Podcasts about financials

Watch the video version on YouTube. Financials, the second largest sector in the S&P 500, has had its fair share of ups and downs in recent years. As the Federal Reserve kicked off its aggressive rate hiking campaign in 2022, the yield curve inverted, loan growth slowed and M&A activity plummeted, all of which hampered earnings growth. Then, in March 2023, the failures of several U.S. regional banks sparked concerns about the health of the banking sector and commercial real estate market. The dust from this crisis gradually settled, which, in conjunction with Fed rate cuts and a resilient consumer, helped the sector gain over 30% in 2024. In fact, financial deregulation is now top of mind, with the Trump administration recently naming “regulatory dove” Michelle Bowman as the Federal Reserve's next Vice Chair of Supervision. Prospects for increased deregulation, in addition to trends in consumer spending, will be key themes moving forward. Companies in financials tend to be represented in the value style and can be a good complement to growth exposure, especially the Magnificent 7. On this episode of Insights Now, Gabriela Santos, is joined by Laura Huang, an equity research analyst covering financials at J.P. Morgan Asset Management, to discuss Laura's day-to-day, and what she is seeing across her sector. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

In this episode of Shoot the Moon, Revenue Rocket's Mike Harvath, Matt Lockhart, and Ryan Barnett explore one of the most overlooked tension points in M&A: the financial document request.You've nailed the strategic and cultural fit — but when it comes time to share financials, things stall. Why? It often boils down to trust, financial hygiene, and timing.

If you've ever made a quick purchase that didn't quite align with your financial goals, you're not alone. It happens to the best of us! In this episode, Danielle Hayden, CPA and founder of Kickstart Accounting, Inc., tackles the challenge of impulse spending as an entrepreneur with a practical approach that's meant to empower you, not make you feel guilty.  Whether you're a free spender, saver, perfectionist, or balance seeker, this episode is filled with strategies you can use to stay in control of your money, help curb those impulse purchases, and make smarter financial decisions that align with your goals, personality, and core values.  Key Takeaways:  Know Your Money Personality: Understanding whether you're a Free Spender, Saver, Perfectionist, or Balance Seeker can help you become more mindful of your financial habits and tailor your strategies accordingly. Step 1 - Budgeting as a Planning Tool: A budget isn't about restriction, it's your business's roadmap. Setting aside time to plan expenses helps you make smarter, more intentional decisions. Step 2 - Use the 48-Hour Rule: Delaying purchases by just two days can dramatically reduce impulse spending and give you space to assess alignment with your budget and goals. Step 3 - Don't Decide Based on Price Alone: The cheapest option isn't always the best fit. Consider alignment with your values, quality of service, and long-term ROI when choosing vendors. Step 4 - Review Existing Vendors First: Before jumping ship, explore whether your current tools or service providers can meet your evolving needs. Feedback and a simple conversation could reveal untapped value. Step 5 - Plan for Impulse Spending: Set aside an “allowance” in your budget for unplanned yet exciting opportunities. This helps you stay flexible without blowing up your financial goals. Step 6 - Avoid Last-Minute Decisions: Waiting until the final hour leads to rushed (and usually regrettable) choices. Plan ahead for renewals, tax time, and big expenses. Step 7 - Review Financials Monthly: Regularly reviewing your KSA Snapshot and financials keeps you grounded in reality, reveals patterns, and helps you make better decisions month over month. Bonus - Involve Your Money Team: Share your goals with your financial team so they can hold you accountable, offer insights, and help course-correct when needed. Topics Discussed: How Your Money Personality Type Affects Your Spending (00:00:16 – 00:02:12) Why a Budget is Necessary to Help with Spending Freedom (00:02:12 – 00:03:02) Ways to Help Curb Impulse Buying (00:03:02 – 00:08:38) Planning for Unexpected Opportunities or “Allowance Budgeting” (00:08:38 – 00:09:58) Using Monthly Financial Reviews to Keep Your Spending Aligned with Your Goals (00:12:01 - 00:13:40)   Resources: Money Personality Quiz | kickstartaccountinginc.com/quiz    Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

In Episode 204 of Manufacturing Hub, we wrap up our month-long ERP series with Glenn from Waites. Glenn shares a practical framework for understanding ERP systems—perfect for engineers, plant managers, and anyone who's struggled with clunky ERP software. We break down key modules like Financials, Supply Chain, MES, and Asset Management, and explore how modern tools are reshaping ERP usability.

Where's the line between an autobiographical comic and a semi-autobiographical one — between "based upon" and "inspired by"? And when does the whole thing veer directly into fiction?? Plus... Dave Kellett shares real numbers from his recent Kickstarter, and we arrive at a jaw-dropping conclusion: Bluesky is it.The Webcomics Handbook will publish a visual breakdown of Dave's analytics on April 14th.Today's showWhere to draw the line on an autobio comicMalignant ProcrastinationSusan MacTaggart's Personal AffirmationDave shares actual numbers from his KickstarterThe Wrong Way Show: Toy Story's WoodySummaryIn this episode of ComicLab, hosts Dave Kellett and Brad Guigar share insights on navigating autobiocomics, exploring the balance between fiction and fact in storytelling. The conversation highlights the significance of making personal stories compelling and meaningful for audiences. In this conversation, Dave Kellett and Brad Guigar explore the intricacies of storytelling in comics, mainly focusing on autobiographical narratives. They discuss the importance of engaging and meaningful stories, emphasizing that readers seek entertainment and context in narratives. The duo also addresses the common issue of procrastination among creators, urging them to take action and start their projects, regardless of the fear of failure. They highlight that creativity thrives on making choices and moving forward rather than getting bogged down in details.After Susan MacTaggart drops by to share a personal affirmation for one of ComicLab's $10 backers, Dave Kellett discusses the success of Kellett's recent Kickstarter campaign for his book 'Anatomy of Dogs'. He and Brad explore the sources of backers, the impact of social media platforms like Blue Sky, and the importance of converting followers into actual supporters. The discussion highlights the effectiveness of Kickstarter as a platform for creators and the changing landscape of social media engagement. In this conversation, Dave Kellett and Brad Guigar discuss the intricacies of running a successful Kickstarter campaign, the impact of social media on funding, and the importance of maintaining quality in production. They share insights on financials, the long-term benefits of Kickstarter projects, and how to build a sustainable career as an independent cartoonist. The discussion emphasizes the need for careful planning and the value of mental health in the creative process.TakeawaysSmall acts of kindness can have a lasting impact.Every interaction with fans can create memorable moments.Autobiocomics need to be engaging, not just factual.Never let the truth hinder a good story.Context and meaning are crucial in storytelling.It's essential to make personal stories relatable.Readers care more about the story than the facts.Becoming a writer means crafting meaningful narratives. Give yourself the leeway to make your story interesting.Readers care about the entertainment value of a story.Autobiographical comics often lack excitement and meaning.Injecting fiction can enhance storytelling.Stories should have a purpose for the reader's life.Procrastination can hinder creative aspirations.Start with small segments of your story to gain momentum.Character designs will evolve; start drawing.Don't let the fear of failure prevent you from creating.Every choice made in storytelling contributes to the overall narrative.This was my most successful Sheldon Kickstarter ever.I did not use Twitter at all.Blue Sky works for reaching backers.The second source was my Patreon for Drive.You need to be able to convert those readers into backers.Those numbers are fake numbers on social media.Kickstarter is a must-use for cartoonists.The highest percentage of backers came from Kickstarter sources.I was afraid to leave Twitter and Instagram.The impact of social media on crowdfunding is significant. The utility of Kickstarter must remain intact for success.Social media platforms can significantly impact funding outcomes.Quality production is crucial for maintaining a good reputation.Kickstarter profits can be amortized over several years.Building a mailing list from backers is essential for future campaigns.Mental health can improve by choosing the right social media platforms.Planning ahead for stretch goals is vital to avoid pitfalls.Every Kickstarter project contributes to a larger career strategy.Quality materials enhance customer loyalty and future sales.Understanding financials helps in making informed decisions. You get great rewards when you join the ComicLab Community on Patreon$2 — Early access to episodes$5 — Submit a question for possible use on the show AND get the exclusive ProTips podcast. Plus $2-tier rewards.If you'd like a one-on-one consultation about your comic, book it now!Brad Guigar is the creator of Evil Inc and the author of The Webcomics Handbook. Dave Kellett is the creator of Sheldon and Drive.

In this episode, Mark Longo, Henry Schwartz (Cboe) and Mike Tosaw (St. Charles Wealth Management) delve into the historic and highly volatile recent market swings, including the massive rally and subsequent sell-off. Key topics include the unprecedented trading volumes, driven in part by zero day options, and how traders are navigating the current landscape. Detailed insights are provided on VIX movements, SPX trading trends, and specific stock analyses such as American Airlines, Sigma Lithium, and Biomarin Pharmaceuticals. Listener polls reveal hesitance towards zero day options amidst the uncertainty. The episode wraps up with predictions on upcoming earnings and market movements, emphasizing the importance of strategic thinking in these times.   01:05 Meet the Hosts and Co-Hosts 01:40 Cboe's SPX and Mini S&P 500 Options 02:16 Market Risks and Disclaimers 03:08 Kicking Off the Show 03:23 Market Madness and Historic Swings 05:15 Wild Times in the Options Market 06:42 Unprecedented Market Activity 11:19 Zero Day Options and Volatility 15:10 Volume Records and Market Trends 21:33 SPX and VIX Analysis 28:46 Meta's Market Movement 29:13 Tech Stocks Performance 32:14 Financials and Market Uncertainty 32:55 Odd Block: Unusual Options Activity 33:47 American Airlines Analysis 39:27 Lithium (SGML) and Biomarin Pharmaceutical (BMRN) Insights 46:12 Mail Block: Listener Questions 48:31 Market Sentiment and Predictions 50:28 Around the Block: Upcoming Market Events 52:40 Conclusion and Resources  

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In this episode of Grow a Small Business, host Troy Trewin interviews Dr. Donna Smith Bellinger, founder of DS Bellinger Consulting, specializes in helping business owners and sales teams enhance their sales performance by mastering revenue-generating conversations. She launched the business part-time nine years ago, growing it into a thriving enterprise with a team of five and multiple six-figure revenues. Dr. Bellinger also brings a wealth of entrepreneurial experience, including successfully exiting a tech company. In this discussion, she shares her journey, the challenges she faced as a woman and a person of color, the critical role of financial literacy, the art of delegation, and the importance of fostering a strong business culture. Other Resources: Sales Is Not About Wait And See: Do You Want To Get Paid Now or Eventually? by Dr. Donna Smith Bellinger (Author) You Lost Me @ Hello: Actionable principles that move you beyond "Networking."  by Dr. Donna Smith Bellinger (Author) Why would you wait any longer to start living the lifestyle you signed up for? Balance your health, wealth, relationships and business growth. And focus your time and energy and make the most of this year. Let's get into it by clicking here.   Troy delves into our guest's startup journey, their perception of success, industry reconsideration, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice.   And a snapshot of the final five Grow A Small Business Questions: What do you think is the hardest thing in growing a small business? According to Dr. Donna Smith Bellinger, the hardest thing about growing a small business is understanding your value statement. She emphasises not trying to be all things to all people within your area of expertise. You simply cannot please everyone, so it is best to focus on what you do best and excel at that. What's your favorite business book that has helped you the most? According to Dr. Donna Smith Bellinger, her favourite business book that has helped her the most is The E Myth. However, she also mentions that The Purpose Driven Life, while not a business book, was very important to her. Therefore, she highlights two books as being particularly impactful. Are there any great podcasts or online learning resources you'd recommend to help grow a small business? Dr. Donna Smith Bellinger, doesn't recommend specific podcasts or online learning tools. Instead, she emphasises the importance of tailored research within the specific industry of a new client to remain relevant. She takes "a little bit of everything" for her own professional development. The host, Troy Trewin, suggests the Grow Small Business podcast itself as a helpful resource. What tool or resource would you recommend to grow a small business? She recommends the most direct tool recommendation for growing a small business is to have a good, robust CRM (Customer Relationship Management) system. She states that the days of just using a spreadsheet are over. What advice would you give yourself on day one of starting out in business? Her advice for herself on day one of starting out in business would be straightforward: "If you can't laugh at it, don't do it" Book a 20-minute Growth Chat with Troy Trewin to see if you qualify for our upcoming course. Don't miss out on this opportunity to take your small business to new heights! Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.     Quotable quotes from our special Grow A Small Business podcast guest: Confidence is your most powerful sales strategy—own it before you pitch it – Dr. Donna Smith Bellinger Revenue generation starts with a mindset, not a marketing plan – Dr. Donna Smith Bellinger Stop asking for permission to succeed—just go get it  – Dr. Donna Smith Bellinger

Find Nicolas on LinkedIn here https://www.linkedin.com/in/bouchernicolas/And check out his community AI Finance Club https://ai-finance.club/✉️ Check out Jason's weekly email newsletter https://www.jasononfirms.com/newsletter

The ASX 200 dropped as expected 325 points to 7343 (4.2%). US futures pointing to another realignment of valuation with a big drop in store. Asian markets are playing some catch-up as China comes back from a holiday. Our market bounced off its low this morning of 7169 with the banks recovering some ground. The Big Bank Basket down 5.7% to $232.68, CBA down 6.2% and WBC off 5.6% with MQG turning positive after an 8% fall to close down 0.8%. Financials were squashed, GQG down 1.9% and PPT does 7.3%. QBE were hit hard as bond yields fall down 6.8%. Some winners in finance though with CGF up 8.3% on a strategic stake acquired and ASK also doing well up % on a NBIO. REITS stumbled lower, GMG down 4.3% and SCG off 3.8% despite rate falls. Industrials too under pressure, WES down 4.9% and CPU off 4.4% with QAN falling 3.7%. ALL came up lemons dropping 6.2% and retail in trouble, JBH down 5.9% and LOV off 8.3%. Travel stocks fell, and tech stocks did better than expected, with WTC actually firmer by 2.2%. The All-Tech Index down 3.1%. Resources struggled as global growth expectations were adjusted, BHP down 6.1% with FMG losing only 3.6%. Gold miners saw profit taking but off early lows, NEM down 3.5% after being down twice that.  Oil and gas stocks declined as crude fell, WDS off 5.8% despite selling a US LNG business. Uranium under pressure again, PDN down 9.6% and BOE off 8.7%. In corporate news, ASK got a NBIO from Ki Corp at 147c, CGF saw a Japanese buyer take a 15% stake. Nothing on the economic front. Asian markets played catch up, China down 7.1%, HK off 12.2% and Japan down 6.7%.Want to invest with Marcus Today? The Managed Strategy Portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you. If you're looking for personal financial advice, our friends at Clime Investment Management can help. Their team of licensed advisers operates across most states, offering tailored financial planning services.  Why not sign up for a free trial? Gain access to expert insights, research, and analysis to become a better investor.

Brandon Liu is an open source developer and creator of the Protomaps basemap project. We talk about how static maps help developers build sites that last, the PMTiles file format, the role of OpenStreetMap, and his experience funding and running an open source project full time. Protomaps Protomaps PMTiles (File format used by Protomaps) Self-hosted slippy maps, for novices (like me) Why Deploy Protomaps on a CDN User examples Flickr Pinball Map Toilet Map Related projects OpenStreetMap (Dataset protomaps is based on) Mapzen (Former company that released details on what to display based on zoom levels) Mapbox GL JS (Mapbox developed source available map rendering library) MapLibre GL JS (Open source fork of Mapbox GL JS) Other links HTTP range requests (MDN) Hilbert curve Transcript You can help correct transcripts on GitHub. Intro [00:00:00] Jeremy: I'm talking to Brandon Liu. He's the creator of Protomaps, which is a way to easily create and host your own maps. Let's get into it. [00:00:09] Brandon: Hey, so thanks for having me on the podcast. So I'm Brandon. I work on an open source project called Protomaps. What it really is, is if you're a front end developer and you ever wanted to put maps on a website or on a mobile app, then Protomaps is sort of an open source solution for doing that that I hope is something that's way easier to use than, um, a lot of other open source projects. Why not just use Google Maps? [00:00:36] Jeremy: A lot of people are gonna be familiar with Google Maps. Why should they worry about whether something's open source? Why shouldn't they just go and use the Google maps API? [00:00:47] Brandon: So Google Maps is like an awesome thing it's an awesome product. Probably one of the best tech products ever right? And just to have a map that tells you what restaurants are open and something that I use like all the time especially like when you're traveling it has all that data. And the most amazing part is that it's free for consumers but it's not necessarily free for developers. Like if you wanted to embed that map onto your website or app, that usually has an API cost which still has a free tier and is affordable. But one motivation, one basic reason to use open source is if you have some project that doesn't really fit into that pricing model. You know like where you have to pay the cost of Google Maps, you have a side project, a nonprofit, that's one reason. But there's lots of other reasons related to flexibility or customization where you might want to use open source instead. Protomaps examples [00:01:49] Jeremy: Can you give some examples where people have used Protomaps and where that made sense for them? [00:01:56] Brandon: I follow a lot of the use cases and I also don't know about a lot of them because I don't have an API where I can track a hundred percent of the users. Some of them use the hosted version, but I would say most of them probably use it on their own infrastructure. One of the cool projects I've been seeing is called Toilet Map. And what toilet map is if you're in the UK and you want find a public restroom then it maps out, sort of crowdsourced all of the public restrooms. And that's important for like a lot of people if they have health issues, they need to find that information. And just a lot of different projects in the same vein. There's another one called Pinball Map which is sort of a hobby project to find all the pinball machines in the world. And they wanted to have a customized map that fit in with their theme of pinball. So these sorts of really cool indie projects are the ones I'm most excited about. Basemaps vs Overlays [00:02:57] Jeremy: And if we talk about, like the pinball map as an example, there's this concept of a basemap and then there's the things that you lay on top of it. What is a basemap and then is the pinball locations is that part of it or is that something separate? [00:03:12] Brandon: It's usually something separate. The example I usually use is if you go to a real estate site, like Zillow, you'll open up the map of Seattle and it has a bunch of pins showing all the houses, and then it has some information beneath it. That information beneath it is like labels telling, this neighborhood is Capitol Hill, or there is a park here. But all that information is common to a lot of use cases and it's not specific to real estate. So I think usually that's the distinction people use in the industry between like a base map versus your overlay. The overlay is like the data for your product or your company while the base map is something you could get from Google or from Protomaps or from Apple or from Mapbox that kind of thing. PMTiles for hosting the basemap and overlays [00:03:58] Jeremy: And so Protomaps in particular is responsible for the base map, and that information includes things like the streets and the locations of landmarks and things like that. Where is all that information coming from? [00:04:12] Brandon: So the base map information comes from a project called OpenStreetMap. And I would also, point out that for Protomaps as sort of an ecosystem. You can also put your overlay data into a format called PMTiles, which is sort of the core of what Protomaps is. So it can really do both. It can transform your data into the PMTiles format which you can host and you can also host the base map. So you kind of have both of those sides of the product in one solution. [00:04:43] Jeremy: And so when you say you have both are you saying that the PMTiles file can have, the base map in one file and then you would have the data you're laying on top in another file? Or what are you describing there? [00:04:57] Brandon: That's usually how I recommend to do it. Oftentimes there'll be sort of like, a really big basemap 'cause it has all of that data about like where the rivers are. Or while, if you want to put your map of toilets or park benches or pickleball courts on top, that's another file. But those are all just like assets you can move around like JSON or CSV files. Statically Hosted [00:05:19] Jeremy: And I think one of the things you mentioned was that your goal was to make Protomaps or the, the use of these PMTiles files easy to use. What does that look like for, for a developer? I wanna host a map. What do I actually need to, to put on my servers? [00:05:38] Brandon: So my usual pitch is that basically if you know how to use S3 or cloud storage, that you know how to deploy a map. And that, I think is the main sort of differentiation from most open source projects. Like a lot of them, they call themselves like, like some sort of self-hosted solution. But I've actually avoided using the term self-hosted because I think in most cases that implies a lot of complexity. Like you have to log into a Linux server or you have to use Kubernetes or some sort of Docker thing. What I really want to emphasize is the idea that, for Protomaps, it's self-hosted in the same way like CSS is self-hosted. So you don't really need a service from Amazon to host the JSON files or CSV files. It's really just a static file. [00:06:32] Jeremy: When you say static file that means you could use any static web host to host your HTML file, your JavaScript that actually renders the map. And then you have your PMTiles files, and you're not running a process or anything, you're just putting your files on a static file host. [00:06:50] Brandon: Right. So I think if you're a developer, you can also argue like a static file server is a server. It's you know, it's the cloud, it's just someone else's computer. It's really just nginx under the hood. But I think static storage is sort of special. If you look at things like static site generators, like Jekyll or Hugo, they're really popular because they're a commodity or like the storage is a commodity. And you can take your blog, make it a Jekyll blog, hosted on S3. One day, Amazon's like, we're charging three times as much so you can move it to a different cloud provider. And that's all vendor neutral. So I think that's really the special thing about static storage as a primitive on the web. Why running servers is a problem for resilience [00:07:36] Jeremy: Was there a prior experience you had? Like you've worked with maps for a very long time. Were there particular difficulties you had where you said I just gotta have something that can be statically hosted? [00:07:50] Brandon: That's sort of exactly why I got into this. I've been working sort of in and around the map space for over a decade, and Protomaps is really like me trying to solve the same problem I've had over and over again in the past, just like once and forever right? Because like once this problem is solved, like I don't need to deal with it again in the future. So I've worked at a couple of different companies before, mostly as a contractor, for like a humanitarian nonprofit for a design company doing things like, web applications to visualize climate change. Or for even like museums, like digital signage for museums. And oftentimes they had some sort of data visualization component, but always sort of the challenge of how to like, store and also distribute like that data was something that there wasn't really great open source solutions. So just for map data, that's really what motivated that design for Protomaps. [00:08:55] Jeremy: And in those, those projects in the past, were those things where you had to run your own server, run your own database, things like that? [00:09:04] Brandon: Yeah. And oftentimes we did, we would spin up an EC2 instance, for maybe one client and then we would have to host this server serving map data forever. Maybe the client goes away, or I guess it's good for business if you can sign some sort of like long-term support for that client saying, Hey, you know, like we're done with a project, but you can pay us to maintain the EC2 server for the next 10 years. And that's attractive. but it's also sort of a pain, because usually what happens is if people are given the choice, like a developer between like either I can manage the server on EC2 or on Rackspace or Hetzner or whatever, or I can go pay a SaaS to do it. In most cases, businesses will choose to pay the SaaS. So that's really like what creates a sort of lock-in is this preference for like, so I have this choice between like running the server or paying the SaaS. Like businesses will almost always go and pay the SaaS. [00:10:05] Jeremy: Yeah. And in this case, you either find some kind of free hosting or low-cost hosting just to host your files and you upload the files and then you're good from there. You don't need to maintain anything. [00:10:18] Brandon: Exactly, and that's really the ideal use case. so I have some users these, climate science consulting agencies, and then they might have like a one-off project where they have to generate the data once, but instead of having to maintain this server for the lifetime of that project, they just have a file on S3 and like, who cares? If that costs a couple dollars a month to run, that's fine, but it's not like S3 is gonna be deprecated, like it's gonna be on an insecure version of Ubuntu or something. So that's really the ideal, set of constraints for using Protomaps. [00:10:58] Jeremy: Yeah. Something this also makes me think about is, is like the resilience of sites like remaining online, because I, interviewed, Kyle Drake, he runs Neocities, which is like a modern version of GeoCities. And if I remember correctly, he was mentioning how a lot of old websites from that time, if they were running a server backend, like they were running PHP or something like that, if you were to try to go to those sites, now they're like pretty much all dead because there needed to be someone dedicated to running a Linux server, making sure things were patched and so on and so forth. But for static sites, like the ones that used to be hosted on GeoCities, you can go to the internet archive or other websites and they were just files, right? You can bring 'em right back up, and if anybody just puts 'em on a web server, then you're good. They're still alive. Case study of news room preferring static hosting [00:11:53] Brandon: Yeah, exactly. One place that's kind of surprising but makes sense where this comes up, is for newspapers actually. Some of the users using Protomaps are the Washington Post. And the reason they use it, is not necessarily because they don't want to pay for a SaaS like Google, but because if they make an interactive story, they have to guarantee that it still works in a couple of years. And that's like a policy decision from like the editorial board, which is like, so you can't write an article if people can't view it in five years. But if your like interactive data story is reliant on a third party, API and that third party API becomes deprecated, or it changes the pricing or it, you know, it gets acquired, then your journalism story is not gonna work anymore. So I have seen really good uptake among local news rooms and even big ones to use things like Protomaps just because it makes sense for the requirements. Working on Protomaps as an open source project for five years [00:12:49] Jeremy: How long have you been working on Protomaps and the parts that it's made up of such as PMTiles? [00:12:58] Brandon: I've been working on it for about five years, maybe a little more than that. It's sort of my pandemic era project. But the PMTiles part, which is really the heart of it only came in about halfway. Why not make a SaaS? [00:13:13] Brandon: So honestly, like when I first started it, I thought it was gonna be another SaaS and then I looked at it and looked at what the environment was around it. And I'm like, uh, so I don't really think I wanna do that. [00:13:24] Jeremy: When, when you say you looked at the environment around it what do you mean? Why did you decide not to make it a SaaS? [00:13:31] Brandon: Because there already is a lot of SaaS out there. And I think the opportunity of making something that is unique in terms of those use cases, like I mentioned like newsrooms, was clear. Like it was clear that there was some other solution, that could be built that would fit these needs better while if it was a SaaS, there are plenty of those out there. And I don't necessarily think that they're well differentiated. A lot of them all use OpenStreetMap data. And it seems like they mainly compete on price. It's like who can build the best three column pricing model. And then once you do that, you need to build like billing and metrics and authentication and like those problems don't really interest me. So I think, although I acknowledge sort of the indie hacker ethos now is to build a SaaS product with a monthly subscription, that's something I very much chose not to do, even though it is for sure like the best way to build a business. [00:14:29] Jeremy: Yeah, I mean, I think a lot of people can appreciate that perspective because it's, it's almost like we have SaaS overload, right? Where you have so many little bills for your project where you're like, another $5 a month, another $10 a month, or if you're a business, right? Those, you add a bunch of zeros and at some point it's just how many of these are we gonna stack on here? [00:14:53] Brandon: Yeah. And honestly. So I really think like as programmers, we're not really like great at choosing how to spend money like a $10 SaaS. That's like nothing. You know? So I can go to Starbucks and I can buy a pumpkin spice latte, and that's like $10 basically now, right? And it's like I'm able to make that consumer choice in like an instant just to spend money on that. But then if you're like, oh, like spend $10 on a SaaS that somebody put a lot of work into, then you're like, oh, that's too expensive. I could just do it myself. So I'm someone that also subscribes to a lot of SaaS products. and I think for a lot of things it's a great fit. Many open source SaaS projects are not easy to self host [00:15:37] Brandon: But there's always this tension between an open source project that you might be able to run yourself and a SaaS. And I think a lot of projects are at different parts of the spectrum. But for Protomaps, it's very much like I'm trying to move maps to being it is something that is so easy to run yourself that anyone can do it. [00:16:00] Jeremy: Yeah, and I think you can really see it with, there's a few SaaS projects that are successful and they're open source, but then you go to look at the self-hosting instructions and it's either really difficult to find and you find it, and then the instructions maybe don't work, or it's really complicated. So I think doing the opposite with Protomaps. As a user, I'm sure we're all appreciative, but I wonder in terms of trying to make money, if that's difficult. [00:16:30] Brandon: No, for sure. It is not like a good way to make money because I think like the ideal situation for an open source project that is open that wants to make money is the product itself is fundamentally complicated to where people are scared to run it themselves. Like a good example I can think of is like Supabase. Supabase is sort of like a platform as a service based on Postgres. And if you wanted to run it yourself, well you need to run Postgres and you need to handle backups and authentication and logging, and that stuff all needs to work and be production ready. So I think a lot of people, like they don't trust themselves to run database backups correctly. 'cause if you get it wrong once, then you're kind of screwed. So I think that fundamental aspect of the product, like a database is something that is very, very ripe for being a SaaS while still being open source because it's fundamentally hard to run. Another one I can think of is like tailscale, which is, like a VPN that works end to end. That's something where, you know, it has this networking complexity where a lot of developers don't wanna deal with that. So they'd happily pay, for tailscale as a service. There is a lot of products or open source projects that eventually end up just changing to becoming like a hosted service. Businesses going from open source to closed or restricted licenses [00:17:58] Brandon: But then in that situation why would they keep it open source, right? Like, if it's easy to run yourself well, doesn't that sort of cannibalize their business model? And I think that's really the tension overall in these open source companies. So you saw it happen to things like Elasticsearch to things like Terraform where they eventually change the license to one that makes it difficult for other companies to compete with them. [00:18:23] Jeremy: Yeah, I mean there's been a number of cases like that. I mean, specifically within the mapping community, one I can think of was Mapbox's. They have Mapbox gl. Which was a JavaScript client to visualize maps and they moved from, I forget which license they picked, but they moved to a much more restrictive license. I wonder what your thoughts are on something that releases as open source, but then becomes something maybe a little more muddy. [00:18:55] Brandon: Yeah, I think it totally makes sense because if you look at their business and their funding, it seems like for Mapbox, I haven't used it in a while, but my understanding is like a lot of their business now is car companies and doing in dash navigation. And that is probably way better of a business than trying to serve like people making maps of toilets. And I think sort of the beauty of it is that, so Mapbox, the story is they had a JavaScript renderer called Mapbox GL JS. And they changed that to a source available license a couple years ago. And there's a fork of it that I'm sort of involved in called MapLibre GL. But I think the cool part is Mapbox paid employees for years, probably millions of dollars in total to work on this thing and just gave it away for free. Right? So everyone can benefit from that work they did. It's not like that code went away, like once they changed the license. Well, the old version has been forked. It's going its own way now. It's quite different than the new version of Mapbox, but I think it's extremely generous that they're able to pay people for years, you know, like a competitive salary and just give that away. [00:20:10] Jeremy: Yeah, so we should maybe look at it as, it was a gift while it was open source, and they've given it to the community and they're on continuing on their own path, but at least the community running Map Libre, they can run with it, right? It's not like it just disappeared. [00:20:29] Brandon: Yeah, exactly. And that is something that I use for Protomaps quite extensively. Like it's the primary way of showing maps on the web and I've been trying to like work on some enhancements to it to have like better internationalization for if you are in like South Asia like not show languages correctly. So I think it is being taken in a new direction. And I think like sort of the combination of Protomaps and MapLibre, it addresses a lot of use cases, like I mentioned earlier with like these like hobby projects, indie projects that are almost certainly not interesting to someone like Mapbox or Google as a business. But I'm happy to support as a small business myself. Financially supporting open source work (GitHub sponsors, closed source, contracts) [00:21:12] Jeremy: In my previous interview with Tom, one of the main things he mentioned was that creating a mapping business is incredibly difficult, and he said he probably wouldn't do it again. So in your case, you're building Protomaps, which you've admitted is easy to self-host. So there's not a whole lot of incentive for people to pay you. How is that working out for you? How are you supporting yourself? [00:21:40] Brandon: There's a couple of strategies that I've tried and oftentimes failed at. Just to go down the list, so I do have GitHub sponsors so I do have a hosted version of Protomaps you can use if you don't want to bother copying a big file around. But the way I do the billing for that is through GitHub sponsors. If you wanted to use this thing I provide, then just be a sponsor. And that definitely pays for itself, like the cost of running it. And that's great. GitHub sponsors is so easy to set up. It just removes you having to deal with Stripe or something. 'cause a lot of people, their credit card information is already in GitHub. GitHub sponsors I think is awesome if you want to like cover costs for a project. But I think very few people are able to make that work. A thing that's like a salary job level. It's sort of like Twitch streaming, you know, there's a handful of people that are full-time streamers and then you look down the list on Twitch and it's like a lot of people that have like 10 viewers. But some of the other things I've tried, I actually started out, publishing the base map as a closed source thing, where I would sell sort of like a data package instead of being a SaaS, I'd be like, here's a one-time download, of the premium data and you can buy it. And quite a few people bought it I just priced it at like $500 for this thing. And I thought that was an interesting experiment. The main reason it's interesting is because the people that it attracts to you in terms of like, they're curious about your products, are all people willing to pay money. While if you start out everything being open source, then the people that are gonna be try to do it are only the people that want to get something for free. So what I discovered is actually like once you transition that thing from closed source to open source, a lot of the people that used to pay you money will still keep paying you money because like, it wasn't necessarily that that closed source thing was why they wanted to pay. They just valued that thought you've put into it your expertise, for example. So I think that is one thing, that I tried at the beginning was just start out, closed source proprietary, then make it open source. That's interesting to people. Like if you release something as open source, if you go the other way, like people are really mad if you start out with something open source and then later on you're like, oh, it's some other license. Then people are like that's so rotten. But I think doing it the other way, I think is quite valuable in terms of being able to find an audience. [00:24:29] Jeremy: And when you said it was closed source and paid to open source, do you still sell those map exports? [00:24:39] Brandon: I don't right now. It's something that I might do in the future, you know, like have small customizations of the data that are available, uh, for a fee. still like the core OpenStreetMap based map that's like a hundred gigs you can just download. And that'll always just be like a free download just because that's already out there. All the source code to build it is open source. So even if I said, oh, you have to pay for it, then someone else can just do it right? So there's no real reason like to make that like some sort of like paywall thing. But I think like overall if the project is gonna survive in the long term it's important that I'd ideally like to be able to like grow like a team like have a small group of people that can dedicate the time to growing the project in the long term. But I'm still like trying to figure that out right now. [00:25:34] Jeremy: And when you mentioned that when you went from closed to open and people were still paying you, you don't sell a product anymore. What were they paying for? [00:25:45] Brandon: So I have some contracts with companies basically, like if they need a feature or they need a customization in this way then I am very open to those. And I sort of set it up to make it clear from the beginning that this is not just a free thing on GitHub, this is something that you could pay for if you need help with it, if you need support, if you wanted it. I'm also a little cagey about the word support because I think like it sounds a little bit too wishy-washy. Pretty much like if you need access to the developers of an open source project, I think that's something that businesses are willing to pay for. And I think like making that clear to potential users is a challenge. But I think that is one way that you might be able to make like a living out of open source. [00:26:35] Jeremy: And I think you said you'd been working on it for about five years. Has that mostly been full time? [00:26:42] Brandon: It's been on and off. it's sort of my pandemic era project. But I've spent a lot of time, most of my time working on the open source project at this point. So I have done some things that were more just like I'm doing a customization or like a private deployment for some client. But that's been a minority of the time. Yeah. [00:27:03] Jeremy: It's still impressive to have an open source project that is easy to self-host and yet is still able to support you working on it full time. I think a lot of people might make the assumption that there's nothing to sell if something is, is easy to use. But this sort of sounds like a counterpoint to that. [00:27:25] Brandon: I think I'd like it to be. So when you come back to the point of like, it being easy to self-host. Well, so again, like I think about it as like a primitive of the web. Like for example, if you wanted to start a business today as like hosted CSS files, you know, like where you upload your CSS and then you get developers to pay you a monthly subscription for how many times they fetched a CSS file. Well, I think most developers would be like, that's stupid because it's just an open specification, you just upload a static file. And really my goal is to make Protomaps the same way where it's obvious that there's not really some sort of lock-in or some sort of secret sauce in the server that does this thing. How PMTiles works and building a primitive of the web [00:28:16] Brandon: If you look at video for example, like a lot of the tech for how Protomaps and PMTiles works is based on parts of the HTTP spec that were made for video. And 20 years ago, if you wanted to host a video on the web, you had to have like a real player license or flash. So you had to go license some server software from real media or from macromedia so you could stream video to a browser plugin. But now in HTML you can just embed a video file. And no one's like, oh well I need to go pay for my video serving license. I mean, there is such a thing, like YouTube doesn't really use that for DRM reasons, but people just have the assumption that video is like a primitive on the web. So if we're able to make maps sort of that same way like a primitive on the web then there isn't really some obvious business or licensing model behind how that works. Just because it's a thing and it helps a lot of people do their jobs and people are happy using it. So why bother? [00:29:26] Jeremy: You mentioned that it a tech that was used for streaming video. What tech specifically is it? [00:29:34] Brandon: So it is byte range serving. So when you open a video file on the web, So let's say it's like a 100 megabyte video. You don't have to download the entire video before it starts playing. It streams parts out of the file based on like what frames... I mean, it's based on the frames in the video. So it can start streaming immediately because it's organized in a way to where the first few frames are at the beginning. And what PMTiles really is, is it's just like a video but in space instead of time. So it's organized in a way where these zoomed out views are at the beginning and the most zoomed in views are at the end. So when you're like panning or zooming in the map all you're really doing is fetching byte ranges out of that file the same way as a video. But it's organized in, this tiled way on a space filling curve. IIt's a little bit complicated how it works internally and I think it's kind of cool but that's sort of an like an implementation detail. [00:30:35] Jeremy: And to the person deploying it, it just looks like a single file. [00:30:40] Brandon: Exactly in the same way like an mp3 audio file is or like a JSON file is. [00:30:47] Jeremy: So with a video, I can sort of see how as someone seeks through the video, they start at the beginning and then they go to the middle if they wanna see the middle. For a map, as somebody scrolls around the map, are you seeking all over the file or is the way it's structured have a little less chaos? [00:31:09] Brandon: It's structured. And that's kind of the main technical challenge behind building PMTiles is you have to be sort of clever so you're not spraying the reads everywhere. So it uses something called a hilbert curve, which is a mathematical concept of a space filling curve. Where it's one continuous curve that essentially lets you break 2D space into 1D space. So if you've seen some maps of IP space, it uses this crazy looking curve that hits all the points in one continuous line. And that's the same concept behind PMTiles is if you're looking at one part of the world, you're sort of guaranteed that all of those parts you're looking at are quite close to each other and the data you have to transfer is quite minimal, compared to if you just had it at random. [00:32:02] Jeremy: How big do the files get? If I have a PMTiles of the entire world, what kind of size am I looking at? [00:32:10] Brandon: Right now, the default one I distribute is 128 gigabytes, so it's quite sizable, although you can slice parts out of it remotely. So if you just wanted. if you just wanted California or just wanted LA or just wanted only a couple of zoom levels, like from zero to 10 instead of zero to 15, there is a command line tool that's also called PMTiles that lets you do that. Issues with CDNs and range queries [00:32:35] Jeremy: And when you're working with files of this size, I mean, let's say I am working with a CDN in front of my application. I'm not typically accustomed to hosting something that's that large and something that's where you're seeking all over the file. is that, ever an issue or is that something that's just taken care of by the browser and, and taken care of by, by the hosts? [00:32:58] Brandon: That is an issue actually, so a lot of CDNs don't deal with it correctly. And my recommendation is there is a kind of proxy server or like a serverless proxy thing that I wrote. That runs on like cloudflare workers or on Docker that lets you proxy those range requests into a normal URL and then that is like a hundred percent CDN compatible. So I would say like a lot of the big commercial installations of this thing, they use that because it makes more practical sense. It's also faster. But the idea is that this solution sort of scales up and scales down. If you wanted to host just your city in like a 10 megabyte file, well you can just put that into GitHub pages and you don't have to worry about it. If you want to have a global map for your website that serves a ton of traffic then you probably want a little bit more sophisticated of a solution. It still does not require you to run a Linux server, but it might require (you) to use like Lambda or Lambda in conjunction with like a CDN. [00:34:09] Jeremy: Yeah. And that sort of ties into what you were saying at the beginning where if you can host on something like CloudFlare Workers or Lambda, there's less time you have to spend keeping these things running. [00:34:26] Brandon: Yeah, exactly. and I think also the Lambda or CloudFlare workers solution is not perfect. It's not as perfect as S3 or as just static files, but in my experience, it still is better at building something that lasts on the time span of years than being like I have a server that is on this Ubuntu version and in four years there's all these like security patches that are not being applied. So it's still sort of serverless, although not totally vendor neutral like S3. Customizing the map [00:35:03] Jeremy: We've mostly been talking about how you host the map itself, but for someone who's not familiar with these kind of tools, how would they be customizing the map? [00:35:15] Brandon: For customizing the map there is front end style customization and there's also data customization. So for the front end if you wanted to change the water from the shade of blue to another shade of blue there is a TypeScript API where you can customize it almost like a text editor color scheme. So if you're able to name a bunch of colors, well you can customize the map in that way you can change the fonts. And that's all done using MapLibre GL using a TypeScript API on top of that for customizing the data. So all the pipeline to generate this data from OpenStreetMap is open source. There is a Java program using a library called PlanetTiler which is awesome, which is this super fast multi-core way of building map tiles. And right now there isn't really great hooks to customize what data goes into that. But that's something that I do wanna work on. And finally, because the data comes from OpenStreetMap if you notice data that's missing or you wanted to correct data in OSM then you can go into osm.org. You can get involved in contributing the data to OSM and the Protomaps build is daily. So if you make a change, then within 24 hours you should see the new base map. Have that change. And of course for OSM your improvements would go into every OSM based project that is ingesting that data. So it's not a protomap specific thing. It's like this big shared data source, almost like Wikipedia. OpenStreetMap is a dataset and not a map [00:37:01] Jeremy: I think you were involved with OpenStreetMap to some extent. Can you speak a little bit to that for people who aren't familiar, what OpenStreetMap is? [00:37:11] Brandon: Right. So I've been using OSM as sort of like a tools developer for over a decade now. And one of the number one questions I get from developers about what is Protomaps is why wouldn't I just use OpenStreetMap? What's the distinction between Protomaps and OpenStreetMap? And it's sort of like this funny thing because even though OSM has map in the name it's not really a map in that you can't... In that it's mostly a data set and not a map. It does have a map that you can see that you can pan around to when you go to the website but the way that thing they show you on the website is built is not really that easily reproducible. It involves a lot of c++ software you have to run. But OpenStreetMap itself, the heart of it is almost like a big XML file that has all the data in the map and global. And it has tagged features for example. So you can go in and edit that. It has a web front end to change the data. It does not directly translate into making a map actually. Protomaps decides what shows at each zoom level [00:38:24] Brandon: So a lot of the pipeline, that Java program I mentioned for building this basemap for protomaps is doing things like you have to choose what data you show when you zoom out. You can't show all the data. For example when you're zoomed out and you're looking at all of a state like Colorado you don't see all the Chipotle when you're zoomed all the way out. That'd be weird, right? So you have to make some sort of decision in logic that says this data only shows up at this zoom level. And that's really what is the challenge in optimizing the size of that for the Protomaps map project. [00:39:03] Jeremy: Oh, so those decisions of what to show at different Zoom levels those are decisions made by you when you're creating the PMTiles file with Protomaps. [00:39:14] Brandon: Exactly. It's part of the base maps build pipeline. and those are honestly very subjective decisions. Who really decides when you're zoomed out should this hospital show up or should this museum show up nowadays in Google, I think it shows you ads. Like if someone pays for their car repair shop to show up when you're zoomed out like that that gets surfaced. But because there is no advertising auction in Protomaps that doesn't happen obviously. So we have to sort of make some reasonable choice. A lot of that right now in Protomaps actually comes from another open source project called Mapzen. So Mapzen was a company that went outta business a couple years ago. They did a lot of this work in designing which data shows up at which Zoom level and open sourced it. And then when they shut down, they transferred that code into the Linux Foundation. So it's this totally open source project, that like, again, sort of like Mapbox gl has this awesome legacy in that this company funded it for years for smart people to work on it and now it's just like a free thing you can use. So the logic in Protomaps is really based on mapzen. [00:40:33] Jeremy: And so the visualization of all this... I think I understand what you mean when people say oh, why not use OpenStreetMaps because it's not really clear it's hard to tell is this the tool that's visualizing the data? Is it the data itself? So in the case of using Protomaps, it sounds like Protomaps itself has all of the data from OpenStreetMap and then it has made all the decisions for you in terms of what to show at different Zoom levels and what things to have on the map at all. And then finally, you have to have a separate, UI layer and in this case, it sounds like the one that you recommend is the Map Libre library. [00:41:18] Brandon: Yeah, that's exactly right. For Protomaps, it has a portion or a subset of OSM data. It doesn't have all of it just because there's too much, like there's data in there. people have mapped out different bushes and I don't include that in Protomaps if you wanted to go in and edit like the Java code to add that you can. But really what Protomaps is positioned at is sort of a solution for developers that want to use OSM data to make a map on their app or their website. because OpenStreetMap itself is mostly a data set, it does not really go all the way to having an end-to-end solution. Financials and the idea of a project being complete [00:41:59] Jeremy: So I think it's great that somebody who wants to make a map, they have these tools available, whether it's from what was originally built by Mapbox, what's built by Open StreetMap now, the work you're doing with Protomaps. But I wonder one of the things that I talked about with Tom was he was saying he was trying to build this mapping business and based on the financials of what was coming in he was stressed, right? He was struggling a bit. And I wonder for you, you've been working on this open source project for five years. Do you have similar stressors or do you feel like I could keep going how things are now and I feel comfortable? [00:42:46] Brandon: So I wouldn't say I'm a hundred percent in one bucket or the other. I'm still seeing it play out. One thing, that I really respect in a lot of open source projects, which I'm not saying I'm gonna do for Protomaps is the idea that a project is like finished. I think that is amazing. If a software project can just be done it's sort of like a painting or a novel once you write, finish the last page, have it seen by the editor. I send it off to the press is you're done with a book. And I think one of the pains of software is so few of us can actually do that. And I don't know obviously people will say oh the map is never finished. That's more true of OSM, but I think like for Protomaps. One thing I'm thinking about is how to limit the scope to something that's quite narrow to where we could be feature complete on the core things in the near term timeframe. That means that it does not address a lot of things that people want. Like search, like if you go to Google Maps and you search for a restaurant, you will get some hits. that's like a geocoding issue. And I've already decided that's totally outta scope for Protomaps. So, in terms of trying to think about the future of this, I'm mostly looking for ways to cut scope if possible. There are some things like better tooling around being able to work with PMTiles that are on the roadmap. but for me, I am still enjoying working on the project. It's definitely growing. So I can see on NPM downloads I can see the growth curve of people using it and that's really cool. So I like hearing about when people are using it for cool projects. So it seems to still be going okay for now. [00:44:44] Jeremy: Yeah, that's an interesting perspective about how you were talking about projects being done. Because I think when people look at GitHub projects and they go like, oh, the last commit was X months ago. They go oh well this is dead right? But maybe that's the wrong framing. Maybe you can get a project to a point where it's like, oh, it's because it doesn't need to be updated. [00:45:07] Brandon: Exactly, yeah. Like I used to do a lot of c++ programming and the best part is when you see some LAPACK matrix math library from like 1995 that still works perfectly in c++ and you're like, this is awesome. This is the one I have to use. But if you're like trying to use some like React component library and it hasn't been updated in like a year, you're like, oh, that's a problem. So again, I think there's some middle ground between those that I'm trying to find. I do like for Protomaps, it's quite dependency light in terms of the number of hard dependencies I have in software. but I do still feel like there is a lot of work to be done in terms of project scope that needs to have stuff added. You mostly only hear about problems instead of people's wins [00:45:54] Jeremy: Having run it for this long. Do you have any thoughts on running an open source project in general? On dealing with issues or managing what to work on things like that? [00:46:07] Brandon: Yeah. So I have a lot. I think one thing people point out a lot is that especially because I don't have a direct relationship with a lot of the people using it a lot of times I don't even know that they're using it. Someone sent me a message saying hey, have you seen flickr.com, like the photo site? And I'm like, no. And I went to flickr.com/map and it has Protomaps for it. And I'm like, I had no idea. But that's cool, if they're able to use Protomaps for this giant photo sharing site that's awesome. But that also means I don't really hear about when people use it successfully because you just don't know, I guess they, NPM installed it and it works perfectly and you never hear about it. You only hear about people's negative experiences. You only hear about people that come and open GitHub issues saying this is totally broken, and why doesn't this thing exist? And I'm like, well, it's because there's an infinite amount of things that I want to do, but I have a finite amount of time and I just haven't gone into that yet. And that's honestly a lot of the things and people are like when is this thing gonna be done? So that's, that's honestly part of why I don't have a public roadmap because I want to avoid that sort of bickering about it. I would say that's one of my biggest frustrations with running an open source project is how it's self-selected to only hear the negative experiences with it. Be careful what PRs you accept [00:47:32] Brandon: 'cause you don't hear about those times where it works. I'd say another thing is it's changed my perspective on contributing to open source because I think when I was younger or before I had become a maintainer I would open a pull request on a project unprompted that has a hundred lines and I'd be like, Hey, just merge this thing. But I didn't realize when I was younger well if I just merge it and I disappear, then the maintainer is stuck with what I did forever. You know if I add some feature then that person that maintains the project has to do that indefinitely. And I think that's very asymmetrical and it's changed my perspective a lot on accepting open source contributions. I wanna have it be open to anyone to contribute. But there is some amount of back and forth where it's almost like the default answer for should I accept a PR is no by default because you're the one maintaining it. And do you understand the shape of that solution completely to where you're going to support it for years because the person that's contributing it is not bound to those same obligations that you are. And I think that's also one of the things where I have a lot of trepidation around open source is I used to think of it as a lot more bazaar-like in terms of anyone can just throw their thing in. But then that creates a lot of problems for the people who are expected out of social obligation to continue this thing indefinitely. [00:49:23] Jeremy: Yeah, I can totally see why that causes burnout with a lot of open source maintainers, because you probably to some extent maybe even feel some guilt right? You're like, well, somebody took the time to make this. But then like you said you have to spend a lot of time trying to figure out is this something I wanna maintain long term? And one wrong move and it's like, well, it's in here now. [00:49:53] Brandon: Exactly. To me, I think that is a very common failure mode for open source projects is they're too liberal in the things they accept. And that's a lot of why I was talking about how that choice of what features show up on the map was inherited from the MapZen projects. If I didn't have that then somebody could come in and say hey, you know, I want to show power lines on the map. And they open a PR for power lines and now everybody who's using Protomaps when they're like zoomed out they see power lines are like I didn't want that. So I think that's part of why a lot of open source projects eventually evolve into a plugin system is because there is this demand as the project grows for more and more features. But there is a limit in the maintainers. It's like the demand for features is exponential while the maintainer amount of time and effort is linear. Plugin systems might reduce need for PRs [00:50:56] Brandon: So maybe the solution to smash that exponential down to quadratic maybe is to add a plugin system. But I think that is one of the biggest tensions that only became obvious to me after working on this for a couple of years. [00:51:14] Jeremy: Is that something you're considering doing now? [00:51:18] Brandon: Is the plugin system? Yeah. I think for the data customization, I eventually wanted to have some sort of programmatic API to where you could declare a config file that says I want ski routes. It totally makes sense. The power lines example is maybe a little bit obscure but for example like a skiing app and you want to be able to show ski slopes when you're zoomed out well you're not gonna be able to get that from Mapbox or from Google because they have a one size fits all map that's not specialized to skiing or to golfing or to outdoors. But if you like, in theory, you could do this with Protomaps if you changed the Java code to show data at different zoom levels. And that is to me what makes the most sense for a plugin system and also makes the most product sense because it enables a lot of things you cannot do with the one size fits all map. [00:52:20] Jeremy: It might also increase the complexity of the implementation though, right? [00:52:25] Brandon: Yeah, exactly. So that's like. That's really where a lot of the terrifying thoughts come in, which is like once you create this like config file surface area, well what does that look like? Is that JSON? Is that TOML, is that some weird like everything eventually evolves into some scripting language right? Where you have logic inside of your templates and I honestly do not really know what that looks like right now. That feels like something in the medium term roadmap. [00:52:58] Jeremy: Yeah and then in terms of bug reports or issues, now it's not just your code it's this exponential combination of whatever people put into these config files. [00:53:09] Brandon: Exactly. Yeah. so again, like I really respect the projects that have done this well or that have done plugins well. I'm trying to think of some, I think obsidian has plugins, for example. And that seems to be one of the few solutions to try and satisfy the infinite desire for features with the limited amount of maintainer time. Time split between code vs triage vs talking to users [00:53:36] Jeremy: How would you say your time is split between working on the code versus issue and PR triage? [00:53:43] Brandon: Oh, it varies really. I think working on the code is like a minority of it. I think something that I actually enjoy is talking to people, talking to users, getting feedback on it. I go to quite a few conferences to talk to developers or people that are interested and figure out how to refine the message, how to make it clearer to people, like what this is for. And I would say maybe a plurality of my time is spent dealing with non-technical things that are neither code or GitHub issues. One thing I've been trying to do recently is talk to people that are not really in the mapping space. For example, people that work for newspapers like a lot of them are front end developers and if you ask them to run a Linux server they're like I have no idea. But that really is like one of the best target audiences for Protomaps. So I'd say a lot of the reality of running an open source project is a lot like a business is it has all the same challenges as a business in terms of you have to figure out what is the thing you're offering. You have to deal with people using it. You have to deal with feedback, you have to deal with managing emails and stuff. I don't think the payoff is anywhere near running a business or a startup that's backed by VC money is but it's definitely not the case that if you just want to code, you should start an open source project because I think a lot of the work for an opensource project has nothing to do with just writing the code. It is in my opinion as someone having done a VC backed business before, it is a lot more similar to running, a tech company than just putting some code on GitHub. Running a startup vs open source project [00:55:43] Jeremy: Well, since you've done both at a high level what did you like about running the company versus maintaining the open source project? [00:55:52] Brandon: So I have done some venture capital accelerator programs before and I think there is an element of hype and energy that you get from that that is self perpetuating. Your co-founder is gungho on like, yeah, we're gonna do this thing. And your investors are like, you guys are geniuses. You guys are gonna make a killing doing this thing. And the way it's framed is sort of obvious to everyone that it's like there's a much more traditional set of motivations behind that, that people understand while it's definitely not the case for running an open source project. Sometimes you just wake up and you're like what the hell is this thing for, it is this thing you spend a lot of time on. You don't even know who's using it. The people that use it and make a bunch of money off of it they know nothing about it. And you know, it's just like cool. And then you only hear from people that are complaining about it. And I think like that's honestly discouraging compared to the more clear energy and clearer motivation and vision behind how most people think about a company. But what I like about the open source project is just the lack of those constraints you know? Where you have a mandate that you need to have this many customers that are paying by this amount of time. There's that sort of pressure on delivering a business result instead of just making something that you're proud of that's simple to use and has like an elegant design. I think that's really a difference in motivation as well. Having control [00:57:50] Jeremy: Do you feel like you have more control? Like you mentioned how you've decided I'm not gonna make a public roadmap. I'm the sole developer. I get to decide what goes in. What doesn't. Do you feel like you have more control in your current position than you did running the startup? [00:58:10] Brandon: Definitely for sure. Like that agency is what I value the most. It is possible to go too far. Like, so I'm very wary of the BDFL title, which I think is how a lot of open source projects succeed. But I think there is some element of for a project to succeed there has to be somebody that makes those decisions. Sometimes those decisions will be wrong and then hopefully they can be rectified. But I think going back to what I was talking about with scope, I think the overall vision and the scope of the project is something that I am very opinionated about in that it should do these things. It shouldn't do these things. It should be easy to use for this audience. Is it gonna be appealing to this other audience? I don't know. And I think that is really one of the most important parts of that leadership role, is having the power to decide we're doing this, we're not doing this. I would hope other developers would be able to get on board if they're able to make good use of the project, if they use it for their company, if they use it for their business, if they just think the project is cool. So there are other contributors at this point and I want to get more involved. But I think being able to make those decisions to what I believe is going to be the best project is something that is very special about open source, that isn't necessarily true about running like a SaaS business. [00:59:50] Jeremy: I think that's a good spot to end it on, so if people want to learn more about Protomaps or they wanna see what you're up to, where should they head? [01:00:00] Brandon: So you can go to Protomaps.com, GitHub, or you can find me or Protomaps on bluesky or Mastodon. [01:00:09] Jeremy: All right, Brandon, thank you so much for chatting today. [01:00:12] Brandon: Great. Thank you very much.

Wall St had a second major sell-off overnight as portfolio liquidations increased and China responded to US tariffs. A significant escalation in the trade war. Dow Jones down 2231 points, closing on the low again. S&P 500 down 6% and the Nasdaq down 5.8%. Retaliatory measures from China included 34% of additional tariffs, rare earth export controls and adding 11 US companies to a ‘unreliable entity' list. Concerns that other countries will follow this precedent soured market sentiment further. All sectors lower, Energy and Financials the worst.For the week, Dow Jones down 3269 points. S&P 500 down 9.1% and the Nasdaq down 10%. Biggest falls since Covid for all three major indices. The ASX 200 was down 3.9% for the week.The non-farm payroll release was lost in the tariff dominated headlines. 228k jobs added beat estimates of a 135k increase. It's still a pre-tariff economic number and recession fears outweighed any positive impact.SPI down 331 - US Futures in Sunday trading down another 5% - Trump administration doubles downWant to invest with Marcus Today? The Managed Strategy Portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you. If you're looking for personal financial advice, our friends at Clime Investment Management can help. Their team of licensed advisers operates across most states, offering tailored financial planning services.  Why not sign up for a free trial? Gain access to expert insights, research, and analysis to become a better investor.

⚠️ WEEKEND HEADLINES PODCAST⚠️ Philip and Curtis discuss the big car retailing stories on the Motor Trade Radio podcast, powered by MOTORS.   ✅ Cazoo relaunches as a used car marketplace, we chat to CEO Barry Judge ✅ Used car market steady in March as days to sell improve across all dealer types ✅ 16 OEMs and SMMT fined over vehicle recycling claims ✅ Pre-tax profit fall at Hendy Group for 2023, with 2024 set to turn a loss ✅ Saxton 4×4 posts losses for 2024 as ‘challenging' year sees profits wiped out ✅ Pinewood turns in £8.5m profit and completes its DMS rollout with Lithia UK ✅ And a welcome return to the IMI for industry legend Sarah Sillars     #AllTheChatterThatMatters #automotive

The Last Trade // Connect with Onramp // Onramp Terminal // Connect with Early Riders // Tim Kotzman on XThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, Brian Cubellis, & Tim Kotzman. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset...in the digital age, it's The Last Trade that investors will ever need to make.00:00 - Bitcoin's Mispricing and Market Dynamics06:08 - BlackRock's Influence and ETF Success09:07 - The Role of Bitcoin in Wealth Preservation12:07 - Bitcoin Policy Institute and BitBonds18:21 - Gold's Performance and Its Relation to Bitcoin21:11 - Circle's Financials and Market Positioning45:15 - The Evolution of Stablecoins and Their Impact48:16 - Geopolitical Implications of Stablecoin Legislation55:49 - The Trump Family's Involvement in Bitcoin01:01:59 - GameStop's Potential Bitcoin Strategy01:05:20 - Single Point of Failure of the Week01:17:57 - Outro & DisclaimerPlease subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Mordechai, head of Focus Capital Advisers, for his third appearance. They unpack what Mordechai calls the greatest acquisition of all time—Valeura Energy's buyout of Gulf of Thailand oil assets. The two deals, acquired at rock-bottom prices, now generate more than their cost in monthly free cash flow. Mordechai explains theasset's unusual geology, the long-tail economics of its reserves, and why the market still doesn't get it. They also cover decommissioning liabilities, NAV versus market cap, and how management might pull off more high-conviction deals in the future.______________________________________________________________________[00:01:14]Introduction to Mordechai and his advisory work[00:03:18]Overview of Valeura Energy and its asset transformation[00:04:38]Initial acquisition of the Wassana oil field from bankruptcy[00:07:06]Financials and economics of the Wassana deal[00:08:37]Comparison of Thailand offshore to domestic offshore assets[00:12:15] Uniquereserve dynamics in the Gulf of Thailand[00:17:08] Secondacquisition: Mubadala's Gulf assets and deal terms[00:20:00] Whythe Mubadala acquisition defies logic[00:24:14]Background on how Valeura got such a favorable deal[00:27:02] Whydeals done during peak 2022 oil prices still look brilliant[00:30:50] Whythe market hasn't fully caught on to Valeura's upside[00:33:49]Variance between reported reserves and economic field life[00:39:13] Datashowing reserve replacement outpaces depletion[00:42:56]Concession expiration and risks around renewal[00:46:56] NAVanalysis and investor skepticism[00:50:26]Updates on decommissioning costs and projections[00:51:50]Operational improvements and field efficiencies[00:53:04]Organic growth through field development and platform expansion[00:57:32]Upcoming catalysts and appraisal-based expansion opportunities Links:Focus CapitalAdvisors: https://focuscapitaladvisers.com/homeSee our legaldisclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Bob Doll looks at the macro picture ahead of tariff announcements this evening. He's focusing on companies with rising free cash flow and good return on equity. However, he's not totally staying out of high-beta stocks, making his portfolio more “neutral.” His favorite sector is financials, and he expects a market correction still to come.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

When should your nonprofit team know the financials?In this episode of A Modern Nonprofit Podcast, host Tosha Anderson and guest Pat Fisher (CFO to 35+ nonprofit clients) explore the why, when, and how of internal financial transparency.From diffusing financial responsibility to avoiding knowledge bottlenecks, Tosha and Pat break down real examples, common pitfalls, and practical steps for giving your team the financial visibility they need—without handing over the keys to the kingdom.Whether you're a CEO, program director, or finance lead, this episode will challenge how you think about budgeting, reporting, and building trust with your team.

Over the last year or so, Klarna has been on a rampage to automate away. They've sliced tools, costs and staff. Begging the question...Is this just a VC narrative or is there more than meets the eye?(00:00) - Introduction (02:44) - Klarna's Journey and Financials (05:49) - AI's Role in Cost Reduction (07:51) - Customer Service Innovations (10:28) - Internal Knowledge Management (13:47) - Introduction to Data Consolidation (14:29) - Enterprise Search and Internal Tools (15:20) - Klarna's Knowledge Graph and AI Integration (16:38) - Deprecating Salesforce and Workflow Changes (20:05) - HR and Employee Feedback Innovations (25:51) - Build vs. Buy Debate Never miss a new episode, join our newsletter on revenueformula.substack.com

Alex does a 2-year lookback on his 7-figure B2B content agency, storyarb.  — Show Notes: (0:00) A note from our sponsor (2:26) Welcome back to Founder's Journal (3:00) 2-year storyarb review  (3:36) Founding story (8:05) The pivot (10:03) Product evolution  (13:01) Building the right team (14:51) Financials & path forward  — Thanks to our presenting sponsor, Gusto. Head to www.gusto.com/alex — Episode Links: • Original storyarb tweet: https://x.com/businessbarista/status/1638176672485904384  • Abby Murray: https://www.linkedin.com/in/abbymurray/  Check Out Alex's Stuff: • storyarb - https://www.storyarb.com/ • growthpair - https://www.growthpair.com/ • CTA - https://www.creatortalentagency.co/ • X - https://x.com/businessbarista • Linkedin - https://www.linkedin.com/in/alex-lieberman/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Building to Sell: Business Brokerage & Alternative Investments | The Mills Knows Bills Podcast EP 47, Season 6 Link to video podcast episode: https://youtu.be/iPFpeWQX9Sk Welcome to Season 6 of The MKB Podcast! Host Mills Bender, founder and CEO of Mills Knows Bills, discusses strategies for business owners and variable income earners to manage their finances effectively. Let's get to those burning financial questions! In this insightful episode, Mills dives deep into the world of business brokerage and alternative investments with special guest, Carey Sobel from Boss Group International. They discuss the emotional process of selling a business, the importance of having a growth and exit strategy, and how Coastal Investment Company provides unique alternative investment opportunities tailored for business owners looking to maximize their returns. Whether you're a business owner aiming to exit or an accredited investor interested in alternative assets, this episode is packed with valuable insights to help you master your financial journey. To connect with Carey: careys@bossgi.com (Boss Group International) carey@coastalinvco.com (Coastal Investments) Do you have your own burning financial question for Mills or the MKB team? Email: info@MillsKnowsBills.com Website: https://MillsKnowsBills.com Instagram: https://instagram.com/@millsknowsbills LinkedIn: https://www.linkedin.com/company/mills-knows-bills Subscribe for the latest podcast episodes and more from MKB on YouTube @MillsKnowsBills 00:00 Introduction to Mills Knows Bills 00:58 Meet Carey: A Special Guest 01:54 Carey's Background and Career 05:05 Understanding Business Brokerage and M&A 09:39 Challenges and Strategies for Business Owners 13:45 The Importance of Financial Planning 20:14 Diverse Business Ventures and Lessons Learned 22:18 Realizing the Passion for Helping Others Exit Businesses 23:20 The Emotional Process of Selling a Business 24:06 The Importance of Education and Negotiation in Business Sales 25:17 The Role of Business Brokers and Financial Institutions 27:47 Advice for Business Owners on Financials, Operations, and Marketing 35:32 The Value of Diversified Investments and Coastal's Approach 45:37 Conclusion and Contact Information #millsknowsbills #businessfinance #entrepreneurialfinance #businessbrokerage #alternativeinvestments #businesssales

Justin Brown has a degree in finance and takes a particular interest in the strength of airlines in cycle downturns. Grab some networking strategies in this episode so you can be selective during competitive hiring markets.

The Investing Power Hour is live-streamed every Wednesday on the Chit Chat Stocks Podcast YouTube channel at 1:30 PM EST. This week we discussed:(03:13) IPO Market Insights(06:19) Collateralized Burrito Obligations Explained(09:24) Klarna's Financials and Business Model(12:34) eToro's Public Offering and Business Model(15:26) Nike's Struggles in the Market(18:14) Brand Power in the Digital Age(33:49) Skechers and Apparel Market Insights(37:43) Boeing's Surprising NJAD Contract Win(44:32) Michael Saylor's Bitcoin Controversy(49:01) Small Cap of the Week: Ashtead Technology(56:47) Berkshire Hathaway's Performance and Future*****************************************************JOIN OUR NEWSLETTER AND CHAT COMMUNITY: https://chitchatstocks.substack.com/ *********************************************************************Sign-up for a bond account at Public.com/chitchatstocks A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.9% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 8/28/2024. A bond's yield is a function of its market price, which can fluctuate; therefore a bond's YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions.Fractional Bonds also carry additional risks including that they are only available on Public and cannot be transferred to other brokerages. Read more about the risks associated with fixed income and fractional bonds. See Bond Account Disclosures to learn more.*********************************************************************FinChat.io is The Complete Stock Research Platform for fundamental investors.With its beautiful design and institutional-quality data, FinChat is incredibly powerful and easy to use.Use our LINK and get 15% off any premium plan: ⁠https://finchat.io/chitchat *********************************************************************Bluechippers Club is a tight-knit community of stock focused investors. Members share ideas, participate in weekly calls, and compete in portfolio competitions.To join, go to ⁠Blue Chippers and apply! Link: ⁠https://bluechippersclub.com/*********************************************************************Disclosure: Chit Chat Stocks hosts and guests are not financial advisors, and nothing they say on this show is formal advice or a recommendation.

The second inauguration of Donald Trump has resulted in something of an upheaval for equity markets. The imposition of tariffs, or the threat of them, has led to uncertainty and heightened volatility, prompting a rotation out of US megacap stocks and into European and other global equity markets. It's not an easy time to pick stocks.In this episode of the Beyond Markets podcast, Bernadette Anderko, Investment Writer, talks to Philipp Lienhardt, Head of Equity Research, about his team's approach to stock selection, what sectors they favour currently, and the subsectors that may offer the best opportunities in the months ahead.00:31 – Introduction and background02:37 – The impact of tariffs03:25 – Our preferred Regions/Sectors05:20 – Our stock-picking process06:46 – Financials and Industrials09:36 – Information Technology10:32 – Stand-out subsectors14:00 – Balancing equity portfolios in the current environment15:43 - Conclusion16:20 – Legal disclaimerWould you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

George Salamis of Integra Resources discusses the company's recent developments, including the appointment of Cliff LaFleur as COO, production metrics from Florida Canyon, and future optimization strategies. The dialogue highlights the company's financial performance, market positioning, and the importance of permitting in driving future growth.

This episode of Mining Stock Daily is brought to you by... Vizsla Silver is focused on becoming one of the world's largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠https://vizslasilvercorp.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Calibre Mining is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.calibremining.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho, and the Nevada North Project located in western Nevada. Learn more about the business and their high industry standards over at integraresources.com

February 2025 was a pretty eventful and interesting month. We had a truck get in a little skirmish with a BMW. No one was hurt and the vehicles weren't too bad off either, but it was one of those incidents that really make you scratch your head. We'll share some video on social media, I'd love to hear your opinions. I'll just ask the questions, when merging onto the freeway, how many vehicles can squeeze in front of a truck? What To Expect From Episode 175 February was a pleasant surprise. I really hope it's an indication of things to come, because I am really getting tired of low profits. Let's take a look at the numbers: Total miles ran– 103,728 Deadhead miles– 6,730 (6.5%) Total revenue- $227,885.97 All-in rate-per-mile- $2.20 Haulin Assets had a profit of $30,707.01. The best month of profits we have had in a very long time and really knocking on the door of being cashflow positive. The P&L is pretty bland, but here are a few things Craig and I talk about P&L Revenue Fuel Maintenance and repairs

Chantal Marx of FNB Wealth and Investments discusses the day's market moves, the financial sector, the rand, Europe.s expenditure outlook, and Pepkor's recent acquisitions. SAfm Market Update - Podcasts and live stream

This week, Tracy Bech, co-author of the 60 Minute CFO, tells us that for a surprising number of business owners, the answer is no, their financial statements for last year have not yet been prepared. And that's a problem, especially in a year with so much change and so much uncertainty, because it means those businesses have been flying blind for much or all of the first quarter. Many of these owners, Tracy tells us, think that so long as they have cash in their checking account, they're okay, but that can be a dangerous way to run a business.

“Those that were beaten down the most tend to rebound the quickest and the highest.” Sam Stovall looks at historical market trends and previews the economic data this week. He also surveys earnings expectations for the year, noting a projected decline in small caps. “Financials are likely to do well,” he adds, with one of his picks being CME. He also likes RTX.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

A flat start to the week for Aussie stocks, with investors keeping a close eye on inflation data and a wave of dividend payouts ahead. The ASX 200 is struggling to break past the 8,000-point barrier, despite last week's 1.8% gain—its best of the year. Financials are holding the market up, while tech and consumer staples are among the worst performers. . Investors are also watching James Hardie’s $14 billion takeover deal and upcoming US inflation data, which could impact expectations for interest rate cuts. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.See omnystudio.com/listener for privacy information.

David Wolfin, President and CEO of Avino Silver and Gold Mines (TSX:ASM – NYSE:ASM), joins me to outline the key metrics and takeaways from the record Q4 and record full year 2024 financials and operations.  Then we take a deeper dive into the Company's 5-year production growth plan, to become a Mexican intermediate silver producer, with the development of both the La Preciosa Project in 2025, and then the Tailings Project a few years out.   Fourth Quarter 2024 Financial Highlights (compared to Q4 2023)   Record Revenues: The Company realized revenues of $24.4 million, an increase of 95%, driven by increased production and higher realized silver and gold prices in the quarter. Record Gross Profit: Gross profit, or mine operating income, was $10.5 million and represented an increase of 308%. The significant improvement was a result of items noted related to revenues, as well as meaningful unit cost reductions and currency movements between the US dollar and Mexican Peso. Record Cash Flow Generation: The Avino Mine delivered cash provided by operating activities of $15.6 million, up over 2,000%, as well as mine operating cash flows before taxes 3 of $11.9 million, up 230%. Record Earnings and Adjusted Earnings: The Company realized net income of $5.1 million, or $0.03 per share, up 804%, and adjusted earnings 3 of $10 million, or $0.07 per share, an increase of 405%. Earnings before interest, taxes, depreciation and amortization ("EBITDA") 3 was $9.1 million, up 712% Improved Costs per Ounce Metrics: Cash costs per silver equivalent payable ounce sold was $13.88 and all-in sustaining cash costs per silver equivalent payable ounce sold was $18.62, down 8% and 14%, respectively.   Full Year 2024 Financial Highlights (compared to FY 2023)   All-Time High in Cash Strength: Cash balance of $27.3 million, an increase of 916%. This represents the highest balance in the Company's history and positions the Company to execute on its organic growth plans. Record Revenues: The Company realized revenues of $66.1 million, an increase of 51%, driven by improved production and sales volumes, as well as higher realized metal prices in 2024 Record Gross Profit: Gross profit, or mine operating income, was $23.2 million and represented an increase of 197%. Record Earnings and Adjusted Earnings: The Company realized net income of $8.1 million, or $0.06 per share, with adjusted earnings 3 up 364% at $21.3 million, or $0.15 per share. EBITDA 3 rose significantly and was $18 million, up 620%. Improved Costs per Ounce Metrics: Cash costs per silver equivalent payable ounce sold came in at $14.84, down 5% and all-in sustaining cash costs per silver equivalent payable ounce sold was $20.57, down 6%. Record Cash Flow Generation: The Avino Mine delivered cash provided by operating activities of $23.1 million, up over 1400%. Mine operating cash flow before taxes of $27.6 million, an increase of 150%   David outlines the consistent silver, gold, and copper production coming from the Avino Mine,  where the Company delivered record financial performance driven by higher metal prices and increased production from their Avino Mine. With records set in revenues and cash flow generation, their operating margins were further strengthened, and with a debt-free balance sheet and over $27 million in cash to close out the year, they are well-positioned for the future.  There is also a concerted effort in 2025 to invest in exploration around the Avino Gold Mine to spur on more organic growth.   For the balance of the discussion, we shifted over to the ongoing development work at the La Preciosa Project, now that the final permits were received to begin development, and the work on the underground decline has commenced and mining will get underway with first production expected in Q4 of 2025. We talk about the grade being about 3 times as high, and once in production it will start bringing AISC down into the high teens. Then the Oxide Tailings Project is also in cue for a few years out with low ~$10 All-In Sustaining Cost, it will contribute to their 5-year production growth plan and lowering costs down into the mid-teens.     If you have any follow up questions for David regarding Avino Silver and Gold then please email me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Avino Silver & Gold at the time of this recording.   Click here to follow the latest news from Avino Silver and Gold

Why are the markets falling? Is this just another cycle, or is something bigger at play? In this deep-dive conversation, top financial experts break down the Trump Trade, global economic shifts, and how retail investors should navigate uncertain markets. From the impact of foreign investors pulling out to India's long-term growth story, this episode uncovers critical insights on the financial landscape. Harsh Gupta Madhusudan, economist, investor, and author, shares his deep insights on macroeconomic trends, market cycles, and the forces shaping India's financial future. Aashish Somaiyya, veteran asset manager and industry leader, brings his expertise on retail investing, market behavior, and how investors can position themselves for long-term success. They also discuss how to navigate the current investment climate, where to find value in sectors like financial services and consumer discretionary, and the significance of investment metrics. Their advice includes practical tips on portfolio management and the importance of aligning one's investments with long-term economic growth. The conversation is rich with insights about managing investments during volatile periods and the potential of sectors and asset classes beyond traditional equities.

Barclays head of U.S. Equity Strategy says investors need to watch one key S&P metric that could determine where the market goes next. He breaks it down. Plus, RBC upgrades one key name in the financials sector and sees a 40% upside to the stock. He joins us to discuss his call. And, what a potential government shutdown would mean for the economy. 

On this Company episode of The Synopsis we draw on our 75-page research report on Axon Enterprises, a leading law enforcement technology provider, for a very in-depth break down of the company. Founder Rick Smith took a failed concept—the TASER—and not only created a succesful business around it, but made it become a mainstay of policing. Not content to just reinvent how policing worked in the field, Axon pushed into other critical areas of law enforcement like officer video, cloud-based data management, and vertical software. A 1,000x return since going public in 2001, Axon is one of the highest returning stocks of all time. But more interesting than the investment returns, is all of the lessons we can learn from Billionaire Founder Rick Smith.  Learn more about our 75-page research report here.  For full access to all of our in-depth research reports, become a Speedwell Member here.  If you need help getting Speedwell Research to become an approved research vendor, so you can expense your subscription, please email info@speedwellresearch.com  *~*~*~* Mentioned Speedwell Memos:  Minimum Viable Products versus Maximum Possible Products How Axon's Founder Built a $35bn Business: 10 Lessons from Rick Smith -*-*-*-*-*-*-*-*-*-*- Show Notes Part 1: Founding History and Background (0:00) Axon Overview (3:34) — Background of the Advent of the TASER (12:08)— Rick Smith Reinvents the TASER and the Founding of AirTaser (15:39) — AirTaser Early Struggles (23:20) — Taser International rename, Going Public (34:36) — Broadening their Mission and Product Lines, Introducing Axon (43:47) — R&D Fumbles, Importance of Knowing when to Iterate vs Innovate (51:11) — Axon Camera Business Frictions,  Gaining Adoption and Building a Competitive Moat (1:17:57) — Concluding History *~* Part 2: Financials, Industry, Competition, and Valuation (1:26:22) — Revenue Segments, Business Model (1:43:39) — Profitability and Mature Margins (1:47:45) — Industry and TAM, Pricing Power (1:57:59) — Competition (2:29:38) — Why Axon Wins (One Breath Take) (2:33:36) — ROIC, Mature Profitability, Free Cash Flow (2:40:51) — Valuation (2:44:07) — Risks (2:49:01) — Free Axon Resources from Speedwell -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of recording contributors had a position in Perimeter Solutions. Furthermore, accounts contributors advise on also may have  a position in Perimeter Solutions. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

Patrick Mueller notes the market's volatile swings seen through tariffs and policy uncertainty under the Trump administration. That doesn't mean there's no room for investors to enter the market. He talks about the financial and health care sectors as ways to protect your portfolio. Patrick goes deeper into why he considers Berkshire Hathaway (BRK/B) a solid investment and how his firm uses similar strategies.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Trade War concerns sending stocks plunging, as the Nasdaq enters correction territory. But it wasn't just Tech getting wrecked. How the financials are faring, and how some of the biggest banks are getting hit the hardest. And Global backlash over Elon Musk taking a toll on Tesla. Why one leadership expert says a CEO split could push the EV maker back in the right direction.Fast Money Disclaimer

Stephen Grootes speaks to FirstRand's Mary Vilakazi & Sanlam's Abigail Mukhuba, on their financials as well as to a Director at Strauss Scher Attorneys about the challenges lawyers are experiencing at the Masters Office. In other interviews, Mohale Moloi, Content Director at Irvine Partners, talks about the vast potential of Africa's $3.08 billion creator economy and its transformative impact on digital entrepreneurship. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape. Thank you for listening to The Money Show podcast. Listen live - The Money Show with Stephen Grootes is broadcast weekdays between 18:00 and 20:00 (SA Time) on 702 and CapeTalk. There’s more from the Money Show on Primediaplus.com Subscribe to the Money Show daily and weekly newsletters The Money Show is brought to you by Absa. Follow us here 702 on Facebook: www.facebook.com/TalkRadio702 702 on TikTok: www.tiktok.com/@talkradio 702 on Instagram: www.instagram.com/talkradio702 702 on X: www.x.com/Radio702 702 on YouTube: www.youtube.com/@radio702 CapeTalk on Facebook: www.facebook.com/CapeTalk CapeTalk on TikTok: www.tiktok.com/@capetalk CapeTalk on Instagram: www.instagram.com/capetalkza CapeTalk on YouTube: www.youtube.com/@CapeTalk567 CapeTalk on X: www.x.com/CapeTalk See omnystudio.com/listener for privacy information.

I sat down with Marc Gaskins (https://x.com/OvenPusher) of Event Kitchens to discuss his $337k/year event rental business in Charleston, South Carolina. Marc noticed caterers needed quality equipment and turned that opportunity into a thriving business. We explored how a bar fire led to community support, becoming a turning point. We also discussed the value of patient growth versus rapid scaling. Marc explained the unit economics of renting convection ovens, the benefits of a niche focus on caterers, and his warehouse hacking real estate strategy. He also shared why he's relied on organic growth and his future interests. This episode offers actionable insights for starting an event rental business.Timestamps below. Enjoy!---Watch this on YouTube instead here: tkopod.co/p-ytAsk me a question on or off the show here: http://tkopod.co/p-askLearn more about me: http://tkopod.co/p-cjkLearn about my company: http://tkopod.co/p-cofFollow me on Twitter here: http://tkopod.co/p-xFree weekly business ideas newsletter: http://tkopod.co/p-nlShare this podcast: http://tkopod.co/p-allScrape small business data: http://tkopod.co/p-os---00:00 Highlights 00:34 The Beginning of Squeeze Bar01:18 First Equipment Purchases02:18 The Bar Burns Down02:42 Community Support and Business Growth04:44 Competitor Exits the Market06:17 Slow and Steady Growth08:38 Unit Economics of Rental Items17:31 Equipment Insights and Investment Strategies18:21 Expanding Beyond Charleston19:22 Organic Marketing and Customer Relationships20:47 Catering to Caterers: Business Operations22:03 Scaling and Maintenance Opportunities24:11 Exploring New Business Ideas25:58 Starting Fresh in a New Market29:05 Challenges and Rewards of the Business30:45 Team and Facilities Overview34:24 Financials and Final Thoughts

Welcome to Wrestling Tonight! This episode dives into some major developments in the wrestling world, including John Cena's shocking heel turn and his unexpected alignment with The Rock. First up, we explore John Cena's heel turn in Toronto. After years of being WWE's golden boy and fan favorite, Cena's shift to a more antagonistic role has caught many by surprise. But that's not all—Cena has also formed an unlikely alliance with The Rock. What does this mean for both men's legacies and the future of WWE storylines? We break down the significance of this powerful pairing and what it could signal for Cena's role going forward. Next, we discuss the highlights of Elimination Chamber, where Cena took part in the main event against CM Punk, Drew McIntyre, Seth Rollins, Damian Priest, and Logan Paul. While the match had its slow moments, Cena's history with Punk added a layer of drama and intensity. We also touch on the Women's Elimination Chamber, where Bianca Belair triumphed over Alexa Bliss, Bayley, Liv Morgan, Naomi, and Roxanne Perez. Looking ahead to AEW Revolution on March 9th, we preview some of the key matchups that are sure to shake up the AEW landscape. Jon Moxley defends his AEW World Championship against Cope, while MJF faces Hangman Adam Page in a high-stakes battle. We'll also cover the AEW International Championship match between Konosuke Takeshita and Kenny Omega, Toni Storm vs. Mariah May for the Women's Championship, and a Steel Cage match between Will Ospreay and Kyle Fletcher. In other news, we take a look at TKO's strong 2024 financial results, highlighting positive growth for WWE and UFC. With Stephanie McMahon launching a new podcast and WWE making bold moves for the future, we'll break down how these shifts could influence the company. Finally, we touch on some backstage drama as Ryan Nemeth files a lawsuit against AEW, Tony Khan, and CM Punk. We'll examine the details of this case and discuss its potential fallout for AEW, plus rumors about Malakai Black returning to WWE. It's a packed episode with some big shifts in the wrestling world, so be sure to subscribe, follow us on social media, and share your thoughts with us!

Stephen Grootes talks shopping, medical aids and banking, with Group CEO of Discovery, Chief executives of Shoprite Holdings and Nedbank CEO taking us through their companies’ financial results. In other interviews, we look at personal finance rules we should know with financial advisor and Co-Founder of Galileo Capital, Warren Ingram. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape. Thank you for listening to The Money Show podcast. In other interviews, Ian Mann, Managing Director at Gateways Business Consultants, talks about his insights on Tribes by Michael Morris, exploring the book's key takeaways and relevance to the business world. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape. Thank you for listening to The Money Show podcast. Listen live - The Money Show with Stephen Grootes is broadcast weekdays between 18:00 and 20:00 (SA Time) on 702 and CapeTalk. There’s more from the Money Show on Primediaplus.com Subscribe to the Money Show daily and weekly newsletters The Money Show is brought to you by Absa. Follow us here 702 on Facebook: www.facebook.com/TalkRadio702 702 on TikTok: www.tiktok.com/@talkradio 702 on Instagram: www.instagram.com/talkradio702 702 on X: www.x.com/Radio702 702 on YouTube: www.youtube.com/@radio702 CapeTalk on Facebook: www.facebook.com/CapeTalk CapeTalk on TikTok: www.tiktok.com/@capetalk CapeTalk on Instagram: www.instagram.com/capetalkza CapeTalk on YouTube: www.youtube.com/@CapeTalk567 CapeTalk on X: www.x.com/CapeTalk See omnystudio.com/listener for privacy information.

We recorded a podcast before AMD announced the 599/549 USD pricing for the RTX 9070 cards, but you can enjoy our uninformed speculation just the same!   This is a show filled with issues.  Have some.00:00 Intro01:42 Food with Josh04:16 AMD Radeon Leaks and Speculation12:16 The RTX 50 Series ROP issue14:32 Ryzen 9800X3D failures may be linked to ASRock boards16:42 JoshTekk presents: NVIDIA financials24:51 Samsung 9100 PRO might be the new fastest SSD28:08 Framework announces second-gen lineup36:51 Right to repair legislation in all 50 states39:02 QC and Google promise 8 years of Android updates for new phones44:37 Podcast sponsor Incogni46:05 (in)Security Corner54:18 Gaming Quick Hits1:00:27 Picks of the Week1:07:22 Outro ★ Support this podcast on Patreon ★

Rinse and repeat is a good thing when times are good, not so much when you're in a freight market like we are in right now. January seems almost like a carbon copy of December. Most of the numbers are very similar. Before Craig and I dive into the numbers I talk about a couple of recent instances that happened to a couple of our trucks over the last week. Hopefully you find them entertaining. What To Expect From Episode 173 Let's take a look at the numbers: Total miles ran– 119,570 Deadhead miles– 8,559 (7.16%) Total revenue- $247,795.86 All-in rate-per-mile- $2.07 Haulin Assets had a profit of $15,862.03. P&L Damages Fuel Worker's Compensation Maintenance and Repairs Parking Fuel Taxes

Today we are breaking down machine vision leader, Cognex. Cognex Corporation is an American manufacturer of machine vision systems, software and sensors used in automated manufacturing to inspect and identify parts, detect defects, verify product assembly, and guide assembly robots. It is not your typical reoccurring revenue story. They are a self proclaimed cyclical that has tended to focus on a specific customer segment over time, looking for S curves that might trigger their next growth era.   Our guest today is Brett Larson from NZS Capital. Brett and I covered Trane Technologies last year, and today he gives us a different angle on the industrial economy with Cognex. We get into the history of machine vision and how Cognex is a factory player. Please enjoy this business breakdown on Cognex. Subscribe to Colossus Review For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is sponsored by Finley - modern debt capital management software for borrowers and lenders. Ask around and you'll find that nearly every operator or investor has experienced the operational nightmare of managing debt capital. Finley works by translating unstructured credit agreements into code, which gets all parties on the same page and helps them streamline the credit management lifecycle--think covenant reporting, interest and fee tracking, and portfolio analysis. Join the forward-thinking finance leaders, investors, and bank executives already modernizing their debt capital operations with Finley. Learn more and request your demo at finleycms.com.  —-- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Learn About Finley (00:04:28) Overview of Cognex and Its Products (00:07:29) Market Size and Growth (00:08:23) Competitors and Market Position (00:12:35) Sales and Customer Base (00:13:48) History and Evolution of Cognex (00:17:36) Deep Learning and Edge Learning (00:22:42) End Markets and Applications (00:26:32) Financials and Market Cycles (00:28:54) Culture and Leadership (00:39:13) Valuation and Risks (00:43:54) Key Lessons From Cognex

Ben Johnson is ready for a complete rebuild of Caleb Williams, Maury Brown talks White Sox financials & Ant Herron shares story of Jerry Jones staring at him in his underwear (Hour 2) full 2665 Tue, 25 Feb 2025 23:58:11 +0000 EhK2hbqQqPzDR7LiIgbYdz846a6knwFN sports Spiegel & Holmes Show sports Ben Johnson is ready for a complete rebuild of Caleb Williams, Maury Brown talks White Sox financials & Ant Herron shares story of Jerry Jones staring at him in his underwear (Hour 2) Matt Spiegel and Laurence Holmes bring you Chicago sports talk with great opinions, guests and fun. Join Spiegel and Holmes as they discuss the Bears, Blackhawks, Bulls, Cubs and White Sox and delve into the biggest sports storylines of the day. Recurring guests include Bears cornerback Jaylon Johnson, former Bears coach Dave Wannstedt, former Bears center Olin Kreutz, Cubs manager Craig Counsell, Cubs second baseman Nico Hoerner and MLB Network personality Jon Morosi. Catch the show live Monday through Friday (2 p.m. - 6 p.m. CT) on 670 The Score, the exclusive audio home of the Cubs and the Bulls, or on the Audacy app. 2024 © 2021 Audacy, Inc.

Forbes writer Maury Brown talks White Sox financials, Justin Ishbia money full 981 Tue, 25 Feb 2025 22:06:01 +0000 zfZxrwRgd3hdAR9WgxaSBDMfJis0yHfn mlb,chicago white sox,sports Spiegel & Holmes Show mlb,chicago white sox,sports Forbes writer Maury Brown talks White Sox financials, Justin Ishbia money Matt Spiegel and Laurence Holmes bring you Chicago sports talk with great opinions, guests and fun. Join Spiegel and Holmes as they discuss the Bears, Blackhawks, Bulls, Cubs and White Sox and delve into the biggest sports storylines of the day. Recurring guests include Bears cornerback Jaylon Johnson, former Bears coach Dave Wannstedt, former Bears center Olin Kreutz, Cubs manager Craig Counsell, Cubs second baseman Nico Hoerner and MLB Network personality Jon Morosi. Catch the show live Monday through Friday (2 p.m. - 6 p.m. CT) on 670 The Score, the exclusive audio home of the Cubs and the Bulls, or on the Audacy app. 2024 © 2021 Audacy, Inc. Sports False https://player.ampe

Our CIO and Chief U.S. Equity Strategist Mike Wilson explains the challenges to growth for U.S. stocks and why some investors are looking to China and Europe.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast I'll be discussing new headwinds for growth and what that means for equities. It's Monday, Feb 24th at 11:30am in New York. So let's get after it. Until this past Friday's sharp sell off in stocks, the correlation between bond yields and stocks had been in negative territory since December. This inverse correlation strengthened further into year-end as the 10-year U.S. Treasury yield definitively breached 4.5 per cent on the upside for the first time since April of 2024. In November, we had identified this as an important yield threshold for stock valuations. This view was based on prior rate sensitivity equities showed in April of 2024 and the fall of 2023 as the 10-year yield pushed above this same level. In our view, the equity market has been signaling that yields above this point have a higher likelihood of weighing on growth. Supporting our view, interest rate sensitive companies like homebuilders have underperformed materially. This is why we have consistently recommended the quality factor and industries that are less vulnerable to these headwinds.In our year ahead outlook, we suggested the first half of 2025 would be choppier for stocks than what we experienced last fall. We cited several reasons including the upside in yields and a stronger U.S. dollar. Since rates broke above 4.5 per cent in mid-December, the S&P 500 has made no progress. Specifically, the 6,100 resistance level that we identified in the fall has proven to be formidable for the time being. In addition to higher rates, softer growth prospects alongside a less dovish Fed are also holding back many stocks. As we have also discussed, falling rates won't help if it's accompanied by falling growth expectations as Friday's sharp selloff in the face of lower rates illustrated. Beyond rates and a stronger US dollar, there are several other reasons why growth expectations are coming down. First, the immediate policy changes from the new administration, led by immigration enforcement and tariffs, are likely to weigh on growth while providing little relief on inflation in the short term. Second, the Dept of Govt Efficiency, or DOGE, is off to an aggressive start and this is another headwind to growth, initially.Third, there appears to have been a modest pull-forward of goods demand at the end of last year ahead of the tariffs, and that impulse may now be fading. Fourth, consumers are still feeling the affordability pinch of higher rates and elevated price levels which weighed on last month's retail sales data. Finally, difficult comparisons, broader awareness of Deep Seek, and the debate around AI [CapEx] deceleration are weighing on the earnings revisions of some of the largest companies in the major indices.All of these items are causing some investors to consider cheaper foreign stocks for the first time in quite a while – with China and Europe doing the best. In the case of China, it's mostly related to the news around DeepSeek and perhaps stimulus for the consumer finally arriving this year. The European rally is predicated on hopes for peace in Ukraine and the German election results that may lead to the loosening of fiscal constraints. Of the two, China appears to have more legs to the story, in my opinion. Our Equity Strategy in the U.S. remains the same. We see limited upside at the index level in the first half of the year but plenty of opportunity at the stock, sector and factor levels. We continue to favor Financials, Software over Semiconductors, Media/Entertainment and Consumer Services over Goods. We also maintain an overriding penchant for quality across all size cohorts.Thanks for listening. If you enjoy the podcast, leave us a review wherever you listen, and share Thoughts on the Market with a friend or colleague today.

"Do not heap up empty phrases as the Gentiles do, for they think that they will be heard for their many words." – Matthew 6:7In Matthew 6, Jesus warns against meaningless repetition in prayer. Thankfully, He doesn't leave us wondering how to pray. Instead, He gives us the Lord's Prayer—an example of how we should approach God with our needs.But have you ever noticed how often we overlook a key part of this prayer? The request for provision:"Give us this day our daily bread." – Matthew 6:11This simple yet profound verse reminds us that God is our provider. He wants us to come before Him humbly, asking for what we need. And in a world where self-sufficiency is often celebrated, this truth is more important than ever.God Is Our ProviderJesus' words in Matthew 6:11 serve as a powerful reminder that we depend on God for our most basic needs—starting with food. It's easy to take this for granted, especially in a time and place where food shortages are rarely a daily concern.But do we truly recognize that all provision comes from God? Do we regularly thank Him for our meals and daily necessities? Or do we fall into the trap of thinking that our own efforts—our jobs, savings, and financial planning—are what sustain us?It's only when we face scarcity—when food, money, or security seem uncertain—that we remember our true dependence on God. But Jesus calls us to recognize this truth every day, not just in times of crisis.The phrase “Give us this day our daily bread” has a deeper meaning than just food. It speaks to all our needs—physical, emotional, and spiritual. We hunger for more than just nourishment. We long for peace, love, purpose, and meaningful relationships.Jesus teaches us to bring these needs to God in prayer, acknowledging that only He can truly satisfy us. The Lord's Prayer is not just about survival—it's about trusting that God will provide everything we need, both physically and spiritually.The Danger of Self-SufficiencyFor those of us living in relative abundance, the idea of asking for daily bread might feel distant. Unlike Jesus' original audience, who often faced food insecurity, we may not think about whether we'll eat tomorrow. In fact, for many, the challenge is having too much rather than too little.Yet, even in prosperity, Jesus' words remain critical. This prayer reminds us that we are not self-sufficient. It helps guard against the illusion that we control our own destiny.The danger of materialism is subtle. We may not consciously reject God's provision, but when we place our trust in our bank accounts, investments, or careers, we begin to believe that we sustain ourselves. That mindset leads to pride—and ultimately distances us from God.Jesus knew our hearts would struggle with this. That's why He later says:"Seek first the kingdom of God and His righteousness, and all these things will be added to you." – Matthew 6:33We don't need to worry about our next meal, our financial security, or our future. What we truly need is God Himself. And prayer reminds us of that.Breaking the Grip of MaterialismOne way to keep our hearts aligned with this truth is through generosity. Giving is a tangible way to acknowledge that God—not our wealth—is our provider. When we give, we loosen the grip that money has on us and demonstrate our faith that God will continue to meet our needs.There will always be reasons to worry—economic downturns, market fluctuations, unexpected expenses. But these uncertainties should drive us to prayer, not fear.So, the next time you pray, “Give us this day our daily bread,” say it with sincerity. Recognize your dependence on God. Thank Him for His provision. And let that gratitude lead you to trust—and give—more freely.On Today's Program, Rob Answers Listener Questions:I'm 68 and plan to retire at 72. I owe $95,000 on a condo with a 7.125% interest rate. I've been paying an extra $1,000 per month towards the principal, but I'd like to know if I should do something else with that money instead of paying down the mortgage. I want to be debt-free when I retire. What should I do?I have some stock savings I was planning to use for retirement. But I had to max out a credit card a couple of years ago when I lost income. The collection agency is offering to let me pay 75-80% of the debt in a lump sum. Should I take money from my stocks to pay this off or try to work out a monthly payment plan instead?I recently won a $570,000 home from the St. Jude Dream Home Giveaway. When I took ownership, I had to pay $205,000 in taxes. My CPA says I could pay an additional 20% capital gains tax when I sell. I've had the home for a few years, and its value hasn't changed much. Can you help me understand the capital gains tax and how I can minimize the tax burden?Resources Mentioned:Faithful Steward: FaithFi's New Quarterly MagazineChristian Credit CounselorsLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

Our CIO and Chief U.S. Equity Strategy Mike Wilson suggests that stock, factor and sector selection remain key to portfolio performance.----- Listener Survey -----Complete a short listener survey at http://www.morganstanley.com/podcast-survey and help us make the podcast even more valuable for you. For every survey completed, Morgan Stanley will donate $25 to the Feeding America® organization to support their important work.----- Transcript -----Hi, I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley. Before we get into today's episode, the team behind Thoughts on the Market wants your thoughts and your input. Fill out our listener survey and help us make this podcast even more valuable for you. The link is in the show notes.Plus, help us help the Feeding America organization. For every survey completed, Morgan Stanley will donate $25 towards their important work.Thanks for your time and the support. On to the show… Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief US Equity Strategist. Today on the podcast I'll be discussing equities in the context of higher rates and weaker earnings revisions. It's Tuesday, Feb 18th at 11:30am in New York. So let's get after it.Since early December, the S&P 500 has made little headway. The almost unimpeded run from the summer was halted by a few things but none as important as the rise in 10-year Treasury yields, in my view. In December, we cited 4 to 4.5 percent as the sweet spot for equity multiples assuming growth and earnings remained on track. We viewed 4.5 percent as a key level for equity valuations. And sure enough, when the Fed leaned less dovish at its December meeting, yields crossed that 4.5 percent threshold; and correlations between stocks and yields settled firmly in negative territory, where they remain. In other words, yields are no longer supportive of higher valuations—a key driver of returns the past few years. Instead, earnings are now the primary driver of returns and that is likely to remain the case for the foreseeable future. While the Fed was already increasingly less dovish, the uncertainty on tariffs and last week's inflation data could further that shift with the bond market moving to just one cut for the rest of the year. Our official call is in line with that view with our economists now just looking for just one cut–in June. It depends on how the inflation and growth data roll in. Our strategy has shifted, too. With the S&P 500 reaching our tactical target of 6100 in December and earnings revision breadth now rolling over for the index, we have been more focused on sectors and factors. In particular, we've favored areas of the market showing strong earnings revisions on an absolute or relative basis.Financials, Media and Entertainment, Software over Semiconductors and Consumer Services over Goods continue to fit that bill. Within Defensives, we have favored Utilities over Staples, REITs and Healthcare. While we've seen outperformance in all these trades, we are sticking with them, for now. We maintain an overriding preference for Large-cap quality unless 10-year Treasury yields fall sustainably below 4.5 percent without a meaningful degradation in growth. The key component of 10-year yields to watch for equity valuations remains the term premium – which has come down, but is still elevated compared to the past few years. Other macro developments driving stock prices include the very active policy announcements from the White House including tariffs, immigration enforcement, and cost cutting efforts by the Department of Government Efficiency, also known as DOGE. For tariffs, we believe they will be more of an idiosyncratic event for equity markets. However, if tariffs were to be imposed and maintained on China, Mexico and Canada through 2026, the impact to earnings-per-share would be roughly 5-7 percent for the S&P 500. That's not an insignificant reduction and likely one of the reasons why guidance this past quarter was more muted than fourth quarter results. Industries facing greater headwinds from China tariffs include consumer discretionary goods and electronics. Lower immigration flow and stock is more likely to affect aggregate demand than to be a wage cost headwind, at least for public companies. Finally, skepticism remains high as it relates to DOGE's ability to cut Federal spending meaningfully. I remain more optimistic on that front, but realize greater success also presents a headwind to growth before it provides a tailwind via lower fiscal deficits and less crowding out of the private economy—things that could lead to more Fed cuts and lower long-term interest rates as term premium falls. Bottom line, higher backend rates and growth headwinds from the stronger dollar and the initial policy changes suggest equity multiples are capped for now. That means stock, factor and sector selection remains key to performance rather than simply adding beta to one's portfolio. On that score, we continue to favor earnings revision breadth, quality, and size factors alongside financials, software, media/entertainment and consumer services at the industry level. Thanks for listening. If you enjoy the podcast, help us make it even more valuable to you. Share your feedback on the show at morganstanley.com/podcast-survey or head to the episode notes for the survey link.

Market Confidence and Capital Activity Boosts: Feb 11th Update Brian Szytel provides a market update on a directionless trading day where the Dow closed up 123 points, S&P remained flat, and Nasdaq fell by a third of a percent. 10-year Treasury yields rose to 454 basis points, and small business confidence remains above historical averages, indicating robust economic health. Discussions covered the increase in capital expenditures, IPO market, and mergers and acquisitions activity. Brian critiques SPACs while noting a positive resurgence in capital market activities. He also comments on Jerome Powell's testimony regarding interest rates and inflation. Financials emerge strong in the market, contrasting with weaker performance in semiconductors. 00:00 Market Overview and Key Indices 00:28 Small Business Confidence and Economic Impact 01:30 Corporate Activity and Capital Markets 02:08 SPACs and Financial Sector Insights 03:38 Federal Reserve and Monetary Policy 04:39 Conclusion and Final Thoughts Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com