Podcasts about endowments

Stewart Alsop sits down with investor and entrepreneur Adnan Hassan on the Crazy Wisdom Podcast to explore his thesis on creating a small state asset class, using evolutionary insights from asteroids, dinosaurs, and mycelium as a framework for understanding resilient systems. Hassan brings his background in Silicon Valley technology, New York and Washington finance, and sovereign funds—including senior leadership roles at the World Bank—to explain why 162 of the world's 200 states are actually small states with populations under 12 million, and why these distributed, autonomous entities might be best positioned to survive the coming global shocks from AI, currency disruption, and the wobbling international order. For more information about Hassan's work, visit www.sac-holding.com (SAC stands for Small State Asset Class), where you can find two-minute videos explaining his approach to building this new financial architecture.Timestamps00:00 Introduction and the asteroid, dinosaur, mycelium thesis as a framework for understanding evolutionary survival patterns across billions of years05:00 Global order institutions are wobbling while currency systems evolve and AI emerges, creating simultaneous shocks that favor adaptable networked systems over large centralized structures10:00 Small states defined as populations under 12 million represent 162 of 200 global economies, contradicting assumptions that most nations are large centralized powers15:00 States behave as selfish entities seeking regulatory control while individuals seek autonomy, creating tension as the Westphalian system undergoes fundamental transformation20:00 Cooperation versus competition in human systems, examining how KYC requirements and state surveillance are expanding globally including in America and Argentina25:00 Small states are most interested in rule-based global order because they need protection from larger powers, unlike powerful nations that prefer unconstrained action30:00 Of the twenty richest countries by per capita GDP, seventeen are small states, yet no small state asset class exists in financial markets35:00 Uncorrelated assets provide diversification protection for investors, while small states offer geographic distribution across Caribbean, Africa, Europe, Gulf, and Pacific regions40:00 Cross-border family business collaboration between small states will increase, leading to knowledge sharing and a proposed Davos for small states event45:00 The individual sits at the core of this framework, with AI enabling creative minds in small places to access world-class resources previously impossible50:00 Demonstration of accessible technology costing only ten dollars shows how AI removes barriers, allowing creativity to become the distinguishing factor for entrepreneurs globallyKey Insights1. Adnan Hassan presents a thesis grounded in billions of years of evolutionary data, arguing that systems which survive major shocks share common characteristics: they are autonomous, networked, cooperative, resilient, and lack single points of failure. He uses the asteroid strike that killed the dinosaurs as his central metaphor, noting that while massive dinosaurs went extinct, smaller organisms like mycelium, ants, bees, and marsupials survived because of their distributed and adaptable nature. Hassan believes we are currently experiencing a similar asteroid-level shock to our global systems through the simultaneous disruption of the rule-based global order, currency systems, and artificial intelligence, all happening at once over the next three to five years.2. Hassan identifies 162 out of 200 global states and economies as small states, defined as having populations under 12 million people. This number surprises most people, including sophisticated observers who typically guess around 60 or 70. Even more striking, 17 of the 20 richest countries by per capita GDP are small states, representing 85 percent of the wealthiest nations. These small states have disproportionate resources to deploy internationally and the greatest interest in maintaining a rule-based global order since they have the most to lose from chaos and cannot rely on size or military power for protection.3. The current global institutional framework established after World War Two, including the UN, IMF, World Bank, and WTO, is fundamentally wobbling and reaching the end of an era. Hassan argues that states are inherently selfish creatures addicted to regulatory sovereignty and control, but the systems designed to give these states structure and credibility are now failing. This represents the first major restructuring of the global order since the post-World War Two period, which itself followed 400 years of colonial systems. The transition period will be characterized by significant chaos and convulsions throughout the global system.4. Hassan advocates for creating a new small states asset class in financial markets, which does not currently exist despite small states representing the majority of countries and the wealthiest per capita economies. This asset class would provide large institutional investors like pension funds and sovereign wealth funds with globally diversified, potentially uncorrelated assets while simultaneously supporting political and economic structures that embody the evolutionary principles of survival through distributed, autonomous, networked cooperation. The small states asset class represents both sound evolutionary strategy and pragmatic investment opportunity.5. Technology without philosophy is efficiency without purpose, a concern Hassan raised as early as 1994 when he helped prototype the first electronic trading market on the internet. He witnessed the naive optimism of Silicon Valley technologists who believed simply throwing tools over the wall would create a better world, but this approach made both good and bad activities more efficient. Social media demonstrated this danger by efficiently creating disruption and loss of trust in political systems. Hassan warns that the same mistake is being made with AI, where powerful tools are being deployed without adequate philosophical framework or consideration of consequences.6. Small states and their leading families will find more common language and shared understanding with each other across geographic boundaries than with larger neighboring states. A family business in Montevideo has an easier conversation with counterparts in Singapore or New Zealand than with businesses in Sao Paulo because small state actors recognize each other's unique realities and circumstances. Hassan plans to create a Davos for small states in 2027 to facilitate this knowledge sharing among the mycelium colony, allowing different nodes to exchange innovations and strategies across the distributed global network of small state actors.7. The optimistic future involves unleashing individual creativity globally by giving people access to AI-enabled tools that provide world-class legal, financial, and consulting advice in their language of choice. The solopreneur can now become a conglomerate, with individuals no longer constrained by lack of access to execution machinery. Hassan envisions young people in places like Gabon, Swaziland, or Uruguay having the same access to sophisticated business infrastructure as those in traditional power centers, with the distinguishing factor being creativity of mind rather than geographic or institutional privilege. Small states can pivot faster on regulatory frameworks, sometimes achieving in a dinner meeting what takes large states three years of legislative, executive, and judicial wrangling.

Bob Simmons, Professor of Classics and Chair of the School of Humanities and Civic Engagement at Monmouth College, and Nathalie Roy, an educator at Glasgow Middle School in Baton Rouge, LA, were one of seven applicant chosen to receive a grant from the National Endowment for the Humanities to carry out a Summer Institute in 2026 as part of the NEH's Institutes for K-12 Educators program. They, along with three educators taking part in the program, visited the WRAM Morning Show to talk about their experience.

6/13/26, Megan Zinn -- Co-Host Nancy Gertner, U.S. Dst Ct Judge (ret) & Harvard Law Professor: what the recent Supreme Court's recent decisions mean for democracy, the future, & all of us. Daniel Mason, the superlative, award-winning novelist on a nationwide book tour -- tonight at the Odyssey Books in South Hadley-- on “Country People.” It's Mayors Monday w/ Holyoke Mayor Joshua Garcia: the ban/moratorium on data centers in his city & the $2million/yr in tax revenues one (!) could bring; then, summer in the City. “And Death Shall Have No Dominion”— the community's response this weekend. Kemper Carlsen, Clinical Director, Fisher Home Hospice in Amherst: hospice & end-of- life care—what it is; also, their 20th anniversary & a $100,000 endowment campaign.

David Rivard is a renowned poet with seven books of poetry to his credit. His newest is called “Some of You Will Know”. His other books incude “Standoff”, “Otherwise Elsewhere”, “Sugartown”, “Bewitched Playground”, “Wise Poison”, and “Torque”. His work has won the PEN/New England Prize in poetry, the James Laughlin Prize from the Academy of American Poets, and he has been a finalist for the Los Angeles Times Book Prize. He's also received fellowships from the Guggenheim Foundation, the National Endowment for the Arts, and the Civitella Ranieri Foundation.  My featured song is “Heat 2007”, from the album Prisoners Of Love. Spotify link. —------------------------------------ The Follow Your Dream Podcast:Top 1% of all podcasts with Listeners in 200 countries! Click here for Start Here Click here for All Episodes  Click here for Guest List  Click here for Guest Testimonials Click here for Pillars Click here for Robert's Project Grand Slam Click here to Subscribe  Click here to receive our Email Updates Click here to Rate and Review the podcast —---------------------------------------- CONNECT WITH DAVID:www.davidrivard.net —------------------------------------ ROBERT'S NEWEST RELEASE:“THE BUZZ” - Ft. Darius de Haas (vocals) and Dave Eggar (Celo). Short, Sweet and Totally Different CLICK HERE FOR OFFICIAL VIDEO CLICK HERE FOR ALL LINKS —-------------------------------------- Audio production: Jimmy RavenscroftKymera FilmsConnect with the Follow Your Dream Podcast:Website - www.followyourdreampodcast.comFollow Robert's band, Project Grand Slam, and his music:Website - www.projectgrandslam.com    

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Alma the younger was a wicked idolatrous man, a great hindrance to the church going about secretly, flattering away the hearts of the people unto dissension. In our day, wicked miserable men publicly flatter away the hearts of the people who could otherwise be born of God if they would awake, arise, repent and be healed. How will the wise virgins stand in holy places and be not moved? Come, listen, closer to the spiritual rebirth of Alma the Younger found in Mosiah 27 and Alma 36.  Come and learn the Doctrine of Christ.  TheRedemptionOfZion.org 

Preview for Later Today: Judy Dempsey. Resident Specialist at the Carnegie Endowment for International Peace, Berlin, specializing in European populist movements, German politics, and regional security. She examines the political exploitation of Volkswagen layoffs by the AfD (Alternative for Germany) and the party's lack of viable economic solutions, and monitors the rise of the AfD in polls and their opposition to NATO, the EU, and military conscription.

We're back to December Spoiler Stream WoBs, just in time for the end of June, right? At least we get through a lot more of them this time! This episode we have Eric (Chaos), Ian (Weiry), Evgeni (Argent), and Adim (AAKS). Cosmere Princess Reading: https://wob.coppermind.net/events/547-fanx-2025/#e16943 Chapters: 0:00:00 Introductions 0:03:05 Transportation, Speed of Light 0:13:36 Autonomy is a bit Dominion-y 0:23:37 Why does silver nullify shades and spores 0:26:35 Does Ed have true Vaxilian heritage? 0:28:29 Did Odium hijack Braize's original purpose? 0:37:47 Relationship between Charred and Inquisitors 0:50:32 What was the scene that was twenty years in the making? 0:55:54 Were Aona and Skai ever a couple? 0:58:33 Rall Elorim in RoW 1:02:20 Silverlight connected to Reason 1:03:31 Dragon Vessels 1:06:45 Magical knacks in the cosmere 1:11:14 Pregnant dragons changing forms 1:15:14 Nightblood not chipping other Honorblades 1:24:48 Book five's ending if Odium was Rayse still 1:35:28 Hemalurgy and the Sleepless 1:36:37 Unoathed granting Surges 1:42:20 Final Mistborn era and Hoid's apprentices 1:45:12 Endowment and Valor's relationship 1:47:01 Nightblood granting all Surges 1:51:46 Who's That Cosmere Character

Jason Fertitta – CEO & Partner, Americana Partners Jason Fertitta shares how Americana Partners grew from a $2.6B breakaway team to a $13B+ enterprise by focusing on ownership, enterprise value, strategic acquisitions, and long-term growth. In Summary Many advisors view independence as the ultimate objective: a chance to gain control, improve economics, and build a business on their own terms. For Jason Fertitta, independence was only the beginning. Louis Diamond speaks with the CEO and Founding Partner of Americana Partners about the firm's evolution from a $2.6 billion breakaway team in 2019 to a national enterprise managing more than $13 billion today. The conversation explores the decisions that fueled that growth, the mindset required to build long-term enterprise value, and why Jason believes advisors should evaluate success through the lens of net worth rather than annual income. Along the way, they discuss recruiting, acquisitions, private equity, professional management, and the tradeoffs that come with building something intended to outlast its founders. The Storyline The independent channel has matured. A decade ago, many advisors pursued independence primarily for greater autonomy, higher payouts, and control over the client experience. Today, a growing number are approaching the decision differently—viewing independence as a platform for building enterprise value, attracting capital, completing acquisitions, and creating businesses that can scale beyond the founders themselves. Jason Fertitta's journey reflects that evolution. When he and his partners left Morgan Stanley in 2019, Americana launched with approximately $2.6B in client assets and a vision to build a nationally recognized wealth management firm. Seven years later, the firm oversees more than $13B, employs roughly 100 people, operates across multiple markets, has completed several acquisitions, and brought on Lovell Minnick Partners as its first institutional investor. Throughout the conversation, Jason offers a transparent look at the realities of enterprise building. That includes reinvesting profits rather than maximizing income, hiring professional management long before it feels necessary, embracing acquisitions as a growth strategy, and making decisions based on long-term value creation rather than short-term economics. For advisors considering what comes after independence, the episode provides a practical framework for thinking about ownership, scale, capital, and the future value of their business. About the Build, Grow & Transact Series for Advisors Build, Grow & Transact explores what happens after independence. The series features advisors and firm leaders who viewed independence not as a destination, but as the foundation for building something larger. Some launched firms from scratch. Others scaled through recruiting, acquisitions, or strategic partnerships. Many eventually faced decisions around capital, ownership, succession, or liquidity. While every story is different, they share a common thread: a willingness to think beyond the transition itself and focus on creating long-term enterprise value. Through candid conversations with founders, builders, and industry leaders, the series examines the decisions, tradeoffs, and lessons that come with growing an advisory business into an enduring enterprise. For advisors contemplating independence, actively building a firm, or considering what comes next, Build, Grow & Transact offers a look at the paths others have taken—and what they've learned along the way. > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why did Americana grow from $2.6 billion to more than $13 billion? (06:16)Jason explains how a combination of organic growth, advisor recruiting, acquisitions, and long-term strategic planning helped accelerate the firm's expansion. Why do clients often do more business with independent advisors? (12:17)Jason shares his perspective on why clients frequently deepen relationships after an advisor leaves a wirehouse environment. What role have alternatives played in Americana's growth strategy? (14:40)The discussion explores how differentiated investment access can help advisors stand apart in an increasingly commoditized marketplace. When is it time to build a professional management team? (18:36)Jason explains why Americana invested heavily in leadership, operations, and infrastructure from the very beginning. Why did Americana bring in private equity capital? (25:16)A candid discussion about growth capital, M&A opportunities, and the decision to partner with Lovell Minnick Partners. How do you evaluate enterprise value versus annual income? (20:16)Jason offers one of the episode's most important lessons: building wealth through ownership can look very different than maximizing current compensation. What makes a successful acquisition target? (39:51)Jason outlines how Americana evaluates M&A opportunities and how acquisitions fit into the broader client experience. Is it better to build your own firm or join an existing platform? (45:40)The conversation closes with Jason's perspective on the trade-offs between launching independently and joining a scaled independent enterprise. Topics Covered Enterprise value creation Independence and ownership Organic growth strategies Advisor recruiting RIA acquisitions Private equity partnerships Professional management teams Alternative investments Family office services Building a national wealth management firm Key Takeaways Independence can be a starting point for building an enterprise rather than the final objective. Long-term wealth creation often stems from ownership and equity appreciation, not from maximizing annual income. Reinvesting profits into leadership, infrastructure, and talent can accelerate enterprise value. Organic growth and acquisitions can complement one another when supported by a clear strategy. Outside capital can be a growth catalyst when aligned with management's long-term vision. The most scalable firms are often built around client needs rather than predefined acquisition targets. Advisors have more options than ever before, ranging from building independently to joining established platforms. https://youtu.be/_12jZJFsi4U Quotable Moments “Even to this day, I don't make anywhere near the amount of income that I made when I was on Wall Street. But my net worth is up tenfold.” “If you want to create value for yourself and your partners and grow your balance sheet, you can do it in a much more tax-efficient way in the independent world.” “I've never thought about how much of the company I own. I've thought about what my slice is worth.” “We want to build something our children would be proud to say we helped create.” FAQs Why are more advisors viewing independence as a business-building opportunity? The independent channel increasingly offers opportunities to create enterprise value, pursue acquisitions, attract capital, and build scalable businesses beyond a traditional advisory practice. How can advisors increase the enterprise value of their firms? Enterprise value is often driven by factors such as growth, profitability, leadership depth, recurring revenue, client demographics, infrastructure, and scalability. What role does private equity play in wealth management firms? Private equity can provide capital, strategic guidance, operational expertise, and acquisition support while helping firms accelerate growth initiatives. How do RIAs use acquisitions to grow? Many firms use acquisitions to expand geographically, add specialized capabilities, deepen client services, and accelerate asset growth. Why are professional management teams becoming more common among RIAs? As firms scale, dedicated leadership across operations, finance, compliance, and business management enables advisors to focus more effectively on clients and growth. Is launching an independent firm always the best path? Not necessarily. Some advisors prefer to build their own enterprise, while others may achieve their goals more effectively by joining an established independent platform that already provides scale and infrastructure. The independent channel increasingly offers opportunities to create enterprise value, pursue acquisitions, attract capital, and build scalable businesses beyond a traditional advisory practice. Enterprise value is often driven by factors such as growth, profitability, leadership depth, recurring revenue, client demographics, infrastructure, and scalability. Private equity can provide capital, strategic guidance, operational expertise, and acquisition support while helping firms accelerate growth initiatives. Many firms use acquisitions to expand geographically, add specialized capabilities, deepen client services, and accelerate asset growth. As firms scale, dedicated leadership across operations, finance, compliance, and business management enables advisors to focus more effectively on clients and growth. Not necessarily. Some advisors prefer to build their own enterprise, while others may achieve their goals more effectively by joining an established independent platform that already provides scale and infrastructure. Related Resources From Ex-Morgan Stanley Advisor to One of the Biggest Breakaway Stories of 2019 with Jason Fertitta (Podcast Episode) Intentional Growth: How Top Advisors Build Businesses That Last (Article) M&A Readiness Assessment (Tool) Guest Bio Jason Fertitta Jason is currently Chief Executive Officer / Founding Partner of Americana Partners. Jason was a Managing Director in Morgan Stanley's Private Wealth Division for eleven years. He joined Morgan Stanley in 2008 after six years with Lehman Brothers High Net Worth Division. Prior to joining Lehman Brothers, Jason worked six years for Texas Direct. Jason serves on the Board of The Good Samaritan Foundation and Endowment and the Houston Museum of Natural Science. Jason attended St. Edwards University in Austin. 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: Americana's $12B Path from Breakaway to Enterprise A conversation with Louis Diamond and Jason Fertitta, CEO & Partner at Americana Partners.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: Americana's $12B Path from Breakaway to Enterprise. It's a conversation with Jason Fertitta, CEO and partner of Americana Partners. 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. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven, and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement, and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: Independence is often viewed as the finish line. Break away, gain control, own the business, and enjoy the economics that come with it. But, for some advisors, going independent is just the beginning. That’s the idea behind this new series called Build, Grow, and Transact, featuring advisors who saw independence not as a destination, but as the first chapter of a business building story. And there will be some familiar names along the way, including our first guest who was on our show back in 2020, talking about what was at the time, one of the industry’s breakaway moves. That’s Jason Fertitta, CEO and founding partner of Americana Partners. When Jason and his partners left Morgan Stanley in 2019, they started Americana with approximately 2.6 billion in client assets, and a vision that extended well beyond becoming a successful independent firm. Today, Americana oversees more than 12 billion, has expanded nationally, completed multiple acquisitions, built out a professional management team, and brought on institutional capital to support its next phase of growth. What makes Jason’s perspective valuable that he’s now experienced independence through several different lenses as a breakaway advisor, as a founder, as a builder of enterprise value, and now as the leader of a firm, actively pursuing acquisitions and recruiting talent from across the industry. We talk about the decisions that fueled Americana’s growth, why Jason has always viewed the business through a long-term lens, what changed when private equity entered the picture, and why maximizing enterprise value often requires a very different mindset than maximizing current income. For advisors who think independence is a destination, Jason’s story offers a look at what can happen when it’s treated as a starting point instead, so let’s get to it. Jason, thanks for coming back on our show today. Jason Fertitta: Pleasure to be here. Thanks for inviting me. Louis Diamond: You got it. Yeah, you’re our first guest in our new subseries, so you should feel honored. And I’m honored too, because the last time we had you on the show, Americana was about a year old, you’re navigating COVID, and all those challenges. But, for listeners who may not remember the episode, can you give us a quick version of the origin story of Americana, and what the firm looked like when you first launched it? Jason Fertitta: Yeah, I believe if I’m remembering correctly, I was in Colorado talking to you guys, and it was right after we launched, so that was a fun but stressful time. I think at the time that we launched, it was certainly the road less traveled. Most teams go from one wirehouse to another. We had an entrepreneurial itch. There was 11 of us that started the firm. We actually launched the firm from this exact building that we’re in here, but all of this was under construction. We were in temporary space one floor below on card tables, and pizza boxes, and all the things that you can envision when you think of a startup. But, yeah, we weighed all of our options in terms of going from one firm to another, staying where we were, and had a lot of talks with ourselves, and our spouses, and they were all very supportive. When you do something like this, you’re certainly scratching the entrepreneurial itch that I think is required for somebody that wants to try and build their own company. And I think we’re all satisfying that itch in different ways. We all had a lot of other outside business interests. I’m passionate about the restaurant industry, because it’s what I grew up in as a kid. And so, had opened some restaurants with some chefs that I really admire, and were doing things like that to scratch the itch, but there’s no other way to do it than doing that in your profession. And so, we decided to launch the firm. We also just felt like Texas being such a wealthy state, there really wasn’t a regionally dominant RIA from here. There’s a lot of big RIAs in the Northeast, and the Northwest, and the West Coast. And we just felt like Texas was ready to hopefully be able to support the concept of launching it from the state, and then expanding it out regionally and nationally from here. Those are all thoughts in our heads and dreams and we’ve worked really hard to get to where we are, but I think we’re in a great spot right now for another leg of growth. Louis Diamond: Amazing. I would say that plan has certainly worked out. When you were on our show last in 2019, the firm was at about 2.6 billion at time of launch. And now, I saw in news articles and your ADV, it’s north of 12 billion, but I’m sure it’s even larger now. Can you walk through just what’s the makeup of the firm today? How many partners and advisors? What’s the profile of the end client? What markets are you in, in and around Texas or around the country? Jason Fertitta: Yeah, so today we’re roughly a hundred employees, right at 13 billion in AUM. I would say we have six offices, Houston, Austin, Dallas, Midland, Beverly Hills, and Nashville. We have about 30 advisors, 30 financial advisors, and our average account size I would say is right around $20 million. That’s not a rule, it’s just the way it is. We have some wonderful accounts that are two or three million, and we have some great accounts that are well over a billion. And in terms of the makeup of the firm, since the time we’ve spoken, and we’ll get into this later, but we have run in private equity, we have about nine families that are owners of the firm with us. It’s really families, private equity, and employees. That’s the cap table currently. Louis Diamond: Very cool. As far as building the firm geographically, for the offices of Texas, that makes sense to your earlier comment about wanting to build a Texas dominant or a regionally dominant firm. But, how’d you land in Beverly Hills and Nashville? That’s a little bit different. Jason Fertitta: Yeah, it is. I think so much of where we’re going is secondary to who we’re partnering with. I think we would go anywhere in the country if we had the right partner in that city. We’re not necessarily saying we have to be in Atlanta. Let’s find the right partners in Atlanta. It’s more about, we found the right partners in Atlanta, so we’re going to Atlanta. And you meet these people everywhere. Everyone has their own Rolodex inside of our firm. Sometimes it’s an employee here that has a relationship with someone that wants to break away and be part of an independent firm. Sometimes it’s me. There’s a lot of golf DNA in our firm, so we’ve met a ton of people through the incredible game of golf. In fact, last weekend we just hosted our first Americana Cub Golf Tournament where we took over an entire club, and invited 40 strategic invitations to people that could be helpful to our firm. I would say it’s really just networking, trying to find like-minded advisors that were very big at putting the client at the center of every decision you make. A lot of times you’ll come across of an advisor that financially looks really good on paper, but they’re maybe not always doing what’s right by the client. We run from those situations. We’d rather have a financial advisor that perhaps statistically is inferior to that other one on paper from a P&L perspective, but we feel like it’s doing what’s right by the client in the decisions. And that’s usually the main factor for us in seeking out the right partners. Louis Diamond: I love that. And one of the premises of this new subseries of ours is about growing, and then, of course, recognizing that value through some sort of monetization. To me, the star of your show is your insanely impressive growth, which I would assume comes from both organic means, and also from inorganic, whether through M&A, or recruiting teams from your predecessor firms, or from other wirehouses. Can you talk a little bit about the breakdown of the two growth channels, and how you pursue both, organic and then inorganic growth? Jason Fertitta: Yeah. Well, I think organic growth, the preference for anyone that’s in our sea, because you don’t have to pay for organic growth. It’s just you have to expose your platform to potential clients, and it has to be differentiated enough for them to move assets from another firm to yours. And I would tell you, I think we do a really good job at that. We’ve built an incredible platform that has, and enables a financial advisor to have all the same arrows in the quiver that a big firm has. We’ve got an incredible alts department. We’ve got an incredible CIO that produces great research. We got incredible in-house portfolio managers, both in the core equity space, but then also the municipal bond space. We have an incredible external manager platform that has everything from cash management on steroids, to venture capital investing, to co-investing, to direct investments into companies. We have this really great platform. We also recognize that we want to grow through M&A as well, because there’s only so much time in the day you’re not willing to add more employees and more like-minded advisors to grow. We do both, to your point, we absolutely do both, and they’re both equally as important. On the M&A side, I would say it’s been responsible for half of our AUM growth over the last seven years, and the other half has been organic. And I think as we get bigger and bigger, that number’s going to not stay consistent. I would say that if we could grow our AUM organically by 10% per year, and then do five to seven acquisitions a year, combination of RIAs and Wall Street lift outs, I think those are good goals for us, and we’re off to a good start in trying to achieve those goals. Louis Diamond: I think if you pull off even half of that, I think your private equity sponsors, and investors, and employees would be very happy. Can we double click into the organic growth side? How do you view whether your growth rate changing organically since leaving Morgan to start the RIA? And if it has changed, what do you think are the things that are responsible for the faster growth, or slower growth if it’s slower than when you’re at Morgan? Jason Fertitta: One of the interesting secrets about being independent versus inside of a big bank is I think your clients will actually do more business with you if you’re independent. I didn’t realize that until we went independent. I had heard that before, but I was like, that may or may not be true. But, when we went independent, and every time we recruit a team from a big bank, the same thing happens. It’s like the clients are like, “What took you so long?” They’ve very much, for the most part … Now, that’s not every client, but most clients, I think prefer to be serviced by an advisor that’s conflict bringing the independent channel. There are other clients that might have a big investment banking relationship with a big bank, or something like that, like a business reason for not leaving. But, in terms of just being able to service the client from an independent channel where you’re a legal fiduciary, I think all the interest is aligned from client to service provider, and I just think it’s easier to raise money in this channel than it is at a bank. Louis Diamond: And you really think the types of clients you work with or just clients in general, the difference maker is really the conflict-free advice. Obviously, it sounds good, but I would argue that when you were at Morgan Stanley, your team was one of the top teams in the country, you had an amazing reputation, you’re probably giving similar quality advice then than you were today. How has that really manifested itself? Jason Fertitta: I always say I think you can have a great experience at a firm that is perhaps not the most prestigious, great firm in the country if you’re with the right team. And I think you can also have a horrible experience at a firm with a great reputation if you’re with the wrong team. It is my belief the most important thing from the customer’s perspective is who you’re working with. I appreciate your comments about our team, and we work very hard to deserve the reputation that you’re talking about. But, I also think that when you’re in the independent world, some of the things the banks do very well is they have great investment platforms, and a lot of due diligence in their products. I think when you’re an independent firm, you’re obviously, you don’t immediately have all of those same intangibles that a big bank has. I think it was very important for us to invest heavily into those departments inside of our firm to where we could be on some equal footing with Wall Street firms, and we have been. We have raised a lot of money for alternative managers. I think alternatives are a huge secret sauce that an independent advisor needs to have access to, because in a world where the public markets are getting more efficient and more commoditized, it’s very challenging to grow organically the way that we have without some secret sauce. And I think the secret sauce lies within the alternatives, because it’s very hard to differentiate yourself if you’re just trying to optimize someone’s public equity portfolio, and improve where they sit on the efficient frontier. I think that’s just a tough challenge. But, if you can mix in some truly differentiated alternatives where access is a big component of the value proposition, then all of a sudden, you’re bringing your clients something special, and something that’s unique. Louis Diamond: I really like that perspective. I think you’re completely right. I’ve always heard people say investments are commoditized, and it’s all about advice and planning, but I think the way you framed it about the ALFA essentially being worked out of it, so it’s the access, and it’s what you’re doing different on the investment side outside of the more basic or commoditized stuff that’s a difference maker. When you launched the firm, and I believe still today, Americana hired Dynasty Financial Partners as your infrastructure partner. Now that you’re significantly larger, you’re seven years into your independent journey, how does the relationship with Dynasty change, if at all? What do they do for you that you benefit from differently today than when you first launched? Jason Fertitta: Yeah, it would’ve been impossible for us to do what we did without Dynasty’s help. Dynasty has delivered for us in a meaningful way and they continue to. They’re a great partner. We definitely are developing our own sea legs as well, just because you have to just by virtue of the size that you get to. But, Dynasty, I think, has been incredibly innovative in terms of launching an investment bank and bringing … Dynasty’s brought us deals, which is incredible. Just in addition to being an infrastructure partner, they’ve actually provided us deal flow. They’re also, because they’re working with so many firms, you get in all sorts of situations as an independent firm, and to have someone to pick up the phone and say, “Here’s what we’re dealing with.” And they’ll say, “Oh, here are the three things you need to do. You either need to do it like this or this.” Just a lot of experience within Dynasty. I don’t know if we’re Dynasty’s biggest client or not, but I would say we’re certainly in their top three. We are looking to continue that relationship, and always having a relationship with Dynasty, but I would describe it as evolving, because our revenue is up 6X in the last six years. Louis Diamond: Amazing. That makes complete sense. The needs of the business when you are leaving a big firm is got to get the clients over, got to build the plane before it can fly, and understand how to do X, Y, and Z, to now, it’s enterprise building, and optimizing, and growing inorganically, so that makes complete sense, and very cool to hear that Dynasty has evolved or morphed the relationship to meet you where you are now. And to me, I think a big part of that is hiring professional management. That’s always a question we get. When am I big enough? When’s the right time to hire professional management, whether it’s a full-time CEO, a CFO, a COO, et cetera. I know in your case, fairly early on you hired Ron Thacker who was a regional manager from Morgan Stanley. I saw recently you hired a CFO, so you’re really professionalizing the leadership ranks. When did you know it was the right time to build a professional management team, and how did you think about that evolution? Jason Fertitta: We knew from day one that’s what we wanted to do. I think when you go independent, there’s a couple of different schools of thought. One school of thought is I can go independent. I’m not going to really have a boss. I’ll be my own boss. I may or may not grow the business. I’m going to run it in a way that’s lean. I might be able to have a little bit more of a take home because there’s not a third hand in the cookie jar in terms of the bank, and it’s a great lifestyle. I think that’s one school of thought and I think that’s great. That was not our school of thought. Our school of thought is we had a belief that in this country, there’s going to emerge five to 10 regionally dominant RIAs, and these regionally dominant RIAs were going to enjoy economies of scale, and they were going to compete with Wall Street. And in order to do that, we had to reinvest a lot of our profit into our business through building this management team that you’re referencing. Even to this day, I don’t make anywhere near the amount of income that I made when I was on Wall Street, but I’m not, and it’s because we’re building equity value, and we’re building something that will last, and we reinvest a lot of our cash flow into professionalizing the management team, and then being able to deliver on that promise to the financial advisors that are here that you’re going to have a platform, that when you walk in the room, you’re going to be able to compete with Wall Street. And so, that’s always been our goal, which is not necessarily everybody’s goal when they go independent, because it’s a lifestyle decision really. I work way harder today than I worked when I was at a Wall Street firm. Louis Diamond: It’s so interesting. Two threads I want to tug on from what you said. The first one is I think just the comment you made that you’re making less today when the business is significantly larger than it was when you’re at Morgan Stanley, you’re working harder. I think even that dynamic is going to feel like a shock to a lot of people, right? If you’re working harder, the business is doing six times more revenue than it was at Morgan Stanley, that doesn’t seem like a fair trade. How do you think about that relative to the equity value that you’re amassing? Was that always the plan, or is that just something you’ve leaned into as the firm has grown and scaled? Jason Fertitta: Well, the third component you left out is my net worth is up 10X- Louis Diamond: There you go. Jason Fertitta: … whereas if I would’ve stayed at a Wall Street firm, and so are all the employees here. If it’s about that, I can tell you that we checked that box. Americana is very valuable, and we’re happy about that. It’s really just about how you want to create that, right? If you want to create it through income, and pay a lot of taxes along the way, stay at the Wall Street firm. But, if you want to create value for yourself and your partners, and grow your balance sheet, you can do it in a much more tax efficient way in the independent world. And I’m light years ahead of where I would’ve been if I would’ve stayed at a Wall Street firm. Louis Diamond: I think that’s the coolest realization I think someone can have, right? We always say it’s like, what do you value more? Is it the short-term liquidity, or certainty of getting a big upfront recruiting deal at ordinary income, or staying where you are and keep making your 50% payout, take advantage of your firm’s retire in place program? And for many people, that’s what they value. But, for you, I think you very clearly and transparently articulated that, yeah, I might make less, but what really matters is my net worth. It’s how much I’m actually netting for my family in the long run. For people who want to play the long game, really buy into that concept, it sounds like following your path would be ideal, but it may not be for everyone. Jason Fertitta: It’s a much better path, and I’m living proof of it, and not only am I living proof of it, all of my partners are here, and everybody that owns equity in Americana is living proof of it. Louis Diamond: Amazing. You said you’re working more now than when you’re at Morgan. How has your day-to-day, or day in the life changed? What types of activities are you doing more or less of, and how do you balance everything? Jason Fertitta: Yeah, it’s hard to balance everything, it is. But, I would say that one of the unique things about Americana is the founders are all financial advisors. We aren’t consultants that came out of the consulting world, we’re financial advisors. I’m still a financial advisor. I still cover clients. I would say a third of my time is actually covering the house accounts here with some of my original partners. A third of my time is firm related stuff, and then, a third of my time is M&A, and that’s not only M&A, but helping the advisors that are here grow their business also. And so, I come across a lot of leads and opportunities. I’m not really taking them for the house account book or myself. I’m finding the right advisors that I feel I could service the clients the best, and then I’m flipping them to them and sitting second chair and I’ve seen some amazing growth to their businesses by just being able to send them leads. Louis Diamond: Yeah. I think that’s always like the tug of war for … I think most founders of RIAs in this industry, they were advisors themselves. They were the rainmakers, or they still are, but there’s definitely some folks who, whether because of lack of time, or lose the spark or passion for working with clients, that they pivot to being full-time CEO, or we’ve even seen people go the other way where they say, “I was the CEO. I really just want to be an advisor, or just do M&A, and I’m going to hire a CEO.” It’s really cool to hear how you split up your time, and you’re able to do it all. And I’m sure it’s not perfect. I’m sure your family wishes they saw you more, and et cetera, but it sounds like you’re able to really pursue your different passions. Jason Fertitta: All those three activities are very fun, and they keep everyday interesting, and you don’t necessarily know at what points in the day you’re going to be working on which bucket, and there’s a lot of blend and overlap, but we spend a lot of time here working on behalf of our clients, and the firm, and every day is an adventure, but it's fun. It’s a blast. Louis Diamond: Absolutely. Well, let’s spend some time talking about your fairly recent capital raise. In October of 2024, Americana announced that PE firm Lovell Minnick Partners, the firm’s first outside institutional investor was coming in to take a majority stake in the firm. Can you take us back to that decision? I’m sure it’s still clearly vivid. Maybe talk through it, and when did you first start to think seriously about bringing in capital? Jason Fertitta: Yeah, so probably at the end of ’23, we looked down, and there was $100 million worth of potential M&A that was fairly actionable that we could do. And the other M&A events we did were small deals, 10, $20 million sometimes, but firms with three, 400 in AUM to 600 million in AUM. We were doing deals that size, and we’re just passing the hat, and saying, okay, to the families that were in our cap table and to ourselves, who wants to write a check? The cap table was changing all the time based on people’s buy-in and M&A transaction. But then, when you sit down, and you look at potentially $100 million of M&A, if every deal came through that you’re in conversations around, and we owned at the time 75% of the firm, the families owned 25. If all of that M&A were to have happened, we didn’t have $75 million as employees. We were facing dilution. And then, we went to the families and said, “Hey, we don’t mind being diluted, but we got to know that if all of these came through, you guys want to invest another 100 million into this business.” And that’s when they said, “Well, we can. All the deals that you’ve done so far have been accretive and great. But, our value add to you is not M&A. It’s not underwriting. It’s not how to take this firm from four billion to 12 billion or customers. Why don’t you contemplate bringing in an institutional partner to help you round first base and go to second and third?” And so, I called a good friend, a gentleman by the name of Jimmy Dunne, who’s legendary in the world of golf and business. He’s a vice chair at Piper Sandler. I explained the situation, and he said, “Well, this is going to sound self-serving, but I think you should hire me and my firm to run a process to find your partner.” Louis Diamond: Classic investment banker. Jason Fertitta: And we did, and he worked on a very small retainer, and a contingency fee, and they helped us get ready to show the firm to the institutional world, and that took nine to 12 months of hard work to get ready. They ran the process. I think we had 30 firms sign the NDA in the October of ’24 month that you mentioned. I think we had 20 offers. And during that year, we were getting to know a lot of the people that were going to be bidding on us, and we frankly were incredibly impressed by Lovell Minnick and their success that they have had in investing in the wealth space. We were always pulling for Lovell Minnick to compete and compete well, got to run an honest process and Lovell Minnick was not the high bid, but they were a very good and well-thought-out bid that was easy for us to understand on why they were where they were. And for us, it was about how can we create value from this point forward with the right partner to really grow the firm and scale it to where we wanted it to be? And so, that was the more important driving factor in our decision to sell to Lovell Minnick. Now, of course, we wanted to sell a minority piece, but the reality is, given the activity that we had in our M&A pipeline at the time, they were going to eventually get to majority anyway. And so, I may be skipping ahead a little bit in the podcast, but I know what some of the questions are going to contemplate, and our thought was, you’re in a better position to negotiate minority rights before the transaction than later. And so, we got all of that out on the table in our negotiations with our private equity partner, and then just got married immediately instead of had this weird period of where they ultimately were going to get to majority control through M&A, and then, you have this awkward moment where that shift happens after you’re already partners. Louis Diamond: Very interesting. Was it a hard decision to give up majority control over your baby? Jason Fertitta: Definitely a lot of self-reflecting on behalf of our team and everything, but I think where we came out with it, and I’m a big believer in this, is the people that really control the business are the people that control the relationships with the clients. Lovell Minnick knows that, and we’ve never had a decision in a year and a half that we don’t all arrive at the same place. We negotiate, we study, but they know that it’s not in their best interest to try and force the management team to do something that the management team is not in agreement on, because at the end of the day, we’re servicing all of these accounts. Look, we don’t see eye to eye exactly on everything, no partners do. But, we’re generally in the same zip code on everything, and we talk things through until we all arrive at the same place that this is in the best interest of the company. And I think a big part of why that works so well for us in Lovell Minnick, and I think this is very unique in the industry, it all goes back to we all own the same share class. We’re all in the foxhole together. We all sink or swim together. There’s no way one group can win and another group can lose. We all own the exact same security. Not only do we all own the exact same security, but our employees own it. The families that are in our cap table own it. And so, every decision comes from the standpoint of how do we make decisions to benefit that security? Louis Diamond: Makes sense. It’s still a tough decision, but you lay it out, make it seem like an easy decision with the conviction you have, I think the very pure motivation to make that leap. Aside from capital to fuel M&A, what are the other things that Lovell Minnick is doing for your business to help it? Jason Fertitta: Well, Lovell Minnick, and this is another thing that was impressive to us, they’re always the first institutional capital until what’s otherwise an entrepreneurial family-owned business. They’re not afraid of building the things that you have to build to get ready to scale. They’ve seen it in every investment they’ve made. And so, that was very refreshing to us, because frankly, we wanted the help. We wanted the expertise. We’re financial advisors at heart. Like a lot of private equity firms, LMP has this third party advisory relationships with industry people, and they’ve brought those people into our firm, several sit on the board of the firm today, and they’ve just been fantastic to work with. Some have more experience with FinTech, some have more experience with HR, some have more experience with actual investment platforms and product. Some have more experience in how to help clients optimize from a tax perspective. Some have family office experience. And so, we’ve really benefited from this group of people. And I would tell you that, since they came into our world, which is about 18 months ago, we have been building a lot of things that are about to be unveiled to not only our financial advisors, but our clients. And I think that the experience is just going to continue to get better for both of those segments. Louis Diamond: Very cool. Yeah, it seems like a great fit. And I meant to ask you before, because it’s such a cool, and I think still a fairly novel concept, but what was the thinking behind having nine families, their customers or clients come in, and buy some equity in the firm? Why’d you do that? And then what’s been the outcome of that? Jason Fertitta: It was more their idea than us after we launched the firm. And this goes back to my original comments about the clients want to do more business with you when you’re independent than when you’re inside the bank. And we have a lot of clients that are entrepreneurial. And so, I think when we explained to them the reasons why we were doing this, and the reasons why we’re so excited about it, they got excited about it too, some clients, most clients. And so, what they said was, “Yeah, we’re going to move our money to it, we’re excited about it, but if there’s an opportunity, we’d also like to own a piece of the firm.” And originally, when they said that, I didn’t know if they meant that they wanted us to give them, but they wrote a check. They all wrote checks. We set an arbitrary value of the firm in the first year after we launched it. And that wasn’t a whole lot of science behind the value. It’s basically what we would’ve been paid by walking across the street, and that was the original value. And they bought into the firm, and then, Lovell Minnick really thought it was a nice novel concept that they hadn’t seen before, and they’ve embraced it. When they invested, we brought another round of clients into the firm at that valuation. I think it’s really powerful, because what’s important for us in these families is that they’re all pillars of their respective communities and they’re spread across all over the country and Mexico. We have some incredibly good reputation, great business people in Mexico City, and Monterrey, and Los Angeles, and Midland, and Dallas, and Austin, and Houston. And we’re open to the concept of when we come into new markets, finding that pillar of the community, finding that family who people ask, “Well, what do you do with your money?” We want them to say, “Well, we own our own wealth management firm. He wants to have them call you and they’ll show you what we do with our money.” And that’s a powerful part of the organic growth and the flywheel. Louis Diamond: I absolutely love that. I oftentimes have clients, especially breakaway clients talk about how cool it would be to have a client or set of clients invest in their business. But, the reasons why, I love that as part of a very consistent, repeatable strategy of identifying key influencers essentially in different markets, and then having them come into the cap table. I would assume too, the dynamic of, “Oh, you should call Jason, he’s my financial advisor, he’s great,” to, “Hey, you should come in and meet my firm.” And I feel like clients are probably much more incentivized naturally to refer friends, family, et cetera. And just the power and dynamic of that referral is probably that much better than a referral from another happy customer who’s not an investor. Jason Fertitta: Exactly. When we’re looking at coming into a new city with a new partner, to the extent they have those clients in that community, and when they join us, we have a private equity partner that embraces that strategy and concept. When we’re talking to that Wall Street advisor, and they’re interested in our business model and our plan, I think that particular part of our business model is very differentiated and intriguing to them. Louis Diamond: Amazing. You mentioned in your last answer that you have, it sounds like you have some investors in Mexico, and that you’re serving families in Mexico and Latin America as well. Can you talk about adding that capability or the openness to go international? That’s clearly a big decision. It’s a different risk profile, different client needs. What was the thought process behind taking Americana, I guess, still in the Americas, but outside of America? Jason Fertitta: Yeah. Well, I think a lot of it is growing up in Texas, there’s a lot of wonderful families from Mexico whose kids and grandkids have moved here, and our children are going to school with their children, and they’re part of our community, and I think they’re a great part of our community. And so, I just started to notice how Wall Street treated this community as just one, right? And what we were able to do is cherry-pick a few families that we knew very well that are incredibly good reputations in the cities that they’re from, and their origins are from. And there’s a high desire on behalf of not only those families, but their friends to invest into the United States into our economy. And given that a lot of their children and grandchildren live in the US, these are families that have citizens and their family inside of the US and back home in Mexico. Most of these families, they’ve been going to our colleges. A lot of these families sit on the boards of Fortune 500 companies inside of the United States. These are families that are very easy to do due diligence on, and frankly, we have learned a lot from them. They’re very sophisticated families, and so, they’ve been amazing partners, and we use Bank of New York Pershing to custody a lot of these assets, and I think they’re increasingly becoming more interested in alternatives as part of their portfolios, because I think going back 15, 20 years ago, these families were mostly stocks, bonds, and cash. But, as they continue to build out their own family offices, they’re becoming more sophisticated and interested in alternatives, so it’s really been an exciting part of our firm. Louis Diamond: Did this expansion, does it scratch the itch to go into different Latin American countries in Europe and Asia, or is that not really part of the roadmap? Jason Fertitta: Well, it’s open to the concept. Like I said, the genesis of this for us was the fact that our children go to school with their children, and we got to know several families just through our social circles here in Texas. But, I don’t think that same phenomenon would exist in Europe, other Latin American countries per se, but we’re certainly open to it, and there’s a lot going on in Latin America. There’s a lot going on and a lot of potential, so we’re open to anything that increases the footprint in the right way for Americana. Louis Diamond: Great answer. Let’s go back a little bit to talk a little bit more about your M&A strategy. You merged with or acquired Boulevard Family Wealth, which was Matt Celenza’s firm. I think Matt was the first breakaway guest on our show, and an amazing advisor. You bought Goodpasture Gray in Nashville, and more recently you bought NRT Consulting. I think from my read, three different types of firms, different geographies. How do you think about the M&A strategy? Jason Fertitta: I feel like we’re building out a firm and departments in the firm, and each of those acquisitions goes into a different department of our firm. I think Matt Celenza and Boulevard are fantastic, and they’re really good at tax optimization strategies for families, and they’re really innovative there. That is a very hot topic with all of our clients. More and more families are getting smart about the fact that not only does it matter what your returns look like. What really matters is how much of those returns you get to keep. And so, Matt and his team are incredibly sophisticated and cutting edge on tax optimization, and that's proliferating throughout our firm right now, which is I think making us even better at what we can advise and provide to our clients. I would say that’s more in the family office service and tax planning part of our firm. Goodpasture Gray’s fantastic. WL who runs that firm, or did prior to the merger, I’ve known him for 30 years. He’s a longtime family friend. His clients are in Nashville, Santa Fe, and Texas. He and my father actually used to office together. And then, ironically, he hired Dynasty to represent him to find the right partner. That’s an example where full circle Dynasty brought him back and I hadn’t talked to him for decades, but we shared a bunch of fun stories about how I used to go up in college, and hang out with he and my dad in their office. That was a great full circle experience, but WL’s just a fantastic financial advisor that does what we’ve always done. He’s just a natural fit inside of our firm. And then NRT, Chris Ginsbach and his team, they’re unbelievable. They do bookkeeping services for families. They’re not signing tax returns, but the more sophisticated these families get, some of these families have 35, to 45, to 55 different LLCs that require bookkeeping services. He’s an accountant by training, so is everyone that works there. And I think that there’s a lot of cross-pollinating with our client base that wants bookkeeping services for their needs. With all of these different M&A events, it’s trying to meet or have the ability to meet your client at wherever their pain points are. And some of your client’s pain points are in bookkeeping and accounting. Some are in tax optimization, and some are just good old-fashioned financial advice and access. And all three of those acquisitions that you described are meeting that client in a different pain point, but they’re all pain points, and they’re all important. Louis Diamond: When you’re thinking about M&A, is it like you have, these are the three areas that we want to add to the firm? Next one, making it up, we want to add tax preparation. Are you then going out to find a firm that fits the bill, or is it more so just you’re selective with who you take on, and you look for a new capability, or just like an extreme alignment with how you’re already serving clients, and then, that’s what makes a compelling deal for you? Jason Fertitta: Yeah. Most of the time, we’re getting feedback from our clients on where they need help, and that is usually the spark that starts the fire on, okay, what if we added this? It’s really I would say more based on client feedback. We don’t have estate planning attorneys inside of Americana per se. We don’t have accountants that are signing people’s tax returns inside of Americana. We get a lot of interesting opportunities from accounting firms and estate planning firms. And so, I like how we have this great referral network in place with those industries. And so, I think we’d have to think long and hard about getting into those businesses per se. Louis Diamond: Makes sense. I feel like there’s probably a version of this story, your story, where you break away, you plot along, you’re happy to not have a boss anymore, clients are happy, maybe you get to like four or five billion in assets, and you call it a win, and just throw in coast mode, but clearly you didn’t do that. You went the opposite direction. What do you think drove the ambition to keep building towards something larger? What’s really sparking you and motivating you today maybe differently, or in a more defined way than it was when you first broke? Jason Fertitta: Yeah, I would say it’s not just me, it’s all the founders, and I think all the employees. I share this and not to sound corny about it. I think everyone here wants to try and build something that his or her children would say, “My parent was one of the founders and employees of Americana Partners.” It’s like, I think when you work at a bank, you definitely care about your brand that you’re building, but this is a whole next level of care about your brand. We really care about this brand, and we want it to outlast all of us. Louis Diamond: Love that. For a successful wirehouse advisor or team that’s sitting on a really nice practice maybe similar in size or in the same realm that you had back where you were in that world, and they’re thinking about maximizing their value, what advice would you offer? Do you think your story is an outlier, or do you think it’s doable by others if they follow certain advice or principles? Jason Fertitta: I would have a two-word answer. Call us. I’m kidding. I have a much longer answer. One of the things I really respected about a certain advisor, and if he’s listening to this, he’ll know exactly who he is, but I feel awkward saying his name. When I was contemplating going independent, I talked to an entrepreneur I really admire, and I called him, and I said, “Hey, we’re thinking about doing this.” And he said, “Look, I’m going to try and convince you to join our firm, and if you don’t end up doing that, it’s fine. There’ll be no hard feelings, because we ended up launching our own firm and I would never fault you for the decision if you wanted to do that with your team.” And we thought long and hard, we almost joined his firm. It was in a very different geography so we ended up launching our own firm. I would say that if you want to do it yourself, we would respond the same way. We would give you a high five, and wish you well, and say you’ve made a great decision, and we’d be pulling for you. If you want to spend more time with your clients, and less time in building the firm, we have the firm built, and it’s fantastic, and it wasn’t without blood, sweat and tears for seven years, and we can create a transaction that is economically the same or better as launching your own firm, and you have a voice, and you have a seat at the table, because we’re still small enough to where you can help shape the direction of this firm, and we want your input. The difference is that instead of spending a third of your time interacting with financial advisors the way I do, you could spend 90% of your time interacting with your clients, instead of a third, and be part of a firm that I think has great national prospects. But, I would never fault someone for doing it themselves, because that’s what we did, and that would be hypocritical. But, I really do think that this is a better path, even if you did it yourself, or if you did it with someone like us. I think you’re choosing two better options than what you currently have. Louis Diamond: I think it’s a great perspective, and I think it’s balanced and fair too. There’s plenty of people that I speak to where their passion is building. They want to be the next Americana, right? That’s what’s going to spark them and get them out of bed. They want to do M&A, they want to be the CEO, they want to really make their mark on the industry, and that’s fine. But, I do think there’s probably more advisors out there that would love to be part of something, and they’d love equity, and they’re passionate about different things than you were passionate about when you launched the firm. And the theory of a rising tide lifts all boats, it’s like, you can do this yourself or let’s just build something bigger and better together. And just getting comfortable with the theory of you’ll own a smaller piece of the pie, but the pie is much more valuable than owning 100% or 80% of something that’s less valuable, and is going to take you in a different direction personally. I always say we’re not in the business of making judgments for people. It’s up to them to define their goals, and then, we’ll help them execute on it. But, I really like that perspective. I agree, it’s not for everyone. What you did is extremely hard, it’s a risk, it’s a big swing. But, if you have the stomach for it, and you want to take the swing, to me there’s no better time to pursue that path than today. Jason Fertitta: I agree. And I could totally see a world over the next five years where some of these advisors that join us are bigger shareholders in this firm than me, and that would be great. Louis Diamond: Interesting. Jason Fertitta: I’m with you, not only do I agree with what you’re saying, to me, I’ve never thought about how much of this company do I own? I’ve thought about what is the percentage of the company that I own, and what is it worth? I could care less if it was 25%, 12.5%, 5%. What I care is, what is that slice worth? Louis Diamond: That’s a fun way to look at it. Jason, this has been really fun. This new series Build, Grow, and Transact, this is proof of concept, but we’re going to have to do a ton of these, because the richness of detail, and whenever we have breakaway guests, we’re talking to them in the beginning when they’re still finding their feet, everything’s new and fresh. They haven’t thought about or executed on M&A and taking on capital partners. But, I feel like this is the missing ingredient where it’s a playbook for how others can be better themselves, something to shoot towards. And I really appreciate your candor and transparency, and I’m very serious, we’ll have to do this again when you’re at 25 billion, and you have even more lessons, and I’m sure battle scars to share. Jason Fertitta: No doubt. I’m for sure open to doing that. And maybe in the meantime, I see the pictures behind your head there. I’d love to come visit you in Park City and hang out and ski, or play golf, or- Louis Diamond: You got it. Jason Fertitta: All right. Thanks for your time and thank you for having me. Louis Diamond: Thanks, Jason. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty, and credibility. You are successful, because you take your professional responsibility seriously, and are dedicated to your clients, but are you living your best business life? Are your goals aligned with your firms, or could a better option exist? Should I Stay Or Should I Go is a book written with you in mind. It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions, and think critically and objectively, whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook. Build, Grow & Transact: Americana's $12B Path from Breakaway to Enterprise A conversation with Louis Diamond and Jason Fertitta, CEO & Partner at Americana Partners.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: Americana's $12B Path from Breakaway to Enterprise. It's a conversation with Jason Fertitta, CEO and partner of Americana Partners. 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. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven, and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement, and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: Independence is often viewed as the finish line. Break away, gain control, own the business, and enjoy the economics that come with it. But, for some advisors, going independent is just the beginning. That’s the idea behind this new series called Build, Grow, and Transact, featuring advisors who saw independence not as a destination, but as the first chapter of a business building story. And there will be some familiar names along the way, including our first guest who was on our show back in 2020, talking about what was at the time, one of the industry’s breakaway moves. That’s Jason Fertitta, CEO and foun

What does managing $600 billion teach you about risk that most investors never learn?Jeffrey Blazek, Co-CIO of Multi-Asset at Neuberger Berman, joins Prashant on VC10X to challenge the assumptions that have quietly shaped — and quietly undermined — institutional portfolios for a generation. From the macro shift that is more permanently broken than rates or geopolitics, to the asset class generating 10 to 15 percent returns with zero correlation to equities, to whether AI is the internet bubble all over again — this is one of the most substantive allocator conversations we have had on the show.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comIn this episode:— Why deglobalization is the one macro assumption that will not reverse— The difference between short-term volatility risk and the purchasing power risk that actually destroys portfolios— Why bonds have failed as a diversifier and what replaces them— Catastrophe bonds: the non-consensus case for an asset class most institutions will not touch— The $1B to $10B institutional sweet spot and why scale is not always an advantage— AI investment: real conviction, real concentration risk, and the winner-take-most bear case— What the private markets miscalibration of the last decade means for LP portfolios today— The off-script manager due diligence technique that separates process from performance— Career risk as the hidden driver of institutional conservatism— Where rates are headed and why the old fixed income playbook is goneJeffrey Blazek is Co-CIO of Multi-Asset at Neuberger Berman, a $600B global asset management firm with over 700 investment professionals across 30+ offices worldwide.Links:Neuberger - https://www.nb.com/Jeffrey on LinkedIn: https://www.linkedin.com/in/jeffrey-blazek-cfa-a0a57212Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.comTimestamps:(00:00) - Preview(01:39) - Introduction to Jeffrey Blazek(03:16) - Which Macro Assumptions Are Permanently Broken Today?(05:03) - Key Drivers of Long-Term Returns Most Investors Underestimate(06:24) - Coaching Clients to Embrace Appropriate Equity Exposure(07:55) - What Real Diversification Looks Like in Practice(09:51) - How Portfolio Construction Changes as Institutions Scale(11:55) - Should Investors Change Their Approach to Equity Markets Now?(13:31) - Evaluating a New Asset Class for Permanent Allocation(15:16) - AI: A Genuine Secular Shift or a Narrative-Driven Boom?(17:26) - The Bear Case for AI: Commoditization and Concentration Risk(19:30) - Uncovering a Non-Consensus Asset Class: Catastrophe Bonds(21:09) - Common Mistakes LPs Make in Private Market Allocations(22:58) - The Key to Effective Investment Manager Selection(24:25) - Analyzing Past Portfolio Mistakes: Errors of Analysis vs. Behavior(26:24) - The Gap Between Institutional Goals and Portfolio Realities(27:38) - What Drives Over-Conservatism in Institutional Investing?(29:15) - How Investment Needs Differ Across Institutions (Hospitals vs. Endowments)(31:38) - Advising Family Capital: Avoiding Common Mistakes(33:43) - Career Lessons Learned from Navigating Market Crises(36:01) - The Most Misunderstood Risk of the 2020s(37:22) - Is the AI Boom a Repeat of the Dot-Com Bubble?(38:15) - The Three Most Important Bets for the Next Decade(40:00) - Outlook on the Future Interest Rate Environment(41:19) - Where to Find Jeffrey Blazek and Neuberger Berman

In this episode of The First Day from The Fund Raising School, Bill Stanczykiewicz, Ed.D., welcomes Karen Houghton, CEO and Founder of Infinite Giving, for a clear, lively, and highly practical conversation about endowments: what they are, why they matter, and when nonprofits should start thinking about them. Karen brings a rare mix of nonprofit leadership, technology, finance, venture capital, and board service to the topic, which means she can explain endowments without making everyone reach for a legal dictionary and a strong cup of coffee. Her big message is that nonprofits are part of the “nonprofit sector,” not the “not-profit sector,” and when organizations generate a surplus, they can use it strategically to build long-term sustainability. Bill and Karen start with the basics: an endowment is money set aside, invested, and used to provide ongoing support for an organization's mission. In practical terms, a nonprofit might invest the principal, allow it to grow, and then draw a percentage each year, often around 5%, to support operations or programs. Karen gives the example of a $10 million endowment producing roughly $500,000 each year. The goal is not to hoard money, but to create reliable, recurring support that can keep pace with inflation and serve the mission for generations. The conversation also tackles the nuts and bolts of getting started. Karen explains that endowments do not have to be wildly complicated; organizations can often begin by setting aside funds, opening an investment or brokerage account, and creating key documents such as an endowment agreement and an investment policy statement. She especially encourages small and midsize nonprofits to consider a quasi-endowment, also called a board-restricted endowment, because it gives the organization flexibility while still establishing a long-term financial framework. But she offers one very important caution: if an organization does not yet have reserve funds, the first step is not an endowment. First build the six-month emergency reserve fund. Then move from scarcity to strategy to sustainability. Bill and Karen close by connecting endowments directly to fundraising, donor intent, and organizational confidence. Karen shares a cautionary tale about a nonprofit that turned down a $1 million endowment gift because the board wanted the money for immediate use, only to watch the donor give it elsewhere to an organization that honored the donor's legacy vision. She also cites research showing that 69% of major donors are more likely to give to nonprofits that demonstrate strong leadership and clear financial strategy. The takeaway is crisp: endowments are not for every organization at every moment, but when the timing is right, they can help nonprofits honor donors, stabilize programs, attract legacy gifts, and plan in 10-year cycles instead of 10-minute panic bursts.

This week The President of The United States of America and Tech Stuff Guy discuss Trumps Birthday, UFC, Iran, Kennedy Center, G7 Summit, Newsome, NY Knicks, and more. If you enjoy the show leave a rating and review on spotify or iTunes. Join the Patreon for hours of bonus content ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.Patreon.com/MPGA⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode 338: Most florists have seen the AFE logo, but many don't realize just how much the American Floral Endowment impacts their business every day.In this episode, Vonda and Lori sit down with Debi Chedester, Executive Director of the American Floral Endowment, to uncover the research, scholarships, internships, grants, and industry initiatives happening behind the scenes that help florists succeed.Debi shares her unique journey into the floral industry, what surprised her most about the people who make it special, and how AFE has spent 65 years investing in the future of flowers. From flower quality and consumer research to sustainability, travel grants, and recruiting the next generation of industry professionals, this conversation highlights why AFE matters to every florist, whether you realize it or not.In this episode you'll learn:What the American Floral Endowment actually doesHow AFE research improves flower quality from seed to consumerFree resources available to florists right nowTravel grant opportunities for industry eventsThe growing importance of sustainability and SustainabloomWhy consumer and Gen Z research matters more than everHow AFE is preparing the industry for the next 5–10 yearsWays florists can support and get involved with AFEWhether you're a retailer, wholesaler, grower, designer, or simply passionate about the floral industry, this episode offers a fascinating look at the organization quietly working behind the scenes to help flowers - and florists - thrive.Because when we invest in the industry together, everyone blooms. Sponsored by: Flower CliqueFlower Clique Prep SchoolReal Life Retail Florist

Scott Munro, President of the Detectives' Endowment Association, joins Sid on this Monday edition of Sid & Friends in the Morning. Learn more about your ad choices. Visit megaphone.fm/adchoices

Apúntate a la Lista de Espera del primer evento de Salud Financiera: https://comunidadsaludfinanciera.com/evento-valencia-2026/Bienvenidos a Salud Financiera. Un programa diario dónde puedes aprender y preguntar sobre finanzas personales y mercados financieros.En este episodio te cuento todo lo que deberías saber sobre el modelo endowment como regla de gasto y la historia detrás de estas institucionesApoya al podcast siendo Patreon: https://www.patreon.com/c/SaludFinanciera645No te pierdas nada de nuestra comunidad: https://linktr.ee/misaludfinancieraCurso de Análisis Práctico de Fondos de Inversión: https://tr.ee/EQwII4Curso de ETFs disponible en https://hotmart.com/es/marketplace/productos/de-cero-a-inversor-en-etfs/U91482169YCurso de Fondos disponible en https://hotmart.com/es/marketplace/productos/de-cero-a-inversor-en-fondos/O93564337IPuedes enviar tus preguntas al email preguntas.saludfinanciera@gmail.com o el teléfono 614239639.Colaboradores del PodcastIndexa Capital: https://bit.ly/indexacapitalsaludfinancieraTrade Republic: https://trade.re/saludfinancieraEnlaces de interés- https://saludfinanciera.substack.com/p/analisis-modelo-endowments- https://www.morningstar.com/columns/rekenthaler-report/archives-pale-yale-what-yale-model-cant-teach-retail-investors- https://www.morningstar.com/columns/rekenthaler-report/asset-allocation-power-traditional-thinking- https://www.morningstar.com/retirement/best-strategies-consistent-retirement-spending- https://www.morningstar.com/retirement/whats-safe-retirement-withdrawal-rate-2026

Ten University of Idaho graduate students who participated in a recent tour of the state's potato industry witnessed the full supply chain.

Episode Summary This webinar features Jack Brennan, CIS Founding Chair & Chairman Emeritus, The Vanguard Group, and Mario Giannini, Executive Co-Chairman & Former Chief Executive Officer of Hamilton Lane, as they share their perspectives on private markets — why they matter, how they fit within a long-term institutional portfolio, and what Catholic investors should be thinking about in today's environment. The information in this Communication is provided herein is provided for informational purposes only and does not constitute an offer or a solicitation to buy, hold, or sell an interest in any CIS Fund offering. Alternative investments in private equity and hedge funds are subject to substantial risks including the potential loss of principal. Fund interests are illiquid and should be considered speculative investments. Investors are encouraged to read the offerings documents for the fund offerings discussed in this presentation carefully before investing. All data is sourced to Catholic Investment Services or other third-party sources and compiled by Catholic Investment Services. Information contained herein that has been obtained from third parties is believed to be reliable for the purposes for which it is used herein. Opinions and general information provided herein, including guest speaker(s), are current to the date of this presentation and are subject to change without notice. There can be no guarantee that the funds will achieve their investment objectives. Past performance is not indicative of future results. Financial forecasts and investment returns in this letter may significantly differ from actual results. Certain information contained in this report constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "target," "project," "estimate," "intend," "continue" or "believe," or the negatives thereof or other variations thereon or comparable terminology. Furthermore, any projections or other estimates in this report, including estimates of returns or performance, are "forward-looking statements" and are based upon certain assumptions that may change. Due to various risks and uncertainties, actual events or results or the actual performance of the funds may differ materially from those reflected or contemplated in such forward-looking statements. Moreover, actual events are difficult to project and often depend upon factors that are beyond the control of the general partner of the relevant fund and its affiliates.   © 2026 Catholic Investment Services (CIS), a registered investment advisor, and all rights reserved. Episode Links: Home - Catholic Investment Services About Us - Catholic Investment Services CIS Institute - Catholic Investment Services CIS Symposium - Catholic Investment Services Keywords Private Equity, Private Markets, Private Credit, Institutional Investing, Asset Allocation, Portfolio Construction, Venture Capital, Growth Equity, Buyout Funds, Secondaries, Illiquidity Premium, Diversification, Long-Term Investing, Alternative Investments, Hamilton Lane, Catholic Investment Services, Endowments, Foundations, Investment Strategy, Risk Management, Liquidity, Public Markets, Private Debt, AI Investing, Venture Investing, Investment Governance Episode Highlights 00:05:25–00:08:23 – Mario explains the fundamental case for private markets and why investors receive an illiquidity premium. 00:08:47–00:10:48 – The evolution of private equity from leverage-driven transactions to governance-driven value creation. 00:10:48–00:14:05 – Why private companies increasingly remain private longer and what public market investors are missing. 00:14:40–00:16:14 – Building a successful private markets portfolio through disciplined commitment pacing. 00:16:47–00:17:55 – Persistence of manager performance in private equity and venture capital. 00:18:13–00:19:40 – The importance of relationships and access in private market investing. 00:19:40–00:23:32 – Why investors often overvalue liquidity and how liquidity can become a source of investment mistakes. 00:24:32–00:25:19 – The dangers of market timing in private equity investing. 00:26:27–00:28:27 – Current distribution trends and the growing role of secondary markets. 00:31:24–00:35:05 – Understanding recent private market performance relative to public markets and the impact of AI-driven concentration. 00:35:54–00:39:18 – The case for private credit and how the landscape is changing as banks re-enter lending markets. 00:39:46–00:42:17 – Addressing common misconceptions around private equity valuations. 00:42:34–00:43:51 – How Catholic Investment Services integrates faith-consistent investing into private market strategies. 00:44:10–00:47:22 – Venture capital, buyouts, and growth equity: understanding the differences and opportunities. 00:47:48–00:49:26 – Why Mario believes private investments in retirement plans may present significant challenges for retail investors.

In a time of market volatility, inflation concerns, and growing financial pressure across higher education, how can colleges and universities ensure their endowments remain both resilient and mission-aligned? In this episode, AGB's David Bass speaks with Kyle Adams of Cerity Partners about the evolving role of the outsourced chief investment officer (OCIO) model and what boards and investment committees should expect from their investment partners today. Together, they discuss how institutions of all sizes can strengthen decision-making, navigate uncertainty, and position their endowments to support long-term priorities. Opinions expressed in AGB podcasts are those of the speakers and not necessarily those of the organizations that employ them or of AGB. Disclosures Please read important disclosures here. Cerity Partners OCIO LLC ("Cerity Partners OCIO" or "CP OCIO") is a wholly-owned subsidiary of Cerity Partners LLC (together with its affiliates, "Cerity Partners"). Views expressed are as of the date recorded unless otherwise indicated. Client data is as of February 28, 2026. The NACUBO-Commonfund Study of Endowments, which is available for purchase, provides an annual analysis of endowment investment returns, asset allocations, and governance policies and practices at hundreds of U.S. higher education institutions and affiliated foundations. Cerity Partners OCIO is a corporate partner member of NACUBO and sponsors certain NACUBO events. Certain CP OCIO clients may have participated in the study. NACUBO data is as of June 30, 2025. Cerulli Associates provides market intelligence and strategic business for the financial industry.  The Cerulli US Outsourced Chief Investment Officer Function 2025 Report, which is available for purchase, explores the evolving OCIO landscape, including market sizing, forces of growth, demand and needs across client segments, use of OCIO search consultants, and the various challenges facing providers. "CapEx" refers to Capital Expenditures. "Fed" refers to the Federal Reserve. "RFP" refers to Request for Proposal.

In this twelfth installment, James explains Modified Endowment Contracts (MECs), how they occur, and why policy design should focus on long-term performance rather than maximizing early cash value. He discusses MEC limits, policy flexibility, and common misconceptions surrounding overfunded whole life insurance. As always, we hope you enjoy the episode, and thank you for listening!━━━Become a client!➫ https://www.bankingwithlife.com/how-to-fast-track-becoming-your-own-bankerBuy Nelson Nash's 6.5 hour Seminar on DVD here:➫ https://www.bankingwithlife.com/product/the-5-part-6.5-hour-video-series-nelson-nash-recorded-live/(Call us at (817) 790-0405 or email us at myteam@bankingwithlife.com for a DISCOUNT CODE)Register for our free webinar to learn more about Infinite Banking...➫ https://www.bankingwithlife.com/getting-started-webinar━━━Implement the Infinite Banking Concept® with the Infinite Banking Starter Kit...The Starter Kit includes Becoming Your Own Banker by R. Nelson Nash and the Banking With Life DVD by James Neathery.It's the perfect primer for everyone interested in becoming their own banker.Buy your starter kit here:➫ https://www.bankingwithlife.com/product/becoming-your-own-banker-infinite-banking-concept-starter-kit-special-offer/━━━Learn more about James Neathery here:➫ https://bankingwithlife.com━━━Listen on your iPhone with Apple Podcasts:➫ https://podcasts.apple.com/us/podcast/banking-with-life-podcast/id1451730017Listen on your Android through Stitcher:➫ https://www.stitcher.com/podcast/bank...Listen on Soundcloud:➫ https://soundcloud.com/banking-with-life-podcast━━━Follow us on Facebook:➳ https://www.facebook.com/jamescneathery/━━━Disclaimer:All content on this site is for informational purposes only. The content shared is not intended to be a substitute for consultation with the appropriate professional. Opinions expressed herein are solely those of James C. Neathery & Associates, Inc., unless otherwise specifically cited. The data that is presented is believed to be from reliable sources and no representations are made by James C. Neathery & Associates, Inc. as to another party's informational accuracy or completeness. All information or ideas provided should be discussed in detail with your Adviser, Financial Planner, Tax Consultant, Attorney, Investment Adviser or the appropriate professional prior to taking any action.

A healthier city is not built by luck. It's built by neighbors who notice what's breaking, leaders who listen without flinching, and funders who use data to back up compassion. In this episode, we sit down with Kate Bolz, President and CEO of Community Health Endowment, to talk about an audacious goal: making Lincoln, Nebraska, the healthiest community in the nation, and what it really takes to move from good intentions to measurable change.Connect with the Community Health Endowment at:·       Facebook – https://www.facebook.com/chelincoln/·       Website – https://www.chelincoln.org/·       Brave fACEs Website – https://www.bravefaces.org/

In this week's Autopsy, we dissect a recent DW News segment featuring Eugene Rumer, a Russia and Eurasia expert from the Carnegie Endowment for Peace, reacting to Russia's claim that Ukraine is launching drone strikes on Russian territory from Latvia.The segment is a near-perfect specimen of Western Bubble analysis: selective, one-sided, and structurally incapable of asking the questions that actually matter. Rather than interrogating why we are where we are, or what NATO's increasingly entangled relationship with Ukraine means for Baltic security, Rumer defaults to the comfortable framework of vulnerable small states versus an existentially threatening Russia. The fact that NATO outspends Russia by a factor of ten to one receives considerably less attention.We break down the subtle but telling rhetorical trick at the heart of the segment: the word "alliance" shifts meaning depending on the sentence, referring sometimes to NATO's collective defence obligation and sometimes to the broader coalition supporting Ukraine, two very different things with very different implications. This blurring is not accidental. It is precisely how the Western Bubble sustains its own internal logic.We also discuss what a Carnegie Endowment for Peace analyst should actually be doing: not cheerleading for one side, but seriously engaging with Russia's strategic calculus, Ukraine's interest in drawing NATO deeper into the conflict, and the very real consequences of discriminating against Russian minorities in the Baltic states. Understanding is not sympathy. Complexity is not propaganda. And an institution with "Peace" in its name arguably has an obligation to at least try.This podcast is an individual project between us, Dario Hasenstab and Balder Hageraats. We are supported by our producer Stefani Obradovic from Western Bubble Insights & Strategy. If you would like to get in touch with us, write us an email at thewesternbubble@gmail.com.

What happens when a classically trained musician from Juilliard ends up managing a $6 billion endowment? Today's episode of Origins explores exactly that journey - and what it reveals about how the best institutional investors really think.Nicholas Csicsko, Managing Director of Investments at Trinity Church NYC, brings a rare perspective to venture capital - one shaped by years of classical music training, a doctorate from Juilliard, and a decade building out one of America's most unique institutional investors. Trinity Church, founded in 1697 and endowed with 215 acres of Manhattan by Queen Anne in 1705, has grown its diversified investment pool to over $4 billion under Nicholas and CIO Meredith Jenkins.Together with hosts Nick & Beezer, the group digs into what institutional LPs really look for in venture managers, and what puts them off. From the tension between patient capital and the need for liquidity, to skepticism around sky-high private market valuations and the growing disconnect between private and public markets, Nicholas delivers the kind of frank, independent thinking that makes for a truly exceptional investor.Along the way, they explore the virtues of "cynical optimism" in early-stage investing, the institutional pressures that push LPs toward brand-name funds, and why Nicholas believes the best venture managers are those who know themselves deeply. From the challenges of scaling a venture firm to whether today's AI-driven capital surge is sustainable, this conversation offers a grounded, data-aware take on what it takes to build lasting returns in private markets.—Quotes"If you could put a bunch of investments into a line item that wasn't going to receive scrutiny, that left tail risk of something going to zero would probably be less. But if it's visible, it's discussable. You probably don't get fired for doing the next a16z fund, but you might be questioned if you take a flyer on someone who's up and coming. And so there's this institutional pressure towards, dare I say, conformity. But what's safe? What's perceived as safe?”"It's all fine and good that folks think they can raise and put more money to work, but I'm a little worried about where it's taking us because when open AI raises around 4x larger than any IPO in history, I kind of worry that we're creating a market that is not sustainable because ultimately there's not enough liquidity. There is a massive disconnect there.”"Knowing thyself is probably the number one thing I would attribute to all of the best investors I've met. And as they get older and more experienced, they know what they think they need more and more without stopping challenging their bias, without adding that new person to make them better.”—Time Stamps00:55 Meet Nicholas Csicsko, Managing Director, Investments at Trinity Wall Street02:24 Musician Mindset to Investing03:40 From Juilliard to Finance05:56 Trinity Church Endowment Story09:56 Building the Portfolio and Venture12:31 Institutional Risk and Conformity14:47 Private Public Market Disconnect18:57 DPI, TVPI and Secondaries20:41 Backing Off Radar Managers23:47 Cynical Optimism in Venture28:04 Building a VC Firm Team34:34 Where Venture Fits Today39:02 Too Much Capital and Liquidity?42:20 Closing and Next Episode—LinksConnect with the guest and hosts on LinkedIn!Nicholas CsicskoBeezer ClarksonNick ChirlsLearn more about:Trinity Church NYCAlfred P. Sloan FoundationOpenLPAsylum Ventures

After 14 months of fruitless contract negotiations with the Harvard University administration, over 4,000 workers represented by the Harvard Graduate Students Union (HGSU-UAW Local 5118) walked off the job on an indefinite strike on April 21. According to the union, “Graduate student workers will suspend teaching and research labor until Harvard's bargaining team takes substantive action in addressing the union's key issues: pay that keeps pace with the rising cost of living, recourse for harassment and discrimination, support for non-citizen students, protections for academic freedom, and ‘fair share fees' to equitably distribute the expenses of union representation, among others.” In this episode of Working People, we speak with three striking graduate student workers about the issues at the center of this strike, and about what it's like to live, work, and strike at the country's richest university amid political attacks from the federal government, scandals connecting high-ranking Harvard officials to Jeffrey Epstein, and a nationwide cost-of-living crisis. Panelists include: Sara Speller, a fifth-year PhD student in the Music Department at Harvard and president of the Harvard Graduate Students Union; Zoë Feder, a seventh-year PhD student in the program in Biological & Biomedical Sciences at Harvard Medical School and a research assistant in the Microbiology Department; and Jacob Wolf, a third-year PhD student and Teaching Fellow in the Harvard Graduate School of Education. Additional links/info: Harvard Graduate Students Union (HGSU-UAW Local 5118) website, Facebook page, X/Twitter page, TikTok, and InstagramHarvard Graduate Students Union Strike Update/FAQ ZineLydialyle Gibson, Harvard Magazine, “Harvard graduate student workers strike”Noah A. Ferris, The Harvard Crimson, “Grad students rally outside Garber's home as strike enters third week”Hugo C. Chiasson & Elise A. Spenner, The Harvard Crimson, “Harvard promised a ‘full' review of its Epstein ties. Its own files reveal what it left out”Featured Music: Jules Taylor, Working People Theme SongCredits: Audio Post-Production: Jules TaylorBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-real-news-podcast--2952221/support.Help us continue producing radically independent news and in-depth analysis by following us and becoming a monthly sustainer.Follow us on:Bluesky: @therealnews.comFacebook: The Real News NetworkTwitter: @TheRealNewsYouTube: @therealnewsInstagram: @therealnewsnetworkBecome a member and join the Supporters Club for The Real News Podcast today!

Scott Munro, President of the Detectives' Endowment Association, joins Sid on this Monday edition of Sid & Friends in the Morning. Learn more about your ad choices. Visit megaphone.fm/adchoices

When most people hear "dividend," their brain goes straight to stocks. That's understandable. And completely wrong when applied to whole life insurance. https://www.youtube.com/live/HPXaTnOOU4U That one assumption causes real problems. People chase companies with the highest declared dividend rate. They compare illustrations side by side and pick the bigger number. They make decisions based on a metric that, on its own, tells them almost nothing about how their policy will actually perform. This article gives you a clear picture of what whole life dividends actually are, what they're not, and what really determines whether your policy works for you over the long run. The conclusion is probably not what you'd expect: the most important factor isn't the dividend rate, the company, or even the policy design. It's your own behavior.For a deep dive into how dividends are calculated and the four biggest myths about dividend rates, see our earlier conversation with Perry Miller here. Table of ContentsKey TakeawaysWhat Whole Life Dividends Actually AreHow the Money Actually MovesNot Guaranteed, but Highly ProbableThe Coca-Cola AnalogyWhat Whole Life Dividends Are NotNot Stock DividendsNot a Simple Interest Rate on Your Cash ValueNot in Addition to the Guaranteed Interest RateHow Dividends Are Actually Allocated to Your PolicyThe Endowment RequirementWhy Younger Policyholders Get a Smaller ShareWhy Base Premium Gets Higher Crediting Than PUAsThe Direct vs. Non-Direct Recognition DistinctionWhy the Dividend Rate Is the Wrong Thing to CompareThe Factor That Matters More Than Any of This: Your Own BehaviorWhy Premium Consistency MattersWhy Loan Repayment Matters Just as MuchThe Bottom Line on BehaviorHow to Use Your Dividends StrategicallyStop Chasing the Rate. Start Building the SystemBook a Strategy CallFrequently Asked QuestionsWhat are whole life insurance dividends?Are whole life dividends guaranteed?How are whole life dividends different from stock dividends?Does a higher dividend rate mean a better whole life policy?What is the best way to use whole life dividends?What is direct vs. non-direct recognition in whole life insurance? Key Takeaways Dividends are return of excess premium. What happens between your payment and your dividend is capital management, not a refund. A 6% declared rate does not mean 6% cash value growth. Actual growth depends on Age, base-to-PUA ratio, and other policy design options. Loan activity can also affect results with direct recognition companies. The guaranteed interest rate is not separate but makes up part of the declared dividend. 2% guarantee plus 6% dividend does not equal 8%. Younger policyholders get less of the dividend pool. Older policyholders get more. Endowment math. Base premium gets higher crediting than PUAs because the company can count on it. Never compare direct and non-direct recognition illustrations without modeling loan activity in both. Your behavior matters more than the rate, the company, or the design. What Whole Life Dividends Actually Are For tax purposes, the IRS classifies whole life dividends as a return of excess premium. That label gets used against whole life all the time. "See? They're just giving your money back." It's not. If you paid $500,000 into a policy over twenty years and now you have $1.7 million in cash value, nobody just gave your money back. You have far more than you paid in. How the Money Actually Moves Insurance companies are extremely conservative in their projections. They overestimate mortality costs, overestimate expenses, and lowball what their investment portfolio will return. That's deliberate. It protects your money for the long run. The CIO deploys premiums into a portfolio that's roughly 75 to 85 percent fixed income: bonds, mortgage-backed securities, and some real estate. A small sliver sits in equities. The company pays death benefit claims, pays operating expenses, and sets aside money into reserves. Then the board declares how much of the remaining surplus goes back to policyholders. Three factors drive that surplus: investment performance against projections, operating expenses against budget, and actual mortality experience against actuarial estimates. Beat expectations on any of those, and policyholders share in it. Not Guaranteed, but Highly Probable Dividends sit outside the contractual promises; unlike the death benefit, the cash value growth, and the level premium, they're not guaranteed. But mutual companies have paid them consistently for over 100 years. Through recessions. World wars. The 2008 crisis. A decade of near-zero rates. They adjusted downward. They didn't vanish. The Coca-Cola Analogy Coca-Cola has excess profits because they charge more per can than they need to. That's how they fund dividends to shareholders. A mutual insurance company works the same way. It prices conservatively, manages capital, and returns the surplus. But here's the difference. As a policyholder of a mutual company, you're not just a customer. You're a part-owner. You participate in your company's profits. What Whole Life Dividends Are Not Not Stock Dividends Stock dividends are volatile, taxable in the year received, and are subject to cuts or elimination in a bad year based on economic factors that swing wildly.  Whole life dividends from mutual companies are non-taxable (classified as return of premium), built on actuarial science rather than market speculation, and backed by a stability track record that equity dividends simply can't match. Even during the financial crisis of 2008, when bond rates dropped and stayed down for over a decade, mutual companies adjusted their dividend rates. They didn't collapse. They didn't plummet to near zero. They adjusted. Not a Simple Interest Rate on Your Cash Value This is the misconception that causes the most confusion. If a company declares a 6% dividend, that does not mean your cash value grows by 6% that year. You can't just take 6% and apply it to your current cash value. There's a list of reasons why. That declared rate is gross, before administrative fees, before mortality costs, and before the actuarial mechanics that make your policy endow at age 120 or 121. The actual impact on any individual policy depends on the policyholder's age, the ratio of base premium to PUAs, other policy design options.  Additionally, if with a direct recongnition company, whether there are outstanding loans. Same rate but very different outcome depending on who you are and what you're doing with the policy. Not in Addition to the Guaranteed Interest Rate This trips people up constantly. They see a guaranteed interest rate of 2% and a declared dividend of 6% and assume they're getting 8% growth. That's not how it works. The guaranteed rate is already inside the dividend. The company guarantees it can make at least 2%. If it earns enough to support a 6% crediting rate, the additional performance above the 2% floor is what generates the dividend.  So the real outperformance is 4 percentage points and not 6 stacked on top of two. How Dividends Are Actually Allocated to Your Policy This is the part that goes beyond what most dividend conversations cover. And it matters if you want to understand what your dividend actually means for your specific policy. The Endowment Requirement Every whole life policy is contractually engineered to endow at age 120 or 121. That means your cash value and your death benefit will be equal at that point. This isn't a footnote buried in the contract.  It's the mathematical engine driving how dividends get allocated. The company has to make sure every policy's cash value reaches the death benefit by that endowment date, regardless of what the markets do along the way. Why Younger Policyholders Get a Smaller Share Contrast a 20-year-old and a 60-year-old. Both paying $10,000 per year into a whole life policy.  The same premium and the same declared dividend rate. They receive very different dividend credits. The 20-year-old has 100 years until endowment. That cash value has an enormous runway to compound. Less dividend is needed today because time does the heavy lifting.  The 60-year-old has only 60 years. Their cash value needs a bigger share of the dividend pool to close the gap between cash value and death benefit faster. Same rate but a very different allocation. And it's not unfair. It's contractual. The policy promises to endow at a specific age, and the actuarial math allocates accordingly. Why Base Premium Gets Higher Crediting Than PUAs Base premium is the portion you're contractually obligated to pay every year. The company knows it's coming. The CIO can plan investment decisions around that certainty and deploy capital with confidence. Paid-up additions are optional. You don't have to pay them. The Chief Investment Officer can't rely on PUA contributions the same way when making long-term decisions. There's a second factor too, with base premium, the death benefit relative to the premium amount is much higher.  A policyholder paying $100,000 in base premium might carry a death benefit of $800,000 or $1 million. That cash value has to close a gap of $700,000 to $900,000 by endowment.  But $100,000 of PUA premium might only buy $200,000 of death benefit, because it's already paid up. It only needs to grow by $100,000 over the same period. So the dividend has to work harder on the base side. More crediting goes there, especially in the first 20 to 30 years. If someone funds PUAs religiously for three decades and the PUA's death benefit grows to exceed the base death benefit, the crediting can equalize. But until then, base drives the dividend engine. The Direct vs. Non-Direct Recognition Distinction A non-direct recognition company credits the same dividend whether you've borrowe

This Sunday, April 26, the Dean's Forum features Scott Rhodes, Chair of the Endowment Board of Trustees, Ray Hill, Member of the Cathedral Towers Fund Committee, and Joe Iarocci, Chair of the Hellen Plummer Fund. They discuss the endowed funds of the Cathedral and how they are used for operational support, capital expenditures, and mission and outreach projects.

Scott Munro, President of the Detectives' Endowment Association, joins the program to double down on his plea to NYC Mayor Zohran Mamdani to back up and show support for his police force in NYC. Learn more about your ad choices. Visit megaphone.fm/adchoices

Scott Munro, President of the Detectives' Endowment Association, calls into the morning show to discuss two NYPD narcotics detectives being placed on modified duty after a viral video captured the pair punching and kicking an arrested man, who turned out to not be the suspect they were looking for after all, cops said. Learn more about your ad choices. Visit megaphone.fm/adchoices

A simple but powerful leadership lesson: show up — whether in loss, transition or everyday life. SUMMARY Jessica Whitney '10 reminds us that we often know what to do — the difference is actually doing it. Small acts of showing up can mean everything.   SHARE THIS EPISODE LINKEDIN  |  FACEBOOK   JESSICA'S TOP 10 LEADERSHIP LESSONS Here are 10 leadership lessons from this conversation: 1. Align your life with your values, not your plan Whitney thought she'd do 20 years in the U.S. Air Force, but family and faith became higher priorities than her original career plan. Leadership lesson: Be willing to pivot when reality and your values diverge, even if it means leaving a prestigious path. 2. Redefine success beyond titles and rank She struggled after leaving the Air Force because her identity was tied to “academy grad” and “officer.” Leadership lesson: Anchor your worth in who you are and how you impact people daily, not in your job title. 3. Use mentors to unlock “freedom to choose” A single honest conversation with her mentor gave Whitney “freedom” to imagine different possibilities. Leadership lesson: Seek out mentors who model alternative paths and will tell you the truth about tradeoffs. 4. Make decisions with the best information you have now Whitney references the Gen. George Patton quote about a good plan now vs. a perfect plan later, and emphasizes moving forward one step at a time. Leadership lesson: Don't wait for total certainty. Clarify what you know, what you don't control, then act. 5. Integrity = keeping and honoring your word From her transformational leadership class: Keep your word when you can. When you can't, honor it: Notify early, reset expectations and clean up the impact. Leadership lesson: Integrity isn't perfection; it's proactive ownership. This builds trust and reduces stress for everyone. 6. Name the stories that secretly run you (“what's undefined runs you”) Whitney recognized long-standing internal stories like “I don't belong” from moving often as a Navy brat. Leadership lesson: Identify your limiting narratives (e.g., “I can't disappoint people,” “I don't belong”) so they stop unconsciously driving your behavior. 7. Create a compelling future and work backwards She describes standing in the future you want (for yourself or an organization) and asking, “If we were already there, how did we get here?” Leadership lesson: Lead by designing the future state (culture, behaviors, outcomes), then reverse-engineer today's actions. 8. Show up for people — especially in their storms After her brother-in-law's suicide, the support from church and Air Force community showed her the power of “just showing up.” Leadership lesson: You rarely know what others are carrying. Leadership is often simply being present, unasked, when it matters. 9. Align daily actions with stated values Whitney feels the most stress when her behavior and values (family, faith, health, service) are misaligned. Leadership lesson: Use misalignment (stress, guilt, burnout) as a signal to recalibrate how you spend time, energy and money. 10. Invest in small, consistent habits (1% better) Whitney references “atomic habits” — reading regularly, moving her body, cooking healthy meals and doing “one more rep.” Leadership lesson: Long-term leadership impact comes from small, repeatable behaviors, not dramatic one-time efforts CHAPTERS 00:00:05 – Introduction & Transition Theme Whitney is welcomed to Long Blue Leadership. Host, Lt. Col. (Ret.) Naviere Walkewicz '99, frames the episode around transitioning out of the military, and Whitney shares her background as part of a dual-military couple and early family life. 00:02:02 – Mentorship, Freedom & First Thoughts of Leaving Whitney describes reaching out to her mentor about transitioning to the reserves. That conversation gives her “freedom” to imagine a different life that prioritizes family and values over a 20-year active-duty career. 00:06:39 – Academy Lessons, Courage & Decision-Making Under Uncertainty Col. Walkwicz digs into Whitney's use of the word “freedom.” Whitney connects her decision-making and leap of faith to leadership lessons from the Academy — facing unknowns, focusing on what she can control, and acting without a perfect plan. 00:10:13 – Growing Up Military & Redefining Identity Beyond Rank Whitney shares her deep military heritage as a Navy brat and descendant of generations of service. She explains the identity shock of leaving active duty and having to redefine success beyond titles like “officer” and “academy grad.” 00:13:26 – Values, Overwhelm & Redefining Success in Daily Life Whitney talks about aligning actions with values: quiet time, family, health and rest. She contrasts the nonstop pace of active duty with her new season as a stay-at-home mom and reservist, and how she now defines success. 00:17:19 – Loss, Suicide, Grief & the Power of Community Whitney shares the story of losing her brother-in-law to suicide in January 2020. She reflects on hidden struggles, the “buying bananas in the grocery store” moment of invisible grief, and the profound impact of church and Air Force community support. 00:23:12 – Learning to “Show Up” for Others Col. Walkewicz asks where Whitney learned to show up so intentionally. Whitney recalls community support during her dad's deployments, meals after her first child's birth, and a commander welcoming her back from maternity leave — illustrating the difference between knowing you should show up and actually doing it. 00:26:11 – Serving Beyond the Uniform: Church, Family & Cadet Morale Whitney explains what service looks like now: leading a 120-woman Bible study and serving on the USAFA Class of 2010 Cadet Morale Endowment board, which funds morale events for top cadet squadrons. She highlights meaningful leadership without a visible rank. 00:29:20 – Transformational Leadership & Redefining Integrity Whitney shares lessons from a transformational leadership course she took (and later taught): integrity means both keeping and honoring your word. She gives practical examples (calling when you'll be late, managing deadlines early) and uses a bicycle-wheel analogy to show how broken commitments make everything bumpier. 00:32:07 – “What's Undefined Runs You”: Naming Limiting Stories Whitney introduces the idea that unexamined stories (e.g., “I don't belong,” “I can't disappoint people”) quietly drive behavior. She shares her own “I don't belong” narrative from moving often as a Navy kid and how she consciously claims, “I belong here,” to lead more authentically. 00:36:50 – Creating a Future & Leading from It Whitney explains how leaders can “stand” in a desired future for their organization — one of trust, transparency and camaraderie — and then work backward to identify the actions and changes needed today to get there. 00:38:33 – Advice to Young Jess: Vision, Risk & Trusting the Journey Asked what she'd tell her younger self, Whitney emphasizes clarifying what will matter at age 80, aligning life with that long-term view, being less risk-averse, and trusting God with unexpected pivots and new paths. 00:38:43 – Daily Habits, 1% Better & Long-Term Growth Whitney shares the small daily practices that make her “better”: reading and podcasts, surrounding herself with uplifting people, and health-oriented habits like walking and “one more rep.” She connects this to the concept of atomic habits and incremental growth. 00:40:52 – Closing: Character, Showing Up & Living Your Values Col. Walkewicz closes by summarizing Whitney's key themes: leadership as character and presence, not having all the answers; simply showing up; and honoring integrity even amid uncertainty. She thanks Whitney for her ongoing service and impact. 00:42:05 – Production Note & Recording Date Ted Robertson notes that this Long Blue Leadership conversation was recorded on Wednesday, Nov. 19, 2025.   ABOUT JESSICA BIO Jessica Whitney '10 is a U.S. Air Force veteran, leadership coach and conflict resolution facilitator who helps executives and emerging leaders design purposeful futures and take aligned action. Drawing on more than a decade of military leadership experience navigating communication, conflict and high-stress environments, she supports individuals and teams in overcoming limiting beliefs, clarifying priorities and building systems that foster confident decision-making. Whitney specializes in one-on-one leadership coaching and workplace mediation, guiding productive conversations that transform tension into trust and strengthen organizational culture. She is also a wife, mother of four and advocate for intentional living, dedicating her work to empowering leaders to align their identities and results with their vision for the future. CONNECT WITH JESSICA LINKEDIN  |  SIMPLIFIED MOTHERHOOD CONNECT WITH THE LONG BLUE LINE PODCAST NETWORK TEAM Ted Robertson | Producer and Editor:  Ted.Robertson@USAFA.org Send your feedback or nominate a guest: socialmedia@usafa.org   Ryan Hall | Director:  Ryan.Hall@USAFA.org  Bryan Grossman | Copy Editor:  Bryan.Grossman@USAFA.org Wyatt Hornsby | Executive Producer:  Wyatt.Hornsby@USAFA.org     ALL PAST LBL EPISODES  |  ALL LBLPN PRODUCTIONS AVAILABLE AT USAFA.ORG/LONGBLUELEADERSHIP AND ON ALL MAJOR PODCAST PLATFORMS FULL TRANSCRIPT SPEAKERS: Guest, Jessica Whitney '10  |  Host, Lt. Col. (Ret.) Naviere Walkewicz '99   Col. Naviere Walkewicz 0:04 Welcome to Long Blue Leadership. We're so glad you're here.   Jessica Whitney 0:08 Thanks so much for having me.   Col. Naviere Walkewicz 0:04 You know, one of the things we love to do, and we're going to have some time really exploring a lot of the things that you've encountered in your journey, but we want to jump right into a place that is both relevant to our listeners, which is transitioning out of the military, but you did so in a way that was a little bit different, and maybe not on, like, the timeline of planning. Jessica Whitney 0:28 I'm a 2010 grad, and so is my husband, Tom, and he was a nuclear missile operator, and I was a finance officer on active duty, and we started having kids in 2013 which was just amazing. But being a dual military couple, we had kind of been through a lot of separation and time apart, which is standard for military couples. And so in 2013, I kind of — I just had my first son, and I was back at work, and I was just feeling this torn feeling, because I always thought I would stay in the Air Force the full 20 years. I loved serving. I loved being in the military, and having gone to the Academy — just all the dreams and the hopes that came with that, and being able to lead and serve my airmen. But I was feeling this yearning and desire to kind of do something else, and that's kind of where the seed was planted at that time. And I reached out to one of my mentors, who was actually the coach of the lacrosse team at the Academy when I was there my freshman year. She's actually one of your classmates, I think. She's Anne Marie Hornby. She's from Class of '99, and I just reached out on Facebook, and I was like, “I know, I haven't talked in a while, but I just wanted to check in and ask, you know, like, why did you transition to the Reserve?” Because she was always, you know, she was a teacher at the Academy. Like, she was always high performing. Like, I knew she was an amazing officer. Col. Naviere Walkewicz 2:02 She was high performing as a cadet too, by the way. Jessica Whitney 2:05 I'm sure she was. Just everything she did, I could tell she did it with excellence and love, and I just really respected her opinion. So I reached out and asked her just like, “Hey, can you just tell me, like, why did you decide to separate?” I'm just kind of feeling this tornness, and I'm feeling like maybe my calling might be something else than serving in the military, which, as an 18-year-old, you kind of go to the Academy thinking, “OK, I'm gonna have four years at the Academy, and then I'm gonna serve for five years, or 12 years, or whatever.” Like, you've got your whole life planned out, and then all of a sudden there's this, you know, pivot and decision that you have to make of like, “OK, wait, life is throwing some things at me that I didn't expect.” And I just wanted to know her opinion. And she just said such a sweet thing that resonated with me, that she kind of felt that same call of, “I wanted to spend more time with my kids. I wanted to be able to focus more on my husband and my family.” And while it was scary, she said, I know she knew that motherhood, or like becoming a stay-at-home mom and transitioning to the Reserve wouldn't necessarily feed all of her desires of competition and performing well and using her strengths to the utmost, maybe that she could — she also knew that it aligned with what was important to her and her family. And each family is different, and each career is different. So it really gave me freedom to say, “OK, I know successful women in the military who have families. I know successful women outside of the military who have families.” And you know, we choose to do the stay-at-home mom career, which was different for me, because my mom worked full time when I was growing up. So anyway, it gave me that freedom to kind of like pivot and think, “OK, what could the possibility be to like, create this life of being there for my family?” So fast forward, 2016 I was teaching ROTC at Colorado State University, which was a dream job, by the way, I absolutely love that job. And Tom, my husband, at that point, had already separated from the Air Force and was pursuing his career in professional golf. He was traveling to PGA Latin America in both the fall and spring of 2016, I had to go TDY to field training for seven weeks that summer. And I think we counted up being apart for over 40 weeks that year.   Col. Naviere Walkewicz 4:35 Majority of the year.   Jessica Whitney 4:36 The majority of the year. Yeah, and I did not really see staying in the Air Force, it getting any better, as far as, you know, having more time with my family and my husband. And I just felt disconnected, my heart wasn't in it anymore and serving, and I still had that little, you know, seed that had been planted when I talked to Wibs about, you know, like, “Why did you go into the Reserve?” And I talked to a couple other reservists who just loved the balance of being able to still serve in uniform while also being able to maybe have a civilian career, or just be able to have some more flexibility to spend more time and focus on their families during a season of life. And so in 2016 I'm sitting there my desk, like, “I just want to go home and take a nap. I'm so tired.” I had two kids at this time. I was like, “Oh my gosh, I'm just exhausted.” But I was like, “OK, I think —" you know, my husband and I prayed about it, we were just like, “OK, I think it's time to just take this leap of faith, kind of walk away from what we've known.” So now both of us would be out of the Air Force and pivot to something else, and like, step into that faith decision that for us, that the Lord's going to provide, and that we wanted to build and focus on the things that were really important to us. So showing that if family faith are the most important things, how was I using my time? How was I using my energy? How are we using our money? Did it reflect what was actually important? And so we made that decision, and then I got out in 2017 and separated. And honestly, it was the best decision ever. Now, I struggled a ton with my identity afterwards, because I just didn't realize that I really kind of was wrapped up in this idea, like, “Oh, I'm an Air Force officer, I'm an Academy grad,” and those things are, like, very focused on what you do. And so I had to kind of redefine what success was to me as far as just impacting the people around me. Col. Naviere Walkewicz 6:41 I want to just interject here for a moment, because you said a couple of things that I really want to pull on before we get too far, because I think it really does impact some of our listeners and some of the experiences that they've had. So the first one, when you talked about that transition, and there was a key word you use, and you use the word “freedom,” — “It gave me a freedom to kind of things a little differently” after having a conversation with your mentor, and then, you know, praying about it with your husband. And so I want to just explore that a little bit, because did you feel like that freedom, or just the ability to kind of navigate that did touch on some of the things you really valued that you learned at the Academy, as far as decision making, and kind of, you know, taking this leap of faith and navigating what's not always known. And, you know, I don't want to say it's safe, but maybe it's not the safest path, right? So, like, can you just touch on that a little bit more? Because I think that is something that, you know, people question that, kind of, in that decision-making place. Jessica Whitney 7:41 Yeah, I definitely think that in that decision, when I say, you know, we had this, I had this freedom to make a choice, we could, kind of, I could kind of lean back onto my time at the Academy of we were given so many challenges at the Academy and things that were unknown and things outside of our control, and you just learn to have an approach where you cannot problem-solve everything, but just like you can say, “OK, here's the variables I know that are true, here are the things that are outside of my control,” which just help you make clear decisions, and then just stepping into the fact that any decision, any action, is just taking one step at a time, and you don't have to have the whole future planned out. And in fact, in the military, you rarely do, right? I always kind of joke with my husband with, like, the quotes, but you know, like Gen. Patton, like “A good plan executed now is better than a perfect plan next week,” right? Col. Naviere Walkewicz 8:40 Next week. Thankful I was able to contribute a little. Jessica Whitney 8:43 Good job. Good job. Yes. And so just, but the fact that, like, just make — do what's best with the information you have now, and take action and don't just sit on it. And I think, but, yeah, that gave me that freedom. Because, yeah, it was a big step and leap of faith, because a lot of people think the military is, well, of course, it is a risky job, and especially risky in the sense of our physical harm and a lot of the challenges that we face. But in many ways, it's something we knew, know, and it's something that's very reliable, and it's something that we had, my husband and I had both lived for, you know, 11 years between the Academy and now. So it was a big leap of faith, as far as, you know, transitioning to the unknown, but we were able to kind of lean on just, “Hey, it's OK that we don't know everything. We can trust the skills that we gained at the Academy and trust the skills that we gain just in life to move forward.” And even with my husband, I'm like, “If this golf thing doesn't work out —" which, by the way, he's been a professional golfer for 10-plus years now, so it's worked out. I fully believe that we are capable of learning anything and doing anything if we choose to set our minds to it, and like we're gonna be OK, like, because of what we learned at the Academy and skills that we garnered. Like, we're gonna be OK moving forward. Col. Naviere Walkewicz 10:13 I love that. And you started to talk about having to redefine yourself, and before we get into that, I think it's interesting, because you grew up as a dependent of — your dad served in the Navy, right? So we like to use the term, you know, lovingly, I was an Air Force brat. You're a Navy brat, so your identity going into the Academy was already one of a military dependent, right? So let's talk about this redefining your identity, because I'm sure that it was much more than, you know, just on the surface level, it seems really simple, right, going from this, but I'm still serving, so it's not really that different, but I'm sure it was. Jessica Whitney 10:49 Yeah, it was a big transition. So as you mentioned, I was a Navy brat. My dad served for 30 years, and I come from a proud heritage of military service. My grandfather, before that, served in the Navy, he joined straight from the Philippines, and my great-grandfather actually served in the Philippine army and was in the Bataan Death March. So I've got a lot of history in the military and a lot of pride and service to my country. And my dad was always, you know, a hero to me and someone that I looked up to, as far as he was always, not the only serving in the military, but he would be a leader of, like my brother's Boy Scout troop, right, and volunteer with this, and he'd be active in the Rotary Club. And my mom worked full time and led my Girl Scout troop, and whenever he was gone to Bahrain for 16 months, you know, she held down the fort with three kids. Like, I just looked up to my parents and how hard working they were, and just how they were always serving something bigger than themselves and balancing family and all that. I still don't know how they do it. And we have four kids now. I'm like, how did you guys do all of that? But when I transitioned out of the Reserve, I just remember sitting one time, like, I was doing my quiet time in the morning, and I was reading my Bible. And at least for me, I had to remind myself my value is not in what I do. It's not in awards I get. My value is one, in Christ, and then two, in the actions that I take each and every day. And it's impacting and positively impacting the people that are around you right now. And honestly, it's a struggle every day, even today. I've been a stay-at-home mom for eight years now, and it's something I think we all struggle with — of like, what is our purpose in life? What is the reason — why we do the things we do? And each person really has to, like, struggle with that. So I had to, I think when I was really struggling with my identity, I had to redefine, like, OK, my worth and value is not in the title that I have or the rank that I have or anything like that. It is loving on the people around me really well and serving to the best of my ability with excellence in all we do right where I am, and that's the most important thing. Col. Naviere Walkewicz 13:25 How did you get to that point of defining that? I mean, is it kind of in lockstep with your views of yourself as a leader? Or would you say it's just where you kind of settled into in your moments of quiet and through your prayer of, “This is how I define my impact and my —" you know, what that looks like? Jessica Whitney 13:48 I think a big chunk of it was just continuous practice, in a way, each and every day, reminding myself, one, is what success looks like, because I think that as people who are highly motivated and being leader, you're like, you've got your to do list, you've got your things you want to do. I've got, like, a to do list, like, this long, you know? And yeah, and I would just tell myself, like, “I've got 25 things to do. I only did six of them.” Like, there was no way I was going to do 25 things in the first place, you know. So I think that as a leader in general, you need to be realistic about what you can actually accomplish each and every day, whether you're a stay-at-home mom or you're a leader in the workplace, and actually be able to, like, you know, time block and say, like, “These are the most important things. These are my priorities.” And probably just over, it's probably just over time of like, every morning, like, "OK, the most important things, like, got my quiet time in. I'm spending time with the kids. I went for a walk, I moved my body, and we're eating healthy meals. I remember when I was working full time, I would kind of be jealous of those people who, like, had time to cook a full meal, and, like, spend an hour maybe making dinner and, you know, have quiet time. I always felt when I was on active duty working full time, it was just like, get up early in the morning, go to daycare, drop off, work all day. You know, work out during lunch. Never have a break, and then run home, make dinner really fast, and, like, get the kids in bed, and there was no break, and there was no rest. And so I remember yearning for that when I was on active duty. And so when I first became a stay-at-home mom, and when I first transitioned out of the Air Force. I really had to remind myself, like, OK, what are my values? What is most important here, and are my actions aligned with that? And if they are, then that's success right there. And so I had to remind myself that every day, like I get time to make healthy meals for my family. I have time to go to the gym five days a week if I want to. I have time to put a, you know, like, say yes to things like this. I've got time to go speak at the Veterans Day ceremony at my kids school. Like, I don't have to feel bad about missing appointments for my missing meetings at work for appointments for my kids. I don't have to choose that all the time. Now, serving in the Reserve, you know, I still miss weekends where the kids have tournaments and games and stuff, but that's OK, like it there's, there's a balance in there. I hate the word balance, because I don't think you ever really achieve that. But I think that as leaders, you know, we have to — like, when you're feeling the most stressed, or when I felt the most stressed, it's when my actions and behaviors just haven't lined up with my values and what's most important to me. “So as leaders in your organization, if you know you guys are — your stated values, are, you know, XYZ, but you're over here doing ABC, then there's going to be disconnect in the organization.” So I think at any time, you know, when there's alignment there, then you're going to feel alignment for you as a person, as a leader. Col. Naviere Walkewicz 17:19 I'd like to dig into those values a little bit, because we did talk about how you've experienced deep personal loss, right, in your family, and you know, how have the values, or maybe just your life experiences, helped you navigate that? Because, you know, I think people experience grief on all levels, and if you don't mind sharing your story a little bit, I think it just will allow others to understand how you were able to navigate through that and maybe continue to navigate through that today. Jessica Whitney 17:51 Yeah, thanks for the opportunity to share this part of my story. So my husband's brother, Bob, was a 2008 grad, and unfortunately, we lost him to suicide in January of 2020. It was really just a complete shock when it did happen. It seemed like it came on so quickly. Bob was just always someone that when you walk into a room, he was always smiling. He was the light in the room. He was such a great husband and father. He was super active in his church and his family. And so a couple things that I took away from all of that was just one, we just never know what people are going through, what storms they are, like, they might seem perfect on the outside, and really, they're having struggles with maybe imposter syndrome or just doubt, or they're just having all sorts of issues, right? So you just never know. I remember standing in the grocery store after he passed away, and I'm like, staring at these bananas that I'm supposed to be buying for eight kids because we were like, up with them, you know, after the funeral. And I'm just thinking, like, no one around me knows that this just happened in my life, and I'm just standing here doing this mundane thing of buying bananas. And I think it, just, as a leader makes you realize that people are walking through storms all over around you, and if you're not currently in a storm, most likely you will be. After he passed away too, we were just blown away by the community support that he received, both from his church as well as from the Air Force family, but I know that it takes time to have good community. It takes — you have to invest time. And all of us, we're just so busy, but these relationships, these are the most important things that we can work on and develop the people around us. It kind of showed up for me in my unit, we had an airman who lost a spouse. He had three young kids at home, and his wife passed away. And I was like, we just need to show up for him, like, be at his doorstep. And we're in the Reserve. We don't live close together. We're not all stationed by the base. So, you know, it's like someone needs to go to his house, bring him a card, tell him we love and care for him as our Air Force family. And you know, he even commented afterwards, he was like, “You know what, you guys—” this Air Force family that he only saw one weekend a month. He's like, “You guys are my lifeline.” But I know that, for me, I really knew that we needed to show up, and that's because I knew what it felt like when people showed up at my door, when we needed it, you know? Col. Naviere Walkewicz 20:51 Wow. I mean, I think that's really — I mean, to navigate that. And loss, I think you know, is as a journey, that it's still a life journey, right? And so, and I think the fact that you were able to lean in and you knew and expressed it in a way that you know, showing up for those and then seeing it happen actually in your unit, and being able to translate that. Have you always known, I guess, about showing up? Have you seen that in other leaders in your career or in your life, what showing up looks like? How that really defined you? Because I'm curious if you know that was all just developed in seeing that in that loss journey, or if it was something you've seen over time and then witnessed it? Jessica Whitney 21:37 I guess I would say, if I'm really looking back, especially because I'm a Navy brat, right? We did live in places all over the country, and, yeah, we did have a good support system. Like my friends, my family, had people that would show up. Like when my dad was deployed, they would show up at the house when I was in high school. You know, we had such a tight knit community there, but I am thinking, like the first time I really felt that was with our church community. After our first son was born, people would show up at our house, and I didn't even know them, and they were bringing food to us. I was like, “Oh my gosh, this is so sweet.” But just, like, that power of community, and then even with leaders that I've had in the past, like my first squadron commander that I can remember, she, like, the first day I got back again from maternity leave, she had, like, just brought, like, a little vase of flowers and put it on my desk, and just like a welcome back, but like an acknowledgement too. Of you know, it's hard to come back after, right? You know, your first child, or any child, like after you have a baby, and then you come back to work, but just, you know, welcoming and showing up. And I think that this, I don't know exactly where it stems from, but, yeah, actually taking the time to do it, because a lot of us know we should do it, but do we actually pause long enough to do it? Col. Naviere Walkewicz 23:11 That's a really great — I think that particular nugget, right? We know what we should be doing, but do we actually take the steps to do it? I think, is actually an important lesson right there. And, you know, would you say that throughout your experiences, and I'm really curious, because I think, you know, you talk about being a stay-at-home mom, but I'm sure your schedule is quite — you said you get six out of your 25 things done. Can you talk about how you're serving outside of the uniform? Because I think that that's really important as well. Service doesn't stop just because we take the uniform off. And I mean, it sounds like you're serving in your church and your community. You know, what does service look like to you now, through that leadership lens, maybe when you're not wearing a rank all the time? Jessica Whitney 23:54 I have really looked at the areas of my life that I want to be active in, like, what's important to me? And in the church, I participate in the women's Bible study, and I'm one of the leaders there and kind of help lead. We have 120 women that come every Wednesday and I'm one of the leaders that, you know, kind of facilitates the overall Bible study. And I've just loved stepping into that role and using my leadership skills to encourage people and show up. And then the other board I kind of serve on is the Class of 2010 Endowment for Cadet Morale. And so our class, with our funds that we, you know, had raised throughout the years, decided to set up a morale fund. So the top squadron for each semester actually receives a $5,000 check from our endowment, and they can use it on whatever they want. And I just remember, like those cadets, those high schoolers that are transitioning to be future leaders of the Air Force, they are amazing. I am impressed every time I interact with them. And the Academy is hard, and I just want to offer that little bit of light, you know, to encourage them. Like, “Hey, you're on a good path. Like, just, just continue on. And here's a little bonus, bonus check.” You know, literally, we love that part. But yeah, so I just love to step into service where I can. Col. Naviere Walkewicz 25:23 I'm glad that you shared that, because I do think it's easy for us to downplay our role and impact in the hats that we wear and the ways that we serve, and so I really appreciate you sharing that, because I think that's an important part of our stories you talked about with me before you know, redefining yourself. I want to go back to that because I think it has to do with being authentic and who you are. And so as you've navigated this new season in your life where you're still serving in these multiple hats and raising your family, supporting your husband, you know, where was that seed planted from, being an authentic leader, kind of, you know, being — leading with integrity, you know, maybe saying, “I can't do this, but I can do this.” Can you talk a little bit about that? Jessica Whitney 26:07 Yeah, absolutely. I took an amazing class at the Academy, a leadership class that a friend of mine, again from the lacrosse team, recommended me, and she's like, “Jess, this class — it's called transformational leadership. It's way more than that. I really think you need to take this course.” And she was so right, because there are so many things that I carry over from that, from that course into my leadership, and then just my everyday life. And it was taught by Capt. Kari Granger, who's now Kari Zeller, and she's an Academy grad as well. And when I got to my ROTC detachment in 2016, so eight years later, this gentleman came into the office, and he's like, “Hey, my daughter teaches this leadership course called being a leader and the effective exercise of leadership. I really want to teach it at Colorado State, but I'm looking for someone to partner with, maybe through the detachment. Like, do you think anybody would want to co-lead this class with me?” And his name was Karl Zeller, and I was like, “I think I took this class when I was at the Academy, and it was amazing, and I would love to lead this class with you.” And so not only did I take the class at the Academy, I also taught it two semesters while at Colorado State, we kind of made it an elective class, and we had several cadets and cadre go through the class, which was just an amazing experience. Because I think most of us know that when we have to teach other people something, we learn it even better than when we go through it ourselves. So the kind of the main takeaways I had were one kind of heard the definition of integrity. We all know the Air Force's definition of doing what you know the right thing when no one's watching, when nobody's looking, but she kind of defined it more as both keeping your word and honoring your word. So we all know that keeping your word that's easy, but what is honoring your word mean? And her framework kind of laid out, honoring your word is, as soon as you realize you're not going to keep your word, notifying the person that involves saying when you are going to keep your word and then cleaning up any mess that you made by not doing it. So a quick example would be, you know, you're running late to a doctor's appointment. You get in the car, you realize, “Oh my gosh, I'm going to be seven minutes late to the appointment.” Instead of, like, white knuckling your steering wheel to make it in time, you feel guilty when you get there. You immediately call the office. You tell them, “Hey, I'm going to be late to the appointment. I'm going to get there seven minutes late. And, you know, I realized that this has an impact on you like, you know, let me know if I need to reschedule." Whatever it is, right? Most people are so shocked by this ownership that they are so much more gracious to you in whatever the circumstances are. And on top of that, you're not stressed. You're not, you know, white knuckling. Col. Naviere Walkewicz 29:22 So when it really takes you nine minutes to get there? Yeah,.   Jessica Whitney 29:26 So hopefully overestimate.   Col. Naviere Walkewicz 29:28 Seven minutes and 40… Like, round down. Jessica Whitney 29:29 My husband calls that, like, Jess math. I'm like, yeah, well, it's fine. It's fine. But, like, if you think about in the workplace, right, like, you have an assignment, you have something your boss gave you, it's due Friday. You realize Monday, OK, there's no way I'm going to do this. I can either stress about it, work super late hours and, you know, like cause all this extra stress, and then maybe still not accomplish and get the work done, and then show up to my boss on Friday and say, “OK, sorry, boss, I couldn't get it done.” Or on Monday, you bring up the conversation, you swallow your pride, and you say, “These are my challenges.” You manage expectations, and you're you guys together. Can you know, either reassign, get help or bump the deadline, whatever it is, but now you're no longer living in this like, fear of like, I'm going to be late or whatever, like you're able to perform better. And so they, in the class, they talked about how, with integrity, everything works. And they talk about the idea of like a bicycle wheel, right? There's spokes on a bicycle wheel, and if all the spokes are intact, it's going to run very smoothly, right? That's keeping your word and honoring your word, you're performing really well. Well, when you're not honoring and those folks and you're not keeping your word, or you're not honoring your word, some of those books are missing, so it's just going to be a little bit bumpier. And things are going to get done, but they're not going to get done as well as they would if you were honoring your word. So that's a big takeaway Col. Naviere Walkewicz 30:56 That's a great analogy. Wow. Yeah. Jessica Whitney 30:58 So I apply that, I feel like in everything, because I think a lot of us will get in the way of ourselves, of just like, “Oh, I don't want to tell them and be late, or I don't want to, I don't know, disappoint someone, or I know there's expectations with my husband, but I'm just going to ask forgiveness instead of, you know, for permission,” or whatever it is with whoever. So anyway, with integrity, nothing works. And so I kind of take that away of, like, OK, what's expected of me? OK, I'm going to try to meet that. And that kind of lines up too with just this idea of what's your values, right? So if I say I'm a person that values fitness, do my actions line up with that. That's part of my word. OK, so I've said, I've said, “OK, I'm a fitness person and I want to be healthy.” Well, am I going to the gym? Am I eating healthy? Am I drinking too much? Am I — whatever? Do my actions align with that? No, OK, I'm not in integrity. It's not bad or good. It's just not working as well. Not going to accomplish my goals if I'm not in alignment with the other two things. And I'll just touch on them quickly, and then we can explore more if you want. But the other one is what's undefined runs you, which is basically means — Col. Naviere Walkewicz 32:06 Wait, say that one more time. Jessica Whitney 32:09 What's undefined runs you. So it's this idea of all of us have stories most likely from our childhood that we make up about ourselves. So like, I don't belong. I can't disappoint people. I have to get things done the right time. And we can probably all look back in our past and say, “I remember I got in trouble one time when my grandpa was at the house and I was late getting in, and he said, you know, you're disappointing your mom. You're not listening to her.” And then, all of a sudden, you make this life sentence for yourself of I can't disappoint my mom. I can't disappoint so now you have this filter, this mindset that all of your decisions and actions flow through that says I can't disappoint others. Well, of course, that's going to limit what you can and can't do, because it's filtering out half of, you know, a quarter of action, anything that could any — Col. Naviere Walkewicz 33:03 Risk or grit. Jessica Whitney 33:05 Exactly. And so what the undefined run you means you're never going to be able to completely get rid of these filters and things that you have, but you can name them and define them. So you say, OK, like for me, I was a Navy brat. I moved around a lot, and so I often felt like I didn't belong where I was. Like, I always felt like people already had relationships, all that stuff. So I do, I know that I will walk into a room like a Bible study, and in my mind, think, “Man, like, people just don't really connect with them. Like, maybe they just don't like me.” I'm like, “No, I've been here for five years. I belong here. I am a part of this group.” But it's this, you know, filter that I'm running things through, of I don't belong. I need to name that, remove it, and then be like, OK, I belong here. I am part of this group. Naviere Walkewicz 33:54 So what have you named it? And have you removed it? Jessica Whitney 33:59 I think it's more about just the awareness. So it's like that, we as leaders have to be aware of the things that are getting in our own way of being an effective leader. And so I — this is a big one for me, like the I don't belong. So even recently, I walked into a new group of women and I said, “I belong here. I am a part of this community.” It's like at my son's school, and I can contribute as me. I don't have to hold back, or, you know, be a certain way. I can be myself. I can be my authentic self and lean into this. And it was very freeing, because in the past, I have gone in and just kind of like sat kind of back, and I don't want to be intimidating, or I don't want to take over the conversation, or just whatever it is, I'm not being myself, and I have to tell myself, like, “I belong here. I can be myself if they don't accept me for me, that's OK,” you know. But I can't hold back just because I'm trying to fit in and just because I'm trying to be risk averse, or, you know, conflict averse, or something like that. So, yeah, just be yourself, right? But so what's undefined runs you. So as leaders, we need to identify what's holding us back, what's running our lives, right? And just name it. They have a phrase: “Name it to tame it.” So once you can put a name on it, then that often helps you change your actions, you know? And then the last one is just, I think leaders, you are a leader. If you are impacting something around you, the organization, the people around you, they wouldn't be who they are without your influence. So in that framework, we talked about creating a future as leaders. So you've got a current organization, and maybe there's, you know, like no one likes to hang out, there's gossip, there's toxic leadership, there's bad communication, no transparency. This is a very imaginary organization, of course. But you acknowledge, like, OK, this is what's going on. Let's create a future. What does the future look like that we actually want, with all the actions and things like, OK, we have transparency. We like to hang out. There's, you know, Squadron picnics. We go to PT and we all encourage and work hard. We handle conflict in a healthy way. OK, so if we're standing in that future and looking back, how did we get here? So the course is a lot about, like the whole ends, ways, means that the Air Force talks about, but just how can you stand in the future and look back and say, “How did I get to that spot?” And then that's how, you know, what's the next action you can take in this current spot? Col. Naviere Walkewicz 36:49 Wow. Jess, it's almost like you read my mind, because there's two questions I actually want to ask you, and one of them is about looking back. So why don't we start with that one? First, you know, what is something you would tell yourself, young Jess back then that you could be doing then to help you be a better leader now? And is it actually what you just talked about, or would it be something else you would add? Jessica Whitney 37:11 No, I think it would be just that. Like, no, where do you want to be even, like, let's say, in five years, or what's going to be most important to you in 80 years? Right when you're 80, when you look back on your life like, what's going to really matter? And start aligning your life with that. Now, some of that takes time, but standing in that future of how you want it to feel, how it looks, how you want your organization to feel. Like, start — write it down, put it on a vision board, talk about it with someone. And then I would say to myself, like, and then start working towards it. I think when I was younger, I was, you know, I was comfortable with where I was at. I was afraid to take risk. I was afraid to do things different than what I always thought I would do. And you know, for me, the Lord really worked in it, in my heart of just saying, Just trust me. Just trust me with that next step you have the direction you kind of want to go, and I'm going to take you on a journey that you know you're probably never going to be able to predict, kind of like, what I talked about at the beginning, like I pivoted, like it was completely different than what I want, and just be OK with that. That's the beauty of life is, you know, pivoting with what's in front of you, but just taking that next, that next step. Col. Naviere Walkewicz 38:32 I love that. And then what is something that you do every day, just to be better and better is really you define better, but what is something you're doing every day. Jessica Whitney 38:42 I love the books, like The Power of Habit and Atomic Habits and yeah, they're so good in just this idea of your daily actions are, what are, who you are, really like, how you show up in the world, because you can only control what you're doing today. Can't control what you're doing tomorrow or what you did in the past, and so for me, one, I do love to read. So I'm always reading books, listening to podcasts and all that kind of stuff. So I think, as a leader, just, like, surround yourself with lots of different opinions, read different things and just encourage my brain. Two, I love to surround myself with people that encourage me and a community that's going to help me challenge myself to improve. And then three, like those daily actions of self-improvement, of like, OK, how can I be just like, 1% better than I was yesterday, whether that be choosing to eat a little healthier today or going on a 30-minute walk, or, you know, when you're lifting weights like, Can I do five pounds more on this? Like, one or one more rep, right? Like, one more. But I do love that analogy, and weightlifting like, OK, I didn't realize that, you know, like, I can do one more rep this week than I could last but three months ago, you know, I've made huge improvement from three months ago. But you don't realize until after the fact. So I think, you know, being a high achiever all my life, it's like, you want to see these big, like, changes and, you know, immediately, but oftentimes it's in these, like, small moments of like, “How can I just be better today?” Healthwise, community-wise. Who can I love on today? How can I, you know, for me, like being in alignment with, you know, what I think God has for my life, being in prayer and focusing on the people around me. You know, that seems like a lot of things. That's why I've got 25 things on my list, , Col. Naviere Walkewicz 40:44 But you get a few of them done And that's OK, because you just gotta do one. Jessica Whitney Exactly, you just gotta do one. Col. Naviere Walkewicz 40:51 Well, I can just share how much, you know, you really just like leaned in and shared your love and wisdom with all of us. And I think that's one of the things I really appreciated about this today: how you showed up for us and shared your authentic self, and so I just want to say thank you. You know, as we wrap up today's conversation, Jess, what's really stood out to me is that we talked about leadership is just about as much about character, but it's really also about, like, showing up and who you are. You know, you show us just that strong leaders don't just show up and need to have all the answers. They actually just need to show up, right? And just, you know, live their values, live with integrity. And I love how you said, you know, honor your integrity even when life is uncertain or changing. So, you know, I think your transition out of active duty could have been a moment of doubt and struggle, but you turned it into an opportunity to serve, and your family has continued to thrive. So thank you for all that you're doing in your community, and for all of you who need to hear this journey, for those that have also gone or going through a transition, this is a conversation you certainly don't want to miss. So again, thank you to Jess Whitney, Class of 2010. It's been a pleasure having you on Long Blue Leadership.   Jessica Whitney 42:05 Thanks again. Outro 42:05 This Long Blue Leadership conversation was recorded Wednesday, Nov., 19, 2025. KEYWORDS Leadership, authentic leadership, transformational leadership, values-based leadership, character-driven leadership, servant leadership, integrity, honoring your word, keeping your word, accountability, responsibility, vulnerability in leadership, decision-making under uncertainty, courage, leading through change, creating a future, vision casting, aligning actions with values, purpose-driven leadership, redefining success, identity as a leader, mentoring, mentorship, developing others, showing up for your people, empathy, compassion, community building, resilience, leading through grief, supporting mental health, trust, transparency, culture change, organizational alignment, handling conflict, managing expectations, setting priorities, work-life integration for leaders, modeling behavior, investing in relationships, daily leadership habits, incremental improvement, 1% better mindset, self-awareness, naming limiting beliefs, “what's undefined runs you”, authenticity, influence without rank, service beyond the uniform, leading in family and community, Long Blue Leadership. The Long Blue Line Podcast Network is presented by the U.S. Air Force Academy Association & Foundation  

For years, endowments have lived in the “we'll get there” category.But the reality is shifting. If long-term sustainability matters, building your endowment is no longer optional: it's essential. In this episode, we break down why now is the moment to start (or finally take seriously) your endowment effort.

Scott Munro, President of the Detectives' Endowment Association, joins Sid to preview tonight's special event where the DEA will be honoring Sid alongside Bo Dietl and Paul Mauro. Learn more about your ad choices. Visit megaphone.fm/adchoices

Bruce MacDonald is the CEO and CIO of the Virginia Commonwealth University Investment Management Company, which runs $2.5 billion for VCU's endowment and health system. Bruce joined the University in 2015 and shortly thereafter, had the opportunity to sell the portfolio and start fresh. Since being promoted to CIO in 2022, VCU has been a top decile performer with a team of just five investment professionals. Our conversation covers Bruce's unconventional path from a religion major at Wesleyan to fixed income investing at Putnam and endowment roles at Columbia and UVIMCO before arriving at VCU. We discuss the principles of VCU's approach, including building a portfolio around secular tailwinds like India, Vietnam, gold, and artificial intelligence while maintaining abundant liquidity to act countercyclically during market dislocations. We explore VCU's team-based underwriting process, lessons learned from mistakes, and personal influences that have shaped Bruce's investment philosophy. Learn more about our Strategic Investments: Ascension. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Dr Jonathan Stapley takes us inside LDS temple ceremonies, including the Initiatory, Endowment, and Sealing ceremony changes over the years. Was the sealing ceremony more egalitarian under Joseph Smith than Brigham Young? Check out our conversation…. https://youtu.be/uOdluwXxYVQ Don't miss our other discussions with Jonathan. https://gospeltangents.com/people/jonathan_stapley Copyright © 2026 Gospel Tangents All Rights Reserved Dr. Jonathan Stapley, author of Holiness to the Lord, explores the fascinating historical evolution of temple ordinances, clarifying the differences between early Kirtland practices, the introduction of Masonic elements in Nauvoo, and the shifting language of the sealing ceremony. Myth of the “OG” Endowment When asked about fundamentalist groups attempting to reconstruct an “original” eight-hour endowment complete with wrist-and-ankle-length garments, Stapley states bluntly that a static, “Platonic ideal” of the endowment never existed. Because the early liturgy was transmitted orally, the ceremony has continually adapted and changed from its very inception. It wasn’t until the Wilford Woodruff era in the St. George Temple that the endowment ceremony was finally written down. Stapley pushes back against the idea that changes to the wording prove apostasy, noting that Brigham Young continuously made changes to the ritual in Nauvoo, the Council House, the Endowment House, and finally the St. George temple. LDS Temple Ceremonies: Kirtland vs. Nauvoo Ordinances Stapley clarifies a common historical misconception: in the Kirtland era, the washing and anointing was a completely separate event from the “endowment”. Washing and Anointing: This was an annual ritual limited strictly to male priesthood officers, purposely patterned after the biblical consecration of ancient Israelite priests. The Kirtland Endowment: This was a solemn assembly where participants feasted on the Lord’s supper, washed each other’s feet, and experienced charismatic spiritual outpourings. It wasn’t until the Nauvoo era that these concepts merged and expanded to include all men and women. Furthermore, Stapley notes that there is no compelling historical data to support the idea that the modern temple liturgy is hidden within the text of the Book of Mormon as Don Bradley has suggested. Masonic “Social Technology” In 1842, Joseph Smith participated in a Masonic initiation, a fraternity ritual that used dramatic progression, hand clasps, and promises of secrecy to tell the mythical story of Hiram Abiff, the builder of Solomon’s temple. Stapley explains that Joseph Smith borrowed this Masonic “social technology”—the structural framework of the ritual—but used it to tell a completely different story. Instead of Masonic lore, Latter-day Saints used this interactive format, alongside biblical priestly clothing, to teach the plan of salvation, including the creation, the fall, and humanity’s return to the presence of God. The Evolving Sealing Ceremony The episode also reveals fascinating details about the first sealing ceremonies. The earliest known text is an 1842 polygamous sealing ceremony written by Joseph Smith for the Whitney family, which is currently available on the Joseph Smith Papers website. When historians compare this 1842 text to a Nauvoo Temple sealing ceremony published by Orson Pratt in 1852, they find substantive differences. According to Stapley, the 1842 ceremony under Joseph Smith was notably more egalitarian, while the later Nauvoo versions incorporated Brigham Young’s views on the subordination of women. (To be fair, Jonathan stated there is no such thing as egalitarian in the 19th century, just varying levels.)   Ultimately, Stapley reminds us that early Latter-day Saints simply did not value word-for-word repetition the way modern members do; even foundational prayers, like the sacrament and baptismal prayers, were often extemporized during Joseph Smith’s lifetime. Don't miss our other discussions with Jonathan. https://gospeltangents.com/people/jonathan_stapley Copyright © 2026 Gospel Tangents All Rights Reserved 0:00 Sealing More Egalitarian? 13:33 Evolution of Endowment Ceremony 24:48 Temples Used to Be Public 35:27 24 Temples  

Episode 85: Securing Legacy Through EndowmentWith George SuttlesAvailable March 31, 2026In a time of constant uncertainty, planning for the future of a school community can feel like a never-ending game of whack-a-mole. Big picture strategy and mission dominate our aspirations, but it's the day-to-day tactical decisions that carry immediate weight. George Suttles of the Commonfund Institute joins New View EDU guest host and NAIS Vice President of Strategy, Ann Snyder, to share his insights on how financial planning can seamlessly blend the aspirational and the practical, securing the future legacies of our schools through careful stewardship of resources.Guest: George SuttlesResources, Transcript, and Expanded Show NotesIn This Episode:“I'd also be remiss if I didn't, if we didn't have this conversation in the context of the times we're in, right? And so I think a lot of institutions and independent schools aren't shielded from this, are navigating uncertainty and turbulence, both persistent and emergent. And so when I say that, I mean, you know, independent schools have been trying to wrap their arms around persistent challenges that we've been having conversations about for years.” (8:11)“Don't make the mistake of siloing the endowment management work with the finance committee or the investment committee without including other school leadership, right? So you mentioned the advancement office, you know, the fundraising development team, they should have a strategic seat at the table, right? Because think about it, they're going to be one of, if not, they're going to be one of, if not the most important, lever or partner that you need to engage with to grow the endowment, right? Because we're going to invest this pool of capital for long-term growth and the markets are going to do what they do, but you're also going to need to equip the advancement team with information and narrative storytelling capability around what possibilities the endowment is going to create for the institution.” (20:05)“So when I think about endowment building sparking a culture of philanthropy, I immediately began to think about, right, it's about legacy. It's about securing the future of an institution we all care about. And that can be connected to legacy planning as it pertains to bequests and other vehicles. So I was like, right. Like if you're not having those legacy gift conversations already, that actually might be a nice entree into beginning to have them.” (36:04)Related Episodes: 74; 57; 38; 20; 9 Hosted on Acast. See acast.com/privacy for more information.

Tuesday, March 24, 2026Sliced 62: IFNF Insights Brief No. 1 of 5: From Concept to Capital – Bridging the Readiness GapIn this edition of SLICED, we launch a five-part IFNF Insights Brief Series produced by Gordian Knot Strategies, with support from the U.S. Forest Service and the U.S. Endowment for Forestry and Communities. Brief No. 1 explores the gap between projects that are investment worthy and those that are truly investment ready, and what it takes to cross it. A new IFNF brief drops every month so keep an eye out next month for No. 2. --Sliced is a weekly short-form dispatch released every Tuesday that features original thought pieces from our team members with the goal of slicing apart the various complex aspects of climate finance. If you want to check out the written version of Sliced, click here: https://gordianknotstrategies.com/weekly-newsletter/Sliced is produced by ⁠Gordian Knot Strategies⁠. It is written, narrated, and edited by ⁠Jay Tipton⁠. Visit us at www.gordianknotstrategies.com. Music is by ⁠Coma-Media.

In this episode of House of Learning: Understanding the Doctrine of the Temple, Meghan Farner and Cory Jensen explore the symbolic meaning of the Initiatory ceremony and how it represents spiritual rebirth, divine identity, and preparation to enter increasingly sacred space in our journey back to God.This lesson reveals how the Initiatory completes the symbolism of baptism by mirroring the elements of physical birth — washing, anointing, clothing, naming, and blessing — and how these sacred actions teach the soul how հոդված of becoming kings and priests, queens and priestesses in the divine order of God.You'll learn:✨ Why the Initiatory symbolizes the completion of spiritual rebirth✨ How washing and anointing prepare the soul for holiness and sanctification✨ The deeper symbolism of the Garment as “putting on Christ”✨ How garment marks connect to covenant, sacrifice, and divine identity✨ Why olive oil symbolizes the Holy Ghost and spiritual fullness✨ How ancient tabernacle and priesthood rituals inform modern temple worship✨ What it means to be initiated into the Holy Order after the Son of God✨ How the Initiatory prepares the soul for the Endowment and spiritual ascensionThis episode also explores biblical patterns from Exodus, Leviticus, Doctrine & Covenants, and Eden symbolism, helping viewers understand how temple worship forms identity, embodiment, and divine maturation. If you've ever wondered what the Initiatory ceremony truly represents, how the garment functions spiritually, or how temple ordinances support inner transformation, this lesson offers deep clarity and reverent insight.

Peace Begins in the Womb https://jewishprolifefoundation.org/pro-life-blog/peace-begins-in-the-womb שלום מתחיל ברחם https://jewishprolifefoundation.co.il/%d7%a9%d7%9c%d7%95%d7%9d-%d7%9e%d7%aa%d7%97%d7%99%d7%9c-%d7%91%d7%a8%d7%97%d7%9d/ 20, 000 Abortion in Israel per year https://www.hadassahmagazine.org/2022/05/03/abortion-in-israel-relatively-easy-to-get-hard-to-discuss/ Abortion in Israel https://en.wikipedia.org/wiki/Abortion_in_Israel As US cancels Roe v. Wade, Israel loosens abortion regulations making it even easier than before https://allisrael.com/as-us-cancels-roe-v-wade-israel-loosens-abortion-regulations-making-it-even-easier-than-before Indiabna Judge Rules There's a Religous Right to Kill Babies in Abortion https://www.lifenews.com/2026/03/06/indiana-judge-rules-theres-a-religious-right-to-kill-babies-in-abortions/ Abortion Pill Reversal https://abortionpillreversal.com Endowment for Human Development https://www.ehd.org/index.php Charlotte Lozier Institute https://lozierinstitute.org/ Elliot Instittue https://www.afterabortion.org/ AAPLOG https://aaplog.org/ False Positive DNA-Tech Testing is Leading to More Abortions  https://thenationalpulse.com/archive-post/false-positive-dna-tech-testing-is-leading-to-more-abortions/ Tikvat Rachel Healing Program https://jewishprolifefoundation.org/healing-after-abortion Abortion Procedures What You Need to Know Partial-Birth Abortion Procedure With Real Instruments FOIA Documents Confirm Investigation of Aborted Baby Organ Harvesting at University of Pittsburgh Leading Physician Confirms Unborn Children Feel Excruciating Pain During Abortions Fact Sheet: Science of Fetal Pain Concluding Pregnancy Ethically At the Jewish Pro-Life Foundation, we're making the original pro-life religion pro-life again!   News, education, enlightenment and spiritual renewal. Saving Jewish Lives & Healing Jewish Hearts by providing the Jewish community with Pro-Life Education, Pregnancy Care and Adoption Referrals, and Healing After Abortion.   To learn more visit https://jewishprolifefoundation.org/ Follow us on Facebook:  https://www.facebook.com/JewishProLifeFoundation/ Follow us on Twitter: https://twitter.com/JewishProLife Follow us on YouTube:  https://www.youtube.com/channel/UCk8B3l4KxJX4T9l8F5l-wkQ Follow us on TikTok: https://www.tiktok.com/@jewishprolife Follow us on MeWe: https://mewe.com/i/cecilyroutman  Follow us on Gab: https://gab.com/JewishProLife  Follow us on LinkedIn: https://www.linkedin.com/in/cecily-routman-3085ab140/  Follow us on Instagram  https://www.instagram.com/cecilyroutman/  Follow us on Gettr: https://gettr.com/user/prolifececily  Follow us on Rumble:  https://rumble.com/c/JewishProLifeFoundation  Follow us on TruthSocial:  https://truthsocial.com/@prolifececily  Follow us on Telegram: https://t.me/JewishProLife  Follow us on Podcasts: https://jewishprolife.libsyn.com/  Donate: https://jewishprolifefoundation.org/donate  In Israel: https://jewishprolifefoundation.co.il    The Jewish Pro-Life Foundation is an IRS approved 501(c)3 non-profit educational  public charity. We are committed to Torah and Jewish Tradition. We are not affiliated with any particular Jewish denomination, political organization or any other religious organization or movement.

From self‑driving Teslas to geopolitics and rising property taxes, this episode dives into the issues shaping everyday American life. The Common Ground crew tackles AI addiction, drone warfare, midterm election uncertainty, and why local politics may matter more than ever. With humor, personal stories, and unfiltered debate, they explore how technology, faith, leadership, and community collide in a rapidly changing world. To learn more, please visit our website The Common Ground This podcast is produced by BG Podcast Network. Chapters00:00 Introduction and Banter01:42 Faith, Opening Prayers, and Setting the Tone03:25 Teslas, Technology, and Full Self‑Driving Stories06:40 AI, ChatGPT, and Everyday Use09:08 Drones, Ukraine, and Global Conflict11:36 China, Oil, and Geopolitical Shifts13:57 Stoicism, Stress, and Personal Resilience16:22 NASCAR, Revenue Battles, and Sports Politics18:48 Gas Prices, EVs, and the Future of Energy21:09 Midterms, Voting Systems, and Local Leadership23:31 Sheriff Races, Political Strategy, and Community Impact25:46 Property Taxes, Housing, and Economic Pressures28:10 Local Government, Schools, and Policy Battles32:52 Podcasts, Lobbyists, and the Political Landscape35:15 National Security, Protests, and Law Enforcement37:26 Guns, Safety, and Training41:54 ICE, Immigration, and Public Perception46:29 Federal Spending, Contracts, and Accountability48:46 Settlements, Lawsuits, and Legal Realities50:57 Development, Real Estate, and Local Challenges53:18 Business Cycles, Restaurants, and Staying Ahead55:39 Public vs. Private Solutions for Schools58:06 Taxes, Endowments, and the Cost of Government01:00:27 Universities, Tuition, and Student Life01:02:48 Sports, Academics, and the Carolina Way01:05:05 NIL, College Athletics, and the Future01:07:27 Franklin Street, Campus Culture, and Change01:09:27 Tuition, Out‑of‑State Costs, and Access01:11:49 Business, Economy, and American Identity01:14:12 Media, Politics, and Public Influence01:16:38 Local Council, Pressure, and Governing01:19:04 Epstein, Scandals, and Public Curiosity01:21:20 Prison Systems, Justice, and Reality01:22:48 Race, Society, and Cultural History01:24:48 Africa, Identity, and Travel Reflections01:27:09 Food, Culture, and the Diaspora01:29:26 DNA, Family Stories, and Heritage01:33:17 Race, Class, and Shared History01:35:40 Closing Thoughts and Shout‑OutsSee omnystudio.com/listener for privacy information.

Other risks in the market you should be aware of    Since Covid, speculative investments have continued to rise in popularity. We have talked a lot about the risks we see in margin, crypto, private investments, and prediction markets, but now there is new data about the increasing popularity of leveraged funds and options. According to exchange-traded fund manager Direxion, it looks like leveraged and inverse funds, which can be very dangerous investments, saw average daily trading volumes of 1.41 billion in 2025. That's a gain of more than 130% from 2024 and 250% from 2020, the firm found. For those that aren't aware of these products, leveraged funds use derivatives to try and boost the return of an asset in up markets, but they also amplify losses in down markets. Inverse funds on the other hand try and produce the opposite performance of the underlying asset. It's not just these risky tools that have surged though as it is projected that average daily options volume hit 58 million in 2025, which is a roughly 26% increase from 2024 and is more than double the amount seen in 2020. For comparison purposes, stock volume expanded at a yearly pace of 10% between 2020 and 2025, while leveraged funds and options trading saw daily volumes grow at compound annual rates of 29% and 16%, respectively. Part of the reason for the huge increase in the volume for leveraged funds is that the total number of active leveraged funds grew by 50% in 2025, which was the largest annual increase since 2007. Ultimately, there continues to be more and more risk that is finding its way into this market. While it's great when things are going up, it could create a downturn that is more problematic than many believe is possible.      Ivy League Endowments have dismal returns because of private equity    I was concerned when I saw the Ivy League schools, who I thought would be the smartest people in the room, began investing in private equity a few years ago. The results are now in, and the returns are terrible. The best annual return goes to Cornell and for the years 2022 to 2025 they only had an annualized return of 5.7%. They were closely followed by Harvard at 5.5%. The worst performer is an embarrassment as Princeton only had an annualized return of 2.8%. A large reason for the low returns is that the managers of these endowment funds invested heavily in private equity as the category made up 40% or more of the portfolios for schools such as Harvard, Yale and Princeton. The endowment funds have tried to liquidate as much as they can, but the secondary market has been rather weak, and Yale and Harvard were only able to liquidate about $1 billion of their private equity holdings last year. I think we're in the second or third inning of how bad things will get with private equity and private debt. Unfortunately, many people, including foundations, will have poor performance and probably even some losses. A lesson to all investors, don't get sucked into a hype investment of any type as eventually the hype disappears and you end up with nothing but dismal returns or losses.      Is AI impacting the labor market?    The headlines look concerning as February payrolls showed a loss of 92,000 jobs in the month. This was well below the estimate which was looking for a gain of 50k jobs and January's reading of 126k jobs. January's reading was revised down by 4k, while December saw a major negative revision of 65k jobs and now shows a loss of 17k jobs in the month. Health care employment, which has been such a stable force, showed employment declined by 28k in February. This was largely due to the Kaiser Permanente strike that sidelined 30k workers. The strike has now been resolved, so this should be a big benefit in the March data. Another important factor to remember was the severe weather that likely had an impact on hiring across all sectors in the month. The federal government continued to show declines as payrolls declined by 10k in the month and since reaching a peak in October 2024, federal government employment is down by 330,000, or 11.0 percent. Looking specifically at sectors that could be impacted by AI, information saw a decline of 11k, and the industry has lost an average of 5,000 jobs per month over the prior 12 months. While this looks concerning and I do believe part of this is due to AI, I think a lot of the decline is due to a normalization after rapid hiring post Covid that led to bloated employment and waste at many companies. Another sector that could be impacted by AI/Robots is transportation and warehousing. This sector declined by 11k in February, but a good chunk of the job loss occurred in couriers and messengers, which fell by 17,000. I'm still not seeing robotic delivery trucks out there, so again this could be due to normalization or the weather. With that said, employment in transportation and warehousing has declined by 157,000, or 2.4 percent, since reaching a peak in February 2025. Many of the other major sectors like   construction, manufacturing, professional and business services, and leisure and hospitality saw little change in the month.   Overall, there was definitely not much strength in the report. It is important to remember that the employment rate is still healthy at 4.4%, so I'm still not overly concerned about the labor market. With that being said, it is definitely worth watching in the coming months.      Financial Planning: Beware of the Tax Hike Above $505k    For married couples with adjusted gross incomes between $505,000 and $606,333, there's a hidden tax increase caused by the way the state and local tax (SALT) deduction phases out. Below this range, taxpayers can deduct up to $40,400 in state and local taxes. As income rises through this band, that deduction gradually shrinks to $10,000, effectively losing $30,400 of deductions. Put another way, about $100,000 of extra income can increase taxable income by more than $130,000. Households at this level are usually in the 32% federal tax bracket, but because each extra dollar of income also reduces deductions, the real marginal tax rate jumps to roughly 42%. What makes this especially striking is that many people in this range are barely above the 24% bracket, meaning their marginal rate can spike from 24% to 42% over a relatively small income increase. Careful planning ahead can help avoid this sudden tax jump.    Companies Discussed: Planet Fitness(PLNT), Paramount Skydance Corp (PSKY), Old Dominion Freight Line Inc (ODFL), Salesforce (CRM)

Speaking of Covenants (as we do this week), to get really in depth learning about the covenant, join Steven Harper and myself on a cruise where we discuss the New and Everlasting Covenant in a series of ten lectures/discussions/workshops. This will be fantastic! Plus we dock at Cozumel, Roatan, Costa Maya, and more! Learn more at https://restorationtravels.com/nec-cruise/In this short episode from four years ago, Kerry delves into Jacob's experience at Bethel, and how it was a temple experience. He also talks about the temple setting of the wrestle with an angel at Peniel. We are grateful for our executive producers, P. Franzen, J. Parke, D. Watson, B. Van Blerkom, the Dawsons, M. Cannon, M. Rosema, B. Fisher, J. Beardall, D. Anderson, and H. Umphlett, and for all our generous and loyal donors. We are also very grateful for all our Patreon members. We are so thankful for Beehive Broadcast for producing the podcast and for Rich Nicholls, who composed and plays the music for the podcast.

How historical and expected returns for university endowments can guide us in setting reasonable return expectations. We also analyze managed futures strategies to see how they work, how they have performed, and how to use them in your investment portfolio.Show Notes2025 NACUBO-Commonfund Study of Endowments (NCSE) Results—NACUBOPrinceton University cuts expectation for endowment returns by Sun Yu—The Financial TimesDemystifying Managed Futures by Brian K. Hurst, Yao Hua Ooi, and Lasse H. Pedersen—AQRInvestments MentionedAQR Managed Futures Strategy Fund I (AQMIX)iMGP DBi Managed Futures Strategy ETF (DBMF)KraneShares Mount Lucas Managed Futures Index Strategy ETF (KMLM)WisdomTree Managed Futures Strategy Fund (WTMF)First Trust Managed Futures Strategy Fund (FMF)Return Stacked US Stocks & Managed Futures ETF (RSST)Related Episodes524: Facing a Financial Squeeze: What Harvard's Response Can Teach the Rest of Us204: Why Are Investment Returns So Low?180: Can You Outperform Harvard's Endowment?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A good life insurance policy can become a Modified Endowment Contract when it fails the 7 pay test. What does that mean in plain terms? We explain in this episode. Learn what a MEC is (modified endowment contract)  What if my Infinite Banking Policy becomes a MEC? Is a MEC bad? Can a MEC be good? How to avoid a MEC Why did the rules for life insurance change in 1988? What is the 7 pay test for life insurance? Learn the history of the MEC laws passing congress Podcast  Episode 560: https://www.youtube.com/watch?v=y7JoQ5OA92U

Thaddeus McCotter of American Greatness and Judy Dempsey of the Carnegie Endowment for International Peaceanalyze the ongoing Ukraine conflict, debating European unity, the untrustworthiness of Putin, and the difficult search for a consensus-driven offramp to end the persistent carnage. 3.19Brussels

Judy Dempsey of the Carnegie Endowment for International Peace and Thaddeus McCotter of American Greatnessdiscuss the upcoming State of the Union, questioning the administration's economic messaging and the looming societal disruptions caused by AI displacing white-collar workers. 4.1953

On this Legislative Day episode, we talk with the House Higher Education Committee chair and ranking member, Rep. Taylor Collins, R-Mediapolis, and Rep. Timi Brown-Powers, D-Waterloo, about bills that would allow some community colleges to offer four-year degrees, place a tax on large endowments at colleges and universities, and more. Then, we talk with a former student regent Jenny Connolly about proposed legislation that would change student representation of the Board of Regents. We also hear from the presidents of Iowa Central Community College in Fort Dodge and Northwestern College in Orange City on their views of the four-year degree proposal.

Welcome back to our Joseph Smith Podcast series with historian Dr. John Turner!This is Episode 29, where we dive into Chapter 24, titled “Upper Rooms,” from John Turner's new book Joseph Smith: The Rise and Fall of an American Prophet.In this episode, we focus on Nauvoo in 1842 –a pivotal year when Freemasonry, the Relief Society, secrecy, and the earliest forms of the Nauvoo Endowment ceremony all intersect.The central question we wrestle with is this: To what extent did Freemasonry shape Joseph Smith's use of secrecy –and was it intended to protect his authority and reputation?We explore the anti-Masonic climate of early America and the murder of William Morgan, why the Book of Mormon was once read as an “anti-Masonic Bible,” Joseph Smith's embrace of Freemasonry, the founding of the Nauvoo Masonic Lodge, Parallels between Masonic rituals and the original Nauvoo Endowment, the secret oaths, handshakes, signs, tokens, and penalties, and Joseph Smith's evolving theology around power and exaltation.This conversation is historically grounded, candid, and essential for anyone trying to understand how Mormon temple theology developed –and why it still matters today!Show NotesYouTubeMormon Stories Thanks Our Generous Donors!Help us continue to deliver quality content by becoming a donor today:One-time or recurring donation through DonorboxSupport us on PatreonPayPalVenmoOur Platforms:YouTubePatreonSpotifyApple PodcastsContact us:MormonStories@gmail.comPO Box 171085, Salt Lake City, UT 84117Social Media:Insta: @mormstoriesTikTok: @mormonstoriespodcastJoin the Discord

What should we expect at the 2026 Detroit Auto Show? Sam Klemet, the Executive Director of the event, joins me to walk through what's happening at Huntington Place. From cars, to interactive experiences, to performances — there's a lot to look for. The public show days are January 17-25. Tickets available here. Then, I bring you 5 things to know around town so you're caught up and what to know and where to go for your Monday. A shake up in the race for Michigan Governor A proposed bill to use the Defense Production Act with the aim of building more housing It's the end of the rack for Dittrich Furs after 132 years MSU's Endowment has bought even more of the Fisher Building in Detroit Mic Drop Comedy is opening in Detroit with a unique theme Feedback as always - 313-789-3211 or dailydetroit@gmail.com Live stream on Tuesday afternoon on our Daily Detroit YouTube, we may discuss these and other stories around town. Free coffee and conversation, Saturday morning the 17th at the studio: https://www.facebook.com/share/14XWN3tcPNo/ Support the show on Patreon: https://www.patreon.com/c/DailyDetroit Follow us on Apple Podcasts: https://podcasts.apple.com/us/podcast/daily-detroit/id1220563942 Or Spotify: https://open.spotify.com/show/1Yhv8nSylVWxlZilRhi4X9?si=df538dae2e144431  

What did Joseph Smith's Nauvoo revelation teach about discerning spirits, the nature of God, and eternal relationships? Historian Brittany Nash Chapman explores Doctrine and Covenants 129-131 and how early Saints lived and understood these profound doctrines.SHOW NOTES/TRANSCRIPTS English: https://tinyurl.com/podcastDC246EN French: https://tinyurl.com/podcastDC246FR German: https://tinyurl.com/podcastDC246DE Portuguese: https://tinyurl.com/podcastDC246PT Spanish: https://tinyurl.com/podcastDC246ESYOUTUBE: https://youtu.be/f7kv2QSZ9HcALL EPISODES/SHOW NOTESfollowHIM website: https://www.followHIM.co2021 Episode Doctrine & Covenants 129-132 Part 1https://youtu.be/gn84EE_B5WUFREE PDF DOWNLOADS OF followHIM QUOTE BOOKSNew Testament: https://tinyurl.com/PodcastNTBookOld Testament: https://tinyurl.com/PodcastOTBookBook of Mormon: https://tinyurl.com/PodcastBMBook  WEEKLY NEWSLETTER https://tinyurl.com/followHIMnewsletter  SOCIAL MEDIA Instagram: https://www.instagram.com/followHIMpodcast Facebook: https://www.facebook.com/followhimpodcastTIMECODE:00:00 Part 1 - Sister Brittany Chapman Nash02:56 Being offended on other's behalf03:40 Brittany Chapman Nash bio07:44 Come, Follow Me Manual09:22 Reducing the heavenly to the finite12:25 Sister Nash shares about discernment18:20 Joseph's confidence with angelic influences21:16  Information about the next life22:36 Endowment in the Red Brick Store25:35 Heavenly relationships29:48 Friendship: A fundamental principal34:31 Kate Holbrook and Melissa Inoyue37:22 Prize enduring relationships39:06 Gaining intelligence44:16 President Faust46:43 Dangers in this verse48:06 Elder Christofferson's Cosmic Vending Machine50:47 The first anti-Christian writer?54:53 Brigham Young yearned to know this57:23 Clarification regarding kingdoms1:00:21 Spirit is matter1:03:12 End of Part 1 - Sister Brittany Chapman NashThanks to the followHIM team:Steve & Shannon Sorensen: Cofounder, Executive Producer, SponsorDavid & Verla Sorensen: SponsorsDr. Hank Smith: Co-hostJohn Bytheway: Co-hostDavid Perry: ProducerKyle Nelson: Marketing, SponsorLisa Spice: Client Relations, Editor, Show NotesWill Stoughton: Video EditorKrystal Roberts: Translation Team, English & French Transcripts, WebsiteAriel Cuadra: Spanish TranscriptsAmelia Kabwika: Portuguese TranscriptsHeather Barlow: Communications DirectorSydney Smith: Social Media, Graphic Design "Let Zion in Her Beauty Rise" by Marshall McDonaldhttps://www.marshallmcdonaldmusic.com

Germany's Merz Under Pressure Amid Economic and Political Crises Judy Dempsey, Carnegie Endowment for International Peace, with John Batchelor Dempsey reports German Chancellor candidate Merz is under severe pressure due to a stagnant economy heavily reliant on China and the rise of the far-right AfD. Merz is challenged by internal coalition disagreements, particularly with the SPD over welfare reform. Europe's overall support for Ukraine remains largely rhetorical; arguments over sanctions and frozen Russian assets delay crucial material support needed by Zelensky. 1870 SCHWEINFURT

What can the Kirtland Temple dedication teach us about power, angelic help, and joy? Dr. Anthony Sweat examines the historical and spiritual significance of Doctrine and Covenants 109-110, clarifies the difference between the endowment and its presentation, and shows how repentance and covenant keeping open the way to lasting spiritual strength.SHOW NOTES/TRANSCRIPTS English: https://tinyurl.com/podcastDC240EN French: https://tinyurl.com/podcastDC240FR German: https://tinyurl.com/podcastDC240DE Portuguese: https://tinyurl.com/podcastDC240PT Spanish: https://tinyurl.com/podcastDC240ESYOUTUBE: https://youtu.be/PNKlm6BOmOkALL EPISODES/SHOW NOTES followHIM website: https://www.followHIM.coFREE PDF DOWNLOADS OF followHIM QUOTE BOOKSNew Testament: https://tinyurl.com/PodcastNTBookOld Testament: https://tinyurl.com/PodcastOTBookBook of Mormon: https://tinyurl.com/PodcastBMBook  WEEKLY NEWSLETTER https://tinyurl.com/followHIMnewsletter  SOCIAL MEDIA Instagram: https://www.instagram.com/followHIMpodcast Facebook: https://www.facebook.com/followhimpodcastTIMECODE:00:00 Part 1 - Dr. Anthony Sweat01:45 Thoughts on the Kirtland Temple04:13 Anthony Sweat bio07:36 Come, Follow Me Manual08:58 President Nelson's challenge10:45 1836: A highlight13:56 D&C 88:68: Thesis17:19 Like a student stake20:16 “Walking in darkness at noonday”23:32 Temple is the point25:55 Ordinances in Kirtland Temple?28:36 Did they understand work for the dead yet?30:36 Third floor rooms34:20 Unanswered questions37:28 Dedicatory prayer was given by revelation39:46 Picturing the dedication44:08 Introduction and plea46:14 Fulfillment of promise49:10 Sweat's “We Need an Endowment”51:37 Learn, grow, and become54:55 Seeing the Savior in the temple57:44 Intended to bring you inside the temple59:52 Repent, return, restored, and reverence1:00:17 Armed with power and delegation1:04:45 Angels and family on the other side of the veil1:07:10 Eternal family BBQ and work from the other side1:12:25 Seven blessings1:14:27 Ordinances as doors to power1:17:03 Difference between presenting concepts and receiving power1:21:40 End of Part 1 - Dr. Anthony SweatThanks to the followHIM team:Steve & Shannon Sorensen: Cofounder, Executive Producer, SponsorDavid & Verla Sorensen: SponsorsDr. Hank Smith: Co-hostJohn Bytheway: Co-hostDavid Perry: ProducerKyle Nelson: Marketing, SponsorLisa Spice: Client Relations, Editor, Show NotesWill Stoughton: Video EditorKrystal Roberts: Translation Team, English & French Transcripts, WebsiteAriel Cuadra: Spanish TranscriptsAmelia Kabwika: Portuguese TranscriptsHeather Barlow: Communications DirectorSydney Smith: Social Media, Graphic Design "Let Zion in Her Beauty Rise" by Marshall McDonaldhttps://www.marshallmcdonaldmusic.com