, Jeff Risdon unpacked why Carlton Davis chose New England and how Detroit pivoted. Dave Burkett, reporting from the Super Bowl, relayed Davis' words: he would have signed in Detroit, and it wasn't about money. It was the structure. Davis, the former Lions starter now with the Patriots, signed a three-year, $54 million deal with $34.5 million guaranteed and a $16.5 million signing bonus. No void years. He started slowly but improved as the season went on, then played very well in the playoffs, especially when CJ Stroud threw him the ball a lot. Davis reiterated he liked Detroit's process. DJ Reed's deal shows Detroit's approach After Davis moved on, the Detroit Lions signed DJ Reed to a three-year, $48 million contract with $32 million guaranteed and a $15.2 million signing bonus. Detroit's wrinkle under Mike Disner stands out: three void years. The contract technically runs through 2031, which makes Reed easier to cut after the second year or to renegotiate. Reed was off to a very good start in Detroit before an injury. When he returned, he wasn't the same player yet. Expectations remain that he will be a very good starter in 2026. Reed projects as part of a fine starting cornerback duo. Are there better ones in the NFL? Yes. Can you win with these guys in the style of defense the Lions play? Yes. Why void years matter for veterans Davis cited structure as the hang-up, and the void years are the obvious difference. For an older player seeking to cash in, void years can mean less immediate cash in year one. They can also reduce player leverage when a team wants to renegotiate or move on, since the organization carries obligations whether the player is there or not. Workout bonuses can factor in too, but the void years are the clear separator here. Davis emphasized there was no drama with Detroit or its leadership. “I love Detroit… I was rooting for those guys… It was a straight up process… Good communication… I got nothing bad to say about them.” The takeaway for the Detroit Lions and the NFL at large is simple: the Lions' preferred tools work for the team, but certain veterans and their agents may push back. As Detroit keeps using void years on contracts and future extensions, this will be worth watching. https://www.youtube.com/watch?v=dQXrzlQgZrM #detroitlions #lions #detroitlionspodcast #carltondavis #djreed #voidyears #mikedisner #signingbonus #guaranteedmoney #basesalary #workoutbonuses #newenglandpatriots #detroitlionsdefense #freeagency #superbowl #cjstroud #three-yearcontract Learn more about your ad choices. Visit megaphone.fm/adchoices

With her wedding fast approaching, Erica's reception dress is causing a problem!

How does a small, mountainous island with no interconnections and a massive industrial load clean up its grid? In this episode, I speak with Yeh-Tang “Ricky” Huang about the technical and political bottlenecks holding back Taiwan's energy transition. We explore why the country has struggled to deploy wind and solar, the realistic prospects for advanced geothermal, and the absolute necessity of demand-side flexibility in such a constrained system. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.volts.wtf/subscribe

LINKS TO GUESTS:  @apologeticsroadshow  @JakeBrancatella2.0  Special thank you to our DEBATECON 7 sponsors including:  @UncensoredAmerica  The Gospel Truth: https://TGTConference2026.eventbrite.com Yonaguni International Cuisine: https://share.google/6WuEgX9yQH7ywI7RFAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Send us a textJoin Gary for more quality piping including musical trips to both the USA and CanadaPlaylistFras with Flylo from FlinneLos Angeles Scots Pipe Band with Los Angeles Scots Pipe Band and Bruce Gandy's Farewell to the Iron Horse from At the BeachDuncan Johnstone with Duncan Johnstone, The Judge's Dilemma and Donella Beaton from Bows and Drones.Jeremiah McLane and Timothy Cummings with Laride 6 Temps and Pixel from The Wind Among the ReedsBrian Donaldson with Lord Alexander Kennedy, Bob of Fettercairn and Mrs MacPherson of Inveran from Glenfiddich Piping Championship Ceol Beag 1990. Ann Gray with the Starcraft Trip to Glencoe, White Balloons and Black Leather, Kelvinhaugh Street Spirits and The Convoy to Oban from Shouting at MagpiesMuirhead and Sons Pipe Band with Colin Thompson, Caledonian Society of London and MacAllister's Dirk from 25 Years of World Pipe Band ChampionsJohn Walsh with Time to Spare, Barney's Balmoral, Sleepy Maggie, Archie Brown, Piper's Despair, Poor Man am I, Korgie from Time to SpareDaimh with The Hag at the Churn, Fosgail an Dorus, Zito the Bubbleman and The Wise Maid from Moidart to MabouSupport the show

Join Patreon for the extended version https://patreon.com/Relatables69?utm_medium=unknown&utm_source=join_link&utm_campaign=creatorshare_creator&utm_content=copyLink00:00 intro06:57 Dilemma 111:54 Dilemma 216:39 Dilemma 321:32 Dilemma 427:42 Add29:43 Dilemma 5 (Spotify end Join Patreon)

Steve Tisch's name appeared in the Epstein Files. What's this mean for his ownership stake in the Giants? Also, will Rick ever see the Jets win a Super Bowl? Learn more about your ad choices. Visit podcastchoices.com/adchoices

When a missionary or pastor plants a church, they're not just gathering people—they're making decisions that quietly shape the work for years to come. And one of the decisions that carries great weight is that of “space.” Where do we meet? When do we start on Sundays? How do we stay nimble and mission-focused without being homeless—or overbuilt? Today's conversation sits right in that tension: the blessings a building can provide, and the burdens it can introduce, especially when the work is still small and the people are still growing.My guest today on the Postscript is Blade Sbisa, a church planting pastor in St. Louis who's just getting the work on the ground with a small team. Blade recently stepped into a rare opportunity to purchase a church building at a phenomenal price—complete with a parsonage—before the plant is really ready to use it. So what do you do when the building is bigger than the congregation? How does it effect the culture and set expectations? Blade is thinking through it all in real time, and his process will help a lot of planters—and sending churches—think more clearly about buildings, stewardship, and the work of making disciples.For more information, please follow the link to read this episode's notes.Visit https://lfbi.org/learnmore

K&K Full Show - Valentines For Veterans and Kennedys Big Game Dilemma 02-02-26 full 3054 Mon, 02 Feb 2026 15:09:16 +0000 LdoG63Xxwql422k7jvSR1VtOmgMg6T3S society & culture Karson & Kennedy society & culture K&K Full Show - Valentines For Veterans and Kennedys Big Game Dilemma 02-02-26 Karson & Kennedy are honest and open about the most intimate details of their personal lives. The show is fast paced and will have you laughing until it hurts one minute and then wiping tears away from your eyes the next. Some of K&K’s most popular features are Can’t Beat Kennedy, What Did Barrett Say, and The Dirty on the 30! 2024 © 2021 Audacy, Inc. Society & Culture False https://player

Do you forfeit a court early or wait until onsite? What happens when a forfeit becomes "never mind" and your team isn't ready?Hear the stories and tell us your best practices!We would greatly appreciate a 5 star rating wherever you listen to podcasts! Please contact us - Website: secondservepodcast.com Instagram: secondservepodcastFacebook: secondservepodcast Use our referral link to get a FREE Swing Stick ($100 value) with your first year of SwingVision Pro. The bundles are only $149.99 (previously $179.99). This is a limited time offer that you won't want to miss! We are excited to team up with Michelle from Tennis Warehouse and her "Talk Tennis" podcast to bring you a "TW Tip of the Week!" Use the code SECONDSERVE to get $20 off clearance apparel when you spend $100 or more.

Scaling a Business Without Burning Out  w/Andrew PolesThe Founder's DilemmaAndrew Poles is a seasoned executive coach with over 20 years of experience helping founders and entrepreneurs navigate the toughest challenges of building and scaling a business. He's coached over 10,000 leaders, worked with executives at companies like NASA, Dell, Netflix, and Epic Games, and founded three businesses himself.Andrew specializes in helping early-stage founders and small business owners cut through overwhelm, build high-performance teams, and lead with confidence—without burning out.If you're growing a business and feel like you're carrying the weight of the world, Andrew is here to show you how to lead with clarity, resilience, and impact.Links:https://andrewpoles.com/services/https://www.instagram.com/andrewpolescoaching/Tags:Balance,Business Growth,CEO Coaching,Communication,Founder,High Performance,Leadership Coach,Startup,Success Coach,Work-life Balance,Scaling a Business Without Burning Out  w/Andrew Poles,Live Video Podcast Interview,Podcast,InterviewSupport PEG by checking out our Sponsors:Download and use Newsly for free now from www.newsly.me or from the link in the description, and use promo code “GHOST” and receive a 1-month free premium subscription.The best tool for getting podcast guests:https://podmatch.com/signup/phantomelectricghostSubscribe to our Instagram for exclusive content:https://www.instagram.com/expansive_sound_experiments/Subscribe to our YouTube https://youtube.com/@phantomelectricghost?si=rEyT56WQvDsAoRprRSShttps://anchor.fm/s/3b31908/podcast/rssSubstackhttps://substack.com/@phantomelectricghost?utm_source=edit-profile-page

Fluent Fiction - Norwegian: A Winter's Dilemma: Family, Opportunity and Support Find the full episode transcript, vocabulary words, and more:fluentfiction.com/no/episode/2026-01-31-08-38-20-no Story Transcript:No: Det var en kald vinterdag i Bergen.En: It was a cold winter day in Bergen.No: Snøen lå som et teppe over gatene, og Bryggen var full av liv.En: Snow lay like a blanket over the streets, and Bryggen was full of life.No: Folk samlet seg for å feire vintersolens tilbakekomst med den årlige vinterfestivalen.En: People gathered to celebrate the return of the winter sun with the annual winter festival.No: Gylne lanterner hang fra de historiske trehusene, og kastet et varmt lys over de glade ansiktene.En: Golden lanterns hung from the historic wooden houses, casting a warm light over the happy faces.No: Lars og Ingrid, bror og søster, gikk langs bryggen.En: Lars and Ingrid, brother and sister, walked along the pier.No: Lars var ettertenksom.En: Lars was thoughtful.No: Ingrid hadde nettopp flyttet tilbake fra utlandet.En: Ingrid had just moved back from abroad.No: Hun var glad for å være hjemme igjen, men hun kunne merke at noe plaget Lars.En: She was happy to be home again, but she could sense that something was bothering Lars.No: "Ingrid," sa Lars.En: "Ingrid," said Lars.No: "Jeg har noe jeg må fortelle deg.En: "I have something I need to tell you."No: "Ingrid så på broren sin med interesse.En: Ingrid looked at her brother with interest.No: "Hva er det, Lars?En: "What is it, Lars?"No: ""Jeg har fått et jobbtilbud i utlandet.En: "I've received a job offer abroad.No: Det er en stor sjanse for meg, men jeg vet ikke om jeg skal dra.En: It's a big opportunity for me, but I don't know if I should go.No: Familien trenger meg her.En: The family needs me here."No: "Ingrid stoppet opp og så ham inn i øynene.En: Ingrid stopped and looked him in the eyes.No: "Det er en vanskelig avgjørelse," sa hun.En: "It's a tough decision," she said.No: "Jeg har nettopp kommet hjem, og jeg vil være mer sammen med deg.En: "I've just come home, and I want to spend more time with you.No: Men du må også tenke på hva som er best for deg.En: But you also need to think about what's best for you."No: "De fortsatte å gå mens de snakket.En: They continued walking as they talked.No: Festivaldeltakerne omkring dem lo og danset.En: The festival-goers around them laughed and danced.No: Musikken fylte luften, og det var en følelse av glede rundt dem.En: Music filled the air, and there was a sense of joy around them.No: Til tross for festlighetene, kjente Lars en kamp inni seg.En: Despite the festivities, Lars felt a struggle within himself.No: "Jeg vil ikke forlate dere," sa Lars.En: "I don't want to leave you," said Lars.No: "Men muligheten er så stor.En: "But the opportunity is so great.No: Jeg vet ikke hva jeg skal gjøre.En: I don't know what to do."No: "Ingrid tok armene hans og ga ham et beroligende smil.En: Ingrid took his arms and gave him a reassuring smile.No: "Lars, du trenger ikke å bestemme deg nå.En: "Lars, you don't need to decide now.No: Vi er her for deg, uansett hva du velger.En: We are here for you, no matter what you choose.No: Familien støtter deg alltid.En: The family will always support you."No: "Lars følte en lettelse i ordene hennes.En: Lars felt relief in her words.No: Han skjønte at han ikke måtte ha alle svarene med en gang.En: He realized that he didn't have to have all the answers right away.No: Med Ingrid ved hans side, kunne han ta seg tid til å tenke.En: With Ingrid by his side, he could take his time to think.No: Han så ut over den snødekte bryggen og kjente varmen fra de gylne lysene omfavne ham.En: He looked out over the snow-covered pier, feeling the warmth of the golden lights embrace him.No: "Livet er fulle av usikre øyeblikk," sa Ingrid.En: "Life is full of uncertain moments," said Ingrid.No: "Men vi kommer gjennom dem sammen.En: "But we'll get through them together."No: "De delte en stille forståelse.En: They shared a silent understanding.No: Lars visste at han ville finne veien med tiden.En: Lars knew he would find his way in time.No: Han tok Ingrid i hånden, og de gikk videre inn i den festlige mengden, lysene dansende over dem.En: He took Ingrid's hand, and they walked further into the festive crowd, the lights dancing around them.No: Begge visste at med hverandres støtte, ville de stå sterke gjennom enhver storm.En: Both knew that with each other's support, they would stand strong through any storm. Vocabulary Words:blanket: teppethoughtful: ettertenksombothering: plagetabroad: utlandetopportunity: mulighettough: vanskeligstruggle: kampreassuring: beroligenderelief: lettelseembrace: omfavneuncertain: usikrepier: bryggegathered: samletcasting: kastetsensed: merketfestive: festligeunderstanding: forståelsefestival-goers: festivaldeltakereannual: årligewooden houses: trehusenecelebrate: feiresun: soljoy: glededecision: avgjørelsesense: følelsesupport: støttestorm: stormfestivities: festligheteneopportunity: sjansenwarm: varmt

Westerns on a SaturdayFirst, a look at the events of the day.Then, Have Gun Will Travel starring John Dehner, originally broadcast January 31, 1960, 66 years ago, Bad Bert.    The search for "Bad Bert," a road agent widely wanted by lawmen, is in reality, an English nobleman!Followed by Gunsmoke starring William Conrad, originally broadcast January 31, 1960, 66 years ago, Chesters Dilemma.  Chester's in love with pretty Edna Wallstrom, Edna's very much interested in Marshal Dillon's mail!Then, The Six Shooter starring Jimmy Stewart, originally broadcast January 31, 1954, 72 years ago, Trail to Sunset.  Britt shoots Ace Tressler when Ace tries to steal Britt's horse. Britt promises him that he'll get medical treatment for Ace and not let him get lynched. Followed by The Hallmark Playhouse, originally broadcast on January 31, 1952, 74 years ago,  Westward Ho!, starring Joseph Cotton.  A historical adventure novel that follows the coming-of-age of Amyas Leigh, an idealistic young Englishman who sails to the New World amid the Elizabethan era's conflicts between England and Spain.Finally, Fibber McGee and Molly, originally broadcast January 31, 1955, 71 years ago, the Mystery of the Missing Garbage Can. Fibber tries to solve "The Mystery Of The Missing Garbage Can."Thanks to Debbie B. for supporting our podcast by using the Buy Me a Coffee function at http://classicradio.streamCheck out Professor Bees Digestive Aid at profbees.com and use my promo code WYATT to save 10% when you order! If you like what we do here, visit our friend Jay at http://radio.macinmind.com for great old-time radio shows 24 hours a day

On today's MJ Morning Show:Researcher's book tells us Shakespeare was really who?Myspace founder asked to bring back MyspaceMorons in the newsClassic Crotchety... caught in a trash truckDoes MJ want to buy land in GreenlandTampa Police Chief Lee Bercaw on Gasparilla safetyDinner at the Hard Rock, Pat Benatar and a fire in Hyde ParkMJ's dilemma of the daySaturday night wine eventPhones work today, but all our morning shows confronted Big Scary RonMan passed counterfeit money in Pinellas CountySAG moviesA guy tried to spring Luigi Mangioni from jailCore-gasmsSelf-driving WaymoDr. Pepper jingle sparks wave of copycats trying to create jingles for other productsTiktok uninstalls are upHillsborough County Sheriff Chad Chronister on Gasparilla safetyMJ's upcoming physicalPepsi ad spoofs Coldplay kiss cam incidentCostco is removing RAM and other components from computer floor modelsA Florida doctor's mugshotValentine's Day Sweethearts candy has some new phrases Bathroom alertGerms transmitted through handshakes outnumber those passed through a kiss on the cheekShould you get the shingles vaccine?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Joe and Hollywood push back on the growing sentiment that playoff games shouldn't be played in extreme weather, calling that mindset soft and arguing that football is meant to be played in the elements. The conversation shifts to the Dolphins' quarterback dilemma, with Joe saying Miami must find a true franchise QB but isn't confident it happens this offseason. He expects the Dolphins to pursue Malik Willis while also drafting a quarterback, emphasizing how critical this draft class will be for the team's future. Joe adds that turning the Dolphins back into a contender will take more than just one year.

Hour 2: Tommy discusses the recent news about KAT and the Knicks and talks about the possibility of going after Giannis.

Send us a text Islam is one of the three major world religions. And it is growing rapidly, but there are major logical inconsistencies with this worldview. We unpack this today and more in the latest episode of the Caffeinated Christian. Islamic Dilemma Notes*If you're watching on YouTube a surprise cameo shows up at 59:50! Support the show

In this episode of Tank Talks, Matt Cohen and John Ruffolo unpack the ripple effects of Y Combinator's decision to exclude Canadian startups from their investment portfolio unless they're incorporated in the U.S. or other tax-friendly jurisdictions. This move has sent shockwaves through the Canadian tech ecosystem, and Matt and John break down exactly why this matters for founders and investors alike.The conversation explores the myth of U.S. incorporation being the golden ticket for capital-raising and the rise of a narrative that Canadian entrepreneurs must leave their home country to achieve success. Matt and John challenge this narrative head-on, providing deep insights into why Canadian tech companies can still thrive domestically and refuting the data that YC used to justify their decision.Y Combinator Shakes Up Canadian Startups (01:09)YC has revised its investment criteria to exclude Canadian companies unless they're incorporated in the U.S. or certain tax havens. The duo debates the implications of this shift and how it impacts Canadian founders who are now questioning their incorporation choices.The False Narrative of U.S. Incorporation (03:09)John breaks down the myth that U.S.-incorporated companies raise more capital than their Canadian counterparts, calling out misleading data points used by YC's Garry Tan to justify the shift. The conversation digs into why this narrative is misleading and what Canadian entrepreneurs can do to counter it.Why YC's Data Doesn't Tell the Full Story (05:35)John explains how some of Canada's most successful tech companies didn't follow the YC path and still thrived, refuting the idea that incorporation in the U.S. is always the best move for Canadian startups.The Ripple Effect on Early-Stage Founders (06:25)The discussion turns to the younger generation of founders who now believe they must incorporate in the U.S. to succeed, potentially setting them up for unnecessary challenges.The Shift from PE to VC: Innovator's Dilemma (14:07)Matt and John shift gears to discuss private equity's struggle with legacy enterprise software companies in the wake of AI disruption. They explore how PE firms are transforming into venture funds to keep up with market changes, creating a new kind of investment landscape.The AI Crisis for Private Equity (15:10)As AI-native startups disrupt traditional software models, private equity firms face extended hold periods on their investments. Matt and John explore how firms like Thoma Bravo are adjusting their strategies to deal with these changes.CGI Partners with OpenAI: The Changing Consulting Landscape (18:54)The episode wraps up with a discussion on CGI's new global alliance with OpenAI. This partnership marks a major shift in the IT consulting world, with CGI aiming to integrate AI at scale. Matt and John speculate on the future of AI in enterprise consulting and what this means for legacy players like CGI.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Radical AI is building scientific superintelligence—AGI for science—through a closed-loop system that combines AI agents with fully robotic self-driving labs to accelerate materials discovery. The materials science industry has a fundamental innovation problem: discovering a single new material system takes 10-15+ years and costs north of $100 million. This economic reality has frozen innovation across aerospace, defense, semiconductors, and energy—industries still deploying materials developed 30 to 100 years ago. In this episode, Joseph Krause, Co-Founder and CEO of Radical AI, explains how his company is attacking the root causes: serial experimentation workflows, systematically lost experimental data, and the manufacturing scale-up gap. Working with the Department of Defense, Air Force Research Lab on hypersonics systems, and as an official partner to the DOE's Genesis mission, Radical AI is focused on high entropy alloys that maintain mechanical properties in extreme environments—the kind of enabling technology that unlocks entirely new product categories rather than optimizing existing ones. Topics Discussed: The structural economics preventing materials innovation: 10-15 year timelines, $100M+ discovery costs, and why companies default to decades-old materials Three fundamental process failures in scientific discovery: serial workflows that prevent parallelization, the 90%+ of experimental data that lives only in lab notebooks, and the valley of death between lab-scale discovery and manufacturing scale-up How closed-loop autonomous systems capture processing parameters during discovery—temperature ranges, pressure requirements, humidity impacts, precursor form factors—that map directly to manufacturing conditions High entropy alloys as beachhead: 10^40 possible combinations from the periodic table, requiring materials that maintain strength and corrosion resistance at 2,000-4,000°F in oxidative environments created by hypersonic flight The strategic rationale for simultaneous government and commercial GTM: government for long-shot applications like nuclear fusion and access to world-class science institutions; commercial customers in aerospace, defense, automotive, and energy for near-term product applications Why Radical AI focuses on enabling technology rather than optimization technology—solving for markets where novel materials unlock new products, not incremental margin improvements GTM Lessons For B2B Founders: Engineer downstream adoption barriers into your initial system architecture: Joseph identified that customer skepticism centered on manufacturability, not discovery speed. Most prospects understood AI could accelerate experimentation but questioned whether discoveries could scale to production without restarting the entire process. Radical AI's response was architectural: their closed-loop system captures processing parameters—temperature ranges, pressures, precursor concentrations, humidity effects, form factors like powders versus pellets—during the discovery phase. This data maps directly to manufacturing conditions, eliminating the traditional restart cycle. The lesson: In deep tech, the adoption barrier isn't usually your core innovation—it's the adjacent problems customers know will surface later. Engineer those solutions into your system from day one rather than treating them as future optimization problems. Select beachheads where problem complexity matches your technical advantage: Radical AI chose high entropy alloys not because the market was largest, but because the search space is intractable for humans—10^40 possible combinations that would take millions of years to experimentally test. This creates a natural moat where their ML-driven autonomous system has exponential advantage over traditional approaches. Joseph explicitly distinguished "enabling technology" (unlocking new products) from "optimization technology" (improving margins on existing products), then targeted markets with products ready to deploy but blocked by materials constraints. The strategic insight: beachhead selection should optimize for where your technical approach has structural advantage and where success unlocks new market creation, not just better unit economics. Structure dual-track GTM to derisk technology while building commercial pipeline: Radical AI simultaneously pursues government contracts (DOD, Air Force Research Lab, DOE Genesis) and commercial customers (aerospace, defense primes, automotive, energy). This isn't market hedging—it's strategic complementarity. Government provides access to the world's most advanced scientific institutions, funding for applications with 10-20 year horizons like nuclear fusion, and willingness to bridge the valley of death that scares commercial buyers. Commercial customers provide clear near-term product applications, faster revenue cycles, and market validation. Joseph views them as converging rather than divergent, since transformative materials apply across both. The playbook: in frontier tech, government and commercial aren't either/or choices—structure them as parallel tracks that derisk each other while your technology matures. Reframe the economics of the innovation process itself: Joseph didn't pitch faster materials discovery—he reframed the entire process from serial to parallel, from data-loss to data-capture, from discovery-manufacturing gap to integrated workflow. This changes the fundamental economics: instead of 10-15 years and $100M+ per material, the conversation shifts to discovering and scaling multiple materials simultaneously with manufacturing parameters already mapped. This reframing unlocks budgets from companies that had stopped innovating because the traditional process was economically irrational. The insight: when industries have stopped innovating entirely, the problem isn't usually that existing processes are too slow—it's that the process itself is structurally broken. Identify and articulate the broken process, not just the speed/cost improvement. Lead with civilizational impact to filter for long-term aligned stakeholders: Joseph explicitly positions Radical AI as "building a company that fundamentally impacts the human race" and tells prospective talent, "if you are focused on a mission and not a job, this is the place for you." This isn't recruiting copy—it's strategic filtering. In frontier tech with 10-15 year commercialization horizons, you need customers, partners, investors, and talent who think in decades, not quarters. Mission-driven positioning attracts stakeholders aligned with category creation over optimization and filters out those seeking incremental improvements. It also provides air cover for decisions that prioritize long-term technological breakthroughs over short-term revenue optimization. // Sponsors: Front Lines — We help B2B tech companies launch, manage, and grow podcasts that drive demand, awareness, and thought leadership. www.FrontLines.io The Global Talent Co. — We help tech startups find, vet, hire, pay, and retain amazing marketing talent that costs 50-70% less than the US & Europe. www.GlobalTalent.co // Don't Miss: New Podcast Series — How I Hire Senior GTM leaders share the tactical hiring frameworks they use to build winning revenue teams. Hosted by Andy Mowat, who scaled 4 unicorns from $10M to $100M+ ARR and launched Whispered to help executives find their next role. Subscribe here: https://open.spotify.com/show/53yCHlPfLSMFimtv0riPyM

Welcome back to Practically Pastoring. In this episode, we pull two real questions from Reddit and get painfully practical.Question 1: A rural Methodist pastor has seen real growth, but the “old guard” is wearing him down with constant complaints and unreasonable expectations.Question 2: A bi-vocational pastor/CTO is overloaded and torn between an IT master's (paid for by work) and a doctorate in Bible exposition, while trying to protect his health and family time. Timestamps / Chapters00:00 — Intro + why Reddit questions hit so hard00:29 — Question 1: “The old guard is making me miserable” (rural Methodist church)01:14 — The complaint list (and why some of it is wild)02:42 — Committees, bureaucracy, and the shadow side of church systems05:16 — “They want a chaplain” and resetting expectations for pastoral care07:10 — Perception is reality: communication, tone, and leadership clarity09:32 — The 80/20 rule: it feels like “everyone,” but it's usually not10:49 — Leverage you don't realize you have (and who to call)12:30 — Ad: Practically Pastoring Conference (Feb 9–11, 2026)14:50 — Ad: Church Merch (quality merch people actually want)15:53 — Question 2: Bi-vocational pastor/CTO overwhelmed and choosing degrees18:25 — Stewardship, margin, health, and family: what can you actually carry?19:38 — Prioritizing earning potential and ministry margin21:27 — Andrew's offer: email if you want to talk doctorates at Liberty23:26 — Frank's take: bi-vocational life has limits, and that's okay26:09 — Free learning options (seminary resources, YouTube, Greek tools)28:25 — Closing + subscribe + conference reminderLinks from the show:Listen anywhere: ⁠⁠https://practicallypastoring.com/⁠⁠Join our Facebook Group: ⁠⁠https://www.facebook.com/groups/practicallypastoring⁠⁠Follow us in Instagram: ⁠⁠https://www.instagram.com/practicallypastoring⁠⁠Church Merch - https://www.promotionsguy.com/churchmerchHosts:

After years of building your private practice, the time has come to sell. The business you have poured your time, energy, and money into is being bought by private equity. Should you take the payout in PE shares or cash? Nate Reineke delves into some key considerations that docs like you should know when faced with this situation. We break down how shares could benefit you in the long run and how cash could help keep you diversified. We also look at how taking some of each could offer the best of both worlds. We also answer your colleagues' questions. A Psychiatrist in New Jersey says, “We are financially independent but still working since we are in our mid 40s. We are considering shifting some money out of stocks and into bonds to get to a 60/40 portfolio. Is that a good idea for us?” An Ophthalmologist in Georgia asks, “We have all the money we need to pay for college. Should I take our money out of the stock market?” A Hand surgeon in Florida wonders, “The surrender period if finished on a variable annuity we purchased a while back. We were told that we are only paying 1% in fees on the account. Should we leave the money in the annuity?” Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

In this episode of the Teach Different podcast, Steve, Jarvis, Bully, and Tr33 engage in a deep discussion about the quote from Romans 12:21, “Don't be overcome by evil, but overcome evil with good.” They explore personal experiences, the nature of good and evil, and the importance of intentions behind actions. The conversation touches on community activism, the role of leadership, and the challenges of modeling positive behavior for the next generation. The participants share their insights on spirituality, personal growth, and the impact of choices in overcoming negativity.  Episode Chapters: 00:00 - Discussion on Romans 12:21 02:25 - Teach Different Developments and Updates 04:52 - Personal Stories and Spiritual Reflections 07:33 - The Impact of Evil and Good in Society 10:02 - Cultural Perspectives on Good and Evil 12:57 - Choosing Your Hard and Life Lessons 15:54 - Role Models and Community Influence 18:47 - Counterclaims and Perspectives on Evil 29:32 - Standing Your Ground with Integrity 31:43 - Choosing Battles Wisely 33:28 - The Complexity of Self-Defense 37:34 - Intentions Behind Actions 39:59 - The Role of Good in Evil Actions 47:47 - The Dilemma of Protecting the Oppressor Image Source: Jim Burklo, CC BY-SA 4.0 , via Wikimedia Commons  

“What is the Islamic Dilemma?” addresses the complexities surrounding Sharia law and its implications for evangelization. The discussion also touches on the theological differences in naming Jesus, the reasons behind seeking common ground with Islam, and the misconceptions surrounding sharia law as a scare tactic. Additionally, the episode examines whether Muslims believe all Christians must convert or face dire consequences. Join the Catholic Answers Live Club Newsletter Invite our apologists to speak at your parish! Visit Catholicanswersspeakers.com Questions Covered: 01:30 – What is the Islamic Dilemma? 16:07 – What are the theological differences in calling Jesus Yeshua and Eisaa apart from the linguistic differences? 23:37 – Why does our leadership try to find so much common ground with Islam instead of highlighting the controversial side of it? 32:41 – My sister converted to Islam. She sent us a video saying that sharia law is actually a scare tactic made up by Christians. What are your thoughts on this? 37:32 – Do Muslims believe all Christians need to convert or be killed? 43:53 – Do Christians and Muslims worship the same God? What about Christians and Jews? 50:44 – What is the best way to evangelize Muslims?

In part two of Red Eye Radio with Gary McNamara and Eric Harley, even though the 8th Circuit Court of Appeals overturned a lower court ruling blocking certain tactics against anti-ICE agitators in Minnesota, the Trump Administration now faces a decision on focusing on deporting illegal immigrants and whether or not to retract ICE enforcement in Minnesota following the death of another protester over the weekend. Also the irresponsibility of Alex Pretti could have lead to his own demise, a breakdown of energy sources in Texas that is keeping the power grid strong after the weekend's ice storm and what the guys watched on TV while iced in. For more talk on the issues that matter to you, listen on radio stations across America Monday-Friday 12am-5am CT (1am-6am ET and 10pm-3am PT), download the RED EYE RADIO SHOW app, asking your smart speaker, or listening at RedEyeRadioShow.com. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Criminal defense attorney Don West explains the core legal standard for the justifiable use of deadly force in self-defense, and firearms instructor Steve Moses provides a nuts-and-bolts tactical translation of the law to help inform armed defenders' decision-making in a self-defense scenario.

Hour 1: Tommy talks Sam Darnold, the Jets and next week's Westminster Dog Show with Rosenberg.

Hey girls, Sam is back for another JFG dilemma ep and we have quite the range today! From a jealous/resentful friend, a flaky situationship to a listener writing in about her partner not wanting the kids to have her last name.. this is a big one. Thanks so much for your submissions and we love helping you with these xxSee omnystudio.com/listener for privacy information.

Lukasz Gadowski ist einer der bekanntesten deutschen Internetunternehmer und Investoren. In dieser besonderen Longform-Folge spricht er über seinen Weg von den Anfängen mit Spreadshirt und Delivery Hero bis hin zu Investments in Flugtaxis, Batterietechnologie und Lasern. Es geht um die Unterschiede zwischen dem europäischen und dem US-Start-up-Ökosystem, um politische und wirtschaftliche Hürden, um die Lehren aus seinen größten Fehlern – und um die Frage, wie Europa echte Technologieriesen hervorbringen könnte. Was du aus der Folge mitnimmst: Warum Europa strukturell (noch) hinter den USA liegt und wie ein gemeinsamer Kapitalmarkt und konsistente Industriepolitik echte Tech-Giganten ermöglichen könnten Lukasz' Wandel von Internet- zu DeepTech-Investments: Flugtaxis, Laser, Batterien, Energie – und was ihn heute antreibt Warum Innovation in Konzernen schwierig ist und wie „Innovator's Dilemma“ verhindert, dass Old Economy neue Technologien wirklich voranbringt Teure Fehler und harte Learnings: Premature Scaling, Hardware-Risiken und der Unterschied, ob man Investor oder Gründer ist Wie Lukasz an neue Themen herangeht: Systematische Analyse von Technologie-Generationen, Moonshots und der Mut, sich auf Jahre einzulassen Karriere- und Lerntipps für junge Menschen: Fünf Bereiche (Finanzen, Technologie, Volkswirtschaft, Kunst, Jura), Theorie & Praxis, emotionale Stabilität und Meditation als „Trumpfkarte“ ALLES ZU UNICORN BAKERY: https://stan.store/fabiantausch   Mehr zu Lukasz: LinkedIn: https://www.linkedin.com/in/lukaszgadowski/ Website: https://www.teamglobal.net/ Join our Founder Tactics Newsletter: 2x die Woche bekommst du die Taktiken der besten Gründer der Welt direkt ins Postfach: https://www.tactics.unicornbakery.de/  Kapitel: (00:00:00) Warum hinkt Europa hinterher? (00:02:37) Champions League: USA vs. Europa (00:06:38) Was müsste sich in Europa und Deutschland ändern? (00:09:22) Kapitalmarkt, Industriepolitik und das Innovators Dilemma (00:17:24) Wie müsste Politik für mehr Innovation aussehen? (00:26:18) Von Consumer Internet zu DeepTech – Lukasz' Themenwandel (00:30:21) Unterschiede: Internetökonomie vs. DeepTech (00:35:10) Warum (noch) nicht in KI investiert? (00:37:58) Wandel beim Angel Investing (00:38:56) Investor, Mitgründer oder beides? (00:41:17) Fehler & Learnings aus 20 Jahren Unternehmertum (00:44:36) Die teuersten Fehler: Cirque & Premature Scaling (00:47:14) Was unterscheidet erfolgreiche von weniger erfolgreichen Märkten? (00:49:44) Nächste Meilensteine: Spreadgroup, Miles, Laser, Batterien, Flugtaxis (00:54:26) Portfolio-Management & wie tief dabei sein? (00:56:17) Energie, Politik und die nächste Stromnetz-Generation (00:57:00) Rückblick: Gründerszene, Medien & Startup-Kultur (00:59:13) Was Lukasz heute jungen Leuten rät

In Part 2 of our discussion on Murasaki Shikibu's The Tale of Genji, editor Dennis Washburn returns to discuss the importance of the colors of the Norton Library edition, the ways the text spoke to him during his translation process, and the self-evaluation that occurs through reading something unfamiliar. (P. S. Hi, Shonda Rhimes! Please, please, please work your magic with an adaptation ofThe Tale of Genji!) Dennis Washburn is the Burlington northern Foundation professor of Asian studies at Dartmouth College. He holds a Ph.D. in Japanese Language and Literature from Yale University and has authored and edited studies on a range of literary and cultural topics. These include: The Dilemma of the Modern in Japanese Fiction; Translating Mount Fuji: Modern Japanese Fiction and the Ethics of Identity; and The Affect of Difference: Representations of Race in East Asian Empire. In addition to his scholarly publications, he has translated several works of Japanese fiction, including Yokomitsu Riichi's Shanghai, Tsushima Tsushima Tuko's Laughing Wolf, and Mizukami Tsutomu's The Temple of the Wild Geese, for which he was awarded the US-Japan Friendship Commission Prize. In 2004 he was awarded the Japan Foreign Minister's citation for promoting cross-cultural understanding.To learn more or purchase a copy of the Norton Library edition of The Tale of Genji, go to https://wwnorton.com/books/9780393427912.Learn more about the Norton Library series at https://wwnorton.com/norton-library.Have questions or suggestions for the podcast? Email us at nortonlibrary@wwnorton.com or find us on Twitter at @TNL_WWN and Bluesky at @nortonlibrary.bsky.social. 

In this episode of The Builder's Bookshelf, we unpack Clayton Christensen's The Innovator's Dilemma and explore why even the best-run construction companies can get blindsided by prefab, modular, drones, and AI. You'll learn how to spot disruptive shifts early, run experiments without wrecking your core business, and become the builder that drives the change instead of getting run over by it.Enjoy Episode 4 and #BeNEXT

Chuck E. Cheese is still alive, and so is the analytics-to-product pipeline. @Amanda Cesario analytics lead turned product leader, joins @Phillip Black, Eric, and @Christopher Kaczmarczyk-Smith argue for embedded analytics, sharper language, and game systems that actually produce cooperation instead of a cosplay community. We discuss: • The missing vocabulary for economy design in live service, and how it's harmed the entire industry• Why office ball pits best start-up ping pong tables • The analyst's real job: explaining “why,” then realizing the only way to fix it is to own the lever • Embedded analytics vs centralized service orgs; who beats who • Roblox as a laboratory: aspirational visibility, server “neighborhoods,” and system norms that communicate more than art • Iterated Prisoner's Dilemma, Axelrod's tournaments, and why tit-for-tat is a design principle • Monopoly Go partner events as rare, genuine, cooperation-through-repeated-interaction design • Why Discovery Zone died, but Chuck E. Cheese prints money anyway Chapters (00:00:00) - In the Elevator With Chuck E. Cheese(00:00:52) - The Ball Pit(00:03:23) - How to Turn From Analyst to Product Designer(00:05:02) - Peter Feuerstein on Becoming Product Manager for Madden(00:13:09) - What Do Data Scientists Need to Know to Be a Product Manager?(00:15:07) - Have You Got What it Takes to Lead an Analytics Team?(00:20:16) - Analytics and Product Incentives(00:22:11) - Bee Swarm Simulator(00:28:38) - Roblox's Impact on the Game Industry(00:34:35) - Game Money vs. Positive Monetization(00:36:48) - Have We Reached a Turning Point in Video Gaming?(00:40:01) - Iterated Prisoner's Dilemma(00:45:14) - Tick for Tat in Minecraft(00:51:51) - Dark Souls 2(00:55:29) - How to Design a Board Game(00:58:42) - Board Games: Found Your Love of Gaming(01:03:57) - Game Economy in a Vocabulary(01:10:13) - Amanda Zario on Game of Economics

We are knee deep into earnings season, and WSJ's Take On the Week co-hosts Telis Demos and Miriam Gottfried dive right into what companies they'll be keeping an eye on this week. Our hosts compare the divergent strategies of Chevron and ExxonMobil as they navigate geopolitical instability in Venezuela and a push for cheap oil from President Trump. Telis and Miriam highlight some rising and and not-so-rising stars in the AI story: Seagate and Meta. Then they look at the return of the “Sell America” trade amid recent policy volatility and tariffs After the break, Miriam is joined by Greg Peters, co-chief investment officer for public fixed income at PGIM, the asset management business of Prudential Financial, to discuss the risks facing the bond market. Peters explains why the market shrugged off recent concerns over Fed independence. Next, he shares how he hedges the winner-take-all risk in the AI buildout. And finally, Peters shares his biggest concern as an investor over the next year.  This is WSJ's Take On the Week where co-hosts Telis Demos, Heard on the Street's banking and money columnist, and Miriam Gottfried, WSJ's private equity reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We'd love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Chevron's Dilemma in Venezuela: Support Trump's Vision Without Losing Money Trump's $50 Oil Price Goal Is Doable, but Painful AI Is Causing a Memory Shortage. Why Producers Aren't Rushing to Make a Lot More. Meta Lays Off 1,500 People in Metaverse Division Trump Calls Off Tariffs on Europe Over Greenland Japan's Long-Dated Bond Yields Hit Record Highs For more coverage of the markets and your investments, head to WSJ.com, WSJ's Heard on The Street Column, and WSJ's Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter.  Follow Miriam Gottfried here and Telis Demos here.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Wednesday, January 21, 2026 Inside Sports with Al Eschbach -Al's tipping dilemma, Uber riding is fun, transfer portal and coaching, 'mean lean fighting machine' and more. Follow the Sports Animal on Facebook, Instagram and X Follow Tony Z on Instagram and Facebook Listen to past episodes HERE! Follow Inside Sports Podcasts on Apple, Google and SpotifySee omnystudio.com/listener for privacy information.

Fernando has quick sports points and leaves us feeling good. Then we move into the trials and tribulations of suburban life as Gio contemplates moving snow from his driveway.

Carla McCall shares insights on the challenges faced by the accounting profession, including workload, work-life balance, and the AICPA's role. She addresses misconceptions about the responsibilities of the AICPA, discusses her firm's approach to managing work hours and culture transformation, and highlights the need for creative solutions to attract new talent. The discussion also explores the systemic issue of overwork in large accounting firms and the potential measures that could alleviate these pressures.Meet Our Guest, Carla McCallhttps://www.linkedin.com/in/carlamccallaaf/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.SponsorshipsAre you interested in sponsoring The Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Common Man Hour 2 --Lil' B --Music Festival Disasters --Doggy Dilemma --Password Part 1

Common Man Hour 2 --Lil' B --Music Festival Disasters --Doggy Dilemma --Password Part 1See omnystudio.com/listener for privacy information.

Her Dilemma Over Her New Younger Guy by Maine's Coast 93.1

Common Man Hour 2 --Lil' B --Music Festival Disasters --Doggy Dilemma --Password Part 1See omnystudio.com/listener for privacy information.

Nick shares his dilemma with a family wedding this weekend.

Thanks to everyone who submitted their life dilemma for this episode. If you enjoyed this epi, please let us know in the comments, and we'll do a part 2 or 3 or 4 it's up to you guys. Thank you so much!*UNLOCK 80+ EXCLUSIVE VIDEO EPISODES* :

Andrew Gansas joins Ken to discuss options the Ravens have regarding Marlon Humphrey for the 2026 season and beyond.Our Sponsors:* Check out Aura.com: https://aura.com/remove* Check out BetterHelp: https://www.betterhelp.com* Check out Mood and use my code RAVENS for a great deal: https://mood.comAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Today's Word for the Day is "DILEMMA" If you listen to Word for the Day on audio and have never checked out the video, you can do so on our YouTube channel at youtube.com/@fbmmediastudios. To receive your Word for the Day by e-mail, go to http://fbmaryville.org/wordfortheday to sign up.

Donna J leads this meeting of the Bronx Big Book Study Friday Night Workshop Series on the topic of, Lack of Power That Was Our Dilemma. This was from October of 2021 and the Q& A mentioned at the end was not included with the recording. Zoom Support Sober Cast: https://sobercast.com/donate Email: sobercast@gmail.com Sober Cast has 3000+ episodes available, visit SoberCast.com to access all the episodes where you can easily find topics or specific speakers using tags or search. https://sobercast.com

The Wealth Formula Podcast is one of the longest-running personal finance podcasts still standing. For more than a decade, I've shown up every single week to talk about investing, markets, and the forces shaping the economy. What's interesting is how much my own thinking has evolved over that time. Early on, I was more rigid. I was—and still am—a real estate guy. But back then, I didn't give much thought to ideas outside that lane. I was dogmatic, and I didn't always challenge my own beliefs. Time has a way of doing that for you. I've now lived through multiple market cycles. I've watched the stock market melt up to valuations that felt absurd—and then keep going. I've seen gold go from flat for a decade to parabolic over a year. I've seen interest rates sit near zero for a decade and then snap higher at the fastest pace in modern history. And I've learned, sometimes the hard way, that diversification is about survival and that every asset class has its day. One lesson I learned that I am thinking a lot about these days is: ignore major technological shifts at your own peril. Back in 2014, I first started hearing people talk seriously about Bitcoin. At the time, I dismissed it. I listened to the critics, was convinced it was a scam, and didn't take the time to truly understand it. That was a mistake—not because everyone should have bought Bitcoin, but because I ignored a structural change happening right in front of me. Bitcoin went from a cypherpunk expression of freedom to the largest ETF owned by BlackRock. Today, the dominant story is artificial intelligence. And whether you love stocks, hate stocks, prefer real estate, or focus exclusively on cash flow, you cannot afford to ignore AI. This isn't a fad. It's a general-purpose technology—on the scale of electricity, the internet, or the industrial revolution itself. That doesn't mean it's easy to invest in. It's hard to look at headline names trading at massive valuations and feel good about buying them today. But investing in AI isn't about chasing a single company. It's about understanding second- and third-order effects: energy demand, data centers, productivity gains, labor displacement, capital flows, and how blockchain and decentralized systems intersect with all of it. What experience has taught me is this: you don't need to be first to invest—but you do need to be early in understanding. If you wait until something feels obvious, most of the opportunity is already gone. This week's episode of the Wealth Formula Podcast is focused squarely on AI and blockchain—what's real, what's noise, and where the long-term implications may lie. Listen to this episode. You'll come away smarter. And years from now, you may look back and realize this was one of those moments where paying attention really mattered. Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com.  Welcome everybody. This is Buck Joffrey with the Wealth Formula Podcast. Coming to you from Montecito, California. Today we wanna start with a reminder. We are in a new year and we are already doing deals, uh, through the Wealth Formula Accredit Investor Club. You can go and sign up for that for free. Uh, wealth formula.com just hit investor club and you just get on there and, and you’ll get onboarded. And from there, all you gotta do is wait for deal flow and webinars coming to your inbox. And, um, you know, if nothing else, you learn something. So go check it out. Uh, go to. Wealth formula.com and sign up for Investor Club now onto today’s show. Uh, the, it is interesting. I don’t know if you are aware it’s a listener, but we are, wealth Formula is, uh, probably I would say one of the, certainly in the one of the top longest running personal finance podcasts still. Standing. Uh, I’ve been around, well, I think the first episode was on like 2014, so it was a long time, but in earnest, you know, at least for over a decade. And, you know, during that time, I’ve shown up every week, every single week. Don’t Ms. Weeks, but none, none. Isn’t that incredible? I’ve shown up, uh, talked about investing and talked about very way markets are working, forces, shaping the economy, all that kind of stuff. But you know, as you can imagine, as a. As a younger individual versus, um, my crusty self. Now, you know, a lot of my own thinking has evolved over that time, you know, back then. And I, you know, I think this appealed to some people, but, um, you know, I was really dogmatic. I’m a real estate guy, right? And I still am a real estate guy, but back then I wouldn’t give anything else the time of day to even think about, you know, and, and, uh, I, I, you know. I was dogmatic and didn’t always challenge my own belief systems. Um, I’m different now, right? I’ve softened And time is a way of, of changing all of that dogmatic stuff for you. You know, I’ve lived through multiple market cycles. I’ve watched, well, I’ve watched the stock market, which I, which I always maligned, you know, melt up to valuations. Uh, that felt absurd. And then keep going higher. I’ve seen gold, which was kind of ridiculous for the longest time. I watched it for like a decade, just pretty much flat, and then it goes parabolic. Over the last year, I’ve seen interest rates sit near zero for a decade and then snap higher. Uh, not even as time, just launch higher at the fastest space in modern history. And I’ve learned sometimes I guess, the hard way that diversification is about survival and that every class, every asset class has its day. Just like every dog has its day. And um, you know, one other lesson that I learned that I’m thinking a lot about these days is ignore major technological shifts at your own peril. So what am I talking about? Well. It’s kind of a, it is a technological shift, whether you think it about not, but Bitcoin. Okay. Back in 2014, I first started hearing people talk seriously about Bitcoin, and at that time I dismissed it. I was, uh, I was listening to critics beater Schiff that constantly called it a scam, said it was going to zero and so on. I didn’t, I didn’t take the time to truly understand it, to try to understand it the way I understand it now, that makes me a believer in Bitcoin. That, of course was a big mistake, not because, you know, everyone should have bought Bitcoin and, uh, back then, well, they, you know, would’ve been nice if they did, but because fundamentally I ignored something that was a structural change happening right in front of me. And since then, Bitcoin went from a cipher punk expression of freedom to the large CTF owned by BlackRock today. The dominant story is actually artificial intelligence. Now, whether you love stocks, hate stocks, prefer real estate focused exclusively on cab, whatever, you cannot afford to ignore ai. It’s not a fad. It’s a general purpose technology and a technology shift, and the scale of electricity. The internet bigger than the internet, bigger than the industrial revolution. Now, that doesn’t mean it’s easy to invest in. I mean, I’m gonna go invest in AI and make a bunch of money because I mean, what does that even mean? It’s hard to look at headline names, trading at massive valuations like Nvidia and all that right now, and saying, oh, I’m gonna go buy that. Who knows? That’s gonna work out. When I talk about investing in AI isn’t really just investing in stocks or any individual company or data centers or whatever. It’s about understanding. The second and third order effects, energy demand. You know, as I mentioned, data centers, productivity gains, labor displacement, capital flows, and how blockchain and decentralized systems intersect with all of that. It is very, very complicated. Um, but it’s really important to start to try to understand, you know, an experience that stop me is this. You don’t need to be the first to invest, but you do need to be early in understanding. If you wait until something feels obvious, usually the opportunity’s gone by then. And you know, the thing about AI is even if you think it’s obvious now. The reality is that most people haven’t really caught on. Maybe they played with chat GPT, but I don’t think they’re understanding what this whole, you know, this thing is gonna do to our world. Um, anyway, so that is what this week’s episode of Wealth Formula Podcast, uh, is about. It’s about AI and also, um, a little bit about, you know, bitcoin and blockchain and that kind of thing. Um, we’re gonna talk about what’s noise, uh, you know, where the long, what the long-term, uh, implications are all of this stuff. This is a show that, uh, I really enjoy doing really, really good stuff. Um, so make sure you listen in. We’ll have that interview for you right after these messages. Wealth Formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net. The strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own bank to invest in other cash flowing investments. Here’s the key. Even though you borrowed money at a simple interest rate, your insurance company keeps paying you compound interest. On that money, even though you’ve borrowed it, that result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique. It’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its backbone. Turbocharge your investments. Visit Wealth formula banking.com. Again, that’s wealth formula banking.com. Welcome back to the show, everyone. Today. My guest on Wealth Formula podcast is Jim Thorne, chief Market strategist at Wellington. L is private wealth with more than 25 years of experience in capital markets. He’s previously served as chief capital market strategist, senior portfolio manager, chief economist, and CIO. Uh, equities at major investment firms and has also taught economics and finance at the university level. Uh, Jim is known for translating complex economic, political, and market dynamics into clear actionable insights to help investors and advisors navigate long-term capital decisions. Uh, Jim, welcome with the program. Thanks for having me Buck. Well, um, Tim, I, I, I, uh, had been following a little bit of, uh, what you discuss on, uh, on X and, um, one of the things that caught my eye is, you know, your, your narrative on, on ai, a lot of people are tend to be still sort of skeptical of AI and what’s going on, uh, with the markets. Um, uh, but at the same time, uh, there’s this. Sense. I think that ignoring AI altogether as an investor is, is, is downright potentially dangerous. So, uh, at the highest level, why is AI something people simply can’t dismiss? Well, we live in an, uh, uh, you know, many other people have coined this term, but we live, we’re living in an exponential age of, of technological innovation. And, you know, AI and I’ll just add into their, uh, blockchain is just the normal evolutionary process that, you know, for me started when I left graduate school and came into the business in the nineties where everybody had this high degree of skepticism of the computer and the, the, the phone, the, the. And the internet. And so, you know, what we do is we go through these cycles and there are periods of time where the stars align. And we have a period of time where we have what I would call an intense period of innovation where I would suggest to you that. People are skeptical. Skeptical, and yet at the same point in time, they very early on in the, in the, in the trade, call it a bubble when it’s not. And so I think it comes from the position of ignorance. One, I think two, fear, and then three. If you think about if you are an active manager, I in a 40 ACT fund, um, you know, and you’re sitting there with, uh, you know, mi. Uh, Nvidia at, you know, eight or 9% of your index. And that’s a big chunk that you’ve gotta put into your fund, uh, just to be market neutral. So there’s a lot of people that hate this rally. There’s a lot of people that are can, going to continue to hate this rally. But the thing I anchor my hat on are a couple of things. Look at if this is no different than the railroad. Canals, any major technological innovation, will it become a bubble? Yes. Just not now. So, so let’s follow up on that, because a lot of people think, or are talking about the, do you know the.com bubble, uh, comparisons, and you’ve argued that that sort of misses the real story. So, so where are we getting it wrong right now? Are those people getting it wrong? In the nineties buck, you’d walk into a bar and there wouldn’t be ESPN on there’d be CNBC on people were getting their jobs to become day traders. Folks didn’t go to the go to university because they were basically getting their white papers financed. You had companies that were trading off of clicks. So I lived that. Anybody who is of a younger generation has no idea what a bubble is, and it’s specious and pedantic for them to use that term when they have no clue about what they’re talking about. But you did mention that it could become a bubble. How do we know when it does become a bubble? Oh, it’ll become a bubble. Well, when, when, when you know, the, what, what I am looking for is, you know, when we, when the good investment opportunities start to dry up, when liquidity starts to dry up. So what I, it’s not about valuation, to me it’s about liquidity. So in 2000, what, and I’m roughly speaking, what went down was you had all these companies that were trading at Strat catastrophic valuation, this stupid valuations, and you walked in one day and they didn’t get financing. And if you read the prospectus or you followed the company, you knew that they were not going to be free cash flow positive for another two or three rounds of financing. All of a sudden you walked in and everybody goes, oh my God, this thing, you know, trading at 250 times sales. And everybody went, yeah, of course. And so what it was is, was when does liquidity dry up? So I’ll give you a date, um, you know, with Trump’s big beautiful bill act. 100% tax deductibility of CapEx and that goes until Jan 1, 20 31. So to me, that’s a very motivating factor for people to, um, invest. The last thing I would say to you in more of a game theoretic context book is, look, if you are a big tech company and you don’t invest in ai. You are ensuring your death. Yahoo, Hela Packard. I can go through the list of companies that cease to invest, so they’re looking. If it was you and I when we were running this company, I would say, dude, we gotta invest because if we don’t have a poll position in this next platform, whatever it is, we’re done. We’re toast. And I think that’s why you’re seeing all these hyperscalers spending as much money as they are. ’cause they get this, they saw it. So, you know, you framed ai not necessarily as a a tech trade, but as a capital expenditure cycle. Can you explain that to people? Well, what we need to do is we need to build out the infrastructure of ai. Then, and that’s the phase that we’re in right now. So it’s more like we’re building out all of the railroads, the railway tracks and the railway stations across the United States back in the 18 hundreds. And then we’re gonna go through that building phase. And then as that building phase goes, some companies, some towns, are going to basically realize and recognize what’s happening and start to basically take ai. Bring it into their business model, into enhanced margins. Right. So right now we’re building it out. I mean, you know, we all focus on the hyperscalers, but the majority of companies, pardon me, governments. Individuals, they haven’t used AI and, and what is interesting about this is back in the nineties, they were talking about how the internet had to evolve to be much more. You know, uh, have critical thinking in, in, in it. And it was more explained when you went to these conferences, as you know, you know, think about this. You’re hearing this in 99, okay? Not today. You go in and you ask Google or dog pile at the same time, or excite, okay? You would say, I wanna go to Florida in the third week of March and I wanna stay here and I wanna spend this amount of money and I wanna rent a car. Plan it for me. And they would come back and they would tell you that it would come back and it would, it would, everything would be there. And you would have your over here and all you would have to do is drop your money and you had your thing planned. So none of this is as, it’s aspirational, but we’ve heard it before. And in technology, what happens is it’s not like it’s new. We’ve been talking to, I did machine learning in in graduate school. Ai, you know, I did neural networks and I’m a terrible Ian. This isn’t, you know, Claude Shannon wrote about this in 1937, right? But it’s about when does it hit, and so it was chat GBT. Can we argue, was that right? As an investor, it’s stop arguing, start investing. Then what you’ve gotta figure out, which is the question you ask, is when does the music stop? I think it goes until the end of the decade. You know, one of the things that, uh, is interesting about this, uh, AI investment, uh, it’s, it’s unfolding in a higher interest rate environment. Why is that detail so important? Understanding its significance? Well, it’s the cost of capital, right? And so this phase that we have right now. It’s funny you say that, right? ’cause our reference point is zero interest rates, right? Yeah, yeah. Right. That’s right. So, you know, you know, so, so think about this, what it happens right now. Now we’re in the phase where you’ve got these hyperscalers that instead of taking all their free cash flow and buying bonds and buying back stock, are increasing CapEx because there’s a great tax deduction on it. So you get a lot of, so we’re in this phase where, for where, where a lot of the money is, you know, was. Was, let me, let me be clear, was a hundred free cashflow. Now we’re getting these guys, these companies like Oracle and what have you, you know, starting to issue debt and look at debt isn’t bad as long as the rate of return on debt is higher than the interest rates. And so, you know, you know, I, I would say historically speaking, for a lot of these high quality names, the interest rates are not, uh, at levels that will stop them from investing. Right. Right. You know, you’ve written that, um, productivity is ultimately the real story behind ai. So why does productivity matter more than the technology headlines themselves? Well, let me just put it this way, right? So we’ve grown, I grew up, I, I joined, I’m up here in Toronto, right? So I’m gonna give it to you in Canadian dollars, right? So I joined, I joined here. You know, I grew up here, went to the states, came back home. Growing this company I joined when we’re about three and a half billion. We’re getting close to 50 billion, and we’re the fastest growing independent platform in the country. I’m a one man band, right? I use three ai. In the old days, I’d have four research assistants. Where’s the margin in that? And so I, that’s how I see it. And let me be clear, it’s, you know, this isn’t we’re, it’s not perfect. But if I wanted to say, instead of you, but hey, write me a 2000 word essay on the counterfactual of what happened with railroads up until 1894 when the, when the bubble popped, give me a f, you know, a a thousand word essay and, and just a general overview. I can get that in less than five minutes. Michael Sailor is writing product on ai, which, which, which you would take, which you would take. He’s in his presentation, say it would take a hundred lawyers. So it’s gonna be more about those. And it’s, it’s no different than Internet of things or, you know, it was, uh, Kasparov that talked about this. Gary Kasparov talking about the melding of, of technology in humans. He would ran, run this chess tournament called freestyle. You could use a computer, you could use, you know, grand Masters. You could use whatever you wanted to compete. And who won? Well, who won it Was that those teams that were generalists that had a little bit of that, the knowledge of the computer and the knowledge of the test. Uh, o of chess, right? That’s what’s gonna happen. So this isn’t we’re, as far as I’m concerned, we’re not, yes, there’s going to be some d some jobs that are going to be replaced, but that is always the case in technology. I’m not a Luddite, okay? I am not Luddite. But the same point in time. I, I would suggest to you that it, it is just a really, for me, it’s a, helps me. Do research no different than when I was an undergrad and they went from cue cards in the, the library at the university to actually having a dummy terminal and I could ask questions in queue. You know, it stalked me from having to go to the basement of the library and going to microfiche. Right. Have helping that way. Now can it, can, will it do other things? I’m sure it is, and I’ll lead that to Elon Musk and the crew. You know, that’s above my pay grade. But for me, I see it as a very helpful way of, you know, allowing me to process and delineate. Much more information a a and not have me waste so much time trying to figure out what got went on in the past or, you know, QMF. Right. You know, summarize me the talk five, you know, academic papers in this area, what are they saying? And then they gimme the papers. Right. It just speeds the process up. Yeah. You know, um, one of the things that I’ve been sort of talking about and thinking about. Is that it’s hard to not see AI as a very, very strong deflationary force. Um, how do you think about that? Yeah. Technology is deflationary, right? Doubt about it. And so I look at it this way, Ray. Um, so I work at the financial services industry, okay. You know, Mr. Diamond of JP Morgan is talking about how they are starting to embrace blockchain and ai. They are going to cut out the back end of that in the, the margins in that, in that company by the end of the cycle are going to be fantastic. People just do not get in. You know, the financial services industry is built on a platform. Of the 1960s, dude. I mean, they’re still running Fortran, cobalt. So you know what I, how I look at this is much more as a margin type story, and there’s going to be a lot of displacement. But at the same point in time, I look at Tesla and automation and ai. And you know, people look at Tesla as a car company. I look at Tesla as an advanced manufacturing company. Elon Musk could basically go into any industry and disrupt it if it wanted to. Right. So that’s how I look at it. And so, you know, the hard part is going to be, you know. Nothing. If we get back to where we were, it’s not going to be perfect, right? Because here’s, here’s where the counter is, here’s where the counter is. Right? If you, if, if you think about, and we’re, I’m gonna take Trump outta the equation and ent outta the equation right now, but if we just went back to the way things were before COVID, we would have strong deflationary forces. Okay. Just with demographics, just with excessive levels of debt. Just with, you know, pushing on a string in terms of, in terms we couldn’t get the growth up, you know, and, you know, and the overregulation of financial institutions. Trump and descent are basically applying what’s called supply side economics, and they’re deregulating. It’s says law, which is John Batiste, that says basically supply creates his own demand and it’s non-inflationary. But really what they’re going to try to do is they’re going to try to run the economy hot and they’re gonna try to pull this way out of the debt. And if you do that and you deregulate the banks. And allow the banks to get back to where they were before the financial crisis. Okay. You know, and, and the Fed takes its interest rates down to neutral, expands the balance sheet. Then I don’t think we’re gonna go back to the zero bound in deflation. I think this thing’s gonna run hot for a long time. And I think it, the real question is, is, is is 2 75 in the United States the neutral rate? I think it is. Uh, but as, as, as Scott be says, and, and, and, and, and let’s be clear, buck, the guy’s a superstar. Okay. Guy is a legend. Just you sit there, just shut up and listen to him. Okay. They keep up, right? Well, so they’re gonna run it hot, but where we are is, in his words, mine, not mine. We’re still in this detox period, you know what I mean? We still got the Biden era. We still got, you know, a over a decade of excessive ca of Central Bank intermediation. That needs to get, you know, go away. So what I say, and what I’ve been writing about is 26 is going to be the year that the baton is passed back to the private sector. Let’s get rates down to 2 75. That’s, I mean, I’m going off the New York Fed model. That says real fed funds, the real, the real neutral rate is 75 to 78 basis points. I think inflation’s at two. That that gets you 2 75. Get the rates there and then get the balance sheet of the Fed to the level so that overnight lending isn’t loose or tight. It’s just normal. And then step back, go away and let Wall Street and the private sector create credit. Create economic growth and let’s get back to the business cycle. And if we do that, we’re gonna have non-inflationary growth. It’s gonna be strong, but we’re not going back to the zero bound and we’re gonna grow our way out of this. And so that’s where I get really excited about. This is a very unique time in history. A very, very, very unique time in history where, and I don’t know how long it’s going to last because of the compression that we have now because of the, you know, we live in such a digital world, but let’s say it’s five years demographic says it’s to 33, 32 to 33. That’s, you know, that’s how long this run is. And, and to me, uh, AI is a massive play. I, I, to me, blockchain is a massive play and to me it’s to those countries and companies that get it is, whereas investors, we wanna think, start thinking about investing. Yeah. You mentioned, um, non non-inflationary growth. Can you drill down on that a little bit just so people understand a little bit where. Usually you think of an economy running super hot, you, you think automatically there’s an, you know, an inflationary growth. So I want you to think in your mind into your list as think in your mind. Go back to economics 1 0 1 with the demand curve. In the supply curve, okay? And there are an equilibrium. And at that equilibrium we have a price at an equilibrium, and we have an output as an equilibrium. Okay? Now what I want you to do is I want you to keep the demand curves stagnant or, or, or anchored. Then I want you to shift the supply curve out. Prices go down, output goes out. We can talk all this esoteric stuff, you know, you know Ronald Reagan and, and Robert Mandel and supply side economics. But it’s really your shift in the supply curve out, and that’s what, and that’s what BeIN’s doing. I mean, this is a w would just sit down and be quiet. He’s talking about, you know, what is deregulation? He’s pushing the supply provider. Oh, hold on. My phone. My, my thing. And what did, since the two thousands, what did, what was the policy? It was kingian, it was all focused on the demand curve. Everything was focused on demand. And so all we’re doing is we’re, we’re getting the keynesians out. I use 2000 ’cause that’s when Ben Bernanke really came in and was very influential. Let me just say he’s a very smart, I learned so much from reading. Smart, smart, smart, smart guy. But his whole thing was Kasan. He came from MIT, his thesis supervisor was Stanley Fisher, right? We’re going back to, you know, Mario Dragons thesis supervisors, Stanley Fisher, all these guys came from MIT, Larry, M-I-T-M-I-T, Yale, and Princeton. Whereas previously it was the University of Chicago. It was Milton Friedman. It was, it was supply side economics. We’re going back, they’re going back to supply side economics and right now we need it. We need balance. But my god, what did we end off with? We ended off with four years of mono modern monetary theory. Deficits matter. That’s insanity. You had mentioned a little bit, uh, you, you’ve talked about blockchain a few times here. Talk about the significance. I mean, it’s sort of, you know, blockchain was a thing that everybody was, everybody was talking about it, you know, three, four years ago, but now it’s all about ai. But you know, now you’ve got, um, but in, but in the background, blockchain has grown, uh, adoption has grown. Uh, tell us what’s going on there, and if you could tie it into the significance of, of where we’re at today. Yeah. Um, uh, Jeff Bezos gave a wonderful speech, I think in two thou, early two thousands, where he basically talked about the fact that, you know, once this innovation is led out of the genie’s, led out of the bottle, whether or not, you know, buck and Jim, like it as an investment, the innovation continues. And so after the internet bubble pop, right? Really smart guys like Jeff Bezos, uh, Zuckerberg, you, you, the whole cast of characters, right? Basically built it out. Okay. And it wasn’t perfect and everybody knew it wasn’t perfect. I mean, that was the whole thing that was so bizarre. But they knew it wasn’t perfect and they knew that they needed to solve some problems. Right. And you know, it was a double spend problem. I mean, the internet that we were dealing with right now was developed in the 1950s and so on and so forth. And so, you know, that always stuck with me. Right. A couple of things stuck with me because I’ve lived through a couple of these cycles. The first one is Buck. When the, when Wall Street coalesces around something just shut up and buy it, right? I mean, I, I spent too much of my life arguing about whether dog pile and Ask Gees was better than Google. Wall Street said Google was the best. Shut up. Invest, right? And so, so look, blockchain solved the double spend problem. Blockchain solved all the problems that the original iteration of the internet could solve, and everybody knew it was coming along okay. So it’s a decentral, it’s decentralized, right? Uh, does, does not need to be reconciled. So no. Not only do you have another iteration of the internet. You have basically introduced into society the biggest innovation in accounting or recordkeeping since double entry. Bookkeeping accounting was introduced in Florence, Italy centuries ago by the Medicis and, and buck. All this is out there like, so this is a profound, right? So think about you’re in an accounting department and you don’t have to reconcile, right? So look. The first use cakes was Bitcoin. And what was the, what was the beautiful thing about it? Well, first off, it grew up by itself. And secondly, it’s got perfect scarcity, right? And so let’s just full stop. And I mean, yes, gold and silver had the run that they should have had decades. So I had been waiting and listening to people, gold bugs, talking about this type of run since the nineties. Okay. Um, but look, you know, and the problem with fi money, right? I mean, this is, this goes back decades. It’s an old argument. The way you solve it is, is Bitcoin. That’s the solution. I mean, forget about it. I mean, if they’re gonna whip it around and do all this stuff, fine. But the other thing that people miss and Sailor hasn’t, and Sailor is brilliant, is look. Bitcoin is pristine collateral in 2008, in September. What caused the, the system to stop was the counter. We could not identify counterparty risk for near cash. It was a settlement problem. Anybody you talk to Buck that says it was, you know, the subprime this and it, yeah, that was crap. I get that. But when the system shut down is you had a $750 million near cash instrument with X, Y, Z, wall Street firm, and you did this for three extra beeps and it was no longer cash. Guess. And guess what? Your institutional money market fund broke the buck. That’s when the system blew sky high. When the money market broke the buck and it was a settlement problem, blockchain and Bitcoin solved that. Sailor knows that, look where Wall Street’s gonna go. They understand now that. Bitcoin is pristine, collateral and capital that is 100% transparent. Let’s lend against it, and that’s what Sadler’s doing. That’s why Wall Street hates the guy so much, right? Think about that. Think of where is he going after he’s going after all the stranded capital on Wall Street. And, and the whole point is he’s sitting there going, I’m too busy for this. And you’ve got all these other people that are gonna live off of other people’s ignorance. Meanwhile, Jing Diamond knows exactly what he’s talking about. We can identify, if I hear one more person on me in, in the meeting say, I don’t know. You know, you know, uh, micro strategies balance sheet is so complicated. Really. Compared to JP Morgans, I mean, you know what his capital is. It says Bitcoin, like, what are you guys talking about? But hey, fucking in this business, people make generational wealth on ignorance of people who think they know what they don’t know. So, you know, just going back to Jamie Diamond, you know, he spent, I don’t know how long. Throwing every insult, uh, he could towards Bitcoin. And now they’ve really kind of, they haven’t backtracked. I think he’s, he’s, you know, his, his, um, I think the way he phrases is the blockchain’s a real thing. He never seems to really say the word Bitcoin, uh, in this regard. Um, banks in general, where do you think they’re headed with this stuff? I mean, I, you know, right now, again, you can kind of see even. Um, I think, you know, some of the big advisory firms suddenly recommending one to, you know, one to 4% of people’s portfolios in Bitcoin. I mean, this is all, I mean, gosh, I, I’ve, you know, been talking about Bitcoin since 2017. This is in unbelievable transformation in less than a decade. Where do you see this going in the next five to 10 years? It’s called the, it’s called, what is it? It’s called, I’m gonna call it the Evolution of Jim. Me, you know, in my business and, and, and, and you know, the thing I have book is I’ve survived and I’ve gone through a lot of cycles. I’ve done a lot, you know, and you ask yourself, you scratch your head a lot and you’re, and you, but you’re continually doing objective research and you’re this, if you, this is why I love this game so much. Right? So let’s just go stop for a second. Let’s get some context. Right. My first summer job, one of my first summer jobs, I worked in the basement of a bank in the in, in downtown Toronto, right up the street from the Toronto Stock Exchange. And my job was to let guys in with beak, briefcases into the cage, into the big vault, to basically bring in certificates. Okay. And, and what? Stock certificates. And so remember, you know, and I remember my grandfather when we, when he died, look at, we couldn’t sell the house because he didn’t believe in the banks. And we were finding certificates all over the house in the walls. Okay? Right. So in the 1960s it was bare based. The whole industry was bare based. And there was the volume in Wall Street started to pick up to the point where they couldn’t handle the volume. There was a paper crisis where almost a third of the companies went down bankrupt because of the cage. The cage. Okay. So basically what happened was, to make a long story short, they came out with, they came, Hey, why don’t we get two computers At one point in time, they said, okay, crisis. Let’s solve it. Well, why don’t we get these two computers and we can solve, or we can sell trades among, amongst each other. Okay. And then we don’t need to have guys riding around Wall Street with bicycles and big briefcases. Okay. And then what we did was, what we did was we sat there and said, well, why don’t we have a centralized clearing, and we’re gonna call it DTC or CDS, depending on what country you’re in. And what we’re gonna do is we’re gonna offer paper, we’re gonna, we’re gonna issue paper rights to the underlying stock that was developed in the early 1970s. That’s the system that we’re on right now. There are a lot of faults with that. Let me give you, when you’ve talked about the GameStop a MC situation, when you have a company that’s basically have more shares outstanding short, sorry, more shares short than outstanding, that shows you that the old system doesn’t work. It’s called ation. The paper writes to the underlying assets, it, it doesn’t match up. There have been guys that make a career outta this and write books about this, right? Dole Pineapple. They had a corporate, a corporate event, right? Hostile takeover. 64,000 for 64 million shares, voted, I think, and there was only 3,200 on. We all know this, so this has to be solved. The way you solve it is you tokenize assets, and this was talked about a decade ago, and they know about it and true tofor, they, and if you’re thinking about it, it’s totally logical, right? But if we allow this innovation to go full stream ahead, we’re wiped out, right? So what did they do? They delayed. They delayed. And as you know, you could talk about, it’s called Operation choke 0.2 0.0. Right. You know, the Fed overreached their bounds, they de banked people. I mean, this is why, why Best it’s going after them. They, yet they stepped over their constitutional mandate. Right. The federal, the Fed Act is not, uh, does not supersede the US Constitution. Elizabeth warned the whole thing. They did it. Okay, so let’s not complain about it. So now Atkins is gonna, we’re gonna have the Clarity Act come out and they’re gonna basically deregulate New York Stock Exchange already there. They’re gonna put everything on the blockchain and when you put everything on the blockchain, trade a settlement. There’s no hypo. Immediate settlement. Immediate, which is a benefit if you can get your act together because it, you know, for Wall Street firms you need less capital, right? So it’s a natural evolutionary process. And then you sit there and go back in history, if you and I were writing it, we’d sit there and go, well, should we be surprised that the incumbents right, the status quo pushed back on innovation? No, there was a guy, there was a prophet, um. At, at Harvard, his name was Clay Christensen, and he wrote this wonderful book called The Innovator’s Dilemma. You know, why does, why don’t companies evolve, or why do they go bankrupt? It’s because they cease to evolve and the status quo doesn’t allow the evolution of the companies to take place. Right? Well, that’s what happened in RA. We’re gonna complain about it. No, it, it is what it is. It’s water under the bridge. And so what I think is happening is, you know, Mr. Diamond is basically saying. He’s pragmatic, he’s a realist. And now he’s saying, we gotta evolve. And hey, by the way, now I’ve gotten to the point where I think I can make a tunnel. Think about that. Yeah. Think about his own stable coins, right? So his own stable coins. And, uh, well think about this. If you trade like internal meetings, right? And I’m hyped this hypothetical, right? I go, fuck, don’t screw this up this time. And you’re gonna go, Jim, what are you talking about? I go. We want a nice bread between bid and ask in these financial price. We don’t wanna go down to pennies. Okay? Can we go back to the old days when we were, you know, trading in quarters and sixteenths and so we can make some skin in the game? I think you’ve got the deregulation of the banking industry where the banks are gonna, they’re fit. It’s gonna be baby steps. But what’s gonna happen is they’re gonna basically say, stop taking all that capital that’s sitting at the Fed, making four or fed funds rate overnights wherever it’s four half, 3 75 right now. And you can now trade it. Go back to prop trading, which is what they did. And they’re gonna start off, they will start off with, its only treasuries. Eventually they’ll be able to expand throughout our lifetime. So the old way you gotta look at it is, you know. We’re bringing the ba, you know, we’re putting the band back together, man. Right. And the banks are gonna deregulate, they’re gonna deregulate the banks, they’re going to innovate, they’re gonna be able to use the capital, their earnings profile going out into the end of the decade. It’s, it’s gonna be monstrous, it’s gonna be, you know, it, it’s, it’s, and, and that’s how I get, you know, when people say, where do you think the s and p goes? You know, I say, you know, 14,000, you know, double from here by the end of the decade. And he goes, well, what about ai? I go, well, they’re gonna, that’s important, but it’s the banks. I think the banks are gonna have a renaissance. Yeah. Yeah. Um, one thing just to get your thoughts on, so when you look at the banks, you talked about sort of the inevitability of tokenization. Um, the stock exchange, uh, we talked about stable coins. I mean, another great way for banks to make money. Uh, essentially where does that, how, how does that help or hurt Bitcoin adoption? Because Bitcoin is a sort of a separate, separate, you’re not, you’re not building on Bitcoin as much as you are, say, Ethereum, Mar Solana or, you know, some of the, some of the blockchain things. So, so is it just that. Is it just a, an adoption issue? Because you live in a, in a different world. You live in a world of blockchain and Bitcoin is, its currency. It’s weird, right? Because I, I’m writing this feed like, so Buck, where are you right now? Where, where, where are you located? I’m in Santa Barbara. You’re in California. So, yeah, so I’m in Toronto, right? Uh, you know, I lived in, worked in the States for, you know, a decade, a couple of decades, and I’m back home and it’s like, man, they don’t get it. Right, and, and, and, and what am I talking about? Well, well, this, this is the, the thing that you’ve gotta understand is this, right. Ethereum was invented by Vladi Butrin in this town, Joe Alozo, who’s the head of one of the largest Ethereum groups. Father is a dentist at Bathurst and Spadina. We’re up here and people are saying, oh, you know, president Trump don’t talk about being a 51st state. We act like a colony, duke. We are a, you know, we forget about calling us one. We are. So, look, it, look, there is no doubt in my mind that Ethereum is going to have a place and, and we’re going to use it. Seems like we’re going to use Ethereum and that’s the smart contract, you know? Um. And that’s fine. Um, you know, but going back in time. But, but remember, there’s not per, there’s not perfect scarcity there. So I like Ethereum, don’t get me wrong, but I look at Bitcoin and I look at the, I look at the scarcity, and I also look at the fact of, you know, what sa, what Sailor, if you sailor did a presentation in the middle of next year and all hell broke loose. What he did, and it’s, you know, and of course I’m hypothesizing. He basically went to New York and said, I am going to create fixed income products and I am going to give yields. On those products, and I’m coming after the stranded capital that sits on Wall Street that you guys have been ripping on for years. In the middle of last year, staler went public and declared war. Okay. Are we surprised that Jim Shane Oaks came out and everybody came out basically guns a blazing. Are we surprised? But what he, what Sailor did and put and slammed on the table is it’s pristine capital, it’s transparent capital. And what are you willing to pay for that? And now you GARP banks trading at. We have no idea what their capital structure really is. Honestly, we have an idea, but it’s very opaque, right? You know, the high quality names are trading at two, two to, you know, two times tangible book. You’ve got fintech’s companies trading at four to five times, right book, and you know, what’s Sailor doing right now? Diluting his stock so he can buy as much Bitcoin as he wants because he sees the next game. He says the hell with what you guys think the next game is going to be. Wall Street’s going to realize that Bitcoin is pristine capital and there’s only 21 million of it. What do you and, and what just happened today? What did Morgan Stanley just file a treasury company. So everything you and I are talking about, they know they’re smart guys, right? They’re real, they’re not. That’s, this is the whole point. They’re really, really, really smart. Okay. They see they’ve gone through the history. They know. Okay, so you’re sitting there, you get around the room, you say, so wait a minute. Wait. Whoa, sailor’s over here. And he’s basically saying he’s gonna give you a a pref that’s basically backed by Bitcoin charging 10%. And he’s going after our corporate clients. I mean, and what’s the pitch Buck? You’ve got a hundred million dollars. Okay, you got a hundred million dollars in the kitty. Okay, buck. What happens is you need $10 million a year for working capital, which is in cash, which means you’ve got $90 million sitting there idle. Hey, buck, I can give you 10% on that. You go to Jamie, he’s giving you two. What are you gonna do? Yeah. I think one of the issues right now is I the, the perceived risk profile of that. Right. Uh, you know. I tend to agree with you about the, uh, pristine nature of Bitcoin s collateral, but just in general, the perception. I don’t know that, that that’s. That’s the case. Well, you gotta go back to the fact that, do you think Bitcoin’s going to zero or not? No, of course not. Yeah. ‘ cause the Bitcoin doesn’t go to zero. There’s no, then, then that are, there’s Bitcoin could go to zero. There’s no, I mean, I don’t think, I mean, non-zero probability, of course, right? I don’t think it is. And if that has been, if it has been selected and now you have Wall Street coalescing it, I haven’t even mentioned the president of the United States or his family. Right. Uh, or the Commerce Secretary and his family, right? Or if you go to New York, wall Street, right, they’re all talking about it, right? So, I, I, you know, to me, I, I, the question about micro strategy, to me it’s not. That it’s a treasury company and it’s got a pile of Bitcoin. What does he do with it? Does he become a bank? Like why does it, this is me. I’m pitching him. Right. Hey, Mike, why don’t you just become a FinTech, say you’re like a FinTech company and you’ll get, and you, you’re gonna instantaneously trade it five to six times book. Why don’t you, why are you, you’re talking like you’re attacking them, but you’re still, you’re still a software company with a, with a big whack of Bitcoin that you are writing pres. Right? So, and, and so that’s, that’s how I look at it. I think the wave is too big. We are going to digitize. And the other thing that we didn’t really touch on with respect to AI and blockchain, and I’m gonna paraphrase the president. Right. Um, Mr. Trump is, look, um, it’s a matter of national security, duke, and when I hear that, I go back to the nineties in the eighties when I was in late eighties when I was an undergrad. Right. And it wasn’t China, it was Japan. And, and you know, what happened was, you know, it, it’s funny, Al Gore did deregulate so that. The internet could become for-profit. We all stood around and said, you know what the hell could, how do we make money on this? That’s, you know, what do we do? And then what did we do? We, we, we threw a ton of money at it and the United States controlled it. And what did we get out of it? We got out, we got, you know, all those companies. Right. The last thing I would say to you, and this is much more of a personal story, is I, when I was younger, I was in New York and it was 2000 and I was at the Grand Hyatt, and it was a tech, it was a tech conference and, uh, Larry Ellison Oracle was there and he gave a, he gave a, he gave a a, a fireside chat. Then, um, we go to a breakout room and, you know, in a break, I don’t know about if you’ve been to one, but you go to a breakout room, it’s a smaller room at the hotel, and you know, sometimes you got 25 people, sometimes you got 50 people, right. And, you know, I went to the, I went to the breakout with Mr. Allison ’cause of Oracle and I went in there and it was absolutely jammed and I was sweating and he just looked at us and he just ripped us. He AP Soly, just, I still have the scars today. I’m talking to you about it. Okay. He called it a bubble. He called it a bubble. He, he was early in calling it a bubble. I never forgot that. And then you sit there and see what he’s doing right now. Where he’s levering up the balance sheet. Now, to me, having survived in this game for such a long period of time, and I call it a game, it’s a game of strategy, whatever, you know, how does that not, you know, I would say to you, we were, your office was next to mine. Fuck. I remember New York, he’s loading the goose loaded in. He go in, he’s borrowing money from his grandmother. He’s, you know, what is going on. And he’s really stinking smart. You know, he’s, he, Larry Allenson just doesn’t do, and people, oh, he’s in, you know, he’s, no, he’s not, he’s, he’s like the mentor of all of these guys. You know what I mean? So there’s a, to me, there’s a discontinuity that these need to believe that we’re still early on because you know, what, if Larry’s, what do we take when Larry or Mr. Ellison is leveraging up to me, it’s profound because I’m anchoring off of my bias to the New York, the New York high at, at the Tech Co. I think it was, I think it was at Bear Stearn. I couldn’t remember Bear Stearns or Lehman. But you know, one of those I carry that experience on with the rest of my life. I do. It’s like, what is Larry thinking? Right? So he’s leveraging up buck. That’s all I know. He’s a priest or guy. Well, that’s probably a good place for us to stop, Jim, uh, chief, uh, market strategist at Wellington Elta Private Wealth. Thank you so much for joining me. Thanks so much and be safe. You make a lot of money but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens. The concepts here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealth formula banking.com. Welcome back to the show everyone. Hope you enjoyed it. Uh, and, uh, as I said before, do not ignore ai. This is something that you need to start using. Have your kids start using it. Uh, make sure that they, you know. They use it every day because this whole world is turning AI and it’s gonna happen. You know, it’s gonna happen in, in a blink of an, uh, blink of an eye. And the world is gonna change and there are gonna be real winners out there. And the winners are gonna be people who knew where there was, was going and kind of used it in their mind’s eye as they looked on navigating how. You know how to allocate their money. Anyway, that is it for me. This week on Wealth Formula Podcast. This is Buck JJoffrey signing off. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit wealth formula roadmap.com.

When things feel heavy in your business, it's usually because you're holding onto things past their use-by date. Deletion creates space for progress.

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