Podcasts about gdp

Visit patreon.com/muckrakepodcast to join the Patreon, support the ad-free show, and gain access to the Weekender, special events, and the Discord server. Co-hosts Jared Yates Sexton and Nick Hauselman break down Donald Trump's highly publicized 80th birthday peace plan, which is actually just an extension of the ceasefire with Iran. Jared details the staggering public and private costs, including $24 billion in unfrozen assets and a minimum of $300 billion in American-funded war reparations to a nation whose entire GDP matches that amount. While JD Vance takes to the airwaves to compare the deal to the unconditional surrenders of World War II, Nick and Jared expose the framework as a massive vehicle for market manipulation designed to kick economic and energy consequences down the road while bypassing crucial nuclear considerations. The corporate circus continues on the front lawn of the White House, which Trump transformed into an octagon for UFC 250. The duo reacts to the garish spectacle, which included fighter entrances from the Oval Office, flyovers, and fighter Josh Hoke's bizarre post-fight interview antics. They also dig into the deleted tweet controversy involving Eric Trump allegedly hunting for insider fighter data to place bets via direct message. Finally, they confront the reality of unchecked tech capitalism as Elon Musk officially becomes the world's first trillionaire, propped up by billions in government subsidies to form a new tech-military-industrial complex. The hosts close with a look at the quiet, bipartisan surrender to artificial intelligence as the Trump administration readies to buy shares in OpenAI while competitors like Anthropic warn of autonomous self-replication.

[깊이 있는 경제뉴스] 1) 美, 450조 규모 이란 재건기금 추진.. 민간·동맹 중심? 2) 호르무즈 무료 통항, 60일뿐? 이란 "수수료 받겠다" 3) 일본 은행, 기준금리 1%로 인상.. 31년 만에 최고치 - 김치형 경제뉴스 큐레이터 - 이코노미스트 라예진 기자 [친절한 경제] 인공지능이 발전하면 정말 GDP가 줄어들까요? - 청취자 우경석 씨

Andrew and Ben discuss the BOJ hiking rates 25bps to 1% without Governor Ueda and signaling more hikes ahead despite a 250% debt/GDP ratio, the European Parliament ratifying the US-EU trade deal 440-151 with 15% tariffs on most EU goods and preferential access for US farm produce, the Huntsman-Olin merger creating OlinHuntsman with $400 million in synergies, and growing skepticism around the Iran deal as bonds refuse to buy in and disagreements remain over Hormuz tolls, the nuclear timeline, and Israel's posture on Lebanon.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

With national debt at 124% of GDP and the stock market overpriced by historic measures, Kevin is joined by Rory Groves to discuss the coming economic earthquake of 2027-2028. They compare today's debt-to-GDP ratios with Larry Burkett's 1991 warnings...lay out a biblical vision for rebuilding family economy...and exhort every family to have a vision and mission beyond the paycheck.

Kristina Hooper, chief market strategist for Man Group, says the market is entering a "greater discernment phase," where companies have been priced for massive growth and "incredibly high standards," setting up potential disappointment as investors become more picky while the AI revolution plays out. Hooper says this is a natural progression, one that investors saw during the Internet boom, as it started to fade. "I don't consider it a bubble," Hooper says, "but I do think that there is a timer that's ticking. Many investors are expecting to see monetization sooner rather than later; we don't know how much time they will give some of these companies." Hooper says the market's strong start to this year has lowered her expectations for the rest of the year, making her more pessimistic, raising the possibility of a technical recession — two quarters of negative GDP growth — as the economy works through its issues. In "The Week That Is,"  Vijay Marolia, chief investment officer at Regal Point Capital, says that the record-breaking initial-public offering of SpaceX didn't change his mind about owning the stock, and in fact raised more issues about whether the hype around the company's "total addressable market" is real. He also discussed whether 2026 — with Anthropic and OpenAI also set for huge stock launches — is the "Year of the IPO," warning it may be more a time when venture capitalists are cashing out. Plus, he examines an alarming statistic about planned capital expenditures as a percentage of incoming revenues for the hyperscalers, a level currently set so high it's reminiscent of the end of the Internet boom. Kyle Guske, investment analyst at New Constructs, revisits Cava Group, which was first in The Danger Zone before its IPO in June of 2023. The stock is up about 100% since last November, but Guske says that just raises the potential for it to crater, again (it lost half of its value late last year), which is why it's back in the Danger Zone now.  

The Economic Miracle period witnessed, as its name suggests, tremendous economic growth throughout Japan. However, that growth came at a cost to Japan's organized working class as well as white collar workers whose pursuit of productivity often compromised their health.Support the show My latest novel, "Califia's Crusade," is now available at Amazon, Barnes & Noble, Kobo, Apple Books, Bookshop.org, and many other online platforms! 

欢迎收听雪球出品的财经有深度，雪球，国内领先的集投资交流交易一体的综合财富管理平台，聪明的投资者都在这里。今天分享的内容叫对贵州茅台2025年度股东大会的总结，来自浩然斯坦。6月11日贵州茅台 2025 年度股东大会落下帷幕，总结下我的观察和思考。一、不喝酒。去年开始晚宴就不再提供酒了，只有喝蓝莓汁，今年连蓝莓汁没有了，只有喝可乐雪碧，有股东自带竞品白酒来表达态度，茅台自己招待客人都不用酒了，这说明当下当下高端白酒的消费场景，依然处于收缩状态。这不是茅台一家的问题，而是整个行业的共同挑战。当 "无酒不成席" 的传统，遇到经济下行、"禁酒令" 的时代，白酒企业必须学会在一个更理性、更克制的消费环境中生存。二、明确不拆股。这是老问题。茅台现在股价 1200 多块，一手就要 12 万多，这意味着 99% 的中小股东，无法用股息再投资凑够一手，复利效应因为股价过高被大大削弱。为什么不拆？官方的解释是，高股价是茅台品牌价值的体现。但在我看来，更深层的原因是：茅台的管理层，更在意机构投资者的感受，而不是中小股东的利益。三是明确了以后每年两次分红这次股东大会已经授权董事会，制定 2026 年中期利润分配方案，分红金额上限不超过上半年的归母净利润。按照 75% 以上的分红率计算，今年中期分红有望不低于 300亿。这意味着，茅台正式进入了 "一年两次分红" 的时代。稳定且持续增长的分红，是一家成熟企业的标志。四是库存。关于库存，官方的表达非常克制，但态度非常明确："目前来看，我们所有产品的渠道存量处于良性健康水平""茅台市场最艰难的阶段已经走完，当前渠道库存水平、价格运转体系整体处于健康区间"从市场调研来看，茅台酒渠道库存30-45 天；2026 年春节动销，核心城市 1-2 月配额基本售罄，北京、深圳等核心城市经销商出现空仓；开瓶率提升至62%，真实消费主导市场；价格基本企稳，截至 6 月 11 日，500 毫升 53 度飞天茅台原箱批发价在1660 元 / 瓶左右，市场零售价在1800 元 / 瓶左右。库存处于历史地位，同时价盘稳定，茅台最难的时候，真的过去了。这不是茅台一家的孤例。2026 年 6 月 3 日洋河的股东大会上，也有关于库存的乐观表述："2026 年一季度已经迎来历史性库存拐点：终端开瓶量＞经销商打款量＞厂家发货量。全品类渠道库存回落至 1.8-2.2 个月健康区间。省内江苏库存基本完全出清。"五粮液的情况同样如此。第三方调研数据显示，第八代普五的渠道库存已降至 25-35 天，四川、江苏等核心市场库存不足 1 个月，部分区域甚至出现阶段性缺货。库存是影响白酒企业短期业绩的核心变量。当茅台、五粮液、洋河等第一梯队酒企的渠道库存，普遍降至健康甚至偏紧水平时，意味着头部名酒的库存去化进程，已经基本完成。这也意味着，对于几家头部优质白酒企业而言，本轮行业调整最艰难的阶段，大概率已经过去了。五是价格体系和渠道。陈华表示：" 茅台将继续按照随行就市、相对平稳的原则，动态监测市场供需变化、消费趋势、渠道库存及终端动销情况，结合不同产品的差异进行科学分析和充分研判，努力构建供需适配、量价平衡的价格体系 "王莉代总经理：" 茅台与各类渠道商从来都不是此消彼长的竞争关系，更不是相互替代的取舍关系，而是各有优势合作共赢的协同伙伴关系。自营渠道体系担当的是市场的 ' 平衡器 ' 和' 稳定器'，稳定平衡市场秩序，防止过度炒作；社会渠道体系则担当着市场的 ' 放大器 ' 和' 转化器'，主动触达 C 端，贴近消费圈层 "翻译过来就是：以后茅台的控价和控量，主要通过直营渠道来完成；而传统经销商的价值，将会持续弱化。这是一个必然的趋势。过去，经销商体系帮助茅台快速占领了市场，但也带来了价格炒作、渠道囤货等一系列问题。现在，茅台正在通过加大直营比例，重新掌握市场的主导权。对于经销商来说，这是一个痛苦的转型期。但对于茅台的长期健康发展来说，这是必须迈出的一步。六是品牌战略。"茅台品牌是 ' 长红 '，不能做 ' 网红'。以后在品牌的联营上会非常谨慎，要看联名合作是否符合公司战略方向以及商业模式 "内部讨论认为，此前的跨界联名在年轻化战略上有一定实现，但 "对品牌不是加持，在市场前景上，可能不是酒类公司所符合的运营模式"，因此逐步对跨界产品进行了 "软着陆"七是产能。陈华的表述是：" 茅台酒 ' 十四五 ' 技改项目规划新增的1.98 万吨产能，现已建成投产两个车间，其余的工程都在有序推进，会尽快建设完成 "" 原则上只要满足条件，我们会尽可能多投料、多生产基酒。在行业低谷期，将这部分基酒存入库存，进一步加厚加深公司基酒资源和产品品质库存；待到市场上升期再逐步向市场投放，以此平抑周期波动 "" 从长期价值看，15.03 平方公里的产区产能天花板和工艺复杂性，决定了茅台酒的稀缺性将长期保持，供需紧平衡的格局不会改变。而茅台酒 ' 越陈越香 ' 的独特特性，使其具备更强的跨周期抗风险能力 "茅台的商业模式，有一个最刚性、最可预测的底层逻辑：今天的基酒产量，决定了 5 年后的成品酒销量，酿造 1 年，基酒贮存 3 年，勾调后再存 0.5-1 年。茅台酒如果未来继续满产满销，那么销量增长完全由5 年前的基酒产量决定。基酒 - 成品酒转化率：75%-85%，中枢值 80%。从已有情况和管理层的表述，我们可以测算一下。2026年可销售茅台酒对应基酒生产年份是2021年，当年的基酒产量是5.65万吨，那么对应2026年的成品酒销量是4.52万吨。2030 年可销售茅台酒对应基酒生产年份是2025年，当年的基酒产量是5.85万吨，那么对应2030年的成品酒销量是4.68万吨。2026-2030 年，茅台酒的量增复合年化增速是0.9%，这个增速不高，2030年之前，茅台酒的量处于平稳期。释放期在2031年之后。"十四五" 技改项目规划新增 1.98 万吨设计产能，2024 年 10 月已投产 1800 吨，剩余产能 2026-2028 年陆续投产，2028 年全面达产。这些产能将在 2031-2033 年逐步转化为成品酒销量：2026 年基酒产量预计有6.6万吨，对应2031年的成品酒销量是5.28万吨，同比增加12.8%。2027 年基酒产量预计有7.3万吨，对应2032年的成品酒销量是5.84万吨，同比增加10.6%。2028 年基酒产量预计有8.05万吨，对应2032年的成品酒销量是6.44万吨，同比增加10.3%。2031-2033 年，茅台酒的量增复合年化增速是11.2%，是茅台酒产能的红利释放期。2028 年 "十四五" 技改项目全面达产后，茅台酒基酒总设计产能达到 6.44 万吨 / 年，对应实际产量约 8.05 万吨 / 年。这是目前官方明确的可落地最大产能。后面就不知道了，暂时现在看不出什么来。看管理层表述，应该是还有空间的意思。假设不扩产，2034-2036 年量增的复合年化增速0%则2036 年茅台酒销量6.44万吨，以2026 年4.52万吨销量作为基数，未来十年量增的复合年化增速3.6%。这个增速不高，但非常确定。八、现在投资茅台，未来十年能赚多少钱？现在，我们可以算一笔账，现在投资茅台，未来十年能赚多少钱？量增：3.6%每年股息率：目前茅台股息率4%。在价的复合增长上，我坚信茅台酒年化提价能跑赢GDP增速。按照2035年实现中等发达国家的战略目标计算，GDP增速在4.5%左右。现在投资茅台，不考虑市盈率抬升，未来十年的综合复合回报率≈量增+价增+股息=12.1%。这个回报率，不如过去二十年那么惊艳，但在今天这个利率下行、不确定性增加的市场环境下，这已经是非常难得的确定性收益了。茅台正在回归它的本质。它不再是那个被疯狂炒作的金融产品，不再是那个一天一个价的投机标的，而是一个踏踏实实做产品、认认真真赚利润的消费品公司。它的增长不再依赖于估值的泡沫，而是来自于实实在在的量增和价增；它的价值不再来自于市场的情绪，而是来自于它强大的品牌和独特的商业模式。对于真正的长期投资者来说，19 倍 PE 的茅台，你不用再担心泡沫破裂。你只需要相信茅台的品牌，相信时间的力量。股价下跌从来不是风险，茅台的商业模式决定了，它的价值不会因为股价下跌而减少一分。真正的风险，是你在底部割肉，是你在黎明前放弃。"在别人贪婪时恐惧，在别人恐惧时贪婪。" 这句话说起来容易，做起来却极难。尤其是在茅台股价连续下行五年的当下，尤其是当所有人都在告诉你 "白酒时代已经过去了" 的时候。但正是这种反人性的定力，才是投资者能够长期战胜市场的根本原因。时间是好公司的朋友，是坏公司的敌人。把目光从 K 线图移开，聚焦于公司的基本面，耐心等待价值的回归，这或许才是当下最正确的选择。

欢迎收听雪球出品的财经有深度，雪球，国内领先的集投资交流交易一体的综合财富管理平台，聪明的投资者都在这里。今天分享的内容叫无风险利率下行与资本市场估值基准的系统性迁移，来自cp73。引言：保险公司折现率下调的宏观信号2025年以来，中国主要保险公司内涵价值评估使用的风险贴现率已从传统的11%普遍下调至8.5%左右。这一调整的幅度——约2.5个百分点——恰好与同期10年期国债收益率从4.5%降至1.7%的下行幅度高度吻合。这不是保险行业孤立的精算技术调整，而是整个社会平均收益率系统性下行在估值体系中的滞后反映。它预示着，资本市场正在经历一场悄无声息但影响深远的估值基准迁移。这场迁移的底层驱动力，正是无风险利率长期下行所引发的“尺缩效应”——衡量所有资产价值的那把“尺子”，正在变短。一、历史锚点：社会平均收益率的三元平衡在过去近百年间，全球主要经济体的资本市场名义回报率维持在一个相对稳定的中枢：美国标普500长期名义年化收益率约10%–10.5%，中国A股约9%–11%。这一稳定性的背后，是资本积累、人口增长和技术进步三股力量构成的动态平衡。资本积累具有边际回报递减的天然倾向：当社会中资本存量持续增长而劳动力和技术不变时，每一单位新增资本所能获得的回报将越来越低。然而，持续的人口增长提供了不断增加的劳动力，稀释了每个工人所配备的资本量；接连不断的技术革命——从蒸汽机到互联网——则不断创造全新的生产方式和巨大的投资需求。这两股力量在长达两百年的时间里，共同对冲了资本积累的边际回报递减效应，使社会平均资本回报率维持在一个相对稳定的中枢附近。这个中枢，就是自然利率的宏观表达。历史数据也验证了这一规律。美国名义GDP长期年化增速约6%–6.5%，CPI通胀率约2.8%–3.0%，股市实际年化收益率约7%–7.5%。中国的名义GDP长期年化增速约13%–14%（近十年降至约8%），CPI通胀率约2.5%–3%，A股长期实际收益率约6%–8%。这意味着，你以10%作为名义折现率的假设，恰好处于中国资本市场长期名义回报率中枢，其隐含的真实要求回报约7%–8%，与中国经济长期实际回报率基本吻合。二、天平倾斜：人口停滞与科技脉冲的双重冲击然而，维持这一平衡的支柱正在动摇。人口增长正在从源头上削弱资本回报率的支撑力。过去，持续增长的人口是吸收储蓄、提供劳动力、对冲资本过剩最稳定的力量。当前，无论是中国还是全球主要经济体，都面临人口增长停滞甚至负增长的结构性挑战。劳动力供给减少意味着工资面临上涨压力，这将直接侵蚀资本回报；人口总量停滞意味着最终消费需求的增长失去了最根本的驱动力；而在储蓄率居高不下的背景下，资本过剩的风险将显著加剧——当没有足够的劳动力和新增需求去匹配每年稳定积累的资本时，大量资本将被迫追逐少数优质项目，系统性压低整体的资本回报率。科技突破为这一困局提供了唯一的希望，但其“脉冲型”特征决定了它无法像人口增长那样提供持续稳定的支撑。在两次技术革命的高峰之间，经济可能长期处于“资本过剩、缺乏投资机会”的停滞期。历史上19世纪末的“长期萧条”便是例证。更复杂的是，以人工智能为代表的新一轮科技革命，对资本回报率的影响可能并非单向的利好。如果AI主要是“劳动节约型”的技术，它可能在没有创造足够新就业和消费需求的情况下，进一步加剧“资本过剩”的矛盾，导致资本回报率不升反降。这正是“尺缩效应”的宏观经济根源：社会平均收益率这把尺子，正在因为人口和科技这两大支柱的动摇而系统性缩短。三、尺缩效应：从保险业到全市场的估值基准迁移保险公司的精算模型是“尺缩效应”最敏感、最精确的探测器。内涵价值折现率由无风险利率加上权益风险溢价构成。2014年，10年期国债收益率约4.5%–4.6%，对应的合理无风险利率约11.5%；到2025–2026年，10年期国债收益率已降至1.6%–1.9%，合理无风险利率随之降至约8.5%–9%。无风险利率从11%降至8.5%的约2.5个百分点降幅中，绝大部分来自无风险利率的下降，而非风险溢价的压缩。这明确指向一个结论：保险公司下调折现率，并非因为自身经营出现问题，而是无风险利率系统性下行的必然反映。它是宏观经济的系统性变化，而非微观主体的个别调整。更重要的是，这一调整正在向整个资本市场扩散。无风险利率是所有资产定价的终极基准。当无风险利率从4.5%降至1.7%，所有资产类别的合理折现率都在同步下行。保险公司率先响应了这一宏观变化，其他资产类别——股票、债券、房地产、基础设施——的估值基准迟早会跟随调整。这是一场不可逆的结构性重估：流动性驱动的估值修复是短暂的，而折现率下移驱动的估值重估反映的是社会资本平均回报率的系统性下行，它将重塑所有资产类别的相对价值坐标。四、对投资者的终极启示：稳定现金流的稀缺性重估在这场估值基准的系统性迁移中，那些能提供稳定、可持续股息现金流的资产，将成为最核心的受益者。当折现率从11%降至8.5%甚至更低时，同一笔未来股息的现值将显著提升。这正是你重仓优质银行股的终极逻辑——它们提供的5%以上股息率加上每年随GDP同步增长的利润和分红，在低折现率环境中，其相对价值正在被市场重新发现。保险资金已经在用行动验证这一判断。它们正在用更低折现率的标准，大量配置高股息银行股，将其作为匹配长久期负债的核心资产。当越来越多的长期资金采用类似标准时，银行股的估值基准将发生不可逆的变化。日本作为先行案例，其正反两面都提供了启示。1990年代泡沫破裂后，日本同时陷入人口老龄化、技术停滞和资产负债表衰退，自然利率趋近于零。日本央行虽在全球最早实施零利率和量化宽松，但货币政策的极限在此暴露无遗：当自然利率降为零甚至为负时，再宽松的货币政策也无法刺激经济。这是对“尺缩效应”最极端的验证。而中国能够避免日本命运的唯一路径，在于通过科技创新和产业财政转型，维持劳动生产率的持续提升，守住社会平均收益率中枢。结语尺子在缩短，价值在重构。这不是某个行业的个别现象，不是流动性驱动的短暂波动，而是全球无风险利率长期下行引发的系统性重估。它正在从保险业扩散到整个资本市场，最终将重塑所有资产的相对价值坐标。那些拥有稳定现金流、可持续高股息、极低信用风险的资产，正在这个不可逆的历史进程中被重新定价。

Kia ora. Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from Interest.co.nz. Today we lead with news the imminent deal Trump talked up on Saturday seems to have faded, mainly because Israeli attacks on Beirut have undermined the situation. But if there was to be a deal, it is sure to dominate financial markets. In the meantime, war is the standard situation. These same markets are also contending the implications of the wildly successful SpaceX float. It was full of animal spirits, FOMO, and gambling fever, and more than a few observers are seeing this as evidence of a gigantic bubble. After all it values SpaceX at 100 times its current revenues, and the business operates at a loss. At a US$2 tln 'value', to be sustainable it would need to generate after-tax profits of at least 10% or US$200 bln per year. And that is about double what Aramco-plus-Google do now, #1 and #2 combined. In the real world, Thursday will bring the next US Fed policy meeting result, the first chaired by Kevin Warsh, Trump's replacement of Jerome Powell. Powell will still have a vote however. Most observers see them holding their key rate at 3.75%. The Fed has an inflation target of 2% for the PCE measure of inflation which is currently running at 3.8% with the CPI running at 4.2%, a three year high, with both rising sharply last time they were released. There will need to be some policy gymnastics to ignore those signals, but they may hope the fuel component reverses soon to save them. That is probably why markets think there will be no change on Thursday. The US Fed won't be the only central bank on action this week. We will get reviews from the Bank of Japan (+25 bps to 1.00% expected), Sweden's Riskbank, Norway's Norges Bank, the Swiss National Bank, the English central bank, even in Brazil. More importantly for us is that we will get the RBA's latest update on Tuesday, where no change from the current 4.35% is expected. And the New Zealand Q1-2026 GDP result will drop this week and it will be a surprise it it isn't a year-on-year growth rate of +1.1%. Of course, this will be very dated data. In fact the RBNZ's own Nowcast suggests GDP will drop -0.2% in Q2-2026 from the prior quarter after rising +0.6% in the March quarter. Markets see a March quarterly rise of +0.9%. In Japan, attention will focus on the Bank of Japan's policy meeting, where it is widely expected to raise the benchmark interest rate by 25 basis points to 1% amid persistent inflation and yen weakness. If delivered, it would mark the first rate increase since December last year and the highest policy rate since 1995. The country is also set to publish trade, inflation, and machinery orders data. In India, producer inflation is projected to rise to 9.1% in May from 8.3% in April, driven by rising energy costs. Other major releases include trade, unemployment, and passenger vehicle sales figures. In China, investors will monitor a series of key economic releases next week, including house prices, industrial production, retail sales, fixed asset investment, and their jobless data. After April's surprise decline, China's May new yuan loans resumed their growth in data out over the weekend, up +5.5% from a year ago with a modest +¥520 bln rise, about what was expected (+¥550 bln). Still, at that level it is the weakest May increase in eighteen years, as the usual suspect - the property market - continues to drag on bank lending. Across the Pacific, American consumers felt the cost of living pressure ease slightly in June as petrol prices came back off their recent war highs. The University of Michigan's Consumer Sentiment Index rose in early June, up from May's all-time low and a better than expected recovery. It was a modest recovery all the same with improvements seen across all age, education, and political groups. Lower-income consumers, for whom fuel represents a larger share of budgets, showed a particularly strong rebound even if it is still deeply negative and its second lowest of all time. And in Europe, Switzerland had another set of national referendums. One proposal, to cap its population at 10 mln, has been voted down. The UST 10yr yield is now just on 4.49%, up +1 bps from Saturday, down -5 bps for the week. The price of gold has recovered a very minor +US$4 from Saturday to US$4222/oz but down -US$102 for the week. Silver is little-changed US$67.50/oz and the same as last week at this time. Oil prices are up +50 USc from Saturday at just under US$85/bbl in the US, while the international Brent price is now just on US$87.50/bbl. A week ago these two prices were US$90.50 and US$93/bbl respectively. Hormuz transits have dried up again. And global oil reserves are draining into uncharted territory. The Kiwi dollar is down -10 bps from this time Saturday at just on 58.3 USc, up +30 bps for the week. Against the Aussie we are unchanged at 82.8 AUc. Against the euro we are holding at just on 50.4 euro cents. That all means our TWI-5 starts today at just under 62 which is unchanged from Saturday, up +30 bps for the week. The bitcoin price starts today at US$63,655 and down a minor -0.3% from this time Saturday. That is a +5.8% rise from this time last week. Volatility over the past 24 hours has been low at just over +/- 0.8%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorriow. Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

The U.S. stock market has reached a record valuation of 238% of GDP, far above levels seen during the Dot-Com Bubble. In this episode, Kathy Fettke breaks down what that means for investors, why some analysts are raising caution flags, and why many real estate investors continue to favor cash-flowing assets backed by real-world demand.   Want a FREE pdf? Visit www.Realwealth.com/AffordableMarkets to learn more.    Source: https://www.benzinga.com/markets/economic-data/26/06/53083450/worse-than-dot-com-bubble-us-market-valuation-hits-record-238-of-gdp

國民黨主席鄭麗文訪美，引發不少關於其兩岸論述與國際定位的討論。從智庫交流到僑界座談，鄭麗文為何呈現兩種截然不同的敘事切換？這種「場合式變臉」，究竟是在進行戰略溝通，還是資訊包裝？在智庫與學術場合，她如何將貼近北京的論述，重新包裝成「反貪腐、強國防」的理性分析？美國智庫與國安圈真的會被這種修辭落差誤導嗎？一進僑宴場域，為何又立刻切換說法，強調「兩岸同屬一中」、甚至將台積電納入中華民族敘事？這種喊話是因應不同受眾的溝通策略，還是暴露她為中國宣傳的本質？鄭麗文對第一島鏈、「修昔底德陷阱」的論述，暴露出她對美國戰略的哪些無知？鄭麗文與提出修昔底德陷阱的國際現實主義大師艾利森會面，被炒作為世紀對談，但艾利森對美國政壇還有多少影響力？鄭麗文自言「沒有鄭習會，她只是陽春主席，可能根本無足輕重」，這種自貶身價的說法反映出何種政治心理？當政治人物需要仰賴外部關愛來穩固內部地位，這會讓政黨走向邊緣化，還是自甘成為中共對外宣稱民主的「花瓶政黨」？與習近平握手後，外媒引述消息稱鄭已被中國視為2028大選的重要人選，台灣社會如何防範這種「從境外網路鋪墊，到中共隔海欽定」的介選挑戰？國民黨的「紅統化」是如何開始的？趙少康、盧秀燕等藍營建制派人物，能阻擋、甚至逆轉這種紅統化的趨勢嗎？精彩訪談內容，請鎖定@華視三國演議！ 本集來賓：#沈榮欽 #李志德 主持人：#汪浩 以上言論不代表本台立場 #紅統 #修昔底德陷阱 #藍營內鬥 #2028總統大選 電視播出時間

ALFI's Serge Weyland and McGill's Patrick Augustin on funds, Europe's pension time bomb, and why financial literacy may be its most urgent lesson. Luxembourg is known to many as the heart of European finance, yet the story of how it earned that title is one we rarely hear told plainly. On this episode, I sat down with two guests perfectly placed to tell it: Serge Weyland, CEO of the Association of the Luxembourg Fund Industry (ALFI), and Patrick Augustin, Associate Professor of Finance at McGill University and Director of the new McGill Luxembourg Centre for Finance. The conversation ranged from the founding milestones of the fund industry to the looming pension challenge facing the entire continent, and landed somewhere unexpectedly personal: how few of us were ever taught to handle our own money. The scale of what Luxembourg has built is genuinely difficult to picture. As Serge explained, the industry traces back nearly 40 years, to 1988, when Luxembourg became the first EU Member State to transpose a directive that let an investment fund created in one country be sold across all the others. That foresight attracted the world's major asset managers, and the result today is staggering. The fund industry now employs roughly two-thirds of the 50,000 people working in Luxembourg's financial services sector, an industry that accounts for a quarter of the country's GDP. "Luxembourg today is home to 8.3 trillion. So that's a lot of money." Serge Weyland, CEO of ALFI Serge described the European Passport as one of the great commercial successes of the bloc, and one of its quietest. Of the 25 trillion euros in funds domiciled in Europe, around 6 trillion belongs to investors outside the continent who trusted its regulatory safeguards. It is, in his words, a success story we simply do not hear often enough. For Patrick, the foundation under all of it is not capital or regulation but people. Luxembourg has long held the operational infrastructure, what some politely call the back office, but as markets shift toward private equity, tokenisation and digital assets, the bottleneck changes too. "Talent is the infrastructure of the financial industry. If you don't have good talent, you're at the risk of failing in the longer run." Patrick Augustin, McGill University That is the gap McGill has come to fill. The Centre is a joint initiative with the Ministry of Finance, the banking association ABBL and ALFI, and its flagship offering is a two-year, part-time Master of Management in Finance, taught on weekends by McGill faculty in Luxembourg. Its standout feature is that students manage a real, regulated fund through Desautels Capital Management, filing compliance, executing trades and defending their investment pitches to outside investors who can scrutinise them hard. Patrick put the case for learning by doing with a simple question: if you wanted to learn tennis or the piano, would you watch videos, or would you play? What both guests kept returning to was the ecosystem itself, the close dialogue between academia, industry and policymakers that Luxembourg's flat hierarchy makes uniquely possible. "The secret sauce is the closely knit community. When there is a need for the industry, we know we have a direct line into the legislator." Serge Weyland, CEO of ALFI The conversation then turned to the issue closest to both men's hearts: pensions, and the financial literacy that underpins them. A joint ALFI/McGill study examined how Europeans save, and the numbers are sobering. European households sit on roughly 14 trillion euros in cash and savings, around 41 to 42 percent of household savings, against just 14 percent in the United States. That cash quietly loses value to inflation year after year. The study's counterfactual was striking: if France and Germany alone reformed their pension systems along the lines of Sweden or Denmark, they could unlock an additional 10 trillion euros over time. Sweden, Serge noted, went from funded pensions worth around 12 percent of GDP twenty years ago to roughly 120 percent today, a tenfold rise. Yet none of this works without education, and education, both guests agreed, has to start far earlier than the lecture hall. "Personal finance essentials should be mandatory, bottom up, from an early age, of course in an age appropriate way." Patrick Augustin, McGill University Serge made the point personally. After 40 years in finance, he reckons that had he invested regularly from the start, he would have five or six times the money he has today, simply because no one ever taught him how. The encouraging note he ended on is that the barrier to entry has never been lower. Through tokenisation and fractional fund units, investing can now begin with 30, 40 or 50 euros a month, held in a digital wallet at a fraction of the traditional cost. The technology is still niche in Europe, though already mainstream among retail savers in parts of Asia. We agreed that crypto, stablecoins, the digital euro and tokenisation each deserve a show of their own. For now, the message from both guests was clear: Luxembourg has the capital and the regulation, and with the right talent and the right financial education, it has every chance of future-proofing both its industry and its citizens. Links and further reading McGill Master of Management in Finance, Luxembourg: https://www.mcgill.ca/desautels/programs/mmf/luxembourg McGill Luxembourg Centre for Finance on LinkedIn: https://www.linkedin.com/showcase/mcgillluxembourgcentreforfinance/ Contact the MMF Luxembourg programme: mmfluxembourg@mcgill.ca Association of the Luxembourg Fund Industry (ALFI): https://www.alfi.lu ALFI's investment in higher education: https://www.alfi.lu/en-gb/pages/about-us/what-we-do/investment-in-higher-education ALFI/McGill study, Europe's productive capital gap (2025), and the ALFI Blueprint for Savings and Investments: available via https://www.alfi.lu

What's up, everybody? It's Tom Bilyeu here:If you want my help...STARTING a business: join me here at ZERO TO FOUNDER: https://tombilyeu.com/zero-to-founder?utm_campaign=Podcast%20Offer&utm_source=podca[%E2%80%A6]d%20end%20of%20show&utm_content=podcast%20ad%20end%20of%20showSCALING a business: see if you qualify here.: https://tombilyeu.com/callGet my battle-tested strategies and insights delivered weekly to your inbox: sign up here.:https://tombilyeu.com/**********************************************************************If you're serious about leveling up your life, I urge you to check out my new podcast, Tom Bilyeu's Mindset Playbook —a goldmine of my most impactful episodes on mindset, business, and health. Trust me, your future self will thank you.**********************************************************************FOLLOW TOM:Instagram: https://www.instagram.com/tombilyeu/Tik Tok: https://www.tiktok.com/@tombilyeu?lang=enTwitter: https://twitter.com/tombilyeuYouTube: https://www.youtube.com/@TomBilyeuKetone IQ: Visit https://ketone.com/IMPACT for 30% OFF your subscription orderQuince: Free shipping and 365-day returns at https://quince.com/impactpodPlaud: Get 10% off with code IMPACT at https://plaud.ai/impactWhatnot:Download the Whatnot app today and get free shipping on your first order. AT&T Business: Switch to AT&T Business at business.att.comShopify: Sign up for your one-dollar-per-month trial period at https://shopify.com/impactTruemed: Check your eligibility and start saving at https://truemed.com/impactIncogni: Take your personal data back with Incogni! Use code IMPACT at the link below and get 60% off an annual plan: https://incogni.com/impactPique: 20% off at https://piquelife.com/impactIn this Friday edition of The Tom Bilyeu Show Live, Tom and Drew dig into a packed news day spanning geopolitics, markets, tech, and a long philosophical tangent on immortality. They open on Iran, breaking down the leaked 14-point "deal" circulating via Iranian state media — the $24 billion in frozen assets, the naval blockade, the Strait of Hormuz, and reconstruction demands — and why Tom is deeply skeptical that anything beyond a memorandum of understanding gets signed, plus what a bad deal could cost Trump heading into the midterms. From there, they pivot to a heated exchange over the SpaceX IPO and the Globe and Mail's "how to properly hate Elon Musk" headline, using it as a springboard into the psychology of resentment, the mechanics of transformational-tech bubbles, and a warning to retail investors about becoming "exit liquidity." The conversation moves through California's voting rules, ballot harvesting, and Trump's Save America Act and reconciliation push (with an extended back-and-forth on states' rights, the Constitution, and the Supreme Court), the UK's proposed device-level content-scanning law and the surveillance-state implications, a DOJ child-smuggling indictment tied to border policy, and the Epstein/Zorro Ranch mystery. They close on AI — unpacking Yann LeCun's argument against LLMs and AGI in favor of specialized world models — before spinning off into a wide-ranging debate about whether you'd actually want to live forever, the disposable-male hypothesis, and a contentious Alex Karp clip about GDP and gender.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This episode was sponsored by Cardiff & Digital Ascension Group    LightSpeed VT: https://www.lightspeedvt.com/ Dropping Bombs Podcast: https://www.droppingbombs.com/ Dropping Bombs delivers its most anticipated return yet with Jake Claver, the SEC-registered crypto wealth manager and Chairman of Digital Ascension Group — back by overwhelming demand to double down on every call he made last time.   From the Genius Act passing to the Strait of Hormuz shutting down, Jake's predictions have been playing out in real time. Now he's raising the stakes — the reverse carry trade unwind, Satoshi's wallets moving, a BlackRock XRP ETF, and a 30–50% stock market drop in a matter of days. He breaks down DAG's new Bitcoin fund backed by Fidelity, why quantum computing is Bitcoin's silent assassin, why XRP is still his only personal holding, and why AI agents transacting 24/7 on crypto rails will blow every GDP ceiling humanity has ever known.   This conversation goes places — Epstein, AI agents, insider trading in Congress, the tokenization of the stock market, and whether the global financial reset has already been scripted.   This is the conversation most people never get access to. Don't waste it.    

Chief Asia Economist Chetan Ahya joins Head of India Research and Chief India Equity Strategist Ridham Desai to break down India's macro outlook, capital flows and sector opportunities.Read more insights from Morgan Stanley.----- Transcript -----Chetan Ahya: Welcome to Thoughts on the Market. I'm Chetan Ahya, Morgan Stanley's Chief Asia Economist.Ridham Desai: And I'm Ridham Desai, Morgan Stanley's Head of India Research and Chief India Equity Strategist.Chetan Ahya: Today, the biggest takeaways from our India Investment Forum in Mumbai. From the shifting outlook for India's markets and flows to the sectors driving the next phase of corporate earnings and CapEx.It's Friday, June 12th at 7PM in Hong Kong.Ridham Desai: And 4:30PM in Mumbai.Chetan Ahya: Ridham, the Morgan Stanley's India Investment Forum took place in Mumbai last week, and I was there with you. These events are a great opportunity to speak with investors who come across from the globe to attend. Now that we have had a few days to process the conversations, what stood out to you? What was the biggest shift in investor sentiment that you picked on?Ridham Desai: So, Chetan, I think it's been the case of a continuing story about India. Domestic investors look that they are bullish, and foreign investors continue to stay rather cautious on the Indian markets. We could see that in the overall attendance. In contrast, I think domestic investors were looking for the next stock that they wanted to buy. They were seeking opportunities, and there was a lot of interest in meeting companies.Before we get into markets, let me turn back to you from a macro side. India's growth story remains strong, but relative growth appears to be cooling. This is in contrast to markets like Japan, Taiwan, Korea, and the US. How should investors think about India's macro positioning in that context?Chetan Ahya: So, Ridham, when I look at the macro data in India, they're all indicating a meaningful upside in the growth trend. So I'll just cite two key cyclically sensitive macro data points. One is the banking system credit growth, and number two is the auto sales, particularly the passenger vehicle. So bank credit growth is growing as of the last biweekly data point that we got. It's growing at seventeen point seven percent year-on-year, and car sales are growing at twenty-seven percent in the month of May.But as you were mentioning earlier, the relative growth opportunity is a challenge for India and to just share the numbers on the earnings growth for the first quarter that we saw across the region. So we saw Korea's earnings growth at one hundred and seventy percent. We saw Taiwan's earnings growth at forty-eight percent year on year. Japan at thirty-three percent. The US has seen a growth of about twenty-seven percent year on year.So in that context, when India is reporting thirteen percent growth, it's becoming a challenge for investors to look for opportunities in India relative to other markets. Either they are more focused on the other markets than India. So let me come back to you, Ridham. Staying with the investment implications, India projects stable valuations and strong corporate earnings, but its relative growth advantage has narrowed. How should investors reconcile this contradiction?Ridham Desai: If I go back thirty-five years, as long as we have the MSCI index series, and as far as I have been in this industry, this is the lowest relative multiple that India has traded at. And indeed, growth last year was weak. But if you see QOQ, we have started to accelerate. The broad market earnings growth trajectory has shown a doubling in the quarter that ended March over the quarter that ended December.But it underscores the point you made about the relative growth complex. It's clearly not in India's favor. And a lot of the capital in the world is short-term oriented, and it cares for what growth is gonna come in the next quarter or two. And that's the state of the market right now.However, what I would say is that equities is a quintessential long-duration asset class. In the long run, what matters is terminal growth. I don't really think India's terminal growth has moved much. It remains far superior to a lot of other countries around the world. And therefore, I think this does present itself as a great opportunity for a long-term investor while the markets are digesting this relative growth disadvantage that India seems to have over the next, say, three or four quarters.Chetan Ahya: And Ridham, another theme from the forum was policy action to attract capital. Policymakers announced a number of measures right as our conference ended and they aimed to withdraw withholding tax on debt investors, also providing banks with an incentive to take up more dollar borrowing. How central are these measures to sustaining foreign inflows into Indian markets?Ridham Desai: I think the measures taken by policymakers are very important, probably amongst the most important policy actions this year. The removal of taxation on debt investors will make a difference. The provision for hedging to external commercial borrowings as well as to foreign currency deposits will make a difference.It should boost flows into India over the next twelve months. That said, these measures may not help the equity flows because the equity flows, I think, are going to depend on the relative growth situation. Now, there's only that much India can do to lift its growth. It may accelerate to the high teens. So growth elsewhere needs to decelerate for equity investors to return. Or India needs to see the start of a major IPO cycle because in primary issuances, foreigners do come to buy, and that may change the net picture on FBI flows in the equity markets.But as far as the debt markets are concerned, I think the measures taken last week are going to prove to be quite potent, and India should see the benefits accruing over the next few weeks and months.Chetan, from your perspective, how important is the policy backdrop right now in determining whether India can keep attracting long-term global capital despite more competitive returns elsewhere in the short run?Chetan Ahya: So Ridham, I think the key focus for the policymakers had been with these measures to boost short-term capital inflows to stabilize the currency. There has been a balance of payment deficit. So from that perspective, the short-term capital inflow augmentation effort as you mentioned, has been the correct move. But from the long-term perspective, we think that the government needs to boost competitiveness of the Indian manufacturing. Because in the context in which AI could affect India's services exports, there is a need to augment more export receipts from the manufacturing sector. At the same time, if they improve the competitiveness of the manufacturing sector, it will help India to attract more capital inflows from long-term investors for the purpose of FDI.And the good news is that the government is on it. They are taking a number of measures to boost that competitiveness in the manufacturing. But we think that there is more action needed and hopefully in the intention to improve the balance of payment dynamics and exports from manufacturing sector, we will see more actions from the government in the coming months.Ridham Desai: Chetan, you've also written extensively about the structural capital spending cycle in Asia and India. Can you walk us through the key details here, especially in the Indian context?Chetan Ahya: I think the key story that we are observing, it's sort of more or less global, but definitely very clearly seen in Asia, that there seems to be a super cycle for CapEx as well as industrial activity. This CapEx cycle is effectively driven by spending in four key sectors, and that is AI and AI-related digital infrastructure, energy, defense, and industrial onshoring-related CapEx.Now, as far as India is concerned, we are seeing investments in all the four segments that I just mentioned. In fact, it's seeing a significant amount of activity in the space of energy. And, similarly, we are seeing a lot of policy measures, I mentioned earlier, in terms of boosting manufacturing competitiveness.But at the heart of it is government's effort to onshore industrial supply chain. So India's CapEx has also inflected higher. Having said that, the difference between India and, let's say, North Asia, which is Korea, Taiwan, Japan and China, is that they are also a big player in the export market for capital goods when there is global CapEx cycle upswing happening. Nevertheless, India will see the benefit of this CapEx cycle in terms of its own growth push, as well as improvement in productivity.So Ridham, how would you think about the sectoral opportunity within the Indian markets?Ridham Desai: We see a lot of interest in some of these sectors which you mentioned. But actually, I would like to start off with financials. I see the banks in a very sweet spot. Balance sheets are in pristine condition. The interest rate cycle has troughed, which means margins for the banks have also bottomed and credit growth is finally accelerating. If this CapEx cycle unfolds like the way you are describing it, I think financials will stand to gain the most.And interestingly, the valuations are quite good, both on an absolute as well as on a relative basis. Also, of course, investors can go directly into those sectors which are doing this capital spend. Energy to start with, semiconductors, fertilizers, data centers and aerospace.The only thing to note here is that not everywhere are the valuations attractive enough because in some cases the market has recognized the coming growth cycle and has started to price that in. So we have to be careful about the valuations. But I think financials and industrials are clearly great opportunities in the context of this CapEx recovery that India is likely to see in the coming five years.Chetan Ahya: And additionally, the most requested companies at the summit, Ridham, were consumer sector companies. What do you think investors are looking for at this sector over others?Ridham Desai: So, Chetan, I think from a structural perspective, the Indian consumer is quite clearly the best place to be. In fact, I would say that it's the leverage that India enjoys over the rest of the world.The one point five billion people in this country are split across, say, a hundred and fifty cohorts of ten million each, and each of these cohorts have got different consumption opportunities. So depending on what product or service you're offering to your consumers, there's a market in India, and which in nominal terms is growing between ten and fifteen percent.As we know, last year India accounted for something around seventeen or eighteen percent of global GDP growth, which means depending again on what you are selling to your consumer, India could be between ten and hundred percent of your revenue growth. So India's consumer is something that hardly anybody can avoid.So in summary, Chetan, when I look at it from an investment opportunity, financials, industrials, and consumption, not necessarily in that particular order, are probably the best places for investors to look at. However, IT services, I think could be the dark horse. It's a sector right now which is disrupted or potentially disrupted by AI, and there's a lot of confusion there.But I think as the dust settles on this, it may emerge as one of the most interesting areas for investors to look at. So there's a lot of stuff in India happening right now. I think growth is accelerating. Valuations are looking quite interesting. In fact, the best that they've been in many, many years.Trading performance suggests that investors are not positioned at all. And if things start looking up, then India could be a very good market in the coming twelve months.Chetan Ahya: Ridham, thanks for taking the time to talk.Ridham Desai: Great speaking with you, ChetanChetan Ahya: And thanks for listening. If you enjoy our Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or a colleague today.

America just crossed a DANGEROUS milestone with the national debt that should trouble everyone, regardless of politics. The debt is now above 100 percent of national gross domestic product, or GDP, explains Alex Newman in this episode of The Sentinel Report. It must be addressed before catastrophe. Thankfully, the affordability crisis might finally receive long-overdue attention in Midwestern and Southern states this year through the elimination of property taxes. Newman and Liberty Sentinel COO and journalist Andrew Muller analyze Florida's plan to phase out property taxes. Now other states are watching and following suit. In other good news, Tina Peters, the former Mesa County clerk, is being released after a legal battle that captivated election integrity activists nationwide. After the news segment, Sam Anthony, the founder of YourNews joins Newman to breakdown how the fake media lies to you discuss California’s war on citizen journalism. Later, Cindy Jenkins, the founder of the Healthcare Accountability Initiative, joins the show to blow the whistle on critical flaws in our healthcare system, and finally, Mark and Amber Archer, the founders of Fearless Features, discuss how to be free in Christ.

Silicon Bites Ep350 | 2026-06-11 | BRITAIN UNDEFENDED: John Healey Just Resigned as Defence Secretary Because Starmer and Reeves Refused to Fund the Defence of the United Kingdom — and the Most Dangerous Threat Environment Since the 1930s Has Just Lost Its Most Senior British Champion.Breaking: 11 June 2026 — Healey Quits Over the Defence Investment Plan, the £13 Billion Gap Between What Defence Officials Said the Country Needs and What the Treasury Was Willing to Offer, and the Question Every Allied Capital Is Now Asking — Who, in London, Is Now in Charge of Defending Britain?John Healey — Secretary of State for Defence of the United Kingdom since 5 July 2024, Member of Parliament for Rawmarsh and Conisbrough since 1997, former shadow defence secretary, and the man Keir Starmer brought into government to anchor Britain's defence policy in the most dangerous decade since the 1930s — resigned.----------SUPPORT THE CHANNEL:https://www.buymeacoffee.com/siliconcurtainhttps://www.patreon.com/siliconcurtainhttps://www.gofundme.com/f/scaling-up-campaign-to-fight-authoritarian-disinformation----------SILICON CURTAIN LIVE EVENTS - FUNDRAISER CAMPAIGN Events in 2025 - Advocacy for a Ukrainian victory with Silicon Curtainhttps://buymeacoffee.com/siliconcurtain/extrasOur events of the first half of the year in Lviv, Kyiv and Odesa were a huge success. Now we need to maintain this momentum, and change the tide towards a Ukrainian victory. The Silicon Curtain Roadshow is an ambitious campaign to run a minimum of 12 events in 2025, and potentially many more. Any support you can provide for the fundraising campaign would be gratefully appreciated. https://buymeacoffee.com/siliconcurtain/extras----------SOURCES:CNN — "John Healey: UK defense secretary resigns over military spending, in fresh blow to Keir Starmer" (11 June 2026) The National — "Defence Secretary John Healey resigns over investment plan that makes UK 'less safe'" (11 June 2026) Wikipedia — "John Healey" — Defence Secretary since 5 July 2024; MP for Rawmarsh and Conisbrough since 1997 (previously Wentworth/Wentworth and Dearne); Christ's College Cambridge; born 13 February 1960 in Wakefield; junior ministerial positions under Blair and Brown 2001-2010; shadow defence secretary 2020-2024BBC News Live coverage — "Defence Secretary John Healey delivers SDR statement" (2 June 2025) CBS News — "Citing Russia threat, U.K. leader announces military spending boost, including new nuclear-powered submarines" (2 June 2025)NPR — "Why the U.K. prime minister is calling for a bigger military to face Russia" (4 June 2025)The Independent (US/AOL syndication) — "Starmer warned UK faces '1936 moment' as ex-defence chiefs urge spending boost" — Telegraph open letter from three former defence secretaries, retired senior military chiefs, former MI6 head Sir Richard Dearlove; "hollowed out by years of chronic underfunding"; call for 5% of GDP defence spending; "1936 moment" framing of global conflict likelihood; "Our actions fall dangerously short of matching this rhetoric and of meeting our treaty obligations" verbatimIISS Military Balance 2025 (via Bloomberg/Yahoo) — "UK Unable to Defend Against Ballistic Missile Attack, IISS Warns" (February 2025) AP via Yahoo — "UK to raise defense spending to 2.5% of GDP by 2027, Starmer says 2 days before Trump meeting" (February 2025) Reuters — "Britain needs to step up defence spending faster, PM Starmer says" (February 2026)Fox News — "'Trump effect' on display as UK's Starmer boosts defense spending on eve of US visit" (February 2025) ----------

In this episode, Collin Martin and Liz Ann Sonders focus on the outlook for equities, fixed income, and the overall U.S. economy in the second half of 2026. They begin by discussing recent inflation data, noting that while CPI remains elevated, core inflation came in slightly better than expected. Both agree inflation is not quickly returning to the Fed's target, but easing expectations and stable inflation expectations suggest the Federal Reserve can remain patient for now. The key risk is whether higher prices, especially at the pump, begin to erode consumer spending, as real wages have turned negative year over year. From a policy perspective, Collin expects the Fed to stay on hold through year-end, despite the fed funds futures market pricingin a potential hike. He emphasizes that short-term yields should remain steady, while longer-term Treasury yields may stay elevated due to persistent inflation, heavy Treasury issuance, and global rate pressures. In this environment, he suggests favoring short-to-intermediate bond durations and selectively considering credit risk via investment-grade corporates, high yields, and preferred securities. Liz Ann focuses on the outlook for equity investors, highlighting a shift back to a negative correlation between bond yields and stocks—more characteristic of inflation-driven regimes. Her midyear forecast points to a solid economic backdrop, led by resilient GDP growth, strong capital spending tied to AI, and a healthy labor market, though some early warning signals are emerging in survey-based employment data. The episode closes with a cautious but constructive outlook: no immediate recession signals, but investors should consider prioritizing diversification, risk management, and periodically rebalancing as markets navigate inflation, policy uncertainty, and evolving leadership trends. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk. Treasury Inflation Protected Securities (TIPS) are inflation-linked securities issued by the US Government whose principal value is adjusted periodically in accordance with the rise and fall in the inflation rate. Thus, the dividend amount payable is also impacted by variations in the inflation rate, as it is based upon the principal value of the bond. It may fluctuate up or down. Repayment at maturity is guaranteed by the US Government and may be adjusted for inflation to become the greater of the original face amount at issuance or that face amount plus an adjustment for inflation. Treasury Inflation-Protected Securities are guaranteed by the US Government, but inflation-protected bond funds do not provide such a guarantee. Preferred securities are a type of hybrid investment that share characteristics of both stock and bonds. They are often callable, meaning the issuing company may redeem the security at a certain price after a certain date. Such call features, and the timing of a call, may affect the security's yield. Preferred securities generally have lower credit ratings and a lower claim to assets than the issuer's individual bonds. Like bonds, prices of preferred securities tend to move inversely with interest rates, so their prices may fall during periods of rising interest rates. Investment value will fluctuate, and preferred securities, when sold before maturity, may be worth more or less than original cost. Preferred securities are subject to various other risks including changes in interest rates and credit quality, default risks, market valuations, liquidity, prepayments, early redemption, deferral risk, corporate events, tax ramifications, and other factors. High-yield securities and unrated securities of similar credit quality (junk bonds) are subject to greater levels of credit and liquidity risks and may be more volatile than higher-rated securities. High-yield securities are considered predominately speculative with respect to the issuer's continuing ability to make principal and interest payments. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions Negative correlation refers to investments that tend to move in opposite directions: when one rises, the other falls. A hyperscaler is a large-scale cloud service provider that offers vast computing, storage, and networking resources through a distributed infrastructure of interconnected servers and software. (0626-WG7N)   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The economy and markets can feel dizzying and ever changing. That's where we can help. Fisher Investments' “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews: • The SpaceX IPO • Rising US inflation • The European Central Bank's rate hike Below are the sources for all data cited in today's show: 1. Source: J.P. Morgan as of 6/10/2026, Global Markets Strategy, June 2026. 2. Source: Warrington College of Business, University of Florida as of 4/23/2026. 3. Source: U.S. Bureau of Labor Statistics, as of 6/10/2026. Y/y US Headline CPI Inflation, January 2023 – May 2026. 4. Source: U.S. Bureau of Labor Statistics, as of 6/10/2026. Y/y US Headline CPI Inflation, May 2026. 5. Source: Macrobond, as of 6/10/2026. Y/y percent change in M2 (money supply) for US, UK eurozone and Japan, local currencies, monthly, January 2005 – April 2026. 6. Source: FactSet, as of 6/10/2026. University of Michigan Survey of Consumers, Expected change in prices over the next year, January 2026 – June 2026. 7. Source: Finaeon and US Bureau of Labor Statistics, as of 6/9/2026. S&P 500 Total Return Index, 12/31/1925 – 5/30/2026, y/y Headline US CPI Inflation, 12/31/1925 - 5/30/2026. 8. Source: Trading Economics, as of 6/2/2026. European Central Bank Interest Rate Decisions, September 2023 – June 2026. 9. Source: Trading Economics, as of 6/11/2026. Euro Area Interest Rate and y/y Eurozone Consumer Price Index, January 2026 – June 2026. 10. Source: Trading Economics, as of 6/10/2026. Y/y Eurozone Consumer Price Index, January 2022 – December 2022. 11. Source: Macrobond, as of 6/2/2026. GDP-weighted developed markets excluding US government bond yield spreads (10Y – 3M), daily 1/1/2025 – 5/28/2026. Want to dig deeper? • What to expect as tech mega-IPOs arrive: https://www.fisherinvestments.com/en us/insights/market-commentary/in-orbit-on-tech-sentiment-and-ipos • Ken Fisher's thoughts on recent IPO activity: https://youtu.be/tn65mxE36z8 • How Ken Fisher views central bank decisions: https://www.youtube.com/watch?v=d0k7jMBie54 Have feedback for this Fisher Investments video? Share your thoughts on this episode in just 1 minute by filling out this survey: https://fi.co1.qualtrics.com/jfe/form/SV_6Vw1ezlogR044S2?VideoCode=WeekInReview12Ju n2026 Connect with Fisher Investments on: • Facebook - https://www.facebook.com/FisherInvestments • X - https://twitter.com/fisherinvest • LinkedIn - https://www.linkedin.com/company/fisher-investments • Instagram - https://www.instagram.com/fisher.investments/ • TikTok - https://www.tiktok.com/@fisher_investments You can also follow Ken Fisher here: • Facebook - https://www.facebook.com/KenFisher.FisherInvestments • X - https://twitter.com/KennethLFisher • LinkedIn - https://www.linkedin.com/in/ken-fisher/ • Instagram - https://www.instagram.com/kenfisher_fisherinvestments/ Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.

Just before the UK voted to leave the EU in June 2016, the Treasury (and others) warned the consequences would be catastrophic. GDP would fall and unemployment would rise, Sterling would dip and government borrowing would climb. The shock of Brexit would plunge the UK into a recession. Ten years later, it's clear some of those predictions were wide of the mark. But Brexit has made the UK's economy smaller. As would-be Labour leaders Wes Streeting and Andy Burnham openly discuss the case for rejoining the EU, Soumaya asks Anand Menon, head of the UK in a Changing Europe think-tank, what the UK's relationship with the EU should look like. They discuss the UK's surprising areas of economic outperformance, why Labour's “red lines” are hampering its trade ambitions and what the EU would demand if the UK moved to rejoin.Further reading:Andy Burnham plays down rejoining EU after Wes Streeting advocates Brexit reversalTen years on, what's next for Brexit? You asked, we answeredBritain re-entering the EU ‘an inevitability', says Treasury ministerSubscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen.Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Original music and sound design by Breen Turner. Manuela Saragosa is the executive producer. Flo Phillips is the FT's head of audio.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

America just crossed a DANGEROUS milestone with the national debt that should trouble everyone, regardless of politics. The debt is now above 100 percent of national gross domestic product, or GDP, explains Alex Newman in this episode of The Sentinel Report. It must be addressed before catastrophe. Thankfully, the affordability crisis might finally receive long-overdue attention in Midwestern and Southern states this year through the elimination of property taxes. Newman and Liberty Sentinel COO and journalist Andrew Muller analyze Florida's plan to phase out property taxes. Now other states are watching and following suit. In other good news, Tina Peters, the former Mesa County clerk, is being released after a legal battle that captivated election integrity activists nationwide. After the news segment, Sam Anthony, the founder of YourNews joins Newman to breakdown how the fake media lies to you discuss California’s war on citizen journalism. Later, Cindy Jenkins, the founder of the Healthcare Accountability Initiative, joins the show to blow the whistle on critical flaws in our healthcare system, and finally, Mark and Amber Archer, the founders of Fearless Features, discuss how to be free in Christ.

Is memory truly cyclical, or has the AI data center boom changed the rules? In Part 2 of the How CSI Invests series, Nick and Kasey tackle one of the most debated questions among semiconductor investors by walking through the investment thesis checklist step that asks: what kind of business cycle does this company actually have?Rather than labeling companies simply cyclical or non-cyclical, the framework breaks businesses into short cycle, long cycle, and non-cyclical categories based on how closely revenue tracks changes in GDP growth. A short cycle business sees revenue move quickly with the economy, while a long cycle or non-cyclical business continues growing steadily regardless of macro conditions. The traditional eleven sectors of the economy do not map cleanly onto this framework, and Nick and Kasey explain why semiconductors, SaaS, telecom carriers, and ad-driven internet platforms can all fall in very different places even within the same official sector.The episode applies this framework to six real companies. Micron is examined as a short cycle business currently in year two of a strong memory upcycle, with historical precedent for these cycles to run several years. Intuitive Surgical is discussed as a long cycle healthcare hardware business tied to product generation launches. Vertex Pharmaceuticals is presented as a genuinely non-cyclical pharmaceutical company with steady growth. NextEra Energy represents the utilities sector and one of the longest cycles of all. Credo Technologies, a newer public company, is evaluated as likely short cycle, with a look at its fiscal 2027 guidance calling for eighty percent revenue growth and fifty percent adjusted profit margins. Finally, Palo Alto Networks is broken down as a cyclical business once acquisitions like CyberArk and Chronosphere are stripped out, with commentary on CEO Nikesh Arora's view that cybersecurity is constantly chasing the next emerging risk.The episode closes with the revenue analysis questions CSI uses for every company: who the primary customers are, whether revenue is concentrated, what is actually being monetized, why customers choose to spend money with that company over alternatives, and what risks could disrupt the business. Understanding these fundamentals is what allows an investor to tune out noisy debates about whether a cycle has "changed forever" and instead build real conviction in a business.For in-depth stock research and the Semiconductor Insider membership,visit chipstockinvestor.com.

Relatively strong US growth, sticky inflation and a resilient labour market have strengthened the case for further Fed tightening. In this week's episode of The Weekly Briefing, Chief North America Economist Stephen Brown tells David Wilder why rates may rise again before year-end and what to expect from Kevin Warsh's first meeting as Fed Chair.Before that, it's Groundhog Friday, as Donald Trump again talks up an imminent deal to reopen the Strait of Hormuz. But what if this time it really is for real and a US-Iran deal does get done? Group Chief Economist Neil Shearing discusses how the outlook could shift if energy starts flowing again, but also explains the economic risks if any deal later falls apart as crude reserves run down.Related contentFed on hold as Warsh faces a fractious FOMCBoE may not follow the central bank crowd in raising ratesBoJ on track to hike despite Ueda's absence

Many critics often describe Australia's glaring lack of industrial and economic complexity as a major national security challenge, while others see it as a glass jaw impacting our ability to sustain ourselves in a fight or crisis. So, what is needed? This glaring gap in our national resilience and survivability has increasingly figured in commentary and analysis as the Indo-Pacific emerges as the epicentre of the 21st century's great game between great powers. Increasingly, this issue has also figured strongly in our broader conversations with allies, most notably the United States, which is demanding that allies lift their defence spending to 5 per cent of GDP. Of that total, 3.5 per cent should be spent on military capabilities and the remaining 1.5 per cent on "enabling capabilities", including industrial capacity and infrastructure. With Australia's defence spending in the crosshairs in more ways than one, shadow minister for industry and sovereign capability Andrew Hastie has ramped up his advocacy for Australia to reindustrialise to better enhance its national resilience and long-term economic and industrial capability and competitiveness. Following his recent Anzac oration address to the University of Melbourne's Robert Menzies Institute, Hastie spoke with host Steve Kuper. The pair unpack the unique and intimate relationship between the US and Australia from the perspective of a special forces operator and how that relates to what the United States is now asking of us. As part of this conversation, they discuss the need for a more considered industrial policy, unpacking the key hurdles that are limiting our industrial and economic competitiveness on the global stage and the pressures being faced by the allied industrial base. The pair also unpack the economic and political opportunities that come from being a nation that, as Hastie describes, "makes things again" and how successive Australian governments have failed to capitalise on these opportunities to boost productivity, competitiveness and industrial capacity. Additionally, they examine models of success, what Australia can learn from friends and foes alike, and embracing serious, considered and agile economic reform, including building and rewarding a more risk-accepting culture as a means of propelling the nation forward and finally breaking the shackles of the cultural dominance of tall poppy syndrome. Finally, they also discuss an important and often overlooked question, with Hastie asking: "What sort of country do we want to be?" Enjoy the podcast, The Defence Connect team

Britain's defence secretary, John Healey, has resigned, accusing Prime Minister Keir Starmer of failing to commit the resources needed to protect the nation from rising threats. Mr Healey said a long-delayed investment plan fell well short of what was required to bring defence spending to 3% of GDP by 2030 - a NATO target. He highlighted Mr Starmer's recent warning that Russia could attack the alliance as soon as that year.Also: Iran says its ceasefire with the US is now practically meaningless after a second night of airstrikes. Pope Leo is visiting the Canary Islands and meeting migrants who survived the Atlantic crossing to reach Spanish territory. With the World Cup about to kick off in Mexico City, we get a look behind the scenes at the Azteca Stadium. Australia begins a huge inquiry into unsolved murders and disappearances. New research reveals that people have a natural tendency to veer to the left when walking. And we hear about one woman's mission to spot every butterfly species in Denmark - and what she discovered along the way.The Global News Podcast brings you the breaking news you need to hear, as it happens. Listen for the latest headlines and current affairs from around the world. Politics, economics, climate, business, technology, health – we cover it all with expert analysis and insight. Get the news that matters, delivered twice a day on weekdays and daily at weekends, plus special bonus episodes reacting to urgent breaking stories. Follow or subscribe now and never miss a moment.Get in touch: globalpodcast@bbc.co.ukPhoto: John Healey, who has resigned as Britain's defence secretary, delivering a speech at an event in MayCredit: PA

Scott Maddox spent decades at the center of Florida politics.He served as Mayor of Tallahassee, chaired the Florida Democratic Party, and ran statewide campaigns for Attorney General and Governor. He was widely viewed as one of Florida's rising political stars.Then came the federal investigation, public scandal, conviction, and prison sentence that changed everything.In this candid conversation, Scott joins Brent Cassity to discuss the pressures of politics, the realities of federal prosecution, surviving a public downfall, life inside federal prison, and the difficult road to rebuilding after losing power, reputation, and freedom.This episode is ultimately about resilience, accountability, and discovering who you are when the titles, status, and influence are stripped away.If you've ever faced failure, public criticism, or a life-changing setback, Scott's story offers a powerful perspective on surviving the fall and finding purpose on the other side.Show sponsors: Navigating the challenges of white-collar crime? The White-Collar Support Group at Prisonist.org offers guidance, resources, and a community for those affected at prisonist.org. Protect your online reputation with Discoverability! Use code NIGHTMARE SUCCESS for an exclusive discount Visit Discoverability.co. Auto Plaza Direct "Your personal car concierge!" Let them handle every detail to find your perfect car autoplazadirect.com. Author Saffron Gustafson www.mynameissaffron.com, "My Name is Saffron." Author Nevin Shetty, "Second Chance Economics: How Hiring The Formerly Incarcerated Can Unlock $1 Trillion in GDP." www.secondchanceeconomics.com

Watch the show on television by downloading the e360tv channel app to your Roku, LG or AmazonFireTV. You can also see it on YouTube.Devin: What is your superpower?Molly: I take a bet on others and encourage them to be their best selves, that I believe in them, that I trust them.Women entrepreneurs continue to face systemic barriers when accessing capital for their businesses. Despite accounting for nearly half of all new businesses in the U.S., women founders receive only 2% of total venture capital funding. Molly Huyck, Founder and CEO of AeQuitas Invest, realized the dire need for change and has built an innovative solution: a funding platform exclusively for women entrepreneurs.Molly's journey toward launching AeQuitas Invest began at PayPal, where she spent over 20 years building a career informed by innovation and a commitment to creating equal opportunities. Motivated by her global mentorship experience with women entrepreneurs in partnership with the Cherie Blair Foundation, Molly learned of a staggering $5 trillion gap in global GDP caused by inequities in access to capital for women. This eye-opening realization fueled her passion to address the challenge.“When in looking at other crowdfunding platforms, literally, on average, four out of 66 raises that are going on at any one time are women founders,” Molly explained. “It doesn't make sense to me personally, and it doesn't make sense economically.”AeQuitas Invest is more than a simple platform—it's an ecosystem designed to support women founders beyond funding. Molly and her team take a hands-on approach, creating cohorts of founders to foster collaboration and shared learning. The platform also offers access to marketing, legal, and accounting experts, helping women founders navigate challenges at just the right time.“Women operate differently. Women lead differently,” Molly said. “Studies show they typically have a return of $0.78 per dollar invested in them versus men, who return only $0.31 per dollar. That's why I created AeQuitas Invest—to connect women founders with investors and close the gap.”Currently, the platform has several promising campaigns in its pipeline, including Blockchain Homes, which is already live. By offering regulated crowdfunding opportunities, AeQuitas Invest empowers investors to support women-led businesses and drive meaningful change.Molly's story and AeQuitas Invest demonstrate the power of innovation and collective support to address inequities for women entrepreneurs. This episode highlights how platforms like AeQuitas can be game changers for gender equality in entrepreneurship.tl;dr:Women-led businesses receive just 2% of VC funding, but AeQuitas Invest aims to change that.Founder Molly Huyck built AeQuitas Invest to provide a crowdfunding platform just for women founders.The platform creates a community with hands-on support to help women succeed in fundraising.Molly shares how her personal journey and experience inspired her commitment to gender equality.Today's episode highlights how empowering women entrepreneurs creates meaningful impact for investors and society.How to Develop Empowering Others As a SuperpowerMolly's superpower lies in empowering others, especially women, to rise up and succeed. Reflecting on her journey, she explained, “I take a bet on others and encourage them to be their best selves, that I believe in them, that I trust them.” Molly's approach is rooted in creating opportunities for others to thrive, fostering confidence, and supporting people to achieve their full potential.Molly described hiring an executive chef for the women's sports bar she opened. The candidate had only applied for the sous chef position, doubting her ability to lead. Molly recognized her potential and took a chance on her. With Molly's encouragement, the new chef rose to meet the challenge and excelled in her role. This example perfectly illustrates Molly's commitment to empowering others by believing in their abilities and investing in their growth.Tips for Developing this Superpower:Take chances on others by recognizing their potential, even if they doubt themselves.Offer encouragement and affirmation to help people overcome self-doubt and unlock their confidence.Connect with diverse communities and create inclusive environments that support mutual growth.Build a supportive network of peers who can share experiences and provide feedback.By following Molly's example and advice, you can make empowering others a skill. With practice and effort, you could make it a superpower that enables you to do more good in the world.Remember, however, that research into success suggests that building on your own superpowers is more important than creating new ones or overcoming weaknesses. You do you!Guest ProfileMolly Huyck (she/her):Founder/CEO, AeQuitas InvestAbout AeQuitas Invest: Aequitas Invest is the only woman founded crowdfunding platform for women entrepreneurs. AQi solves the gap between opportunity and access—where high-potential founders, especially women, struggle to get funded, and everyday investors are excluded from early-stage investing. It connects both sides, enabling founders to raise aligned capital while opening wealth-building opportunities to more people.Website: aequitasinvest.comCompany Facebook Page: facebook.com/AQinvInstagram Handle: @aequitas.investBiographical Information: Molly Huyck is a trailblazer in advancing equity and inclusion. As the visionary founder of Aequitas Invest and SET The Bar (the 8th women's sports bar in the U.S.), Molly has dedicated her career to breaking down systemic barriers and creating opportunities for underrepresented voices in business and sports.Through Aequitas Invest, Molly is revolutionizing access to capital for women entrepreneurs—a critical gap in today's investment landscape. She doesn't just recognize the strategic potential of these companies; she knows how to help the founders bring them to life. Molly combines her deep expertise in technology and operations with an unwavering commitment to equity, ensuring that women founders receive not only funding but also the mentorship and resources to thrive. Her work is changing the narrative around who gets funded and why.With over 30 years of experience in technology, operations, and entrepreneurship, Molly's career is a testament to resilience and innovation. She co-founded and successfully exited a web development and IT services startup, holds a master's degree in technology from Creighton University, and has led diverse teams across technology, operations, and talent acquisition. At every stage, she has embedded inclusion into the DNA of her leadership.LinkedIn Profile: linkedin.com/in/molly-huyck-0b90258/Personal Facebook Profile: facebook.com/molly.huyckSupport Our SponsorsOur generous sponsors make our work possible, serving impact investors, social entrepreneurs, community builders and diverse founders. Today's advertisers include Kaylaan, High Desert Gear and Climatize. Learn more about advertising with us here.Max-Impact Members(We're grateful for every one of these community champions who make this work possible.)Brian Christie, Brainsy | Cameron Neil, Lend For Good | Carol Fineagan, Independent Consultant | Hiten Sonpal, RISE Robotics | John Berlet, CORE Tax Deeds, LLC. | Justin Starbird, The Aebli Group | Lory Moore, Lory Moore Law | Marcia Brinton, High Desert Gear | Mark Grimes, Networked Enterprise Development | Matthew Mead, Hempitecture | Michael Pratt, Qnetic | Mike Babbit | Coledger Solutions | Mike Green, Envirosult | Nick Degnan, Unlimit Ventures | Dr. Nicole Paulk, Siren Biotechnology | Paul Lovejoy, Stakeholder Enterprise | Pearl Wright, Global Changemaker | Scott Thorpe, Philanthropist | Sharon Samjitsingh, Health Care Originals | Add Your Name HereUpcoming SuperCrowd Event CalendarIf a location is not noted, the events below are virtual.Join the SuperCrowd Impact League! You can be recognized for making impact investments via Reg CF. See how your activity compares to your peers. It's free. Win valuable prizes. Start now!Devin Thorpe will lead SuperCrowdHour on June 17, 2026, at 12:00 PM Eastern. In this insightful session, “How to Benchmark Your Impact Crowdfunding Portfolio v. the Stock Market,” Devin will explore how impact investors can evaluate the performance of their regulated investment crowdfunding portfolios alongside traditional stock market benchmarks. Drawing on his experience as a former investment banker, impact investor, and crowdfunding advocate, he will break down practical methods for measuring returns, assessing risk, and understanding the broader value created through impact investing. Attendees will gain a clearer understanding of how private impact investments compare with public market performance, what metrics matter most, and how to build a more informed long-term investment strategy. Whether you're an experienced impact investor or just beginning to build your crowdfunding portfolio, this SuperCrowdHour will provide valuable insights to help you evaluate both financial and social returns with greater confidence and clarity.SuperCrowd26 featuring PurposeBuilt100™: This August 25–27, founders, investors, and ecosystem leaders will gather for a three-day, broadcast-quality global experience focused on disciplined capital formation, regulated investment crowdfunding, and purpose-driven growth. We're bringing together leading voices in impact investing, compliance, digital marketing, and circular economy innovation to deliver practical frameworks, real-world case studies, and actionable strategies. The event culminates in the PurposeBuilt100™ Showcase, recognizing 100 of the fastest-growing purpose-driven companies in the U.S. Register now to secure your seat and get all the details. August 25–27, streaming worldwide.Share the application for the PurposeBuilt100™: Purpose-driven founders deserve recognition. The PurposeBuilt100™ application window is now open—celebrating the fastest-growing companies building profit with purpose. If you know a founder creating real impact and real growth, please share this opportunity. Applications are free and confidential. Explore the program and apply today: PurposeBuilt100.com.Community Event CalendarSuccessful Funding with Karl Dakin, Tuesdays at 10:00 AM ET - Click on Events.On June 18th at 5pm ET, join Tampa Bay Innovation and Menlo Park Patents for the Q2 Pitch Showcase, a live gathering for founders, inventors, investors, and startup supporters. Watch selected entrepreneurs pitch bold ideas, network with the innovation community, and see winners earn valuable prizes, including patent, valuation, and investor-meeting opportunities in St. Petersburg, Florida.Register Now! October 20th and 21st will be the Crowdfunding Professional Association Regulated Investment Crowdfunding Summit for 2026. This is the event of the year for everyone in the crowdfunding ecosystem.If you would like to submit an event for us to share with the 10,000+ changemakers, investors and entrepreneurs who are members of the SuperCrowd, click here.Manage the volume of emails you receive from us by clicking here.We share educational information—not investment advice. Some links may generate compensation. See our full disclosure.We use AI to help us write compelling recaps of each episode. Get full access to Superpowers for Good at www.superpowers4good.com/subscribe

I spoke to Sean Geobey, associate professor at the University of Waterloo and Director of Groupthink Labs, about collective intelligence, cooperative economics, and what decentralized technology could actually offer the solidarity economy.We dig into how collective intelligence works at scale, from participatory budgeting experiments in Kitchener to the structural barriers that make setting up a cooperative three times harder than incorporating a business. We also get into the limits of GDP as a measure of anything meaningful, why the left's taboo around finance is a form of unilateral disarmament, and how speculative finance has become the shortest-term thinking industry on the planet while performing the same planning function as the old Soviet Politburo. Sean also looks at Bread Cooperative (a worker cooperative I founded) and where the real bottlenecks are for Web3 to serve collective action rather than undermine it.If you liked the podcast be sure to give it a review on your preferred podcast platform. If you find content like this important consider donating to my Patreon starting at just $3 per month. It takes quite a lot of my time and resources so any amount helps. Follow me on Twitter (@TBSocialist) or Mastodon (@theblockchainsocialist@social.coop) and join the r/CryptoLeftists subreddit. Support the showICYMI I've written a book about, no surprise, blockchains through a left political framework! The title is Blockchain Radicals: How Capitalism Ruined Crypto and How to Fix It and is being published through Repeater Books, the publishing house started by Mark Fisher who's work influenced me a lot in my thinking. The book is officially published and you use this linktree to find where you can purchase the book based on your region / country.

11 Jun 2026. Harrow International School Dubai opens this September despite the regional conflict. We find out what’s behind the launch of one of the UK’s most iconic schools in the UAE with Simon O’Connor, Head Master of Harrow International School. Dubai Holding Real Estate has partnered with Commercial Bank of Dubai to launch a new home financing programme for buyers across Nakheel, Meraas and Dubai Properties. We find out more with Dhiraj Kunwar, General Manager of Retail and Business Banking at CBD. And it’s FIFA-nomics. The 2026 World Cup is expected to add $41 billion to global GDP. UBS joins us with the numbers.See omnystudio.com/listener for privacy information.

What if growth wasn't the main goal for economic prosperity? Kate Raworth, the author and economist behind Doughnut Economics, tells Amol why she thinks that measuring success by GDP growth is unsustainable, immoral, and an unfit economic model for the 21st century. Kate's thesis goes against centuries of economic consensus and has radical ideas for how to overhaul the system by prioritising nature and wellbeing. She argues that real abundance is possible, but only if we learn from nature and live within the planet's limits. GET IN TOUCH: * WhatsApp: 0330 123 9480 * Email: radical@bbc.co.uk Episodes of Radical with Amol Rajan are released every Thursday and Monday. Amol Rajan presents the Today programme on BBC Radio 4 and hosts University Challenge on BBC One. Before that, Amol was the BBC's media editor and the editor of The Independent newspaper. Radical with Amol Rajan is a Today Podcast. It was made by Oscar Pearson and Julian Paszkiewicz. Digital production was by Daniel Raza. Technical production was by Mike Regaard. The series producer is Rufus Gray. The senior news editor is Sam Bonham.

Reactions to the U.S. national debt held by the public recently crossing a historic, psychological threshold, surpassing the size of the total U.S. economy. Federal data shows that public debt stood at $31.27 trillion against a nominal GDP of $31.22 trillion, equating to a debt-to-GDP ratio just over 100% for first time since the aftermath of World War II (when the ratio peaked at 106% in 1946) that America's national debt has outpaced its gross domestic product outside of brief, temporary pandemic-induced spikes. 

As the 2026 FIFA World Cup kicks off in Mexico this Thursday, we take a look at the tournament's expected economic impact – both globally and on host countries. But the real winner, it seems, is FIFA, with record revenues forecast at $11 billion. Also in this edition, markets react to a fresh flare-up in violence in the Strait of Hormuz, and SpaceX faces a lawsuit from an environmental group ahead of its blockbuster market debut this Friday.

Is rotary really better than reciprocating? Can you safely skip the glide path with modern reciprocating systems? What is the best file system for a GDP who wants predictable endodontic results? And perhaps the biggest question of all: does the file system matter as much as we think it does? In Part 2 of the Endo Showdown, Dr Samuel Johnson returns to tackle some of the most common questions dentists have about file systems, glide path preparation, retreatment, and endodontic workflow. From practical negotiation tips to choosing a system that works in your hands, this episode focuses on the decisions that can make endodontics simpler, safer, and more predictable. https://www.youtube.com/watch?v=onZMR-872HQ Watch PDP271 on YouTube Protrusive Dental Pearl Cut your gutta-percha at the level of the canal orifice and thoroughly clean the pulp chamber before placing the coronal restoration. ⚠️ Leaving gutta-percha and sealer coronally can compromise the coronal seal and promote leakage. ✅ Use isopropyl alcohol to clean resin-based sealer residue before bonding. Water is effective for cleaning bioceramic sealers. Key Takeaways Establish a glide path before shaping whenever possible. D-Finders can negotiate difficult canals more predictably than traditional K-files. Intermediate files such as size 12 or 12.5 can help bridge the jump from size 10 to size 15. Straight-line access reduces file binding and improves shaping efficiency. Avoid forcing glide path files to working length. Gates Glidden drills may be unnecessarily aggressive for routine coronal flaring. Consistency with one file system is often more important than chasing the latest product. WaveOne Gold remains a simple and user-friendly option for many GDPs. Rotary and reciprocating systems can both achieve successful outcomes when used appropriately. A good glide path is often more important than the type of motion being used. Hand files and Hedström files remain valuable during retreatment. Mechanical GP removal near the apex increases the risk of extrusion. Solvents are best reserved for residual gutta-percha rather than used at the start of retreatment. Understanding motor settings, torque, and RPM improves file safety and efficiency. Knowing when to refer is a sign of clinical maturity, not weakness. Clear consent and expectation management reduce stress for both clinician and patient. Highlights of this episode: 00:00 Teaser 01:09 Introduction 02:15 Protrusive Dental Pearl: Coronal GP Removal & Pulp Chamber Clean-Up 03:59 Glide Path File Protocol & Canal Negotiation 06:24 Access Cavity Design & Coronal Flaring in RCT 08:38 File Taper & Canal Preparation Philosophy 09:54 Managing Difficult Canals in Endodontic Treatment 11:48 When to Introduce the Glide Path File 13:24 Using Intermediate File Sizes 15:39 Useful Negotiation & Shaping Tips 17:19 Choosing a File System 20:19 Rotary vs Reciprocating in Clinical Practice 21:29 Motor Settings & File Control 21:40 XP-Endo & Specialised File Designs 22:05 Endo Motor Ads 24:44 XP-Endo & Specialised File Designs 25:16 Retreatment Files & GP Removal 26:08 Preferred Gutta-Percha Removal 31:21 Recommended System for Simplicity 32: 44 Building Skills Faster in Endodontics 36:13 Consent & Managing Expectations 41:51 Reciproc vs WaveOne Gold 42:22 Preferred Retreatment Protocol 43:33 Using Rotary Files in Reciprocation 45:12 Curved Canals & Shaping Efficiency 46:32 Can Reciproc Blue Bypass the Glide Path? 49:29 Outro Want more? Check out the previous episode with Dr. Samuel Johnson: Working Lengths and Troubleshooting Apex Locators – PDP216

Imagine you are in the circus, watching a tightrope walker who's been on the sauce.He sways, the crowd gasps, he sways again, more gasps, and yet somehow he doesn't fall. This goes on and on and eventually you get bored watching. That, it seems to me, is Britain.Public debt is now knocking on £3 trillion. (Remember you could have spent a million pounds every day since Jesus was born and still not have spent a trillion - that's how incomprehensible a sum a trillion is). Interest payments now run at over £110 billion a year - more than we spend on education. Debt-to-GDP hovers around 100%. Growth is wilted. Productivity is like blancmange. Taxes are everywhere and record-breaking. Waste and bloat and bureaucracy are rampant.But the political response to every problem is the same: spend more.Despite all of this, like our inebriated tight rope walker, sterling refuses to drop. The pound trades around $1.35. The gilt market continues to function. The bond vigilantes, whoever these mystical people are, appear to be away at lunch with Lord Lucan..Why?The answer begins with a simple but often overlooked fact that currencies are not valued absolutely, but relatively.You look at Britain's fiscal position and conclude the pound must fall, but against what?It's not like the US isn't running unthinkable deficits. Interest payments are exploding there too. The eurozone is if anything more trapped in low growth than we are. Japan's debt burden is legendary. Never mind the oil, Canada is a basket case. Australian regulation is doing its best to revive the traditions of the penal colony and China has its own economic and demographic headaches.All currencies are crapThen there are interest rates. Britain still offers relatively attractive yields. Ten-year gilts yield around 5%. That may be painful for the Chancellor, whatever her name is, but it is attractive to those looking for income. Japan, the US and most of Europe offer less. Higher interest rates support the pound. They attract computerised capital from around the world, which buys sterling to get the yield.London remains a financial centre, albeit it one in over-regulated decline. There is still some rule of law and some respect for property rights. The UK is not yet Zimbabwe, Turkey or Venezuela, even if it may feel that way. A country can be badly governed for a surprisingly long time before capital completely loses confidence.However, none of the underlying problems have actually been fixed, nor are they going to be fixed. We are still spending £48,000 per household through the state. You'll get greater productivity out of a plate of blancmange. Taxes are not coming down. We are locked in promise, spend, borrow, tax, repeat.Here's another possibility. The tightrope walker may never fall off. But with each step, the tightrope itself gets closer to the ground.The pound has lost over 40% of its purchasing power just since 2020. In 2007 a pound cost $2.10, so we are down a third against another unit which in itself is hopeless. Measured against the constant that is gold, the pound has fallen over 95% since the Gordon Brown sales of 1999.Here are those declines visualised.The framing is all wrong. The collapse is not sudden but ongoing. Maybe we don't get a dramatic crisis. No Black Wednesday, no run on the pound, no emergency press conference outside the Bank of England or wheelbarrows full of digital bank notes. Just more of this relentless decline. Every year a bit more debt, a bit more printing, a bit more inflation, another 7% loss of purchasing power, a bit more government spending, a bit more taxation, year after year, decade after decade. The tightrope gets lower and lower but nobody notices because we are all looking at the walker.Alf Ramsay was on £4,500 a year. Thomas Tuchel gets £5 million. That didn't happen over night. It was cumulative, incremental and compounded. The endgame remains debasementNot just in the UK but everywhere. In a democracy where politicians need votes they will ALWAYS choose inflation over austerity, spending over restraint and dilution over default. This is built in. The incentives are too powerful. They will sacrifice the currency to preserve the system.Nothing changes until the system itself changes.Perhaps the tightrope walker never falls. But the rope keeps inching lower and lower until one day it is running along the ground.The crowd applauds because there was no crash. Meanwhile the currency has lost another 98% of its value.That is where this is going, gradually but relentlessly. Not with a bang, but with a long, slow debasement.Sterling has been “collapsing” for decades, and it will “collapse' for many decades more, likewise dollars and euros and yen.The debasement of currency is not a new thing, though we have never seen it globally in the way it exists today. Gold has seen it happen many times before and it has survived every time. It will survive tsunamis, earthquakes and explosions. National currencies will not.Tell someone about this great postThanks for reading the Flying Frisby.Until next time,DominicIf you live in a third world country such as the UK, I urge you to own gold or silver. The pound will be further devalued, as will the euro and dollar. The bullion dealer I use and recommend is The Pure Gold Company. They deliver to the UK, the US, Canada and Europe. More here.A quick housekeeping noteI've decided to withdraw Lifetime Membership to The Flying Frisby at the end of June.The current price is £550 until 15 June. It then rises to £650 before being withdrawn permanently on 30 June.If you've been considering Lifetime Membership, this is your last chanceNB despite what the sign-up process says, this is a genuine ONE-OFF payment for lifetime access. I manually convert memberships myself.Any problems, please message me on Substack or reply to this email.The bookThe Secret History of Gold is getting rave reviews and is available around the world at all good bookshops, with the audiobook read by me is especially popular. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

Kea Nonyana of PrimeXBT on SA's better GDP reading, but is it sustainable? What's troubling PGMs, plus SpaceX, Anthropic and OpenAI mega IPOs. Araxi CEO Bradley Sacks talks group results, which saw revenue and Heps slip. And, Eighty20's Andrew Fulton on young SA consumers facing mounting credit stress.

Nicholas Lorimer and Chris Hattingh discuss the latest GDP figures for the 1st quarter of 2026. They also discuss the mining department's failure to implement new systems, and they discuss the DA's visit to the Zulu king. Website · Facebook · Instagram · Twitter

There's a lot to unpack about the economic effects of artificial intelligence. It's clear that artificial intelligence is having a moment (to say the least) and that it has a profound impact on global GDP. But is it just a boom that will bust? Ed Zitron, author and host of the “Better Offline” podcast, is deeply worried about the long-term viability of the industry. He points out that AI lacks the basic traits that have been associated with previous software booms. This raises the question: is AI running more on unsustainable costs and vibes rather than long-term profit potential? According to Ed, the answer is clear.  Sign up for MS NOW Premium on Apple Podcasts to listen to this show and other MS podcasts without ads. You'll also get exclusive bonus content from this and other shows. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

GDP is often the starting point when evaluating a country's development. But it also invites a deeper question: can an economy be truly called “prosperous” if rising output is not matched by meaningful improvements in people's quality of life?This is the focus of Episode 393 of the Vietnam Innovators podcast (English episode), featuring Mr. Warrick Cleine MBE, Chairman & CEO of KPMG Vietnam and Cambodia. With extensive experience advising businesses and institutions across the region, he brings a multidimensional view on what drives long-term economic strength, and why Vietnam's development story needs to be understood through a broader framework than GDP alone.---Listen to this episode on YoutubeAnd explore many amazing articles about the pioneers at: https://vietcetera.com/vn/bo-suu-tap/vietnam-innovatorFeel free to leave any questions or invitations for business cooperation at team@vietcetera.com

Stephen Grootes speaks to Thanda Sithole, FNB & WesBank Senior Economist, about South Africa’s modest 0.5% GDP growth in the first quarter, unpacking the resilience in finance and agriculture, the drag from manufacturing and declining fixed investment, and what the mixed signals in consumer spending, exports, and inventories mean for the country’s economic outlook. In other interviews, Luyanda Njilo, Senior Equity research analyst for healthcare at Nedbank Corporate and Investment Banking talks about a growing challenge facing South Africa’s medical aid industry: the decline in younger members. Medical schemes rely on younger, healthier members to help subsidise the healthcare costs of older beneficiaries, but that balance is increasingly under strain as fewer young adults join or remain on medical aid. 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 a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Charles Schwab's Kevin Gordon talks about the latest imports and exports data and what it means for consumer spending and GDP. He points out that real wage growth dipped into negative territory, a yellow flag for consumer health. On the jobs front, Kevin doesn't see a "full-fledged hiring boom" taking shape but doesn't see it as a bad thing for job seekers. He then turns to the small cap outperformance and what it means for the stock market. ======== 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

In Episode 316 of The Block Runner Podcast, hosts William and I-man give an honest post-mortem on the first NAT.fun launch, break down why gold and AI equities are outrunning Bitcoin in this bear-market stretch, and walk through the plan for a second launch with healthier token distribution. Disclosure: William and I-man are founders of NAT.fun and hold NAT tokens. All analysis in this episode reflects their perspective as participants in the ecosystem. Key topics: Bear-market sentiment, round three: gold outrunning Bitcoin, Mark Cuban turning bearish, and David Hoffman exiting ETH, plus why the feeling of a market top keeps getting worse even as prices stay historically high The AI and equities bubble: Anthropic's revenue versus its trillion-dollar valuation, Jensen Huang's argument for growing GDP with AI and robots, and Mag 7 stocks versus Bitcoin in a market where attention, not fundamentals, sets the price Attention markets everywhere: gambling apps, Pokemon cards, and conspiracy and alien mania as symptoms of where speculative dopamine has migrated away from crypto The NAT.fun launch post-mortem: the first token's broken distribution (ten holders, one wallet holding around 80 percent, graduation in roughly ten minutes), why that makes a credible Vibathon impossible, and the second rocket plan with a higher graduation threshold for better NFT distribution Product direction: a tour of the Vibe Studio and the tarot-card creator example, integrating vibe creation into the launch flow, the Breaking Bad themed launch video breakdown, and an open letter to Foundry on Bitcoin's declining security budget and NAT Please like and subscribe on your favorite podcasting app! Sign up for a free newsletter: www.theblockrunner.com Follow us on: Youtube: https://bit.ly/TBlkRnnrYouTube Twitter: bit.ly/TBR-Twitter Telegram: bit.ly/TBR-Telegram Discord: bit.ly/TBR-Discord $NAT Telegram: https://t.me/dmt_nat

Nick Kunze of Sanlam Private Wealth unpacks the US markets overnight, after last Friday's tech sell-off, and PPC's latest results. Omnia CEO Seelan Gobalsamy discusses the group's strong set of results, as its chemicals unit returned to profit and Africa agri delivered a robust recovery. Plus, Future Forex CEO Harry Scherzer on what we can expect from SA's Q1 2026 GDP data that's due out later this morning.

Statistics Canada just confirmed two consecutive quarters of negative annualized GDP. But half the country's economists say it doesn't count, the Prime Minister calls it "settling in," and the Bank of Canada is signaling the next move might be a hike, not a cut. We break down what the print actually said, why gold imports and frozen housing turnover are doing most of the damage, and what every Canadian real estate investor needs to do before the June 10th BoC decision. Inside: the three lenses on whether this is a "real" recession, why fixed mortgage rates have a floor (not a ceiling), and the five things you should NOT do in this market. EDMONTON MULTIPLEX EVENT Try it NordVPN risk-free now with a 30-day money-back guarantee! Use our code "realestate" to get 4 extras months from a 2 years plan Exchange-Traded Funds (ETFs) | BMO Global Asset Management LISTEN AD FREESee omnystudio.com/listener for privacy information.

──────────────────────────────────────── [00:03:00] Today Is the 59th Anniversary of Israel's Attack on the USS Liberty — Thomas Massie Will Speak on the House Floor at Noon Massie: 34 sailors and Marines killed, over 100 injured in a sustained attack while the ship flew the American flag — multiple low-altitude passes is not mistaken identity. ──────────────────────────────────────── [00:12:00] Pentagon Raises Israel's Counterintelligence Threat to 'Critical' — Espionage Is 'Absolutely Unhinged' Says Senior Official The DIA issued a seven-page assessment citing specific incidents — US officials use burner phones and avoid speaking in hotel rooms when visiting their supposed top ally. ──────────────────────────────────────── [00:22:00] Jonathan Pollard Bragged on Camera That Israel Threatened the US With Nuclear Weapons in 1973 to Force the Arms Airlift Pollard: they parked a nuclear-armed plane at Tel Nof, told the US to look, and the airlift started the next day — then sold the stolen secrets to Russia for a prisoner swap. ──────────────────────────────────────── [00:35:00] Section 224 of the NDAA Would Fuse the US and Israeli Militaries — Republicans Killed Ro Khanna's Amendment to Strip It Khanna: Israel's GDP is smaller than a single town in his district, yet Netanyahu wrote to Congress requesting this section — only two Democrats joined him in opposing it. ──────────────────────────────────────── [00:50:00] Apple Is Moving iPhone 18 Engineering and Design to Israel — Its Cumulative Investment There Exceeds $45 Billion in 10 Years Knight: Apple is replacing Taiwanese TSMC with Israeli companies — forget engineering jobs in America; Israel will have backdoor access to every iPhone built. ──────────────────────────────────────── [01:02:00] Israeli Influence Operators Are Targeting AI 'Alignment' — Corporate Capture to Control What Chatbots Say About Israel A recorded briefing: go directly to AI companies and use their alignment process to make chatbots output approved narratives — 'correcting the digital world.' ──────────────────────────────────────── [01:15:00] The Karp AI Speech: 'Stop Pretending It's a Democracy — We Are the Ledger Now — Try to Unplug Us' Knight plays the AI-rendered Karp worldview alongside the Israeli AI influence briefing — the technological republic that owns every tax return is being handed to a foreign government. ──────────────────────────────────────── [01:25:00] Trump Stormed Out of His NBC Interview When Pressed on Whether J6ers Will See Any of the $1.776 Billion Slush Fund Knight: the fund was never about J6ers — Trump sued the IRS over his own tax exposure and created a fund he controls, managed by people he appoints who answer only to him. ──────────────────────────────────────── [01:38:00] Mike Johnson on March 5: 'We Are Not at War' — Thomas Massie on June 8: 'Three Months Later We Are Still at War' Massie retweeted Johnson's March speech calling the operation limited and nearly complete — Knight: we bombed a girls school and killed civilians; Johnson still calls it limited. ──────────────────────────────────────── [01:50:00] Trump Says He Wants Iran's Highly Enriched Uranium — Which He Also Said Was Entombed and No Threat for Months Knight: if the uranium is entombed, why are we still at war to retrieve it — Trump told Hannity it matters 'from a PR standpoint,' then told NBC he'd invade. Both cannot be true. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

──────────────────────────────────────── [00:03:00] Today Is the 59th Anniversary of Israel's Attack on the USS Liberty — Thomas Massie Will Speak on the House Floor at Noon Massie: 34 sailors and Marines killed, over 100 injured in a sustained attack while the ship flew the American flag — multiple low-altitude passes is not mistaken identity. ──────────────────────────────────────── [00:12:00] Pentagon Raises Israel's Counterintelligence Threat to 'Critical' — Espionage Is 'Absolutely Unhinged' Says Senior Official The DIA issued a seven-page assessment citing specific incidents — US officials use burner phones and avoid speaking in hotel rooms when visiting their supposed top ally. ──────────────────────────────────────── [00:22:00] Jonathan Pollard Bragged on Camera That Israel Threatened the US With Nuclear Weapons in 1973 to Force the Arms Airlift Pollard: they parked a nuclear-armed plane at Tel Nof, told the US to look, and the airlift started the next day — then sold the stolen secrets to Russia for a prisoner swap. ──────────────────────────────────────── [00:35:00] Section 224 of the NDAA Would Fuse the US and Israeli Militaries — Republicans Killed Ro Khanna's Amendment to Strip It Khanna: Israel's GDP is smaller than a single town in his district, yet Netanyahu wrote to Congress requesting this section — only two Democrats joined him in opposing it. ──────────────────────────────────────── [00:50:00] Apple Is Moving iPhone 18 Engineering and Design to Israel — Its Cumulative Investment There Exceeds $45 Billion in 10 Years Knight: Apple is replacing Taiwanese TSMC with Israeli companies — forget engineering jobs in America; Israel will have backdoor access to every iPhone built. ──────────────────────────────────────── [01:02:00] Israeli Influence Operators Are Targeting AI 'Alignment' — Corporate Capture to Control What Chatbots Say About Israel A recorded briefing: go directly to AI companies and use their alignment process to make chatbots output approved narratives — 'correcting the digital world.' ──────────────────────────────────────── [01:15:00] The Karp AI Speech: 'Stop Pretending It's a Democracy — We Are the Ledger Now — Try to Unplug Us' Knight plays the AI-rendered Karp worldview alongside the Israeli AI influence briefing — the technological republic that owns every tax return is being handed to a foreign government. ──────────────────────────────────────── [01:25:00] Trump Stormed Out of His NBC Interview When Pressed on Whether J6ers Will See Any of the $1.776 Billion Slush Fund Knight: the fund was never about J6ers — Trump sued the IRS over his own tax exposure and created a fund he controls, managed by people he appoints who answer only to him. ──────────────────────────────────────── [01:38:00] Mike Johnson on March 5: 'We Are Not at War' — Thomas Massie on June 8: 'Three Months Later We Are Still at War' Massie retweeted Johnson's March speech calling the operation limited and nearly complete — Knight: we bombed a girls school and killed civilians; Johnson still calls it limited. ──────────────────────────────────────── [01:50:00] Trump Says He Wants Iran's Highly Enriched Uranium — Which He Also Said Was Entombed and No Threat for Months Knight: if the uranium is entombed, why are we still at war to retrieve it — Trump told Hannity it matters 'from a PR standpoint,' then told NBC he'd invade. Both cannot be true. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

Description The Future of Tech is Here. Subscribe to our Newsletter:https://theultimatepartner.com/ebook-subscribe/ Check Out UPX:https://theultimatepartner.com/experience/ In this presentation from Ultimate Partner Live, industry analyst Jay McBain breaks down the monumental macroeconomic shifts rewriting the tech sector in 2026. https://youtu.be/r0qTDyw97Gs As the industry rapidly approaches a $6.07 trillion valuation, driven by massive AI infrastructure investments from Sam Altman and the “Magnificent Seven,” traditional sales and channel models are fundamentally collapsing. McBain reveals how buyer demographics have transformed to an integration-first millennial base, why marketplace ecosystems now command over half of all partner-funded deals, and how a tiny elite of just 1,000 tech service providers control two-thirds of global tech revenue. Learn the exact mechanics behind how Microsoft out-partnered AWS to win 26 straight quarters of dominant growth and how your business can deploy an algorithmic early warning system to capture massive wallet share before competitors even step into the boardroom. Key Takeaways Over half of the Fortune 500 companies vanish every 20 years because their leadership fails to anticipate macroeconomic technological cycles. The true opportunity in the $6.5 trillion AI boom lies not in single vendor products, but in the hardware, software, services, and telecom ecosystem surrounding them. Indirect tech sales are undergoing a structural shift toward direct cloud hyperscaler models driven heavily by Nvidia's core infrastructure client base. Modern business deals are won or lost months before the point of sale based on the average of 6.3 partners surrounding a customer’s environment. Over 51% of tech buyers are now millennials who prioritize software integration capabilities and digital marketplaces over traditional human sales interactions. Tech service economics are pivoting aggressively away from upfront margins toward point-based multi-partner funding across subscription cycles. If you're ready to lead through change, elevate your business, and achieve extraordinary outcomes through the power of partnership—this is your community. At Ultimate Partner® we want leaders like you to join us in the Ultimate Partner Experience – where transformation begins. Key Tags Nvidia AI buildout, $7 trillion AI opportunity, cloud ecosystem decade, Microsoft vs AWS growth, multi-partner cloud deals, digital marketplace migration, millennial B2B buyers, B2B tech subscription economics, tokenized micro consumption, tech services wallet share, hybrid cloud infrastructure, 28 customer moments, IT services industry growth, telecom spend breakdown, channel chief strategy, managed service providers MSP, global systems integrators GSI, software integration first, point-based vendor incentives, automated co-selling workflows Transcript JAY McBAIN AUDIO PODCAST [00:00:00] Jay McBain: So to go back to that story about the 53% of companies who are gonna fail, one of us is gonna be asked to write the book, but chapter one is always you Blame the CEO. [00:00:13] Vince Menzione: We just came back from Ultimate Partner live in Bellevue, Washington, where we hosted incredible leaders for two amazing days. Come join us for this next session where we explore the tectonic shifts we’ve all been seeing. With that, I am incredibly blessed to invite a friend of mine to the stage. I have a quick little side note, like I found an old LinkedIn post from this gentleman from like many years ago, like 20 years ago. [00:00:39] Vince Menzione: And I wasn’t really that nice to you on that LinkedIn post. Like, oh, like this is before Jay became the Jay, that we all know Jay to be j. But he was in the space and I was at Microsoft doing something and he reached out about something. It was kind of rude, Jay. I was like, oh my gosh. I can’t believe. But Jay has been a great friend. [00:00:54] Vince Menzione: When we started the podcast back up, uh, during COVID we started doing podcasts together. When we moved to the studio, Jay was the first person in the studio. He’s always got a spot, uh, at our events. He’s s Spot Art, and, and he’s a great friend and supporter of Ultimate Partner Jay McBain. For those of you who don’t know him, Jay, welcome. [00:01:13] Vince Menzione: Thank you, sir. [00:01:22] Jay McBain: 31 days ago, we landed Artemis two. The furthest humans have ever been away from the planet Earth 57 years ago. We landed on the moon in the 56 years. Between those two moments, the tech industry has been the fastest growing industry in the world. Every single year we moved from the space race to the technology race, and we’re just getting started. [00:01:46] Jay McBain: If you’re old enough, you’ll recognize the mainframe and mini era for 20 years. You’ll recognize a young disheveled Bill Gates showing up in Boca Raton, Florida for, uh, August the 12th, 1981 launch, where Bill thought that every one of us would’ve a PC in our home, and IBM thought they were gonna sell 10,000 of them to hobbyists. [00:02:12] Jay McBain: 1999, a small startup from an executive who just left Oracle in San Francisco named Mark Benioff. A couple of years later, Jeff Bezos went into a boardroom and said, listen, we’ve spent a lot of money building infrastructure to our busiest day, Christmas, black Friday. You’re telling me this stuff sits idle 10 or 20% for the rest of the year. [00:02:35] Jay McBain: Why don’t we rent that out to others? Got laughed outta that boardroom and then got made of fun of on magazine covers. Maybe you should just tend the store, let the adults talk about technology. In March of 2023, our neighbors, our friends, our family saw DeepFakes. They saw poetry, they saw music, and they came to us as tech people and said, did we just light up Skynet? [00:03:03] Jay McBain: Now every one of these 20 year eras, this is the Taylor Swift version of our industry. Every single one of these eras triggers the fastest growing product in history. Today it’s actually Chacha bt first to a billion users. It triggers a new, richest person in the world, bill Gates, to Jeff Bezos. Now, Elon Musk is the first to sign a trillion dollar pay package, and it’s not for car. [00:03:27] Jay McBain: It’s not for cars. It also triggers a most valuable company in the world change. And today that’s nvidia. These are monumental changes in our industry and they’re monumental changes in partnering every single time. And it also links to our customers. If you take a 20 year view of business, one era, and, and think about the AI era, you know, at the start of it here, if you’re to grab the Fortune 500 magazine from 20 years ago and start to flip through it, 53% of the companies in there no longer exist. [00:04:06] Jay McBain: Every 20 year cycle, we lose over half of the biggest companies in the world. These are the companies that have very deep pockets to buy their way outta problems. If you’re not in the Fortune 571% of tech companies don’t make it 10 years. These are the changes that cost industries. There are changes that cost really big companies and the decisions we make, the trends we’re in right now, in 2026 will be written about in the future. [00:04:39] Jay McBain: This new era, a lot of big numbers being thrown around. Vince’s best friend talk about a six and a half trillion dollar AI opportunity, but it’s not Microsoft’s tam. Microsoft is chasing about a trillion dollars of this. And the ecosystem, the hardware, the software, the services, the telecom is gonna make up the rest. [00:05:04] Jay McBain: It is an ecosystem. Every time these big numbers are thrown, the word ecosystem is always thrown around it. Not to be outdone, Sam Altman’s talking about a $7 trillion build out. The world economy this year, the world GDP will be 126. These are material numbers to world GDP, but even better, they’re both larger than our entire industry is today. [00:05:27] Jay McBain: So what took 56 years of the fastest growing industry this year will be $6.07 trillion. Big numbers, but it’s easier to think about it in terms of a dollar that our customers spend in that dollar. They’re gonna spend 25 cents on hardware. They’re gonna spend 25 cents on software. So for anyone that read the memo 15 years ago, that software’s gonna eat the world, there’s still a dollar a hardware to run every dollar of that software. [00:05:57] Jay McBain: And whether you’re thinking humanoid robots or whichever future you’re envisioning, there’s going to be a dollar of hardware to run every dollar of software for the next 20 years. There’s over 25 cents now in IT services, and in many cases, these services are growing faster than the product categories and just under 25 cents in telecom, that’s how it breaks out today. [00:06:19] Jay McBain: And this industry, which took 56 years to get to this point, is gonna double in size in the next three to five years. We already have two and a half trillion of that seven raised and being spent. Part of the reason Nvidia is the most valuable company in the world. Now our industry, uh, you talk about ultimate partnerships. [00:06:40] Jay McBain: Our industry traditionally, and world trade by the way, is 75% indirect. The dealerships, the agencies, the brokers, the resellers, the retailers, the franchisees, the gas stations, the grocery stores, the pharmacies, all 27 industries sell indirect. You gotta think back the last time you bought something direct. [00:07:01] Jay McBain: Well, I bought a Dell from that dude in the nineties. Cool. Well, Dell Technologies is now 60% indirect. Well, I bought insurance. Direct is 15 minutes. Could save me 15%. Well, Geico last year sold more insurance through agencies and brokers than they did direct. This is the world now. We used to be 75% indirect four years ago. [00:07:26] Jay McBain: Then it went to 73.2, then it went to 70.1 and it then it went to 66.7. By the way, marketplace is in these numbers indirect. It’s not marketplace causing this change. It’s one company, Nvidia. Nvidia has seven customers. The magnificent seven, uh, half of them are in the room right now that every morning we wake up to a hundred billion dollars press release about this $7 trillion buildout. [00:07:56] Jay McBain: What’s interesting is indirect sales in our industry is growing by revenue. It increases every year, just not at the pace that this AI build out is happening direct with seven companies. But the reason we’re all here, and I think the core reason that Vince is building this community is this, you know, Microsoft forever has measured and been very vocal. [00:08:21] Jay McBain: About 96% of their deals have partners in them. Kind of who cares, who collects the money. We care about the moments, the 28 moments before the customer makes a purchase. We care about every 30 days forever, because two thirds of our industry, over $4 trillion now is subscription consumption based. Winning a customer today is only winning the first 30 days. [00:08:46] Jay McBain: We care about this cycle. We care about who surrounds our customer. So six years ago, I stood on a big stage and said, you know, we went through a decade of sales. You know, in 1999, you thought you were born to be a salesperson. You’re managing your territory with your gut. Well, a few years later, you were introduced to the science of selling. [00:09:07] Jay McBain: You know, 10 years later you thought as a marketer, you sit around a cocktail party joking with your friends, 50% of my marketing dollars are wasted. I just don’t know which 50%. Really funny. In 2009 until every 58-year-old CMO got replaced by a 38-year-old growth hacker. Coming in with Marketo and Eloqua and Pardot and HubSpot, and 15,505 as of yesterday, MarTech and iTech tools, ninjas in marketing, they wouldn’t let a nickel go through without measuring. [00:09:43] Jay McBain: Now we understand 96% of deals and partners that surround it. No deal is gonna be won or lost in this era without partnering effectively. So we had to have this decade of the ecosystem. One of the ways we’re tracking is by outsiders. You know, Salesforce every year publishes the state of sales and they’ve got, you know, the number one CRM in the world. [00:10:05] Jay McBain: So they get to go talk to all the CROs, all the salespeople in the world. And as of this year, a couple months ago, 94% of every salesperson in every industry in the world uses partners every single day. You wanna see what this number was six years ago. Also, 89% of salespeople around the world don’t think they’re going to club this year without partners. [00:10:29] Jay McBain: So this is a big moment for us, halfway through the decade ecosystem, but we’re only halfway through. We’re starting to understand now at a more granular level. What partnering means. It’s not theory, it’s not flywheels. It’s not really cute. McKinsey slides that we keep showing to our board saying how important partnering is. [00:10:51] Jay McBain: We’re trying to get to the very specific level of the 6.3 partners on average that surround the deal and what they’re doing. How their business model works, and that’s average if I’m working on a public sector deal. I was at a Red Hat conference yesterday talking sovereignty. If I’m in an enterprise or a large public sector deal, it’s north of 10 partners in the deal. [00:11:15] Jay McBain: So we’re starting to understand what used to be this, this, you know, you’ve been the fastest growing industry for 56 straight years. Every single professional services person in every industry has come in to join the fund. Over 90% of accountants are tech services firms. Over 90% of marketing agencies are tech services agencies. [00:11:36] Jay McBain: All of this 250,000 software companies, a million emerging comp tech companies, the half a million VAR that have been in that traditional channel. The managed service providers, all of these 20 different partner types, millions of companies, tens of millions of people competing for 6.3 spots. Around the customer. [00:11:58] Jay McBain: That’s it. Luckily, there’s 141 million global customers to compete for. There’s, there’s some open slots that you can go find, and that’s the point. Our industry never had our own Fortune 500. We always talk to, you know, these partners and GSIs are doing this and SI are doing that. And we never really had a view of capability and capacity or what our own TAM was inside of that partnering. [00:12:25] Jay McBain: And so we set out and we would’ve loved, you know, chat GPT or Gemini or Claude or any of those tools to do this. But there’s one problem in partnering with AI is that it doesn’t know one partner from the next. There’s a big digital sameness problem in our industry that every single partner, whether it’s Larry in the White van or Accenture, with 786,000 employees all say they do all things to all people all the time. [00:12:53] Jay McBain: 98% of them, 99% of them are private companies that don’t share their p and l. You can’t go into Microsoft’s LinkedIn system and find out how many employees, ’cause it’s a block system, it AI can’t see into it. So it just sees, and it’s a great pattern matching. Google, SEO can’t figure out who’s who, nor today can the large language models. [00:13:14] Jay McBain: ’cause all the things they’re trying to match, the transformers are trying to match. It all looks the same. Every tweet, every ebook, every website, every digital history looks the same. So this took us thousands of people hours across two years to do, to dig into every p and l to dig into every dollar of what they’re doing. [00:13:33] Jay McBain: But what was interesting is only a thousand partners in our industry do two thirds of all tech services. When you get into enterprise, it goes up to 80 to 90%. The partners in the middle, in Blue do more tech services. The 30 of them than the 970 partners in white on the outside, the 970 partners in White do more tech services than the next million combined. [00:14:03] Jay McBain: This is our industry in a nutshell. Every time we talk to a a vendor, every time we talk to a partner, every time we talk to a distributor, we’re now talking names, faces, and places. You you wanna talk sovereignty. Yesterday in Atlanta, 90% of sovereign conversations in public sector in the globe is handled by these companies here. [00:14:26] Jay McBain: Forget about how much you do with these partners today. You wanna chase the next column, which is the wallet share. And I was a channel chief for 17 years. I get the weekly report and I see a million dollar partner, another million dollar partner, sorted top to bottom. You don’t know which partners which, which of those million dollar partners is doing 1.2 million in your category. [00:14:46] Jay McBain: They deserve a baseball cap and a front row seat at your event as an MVP. The next partner right next to them is doing 10 million in your category. They’re only doing a million with you. ’cause customers are pulling them into it. Nine times outta 10. They’re leading with your competitor. So I don’t want that list anymore. [00:15:03] Jay McBain: I want the new list, which is showing me those $9 million opportunities. And I as a board member, as A CEO, as a CFO, as a CRO, I wanna see this list. And then I want to talk people, processes, programs, technology. What are we gonna do to go get our fair share of that 9 million? Where’s our lowest hanging fruit? [00:15:24] Jay McBain: How do we double our pipeline? How do we double the size of our company in three years? It’s all right here. Let’s have very specific conversations and move away from flywheels and move around from force multipliers and and things like that in partnering. Let’s figure out how this partner community is surrounded. [00:15:45] Jay McBain: What do 10 million people who have to be smart in front of their customers every single day, what do they read? Where do they go and who do they follow? It’s the law of a few. This is the old Malcolm Gladwell of tipping point 10 million people in the broader channel. A hundred percent of our TAM comes down to only a thousand watering holes. [00:16:08] Jay McBain: 12% of that entire audience. Doesn’t sound like a lot, but it’s over A million. People love podcasts. Number one way they learn the Joe Rogan effect. In our industry, there’s 121 podcasts. These are all public lists. You can go get on my LinkedIn newsletter on canals, oia. But there’s 121 podcasts that drive him forward. [00:16:28] Jay McBain: Really high up on that list, actually number one on the list is ultimate partner, Vince. That’s how I met. ’cause I asked people, 10 million people, you love this. You walk your dog, you drive to work, you listen to podcasts. I’m not the biggest podcast fan. It’s not number one on my list, but it’s number one on theirs. [00:16:44] Jay McBain: They say, you know, you gotta meet this guy, Vince. It’s unbelievable how great these podcasts are. They’re ultimate. [00:16:54] Jay McBain: Then I talked to Vince and said, but Vince, you know, 35% of your community, the 10 million people love to come to events like this one. The hallway conversations, the hotel lobby bar last night. This is what we love to do, especially post pandemic. It’s the number one way we learn. We learn from our peers, we learn from those around us, and, and the learn from the conversations we have here. [00:17:17] Jay McBain: We always remember these moments, you know, years and years later. There’s 352 choices. I’m going to five of them this week in five different cities. It’s a lot of coverage, but again, it’s a tighter li list of how people work. The magazine lists 106 of them associations like Conter. Now the GTIA peer groups, there’s 15 different spheres of influence, but only a thousand places. [00:17:43] Jay McBain: I could walk you through billionaire, after billionaire, after billionaire in this industry and show you how they did this. How did Arne Bellini at ConnectWise? How did Austin McCord at Datto, how did Nerdio become a unicorn? How did threat locker and huntress move away from 6,500 cyber companies and become unicorns over and over and over again? [00:18:05] Jay McBain: It’s only one slide. Unicorns and billionaires are made here, and a lot of people don’t get it. So walking away from Bellevue, a thousand partners, top down, a thousand watering holes, bottoms up. You’ve covered a hundred percent of your tam. You do it better than 10% of your competitor, 10% better than your competitors. [00:18:27] Jay McBain: You win. You carry that on your resume into the next company. You get a bigger job at a bigger pay scale. Let’s just walk through some examples. Cyber 91.7% of it goes through the channel. Huge channel audience. You know, if you’re in MarTech, it’s only 10%, but this one happens to be all channel, but that’s not the story. [00:18:48] Jay McBain: For every dollar that the 6,500 cyber companies are trying to close, there’s $2 in services. Plot twist, the products are grown at 11, the services are grown at 12.6. Your partners are growing faster than you are, and they will continue to for the next, at least five years, probably 10. So when I’m here, five years from now, you’ll hear in me talk about a three to one split in cyber and then a four to one split in cyber. [00:19:18] Jay McBain: Now, when we’re in Miami a couple days ago is CrowdStrike, they’re talking about a $7 and 5 cent multiplier, chasing that two to one up higher. You look at managed services. Here’s a fun story. Managed services. 82% of customers who are man, uh, outsourcing more this year than last year. 650 billion in size. [00:19:38] Jay McBain: This is bigger than the entire SaaS industry. Salesforce, ServiceNow, Workday, Marketo, NetSuite, HubSpot, 250,000. Others. This is bigger. It’s also bigger than all the Hyperscalers combined, not just AWS, Microsoft and Google, but Alibaba and Oracle and everybody down the list. This is a massive market also growing at double digits. [00:19:59] Jay McBain: So these are some big things and obviously we’re watching, you know, week in and week out, quarter in, quarter out, the Battle of Software and Battle of the Hyperscalers and things like that, and who’s growing at what pace and, and how partnering is connecting to all of this. You know, we watched a moment really early in the pandemic where Microsoft started growing faster than AWS and they haven’t stopped since 26 straight quarters. [00:20:27] Jay McBain: And you ask customers and say, you know, does Microsoft have a better product? And in most cases they say no. You know, AWS had a five year head start. Well, did they have a better price? Well, no, actually most cases Microsoft’s more expensive. Well, did did they have better promotion? Was their Super Bowl ad better? [00:20:44] Jay McBain: No, they’re both kind of crap. So you kind of ask the questions of what’s the only difference that could create growth above the leader in the market? Well, it’s place. More of the 6.3 partners are walking into those keyboard room meetings and drawing clouds up on the wall and labeling the Microsoft than they are AWS. [00:21:03] Jay McBain: Very simple. It’s never been about product. The best product in our industry has never won. And now the best way forward is that partnering moment, and this is the moment. So to go back to that story about the 53% of companies who are gonna fail, one of us is gonna be asked to write the book. And it could be the book like Kodak, they invented the product that ended up killing them. [00:21:26] Jay McBain: And it’s a woe is me story, but chapter one is always you blame the CEO. How could they not see those trends happening in 2026? How could they, you know, were they blind? Were they stuck in their own, you know, innovation chamber? Innovator’s dilemma, were they stuck in their own boardrooms? Why couldn’t they see? [00:21:46] Jay McBain: Well, chapter two, you, you blame the board. They have fiduciary responsibility, outsider view, and how could they not see it? But really, this is the future right here. If you take this slide and apply it 10 or 20 years from now to every failure and every success, these are the chapters of the book. Your buyer is now a millennial. [00:22:05] Jay McBain: As of last year, the 51% of our market is bought by people born after 1982. Different psychology, different behavior, different journey, different criteria, their integration. First buyers. The buy a product, 80% as good as the next one. If it works better in their environment. 94% of people won’t buy a car unless it has CarPlay or Android Auto. [00:22:26] Jay McBain: New Buyer. You have to be more integrated than your competitors. That’s a partnering story. The 6.3 partners. If you heard cyber, you need some great channel partnerships, but you need the other 5.3 partners as well, the consultants, the advisors, the designers, the architects, the implementers, the integrators, the manner service, all of the other partners. [00:22:44] Jay McBain: You need to know more of them than your competitors do, and have them label clouds with your name in them. You need better alliances. Even if you compete, you only compete in the morning. You’re best friends by the afternoon. You have to be tight with the hyperscalers, tight, with the big SaaS platforms, tight with cyber, tight with distribution, there are layers, seven layers to every deal. [00:23:04] Jay McBain: You gotta be tight in and have better alliances than your competitors. And then it all comes to the 28 moments, which I’m gonna end on, but the go to market of all of this, the co-selling, co-marketing, co-innovation, co-development, co keeping. This is it. Your product has to be good enough that somebody’s gonna renew it. [00:23:21] Jay McBain: Your Super Bowl has to be, you know, ad has to be good enough that people don’t, you know, shame you on social media. Your pricing has to be somewhere in a country mile of the bell curve of what the customer wants to pay. But successor failure is just here and platforms are synonymous with partnering. [00:23:40] Jay McBain: It’s our role now in the decade of the ecosystem to drive our companies forward. Marketplace. It’s probably the most predict, you know, great prediction we ever made. You know, growing at 82% compounded, it’s hard to predict ’cause it doubles almost every year. We were almost exact to the decimal point. Five years later now till 2030, we’re watching a second story, which is more interesting. [00:24:02] Jay McBain: If 96% of all deals have partners inside of them and there’s private offers and multi-partner offers and distributor sellers record all these funding mechanisms or services as a product. As of last week, over 50% of all deals in marketplaces now have partner funding. It means that while money changes hands differently, the respect and the recognition of what partners do is in the deal. [00:24:26] Jay McBain: We think that’s going to 59, but at some point, that’s gonna have to hit 96. ’cause to run the best programs, whether it’s an indirect sale, whether it’s a direct sale, whether it’s a marketplace deal, it doesn’t matter how money changes hands. What matters is we recognize the 6.3 partners. They’re not only making the deal happen bigger and faster, but renewing and enriching that every 30 days forever. [00:24:48] Jay McBain: When we watch, you know, billion dollar clubs and when we read all the press releases and all the hubbub about how fast this is growing and who, which companies are behind all this. When I’m quoted in some of these press releases, it’s because of this. You know, CrowdStrike, you know, brags are a billion dollars in a single year, but inside of that, they’re showing that 91% growth in marketplaces, which is pretty phenomenal for any company to almost double in size every single year. [00:25:17] Jay McBain: What’s more phenomenal is they’re growing the channel piece of it, 3548%. That green part of it is growing. Companies that understand platform and have people and processes and programs and technology to do it are winning. And they’re getting recognition and partners are starting to join the Billion Dollar Club who don’t sell a product, but are also winning at Extreme Scale. [00:25:44] Jay McBain: So talk about those partner 1000 and who are leaning in to win at this level. As well as everything changes, traditional billing moved into subscription models, moved into consumption models. Now we’re being tokenized to death multi it’s, it’s in this mode of micro consumption. There’s no chance there was little chance in subscription consumption that would be resold. [00:26:09] Jay McBain: You don’t buy Netflix from the cable guy in the white van. There’s zero chance when you’re buying tokens at a buck a piece that that’s going through any indirect sale. This continues to grow. Now the tectonic shifts is what happens when money changes hands differently. These old programs that we used to all write hundreds of different boxes, we checked every day on deal reg and trainings and all the other things are changing. [00:26:35] Jay McBain: To this, you’ll get these slides, by the way, in high res, inside of this now is the customer. For the first time ever, 45 years later, we have the customer in the middle of what we do, the 28 moments in green before they buy the seven layer stack and the partners inside it. The implementation. The integration, the managed services in a cycle that never ends, and two thirds of our industry. [00:26:55] Jay McBain: With the customer in the middle, we can now move money around to the different moments. It’s not all landing in front or backend margins or market development funds or new customer bonuses or spiffs. It’s landing where it needs to land. Over 400 companies now, pretty much led by Microsoft 400 companies are in a point system right now and 400 more. [00:27:18] Jay McBain: We’re working kind of behind the scenes to get that announced in the next 12 months. This is a total changeover in terms of how economics work and partners are yelling over half of us. I don’t care. Don’t call me a VAR anymore. Don’t call me an MSP. Don’t call me a regional system integrator. I do the consulting over half the time. [00:27:36] Jay McBain: I do the design, I do the implementations, I do the managed services, and 44% of us are vibe coding. On weekends. We’re not happy. Just on the services side. We wanna join the seven layer tech stack as well. These are partners growing faster than their vendors by understanding this cycle and where to show up and where the money is in ai. [00:27:56] Jay McBain: And the number one thing they’re asking for is not more leads, which they did for 45 years. The number one thing is now recognized for what I do. I’ve never just been a cash register. We’re completely now past this idea of a channel being a channel of distribution, and now a channel being this platform for the future. [00:28:16] Jay McBain: As we lay that on top of ai, the first couple of years of AI has really been consumer driven. The 95% failure rate that MIT reported last year is now 70%. That’s the failure to get from proof of concept to production. That 70 will be 50 by the summer we’re moving now in business, the maturity rates are going up at the end customer and in 88% of cases, that’s because of the channel. [00:28:43] Jay McBain: They’re working with partners. They’re not vibe coding themselves and working in little skunkwork groups. They’re working with partners to make it happen, and it now becomes the partner’s number one growth opportunity. I can grow at 11 or 12% in cyber every year. Compounded I can grow in 10% in managed services. [00:29:03] Jay McBain: You know, those are great double digit growth ’cause my customers are growing at 2.7% and I can go four x my customer, but I can go 10 x my customer if I have the right services built around ai. And this compounded growth rate and that big number in 2 20 32, 267 is what’s got those top 1000 partners obsessed. [00:29:25] Jay McBain: And your companies are leading with ai. Now you need to connect to those AI services. You need to get partners on this scale of growth. And they will be adding your name inside every cloud. They write on every whiteboard, but 82% of partners around the world, you know, we survey 25,000 of them aren’t ready, and they’re blaming vendors for not being ready, and they’re telling them exactly the workshops and the training that they need to get ready for this cycle. [00:29:53] Jay McBain: 82% of our entire partner, tens of millions of people, aren’t ready to grow at 35% and they need our help. Last thing I’ll say about AI is it’s the first time from client server to cloud, edge to cloud that it’s been segment driven. SMB alone has one, you know, six different segments, one to nine, 10 to 24, 25 to 49, et cetera. [00:30:18] Jay McBain: Mid-market into enterprise. No one that runs a restaurant is calling Jensen to buy a GPU to put next to the stove. No one’s calling Sam or Dario or anyone at Anthropic or OpenAI directly. They’re waiting. If you run a restaurant with all the people running around with tablets, you’ve invested in toast or square or clover or one of the platforms to run your business. [00:30:41] Jay McBain: A hundred different things. And you’re gonna wait for toast to work with a hyperscaler and build out the capabilities genetically. So when they see a spike in Uber Eats orders, they automatically place a food order and automatically change the staffing to deliver on it. That’s what the restaurant’s waiting for, and there’s no one calling and having a big a agent conversation. [00:31:03] Jay McBain: But even if you go into hundreds of people in medium sized business, every one of the vice presidents have their tech stack already built. I talked about the marketing person already, but the HR leader has one, and everybody’s got their seven layer stack. They’re not calling to buy a GPU and they’re not calling to, you know, bring in open AI directly or, or anthropic. [00:31:22] Jay McBain: They’re waiting for the platform they built to integrate together ag agenta capabilities. Everybody’s in wait mode up until enterprise and public, large public sector. So we are looking at this market and at 90% of that AI market is run by those thousand companies, and the rest of the millions of partners are helping in terms of how these businesses are gonna change at that level. [00:31:46] Jay McBain: Here’s where I end. You know, the 28 moments used to be a theory. It used to be a flywheel. How do we buy a car? [00:31:55] Vince Menzione: Well, we Google it, [00:31:57] Jay McBain: 81% of us now, 94% of us use large language models. We find out that there’s 365 brands of car. I’d have to test drive one every day of the year to get through them all. So we start narrowing these things down. [00:32:09] Jay McBain: We configure it. We put our rims on it, we color it. We download the invoice price. We download the backend rebates this month, whether I buy it in May or June, we find out what 5,000 people paid for our exact car within 50 miles of us. And then we don’t wanna go to the dealer because we know more than the salesperson, the manager ever will. [00:32:26] Jay McBain: We know what we’re gonna pay within, you know, dollars or cents. Just carvana the car. Hand me the keys. Let’s just forget the whole eight hour back and forth. I’ll get you a deal thing. I’m smarter than you in technology. Our customers are smarter than us, smarter than salespeople. That’s why 75% of millennials don’t wanna talk to a salesperson. [00:32:48] Jay McBain: They want to end digitally, and by the way, they’re not gonna send a fax after 28 digital moments. They’re gonna end on a digital marketplace. This is all demographics. It’s not hard to see where it’s going, but we’re getting into names, faces, places again. What if every dollar of your tam, the board, the CEO, runs around with their big multi-billion dollar number, they’re chasing? [00:33:09] Jay McBain: What if every single deal looks the exact same? This is a deal with AstraZeneca, A real deal, real customer spending millions of dollars. We know it starts in October, it ends in April. It’s a six month cycle. We see what they read, the MQ ls at the beginning. We see the sales demo moments. We see ISV, but we’ve never had the light blue boxes. [00:33:30] Jay McBain: What if we as a team could overlay the 6.3 partners in this deal? And when you find out a couple things. Here’s where I end. In December, five deals were one, three of them by NTT. The person at NTT probably coaches AstraZeneca’s, you know, kids’ soccer team. They probably have a cottage together at the lake. [00:33:50] Jay McBain: For the last 20 years, if the person at NTT worked at Deloitte, Deloitte would’ve run this deal. But Software One and Yash are both there, so we understand that when they were drawing clouds up on the wall in the boardroom in December, this deal was won and lost there. It was not won and lost at the point of sale. [00:34:09] Jay McBain: So what if you knew more about this and could see every dollar in your tam? You had an early warning system that this was happening. Two things jump out at this now that we’re in Bellevue. AWS was touched twice in this deal, directly in the marketing cycle and the sales cycle. AWS lost this deal. Here’s an example of Microsoft winning a deal with Microsoft never being touched. [00:34:34] Jay McBain: For some reason, NTT who won, who won AWS’s partner of the year a couple years ago led with Microsoft, so did Software one, Microsoft’s biggest reseller in Europe, and as did Yash, they all led with Microsoft and without Microsoft, knowing Microsoft took a multimillion dollar deal away from their competitors by winning in December. [00:34:53] Jay McBain: That’s one. Second. These partners didn’t just show up other than soccer and cottages. They didn’t show up in December. It went closed one in their CRM system. Back in the summer, August, September, we already knew AstraZeneca was in market, spending millions of dollars. We didn’t need them to read an ebook or go to an event to find that out. [00:35:17] Jay McBain: We knew it because it was closed one. They’re spending hundreds of thousands of dollars times five in December to know what to do at the end. This is an early warning system that’s better than any MQL, better than any SQL. And if you could give your company these level of view into their pipeline with an early warning system that I can work with those partners for months before they ever show up at the customer’s boardroom. [00:35:44] Jay McBain: This is it. Talk about 47% winners. This takes you from not only surviving the AI era to being a top five platform winner. Thank you very much. [00:36:01] Vince Menzione: Until next time, we’ll see you in person. Hopefully at our next event.

Joe Kalish, chief global macro strategist at Ned Davis Research, says 2026 has had surprising narratives but unsurprisingly solid results, and he expects that to continue, without significant recession risk or big trouble ahead. Kalish discusses often overlooked economic numbers, like a financing gap where demands to fund capital expenditures outstrip available capital and the level of real gross value added for non-financial corporations (essentially, GDP for things other than financial companies), to explain how and why this economy looks healthier than the worrywarts think it is. He does outline his concerns, but thinks the economy can overpower most or all of them in fairly short order. David Trainer, founder and president at New Constructs, says that the new wave of huge initial public offerings like SpaceX and Anthropic puts index-fund investors in The Danger Zone, noting that indexes are considering changing rules to quickly accommodate the new stocks, which creates artificial demand that will further drive the prices of the stocks up. That creates potential for index investors to effectively be overpaying to get into the IPOs, and also leaves them vulnerable if the stocks fall off after the initial excitement. While the rules changes are up in the air, Trainer says the pressure to change rules and include fresh IPOs changes the landscape for the future. In "The Week That Is," Vijay Marolia, chief investment officer at Regal Point Capital, discusses the market's message to Broadcom, which exceeded earnings expectations but failed to raise future guidance on AI-driven revenues; he says the market is punishing "sandbagging," a practice of understating expectations so that they are easy to beat, but he says the big price drop created a buying opportunity for investors. He also discussed the heightened volatility around the positive jobs report, which he says is based on the fear of a hike in interest rates that he says long-term investors should not be too worried about. Plus, he examines Bitcoin, which has lost about one-quarter of its value in less than two months, which he says is testing traders faith, but which isn't making him nervous as a long-term buy-and-holder. 

Magyarország kamatkiadásairól volt szó, amely a GDP 3,8%-át emésztette fel 2025-ben, és ezzel Európa harmadik legmagasabb értékét adta. Hogy milyen ágakon és mennyivel csökkenthető ez az arány, arról Beke Károllyal, a Portfolio Makro rovatának elemzőjével beszélgettünk. A műsor második részében a hazai lakáspiacon elmúlt évben lezajlott drámai átalakulásról volt szó. A témában Sándorfi Balázzsal, a Bankmonitor vezérigazgatójával beszélgettünk. Főbb részek: Intro – (00:00) Kamatkiadások – (01:32) Devizahiteles ügyek – (12:23) Makronaptár – (22:51) Kép forrása: ShutterstockSee omnystudio.com/listener for privacy information.

0:30 - CA Counting 10:07 - Platner with Hayes/Maddow responding to allegations 29:24 - YouTuber does Down syndrome reveal 49:34 - Tablet editor-at-large Liel Leibovitz expresses frustration that Iran could emerge from negotiations still in power—and still expecting compensation from the U.S. Liel is also a contributor to the new book 250 Great American Things 01:08:07 - Editor-in-Chief of The Federalist and best selling author of Alito, Mollie Hemingway, weighs in on Graham Planter, calling it a “pathological lying” situation. Mollie will be in town next weekend for the “Making the Case” Conference – Friday, June 12 and Saturday, June 13 at Concordia University 01:27:54 - Benefits Fraud 01:43:37 - Founder & CIO Perry International Capital Partners, Jim Perry, on the May jobs numbers, energy prices, and the GDP 02:07:38 - Open Mic Friday!See omnystudio.com/listener for privacy information.