Podcasts about Economics

Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave and Robbie "the Fire" Bernstein discuss Mike Huckabee calling Israeli settlers "terrorists", Donald Trump saying that lowering interest rates is good for the economy, JD Vance's refusal to give a timeline for the war, and more.Support Our Sponsors:CrowdHealth - https://www.joincrowdhealth.com/promos/potpBodyBrain - Go to BodyBrainCoffee.com, use code DAVE20 for 20% off your first orderHexclad - Find your forever cookware @hexclad and get10% off at https://hexclad.com/PROBLEM! #hexcladpartnerPart Of The Problem is available for early pre-release at https://partoftheproblem.com as well as an exclusive episode on Thursday!PORCH TOUR DATES HERE:https://robbernsteincomedy.com/eventsFind Run Your Mouth here:YouTube - http://youtube.com/@RunYourMouthiTunes - https://podcasts.apple.com/us/podcast/run-your-mouth-podcast/id1211469807Spotify - https://open.spotify.com/show/4ka50RAKTxFTxbtyPP8AHmFollow the show on social media:X:http://x.com/ComicDaveSmithhttp://x.com/RobbieTheFireInstagram:http://instagram.com/theproblemdavesmithhttp://instagram.com/robbiethefire#libertarian See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Economist and geopolitical analyst Tom Luongo joins the program to break down what he believes are the real forces driving the Iran war, the Canadian tariffs and other major geopolitical and economic developments reshaping the global landscape. Luongo goes beyond the conventional headlines to examine the competing interests, financial pressures, and strategic objectives he sees operating behind these events.We also dig into the recent NDAA legislation, comparing the Senate and House versions and examining what the language actually says. We discuss why the word "integration" can be misleading, what the proposed military cooperation could mean in practice, and why we both believe integrating U.S. military capabilities with any foreign state is an unwise direction. Global economics do not operate in a vacuum—they are increasingly the direct result of the geopolitical power struggles, alliances, conflicts, and strategic decisions unfolding around the world.Follow Tom Luongo at tomluongo.meSign up for the Newsletter and see exclusives now located at WestallMedia.com or still at SarahWestall.substack.com

Mistral AI raises €3bn at a valuation of more than €21bn. The fund-raising round is among Europe's largest ever. CEO Arthur Mensch tells CNBC that the move will accelerate future growth. Oil prices are at a six-week high with Brent crude nearing the $100-mark. Market sentiment reacts with the chances of central bank tightening looming. Chinese exports in August grow by 25 per cent while Canada's counter-tariffs against the U.S. take hold.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Today for "Everyday Money #6":-- A few episodes ago, we talked about the idea of a $0 CAC consumer finance product, and whether that was actually achievable. Today I want to come back to that question with a concrete example, because there is a company that has built its entire growth engine around exactly this principle: Revolut. Their internal slogan was famously displayed in neon signs across their offices: Deliver “wow”. On the surface, that sounds like a marketing line. But underneath it is a genuine economic strategy, and it explains a lot about how organic growth actually compounds. The idea is simple to state but hard to execute. [Learn more in the episode]-- The podcasts are authored, edited and produced by Raph Grieco (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠raphael-grieco.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠olivecapital.vc⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠).

What does a failed 19th-century Chinese civil exam and one of the deadliest wars in history have to do with how we hire, educate, and test people today? In this EconTalk conversation, Russ Roberts and education expert Daisy Christodoulou trace a surprising thread from the Taiping Rebellion through Britain's Northcote-Trevelyan reforms, Samuel Pepys's naval exams, and Macaulay's belief that a hard exam on anything--even alchemy or the Cherokee language--reveals the best minds. Christodoulou dismantles that idea with evidence that skills are stubbornly domain-specific: chess masters, surgeons, even Steven Spielberg couldn't simply transfer their brilliance elsewhere. Along the way they wrestle with meritocracy, why bureaucracies fail without feedback, and whether great teachers must resist irony. A rich, wide-ranging discussion that will change how you think about testing and expertise.

This episode is another in our podcast series of conversations with highly vetted brands I feel confident recommending to my community. Today, I was delighted to connect with Julie Sawaya, Co-founder and Co-CEO of Needed, a women's health company advancing nutrition standards across the mother span, from fertility through menopause. Julie holds a degree from Northwestern and an MBA from Stanford. In our conversation, Julie and I discuss the silent epidemic of nutritional deficiency. We explore how oral contraceptives and food restriction can contribute to nutrient depletion, current RDA standards, and the impact of pregnancy, breastfeeding, the postpartum period, and perimenopause on women's nutritional needs. We examine the MTHFR SNP and its variants, explain how to read supplement labels and what pixie dusting is, and discuss why it's important to know your omega-3 index and how this can influence both food choices and supplementation. Julie also shares a "repletion, not restriction" reframe for midlife and discusses the policies and standards she would like to see improved, including updated recommendations for pregnant and breastfeeding women and a straightforward perimenopause RDA. We also discuss practical takeaways, including specific supplement recommendations and testing that may be helpful. Stay tuned for another conversation you'll likely want to listen to more than once. IN THIS EPISODE, YOU WILL LEARN: How depleted food, environmental toxins, and normalized fatigue have contributed to the silent nutrient deficiency epidemic among women How oral contraceptives can deplete key vitamins and minerals, and how pregnancy, breastfeeding, postpartum, and perimenopause increase women's nutritional needs What the current RDA standards were developed for—and how the research underpinning them largely excluded women of reproductive age How symptoms and cycle changes can overlap between perimenopause and nutrient depletion Nutrients that are essential for bone health, cognitive function, energy, nutrient absorption, and overall health during the menopause transition Julie reviews the evidence surrounding MTHFR variants What to look for on supplement labels Why nourishing your body properly can support your metabolism more effectively than food restriction How your omega-3 index can help you decide whether supplementation is needed Julie shares practical recommendations for supporting your nutritional health during perimenopause. Bio: Julie Sawaya is the Co-Founder and Co-CEO of Needed, a women's health company advancing nutrition standards across the motherspan—from fertility through menopause. Julie earned departmental honors in Economics at Northwestern University for her work on nutritional access and her MBA from the Stanford Graduate School of Business. She is a frequent speaker and writer on women's health and modern motherhood. Julie is a trained nutritionist and a mother of three. Connect with Cynthia Thurlow   Follow on X, Instagram & LinkedIn Check out Cynthia's website. Submit your questions to support@cynthiathurlow.com  Join other like-minded women in a supportive, nurturing community: The Midlife Pause/Cynthia Thurlow.  Purchase Cynthia's book, The Menopause Gut. Cynthia's Intermittent Fasting Transformation Book The Midlife Pause Supplement Line Connect with Julie Sawaya Needed Instagram TikTok

Today, John Healey delivered his first major speech as chancellor, aiming to boost confidence in the economy with a positive message. The chancellor set out his intentions for growth, investment and more jobs. But midway through, Jaguar Land Rover announced they would be making thousands of job cuts after struggling with competition from China and falling behind in the electric vehicle race.Economics editor Faisal Islam and business editor Simon Jack explain what it means for the country, and they chat through Healey's new ‘Make Great Britain Growth Britain Again”And we've had a weekend of anti-migration protests. One involved men in balaclavas in Dover and one with a crowd trying to block the migrant coaches in Portsmouth. UK correspondent Daniel Sandford explains.You can now listen to Newscast on a smart speaker. If you want to listen, just say "Ask BBC Sounds to play Newscast”. It works on most smart speakers. You can join our Newscast online community here: https://bbc.in/newscastdiscordGet in touch with Newscast by emailing newscast@bbc.co.uk or send us a WhatsApp on +44 0330 123 9480.New episodes released every day. If you're in the UK, for more News and Current Affairs podcasts from the BBC, listen on BBC Sounds: https://bbc.in/4guXgXd Newscast brings you daily analysis of the latest political news stories from the BBC. The presenter was Adam Fleming. It was made by Jack Maclaren with Anna Harris and Lois Worrow. The social producer was Gabriel Purcell-Davis. The technical producer was Philip Bull and Holly Smith. The assistant editor is Chris Gray. The senior news editor is Sam Bonham.

We begin today's show with a historic result in Germany, where the far-right AfD party surged to victory in a state election. While they fell just of an absolute majority, the party is celebrating. Correspondent Fred Pleitgen is on the ground and joins the show live. German analyst Liana Fix also joins the show for more analysis from DC.  Also on today's show: Ukrainian Economy Minister Tymofiy Mylovanov; Economics professor Betsey Stevenson    Learn more about your ad choices. Visit podcastchoices.com/adchoices

Tonight's reading comes from The Basic Facts of Economics, written by Louis F. Post and published in 1927, exploring the basic principles of economics, including money, trade, production, wealth, and the everyday workings of economic life.BORE YOU TO SLEEP – CALM BEDTIME STORIES FOR ADULTSCan't fall asleep? You're not alone. Bore You to Sleep is a sleep podcast featuring calm, monotone readings of classic books, public-domain literature and relaxing bedtime stories for adults. Each episode is intentionally slow and soothing, designed to help you unwind, quiet your thoughts and drift off while the story plays gently in the background.My name is Teddy and I am here to help people everywhere get a good night's rest. The podcast is designed to play in the background while you slowly fall asleep.IN THIS EPISODE:• Calm, monotone storytelling• A classic public-domain audiobook• A relaxing bedtime story for adults• Gentle narration designed for background listeningABOUT THE SHOW:• Free, listener-supported sleep aid podcast• Self-produced with one short ad to keep it free for everyone• New relaxing episodes released weeklySUPPORT THE PODCAST:• Subscribe on Spotify for ad-free listening ($2.99/month)• Become a patron at BoreYouToSleep.com• Leave a rating or review to help others discover the podcastThank you for your messages, support, and kind words, they mean the world to me.Your rest is my mission.#SleepPodcast #SleepStory #BedtimeStories #BedtimeStoriesForAdults #CalmNarrationIn the meantime, lie back, relax and enjoy the readings.Sweet dreamsTeddy

Show, Bruce and Chad Bio on Wikipedia: https://en.wikipedia.org/wiki/Bruce_D...The Bruce Collins Show is “A modern old-time variety show for people who like smart comedy and serious conversation."FACEBOOK PAGE- https://www.facebook.com/profile.php?...TAMPA BAY OBSERVER- https://tampabayobserver.com/former-a...The Insider Weekly- https://theinsiderweekly.com/former-a...

Germany's AfD party wins a resounding election in the eastern state of Saxony-Anhalt with almost 45 per cent of the vote. Ulrich Siegmund, the candidate vying to be the state premier pledges the party will not compromise if it comes to power. Investors attempt to look beyond President Trump's threat to cut off top trading partners if the Federal Reserve fails to cut interest rates. Markets have priced in a 60 per cent chance of a rate hike in September following August's jobs data. Brent nears $100 a barrel as the U.S. and Iran engage in fire across the weekend. The U.S. military said it had targeted 3 Iranian oil tankers following missile launches at two American vessels.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Second live Q&A, and this week we went to Nicaea. Here's the setup, in case you're new: Constantine called the council, funded the bishops' travel, set the agenda, chaired it, and personally suggested the technical term homoousios — that the Son is of the same substance as the Father. Joerg's method is to notice who pays for the trip. The boss funds the conference, the boss owns the product. Which means bringing Jesus up into the Godhead looks like a great move of respect right up until you notice it also removed him from Galilee and assimilated him to an imperial first person. But here's the part that makes this class worth taking: Joerg's move is to read it backwards. Let the second person define the first. Suddenly the creed becomes dangerous to empire, and Constantine — who moved away from Nicaea late in life for reasons nobody fully understands — may have figured out it was blowing up in his face. We also got into the Christological vacuum and what rushes in to fill it, why Chalcedon accidentally underwrote the self-made man, how Hellenization was a class matter, and what the Theodosian Code's protection of church asylum asks of congregations right now. Next week: Anselm. Get ready. The Christ Empire Couldn't Keep is running now. Sign up at homebrewedclasses.com — you don't have to donate anything. You'll get access to all the lectures, you can send in questions by replying to any class email (that's where every question in this Q&A came from), and you'll be connected to the online community working through the material together. You can WATCH the conversation on YouTube Dr. Joerg Rieger is the Distinguished Professor of Theology and the Cal Turner Chancellor's Chair of Wesleyan Studies at Vanderbilt University and founding director of the ⁠Wendland-Cook Program in Religion and Justice⁠. For three decades, he has worked to bring together theology and the struggles for justice and liberation that mark our age. His work addresses relations of theology and public life, reflecting on the misuse of power in religion, politics, and economics. His interest is in movements that bring about change and in the positive contributions of religion and theology. His constructive work in theology draws on a wide range of historical and contemporary traditions, with a concern for manifestations of the divine in the pressures of everyday life. Several of his 24 authored and edited books address the topics of this course, including ⁠No Rising Tide: Theology, Economics, and the Future⁠; ⁠Unified We Are a Force: How Faith and Labor Can Overcome America's Inequalities⁠ (with Rosemarie Henkel-Rieger); and ⁠Faith, Class, and Labor: Intersectional Approaches in a Global Context⁠ (with Jin Young Choi). ⁠www.joergrieger.com⁠ Previous Episodes w/ Joerg Empire Goes All the Way Down ⁠Why Religion Matters Now⁠ ⁠Theology in the Capitalocene⁠ ⁠Divine Justice & our Ultimate Concern⁠ ⁠ the End of Religion & Business as Usual⁠ ⁠Joerg Rieger: Jesus vs Caesar ⁠ ⁠Different Gods, Different Religions?⁠ ⁠Wild Goose Theology Happy Hour with Joerg Rieger and Emilie Townes⁠ ⁠The Economy, Election, Ayn Rand-Ryan-Romney, Occupy, & More⁠ ⁠Occupy the Church! Rita Nakashima Brock, Joerg Rieger, & Christophe Ringer⁠ ⁠Economics, Theology, and Discipleship⁠ ⁠⁠⁠⁠JOIN OUR OPEN ONLINE CLASS: The Empire Christ Couldn't Keep⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ever notice how Christian nationalism gets talked about like it's some bizarre new glitch in the faith? It isn't — it's a 2,000-year-old arrangement wearing new clothes, and once you see how the pattern works, you can also spot the Christ who keeps slipping free of it. Join theologian Joerg Rieger and Tripp Fuller for The Christ Empire Couldn't Keep, a free six-week online class tracing the holy alliances, imperial creeds, and stubborn resistance that have shaped Christianity from Paul to the present. You'll get six lectures from Joerg, six live Q&As, weekly readings from his book Christ and Empire, and a community of fellow troublemakers thinking it through together. It's free to join, every session is recorded, and it kicks off Thursday, August 27. Grab your spot at ⁠⁠⁠⁠⁠⁠⁠⁠⁠HomebrewedClasses.com.⁠⁠⁠⁠⁠⁠⁠⁠⁠ This podcast is a ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Homebrewed Christianity ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠production. Follow ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠the Homebrewed Christianity⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Theology Nerd Throwdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, & ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Rise of Bonhoeffer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ podcasts for more theological goodness for your earbuds. Join over 75,000 other people by joining our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Substack - Process This!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Get instant access to over 50 classes at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.TheologyClass.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow the podcast, drop a review⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, send ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠feedback/questions⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ or become a ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠member of the HBC Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 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Liberal democracy was once a radical force. It challenged monarchies, expanded political rights and, at its most successful, helped deliver rising wages and shared prosperity. So how did it become associated with an establishment that growing numbers of voters have turned against? In this episode, researcher and author Carl Miller speaks with Nobel Prize-winning economist Daron Acemoglu about his new book What Happened to Liberal Democracy? Remaking a Politics of Shared Prosperity. Acemoglu traces the decline of liberalism through the collapse of its traditional working-class coalition, rising inequality and the transition from an industrial to a digital economy. He argues that automation has broken the old link between business growth and rising wages – and warns that AI could accelerate this divide by eliminating jobs without creating shared prosperity. So can liberal democracy reinvent itself before it is too late? Acemoglu makes the case for what he calls ‘working-class liberalism': a new politics focused on economic opportunity, community and rebuilding trust with voters who have abandoned the centre left. Daron Acemoglu is Institute Professor of Economics at MIT and was awarded the 2024 Nobel Memorial Prize in Economic Sciences. His latest book is What Happened to Liberal Democracy? Remaking a Politics of Shared Prosperity. Carl Miller is a Senior Fellow at Demos and founder of the Centre for the Analysis of Social Media (CASM). He is the co-writer and host of the investigative podcast Kill List and is the author of The Death of the Gods: the New Global Power Grab. --- If you'd like to become a Member and get access to all our full ad free conversations, plus all of our Members-only content, just visit intelligencesquared.com/membership to find out more. For £4.99 per month you'll also receive: - Full-length and ad-free Intelligence Squared episodes, wherever you get your podcasts - Bonus Intelligence Squared podcasts, curated feeds and members exclusive series - 15% discount on livestreams and in-person tickets for all Intelligence Squared events  ...  Or Subscribe on Apple for £4.99: - Full-length and ad-free Intelligence Squared podcasts - Bonus Intelligence Squared podcasts, curated feeds and members exclusive series … Already a subscriber? Thank you for supporting our mission to foster honest debate and compelling conversations! Visit intelligencesquared.com to explore all your benefits including ad-free podcasts, exclusive bonus content and early access. … Subscribe to our newsletter here to hear about our latest events, discounts and much more. https://www.intelligencesquared.com/newsletter-signup/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Samuel Chong, September 4th, 2026 - Friday, 3 PM ET Topic: The Thiaoouba Prophecy: An ET Guide, Earth's Hidden History, and Spiritual Law BIO: Samuel Chong is a California-licensed attorney, certified Mandarin court and federal interpreter, Chinese translator (American Translators Association), and licensed massage therapist. He serves as a unique motivational keynote speaker on wellness, resilience, mindset, leadership, health and wellbeing, spirituality, near-death experiences, extraterrestrials (ETs), ancient mysteries, and esoteric knowledge. Drawing on scientifically grounded evidence and memorable personal stories, Samuel bridges science and spirituality to unlock human potential at a subconscious level. He delivers actionable strategies for productivity, resilience, and positive change while inspiring audiences with interdisciplinary insights from mind-body-spirit (MBS) principles. His work as a Mandarin interpreter for global leaders—including Richard Branson, Warren Buffett, and Michael Dell—has given him deep cross-industry knowledge and strategic foresight as a futurist. Samuel holds a J.D. from Northwestern California University School of Law, an M.A. in Financial Analysis from Universidad Carlos III de Madrid, a Graduate Certificate in Economic History from the London School of Economics, and a B.A. in Economics from UC Berkeley. He previously taught at UCLA Extension. A dedicated advocate for ET disclosure and ancient wisdom, Samuel was instrumental in arranging the Chinese edition of Michel Desmarquet's Thiaoouba Prophecy (a bestseller in both China and Taiwan) and has translated 334 ‰ Lies: The Revelation of H. M. v. Stuhl. He has personally visited the author and actively promotes these transformative messages of hope, planetary awakening, and a better world through the ChinaSona Foundation and its scholarship program. Based in Los Angeles, Samuel is a Founding Member of the Hollywood Disclosure Alliance. He brings his legal expertise, global perspective, and unique synthesis of esoteric knowledge with modern science to help integrate truthful UAP/ET narratives into entertainment media and public consciousness. His multilingual abilities (English, Mandarin, Spanish) and interdisciplinary background make him an invaluable bridge between researchers, experiencers, and Hollywood storytellers advancing ethical, fact-based disclosure. https://www.chinasona.org/speakers/ United Public Radio & UFO Paranormal Radio www.uprntalkradio.com

Investors have plenty to digest this month, from economic data to central-bank decisions. Our Global Head of Fixed Income Research Andrew Sheets outlines what could drive the next bout of volatility.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.Today, several catalysts for more volatility later this month.It's Friday, September 4th at 2pm in London.Over more than a century of market history, Septembers have tended to see more volatility than the average month. You can't exactly set your watch by it, but the trend is definitely there. As investors come back from summer and capital market activity restarts in earnest, things historically tend to move.This idea seems especially relevant this year. Despite the headlines, it was a pretty calm summer for markets. Since early June, U.S. stocks, yields, and credit were all modestly higher, and they got there with minimal movement. The realized volatility – that is how much these markets are moving on a daily basis – has been historically low.September offers a number of catalysts that could test that.First and foremost is the Fed. Inflation remains above the central bank's target, and markets are pricing a roughly two out of three chance of a rate hike at the September 16th meeting. That's more uncertainty this close to a meeting than we've had in a while – and the impact goes far beyond a single decision. Live meetings from the Bank of Japan and the European Central Bank also loom in September.September is also a month that historically sees unusually heavy capital market activity. That makes sense. If you're a corporate and looking to raise money, it's often better to wait until investors are back from the summer before going out looking for those funds.But this September could be unusually active, given a growing IPO pipeline and continued funding needs from AI-related construction. And so, it's fair to say that even adjusting for September's usually heavy pace, there's an unusually wide range of outcomes around where capital market activity could land this month.Investors are also coming back from the summer with major uncertainty still hanging over global energy markets. Morgan Stanley's commodity team still sees global energy flows as severely restricted and recently raised their forecast for oil prices, seeing them reach about $100 a barrel in the fourth quarter of this year.The price of what's in that barrel is becoming even more extreme, with the price of diesel fuel in Europe up 140 percent since January 1st. And so, as inventories continue to draw down and questions around the duration of this conflict persist, both factors could drive more market movements.The good news is that while Septembers have historically been more volatile months, they're not necessarily a bellwether. And that could apply again. By month-end, we should have a much better idea of the Fed's path, the scale of capital market activity, and the state of energy supply.But until then, the level of expected volatility across many markets, particularly interest rate and foreign exchange markets, remains unusually low. Given this backdrop, we think those levels of expected volatility can rise.Thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

Veteran war correspondent Phil Ittner reports from Uktraine. The war Trump chose to join against Iran in violation of our laws and Constitution, in other words, is directly helping Putin kill children in Ukraine and assists Iran in hitting our troops in the Middle East. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This episode is sponsored by BONESUPPORT™, maker of CERAMENT® G with Gentamicin – the one and only FDA authorized, antibiotic-eluting bone void filler. For more information, visit https://www.bonesupport.com/en-us/products/cerament-g/  Paul Matuszewski, MD, from University of Kentucky is joined by Chris Cosgrove, MD and Peter Everson, MD to discuss how they're using new technology and evidence to best care for their patients in today's cost-conscious landscape.  Over the course of forty minutes, they discuss their move towards single-stage surgeries, shortened antibiotic treatment regimens, and how they're even treating some of their patients outpatient with CERAMENT G. They also discuss the new CMS ruling for FY2027 and what it means for CERAMENT G.      Interested in staying in touch? Follow BONESUPPORT on LinkedIn https://www.linkedin.com/company/bonesupport-ab/   References discussed in this episode:  · Conway J, et al. 'Antibiotic Cement-Coated Rods.' Bone Joint J. vol. 96-B, no. 10, 2014, pp. 1349-1354. doi:10.1302/0301-620X.96B10.33799.  · McNally et al. 'Single-stage treatment of chronic osteomyelitis with a new absorbable, gentamicin-loaded, calcium sulphate/hydroxyapatite biocomposite: a prospective series of 100 cases.' Bone Joint J. 2016;98-B(9):1289-96  · Godina M. Early microsurgical reconstruction of complex trauma of the extremities. Plast Reconstr Surg. 1986;78(3):285-292. doi:10.1097/00006534-198609000-00001  · McNally et al. 'Mid- to long-term results of single-stage surgery for patients with chronic osteomyelitis using a bioabsorbable gentamicin-loaded ceramic carrier.' Bone Joint J. 2022;104-B(9):1095-1100.  · Ferguson J et al., 'A Comparison of Clinical and Radiological Outcomes between Two Different Biodegradable Local Antibiotic Carriers Used in the Single- ­stage Surgical Management of Long Bone Osteomyelitis', Bone & Joint Research, 2023; 12(7): 412–22  · Henry et al., 'Long-Term Follow-Up of Open Gustilo-Anderson IIIB Fractures Treated With an Adjuvant Local Antibiotic Hydroxyapatite Bio-Composite', Cureus. 2023; 15(5).   · Li et al. 'Oral versus Intravenous Antibiotics for Bone and Joint Infection.' The New England Journal of Medicine, 2019; 380:425-436  · Major Extremity Trauma Research Consortium (METRC).  'Oral vs intravenous antibiotics for fracture-related infections: the POvIV randomized clinical trial.'  JAMA Surg. 2025;160(3):276-284.  Information discussed regarding CMS:   · Centers for Medicare & Medicaid Services (US). Medicare program; hospital inpatient prospective payment systems for acute care hospitals (IPPS) and the long-term care hospital prospective payment system and policy changes and fiscal year (FY) 2027 rates; requirements for quality programs; other policy changes; and adoption of updated versions of certain health information technology standards. Final rule (CMS-1849-F) [Internet]. Fed Regist. 2026 Aug 4 [cited 2026 Aug 20]. Available from: https://www.federalregister.gov/documents/2026/08/04/2026-15833/medicare-program-hospital-inpatient…. Also available from: https://www.govinfo.gov/content/pkg/FR-2026-08-04/pdf/2026-15833.pdf

Dominique Dwor-Frecaut is the Chief US economist and macro strategist for Macro Hive and is based in Los Angeles. Before that, she worked at various hedge funds, including Bridgewater. Prior to the buy side, she worked at the New York Fed, IMF, and the World Bank. She holds a PhD in Economics from the London School of Economics. In this podcast, we discuss: The "Low-Hire, Low-Fire" Labour Puzzle The Imported AI Capex Illusion Chips as the New Oil Supply Shock The K-Shaped Consumer & GFC-Level Delinquency The Fragile Savings Rate Cushion The Return of FOMC Dissension The Waller Swing Vote & the 2026 Rate Path The 2027 AI De-escalation Surprise

Analysis of Financial Statements Business Finance, FIL 240-002, Autumn 2026, Lecture 6 Your browser does not support the audio element. Type: mp3 audio file ©2026

00:08 — Gabrielle Canon is climate reporter and extreme weather correspondent for Guardian US. 00:25 — Remembering Gloria Steinem. 00:33 — J.W. Mason is Associate Professor of Economics at John Jay College of the City University of New York, and a senior fellow at the Groundwork Collaborative The post US Forest Services Workforce Suffers; Plus, Remembering Gloria Steinem; And, Against Money with JW Mason appeared first on KPFA.

A new economic order for the AI era looms over talks at the European House – Ambrosetti Forum, as policymakers and business leaders gather at Lake Como. Equities rally and yields ease, while Norway's sovereign wealth fund floats unwinding some of its Treasury holdings by roughly $80 billion. Today's U.S. jobs report has traders locked in a dead heat, with CME FedWatch futures on the fence as investors look for clues on the Federal Reserve's next policy move. And Volkswagen's board approves an overhaul that will slash 50,000 jobs and halve its vehicle line-up after a tense standoff with unions.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In 1966, the federal government commissioned a massive survey aimed at solving educational inequality. Instead, the explosive Coleman Report unleashed a 60-year debate over race, resources, and what education in America is actually for. This is the story of how the report came together… and the policy whirlwind that followed.Guests:Victoria Cain, Associate Professor of History, Northwestern University Thomas Kane, Walter H. Gale Professor of Education and Economics, Harvard University  Support public media with NPR+ and enjoy perks for over 25 podcasts like this one. This show's perks include sponsor-free listening. Learn more at plus.npr.org.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

Misha Glenny delves in to the In Our Time archive to select ten episodes for listeners to revisit. His fifth choice, first released in May 2024, is the Empress Dowager Cixi, the woman who, for almost fifty years, was the most powerful figure in the Chinese court. Cixi (1835-1908) started out at court as one of the Emperor's many concubines, yet was the only one who gave him a son to succeed him and who also possessed great political skill and ambition. When their son became emperor he was still a young child and Cixi ruled first through him and then, following his death, through another child emperor. This was a time of rapid change in China, when western powers and Japan humiliated the forces of the Qing empire time after time, and Cixi had the chance to push forward the modernising reforms the country needed to thrive. However, when she found those reforms conflicted with her own interests or those of the Qing dynasty, she was arguably obstructive or too slow to act and she has been personally blamed for some of those many humiliations even when the fault lay elsewhere.WithYangwen Zheng Professor of Chinese History at the University of ManchesterRana Mitter The S.T. Lee Professor of US-Asia Relations at the Harvard Kennedy SchoolAndRonald Po Associate Professor in the Department of International History at London School of Economics and Visiting Professor at Leiden UniversityProducer: Simon Tillotson In Our Time is a BBC Studios Audio ProductionReading list:Pearl S. Buck, Imperial Woman: The Story of the Last Empress of China (first published 1956; Open Road Media, 2013)Katharine A. Carl, With the Empress Dowager (first published 1906; General Books LLC, 2009)Jung Chang, Empress Dowager Cixi: The Concubine Who Launched Modern China (Jonathan Cape, 2013)Princess Der Ling, Old Buddha (first published 1929; Kessinger Publishing, 2007)Joseph W. Esherick, The Origins of the Boxer Uprising (University of California Press, 1987)John K. Fairbank and Merle Goldman, China: A New History (Harvard University Press, 2006)Peter Gue Zarrow and Rebecca Karl (eds.), Rethinking the 1898 Reform Period: Political and Cultural Change in Late Qing China (Harvard University Press, 2002)Grant Hayter-Menzies, Imperial Masquerade: The Legend of Princess Der Ling (Hong Kong University Press, 2008)Keith Laidler, The Last Empress: The She-Dragon of China (Wiley, 2003)Keith McMahon, Celestial Women: Imperial Wives and Concubines in China from Song to Qing (Rowman & Littlefield, 2020)Anchee Min, The Last Empress (Bloomsbury, 2011)Ying-Chen Peng, Artful Subversion: Empress Dowager Cixi's Image Making (Yale University Press, 2023).Sarah Pike Conger, Letters from China: with Particular Reference to the Empress Dowager and the Women of China (first published 1910; Forgotten Books, 2024)Stephen Platt, Imperial Twilight: The Opium War and the End of China's Last Golden Age (Atlantic Books, 2019)Liang Qichao (trans. Peter Zarrow), Thoughts From the Ice-Drinker's Studio: Essays on China and the World (Penguin Classics, 2023)Sterling Seagrave, Dragon Lady: The Life and Legend of the Last Empress of China (Vintage, 1993)Jonathan D. Spence, The Search for Modern China (first published 1991; W. W. Norton & Company, 2001)X. L. Woo, Empress Dowager Cixi: China's Last Dynasty and the Long Reign of a Formidable Concubine (Algora Publishing, 2003)

Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave is joined by Congressman Thomas Massie! They discuss Massie's proposal of a new Epstein files transparency act, his feelings about being unseated in Congress, the war in Syria compared to Iran, and more.Find Lauren Smith's book "Healthy Hibernation" here: https://a.co/d/0g2UnnikSupport Our Sponsors:BodyBrain - Go to BodyBrainCoffee.com, use code DAVE20 for 20% off your first order!Hexclad - Find your forever cookware @hexclad and get10% off at https://hexclad.com/PROBLEM! #hexcladpartnerPrize Picks - Visit https://prizepicks.onelink.me/LME0/POTP and use code POTP and get $150 if you win your first $5 lineup! Superpower - Head to Superpower.com and use code PROBLEM at checkout for $20 off your membership. Unlock your new health intelligence. 100+ biomarkers. Every year. Detect early signs of 1,000+ conditions. #superpowerpodPart Of The Problem is available for early pre-release at https://partoftheproblem.com as well as an exclusive episode on Thursday!PORCH TOUR DATES HERE:https://robbernsteincomedy.com/eventsFind Run Your Mouth here:YouTube - http://youtube.com/@RunYourMouthiTunes - https://podcasts.apple.com/us/podcast/run-your-mouth-podcast/id1211469807Spotify - https://open.spotify.com/show/4ka50RAKTxFTxbtyPP8AHmFollow the show on social media:X:http://x.com/ComicDaveSmithhttp://x.com/RobbieTheFireInstagram:http://instagram.com/theproblemdavesmithhttp://instagram.com/robbiethefire#libertarian See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Our Global Commodities Strategist Martijn Rats explains how tightening supply and shrinking buffers are pushing Brent prices up again, and what that would mean for fuel costs and energy markets.Read more insights from Morgan Stanley.----- Transcript -----Martijn Rats: Welcome to Thoughts on the Market. I'm Martijn Rats, Morgan Stanley's Global Commodities Strategist.Today: why the oil market is tightening, and why we now see Brent reaching $100 per barrel later this year.It's Thursday, September 3rd, at 3pm in London.It has been an extraordinary summer for oil. Brent — the global benchmark price for crude oil and the reference point for most of the world's oil trade — traded above $110 per barrel in mid-May, fell to $71 by early June, climbed back above $100 three weeks later, and then dropped again to around $79 per barrel. More recently, prices have moved higher again. But the question now is whether that is just another temporary swing. Or whether there is a sign that the underlying market has changed.We think it has changed. Supply is tightening, inventories are falling, and some of the buffers that helped absorb earlier disruptions are fading.The clearest evidence is in inventories. Crude oil sitting on the water fell from nearly 1.3 billion barrels in mid-July to 1.1 billion barrels recently. That was a decline of about 190 million barrels. During one four-week stretch, oil-on-water fell at the unusually high rate of 5.3 million barrels a day, the fastest four-week decline since this data series began about eight years ago. Usually, when there is such a large amount of crude oil that is brought on land, it drives up onshore oil inventories. However, not on this occasion. On a global basis, onshore crude oil inventories have fallen by another 38 million barrels over the same period. That means that those offshore barrels arriving were being used straight away rather than put into land-based storage.The biggest supply issue is still the Middle East. Crude flows from the Strait of Hormuz briefly recovered to about 15 million barrels a day after the June Memorandum of Understanding. That was close to the pre-conflict level. More recently, however, they have been running again around about 7 million. Now, Red Sea exports have also fallen sharply, from about 4 - 4.5 million barrels a day in March and April to around about 1.5 million barrels a day at the moment. Therefore, total regional exports are still up from the lows in March and April, but they are sharply down from that late June peak. Another source of support is fading: strategic petroleum reserves. Globally, those releases added around 2.5 million barrels a day to supply in March and April. But that has fallen sharply, and we do not anticipate material further releases from global SPRs after September.Then China is important, too. Its seaborne crude imports are normally around 10 to 11 million barrels a day but briefly fell as low as 5 million barrels a day leaving more oil available elsewhere. Now, China's buying activity still appears low, but at a minimum it has stabilized, and there are tentative signs of an increase. If Chinese imports have stopped falling and possibly go into reverse, they can no longer free up additional barrels for buyers elsewhere, making the global oil market tighter. So why hasn't crude become even more constrained? It's because of refineries. Global refinery outages are running 5 - 6 million barrels a day above normal. Although supply of crude oil is constrained, this means that demand for crude is also reduced. Now, the result of that is that the tightness in the system has instead shown up in refined products rather than in crude. And diesel is the clearest example of this; and the one most likely to be felt throughout the economy, since diesel prices feed straight through into trucking, freight, farming costs, and many other areas. The front-month diesel benchmark in the U.S. was recently around $195 per barrel, versus Brent at $95 per barrel. The difference between the value of a refined product and the crude used to make it is called a crack spread. For diesel, that crack spread reached around $100 per barrel, an all-time high. Over time, that gives refiners a very strong incentive to bring back capacity where they can. If they do, crude demand should rise, whilst inventories are already falling and Middle East supply so far remains constrained. We now expect a full recovery in Middle East supply to take well into 2027. On that path, oil inventories should keep falling throughout the fourth quarter of this year as well as the first quarter of next year. We now forecast Brent to average $100 per barrel in the fourth quarter.Now, for much of this year, the oil market had several shock absorbers: strategic reserves, abundant barrels at sea, and unusually weak Chinese imports all helped. Those cushions are thinner now. That leaves less room for another disruption, just as the road back to normal supply is getting longer. Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

ICE whistleblower exposes reckless hiringHegseth extends the Iran war into 2027Reich demands impeachmentLutnick's family profits from tariff chaosPlus a Kamala fantasy from Trump's Ag SecSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Joe Cirincione explains Trump's illegal, unauthorized, unnecessary war is the worst strategic defeat in U.S. history - and - The main national security threat we face is not in Russia, China, North Korea or even Canada, but in the White House. Geeky Science. Researchers are Alarmed as GPS Readings Suddenly Veer Off by 33 Feet, Enough to Crash Self-Driving Cars. Oh oh. “Cyclospora research shelved“ by Marcia Brown and Rachel Shin. Whistleblower claims thousands of mail-in ballots could be rejected with new system“ by Ken Dixon. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

America's defenses are being drained, Ukraine is being abandoned, and Russia and Iran are growing stronger. At what point does incompetence stop being an explanation?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Gloria Steinem's legacyTrump's surveillance machineTexas voter suppression, CBS propagandaPoliticized disaster aidPardons for influence expose a democracy under relentless assaultSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

With the midterms looming and the House back in session, we get the skinny from lead Progressive Congressman Mark Pocan as he takes calls from across the nation.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Erik Torenberg is joined by a16z General Partner Alex Rampell and Affirm Co-Founder and CEO Max Levchin for a conversation on 25 years of fintech, from the early days of digital payments to the origins of Affirm and the next generation of agentic commerce.Max and Alex revisit what surprised them most about how payments evolved, why the card interface has been so difficult to displace, and why even the smallest corners of payments can become enormous markets. They also trace the early idea maze behind Affirm, from "pay with your identity" and the pajama problem to the realization that installment financing could dramatically increase merchant conversion.The conversation also gets into real versus "fake" 0% financing, what people misunderstand about Affirm today, why negative customer acquisition cost can be such a powerful business model advantage, and why Max is more bullish on agentic payments than on agents choosing what people buy.Resources:Follow Max Levchin on X: https://x.com/mlevchinFollow Alex Rampell on X: https://x.com/arampell Stay Updated:Find a16z on YouTube: YouTubeFind a16z on XFind a16z on LinkedInListen to the a16z Show on SpotifyListen to the a16z Show on Apple PodcastsFollow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Trade has shaped human civilisation for thousands of years. From the copper used in Mesopotamian ploughs to the silicon inside our smartphones, vast networks have evolved to move the materials and products on which modern life depends. Yet much of this system remains invisible, only becoming clear when disruption exposes how fragile and interconnected it really is. In this episode, host Carl Miller speaks with journalist and bestselling author Ed Conway about the hidden world behind the things we buy. Through the stories of bread, cloth and cars, Ed traces the extraordinary journeys taken by everyday products and reveals the people and supply chains that make them possible. From the Corn Laws to the National Loaf and the fish finger, he shows how trade has shaped what ends up on our shelves and plates. Why has trade become one of the defining geopolitical issues of our time? What happens when governments intervene in supply chains? And how does the global economy respond when those networks are ruptured? Drawing on economic history and first-hand reporting, Ed explores how trade adapts and reshapes the world around us. Ed Conway is a writer and broadcaster. He is the Economics and Data Editor of Sky News and a regular columnist for The Times and Sunday Times. He has won numerous awards for his journalism and his book Material World was a Sunday Times bestseller and nominated for multiple prizes and books-of-the-year lists. Carl Miller is a Senior Fellow at Demos and founder of the Centre for the Analysis of Social Media (CASM). He is the co-writer and host of the investigative podcast Kill List and is the author of The Death of the Gods: the New Global Power Grab. If you'd like to become a Member and get access to all our full conversations, plus all of our Members-only content, just visit intelligencesquared.com/membership to find out more. For £4.99 per month you'll also receive: - Full-length and ad-free Intelligence Squared episodes, wherever you get your podcasts - Bonus Intelligence Squared podcasts, curated feeds and members exclusive series - 15% discount on livestreams and in-person tickets for all Intelligence Squared events  ...  Or Subscribe on Apple for £4.99: - Full-length and ad-free Intelligence Squared podcasts - Bonus Intelligence Squared podcasts, curated feeds and members exclusive series … Already a subscriber? Thank you for supporting our mission to foster honest debate and compelling conversations! Visit intelligencesquared.com to explore all your benefits including ad-free podcasts, exclusive bonus content and early access. … Subscribe to our newsletter here to hear about our latest events, discounts and much more. https://www.intelligencesquared.com/newsletter-signup/ Learn more about your ad choices. Visit podcastchoices.com/adchoices Learn more about your ad choices. Visit podcastchoices.com/adchoices

Dr. Darrin Porcher, Retired NYPD Lieutenant, Criminal Justice Professor at Pace University and a former Army OfficerTopic: Latest on the Times Square stabbing Robert Greenway, Senior VP of American Global Strategies, Former Deputy Assistant to the President and Senior Director for the Middle East and North Africa in the Trump administration, and principal architect of the Abraham AccordsTopic: U.S. military strikes Iran Helen Timari, co-founder of the Foundation for DignityTopic: Staten Island Spotlight Stephen Moore, "Joe Piscopo Show" Resident Scholar of Economics, Chairman of FreedomWorks Task Force on Economic Revival, former Trump economic adviser and the author of "The Trump Economic Miracle: And the Plan to Unleash Prosperity Again"Topic: Is the USA going bankrupt? Gordon Chang, Asia expert, columnist and author of "China is Going to War"Topic: Putin, Xi, and Trump possibly holding a trilateral talk in November Sheriff Shaun Golden, Monmouth County SheriffTopic: 25 years after 9/11; Flock cameras Arthur Lih, Inventor & CEO of LifeVac and the author of "Sorry, Can't is a Lie"Topic: Motorcycle trip Dr. Jeff Gardere, America's psychologist and Associate Professor at Touro College of Osteopathic MedicineTopic: Times Square stabbing and the role mental health playedSee omnystudio.com/listener for privacy information.

Andy Schwartz CEO, OnePoint BFG Wealth Partners  |  Kevin Spahn Founder, Spahn Financial (now OnePoint BFG) Two former Northwestern Mutual advisors, two very different paths. Andy Schwartz and Kevin Spahn share what it takes to build, grow, merge, and create lasting enterprise value. In Summary What separates a successful advisory practice from an enterprise with the ability to grow well beyond its founders? Andy Schwartz and Kevin Spahn offer two different perspectives on that question. Both spent decades at Northwestern Mutual, but their paths eventually diverged. Andy left to help build what is now OnePoint BFG Wealth Partners, an $18B+ firm expected to surpass $20B by year-end. Kevin built one of Northwestern Mutual's top practices before deciding to merge his business into OnePoint and become an equity partner. Louis talks with Andy and Kevin about the decisions behind both journeys: creating a true firm rather than an aggregation of practices, transitioning advisors from 1099 to W-2, using outside capital without relinquishing control, rethinking succession, and determining when equity in a larger enterprise can offer greater opportunity than continuing to build alone. Underlying it all is a factor that's much harder to quantify: trust. The Storyline Andy Schwartz and Kevin Spahn have known each other for roughly 30 years. They met while both were building careers at Northwestern Mutual, where Andy became an important mentor to Kevin as Kevin transitioned from practicing law and estate planning into wealth management. After roughly 30 years at Northwestern Mutual, Andy and his partners left in 2015 with approximately $3B in assets to launch independently. What began as Bleakley Financial eventually became OnePoint BFG Wealth Partners, an $18B+ enterprise that Andy expects will surpass $20B by the end of 2026. That kind of growth required more than attracting assets. Andy describes the evolution from a predominantly 1099 structure into a firm where more than 85% of advisors and AUM are now W-2. The shift created a more cohesive enterprise, gave advisors access to equity, and ultimately positioned OnePoint to bring in minority capital from Joe Duran's Rise Growth Partners. Andy makes an important distinction about that relationship: OnePoint is “private equity invested,” not “private equity owned.” The structure gave the firm capital and expertise while allowing its partners to retain control. Kevin faced a different decision. After more than 30 years at Northwestern Mutual, his practice had grown to 18 people and approximately $2B in assets. He was happy at the firm, but his clients had evolved, his business had become increasingly complex, and the internal succession plan he once envisioned carried risks he could no longer ignore. He could have built an independent firm himself. Instead, he chose to merge with OnePoint. The decision wasn't driven by the largest possible check. Kevin saw the opportunity to become an equity partner in a larger enterprise, give his team and clients a more durable future, and leverage infrastructure he didn't want to recreate himself. For both men, the story ultimately comes back to the same principle: The right economics matter, but sustainable partnerships require trust, shared philosophy, and the belief that everyone involved can create more value together than separately. Topics Covered Building an enterprise versus building a practice Northwestern Mutual and the path to independence OnePoint BFG Wealth Partners' growth from ~$3B to $18B+ Organic growth versus M&A Creating a growth-oriented advisor culture Moving from a 1099 model to a predominantly W-2 structure Equity ownership and advisor alignment Minority private equity investment Rise Growth Partners and Joe Duran Internal succession versus an external merger Selling versus merging an advisory business Merging versus teaming versus going it alone Evaluating equity versus cash in a transaction The economics of leaving a captive firm Centralization versus advisor autonomy Trust as a factor in partnerships and transactions > Download a transcript of this episode… Listen and Learn Highlights for Advisors How did Andy and Kevin's 30-year relationship ultimately lead to a transaction? (04:11)Kevin explains how Andy helped him transition from attorney and estate planner into wealth management, beginning a professional relationship that would eventually make their partnership possible decades later. Why did Andy leave Northwestern Mutual after roughly 30 years? (08:45)Andy describes wanting greater flexibility, a multi-custodial platform, and more optionality for clients and the business—a decision that ultimately led to the creation of OnePoint BFG. Why did Kevin decide his longtime Northwestern Mutual practice needed something different? (15:49)Kevin explains how his clients, service needs, and business evolved over time, while concerns about his original internal succession plan led him to consider a different path. What has driven OnePoint's growth from approximately $3B to $18B+? (21:41)Andy outlines the firm's emphasis on client experience, advisor experience, organic growth, and carefully selected inorganic growth—and why helping advisors grow is fundamental to the model. Why does Andy say OnePoint is a firm rather than an aggregator? (23:54)The distinction comes down to alignment, shared responsibility, centralized resources, equity, and a partnership structure in which advisors are accountable to one another. How did OnePoint convert a predominantly 1099 advisor base into a W-2 enterprise? (29:26)Andy explains why capital and equity became necessary to build the next stage of the business and why trust was essential to bringing advisors into a more integrated structure. Why did OnePoint choose minority private equity investment? (33:13)Andy shares why Rise Growth Partners offered something previous potential buyers had not: a structure designed to benefit the broader advisor partnership while preserving control. Why did Kevin merge with OnePoint rather than shop his practice broadly? (36:43)For Kevin, maximizing price wasn't the objective. His decision centered on trust in Andy, confidence in OnePoint's infrastructure, and creating a strong future for clients and employees. Why did Kevin choose equity in the larger firm instead of simply cashing out? (40:57)Kevin explains why he believes participating in the future growth of a larger enterprise offers a compelling alternative to relying solely on the future growth of his own practice. How should advisors evaluate the “golden handcuffs” that can make leaving difficult? (46:42)Andy argues that the analysis needs to compare what an advisor gives up with the potential growth, economics, equity, and leverage available on the other side. How much conformity does a true enterprise require? (49:06)Andy explains why OnePoint sits somewhere between complete advisor autonomy and complete centralization, seeking enough consistency to create enterprise value without eliminating entrepreneurial flexibility. What would Andy and Kevin tell their younger selves? (52:06)Kevin emphasizes surrounding yourself with the best people possible, while Andy reflects on having the courage to make a difficult change after a successful 30-year run. Key Takeaways Building enterprise value requires more than asset growth. OnePoint's evolution included changing its ownership structure, integrating advisor practices, creating equity opportunities, and investing in centralized capabilities. Organic growth remains central even in an M&A-driven market. OnePoint targets approximately 10% organic growth and evaluates prospective partners partly on whether they are growth-oriented and whether the firm can meaningfully help them grow. A collection of successful advisors does not automatically make a firm. Andy sees shared ownership, alignment, accountability, infrastructure, and centralized services as critical distinctions between an enterprise and an aggregator. Outside capital does not have to mean giving up control. OnePoint chose a minority investment from Rise Growth Partners that provided capital and strategic support while leaving control with its operating partners. Succession can expose risks that growth may obscure. Kevin began reconsidering his internal succession strategy when he recognized its dependence on his continued production, key employees, and the future economics of an aging client base. The highest purchase price isn't always the most valuable transaction. Kevin prioritized equity participation, infrastructure, continuity for his employees and clients, and confidence in his future partners over broadly shopping his business for the highest bid. Trust can determine whether structural change is possible. From OnePoint's 1099-to-W-2 conversion to Kevin's decision to merge, both guests repeatedly point to established trust as the foundation that allowed significant business decisions to happen. https://youtu.be/jkIoynpZj6Y Quotable Moments “The biggest mistake advisors make is they buy their own bullshit.”— Andy Schwartz “We're not an aggregator, we're a firm.”— Andy Schwartz “The biggest issue is trust. Either they trust you or they don't.”— Andy Schwartz “I wasn't looking to sell my business. I was looking to merge it.”— Kevin Spahn “You have to trust them. You have to see that they provide value. And you need to be on the same page philosophically.”— Kevin Spahn “Associate yourselves with the best people you can… It accelerates your trajectory in ways that you can't do on your own.”— Kevin Spahn FAQs Why did Andy Schwartz leave Northwestern Mutual? After approximately 30 years at Northwestern Mutual, Andy and his partners wanted greater flexibility, the ability to operate on a multi-custodial basis, and more optionality for clients and the business. They left in 2015 with approximately $3B in assets and launched the independent firm that ultimately became OnePoint BFG Wealth Partners. How large is OnePoint BFG Wealth Partners? At the time of the interview, Andy says OnePoint manages more than $18B and expects to exceed $20B by the end of 2026, even without additional organic growth. What has driven OnePoint's growth? Andy points to three priorities: client experience, advisor experience, and growth. The firm targets approximately 10% organic growth while also expanding through acquisitions and partnerships with advisors it believes fit the OnePoint model. Why did OnePoint move advisors from 1099 to W-2? The firm wanted to evolve from a platform supporting individual practices into a more integrated enterprise. That required creating firm-level economics and equity that could be used to attract, retain, and align advisors. Today, Andy says more than 85% of OnePoint's advisors and AUM are W-2. What does “private equity invested, not private equity owned” mean? Rise Growth Partners holds a minority, non-controlling interest in OnePoint. The investment provides capital, expertise, and strategic support while the operating partners retain majority ownership and control of the business. Why did Kevin Spahn leave Northwestern Mutual? Kevin says he remained happy at Northwestern Mutual, but his practice and clients had evolved. His work had shifted increasingly toward investments and complex high-net-worth planning, while he also began identifying risks in his intended internal succession plan. Why did Kevin merge with OnePoint rather than launch his own independent RIA? OnePoint already had the infrastructure, people, and capabilities Kevin would have needed to build himself. The merger allowed him to focus on clients while becoming an equity partner in a larger enterprise he believed could grow faster than his standalone practice. Why didn't Kevin shop his practice to multiple buyers? Kevin says his decision was driven primarily by trust. He had known Andy and other OnePoint partners for decades and believed the firm offered the right future for his clients and employees. His choice ultimately came down to staying at Northwestern Mutual or joining OnePoint. How do Andy and Kevin suggest advisors evaluate a potential partner? Their discussion points to three fundamental considerations: trust, demonstrable value, and philosophical alignment. Economics matter, but both argue that a sustainable partnership depends on confidence in the people and business on the other side of the transaction. After approximately 30 years at Northwestern Mutual, Andy and his partners wanted greater flexibility, the ability to operate on a multi-custodial basis, and more optionality for clients and the business. They left in 2015 with approximately $3B in assets and launched the independent firm that ultimately became OnePoint BFG Wealth Partners. At the time of the interview, Andy says OnePoint manages more than $18B and expects to exceed $20B by the end of 2026, even without additional organic growth. Andy points to three priorities: client experience, advisor experience, and growth. The firm targets approximately 10% organic growth while also expanding through acquisitions and partnerships with advisors it believes fit the OnePoint model. The firm wanted to evolve from a platform supporting individual practices into a more integrated enterprise. That required creating firm-level economics and equity that could be used to attract, retain, and align advisors. Today, Andy says more than 85% of OnePoint's advisors and AUM are W-2. Rise Growth Partners holds a minority, non-controlling interest in OnePoint. The investment provides capital, expertise, and strategic support while the operating partners retain majority ownership and control of the business. Kevin says he remained happy at Northwestern Mutual, but his practice and clients had evolved. His work had shifted increasingly toward investments and complex high-net-worth planning, while he also began identifying risks in his intended internal succession plan. OnePoint already had the infrastructure, people, and capabilities Kevin would have needed to build himself. The merger allowed him to focus on clients while becoming an equity partner in a larger enterprise he believed could grow faster than his standalone practice. Kevin says his decision was driven primarily by trust. He had known Andy and other OnePoint partners for decades and believed the firm offered the right future for his clients and employees. His choice ultimately came down to staying at Northwestern Mutual or joining OnePoint. Their discussion points to three fundamental considerations: trust, demonstrable value, and philosophical alignment. Economics matter, but both argue that a sustainable partnership depends on confidence in the people and business on the other side of the transaction. Related Resources Rise and Reinvent: Joe Duran on Building and Rebuilding World-Class Firms From Insurance Sales to $8B RIA: A Northwestern Mutual Breakaway Story The 4th Annual Advisor Transition Report Andy SchwartzCo-Founder, Managing Partner, and Chief Executive Officer Andy Schwartz is the Co-Founder, Managing Partner, and Chief Executive Officer of OnePoint BFG Wealth Partners, where he also serves as a Wealth Management Advisor. A CERTIFIED FINANCIAL PLANNER® with more than 40 years of experience, Andy has built his career around helping clients make confident, well-informed financial decisions at every stage of life. He works extensively with physicians and business owners on wealth building, retirement planning, and tax-efficient asset transfer across generations. A 2026 finalist for Wealth Management Awards CEO of the Year (under $25B AUM), Andy brings the same discipline to leading the firm that he brings to client relationships: comprehensive planning, long-term thinking, and an unwavering commitment to independence and integrity. Beyond his client work, Andy is deeply invested in the advisory profession itself. He co-hosts The Advisor’s Compass podcast, offering candid, practical guidance on the business and responsibilities of being an advisor. His mentorship philosophy is straightforward: pass the ladder back down. His industry recognition spans more than a decade, including Top 1,200 Advisor by Barron’s (2018–2024), Top 250 Wealth Advisor and Best-In-State Wealth Advisor by Forbes (2018–2024), Top 400 Financial Advisor by the Financial Times (2018–2020), and Top 100 Independent Advisor (2020–2023). He was named Executive of the Year by NJBIZ in 2019 and was a finalist for the Invest in Others Lifetime Achievement Award for more than 20 years of service with NJ SEEDS. Andy holds a B.S. in Finance and Marketing from Rowan University and is actively involved with Nourish NJ, the Navy SEAL Foundation, the Jewish Federation of Greater MetroWest NJ, and JSDD. Outside the office, he enjoys golf, reading, and time with his family at the beach.   Kevin SpahnPartner and Wealth Advisor Kevin Spahn is a Partner and Wealth Advisor at OnePoint BFG Wealth Partners, bringing more than three decades of experience in comprehensive financial planning to his clients and the firm. Kevin’s path to wealth management is rooted in the law. After earning degrees from the University of Notre Dame and the University of Wisconsin, he began his career as a practicing attorney before making a deliberate pivot toward financial planning in 1993. He joined Northwestern Mutual, then founded Spahn Financial, building a practice centered on thoughtful, holistic planning for families and business owners. That practice joined OnePoint BFG Wealth Partners in 2025. His approach has remained consistent throughout: help clients build and protect wealth not just for themselves, but for the generations that follow. Kevin works with clients on comprehensive financial plans that account for the full picture, understanding that the impact of good planning extends well beyond an individual portfolio to families, businesses, employees, and the broader community. Kevin is based in the greater Chicago area.   NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. View the transcript of this episode… Build, Grow & Transact: Making the Leap from Northwestern Mutual to a $20B Enterprise A conversation between Louis Diamond, Andy Schwartz, CEO of OnePoint BFG Wealth Partners and Kevin Spahn, Founder of Spahn Financial (now OnePoint BFG). Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: Making the Leap from Northwestern Mutual to a $20B Enterprise. It’s a conversation with Andy Schwartz, CEO of OnePoint BFG Wealth Partners, and Kevin Spahn, founder of Spahn Financial, now OnePoint BFG. I’m Louis Diamond, and this is The Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. Each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education-driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions, and more, inspired us to create our annual Advisor Transition Report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: There’s a big difference between building a successful practice and building an enterprise. I think Andy Schwartz and Kevin Spahn offer a unique perspective on that distinction from two very different sides. Both spent decades in the Northwestern Mutual system. Andy ultimately left to build what became OnePoint BFG Wealth Partners, taking the firm from roughly three billion to nearly 20 billion and transforming just about every aspect of the business along the way. Kevin built one of Northwestern Mutual’s top practices before reaching a different inflection point, deciding what he wanted the next phase of his career and business to look like. Rather than go independent on his own or simply monetize what he had built, he chose to become part of Andy’s growing enterprise. That makes their story particularly relevant for our Build, Grow, and Transact series. Andy can speak to what it takes to build a firm capable of becoming an acquirer, from converting advisors from 1099s to W-2s, to creating equity opportunities, to bringing in outside capital while remaining very deliberate about being private equity-invested rather than private equity-owned. And Kevin brings the seller’s perspective, how you evaluate the economics, the trade-offs, and ultimately the people you’re trusting with the business you spent more than 30 years building. Because whether you’re building, buying, or considering a transaction of any kind, the numbers are only part of the equation. As you hear from both Andy and Kevin, trust may be the most important currency of all. So let’s get to it. Andy and Kevin, thank you so much for both joining us today. Andy Schwartz: Great to see you again, Lewis. Thank you for having us. Louis Diamond: I’ve been excited about this interview for a bunch of reasons. One, our Build, Grow, Transact series has become a real staple of our show and we got lots to talk about there. But also, the friendship, the relationship that you two have had for over 30 years really stood out to me. So before we get into the nuts and bolts, talk about your relationship. How’d you guys meet, and how did your career stay so intertwined together when you’re in different geographies and at different firms, and have each been very successful in your own rights? Andy Schwartz: Sure. Kevin, do you want to start with that? Kevin Spahn: Sure. I started in this career in 1994 and met Andy sometime after that. He was a more advanced financial planner. I was an attorney, and then I transitioned into this business. So when I first joined Northwestern Mutual, which is my first broker dealer, I didn’t really have a background in investments. At the time, a lot of Northwestern Mutual reps were learning the investment business because they maybe originally started with Northwestern Mutual focusing more on insurance planning. My background was more estate planning. At the time, if you think early ’90s, if you did estate planning, insurance often went hand in hand with that. The estate exemption in early 1990s was about $600,000. So if you pass more than $600,000 to your children, there was a 55% tax. One way around it was to put insurance in an irrevocable trust, help cover the tax that way. So it really was a popular common strategy back then, and it’s really what got me into the business. But I quickly realized that I didn’t want my future to be insurance and estate planning. And there was a conflict if you acted as someone’s attorney and sold insurance. So I had to pick one way or the other. I decided long-term it would be better for me to move into the wealth management space. But with that little background in that, I had a lot of work to do. So took a lot of tests, became a certified financial planner. But the person that helped me the most along the way was Andy. We became friends, we sat on committees together. That’s really how we met, I would say. So we worked side by side interacting with our home office and representing the field, bringing issues to the home office that we thought were beneficial to the field. As we did that together, I got to know Andy. And then separately, I learned from him how he built his business and how they would review clients’ portfolios and come up with solutions. So I really credit Andy with helping me more than anyone else to transition from attorney, financial planner doing more estate planning insurance to wealth management. Louis Diamond: Very cool. Hey, I would say, maybe I’m a little biased, that, Kevin, you picked the right path in hanging up the law shingle and coming into wealth management. Kevin Spahn: I tell a lot of people I’m a reformed attorney. Andy Schwartz: Great. Louis Diamond: Exactly. My dad would say the exact same thing. Very common at dinner tables in the Diamond households. Andy Schwartz: I was always grateful that I wasn’t smart enough to be an attorney. Louis Diamond: There we go. Andy Schwartz: That’s where my gratitude lies. Yeah. Louis Diamond: There we go. Andy Schwartz: Some would say he’s too smart. Louis Diamond: There we go. Andy, question for you. I mean, anyone who is at or was at Northwestern Mutual, I mean, you’re like Elvis to them. It’s absolutely crazy the amount of fanfare and brand recognition that you and your brother Scott have. But for those who maybe missed your first podcast appearance with us a number of years ago, or aren’t or weren’t within the Northwestern Mutual system, or haven’t been familiar with Bleakley and now OnePoint BFG, just give us the cliff notes, the origin story, how you got into the business, and how’d you get from here to there? Andy Schwartz: Yeah. So the origin is probably pretty common, probably by accident. Going into my senior year in college, I was working in a restaurant, had a falling out with my boss. I happened to be dating a woman who was living with a general agent with Fidelity Union Life. No one will have ever heard of Fidelity Union Life, but their secret sauce was they sold life insurance to college seniors on a note. So if you can get a $10 money order, because where I went to school, nobody had a checking account, then you could basically get a note signed and they would buy insurance. And then when they graduate, hopefully they’d pay for it. I started selling life insurance my senior year in college. And then my twin brother Scott, who is my partner, and has been for over 40 years, he took an interview with what was the nucleus of our present firm actually. I just went up to Northern New Jersey in May of 1984 because I was an expert. I had been selling life insurance to college kids for six months, so I knew everything you had to know. We met with these guys, and we both ended up joining them. So that was a Northwestern Mutual district agency, and that was 1984. We got licensed right away. I got my CFP in ’86. We always knew that it was going to be about planning. So I think we had the right idea. We were a little ahead of the curve because there weren’t a lot of CFPs in ’86. We got securities license immediately. So before Northwestern had securities license, we got securities license with US Life actually. And then it was really a volume business, a client-building business. We always tried to act as a firm and share resources. We were small, but like a lot of people, we started out selling A shares and B shares and C shares, doing financial planning, selling insurance, and then we made a lot of really good hires along the way. And then after 30 years at Northwestern Mutual, which was a great experience for me, and I have nothing but respect for the institution and certainly the advisors that are there, Kevin certainly was one of them, and I know he feels the same way, but we just wanted to have a little more flexibility. We went independent about 11, almost 12 years ago. We wanted to be able to be multi-custodial. We wanted to have a little bit more optionality for our clients and for ourselves. We left Northwestern at three billion or so in assets, and that was in 2015. It’s in March of 2024, I get introduced to this guy with a crazy accent named Joe Duran. Funny, probably the only person in the industry that had no idea who Joe Duran was me. I’d never heard of Joe Duran. I don’t pay attention. I worry about our firm. I don’t worry about what’s going on outside. So I get introduced to Joe by a mutual friend, and we had an interesting conversation, and it took us probably about four or five months to figure out what we wanted to do. And then in August of ’24, myself and my three partners, we rolled in. And then in ’85, the rest of the firm rolled in. And we can talk a little bit more about that. Today we’re 18-plus billion, growing quite a bit. We’ve been very lucky that we’ve made some very good decisions along the way. We’ve made some bad ones too. But most of the decisions had to do with the people that we hired, the people that we brought on to help us, because I think it’s really important. I always say that the biggest mistake advisors make is they buy their own bullshit, and I try not to, and I realize that I’m smart enough, but I’m certainly not the smartest guy. I’m rarely the smartest guy in the room. So what we try to do is hire lots and lots of really smart people. And we’ve done that. They’ve been loyal to us, we’ve been loyal to them. Yeah, so we’re blessed to have a really great team and lots of good partners. Yeah. Louis Diamond: Yeah, we’ll definitely get into more of the nuts and bolts of the decision to take on capital, partner with Joe Duran’s Rise, but that’s an amazing background. Andy, I have to give you credit because your style, and I think I’m sure there’s business benefits, but it comes from a good place, I’m sure. But the coaching and consulting and just assistance that I’ve heard you provide to so many past and current Northwestern Mutual advisors through sports camps is absolutely incredible. It’s very near and dear to my heart because we always try to lead with education and helping people. So I just wanted to call that out, that your reputation for just providing amazing guidance and coaching to advisors is unparalleled. Andy Schwartz: And it’s been the best part of our journey. We’ve been able to help so many people. We get way too much credit by the way. So everybody gives us way too much credit. But the way I look at it is, I’ve been able to leverage my life because I’ve been able to build a great life for myself and my family, but we’ve been able to leverage that, and that’s where the real gift is. So yeah, it’s been a joyful journey for us. Louis Diamond: Amazing. Kevin, question for you. You walked through your little bit unorthodox background to get into Northwestern. Can you talk about where your personal practice is today? And then I want to ask you about the decision to leave Northwestern and sell and team up with Andy and team. Kevin Spahn: Well, I have to go back to the beginning. What was attractive to me about this business is I went from a career which was confrontational adversarial. I was a trial attorney for six years, and every day I would fight with people over things I didn’t necessarily have a personal interest in and I didn’t really believe in always. But the adversarial confrontational nature wasn’t really my personality, and I would take it too personally. So sometimes I’d go home in a bad mood because I was fighting with somebody taking a deposition. At night, after so many years as a trial attorney, I started going to people’s houses and doing wills and trusts. And that’s where the dynamic of working with a client or a potential client, feeling that you helped them and walking out of the meeting where they would appreciate what you did for them, and you build a relationship and actually all of a sudden have a friend, that dynamic was attractive to me. That’s really what got me to transition into the business. So I think it was really helpful to me at the beginning of this career. As Andy said, we all grew our businesses one client at a time. There’s a lot of doors closed, phones hung up on. There’s many people that don’t want to talk to you. There’s many people that don’t call you back. There’s many people that you think you’re getting somewhere with and you don’t. And that’s difficult for people because people often, young reps take that as personal rejection. I had the benefit of comparing what I was dealing with as a young financial planner to what I had dealt with as an attorney in litigation. I think it just was perspective that I knew I didn’t want to do that anymore. So the negatives to this business didn’t seem that bad to me. I loved the independence. I loved all the relationships that I was building. And that part of it is to this day my favorite part of the business. When you ask about the present, what basically happens is you start out taking anybody and everybody as a potential client or as someone that you would be willing to work with. And then over time you work with more successful people. So where I’m at today is working with pretty successful people, but they’re all the same, meaning we like working with nice people. If people are nice, we work with them. I feel we can help anybody. Over the years, one client at a time. The thing that I probably, if I could go back, would change is I think Andy and I are both good at meeting people and building trust and providing value, so that’s why they work with us. So I think that’s just something we’ve both been able to do. He’s much better than I am at building an organization. So I built an organization basically hiring people, that whenever we got too busy, I hired another person. Drawback in terms of that is, anybody that I interview I think is great, and I think they’d be great to join the organization. I like them all. In spite of that, I’ve also brought in many good people that I love. At this point, my firm has 18 people. We’re a little subset of Andy’s larger firm. I think one of the most attractive things to me about joining Andy’s firm is what Andy mentioned before: the people. As opposed to me having to build this all out myself, going independent, Andy already did that. And he has the infrastructure that would allow me to just merge right into that and not have to go through the pain of figuring all that out, which I don’t even think I’m capable of, to be honest with you. Louis Diamond: You’re probably selling yourself short because the way I understood it, you had one of the top practices within the entire Northwestern Mutual systems, and it’s a firm filled with very successful advisors. For you, Kevin, what was the driving force to leaving NM after all these years? What was bothering you or frustrating you that indicated to you that it was time to do something different? Kevin Spahn: To be honest with you, I was pretty happy at Northwestern Mutual. I love the company and the people. I still have many good friends there that I truly miss. The big thing for me, I don’t know if it was any one thing, to be honest with you, is Andy said there’s optionality, especially on the investment side. I think one of the things that happened to me is, when I first started, I was 31 years old, and most of the potential clients that I would meet and work with, they weren’t what I would call today great investment clients. They didn’t have a lot of money. They had great futures. They might’ve been earning significant income or on the way to earning significant income. So what did they need at that point in their life? They needed planning. They needed protection. They didn’t really need investment management because most of their investments were going into their 401(k). But a lot of those clients that we would take on, and I think that’s the big advantage of Northwestern Mutual, you take on clients that a lot of the investor firms don’t want because they don’t have large investment portfolios. But at some point down the road, all of a sudden you wake up and they do have large investment portfolios. So you bring them in as clients that might buy life insurance from you or disability insurance or something like that. And then you help them, and you give them advice, and you build a relationship with them. Down the road, they make more and more money. They leave jobs, they roll 401(k)s, they have the ability to invest money, stock options, things like that. Next thing you’re doing more comprehensive planning that incorporates investments. As that progresses even further, you work with larger and larger clients, much more significant net worth, more complexity, bigger tax issues. Some of the strategies and opportunities that we now have at this independent RIA are very attractive for these high-net-worth clients. Along the same lines, less of what I do at this point in my career is insurance, mostly because a lot of the people that I meet are older, they already bought insurance, they’re looking more for investment advice as opposed to insurance. So one of the things that most attracted me to Northwest Mutual was their strong insurance products, which helped me for many years. As time went on, I was doing less of that. Louis Diamond: Makes complete sense. So it was a changing of what clients wanted and just the circumstances of your clients where you said, “What got me here when I was 31 was insurance planning, and that’s what my clients needed. But as my practice has evolved, I’ve aged, my clients are older, have more money, the focus shifted from insurance to investments.” And then the distinction was, am I at the best place to run investments in addition to insurance planning, et cetera? It’s a very interesting dynamic. Just the shift in basically your legacy clients was what drove you to consider change. Kevin Spahn: That was a big factor. I think the second big factor was I had my own firm with 18 people. My succession plan was that at some point I would shift ownership of the firm to people that worked with me. So as they owned more of the firm, they would have revenue that was currently at the time being paid to me. In my mind, as it shifted to them, they would buy me out using revenue from the clients that we already had. And I realized that there were some issues with that. In our business, as you get older, in your client’s age, they start taking money out of their portfolios. So everyone understands that in our business, the younger average age client you have makes your book more valuable. I was the biggest driver of new business at my firm, and I started to see that there were some problems with my succession plan. They included, if something happened to me during this succession, that would be a real problem for the people that were buying my business from me if I went that way. If something happened to some of my key people, that would’ve been a problem as well. So it was really attractive to me to… I wasn’t looking to sell my business, I was looking to merge it. So I merged it with Andy’s business. I believe that Andy and what he’s put together and the actual idea of having partners. So I never really had partners, but now I do. Having partners that we’re all on the same page, we all have similar backgrounds, we all bring something different to the table, and we can learn and benefit from working with each other. But also, owning a little piece of a much larger firm was, number one, it put me in a better position in terms of the potential risk of something happening to me or one of my key people. But secondly, I just think it’s more likely to grow at a greater pace than my firm would’ve as I aged from my 60s to my 70s. Louis Diamond: Very interesting. It’s a great realization. I think it’s one that probably every firm owner grapples with at some point, is the romanticism or the ease, some would say, of an internal succession plan. Rewarding those who have helped you build the firm is something I think everyone is interested in. But once that’s put into practice, whether it’s because of capital or sky-high valuations or right people on the bus or risk, et cetera, nowadays oftentimes leads to a firm owner looking at a transaction, whether it’s a merger, a sale, a private equity, capital infusion as a means to solve for succession. So it’s a very interesting way you framed it. Andy, I want to turn it over to you for a little bit. So you mentioned when you launched Bleakley Financial, which was the old name of your firm, out of Northwestern, you’re about three billion. I think I read that you’re about 10 billion or so when Joe Duran and Rise invested you in 2024. You just said you’re at 18 billion now in the middle of 2026. That is absolutely incredible and amazing. Andy Schwartz: We’ll be well over 20 by the end of the year without any additional organic growth. Louis Diamond: That’s absolutely incredible. Andy Schwartz: We’ve got a lot going on right now. Louis Diamond: What’s actually driven that? What’s been the playbook? Andy Schwartz: The three areas that are most important for us, and we had our town hall this morning, and we always talk about the things we focus on as a group, the first and most important is the client experience. I always say to people, if you are their advisor, then that means someone else isn’t. These people, they all deserve to be really well taken care of. They deserve the best service, they deserve the best advice. So that’s something we take really personally. So client experience first. Then we also understand that we don’t just work for clients, we work for our advisors. So I have two jobs. I have, I don’t know, 500 clients I service with my team, and I work for Kevin and 36 other partners and all of our employees. Because again, I recognize that the decision Kevin made… We’re in the middle of a transition out with another advisor, and we pretty much talk to her every day, and I know how hard this is. A transition is so difficult. When you come from a good place, because any of the Northwestern advisor who joins, they’re coming from a good place, it’s not like they have to go anywhere, it’s difficult. So we have the massive responsibility that three or four or five or 10 years from now, that there better be hugs around that this was the best decision ever made or otherwise. That’s the kind of thing that keeps me up at night. So we’ve got to take care of our client experience, we’ve got to take care of our advisor experience. And then obviously, we’ve got to grow the firm so the firm grows organically. So part of this whole idea of serving our advisors is we have to help our advisors grow. I talk to a lot of people on the acquisition side, and if I’m talking to an advisor, it doesn’t matter how big they are, we kind of think of it as a OnePoint way. There’s flexibility in the OnePoint way. But if I can’t help them grow, I don’t want them, because I say it all the time, I’m not the mafia. I’m not here to get a taste. Louis, if you weren’t interested in joining us, if I thought that we could help you grow by doing that, then I want you bad. If I don’t think I can help you grow because we’re so different, or because you’re not going to adapt what we do, or there’s no leverage in it, or you’re already better than we are, I don’t want it. So for us, organic growth, number one, and I think you know the industries well enough, that’s got to be the key. We shoot for 10% organic growth. We’re at a little over 5% so far halfway through the year. So assuming we have the similar second half of the year, we’ll hit our 10. Last year we’re at 7.5%. The second is the inorganic growth. If you truly build a platform, if you truly build a firm that advisors know that they’ll be supported, that they’ll be loved, and you’ll help them grow their businesses, it does make it easier for us. We’re not the highest bidder typically. We can’t. We respect our client’s capital, we respect their equity, so therefore we’re not going to go out there. We’re not an aggregator, we’re a firm. But I think that if we can get that message across, and I think we have, then advisors join us. So that’s been a big part of the growth. And then the market’s helped. Obviously, over the last two years, the market’s been helpful. So that’s how we’ve gone from 10 to 18 and on our way to 22 by year-end. Louis Diamond: This is absolutely incredible. Any advisor or firm owner would say organic growth is important, but just saying it’s important doesn’t mean it’s going to happen. So what are the ways in which you help your advisors or your own practice grow organically? What is it that OnePoint is doing for your advisors? Andy Schwartz: Starting with bringing on growth-oriented advisors. I mean, look, Kevin Spahn and I come from the same place. We learned how to sell. The great thing about coming out of whether they’re broker dealers or out of the different insurance BDs is, these are people that know how to sell. These are people that don’t think that selling is a bad word. A lot of times you go to the wirehouses and they’re not necessarily sales guys. They’re really smart. They think that they’re investment mavens and investment geniuses. I’m not interested in investment geniuses. I’m interested in people that want to take care of their clients, provide everything they can, clients first, do the proper planning, be good advisors, but they’re growth-oriented. So as long as we’re talking with the right advisors. Again, if I’m talking to advisor and they might have a big practice, if they’re not growers, we’re not interested. There’s a sense of responsibility for all the partners because we are a true partnership. It’s not an aggregation. This is a firm. I’m responsible for Kevin. Kevin’s responsible to me. All of our partners are responsible to each other, because if we’re going to do a 10% organic growth target, and if some partner is negative 3%, we don’t put them through the spanking machine, but everybody is very aware of where everybody is and nobody wants to let their partners down. I think either you’re a growth-oriented advisor or you’re a zoo-fed bear. There’s another expression that I got from another Rise Growth Partner or Rise Growth firm. We all kind of communicate and talk to each other. And I was talking about zoo-fed bears, and he said, we call them house cats that think they fight. So they’re house cats, but they have no claws. But I think if you’re careful about who you bring on as partners, and if they are workers, growers, they understand that their job in life is to serve the people. We talk about referrals, we do lots of training to help on referrals. We work on organic growth strategies from the firm, but a lot of it comes from the advisors themselves. Louis Diamond: Makes sense. So it sounds like, to boil it down, it’s being really selective and having a really clear sense of who’s the right fit for your firm. Not that there’s not amazing advisors out there, but just because you’re an amazing advisor, doesn’t mean you’re the right fit to join OnePoint. Andy Schwartz: I think the one big distinction and difference is other than the fact that we are minority-owned with private equity. So we own our business. I mean, I’m the CEO of the firm. I also have the biggest book in the firm. At least for right now, I mean, Kevin was transitioning, so I’m sure next year he’ll be the leading advisor. But I lead the firm, because as far as I’m concerned, you have to lead by example. We are completely aligned. I know exactly what Kevin does every day because I do the same thing. I’m not some attorney or accountant or private equity boss that’s saying, “Oh, I’ve got an idea for growth. We’ll just raise our fees by 5%.” Brilliant. Yeah, we are completely aligned, all of us. I think that makes us a little bit unique, and it really helps us, I think, in our growth trajectory. Louis Diamond: I would agree. The challenge that a lot of advisors-turned-firm-owners or turned-enterprise-builders have is the tug of war between the client work, which either is their ultimate passion and driving force, or it’s something they’re really good at minimum, versus being the owner, the operator, et cetera. I resonate very much, Andy, with the way you handle it. I do the same thing running a company, but also working with advisors. To me, I need to do both in order to do my job well. But that tug of war is tough. So I’m curious, your firm is very large now, you’re a steward of external capital, and you have a $3 billion book yourself. How do you do it? How do you balance the two? Andy Schwartz: Well, fortunately, my kids are grown, so I’m not coaching sports anymore. So I do have a little more time than most. Look, we have a great team. So the idea that I run the firm… I mean, I lead the firm, I don’t run the firm. We have great partners. We have great… Our manager team is fantastic. So I mean, they really run the firm. But this is where my passion is for now. So I don’t mind. Days are typically pretty long. I don’t play golf during the week. Mara and I don’t travel probably as much as we should. Vacations are always a little bit mixed. There’s always room for calls and meetings and whatever. But to me, I mean, I’m grateful to be in this situation. I’m enjoying it. This is such a privilege to be the person that people recognize as the leader of this bunch, of this group. I mean, it is the honor of my life. So I don’t think of it so much as work. It’s my advocation. It does get busy. There are some times where I have to remind myself, “Just enjoy the ride.” I get a little overwhelmed, but I get lots of help and that makes it possible. Louis Diamond: Yep. If you’re not doing the job of the folks that you’re encouraging and leading to do, how do you have fodder to train them, to teach them, to empathize with that? Andy Schwartz: Exactly, you don’t have the credibility. I can ask them to do almost anything because they know I do it myself, and I think that helps. Louis Diamond: Yep. So moving more into the decision to bring on private equity capital, what I thought was probably the most interesting component of your announcement that you took on PE investment was that you completely restructured or reoriented your firm prior to Joe Duran coming in 2024. Correct me if I’m wrong, but Bleakley Financial Group was almost all 1099 contractors. So everyone owned their own books of business, paid Bleakley a fee or an override for certain services. But now, today, over 85% of your advisors and your AUM are W-2 employees, meaning you converted them from 1099 to acquiring them or merging with them. To me, that’s the dream. It’s had to have been very, very, very hard and challenging because there’s so many aggregator firms or platforms that support independent advisors, but the value that they’ve created is fairly minimal relative to one cohesive firm. So can you just talk about that decision, a very big and brave decision to go down the path of acquiring or merging with the practices rather than letting them continue to operate independently? Andy Schwartz: Well, look, we had to… It’s funny because we had been having conversations for years with consultants, and they kept telling us what we had to do. Again, we’re not that smart, so we just kept thinking, “No, we don’t have to do that.” But we were told 10 years earlier that the only way that this thing has any value to the world is you’ve got to have EBITDA for the firm. We talked to all the smart people, we ignored all of them. But what happened was we needed capital and we needed equity in order to bring people on, because people aren’t just joining us just because we can help them grow a bigger business. So the reason we went in the direction we went initially was we just needed capital. We wanted to grow the firm, and the only way we were going to get to is… What’s the old saying? What got us here is not going to get us there. So we needed capital. But we also realized that I had to have something I could sell in the marketplace. And people want equity. So they want cash, but they also want equity, because we’re talking to entrepreneurs. Kevin owned his own firm. He has $2 billion of assets. He wasn’t interested in being someone’s employee, but he was interested in being able to get leverage and be a partner and share equity in a larger firm that had the chance to grow even more. So what the gift that Joe Duran, the Rise folks gave us was that gift of structure and understanding. So that was really helpful, and that’s been a big part of our success. Louis Diamond: Yeah, it’s an amazing journey. Again, I think you could probably write a book or a case study on how that happened. I’m sure there were some downfalls, some people that weren’t all that excited about it, but the results speak for itself. Andy Schwartz: I think people ask all the time because I do get phone calls. People are trying to do this, and they’re struggling. It took us 90 days to basically do it. People say, “I’ve been at this for two years.” And the biggest issue is trust. Either they trust you or they don’t. At the end of the day, I always went to the advisor here, we were a firm for 30-plus years prior, and these guys knew that we always did what we said we were going to do, and we always did. If your people trust you, then you can do it. If your people don’t trust you, it isn’t going to work. Louis Diamond: In other words, your firm added immense value to the advisors as well. Aside from trust, if you weren’t providing a service or services that they found a value that they couldn’t access on their own, it would’ve been 85/15 going the other way for sure. Andy Schwartz: Yeah, 100%. I know it’s not easy, but it wasn’t that hard for us. Louis Diamond: Good. It’s well-earned. So I believe you were Rise Growth Partners’ first investment. Andy Schwartz: We were. Louis Diamond: That’s cool. It’s exciting. You get to be someone’s first, but did it make you uncomfortable that you were the first investment or did you see that as a positive? Andy Schwartz: I actually saw it as a positive. Well, one, because I recognized immediately that Joe Duran and his team were way smarter than we were certainly, and certainly with what we were trying to do. And I figured that it’s almost like the first child. They were so excited to have somebody, and there was so much time and energy, so they just really doted on us. They were really able to help us. Now they’ve got four or five groups that they work with, and obviously we’ve been launched. So the younger babies are getting more time and attention, although we get everything that we need from them. But yeah, that never concerned me. I always thought that would be our advantage. It actually turned out that way. Louis Diamond: Interesting. In thinking through a sale or a minority sale, did you entertain other types of capital, whether it was a family office or a multitude of other private equity sponsors or selling the firm outright? Andy Schwartz: Yeah, we probably had four or five very, very serious conversations. Actually, some got pretty close to the end where we basically just made the decision not to do it. One was a much larger firm, good people. But the problem always was… I was always going to get rich out of the deal because it was going to be 100% sale, but there was really no lift or leverage from the advisors. So the principals, they were willing to pay me a big multiple and my partners a big multiple, and pay these guys basically an average multiple. So we had always told our guys, “Let’s stay together, and someday, this thing, whatever it’s going to turn into be, will benefit everyone.” So with the Duran situation and the deal with Rise did, it gave everybody a chance to benefit from what we were doing. But what was good about all of those false starts was, it taught me a lot because I had… I know you’re involved in this, so you know better than I do, but we’d start conversations, somebody would reach out to me, I would be very specific about what I needed. They would say, “Yep, we can do that.” And then you get to the finish line, and it’s almost like, I started out, I wanted a tomahawk steak and a baked potato, and I ended up getting a two-day-old hamburger with some cold French fries. It’s like, I know I’m not that smart and I know you’re the PE guys, but for God’s sakes, we’re not stupid. So it was funny because in January of ’24, I told my partners, “I don’t want to have any more of these conversations. It was a waste of time and energy. I’m sick of talking to these people. Let’s just put our heads down, and then let’s grow the firm a little bit more, and then we’ll see what the world looks like.” And then I get introduced to Duran. Louis Diamond: Perfect. Makes sense. Yeah, so you were well-educated on the market, the types of buyers, and I always say it’s almost more important to understand what you don’t want more than what you do want. The only way oftentimes to understand what you don’t want is to experience it and touch and feel it and really get into the weeds on it. I like too, Andy, I saw in an article, you said that “we’re private equity invested, we’re not private equity owned,” which is a very cool dynamic. I could imagine why that was important to you to retain majority control. Kevin, I want to bring you back into the conversation. Thank you for being patient here. But I mean, I would imagine you had some real choices. I mean, you could have stayed at Northwestern and been very successful, gone through with your internal succession plan. You could have gone to an independent BD, monetized, figured out succession later. You could have sold the business to a strategic acquirer. You were big enough to take on an investor in some capacity on your own. So options wasn’t your problem. Maybe just walk us through. Did you consider any other pathways? And what were the pros and cons in your mind that led you to doing a transaction with Andy? Kevin Spahn: I’m a little different, I think, than most people in this industry. Even as you grow your business at a certain percentage, none of that stuff has ever really meant anything to me. All I know is I like what I do. So when I came into the business, because I like it, I enjoy it, I spend time doing it, I’ve tried to get better at it. But it comes naturally because it’s something that I don’t look at Monday mornings as, “Oh, no, it’s Monday morning.” I’m excited to go to work. My entire career, once I left law, my business has just grown over the years naturally. But you said something before, Louis, and I think this applies to me. I love to work with the clients. I don’t like what I have to do in terms of running the firm. I never have. It’s never been my cup of tea, but you have to do it if you run a firm. So number one, the thought of all the due diligence that I would have to do to research all the firms out there, I wasn’t really all that interested in doing that. At the end of the day, it comes down to this word trust. I trust Andy. I trust the other partners here too, because I’ve known not just Andy, but I’ve known Scott and many of the other partners for years. So I knew what I was getting myself into. At the end of the day, I knew what they built. I was very comfortable with it, and I was either going to stay at Northwestern Mutual or I was going to come here, but I wasn’t going to go anywhere else. I will say, since I’ve gone, it’s been exactly like I thought. I thought I trusted Andy. And if something happened along the way with the transition, everything that he said has been true, thing that he promised is real. As you deal with more complexities with a bigger book and more and more employees, I knew that I was almost at the breaking point in terms of my own organization and to merge into this organization that, as I said before, he’s already built out. I don’t have to do it. And to benefit from these great people that he has as part of his organization, that’s all been a real blessing for me and my team. So I didn’t shop the marketplace really, but I knew what I was getting into, and it’s worked out clear as I thought it would. Louis Diamond: That’s amazing. I think that’s what most people would covet. But it is a decision in and of itself to not shop the marketplace. I mean, from representing buyers or prospective buyers, I know the pricing leverage or the negotiation leverage and the valuation lift that comes from having an open market, having multiple bids, et cetera. It sounds like that wasn’t the… Obviously you wanted to get fair value for your firm, but for you, it was more, it’s trust, “I’m either going to just stay at Northwestern, which is the devil I know or it’s what I’ve known where I’ve been successful, or I’m going to go to the individual that I trust and forget about all the other noise.” Kevin Spahn: Well, Andy says things, but I know they’re true because I’ve seen him at work. I’ve seen how he’s acted. I’ve seen how he interacts with people. But here’s an example. He cares about the people that are at his firm. He says that, but I know it’s true because I see it. I’m the same. I really care about the people in my firm. So as I think about, well, what about the future of two groups, my clients, but also the people that work in my firm? They’re going to be around long after I am. Well, I don’t want myself to retire someday, get a big check, because there’s all sorts of options to get a check. If I get a check and then my client’s scatter to the wind, and my employees don’t really have a future and they just have to go and find their own way, that wasn’t attractive at all to me. So one of the things that I really appreciate about this opportunity is that there is a plan for both my clients and my employees or the younger team members at formerly Spahn Financial, where I feel very good about the fact that they have a solid, secure future in an industry that they’ve all grown to love without them having to go out and make their own way. Louis Diamond: Makes sense to me. We noted a couple of times in this interview, you talked about equity, partnership, both of you have. So Kevin, for you, what did it mean differently for you to become a partner and get equity in a larger firm rather than, we’ll say, the less risky move of just taking everything in cash? Why was that an important distinction for you? Kevin Spahn: For many years, when I left law and came into this business, I didn’t have any money at the time. I was just starting to make money as a lawyer. It takes a while. I started low. I got trial experience working for the government, so they didn’t pay much. That was three years. Then I was at a firm, and I was just starting to make more money. Then I made this big shift into a career tha

Preorder my new book Politics, Economics and New Testament Interpretation here: https://libertarianchristians.com/store/politics-economics-and-new-testament-interpretation/In this episode, I replay a conversation I had with Doug Stuart on the Libertarian Christian Podcast about how to read the Bible effectively. I talk about my relationship with the Bible, why it is so important to me, and why I read it daily. I talk about the different ways of approaching the text, how I prefer to read it, and provide some strategies and insights into how Christians can read Scripture more effectively. Media Referenced:Four Strategies for Reading the Bible Sermon: https://libertarianchristians.com/episode/ep-129-four-strategies-for-reading-the-bible-sunday-sermon/  Sign up for LCI's 2026 Conference in Cincinnati, OH on Saturday, October 17! Many LCI content creators, including myself, will be speaking at the event, and it will be an excellent opportunity to connect with likeminded, liberty-loving Christians. Check out the event and sign up here: https://libertarianchristians.com/conference/ The Protestant Libertarian Podcast is a project of the Libertarian Christian Institute and a part of the Christians For Liberty Network. The Libertarian Christian Institute can be found at www.libertarianchristians.com.Questions, comments, suggestions? Please reach out to me at theprotestantlibertarian@gmail.com.  You can also follow the podcast on Twitter: @prolibertypod, and YouTube, @ProLibertyPod, where you will get shorts and other exclusive video content. For more about the show, you can go to theprotestantlibertarianpodcast.com. If you like the show and want to support it, you can! Go to libertarianchristians.com, where you can donate to LCI and buy The Protestant Libertarian Podcast Merch! Also, please consider giving me a star rating and leaving me a review, it really helps expand the show's profile! Thanks!

Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave and Robbie "the Fire" Bernstein discuss Ben Shapiro's comments about leaks and treason, the state of the government and the war, Vivek Ramaswamy's speech for the Republican Jewish Coalition , and more.Support Our Sponsors:CrowdHealth - https://www.joincrowdhealth.com/promos/potpRidge - https://ridge.com/potp10Prolon - https://prolonlife.com/potpQuince - Get free shipping on your Quince order and 365-day returns athttps://www.quince.com/POTPPart Of The Problem is available for early pre-release at https://partoftheproblem.com as well as an exclusive episode on Thursday!PORCH TOUR DATES HERE:https://robbernsteincomedy.com/eventsFind Run Your Mouth here:YouTube - http://youtube.com/@RunYourMouthiTunes - https://podcasts.apple.com/us/podcast/run-your-mouth-podcast/id1211469807Spotify - https://open.spotify.com/show/4ka50RAKTxFTxbtyPP8AHmFollow the show on social media:X:http://x.com/ComicDaveSmithhttp://x.com/RobbieTheFireInstagram:http://instagram.com/theproblemdavesmithhttp://instagram.com/robbiethefire#libertarian See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A.M. Edition for Sept. 2. Bonds are selling off again with investors left unimpressed by Treasury Secretary Scott Bessent's seeming indifference to the recent rise in yields. Economics editor Paul Hannon and WSJ reporter Chelsey Dulaney explain how the bond rout is impacting markets, consumers and businesses and what it will take to calm investors. Plus, Open AI restricts its latest AI model, rating it a 'critical' cyber risk. And Google tries to challenge the frontrunners in agentic coding. Luke Vargas hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Midterm elections, backlash against data centers and a U.S.-China summit. Michael Zezas and Ariana Salvatore discuss themes that could test investor confidence in the coming months.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Deputy Global Head of Research for Morgan Stanley.Ariana Salvatore: And I'm Ariana Salvatore, Head of Public Policy Research.Michael Zezas: Today, we'll look ahead to public policy catalysts that matter for investors this fall.It's Wednesday, September 2nd at 10:30am in New York.Okay, Ariana, there's a few days left in the summer, and investors are already starting to think about what's going to happen this fall. And there's a pretty heavy calendar; everything from midterm elections to some pretty important diplomatic dates. High level, what do you think people need to focus on?Ariana Salvatore: So, I'll start with probably the most consequential catalyst of the list that you mentioned, and that's the midterm elections. Obviously, not until November 3rd, but the debate is going to start to emerge over the coming weeks – in terms of if Democrats were to win just one chamber versus both chambers; if Republicans were to keep control; what could that mean for markets? And what are the durable policy themes?I think in this context, the biggest debate far and away is on data center pushback. And this has transitioned from more of a macro thematic. So, investors trying to understand the potential implications for the CapEx build-out, to more of a micro really granular question, right? Which races are the ones that we need to watch? Where are there states or jurisdictions that projects that are pending could be possibly called into question?And that's, sort of, the continuous debate that I've had recently with investors, trying to pinpoint it more precisely to figure out where exactly the build-up could be impacted.Michael Zezas: So, I hear from investors this general concern that the midterm elections will reveal that it's become a consensus preference amongst American voters and members of both parties to slow down on data center spending. Or perhaps even stop it or something more severe like that.What type of midterm election outcome would point to that as a possibility?Ariana Salvatore: Well, I would start by saying the politics here are scrambled in the sense that there's no clear fault lines when it comes to Democrats or Republicans around data center opposition, right? We are seeing some pretty notable pivots even from lawmakers that in the past were supportive of data centers. So that's why I think we have to zoom into these really specific races.And there I would say there's some governorships that matter actually more than some of the Senate races; because remember, governors also in certain states can appoint public utility commissioners. And in places like Texas, that actually could be a really consequential outcome for the 2026 midterm elections, more so than who ends up sitting in Congress on a very federal level.Michael Zezas: Okay. And so, would you say it's fair then that folks running for office who are challenging incumbents in both parties, who are expressing a desire for more regulation on data centers, that it kind of cuts across both parties? So, this is more about folks challenging incumbents than it is about one party or the other having a specific view on AI and the AI industrial build-out via data centers?Ariana Salvatore: That's right. It's hard to sort into these really generic party umbrellas, and there are a few nuances under the surface. If you look at something like Ohio. The governor's race there, both the Republican and Democrat candidates are proposing a conditional build-out, basically. So, if certain projects meet criteria, they're going to be allowed to proceed.In other races, like in Texas and Pennsylvania governorships, you're seeing the opponents basically propose a more restrictive form of the pause or directive that's already in place. So, I would say it's not very clean in terms of Democrat or Republican-led. And that just gives us conviction that this is going to persist and remain an issue even after November. Even though the federal policy incentives we don't think are likely going to change.Michael Zezas: So, we could see investors taking a signal about the AI data center build-out from an outcome where incumbents don't do particularly well.Now, I know we're still doing work on this, but what's the current thinking about – even if we were to see a result like that, how much should investors be concerned that the expectations around spending on data centers might not be realized because of new policy, other regulatory changes that would come as a result of the midterms?Ariana Salvatore: So, I would say overall, we are still very constructive on AI CapEx, right? So, our internet team is still forecasting over a trillion dollars of spending for the hyperscalers next year, and there are a few reasons for that, one of which has to do with this AI sovereignty theme that we've been writing about.So, this notion that governments are increasingly wanting to control their own stack and their own AI capabilities, so that's driving a bit of the spend. On the other hand, we are starting to see mitigation measures from some of these companies to appease some of that local community backlash. And there we don't see a one-size-fits-all approach.We see very tailored solutions depending on what the source of the pushback is. Just to give a few examples. When you have communities that care about electricity price increases, for example, many hyperscalers have signed on to the Ratepayer Protection Pledge. When you have communities that care about the environmental impact, you've got companies like Google who said they want to put forward a regulatory framework for water usage; Amazon also disclosing their water usage in data centers.And so, like I said, there's not really a uniformity to these responses, but enough that we think will mitigate the concern and still leaves us constructive on the overall build-out.Michael Zezas: Right. And you actually bring up a really interesting point on the idea of AI sovereignty. Some of the kind of similar concerns that are driving voter anxiety around the build-out of AI, might also reinforce some of the spending that has to happen there. To the extent that voters and policymakers are concerned that AI should be controlled and aligned with American values would require some spending to make sure that there's sufficient supply chains and other variables in play that the U.S. is in control of.Is that fair?Ariana Salvatore: That's right. That's one of the clear policy consequences we see from this shift in sovereign AI and governments seeking that control. The other one is, of course, the potential for further tech restrictions and divergence between the U.S. and China on AI specifically.Michael Zezas: So, on the topic of China and the U.S., one date that you point out here is September 24th, a date when the U.S. and China are going to be meeting again. What's on the table for discussion? What do investors need to know? Obviously, there have been concerns over the past year about the level of tariffs and trade tensions between the two.Is there anything here that we need to pay specific attention to?Ariana Salvatore: So, we think the overarching goal for both sides is to maintain this managed stability that was established in the May summit too. At that point, the clear deliverables were around trade, right? So agricultural purchases, Boeing purchases, et cetera.We think there's likely some small incremental change to those deliverables, in particular when it comes to AI dialogue. But notably, we think there's potential for escalation into that summit, again, within the bounds of what we call tactical escalation. But we do think that there's plenty of room for more policy escalation between both the U.S. and China in line with some recent action that we've seen over the past few weeks.Michael Zezas: Got it. And there's also a couple of important considerations around fiscal policy, funding, the National Defense Authorization Act (NDAA). Can you talk us through that a bit?Ariana Salvatore: Yeah, so fiscal's been in the headlines recently as well, just given the Treasury buybacks and crossing that $40 trillion threshold. And I think in that context, it sort of puts a renewed spotlight on government funding.There we see a potential latent risk of another shutdown come December, right? So, we saw a continuing resolution pass both the House and the Senate and sort of punt that debate until after the elections.And then the NDAA is the annual bill that funds the Pentagon. It has to be done in December on a bipartisan basis. So, the elections have the potential to shift the incentive structure for some lawmakers, and we could see these, kind of, re-emerge as really big debates towards the end of the year.Michael Zezas: Now, interestingly enough, we've got a bunch of catalysts to pay attention to: midterms, the potential for data center pushback as a consequence of it, a U.S.-China summit, which we think is going to result in the continuation of managed stability, and fiscal catalysts where, you know, the debt and the deficit have been in scope and concern, particularly for equity investors. All of that is happening against a backdrop where the historical norm going into midterm elections – is one where the equity market tends to struggle a bit. Is that fair?Ariana Salvatore: Yeah. So, we tend to see a little bit of negative seasonality into the midterm elections, and our equity strategy team has pointed out the potential for a knee-jerk reaction if you were to see Democratic outperformance in November. We think that's not likely to be durable. We think it's more so the case that investors are going to pull forward the anticipation of Democrats doing well in the 2028 presidential election.We don't think that's going to be a long-lasting theme in the market, but it's typically in line with what we see during elections.Michael Zezas: So, this idea that there are going to be seasonal challenges to the equity market is important to take on board, particularly when there are a lot of policy narratives which in the investor's mind could reinforce the price action that comes with weak seasonality.But our view is that you need to keep your eye on the secular trends here underpinning economic growth, including the AI build-out, which we think at the moment is going to be less sensitive to some of these policy outcomes than it might seem – given strong campaign rhetoric around restricting data centers.Is that a fair statement?Ariana Salvatore: Yes, that's right.Michael Zezas: Great. Well, Ariana, thanks for taking the time to talk.Ariana Salvatore: Pleasure speaking with you, Mike.Michael Zezas: And thanks for listening. Ariana, what should our audience do next?Ariana Salvatore: If you enjoyed the podcast, leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

America has spent decades paying for earlier interventions in oil-rich nations. Trump is now risking another cycle of rebellion, bloodshed, and blowback...See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

These oligarchs should be concerned that they helped an aspiring fascist like Trump--from normalizing him to funding his vanity projects to helping him implement his anti-democratic agenda. Yet Google doesn't seem to care. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Founder & President of Brave New Films, Robert Greenwald explains the new feature, Murdering 60 Minutes - We're taking a hard look at the proposed merger, the transformation of CBS News, and what has happened to 60 Minutes since Bari Weiss and Ellisons took over.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Ronald Reagan. Champion of neoliberalism. To some, the man who lifted the spirits of a nation and restored a sense of pride and optimism after a period of despair. To others, the Reagan years marked the death of liberalism. A dark turn toward unfettered capitalist exploitation and the decapitation of working class movements and civil rights. So, which is it? Was Ronald Reagan responsible for ushering in an era of prosperity and restoring national pride as his boosters maintain? Or was he indeed the harbinger of doom and the reason we have Donald Trump today? Like most things, it’s complicated. But there are three ways in which Reagan fundamentally altered the trajectory of the United States to the detriment of most American families. Max walks through each of them before offering a bit of context for the era and ends with an example of a modern political figure that borrows from Reagan’s political playbook but with a twist: this time it’s to do good in the world. Resources Ronald Reagan Presidential Foundation and Institute: Americans Still Believe in Strong U.S. Global Leadership and Engagement, Including Young MAGA Republicans The New York Times: Javits Sees G.O.P. Hurt By Reagan NPR: 1976: The Last Time Republicans Duked It Out To The Last, Heated Minute : NPR 270ToWin: 1980 Presidential Election Interactive Map Center for Public Integrity: How four decades of tax cuts fueled inequality Roosevelt Institute: To Put Trickle-down Economics to Rest, We Need a New Tax Code Wikipedia: Americans for Tax Reform Brennan Center for Justice: Citizens United, Explained Heritage Foundation: Reagan And Heritage: A Unique Partnership The Nation: The Mandate for Leadership, Then and Now The New York Times: The Strike That Busted Unions Jacobin: The Legacy of the Crushed 1981 PATCO Strike NPR + Code Switch: The Truth Behind The Lies Of The Original ‘Welfare Queen’ History: Just Say No History of Cannabis Project: Reagan Drug Policy — Just Say No & the 1986 Act Wikipedia: Dark Alliance U.S. Department of Justice, Office of the Inspector General: CIA-Contra-Crack Cocaine Controversy PBS: The Iran-Contra Affair National Archives: President Dwight D. Eisenhower’s Farewell Address (1961) Peter G. Peterson Foundation: The United States Spends More on Defense than the Next 6 Countries Combined Frederic Lemieux: Militarization of Law Enforcement in America ProPublica: The Best Reporting on Federal Push to Militarize Local Police CounterPunch: The Hidden Cost of the U.S. Military: The Real Budget is Far Larger Than Reported UNFTR Resources Video: Did Reagan Destroy the American Dream? Essay: Did Ronald Reagan Destroy the American Dream? The Carter Series. -- If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com. Become a member at unftr.com/memberships. Buy yourself some Unf*cking Coffee at shop.unftr.com. Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations. Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibilitySupport the show: https://www.unftr.com/membershipsSee omnystudio.com/listener for privacy information.

Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave and Robbie "the Fire" Bernstein discuss the latest on the war, Steve Bannon claiming on Bill Maher that Trump will win a third term, the tariff situation with Canada, and more.Support Our Sponsors:Prize Picks - Visit https://prizepicks.onelink.me/LME0/POTP and use code POTP and get $150 if you win your first $5 lineup!BodyBrain - Go to BodyBrainCoffee.com, use code DAVE20 for 20% off your first order.Superpower - Head to Superpower.com and use code PROBLEM at checkout for $20 off your membership. Unlock your new health intelligence. 100+ biomarkers. Every year. Detect early signs of 1,000+ conditions. #superpowerpod Goldback - https://www.goldback.com/dave/ Part Of The Problem is available for early pre-release at https://partoftheproblem.com as well as an exclusive episode on Thursday!PORCH TOUR DATES HERE:https://robbernsteincomedy.com/eventsFind Run Your Mouth here:YouTube - http://youtube.com/@RunYourMouthiTunes - https://podcasts.apple.com/us/podcast/run-your-mouth-podcast/id1211469807Spotify - https://open.spotify.com/show/4ka50RAKTxFTxbtyPP8AHmFollow the show on social media:X:http://x.com/ComicDaveSmithhttp://x.com/RobbieTheFireInstagram:http://instagram.com/theproblemdavesmithhttp://instagram.com/robbiethefire#libertarian See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

-- On the Show: -- Daron Acemoglu, Institute Professor of Economics at MIT and a co-winner of the 2024 Nobel Memorial Prize in Economic Sciences, joins us to discuss his new book "What Happened to Liberal Democracy?: Remaking a Politics of Shared Prosperity" -- A Postal Service whistleblower warns that Donald Trump's mail voting order could cause millions of Americans to not receive their mail-in ballots -- John Roberts warns that Donald Trump is likely acting unlawfully by demolishing the White House East Wing to construct a massive ballroom -- Clinical psychologist John Paul Garrison highlights distinct involuntary arm spasms that Donald Trump displays during recent appearances -- Donald Trump repeatedly appears to fall asleep and makes rambling statements during an event about his medical cost policies -- Donald Trump insults conservative residents who oppose local artificial intelligence data center developments by claiming they want to be poor -- Court documents reveal that Russian influence operations use sleeper groups and meme factories to shape American political opinion -- On the Bonus Show: Updates from David's trip, and much more... ⚠️ Ground News: Get 40% OFF their unlimited access Vantage plan at https://ground.news/pakman

As AI agents gain access to sensitive enterprise systems, companies need new ways to control what they can do. Meta Marshall breaks down the emerging market for agentic identity security.Read more insights from Morgan Stanley.----- Transcript -----Meta Marshall: Welcome to Thoughts on the Market. I'm Meta Marshall, Morgan Stanley's U.S. Cybersecurity and Telecom & Network Equipment analyst. Today: AI assistants are starting to act on our behalf at work, which brings up a critical question. What should these agents be allowed to do? And how should those permissions be granted? It's Tuesday, September 1st, at 10am in New York. More and more, AI is helping us get through the workday. We ask it to summarize documents, analyze data and take notes during meetings. Increasingly, though, these tools are moving beyond just answering questions to acting on our behalf. Suddenly, the security challenge shifts from managing a tool to governing a whole new digital workforce. In coming years, this problem should get bigger as we estimate seeing 79 AI agents and 109 machine identities for every human employee. Now, traditional identity security at work was built to answer two basic questions: Who are you, and what can you access? Think of it as your office badge. It identifies you and determines what doors you can open. AI agents, however, make that question much harder to answer. They can operate autonomously, move across applications and databases, collaborate with other agents. They take actions without direct human involvement.So, companies need to know not only what an agent can access, but why it needs access, for how long, and what it actually did. That's the core foundation of agentic identity solutions. The risk environment from this problem is already substantial. About 80 percent of breaches in the work environment today involve stolen or misused credentials. Nine out of 10 organizations experienced an identity-related breach in the past year, and 83 percent experienced at least two. Now add potentially hundreds of machine and AI identities for every human; each operating continuously and at machine speed – and the problem is much larger.One solution to managing AI agents is zero standing privilege. Instead of giving an agent permanent access, you give it permission for a specific task and revoke that permission when the job is done. Here's the issue though: Today, only 39 percent of privileged access is managed through this just-in-time or zero standing privilege architecture. And the reality is that humans can't approve every request. More of those decisions will need to happen automatically, in real time, through what's known as runtime governance. We estimate, as a result, that agentic identity alone could become roughly a $33 billion global opportunity in our base case, which brings the overall identity market opportunity to more than $60 billion in coming years. This need for agentic identity coming from AI could also push a historically fragmented industry towards a more unified platform. In one industry survey, 85 percent of organizations said fragmented identity systems delay their human response to identity threats, with respondents citing an average of 12 hours needed to respond per incident. We think that favors platforms that can manage human and machine identities together and make security decisions dynamically, overall making a more secure environment. This transition won't happen overnight. Agentic identity products are still early, and we don't expect an immediate financial impact. But as enterprises move from experimenting with AI agents to deploying them more broadly, spending to secure those agents could become a more meaningful growth tailwind in 2027. The longer-term growth opportunity comes down to a simple dynamic: more agents, with more autonomy, will require more control. And that could make identity security essential to scaling AI across the enterprise. Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

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He lost his childhood homes, dozens of family members, and most of his hearing in his left ear to Israeli bombs, yet Ahmed Fouad Alkhatib insists that Palestinians must also take responsibility for Gaza's destruction and for peace. Most Gazans, he insists, have turned against Hamas for oppressing them, enriching itself, and bringing catastrophe to Gaza in the aftermath of October 7th. Alkhatib calls for Palestinian introspection and agency while also faulting Israel's settlement expansion and its undermining of moderates. He envisions a demilitarized Gaza run by nonpartisan technocrats, a Palestinian identity defined by aspiration rather than opposition, and direct Israeli-Palestinian dialogue--starting with a "Great Reset" of 100 days without violence on either side. EconTalk host Russ Roberts, more skeptical that Hamas will ever truly disarm, shares Alkhatib's hope that the two peoples might one day live as peaceful neighbors.