Podcasts about gdp

Germany is rearming, and fast. A sentence that once sent shivers down Europe's spine is now a shocking reality. This isn't the Germany of old; it's a nation powering up for a new era of danger. With Putin's war machine grinding on, Berlin's gone from pacifist to powerhouse, pledging a staggering 3.5% of GDP to defence by 2029, outpacing the UK. So what's behind this dramatic transformation? And is it enough to protect Europe from another Russian rampage? Venetia is joined by The Telegraph's Berlin correspondent James Rothwell and defence expert Ulrike Franke to find out about Germany's great rearmament.Read Matt Oliver's deep dive into Germany's rearmament: https://www.telegraph.co.uk/business/2025/11/02/germany-wants-to-arm-itself-to-the-teeth-is-the-world-ready/Credit: AFP/Genya Savilov► Sign up to our most popular newsletter, From the Editor. Look forward to receiving free-thinking comment and the day's biggest stories, every morning. telegraph.co.uk/fromtheeditorhttps://linktr.ee/BattleLinesContact us with feedback or ideas:battlelines@telegraph.co.uk @venetiarainey@RolandOliphant Hosted on Acast. See acast.com/privacy for more information.

Một số tin tức đáng chú ý: Quốc hội thảo luận dự Luật An ninh mạng, sửa Luật Bảo vệ bí mật nhà nước; Quy mô vốn hóa sàn HoSE tương đường 63,02% GDP; Ai được hỗ trợ 100% bảo hiểm y tế ở TP.HCM?

Andrew Yang traces his path from failed entrepreneur to 2020 presidential candidate driven by a single realization: automation has already destroyed millions of American jobs, and the next wave will be exponentially worse. Through his work with Venture for America, he witnessed firsthand the economic devastation in Detroit, Ohio, and the Midwest—where automated manufacturing jobs created the conditions that elected Donald Trump. Yang argues that artificial intelligence will soon eliminate truck driving, retail, call centers, and even white-collar professions like law and accounting. His solution is Universal Basic Income—a $1,000 monthly Freedom Dividend for every American adult, funded by a Value Added Tax on tech companies. He dismantles objections about affordability and work ethic, revealing how the policy would grow GDP by $2.5 trillion, create 4.5 million jobs, and transform America into a human-centered economy before technological displacement pushes society off a cliff. Hosted on Acast. See acast.com/privacy for more information.

This week on Sinica, I chat with Lizzi Lee, a fellow on the Chinese economy at the Asia Society Policy Institute and one of the sharpest China analysts working today. We dig into the 4th Plenary Session of the 20th Party Congress and what it reveals about China's evolving growth model — particularly the much-discussed but often misunderstood push against "involution" in key sectors like EVs and solar. Lizzi walks us through the structural incentives driving overcompetition, from local government finance and VAT collection to the challenges of rebalancing supply and demand. We also discuss her recent Foreign Affairs piece on China's manufacturing model, why "overcapacity" is a misleading frame, the unexpected upsides of China's industrial strategy for the global green transition, and what happened at the Trump-Xi meeting in Busan. This is a conversation about getting beyond the binaries and understanding the actual mechanisms — and contradictions — shaping China's economic trajectory.4:43 – What Western reporting missed in the 4th Plenum communique 6:34 – The "anti-involution" push and what it really means 9:57 – Is China's domestic demand abnormally low? Context and comparisons 12:41 – Why cash transfers and consumption subsidies are running out of steam 15:00 – The supply-side approach: creating better products to drive demand 18:33 – GDP vs. GNI: why China is focusing on global corporate footprints 20:13 – Service exports and China's ascent along the global supply chain 24:02 – The People's Daily editorial on price wars and profit margins 27:31 – Why addressing involution is harder now than in 2015 29:56 – How China's VAT system incentivizes local governments to build entire supply chains 33:20 – The difficulty of reforming fiscal structures and local government finance 35:12 – What got lost in the Foreign Affairs editing process 38:14 – Why "overcapacity" is a misleading and morally loaded term 40:02 – The underappreciated upside: China's model and the global green transition 43:14 – How politically potent deindustrialization fears are in Washington and Brussels 46:29 – Industry self-discipline vs. structural reform: can moral suasion work? 50:15 – BYD's negotiating power and the squeeze on suppliers 53:54 – The Trump-Xi meeting in Busan: genuine thaw or tactical pause? 57:23 – Pete Hegseth's "God bless both China and the USA" tweet 1:00:01 – How China's leadership views Trump: transactional or unpredictable? 1:03:32 – The pragmatic off-ramp and what Paul Triolo predicted 1:05:26 – China's AI strategy: labor-augmenting vs. labor-replacing technology 1:08:13 – What systemic changes could realistically fix involution? 1:10:26 – Capital market reform and the challenge of decelerating slowly 1:12:36 – The "health first" strategy and investing in peoplePaying it forward: Paul TrioloRecommendations: Lizzi: Chokepoints: American Power in the Age of Economic Warfare by Edward Fishman Kaiser: Morning Coffee guitar practice book by Alex RockwellSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

“AI may not simply be 'a bubble,' or even an enormous bubble. It may be the ultimate bubble,” writes tech journalist Brian Merchant. In the first half of the year, AI contributed to 1.1% of GDP growth and eight tech companies are now valued at $1 trillion or more. While investors are giddy at the pace of growth, many economic analysts are more sober. We get to the bottom of the bubble and what might happen if it pops. Guests: Charlie Warzel, staff writer, The Atlantic. Warzel is also the author of "Galaxy Brain," a newsletter about the internet and big ideas. - he co-authored the piece "Here is How the AI Crash Happens" Brian Merchant, tech journalist, writes the "Blood in the Machine" newsletter, author, "Blood in the Machine: The Origins of the Rebellion against Big Tech; his most recent piece in Wired is "AI is the Bubble to Burst Them All" Learn more about your ad choices. Visit megaphone.fm/adchoices

In the latest episode of Facts vs. Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist, discuss the powerful role of momentum in today's markets and what investors should expect heading into year-end. They examine how the S&P 500's impressive rally fits into historical context, why tech leadership remains dominant, and how market breadth and global participation are evolving. The conversation also explores the impact of Federal Reserve policy shifts, cooling trade tensions, and the surprising resilience of the U.S. economy.Key TakeawaysHistoric Market Strength: The S&P 500 has gained nearly 23% over the past six months, placing this move in the top 4% of all six-month returns. History shows that strong momentum often leads to continued upside in the following year.Tech-Driven Leadership: The recent rally has been powered largely by technology. The Magnificent Seven continue to dominate, with the S&P 500 Technology Index up 44% over six months. Global Momentum: It's not just the U.S.—developed and emerging markets are rallying too. South Korea, Taiwan, and China are leading EM gains, while countries like South Africa, Mexico, and Japan also show strong performance.Economic Resilience: Despite talk of a “K-shaped” economy, U.S. GDP growth remains near 2%. Earnings are rising across sectors, with 80% of companies beating on both revenue and profits.Trade Tensions Easing: The U.S.–China trade war appears to be cooling, with both sides de-escalating tariffs and trade restrictions. China is resuming soybean purchases and suspending certain export controls, while the U.S. has paused new restrictions—reducing a major geopolitical headwind.Fed's Delicate Balance: The Federal Reserve cut rates again, bringing total cuts to 150 basis points since the cycle's peak. While inflation remains a concern for some members, Powell's comments suggested a dovish tone, emphasizing that inflation pressures are manageable and economic momentum remains intact.Connect with Ryan:• LinkedIn: Ryan Detrick• X: @ryandetrickConnect with Sonu:• LinkedIn: Sonu Varghese• X: @sonusvarghese Questions about the show? We'd love to hear from you! factsvsfeelings@carsongroup.com Hashtags#FactsVsFeelings #MarketMomentum #RyanDetrick #SonuVarghese #CarsonGroup #InvestingInsights #StockMarket #EconomicOutlook #FederalReserve #GlobalMarkets  

Collin Martin and Kevin Gordon join Nicole Petallides at the Charles Schwab IMPACT 2025 conference. Kevin says the "TINA" trade is back for data, saying the government shutdown has revealed there is no alternative for data. Kevin points to the retraction trends occurring in manufacturing activity and admits there could be a hit to U.S. GDP when the government ultimately reopens. Collin weighs in on the Fed's outlook and what current conditions mean for its rate-cutting cycle.======== 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

KKP Research เตือนการคลังไทย ‘ถึงขีดจำกัด' เสี่ยงกระทบเครดิตประเทศ ซ้ำรอยช่วงวิกฤตการเงินโลกปี 2008 หนี้สาธารณะต่อ GDP มี จ่อทะลุเพดาน 70% ใน 2 ปี เตือนรัฐมีหนี้ที่ยังไม่รับรู้อีกคิดเป็นประมาณเกือบ 5% ของ GDP รายละเอียดเป็นอย่างไร เคลียร์ปมร้านค้า 'คนละครึ่งพลัส' บวก VAT ในราคาสินค้าเพิ่ม ทำได้หรือไม่ พูดคุยกับ สิริพงศ์ อังคสกุลเกียรติ โฆษกประจำสำนักนายกรัฐมนตรี

英國當前的財經環境與政策挑戰問：英國工黨政府目前面臨的經濟環境是什麼？答：英國正處於高通脹（尚未回落）和低增長/經濟表現不佳的環境中 。在這種不利背景下，財相李韻晴卻暗示即將實施加稅措施 。問：英國政府的財政狀況有多嚴峻？答：截至目前，30年期政府債券的孳息率高達 5.7%，是 1998 年以來的最高點 。整體公共債務佔 GDP 的比例為 95% ，且預計到 2026 年將升至 105% 。問：政府債務負擔沉重的關鍵因素是什麼？答：通脹和利率上升時，新的融資成本不斷增加 。 財政開支結構與問題核心問：英國政府開支中，哪些項目是最大的、難以削減的「三座大山」？答：最大的、基本上屬於法律責任（non-discretionary）的開支項目包括 ：* 社會保障/福利 (Social Protection)：約 3,840 億英鎊 。* 醫療 (NHS)：約 2420 億英鎊 。* 公共債務的利息支出：每年約 1,112 億英鎊，佔總體開支的 8% 。問：政府支付的債務利息支出規模有多大？答：僅債務利息支出已經超過國防和教育開支 。問：加稅是解決英國財政問題的有效方法嗎？答：現有環境下，單純加稅並不能解決問題 。英國的稅收佔 GDP 比例已達 37.7% ，這導致在英國投資的動機不足，競爭力衰落 。政府必須面對削減開支的艱難政治決定 ，特別是涉及社會福利、醫療和養老的承諾 。結構性困境與出路問：英國經濟長期低增長的結構性問題是什麼？答：除了高開支和高稅率外，英國面臨長期低增長與競爭力衰落的問題 。這表現在固定資產投資和人力資本投資 (Capital Investment) 上的缺乏 ，以及教育制度變為產業化後對社會流動性造成的潛在障礙 。問：英國目前的狀況與歷史上的財政危機有何不同？ 答：1976 年 IMF 救助後，英國在 1970 年代末期有戴卓爾夫人改革。1990 年代末期工黨修正主義與和平紅利的危機相比 ，2025 年的英國正處於全球化逆轉的狀態，競爭力更為關鍵 。當前的挑戰是，英國政府缺乏像美國那樣的經濟深度和容納衝擊的能力 。問：從自由市場經濟學角度來看，英國財政的出路何在？答：真正的出路在於將稅收佔 GDP 的比例減少（即降低 37.7% 這個數字），與此同時大幅減少開支 ，尤其是針對 NHS、Pension 和 Social Protection 等高福利承諾進行改革 。 This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit leesimon.substack.com/subscribe

Stephen Grootes speaks to Nhlanhla Nene, Chairman of TEHA Africa and former finance minister, about Southern Africa’s untapped economic potential. Despite abundant resources, the region’s real GDP growth remains low at 1.9%. Ahead of the 12th CEO Dialogue on Southern Africa, organised by The European House – Ambrosetti, Nene will discuss the importance of building long-term partnerships across business communities to overcome structural bottlenecks, fiscal vulnerabilities, infrastructure gaps, weak external demand, and climate-related challenges. 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.

KKP Research เตือนการคลังไทย ‘ถึงขีดจำกัด' เสี่ยงกระทบเครดิตประเทศ ซ้ำรอยช่วงวิกฤตการเงินโลกปี 2008 หนี้สาธารณะต่อ GDP มี จ่อทะลุเพดาน 70% ใน 2 ปี เตือนรัฐมีหนี้ที่ยังไม่รับรู้อีกคิดเป็นประมาณเกือบ 5% ของ GDP รายละเอียดเป็นอย่างไรเคลียร์ปมร้านค้า 'คนละครึ่งพลัส' บวก VAT ในราคาสินค้าเพิ่ม ทำได้หรือไม่ พูดคุยกับ สิริพงศ์ อังคสกุลเกียรติ โฆษกประจำสำนักนายกรัฐมนตรี

The path to progressing as a leader isn't always linear. SUMMARY Col. (Ret.) Mike Ott shows how a childhood dream can evolve into a lifetime of impact—from commanding in uniform to leading innovation in healthcare and national defense. Hear more on Long Blue Leadership. Listen now!   SHARE THIS PODCAST LINKEDIN  |  FACEBOOK   MIKE'S LEADERSHIP TAKEAWAYS A leader worth his or her salt should be comfortable not being the smartest person in the room. Striving for a lack of hubris is essential in leadership. Setting a clear vision is a fundamental leadership skill. Moving people without authority is crucial for effective leadership. Resource management is key to achieving organizational goals. Acknowledging what you don't know is a strength in leadership. Effective leaders focus on guiding their teams rather than asserting dominance. Leadership is about influencing and inspiring others. A successful mission requires collaboration and shared vision. True leadership is about empowering others to succeed.   CHAPTERS 00:00: Early Inspiration 06:32: Academy Years 13:17: Military Career Transition 21:33: Financial Services Journey 31:29: MOBE and Healthcare Innovation 40:12: Defense Innovation Unit 48:42: Philanthropy and Community Impact 58:11: Personal Growth and Leadership Lessons   ABOUT MIKE OTT BIO Mike Ott is the Chief Executive Officer of MOBĒ, a U.S.-based company focused on whole-person health and care-management solutions. He became CEO in April 2022, taking the helm to lead the company through growth and operational excellence following a distinguished career in both the military and corporate sectors.  A graduate of the United States Air Force Academy, Mike served as a Colonel in the U.S. Air Force Reserves before shifting into financial services and healthcare leadership roles including private wealth management at U.S. Bank and executive positions with UnitedHealth Group/Optum. His leadership ethos emphasizes alignment, acceleration, and human potential, building cultures where teams can thrive and leveraging data-driven models to improve health outcomes.   CONNECT WITH MIKE LinkedIn MOBE CONNECT WITH THE LONG BLUE LEADERSHIP PODCAST NETWORK TEAM Send your feedback or nominate a guest: socialmedia@usafa.org Ted Robertson | Producer:  Ted.Robertson@USAFA.org    Ryan Hall | Director:  Ryan.Hall@USAFA.org  Bryan Grossman | Copy Editor:  Bryan.Grossman@USAFA.org Wyatt Hornsby | Executive Producer:  Wyatt.Hornsby@USAFA.org      ALL PAST LBL EPISODES  |  ALL LBLPN PRODUCTIONS AVAILABLE ON ALL MAJOR PODCAST PLATFORMS     OUR SPEAKERS Guest, Col. (Ret.) Mike Ott '85  |  Host, Lt. Col. (Ret.) Naviere Walkewicz '99   FULL TRANSCRIPT Naviere Walkewicz 0:00 A quick programming note before we begin this episode of Long Blue Leadership: This episode will be audio-only, so sit back and enjoy the listen. Welcome to Long Blue Leadership, the podcast where we share insights on leadership through the lives and experiences of Air Force Academy graduates. I'm Naviere Walkewicz, Class of '99. Today, on Long Blue Leadership, we welcome Col. (Ret.) Mike Ott, Class of 1985, a leader whose vision was sparked at just 9 years old during a family road trip past the Air Force Academy. That childhood dream carried him through a 24-year Air Force career, culminating in retirement as a colonel and into a life of leadership across business, innovation and philanthropy. Mike is the CEO of MOBE, a groundbreaking company that uses data analytics and a revolutionary pay-for-results model to improve health outcomes while reducing costs. He also serves as a senior adviser to the Defense Innovation Unit, supporting the secretary of defense in accelerating commercial innovation for national security. A member of the Forbes Councils, Mike shares his expertise with leaders around the world. A former Falcon Foundation trustee and longtime supporter of the Academy, Mike has given generously his time, talents and resources to strengthen the Long Blue Line. His story is one of innovation and service in uniform, in the marketplace and in his community. Mike, welcome to Long Blue Leadership. We're so glad to have you here.   Mike Ott 1:29 Naviere, thanks a ton. I'm glad to be here. Naviere Walkewicz 1:31 Yes, yes. Well, we're really excited. I mean, you're here for your 40th reunion.   Mike Ott 1:35 Yeah, it's crazy.   Naviere Walkewicz1:37 You came right in, and we're so pleased that you would join us here first for this podcast.   Mike Ott 1:39 Right on. Thanks for the time.   Naviere Walkewicz 1:41 Absolutely. Well, let's jump right in, because not many people can say at 9 years old they know what they want to do when they grew up, but you did. Mike Ott 1:48 Yeah. I guess some people can say it; might not be true, but for me, it's true, good or bad. And goodness gracious, right? Here for my 40th reunion, do the math team, and as a 9-year-old, that was 1972, And a lot was going on in the world in 1972 whether it was political unrest, Vietnam and all of that, and the Academy was in the thick of it. And so we had gone — It was our first significant family vacation. My father was a Chicago policeman. We drove in the 1968 Buick LaSabre, almost straight through. Stopped, stayed at a Holiday Inn, destination Colorado, simply, just because nobody had ever seen the mountains before. That was why. And we my parents, mom, mom and dad took myself. I have two younger sisters, Pikes Peak, Academy, Garden of the Gods, Royal Gorge. And I remember noon meal formation, and the bell going off. Guys at the time — we hadn't had women as cadets at that point in time — running out in their flight suits as I recall lining up ready to go. And for me, it was the energy, right, the sense of, “Wow, this is something important.” I didn't know exactly how important it was, but I knew it was important, and I could envision even at that age, there was they were doing good, Naviere Walkewicz 3:21 Wow. Nine years old, your family went on vacation, and it just struck you as this is important and something that I want to do. So what did that conversation look like after that experience that you had as a 9-year-old and kind of manifest this in yourself? How did that go with your parents? Mike Ott 3:36 Well, I didn't say too much about it, as I was in grammar school, but as high school hit, you know, I let my folks know what my plans were, and I had mom and dad — my mother's still alive, my father passed about a year ago. Very, very good, hard-working, ethical people, but hadn't gone to college, and we had been told, “Look, you know, you need to get an education.” They couldn't. I wish they had. They were both very, very, very bright, and so I knew college was a plan. I also knew there wasn't a lot of money to pay for it. So I'm certain that that helped bake in a few things. But as I got into high school, I set my sights. I went to public high school in Chicago, and I remember freshman year walking into my counselor's office, and said, “I want to go to the Air Force Academy,” and he kind of laughed.   Naviere Walkewicz 3:21 Really?   Mike Ott 3:22 Well, we had 700 kids in my class, and maybe 40% went on to college, right? And the bulk of them went to community college or a state school. I can count on one hand the number of folks that went to an academy or an Ivy League school or something of that. So it was it was around exposure. It had nothing to do with intelligence. It was exposure and just what these communities were accustomed to. A lot of folks went into the trades and pieces like that. So my counselor's reaction wasn't one of shock or surprise insofar as that's impossible. It was, “We haven't had a lot of people make that commitment this early on, and I'm glad to help.”   Naviere Walkewicz 5:18 Oh, I love that.   Mike Ott 5:19 Which is wonderful, and what I had known at the time, Mr. Needham...   Naviere Walkewicz 5:23 You Remember his name?   Mike Ott 5:24 Yeah, he was in the Navy Reserves. He was an officer, so he got the joke. He got the joke and helped me work through what classes to take, how to push myself. I didn't need too much guidance there. I determined, “Well, I've got to distinguish myself.” And I like to lean in. I like a headwind, and I don't mind a little bit of an uphill battle, because once you get up there, you feel great. I owe an awful lot to him. And, not the superintendent, but the principal of our school was a gentleman named Sam Ozaki, and Sam was Japanese American interned during World War II as a young man, got to of service age and volunteered and became a lieutenant in the Army and served in World War II in Europe, right, not in Asia. So he saw something in me. He too became an advocate. He too became someone that sought to endorse, support or otherwise guide me. Once I made that claim that I was going to go to the Academy. Naviere Walkewicz 6:30 Wow. So you mentioned something that really stuck with me. You said, you know, you didn't mind kind of putting yourself out there and doing the hard things, because you knew when you got to the top it was going to feel really great. Was that something you saw from your father? Was that something, there are key leaders in your life that emulated that? Or is that just something that you always had in yourself? Mike Ott 6:51 I would say there's certainly an environmental element to it — how I was raised, what I was exposed to, and then juxtaposition as to what I observed with other family members or other parts of the community where things didn't work out very well, right? And, you know, I put two and two together. y father demonstrated, throughout his entire career what it means to have a great work ethic. As did mom and, you know, big, tough Chicago cop for 37 years. But the other thing that I learned was kindness, and you wouldn't expect to learn that from the big, tough Chicago cop, but I think it was environment, observing what didn't occur very often and how hard work, if I apply myself, can create outcomes that are going to be more fulfilling for me. Naviere Walkewicz 7:48 Wow, you talked about kindness. How did you see kindness show up in your journey as a cadet at the Air Force Academy? Or did you? Mike Ott 7:58 Yeah, gosh, so I remember, started in June of 1981, OK, and still connected with many of the guys and women that with whom I went to basic training and all that. The first moment of kindness that I experienced that it was a mutual expression, but one where I recognized, “Wow, every one of us is new here. None of us has a real clue.” We might have some idea because we had somebody had a sibling or a mother that was in the military or father that went to the academy at the time, but none of us really knew, right? We were knuckleheads, right? Eighteen years old. Maybe there were a couple of prior-enlisted folks. I don't recall much of that, but I having gone to a public high school in Chicago, where we had a variety of different ethnicities. I learned how to just understand people for who they are, meet them for who they are, and respect every individual. That's how I was raised, and that's how I exhibited myself, I sought to conduct myself in high school. So I get to the Academy, and you're assigned, you know, the first couple three nights, the first few weeks before you go to Jacks Valley, you're assigned. It was all a alphabetical, and my roommate was an African American fellow named Kevin Nixon. All right, my God, Kevin Nixon, and this guy, he was built. I mean, he was rock solid, right? And he had that 1000-yard stare, right? Very intimidating. And I'm this, like, 6-foot-tall, 148-pound runner, like, holy dork, right? And I'm assigned — we're roommates, and he just had a very stoicism, or a stoic nature about him. And I remember, it was our second night at the Academy, maybe first night, I don't quite recall, and we're in bed, and it's an hour after lights out, and I hear him crying, and like, well, what do you do? Like, we're in this together. It was that moment, like we're both alone, but we're not right. He needs to know that he's not alone. So I walked around and went over his bed, and I said, “Hey, man, I miss my mom and dad too. Let's talk. And we both cried, right? And I'll tell you what, he and I were pals forever. It was really quite beautiful. And what didn't happen is he accepted my outreach, right? And he came from a very difficult environment, one where I'm certain there was far more racial strife than I had experienced in Chicago. He came from Norfolk, Virginia, and he came from — his father worked in the shipyards and really, really tough, tough, tough background. He deserved to be the Academy. He was a great guy, very bright, and so we became friends, and I tried to be kind. He accepted that kindness and reciprocated in ways where he created a pretty beautiful friendship. Naviere Walkewicz 7:48 Oh, my goodness. Thank you for sharing that story. And you got me in the feels a little bit, because I remember those nights, even you know me having family members that went through the Academy. There's just something about when you're in it yourself, and in that moment, it's raw.   Mike Ott 11:13 Raw is a good word. Naviere Walkewicz 11:15 Oh, thank you for that. So you're at the Academy and you end up doing 24 years. I don't mean to, like, mash all that into one sentence, but let's talk… Mike Ott 11:22 I didn't do very much. It was the same year repeated 24 times over. Like, not a very good learner, right? Not a very good learner. Naviere Walkewicz 11:30 Yeah, I was gonna ask, you know, in that journey, because, had you planned to do a career in the Air Force? Mike Ott 11:36 Well, I didn't know, right? I went in, eyes wide open, and my cumulative time in the Air Force is over 24 but it was only it was just shy of seven active duty, and then 22, 23, in the Reserves, right? I hadn't thought about the Reserves, but I had concluded, probably at the, oh, maybe three-year mark that I wanted to do other things. It had nothing to do with disdain, a sense of frustration or any indignation, having gone to the Academy, which I'm very, very proud of, and it meant an awful lot to who I am. But it was, “Wait, this is, this is my shot, and I'm going to go try other things.” I love ambiguity, I'm very curious. Have a growth mindset and have a perhaps paradoxical mix of being self-assured, but perhaps early on, a bit too, a bit too, what's the word I was thinking of? I wrote this down — a bit too measured, OK, in other words, risk taking. And there were a few instances where I realized, “Hey, man, dude, take some risk. What's the downside? And if it isn't you, who else?” So it was that mindset that helped me muscle through and determine that, coupled with the fact that the Air Force paid for me to go to graduate school, they had programs in Boston, and so I got an MBA, and I did that at night. I had a great commander who let me take classes during the day when I wasn't traveling. It was wonderful. It was there that I was exposed to elements of business and in financial services, which ultimately drew me into financial services when I separated from active duty. Naviere Walkewicz 13:17 Well, I love that, because first you talked about a commander that saw, “How can I help you be your best version of yourself?” And I think the other piece of financial service, because I had to dabble in that as well — the second word is service. And so you've never stopped serving in all the things that you've done. So you took that leap, that risk. Is that something that you felt developed while you're at the Academy, or it's just part of your ethos. Mike Ott 13:41 It developed. It matured. I learned how to apply it more meaningfully at the Academy after a couple, three moments, where I realized that I can talk a little bit about mentoring and then I can come back to that, but mentoring — I don't know, I don't recall having heard that term as a mechanism for helping someone develop. I'm sure we used it when I was a cadet at the Academy and out of the Academy, and having been gone through different programs and banking and different graduate programs, the term comes up an awful lot. You realize, wow, there's something there helping the next generation, but also the reciprocity of learning from that generation yourself. I didn't really understand the whole mentoring concept coming out of Chicago and getting here, and just thought things were very hierarchical, very, very command structure, and it was hit the standards or else. And that that's not a bad mindset, right? But it took me a little while to figure out that there's a goodness factor that comes with the values that we have at the Academy, and it's imbued in each one of you know, service excellence, all of those pieces. But for the most part, fellow cadets and airmen and women want to help others. I mean, it's in service. It's in our DNA. Man that blew right past me. I had no idea, and I remember at one point I was entering sophomore year, and I was asked to be a glider instructor. I'd done the soaring and jumping program over the summer, and like, “Hey, you know you're not too bad at glider. You want to be an instructor?” At the time, that was pretty big deal, yeah, glider instructors. Like, “Yeah, no, I'm not going to do that, you know? I've got to study. Like, look at my GPA.” That didn't really matter. “And I'm going to go up to Boulder and go chase women.” Like, I was going to meet women, right? So, like, but I didn't understand that, that that mechanism, that mentoring mechanism, isn't always bestowed upon a moment or a coupling of individuals. There are just good people out there that see goodness in others that want to help them through that. I had no clue, but that was a turning point for me.   Naviere Walkewicz 15:56 Because you said no.   Mike Ott 15:58 I said no, right? And it was like what, you know, a couple months later, I remember talking with somebody like, “Yep, swing and a miss,” right? But after that, it changed how I was going to apply this self-assuredness, not bravado, but willingness to try new things, but with a willingness to be less measured. Why not? Trust the system. Trust the environment that you're in, the environment that we're in, you were in, I was in, that we're representing right now, it is a trusted environment. I didn't know that. And there were a lot of environments when I was being raised, they weren't trusted environments. And so you have a sort of mental callous mindset in many ways, and that that vigilance, that sense of sentinel is a good protection piece, but it prevents, it prevents... It doesn't allow for the membrane to be permeated, right? And so that trust piece is a big deal. I broke through after that, and I figured it out, and it helped me, and it helped me connect a sense of self-assuredness to perhaps being less measured, more willing to take ambiguity. You can be self-assured but not have complete belief in yourself, OK? And it helped me believe in myself more. I still wish I'd have been glider instructor. What a knucklehead. My roommate wound up becoming one. Like, “You, son of a rat, you.”   Naviere Walkewicz 17:29 So tell me, when did the next opportunity come up where you said yes, and what did that look like in your journey? Mike Ott 17:36 I was a lieutenant. I was a lieutenant, and I was looking for a new role. I was stationed at Hanscom Field, and I was working at one program office, and I bumped — I was the athletic officer for the base with some other folks, and one of the colonels was running a different program, and he had gotten to know me and understand how I operated, what I did, and he said, “Hey, Ott, I want you to come over to my program.” And I didn't know what the program was, but I trusted him, and I did it blindly. I remember his name, Col. Holy Cross. And really good guy. And yeah, I got the tap on the shoulder. Didn't blink. Didn't blink. So that was just finishing up second lieutenant. Naviere Walkewicz 18:26 What a lesson. I mean, something that stuck with you as a cadet, and not that it manifested in regret, but you realized that you missed that opportunity to grow and experience and so when it came around again, what a different… So would you say that as you progress, then you know, because at this point you're a lieutenant, you know, you took on this new role, what did you learn about yourself? And then how did that translate to the decision to move from active duty to the Reserve and into… Mike Ott 18:56 You'll note what I didn't do when I left active duty was stay in the defense, acquisition, defense engineering space. I made a hard left turn…   Naviere Walkewicz 19:13 Intentionally.   Mike Ott 19:14 Intentionally. And went into financial services. And that is a hard left turn away from whether it's military DOD, military industrial complex, working for one of the primes, or something like that. And my mindset was, “If I'm not the guy in the military making the decision, setting strategy and policy…” Like I was an O-3. Like, what kind of policy am I setting? Right? But my point was, if I'm not going to, if I may, if I decided to not stay in the military, I wasn't going to do anything that was related to the military, right, like, “Let's go to green pastures. Set myself apart. Find ways to compete…” Not against other people. I don't think I need to beat the hell out of somebody. I just need to make myself better every day. And that's the competition that I just love, and I love it  it's greenfield unknown. And why not apply my skills in an area where they haven't been applied and I can learn? So as an active-duty person — to come back and answer your question — I had worked some great bosses, great bosses, and they would have career counseling discussions with me, and I was asked twice to go to SOS in-residence. I turned it down, you know, as I knew. And then the third time my boss came to me. He's like, “OK, what are you doing? Idiot. Like, what are you doing?” That was at Year 5. And I just said, “Hey, sir, I think I'm going to do something different.” Naviere Walkewicz 20:47 Didn't want to take the slot from somebody else.   Mike Ott 20:49 That's right. Right. And so then it was five months, six months later, where I put in my papers. I had to do a little more time because of the grad school thing, which is great. And his commander, this was a two-star that I knew as well, interviewed me and like, one final, like, “What are you doing?” He's like, “You could have gone so far in the Air Force.” And I looked at the general — he was a super-good dude. I said, “What makes you think I'm not going to do well outside of the Air Force?” And he smiled. He's like, “Go get it.” So we stayed in touch. Great guy. So it had nothing to do with lack of fulfillment or lack of satisfaction. It had more to do with newness, curiosity, a challenge in a different vein. Naviere Walkewicz 21:30 So let's walk into that vein. You entered into this green pasture. What was that experience like? Because you've just been in something so structured. And I mean, would you say it was just structured in a different way? Mike Ott 21:48 No, not structured. The industry… So, I separated, tried an engineering job for about eight months. Hated it. I was, I was development engineer at Ford Motor Company, great firm. Love the organization, bored stiff, right? Just not what I wanted to do, and that's where I just quit. Moved back to Chicago, where I'm from, and started networking and found a role with an investment bank, ABN AMRO, which is a large Dutch investment bank that had begun to establish itself in the United States. So their headquarters in Chicago and I talked fast enough where somebody took a bet on me and was brought into the investment banking arm where I was on the capital markets team and institutional equities. So think of capital markets, and think of taking companies public and distributing those shares to large institutions, pensions funds, mutual funds, family offices.   Naviere Walkewicz 22:48 So a lot of learning and excitement for you.   Mike Ott 22:51 Super fun. And so the industry is very structured. How capital is established, capital flows, very regulated. We've got the SEC, we've got the FDIC, a lot of complex regulations and compliance matters. That's very, very, very structured. But there was a free-wheelingness in the marketplace. And if you've seen Wolf of Wall Street and things like that, some of that stuff happened. Crazy! And I realized that with my attitude, sense of placing trust in people before I really knew them, figuring that, “OK, what's the downside? I get nipped in the fan once, once or twice. But if I can thrust trust on somebody and create a relationship where they're surprised that I've trusted them, it's probably going to build something reciprocal. So learn how to do that.” And as a young fellow on the desk, wound up being given more responsibility because I was able to apply some of the basic tenets of leadership that you learned and I learned at the Academy. And face it, many of the men and women that work on Wall Street or financial services simply haven't gone to the Academy. It's just, it's the nature of numbers — and don't have that experience. They have other experiences. They have great leadership experiences, but they don't have this. And you and I may take it for granted because we were just four years of just living through it. It oozed in every moment, every breath, every interaction, every dialog, it was there.But we didn't know it was being poured in, sprinkled across as being showered. We were being showered in it. But I learned how to apply that in the relationships that I built, knowing that the relationships that I built and the reputation that I built would be lasting and impactful and would be appropriate investments for the future endeavors, because there's always a future, right? So it wasn't… again, lot of compliance, lot of regulations, but just the personalities. You know, I did it for the challenge, right? I did it because I was curious. I did it because I wanted to see if I could succeed at it. There were other folks that did it simply because it was for the money. And many, some of them made it. They might have sold their soul to get there. Some didn't make it. Maybe it wasn't the right pursuit for them in the first place. And if I go back to mentoring, which we talked about a little bit, and I help young men and women, cadets or maybe even recent grads, my guidance to them is, don't chase the money, chase the environment, right? And chase the environment that allows you to find your flow and contribute to that environment. The money will come. But I saw it — I've seen it with grads. I've seen it with many of the folks that didn't make it in these roles in financial services, because I thought, “Hey, this is where the money is.” It might be. But you have to go back to the basis of all this. How are you complected? What are your values? Do they align with the environment that you're in? And can you flow in a way where your strengths are going to allow success to happen and not sell your soul? Naviere Walkewicz 26:26 Yeah, you said two things that really stood out to me in that —the first one was, you know, trusting, just starting from a place of trust and respect, because the opportunity to build a relationship faster, and also there's that potential for future something. And then the second thing is the environment and making sure it aligns with your values. Is that how you got to MOBE? Mike Ott 26:50 Yeah, I would say how I got to MOBE, that certainly was a factor. Good question.   Naviere Walkewicz 26:57 The environment, I feel, is very much aligned Mike Ott 27:00 Very much so and then… But there's an element of reputation and relationship that allowed me to get there. So now I'm lucky to be a part of this firm. We're 250 people. We will do $50 million of revenue. We're growing nicely. I've been in health care for four years. Now, we are we're more than just healthcare. I mean, it's deep data. We can get into some of that later, but I had this financial services background. I was drawn to MOBE, but I had established a set of relationships with people at different investment banks, with other families that had successfully built businesses and just had relationships. And I was asked to come on to the board because MOBE, at the time, great capabilities, but struggled with leadership during COVID. Lot of companies did. It's not an indictment as to the prior CEO, but he and the team struggled to get through COVID. So initially I was approached to come on to the board, and that was through the founders of the firm who had known me for 20 years and knew my reputation, because I'd done different things at the investment bank, I'd run businesses at US Bank, which is a large commercial bank within the country, and they needed someone that… They cared very little about health care experience, which is good for me, and it was more around a sense of leadership. They knew my values. They trusted me. So initially I was asked to come onto the board, and that evolved into, “No, let's just do a whole reset and bring you on as the CEO.” Well, let's go back to like, what makes me tick. I love ambiguity. I love a challenge. And this has been a bit of a turnaround in that great capabilities, but lost its way in COVID, because leadership lost its way. So there's a lot of resetting that needed to occur. Corpus of the firm, great technology, great capabilities, but business model adaptation, go to market mechanisms and, frankly, environment. Environment. But I was drawn to the environment because of the people that had founded the organization. The firm was incubated within a large pharmaceutical firm. This firm called Upsher-Smith, was a Minnesota firm, the largest private and generic pharmaceutical company in the country, and sold for an awful lot of money, had been built by this family, sold in 2017 and the assets that are MOBE, mostly data, claims, analysis capabilities stayed separate, and so they incubated that, had a little bit of a data sandbox, and then it matriculated to, “Hey, we've got a real business here.” But that family has a reputation, and the individuals that founded it, and then ultimately found MOBE have a reputation. So I was very comfortable with the ambiguity of maybe not knowing health care as much as the next guy or gal, but the environment I was going into was one where I knew this family and these investors lived to high ethical standards, and there's many stories as to how I know that, but I knew that, and that gave me a ton of comfort. And then it was, “We trust you make it happen. So I got lucky. Naviere Walkewicz 30:33 Well, you're, I think, just the way that you're wired and the fact that you come from a place of trust, obviously, you know, OK, I don't have the, you know, like the medical background, but there are a lot of experts here that I'm going to trust to bring that expertise to me. And I'm going to help create an environment that they can really thrive in. Mike Ott 30:47 I'm certain many of our fellow alum have been in this experience, had these experiences where a leader worth his or her salt should be comfortable not being the smartest gal or guy in the room. In fact, you should strive for that to be the case and have a sense of lack of hubris and proudly acknowledge what you don't know. But what I do know is how to set vision. What I do know is how to move people without authority. What I do know is how to resource. And that's what you do if you want to move a mission, whether it's in the military, small firm like us that's getting bigger, or, you know, a big organization. You can't know it all. Naviere Walkewicz 31:30 So something you just mentioned that I think a lot of our listeners would really like, would love a little bit to peel us back a little bit. You said, “I know how to set a vision. I know how to…” I think it was move…   Mike Ott 31:45 Move people without authority and prioritize.   Naviere Walkewicz 31:47 But can we talk a little bit about that? Because I think that is really a challenge that some of our you know younger leaders, or those early in their leadership roles struggle with. Maybe, can you talk a little bit about that? Mike Ott 32:01 For sure, I had some — again, I tried to do my best to apply all the moments I had at the Academy and the long list of just like, “What were you thinking?” But the kindness piece comes through and… Think as a civilian outside looking in. They look at the military. It's very, very, very structured, OK, but the best leaders the men and women for whom you and I have served underneath or supported, never once barked an order, OK? They expressed intent, right? And you and I and all the other men and women in uniform, if we were paying attention, right, sought to execute the mission and satisfaction of that intent and make our bosses' bosses' jobs easier. That's really simple. And many outsiders looking in, we get back to just leadership that are civilians. They think, “Oh my gosh, these men and women that are in the military, they just can't assimilate. They can't make it in the civilian world.” And they think, because we come from this very, very hierarchical organization, yes, it is very hierarchical — that's a command structure that's necessary for mission execution — but the human part, right? I think military men and women leaders are among the best leaders, because guess what? We're motivating men and women — maybe they get a pat on the back. You didn't get a ribbon, right? Nobody's getting a year-end bonus, nobody's getting a spot bonus, nobody's getting equity in the Air Force, and it's gonna go public, right? It's just not that. So the best men and women that I for whom I've worked with have been those that have been able to get me to buy in and move and step up, and want to demonstrate my skills in coordination with others, cross functionally in the organization to get stuff done. And I think if there's anything we can remind emerging graduates, you know, out of the Academy, is: Don't rely on rank ever. Don't rely on rank. I had a moment: I was a dorky second lieutenant engineer, and we were launching a new system. It was a joint system for Marines, Navy and Air Force, and I had to go from Boston to Langley quite often because it was a TAC-related system, Tactical Air Force-related system. And the I was the program manager, multi-million dollar program for an interesting radio concept. And we were putting it into F-15s, so in some ground-based situations. And there was this E-8, crusty E-8, smoked, Vietnam, all these things, and he was a comms dude, and one of the systems was glitching. It just wasn't working, right? And we were getting ready to take this thing over somewhere overseas. And he pulls alongside me, and it's rather insubordinate, but it was a test, right? He's looking at me, Academy guy, you know, second lieutenant. He was a master sergeant, and he's like, “Well, son, what are we going to do now?” In other words, like, “We're in a pickle. What are we going to do now?” But calling me son. Yeah, it's not appropriate, right? If I'd have been hierarchical and I'd relied on rank, I probably would have been justified to let him have it. Like, that's playing short ball, right? I just thought for a second, and I just put my arm around him. I said, “Gee, Dad, I was hoping you're gonna help me.” And mother rat, we figured it out, and after that, he was eating out of my hand. So it was a test, right? Don't be afraid to be tested but don't take the bait. Naviere Walkewicz 35:46 So many good just lessons in each of these examples. Can you share a time at MOBE when you've seen someone that has been on your team that has demonstrated that because of the environment you've created? Mike Ott 35:57 For sure. So I've been running the firm now for about three and a half years. Again, have adapted and enhanced our capabilities, changed the business model a bit, yet functioning in our approach to the marketplace remains the same. We help people get better, and we get paid based on the less spend they have in the system. Part of some of our principles at MOBE are pretty simple, like, eat, sleep, move, smile, all right. And then be thoughtful with your medication. We think that medicine is an aid, not a cure. Your body's self-healing and your mind controls your body.   Naviere Walkewicz 36:32 Eat, sleep, move, smile. Love that.   Mike Ott 36:35 So what's happening with MOBE, and what I've seen is the same is true with how I've altered our leadership team. I've got some amazing leaders — very, very, very accomplished. But there are some new leaders because others just didn't fit in. There wasn't the sense of communal trust that I expected. There was too much, know-it-all'ing going on, right? And I just won't have that. So the easiest way to diffuse that isn't about changing head count, but it's around exhibiting vulnerability in front of all these folks and saying, “Look, I don't know that, but my lead pharmacist here, my lead clinician here, helped me get through those things.” But I do have one leader right, who is our head of vice president of HR, a woman who grew up on a farm in southern Minnesota, who has come to myself and our president and shared that she feels liberated at MOBE because, though this firm is larger than one that she served as a director of HR, previously, she's never had to look — check her six, look right, look left and seek alignment to ensure she's harmonizing with people. Naviere Walkewicz 37:49 Can you imagine being in an environment like that? Mike Ott 38:51 It's terrible, it's toxic, and it's wrong. Leaders, within the organization, I think you're judged more by what you don't do and the actions that you don't take. You can establish trust, and you will fortify that trust when you share with the team as best you can, so long as it's nothing inappropriate, where you made a mistake, where we went wrong. What did we learn from that? Where are we going to pivot? How we're going to apply that learning to make it better, as opposed to finding blame, pointing the finger or not even acknowledging? That happens all the time, and that toxicity erodes. And regretfully, my VP of HR in prior roles experienced that, and I don't have time. Good teams shouldn't have time to rehearse the basic values of the firm. We don't have time the speed of business is like this [snaps]. So if I can build the team of men and women that trust one another, can stay in their lanes, but also recognize that they're responsible for helping run the business, and look over at the other lanes and help their fellow leaders make adjustments without the indictful comment or without sort of belittling or shaming. That's what good teams, do. You, and I did that in the Air Force, but it is not as common as you would think. Naviere Walkewicz 39:11 20 we've been talking about MOBE, and you know, the environment you're creating there, and just the way that you're working through innovation. Let's talk a little bit how you're involved with DIU, the Defense Innovation Unit. Mike Ott 39:21 Again, it's reputation in relationships. And it was probably 2010, I get a call from a fellow grad, '87 grad who was living in the Beltway, still in uniform. He was an O-5 I was an O-5. Just doing the Academy liaison work, helping good young men and women that wanted to go to the Academy get in. And that was super satisfying, thought that would be the end of my Reserve career and super fun. And this is right when the first Obama administration came in, and one of his edicts and his admin edicts was, we've got to find ways to embrace industry more, right? We can't rely on the primes, just the primes. So those were just some seeds, and along with a couple other grads, created what is now called Joint Reserve Directorate, which was spawned DIUX, which was DIU Experimental, is spawned from. So I was the owner for JRD, and DIUX as a reserve officer. And that's how we all made colonel is we were working for the chief technology officer of the Defense Department, the Hon. Zach Lemnios, wonderful fellow. Civilian, didn't have much military experience, but boy, the guy knew tech — semiconductors and areas like that. But this was the beginning of the United States recognizing that our R&D output, OK, in the aggregate, as a fund, as a percentage of GDP, whether it's coming out of the commercial marketplace or the military DoD complex, needs to be harnessed against the big fight that we have with China. We can see, you know, we've known about that for 30 years. So this is back 14 years ago. And the idea was, let's bring in men and women — there was a woman in our group too that started this area — and was like, “How do we create essential boundary span, boundary spanners, or dual-literacy people that are experiences in capital markets, finance, how capital is accumulated, innovation occurs, but then also how that applies into supporting the warfighter. So we were given a sandbox. We were given a blank slate.   Naviere Walkewicz 41:37 It's your happy place.   Mike Ott 41:38 Oh, super awesome. And began to build out relationships at Silicon Valley with commercial entities, and developed some concepts that are now being deployed with DIU and many other people came in and brought them all to life. But I was lucky enough after I retired from the Reserves as a colonel to be asked to come back as an adviser, because of that background and that experience, the genesis of the organization. So today I'm an unpaid SGE — special government employee — to help DIU look across a variety of different domains. And so I'm sure many of our listeners know it's key areas that we've got to harness the commercial marketplace. We know that if you go back into the '70s, ‘60s and ‘70s, and creation of the internet, GPS, precision munitions and all of that, the R&D dollars spent in the aggregate for the country, 95% came out of DOD is completely flip flopped today. Completely flipped. We happen to live in an open, free society. We hope to have capital markets and access a lot of that technology isn't burdened like it might be in China. And so that's the good and bad of this open society that we have. We've got to find ways. So we, the team does a lot of great work, and I just help them think about capital markets, money flows, threat finance. How you use financial markets to interdict, listen, see signals, but then also different technologies across cyberspace, autonomy, AI. Goodness gracious, I'm sure there's a few others. There's just so much. So I'm just an interloper that helps them think about that, and it's super fun that they think that I can be helpful. Naviere Walkewicz 43:29 Well, I think I was curious on how, because you love the ambiguity, and that's just something that fills your bucket — so while you're leading MOBE and you're creating something very stable, it sounds like DIU and being that kind of special employee, government employee, helps you to fill that need for your ambiguous side.   Mike Ott 43:48 You're right. You're right.   Naviere Walkewicz 43:49 Yeah, I thought that's really fascinating. Well, I think it's wonderful that you get to create that and you just said, the speed of business is this [snaps]. How do you find time in your life to balance what you also put your values around — your health — when you have such an important job and taking care of so many people? Mike Ott 44:06 I think we're all pretty disciplined at the Academy, right? I remain that way, and I'm very, very — I'm spring loaded to ‘no,' right? “Hey, do you want to go do this?” Yeah, I want to try do, I want to do a lot of things, but I'm spring loaded. So like, “Hey, you want to go out and stay, stay up late and have a drink?” “No,” right? “Do you want to do those things?” So I'm very, very regimented in that I get eight hours of sleep, right? And even somebody, even as a cadet, one of the nicknames my buddies gave me was Rip Van Ott, right? Because I'm like, “This is it.” I was a civil engineer. One of my roommates was an astro guy, and I think he pulled an all-nighter once a week.   Naviere Walkewicz 45:46 Oh, my goodness, yeah.   Mike Ott 45:50 Like, “Dude, what are you doing?” And it wasn't like he was straight As. I was clearly not straight As, but I'm like, “What are you doing? That's not helpful. Do the work ahead of time.” I think I maybe pulled three or four all-nighters my entire four years. Now, it's reflected in my GPA. I get that, but I finished the engineering degree. But sleep matters, right? And some things are just nonnegotiable, and that is, you know, exercise, sleep and be kind to yourself, right? Don't compare. If you're going to compare, compare yourself to yesterday, but don't look at somebody who is an F-15 pilot, and you're not. Like, I'm not. My roommate, my best man at my wedding, F-15 pilot, Test Pilot School, all these things, amazing, amazing, awesome, and super, really, really, happy and proud for him, but that's his mojo; that's his flow, right? If you're gonna do any comparison, compare yourself to the man or woman you were yesterday and “Am I better?”. Naviere Walkewicz 44:48 The power of “no” and having those nonnegotiables is really important. Mike Ott 45:53 Yeah, no, I'm not doing that. Naviere Walkewicz 45:56 I think sometimes we're wired for a “we can take on… we can take it on, we can take it on, we can take it on. We got this.” Mike Ott 46:03 For sure. Oh, my goodness. And I have that discussion with people on my team from time to time as well, and it's most often as it relates to an individual on the team that's struggling in his or her role, or whether it's by you know, if it's by omission and they're in the wrong role, that's one thing. If it's by commission, well, be a leader and execute and get that person out of there, right? That's wrong, but from time to time, it's by omission, and somebody is just not well placed. And I've seen managers, I can repatriate this person. I can get him or her there, and you have to stop for a second and tell that leader, “Yeah, I know you can. I'm certain that the only thing you were responsible for was to help that person fulfill the roles of the job that they're assigned. You could do it.” But guess what? You've got 90% of your team that needs care, nurturing and feeding. They're delivering in their function, neglect, there destroys careers, and it's going to destroy the business. So don't, don't get caught up in that. Yeah. Pack it on. Pack it on. Pack it on. You're right. When someone's in the crosshairs, I want to be in the crosshairs with you, Naviere, and Ted, and all the people that you and I affiliate with, but on the day-to-day, sustained basis, right to live, you know, to execute and be fulfilled, both in the mission, the work and stay fit, to fight and do it again. You can't. You can't. And a lot of a little bit of no goes a long way. Naviere Walkewicz 47:40 That is really good to hear. I think that's something that a lot of leaders really don't share. And I think that's really wonderful that you did. I'd like to take a little time and pivot into another area that you're heavily involved, philanthropy side. You know, you've been with the Falcon Foundation. Where did you find that intent inside of you? I mean, you always said the Academy's been part of you, but you found your way back in that space in other ways. Let's talk about that. Mike Ott 48:05 Sure. Thank you. I don't know. I felt that service is a part of me, right? And it is for all of us, whether you stay in the military or not. Part of my financial services jobs have been in wealth management. I was lucky enough to run that business for US Bank in one of my capacities, and here I am now in health care, health care of service. That aligns with wanting things to be better across any other angle. And the philanthropic, philanthropic side of things — I probably couldn't say that word when I was a cadet, but then, you know, I got out and we did different volunteer efforts. We were at Hanscom Field raising money for different organizations, and stayed with it, and always found ways to have fun with it. But recognized I couldn't… It was inefficient if I was going to be philanthropic around something that I didn't have a personal interest in. And as a senior executive at US Bank, we were all… It was tacit to the role you had roles in local foundations or community efforts. And I remember sitting down with my boss, the CFO of the bank, and then the CEO, and they'd asked me to go on to a board, and it had to do with a museum that I had no interest in, right? And I had a good enough relationship with these, with these guys, to say, “Look, I'm a good dude. I'm going to be helpful in supporting the bank. And if this is a have to, all right, I'll do it, but you got the wrong guy. Like, you want me to represent the bank passionately, you know, philanthropically, let me do this. And they're like, “OK, great.” So we pivoted, and I did other things. And the philanthropic piece of things is it's doing good. It's of service for people, entities, organizations, communities or moments that can use it. And I it's just very, very satisfying to me. So my wife and I are pretty involved that way, whether it's locally, with different organizations, lot of military support. The Academy, we're very fond of. It just kind of became a staple. Naviere Walkewicz 50:35 Did you find yourself also gravitating toward making better your community where you grew up? Mike Ott 50:41 Yeah, yeah, yeah. One of my dear friends that grew up in the same neighborhood, he wound up going to the Naval Academy, and so we're we've been friends for 50 years. Seventh grade.   Naviere Walkewicz 50:53 Same counselor? Mike Ott50:54 Yeah, no. Different counselor, different high school. His parents had a little bit of money, and they, he wound up going to a Catholic school nearby. But great guy, and so he and I, he runs a business that serves the VA in Chicago, and I'm on the board, and we do an awful lot of work. And one of the schools we support is a school on the south side, largely African American students and helping them with different STEM projects. It's not going to hit above the fold of a newspaper, but I could give a rat, doesn't matter to me, seeing a difference, seeing these young men and women. One of them, one of these boys, it's eye watering, but he just found out that he was picked for, he's applying to the Naval Academy, and he just found out that he got a nomination.   Naviere Walkewicz 51:44 Oh my goodness, I just got chills.   Mike Ott 51:46 And so, yeah, yeah, right, right. But it's wonderful. And his parents had no idea anything like that even existed. So that's one that it's not terribly formal, but boy, it looks great when you see the smile on that kid and the impact on that individual, but then the impact it leaves on the community, because it's clear opportunity for people to aspire because they know this young man or this young woman, “I can do that too.” Naviere Walkewicz 52:22 Wow. So he got his nomination, and so he would start technically making class of 2030?   Mike Ott 52:27 That's right. Naviere Walkewicz 52:28 Oh, how exciting. OK Well, that's a wonderful…   Mike Ott 52:27 I hope, I hope, yeah, he's a great kid. Naviere Walkewicz 52:33 Oh, that is wonderful. So you talk about, you know that spirit of giving — how have you seen, I guess, in your journey, because it hasn't been linear. We talked about how you know progression is not linear. How have you grown throughout these different experiences? Because you kind of go into a very ambiguous area, and you bring yourself, and you grow in it and you make it better. But how have you grown? What does that look like for you? Mike Ott 53:02 After having done it several times, right, i.e. entering the fray of an ambiguous environment business situation, I developed a better system and understanding of what do I really need to do out of the gates? And I've grown that way and learn to not be too decisive too soon. Decisiveness is a great gift. It's really, really it's important. It lacks. It lacks because there are too many people, less so in the military, that want to be known for having made… don't want to be known for having made a bad decision, so they don't take that risk. Right, right, right. And so that creates just sort of the static friction, and you've just got to have faith and so, but I've learned how to balance just exactly when to be decisive. And the other thing that I know about me is I am drawn to ambiguity. I am drawn… Very, very curious. Love to learn, try new things, have a range of interests and not very good at any one thing, but that range helps me in critical thinking. So I've learned to, depending on the situation, right, listen, listen, and then go. It isn't a formula. It's a flow, but it's not a formula. And instinct matters when to be decisive. Nature of the people with whom you're working, nature of the mission, evolution, phase of the organization or the unit that you're in. Now is the time, right? So balancing fostering decisiveness is something that that's worth a separate discussion. Naviere Walkewicz 54:59 Right. Wow. So all of these things that you've experienced and the growth that you've had personally — do you think about is this? Is this important to you at all, the idea of, what is your legacy, or is that not? Mike Ott 55:13 We talked a little bit about this beforehand, and I thought I've got to come up with something pithy, right? And I really, I really don't.   Naviere Walkewicz 55:18 Yeah, you don't.   Mike Ott 55:19 I don't think of myself as that. I'm very proud of who I am and what I've done in the reputation that I have built. I don't need my name up in lights. I know the life that I'm living and the life that I hope to live for a lot longer. My legacy is just my family, my children, the mark that I've left in the organizations that I have been a part of.   Naviere Walkewicz 55:58 And the communities that you've touched, like that gentleman going and getting his nomination. I'm sure.   Mike Ott 56:04 Yeah, I don't… having been a senior leader, and even at MOBE, I'm interviewed by different newspapers and all that. Like I do it because I'm in this role, and it's important for MOBE, but I'm not that full of myself, where I got to be up in lights. So I just want to be known as a man that was trustworthy, fun, tried to meet people where they are really had flaws, and sought to overcome them with the few strengths that he had, and moved everything forward. Naviere Walkewicz 56:33 Those are the kind of leaders that people will run through fire for. That's amazing. I think that's a wonderful I mean that in itself, it's like a living legacy you do every day. How can I be better than I was yesterday? And that in itself, is a bit of your living and that's really cool. Well, one of the things we like to ask is, “What is something you're doing every day to be better as a leader?” And you've covered a lot, so I mean, you could probably go back to one of those things, but is there something that you could share with our listeners that you do personally every day, to be better? Mike Ott 57:05 Exercise and read every day, every day, and except Fridays. Fridays I take… that's like, I'll stretch or just kind of go for a walk. But every day I make it a moment, you know, 45 minutes to an hour, something and better for my head, good for my body, right? That's the process in the hierarchy of way I think about it. And then read. Gen. Mattis. And I supported Gen. Mattis as a lieutenant colonel before I wanted to and stuff at the Pentagon. And he I supported him as an innovation guy for JFCOM, where he was the commander. And even back then, he was always talking about reading is leading none of us as military leaders… And I can't hold the candle to the guy, but I learned an awful lot, and I love his mindset, and that none of us can live a life long enough to take In all the leadership lessons necessary to help us drive impact. So you better be reading about it all the time. And so I read probably an hour every night, every day.   Naviere Walkewicz 58:14 What are you reading right now?   Mike Ott 58:15 Oh, man, I left it on the plane! I was so bummed. Naviere Walkewicz 58:17 Oh, that's the worst. You're going to have to get another copy. Mike Ott 58:22 Before I came here, I ordered it from Barnes & Noble so to me at my house when I get home. Love history and reading a book by this wonderful British author named Anne Reid. And it's, I forget the title exactly, but it's how the allies at the end of World War I sought to influence Russia and overcome the Bolsheviks. They were called the interventionalists, and it was an alliance of 15 different countries, including the U.S., Britain, France, U.K., Japan, Australia, India, trying to thwart, you know, the Bolshevik Revolution — trying to thwart its being cemented. Fascinating, fascinating. So that's what I was reading until I left it on the plane today. Naviere Walkewicz 59:07 How do you choose what to read? Mike Ott 59:10 Listen, write, love history. Love to read Air Force stuff too. Just talk to friends, right? You know, they've learned how to read like me. So we get to talk and have fun with that. Naviere Walkewicz 59:22 That's great. Yeah, that's wonderful. Well, the last question I'd like to ask you, before I want to make sure you have an opportunity to cover anything we didn't, is what is something you would share with others that they can do to become better leaders? Maybe they start doing it now, so in the future, they're even stronger as a leader. Mike Ott 59:42 Two things I would say, and try to have these exist in the same breath in the same moment, is have the courage to make it try and make it better every day, all right, and be kind to yourself, be forgiving. Naviere Walkewicz 59:59 That's really powerful. Can you share an example? And I know I that's we could just leave it there, but being courageous and then being kind to yourself, they're almost on two opposite sides. Have you had, can you share an example where I guess you've done that right? You had to be you were courageous and making something better, and maybe it didn't go that way, so you have to be kind to yourself. Mike Ott 1:00:23 Yeah, happy to and I think any cadet will hear this story and go like, “Huh, wow, that's interesting.” And it also plays with the arc of progress isn't linear. I graduated in '85 went to flight school, got halfway through flight school, and there was a RIF, reduction in force. And our class, our flight class, I was flying jets, I was soloing. I was academically — super easy, flying average, right? You know, I like to joke that I've got the fine motor skills of a ham sandwich, right? You know, but, but I didn't finish flight school. And you think about this, here it is. I started in 1981 there were still vestiges of Vietnam. Everyone's going to be a fighter pilot. Kill, kill, kill. Blood makes the grass grow. All of that was there. And I remember when this happened, it was very frustrating for me. It was mostly the major root of frustration wasn't that I wasn't finishing flight school. It was the nature by which the determination that I wasn't finishing was made. And it was, it was a financial decision. We had too many guys and gals, and they were just finding, you know, average folks and then kicking them out. So our class graduated a lower percent than, I think, in that era, it was late '85, '86, maybe '87, but you can look at outflows, and it was interesting, they were making budget cuts. So there was a shaming part there, having gone to the Academy.   Naviere Walkewicz 1:02:02 And knowing since 9 years old. Mike Ott 1:20:04 Right, right, right, and I knew I wanted to go the Academy. I'd like to fly, let's check it out and see if it's for me. I would much rather have been not for me, had I made the decision I don't want to do this or that I was just unsafe and didn't want to do it. The way it turned out is, and this is where I learned a little bit about politics as well. In my class, again, I was very average. Like, nobody's ever going to say, like, yeah, I was going to go fly the Space Shuttle. Like, no way, right? Very, very average, but doing just fine. And a lot of guys and gals wanted to go be navigators, and that's great. I looked in the regs, and I learned this as a cadet, and it's helped me in business, too. If there's a rule, there's a waiver. Like, let me understand the regs, and I asked to go to a board. Instead of just submitting a letter to appeal, I asked to go to a board. And so I went to a board of an O-5 five, couple of threes O-4 four, and ultimately shared the essence of why I shouldn't be terminated in the program. And son of a gun, they agreed, and I still have the letter. The letter says, “Recommend Lt. Ott for reinstatement.” Nobody in my class has that letter, nobody makes the appeal. And I'm like, I'm going downstream. I'm going downstream. And that's the Chicago in me, and that's the piece about… but also move forward, but forgive yourself, and I'll get to that. And so I, I was thrilled, My goodness, and the argument I had is, like, look, you're just not keeping me current. You put me in the sim, and then you're waiting too long to put me in the jet. The regs don't allow for that. And like, you're right. So I'm assigned to go back to the jet. My pals are thrilled. I'm going to stay in the same class. I don't have to wash back. And then I get a call from the DO's office — director of operations — and it was from some civilian person so the DO overrode the board's decision. Heartbreaking. Heartbreaking.   Naviere Walkewicz 1:04:12 You were so high, you did all of your work. And then… Mike Ott 1:04:15 Yeah, and then heartbreaking and frustrating, and I guess the word is indignant: anger aroused through frustration. In that I figured it out. I knew exactly what's happening. I made the appeal and I won. And it wasn't I was expecting to be assigned to fly a fighter. It was like, “Just let me, let me express the merits of my capabilities. It's how the system is designed.” The son of a gun, I jumped in my car and I ran to base and I waited and reported in. He didn't really know who I was. That's because he didn't make a decision. It was just it was that decision, and that's how life comes at you. That's just how it is. It isn't linear. So how do you take that and then say, “Well, I'm going to be kind to myself and make something out of it.” And he went through, you know, a dissertation as to why, and I asked him if I could share my views, and it's pretty candid, and I just said, If my dad were something other than the Chicago policeman, and maybe if he was a senator or general officer, I wouldn't be sitting here. That lit him up, right? That lit him up. But I had to state my views. So I knew I was out of the program. Very, very frustrating. Could have had the mayor of Chicago call. Didn't do that, right? Like, OK, I understand where this is it. That was very frustrating and somewhat shaming. But where the forgiveness comes in and be kind to yourself, is that I ran into ground. I ran into ground and drove an outcome where I still… It's a moment of integrity. I drove an outcome like, there you go. But then what do you do? Forgive yourself, right? Because you didn't do anything wrong, OK? And you pivot. And I turned that into a moment where I started cold calling instructors at the Academy. Because, hey, now I owe the Air Force five years, Air Force is looking for, you know, things that I don't want to do. And thank goodness I had an engineering degree, and I cold called a guy at a base in Hanscom. And this is another tap on the shoulder.   Naviere Walkewicz 1:06:24 That's how you got to Hanscom. Gotcha.   Mike Ott 1:06:27 There was a friend who was Class of '83, a woman who was in my squadron, who was there. Great egg. And she's like, “Hey, I was at the O Club.” Called her. I said, “Hey, help me out. I got this engineering degree. I want to go to one of these bases. Called Lt. Col. Davis, right? I met him at the O Club. I called a guy, and he's like, “Yeah, let's do this.”   Naviere Walkewicz 1:06:44 Wow, I love that..   Mike Ott 1:06:46 It was fantastic So it's a long winded way, but progress isn't linear. And progressing through that and not being a victim, right, recognizing the conditions and the environment that I could control and those that I can't. Anything that I could control, I took advantage of and I sought to influence as best possible. Ran into ground and I feel great about it, and it turns out to be a testament of one of my best successes. Naviere Walkewicz 1:07:17 Wow. Thank you for sharing

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South Africa's economic story is balancing between risk and resolve, discipline and delivery. As the country prepares for its first Mid-Term Budget Policy Statement (MTBPS) under a coalition government, National Treasury faces a difficult equation: stabilise debt, restore credibility and still find space for growth. In this episode of No Ordinary Wednesday, Jeremy Maggs is joined by Investec's Annabel Bishop, Tertia Jacobs, and Osa Mazwai to unpack the policy choices shaping the 2025 mini budget. Listen here or watch the discussion on Investec's YouTube channel. [Add link when live] We explore: • Why fiscal consolidation remains the cornerstone of market confidence • How a commodity windfall and better tax receipts are buying Treasury time • The debate over lowering the inflation target and what it means for growth • And whether South Africa's improving structural reforms can finally lift potential GDP Podcast key moments: 00:00 – Introduction 02:51 – What's behind the debt-to-GDP ratio divergence? 05:03 – How closely are markets watching South Africa's debt challenges? 06:40 – How does the debt trajectory intersect with SA's long-term growth prospects? 08:28 – Inflation targeting expectations 09:35 – Would a lower inflation target risk dampening nominal GDP? 11:36 – Revenue vs spending 13:36 – Searching for a new fiscal anchor 15:21 – Is SA on the path to fiscal consolidation? 17:12 – What's driving the government bond rally? 18:16 – Progress on structural reforms 20:44 – To what extent is the fiscal story intertwined with commodity cycles? 22:13 – What rating agencies are looking for 24:30 – How the mini budget could influence the MPC's tone on interest rates 25:57 – What would success look like for the 2025 MTBPS? Read more on www.investec.com/now Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business, and political news in South Africa, with an all-star cast of investment and wealth managers, economists and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what's moving markets, shaping the economy, and changing the game for your wallet and your business. Investec Focus Radio SA

2. LONDINIUM 91 CE. Seven Warnings, Part II. The conversation continued with Germanicus detailing the remaining maxims, noting that the United States seems to follow this list of strategic errors as if it were a program. (5) Never think "it will never happen to us"—this belief stems from American exceptionalism, the idea that the US is superior because "democracy makes us smarter." The shameful US withdrawal from Afghanistan was cited as a major instance of this failure, especially when contrasted with the Soviet withdrawal, which was conducted with dignity and left a regime that lasted three more years. The US, believing itself to be the "gods of war" after World War II, relied on the myth of technological superiority, a mindset preserved even in the proxy war in Ukraine where elites underestimated Russia based on GDP. The danger of biased judgment (Maxim 4) was re-emphasized through the Korean War, where the US despised the Chinese, who ultimately defeated the US in a strategic campaign. The Chinese military adapted to American fire with unconventional tactics, overwhelming US lines, a capability the US disallowed because it viewed the enemy as a "lesser force." This mindset gives a gift to the enemy, allowing them to rely on US unpreparedness (e.g., letting Russians build vast fortifications in Ukraine). (6) Never follow a strategic course of action that makes your enemy stronger—this requires understanding the enemy's source of strength (like the morale and spirit of the Taliban), which the US often fails to attack. The speakers applied this warning to potential US intervention in Venezuela, which is being encouraged by the opposition. The strategy of using overwhelming air power and insufficient ground forces—bombing them into submission—will fail and only make the enemy stronger. Insufficient tactics like leadership decapitation, even if inspired by Israeli actions, will not succeed if the enemy army chooses to resist. The centurions noted that the Romans consistently avoided one mistake: forgiving the enemy.

President Donald Trump just forced China into its most vulnerable position in decades. Trump wrapped up a weeklong trip to Asia and, after years of tension and economic warfare, negotiated a sweeping deal with Beijing. Victor Davis Hanson breaks down the specifics of the deal—including China's promise to stop the flow of fentanyl to Mexico—how this breakthrough happened, and what this means for the future of U.S.-China relations on today's episode of “Victor Davis Hanson: In a Few Words.” “ [China] sized up the domestic renaissance here at home—low inflation, basically 3% or below, 3%, probably, at the end of the year of GDP, stock market record levels, vast new investments—and they said: You know what? The United States is back. And the foreign—the atmosphere is very different. “Neutrals will probably join them. And their friends are emboldened. So, they've got new alliances. NATO is stronger than it's ever been. So, you add all of that up and the Chinese said to themselves the following: I think it's time to cut a deal. Not that we're gonna give up on trying to erode and subvert the United States.” (0:00) Trump and Xi's Deal (0:46) Why Now? (3:24) The Left's Weakness (6:39) U.S. Domestic Renaissance (8:50) China's Calculated Pause (9:54) The Future of US-China Relations

The ECB this week held its policy rate right at 2% with policymakers out in force claiming to everyone who might listen they're likely done at that level. Instead, GDP data from all over the continent just came out and showed there's more pringles yet to come from Europe. But there's also one big factor here few people are considering and it has to do with the 2% level itself.  Eurodollar University's Money & Macro AnalysisIn a world where markets swing on every headline, focus matters. That's why Eurodollar University offers One Big Weekly Theme — a disciplined, thematic analysis you can count on. If you don't have the time to go all the way to the depth of Eurodollar University's comprehensive Deep Dive Analysis and want the next best thing, One Big Weekly Theme is for you. eurodollaruniversity.substack.comhttps://eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Q3 US corporate earnings continue to report strong, with S&P 500 profits on track for 12% year-on-year growth and widespread beats on sales and margins. However, despite robust fundamentals, stocks reacting to positive reports have underperformed historically, weighed down by already-bullish investor positioning. An inverted put-call skew in the “Magnificent 7” suggests elevated optimism, often followed by short-term pullbacks. Meanwhile, fears of AI-fuelled overinvestment in tech appear overstated: while capital expenditure is rising, it remains modest as a share of revenue, free cash flow, and GDP. Looking at China, policy direction after the Fourth Plenum supports continued advancement in AI, semiconductors, and robotics, while the recent Xi-Trump meeting offers temporary relief on trade tensions. Though near-term consolidation is possible, structural drivers keep China tech and equities attractive for diversified portfolios.

Cynthia Honcharenko, Director of Fixed Income Portfolio Management, joins the podcast to deliver a report on this week's Federal Open Market Committee (FOMC) meeting; be sure to read her companion piece, “The Gentle Cut: Easing Without Euphoria” on our Weekly Investment Brief feed. Our discussion tracks how the equity and bond markets behaved leading up to, and following, the meeting, and what to expect going forward. We also touch on this week's earnings reports from several big tech companies, and what positive trade talks between the United States and China might mean for the future. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyCynthia Honcharenko, Director of Fixed Income Portfolio ManagementRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities 01:30 – Expected reports on initial unemployment claims, GDP, and inflation were not published this week due to the ongoing government shutdown, which is on track to be the longest in history once it surpasses the 2018 record of 34 days.03:20 – Coverage of this week's FOMC meeting, including the 25 basis point cut to the federal funds rate, two diametric dissents, the themes and opinions driving that decision, and Chair Powell's warning that another rate cut in December is far from guaranteed as we see signs of a weakening labor market, elevated inflation, and a lack of data to make informed decisions due to the government shutdown.05:43 – In reaction to the FOMC meeting and Powell's assertion that a December rate cut is less likely than previously expected, the markets experienced a bit of a reversal of recent gains that were driven by that expectation.07:43 – We discuss the five candidates that Treasury Secretary Scott Bessent revealed this week. They include three current and former Fed Governors, the current Director of the National Economic Council, and a BlackRock executive.10:03 – Q3 earnings reports continue to send the stock market higher. The reports from this week's big companies were Amazon and Alphabet, which were both positive, Apple, which underwhelming but not bad, and Meta and Microsoft, which were both somewhat negative. 12:25 – Positive news from trade talks between the United States and China might reduce the elevated sentiment of geopolitical risk that hit the markets in the first few months of the year on tariff threats, and which has been a question mark ever since.14:58 – The fixed income market has seen some widening in credit spreads following the FOMC meeting, but generally positive credit conditions and future corporate bond issuance herald a robust November. Additional ResourcesRead: The Gentle Cut: Easing Without Euphoria – 10/29/2025 FOMC UpdateAsk: Key Questions: Active ETFs or Mutual Funds: Which Belongs in Your Portfolio?  Key QuestionsSubscribe to our Key Wealth Insights newsletterWeekly Investment BriefFollow us on LinkedIn

If there is a city in China that embodies the spirit of breaking new ground, daring to dream, and turning visions into reality, it is Shenzhen.在中国，若论哪个城市最能诠释敢闯敢试、敢为人先、将愿景变为现实的精神，那一定是深圳。From a fishing village in southern China about four decades ago to a global innovation powerhouse today, the city has become a living showcase of China's reform and opening-up, as well as a launchpad for the future of sustainable, digital and green development. Shenzhen is suitable to chart the future of Asia-Pacific cooperation.四十多年前，深圳还是中国南方的一个小渔村；如今，它已崛起为全球创新高地。这座城市不仅是中国改革开放的生动缩影，更是推动可持续发展、数字发展与绿色发展的未来试验田。深圳完全有能力引领亚太合作的未来方向。On Saturday, Chinese President Xi Jinping announced in Gyeongju, South Korea that Shenzhen will host the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in November 2026.周六，中国国家主席习近平在韩国庆州宣布，深圳将于2026年11月主办亚太经合组织（APEC）领导人非正式会议。Noting that Shenzhen has developed from a small and backward fishing village into a modern international metropolis over the past few decades, Xi said that the city's rise is a miracle in the history of world development created by the Chinese people and also an important window to China's unswerving pursuit of a mutually beneficial and win-win opening-up strategy.习近平指出，几十年来，深圳从一个落后的小渔村发展成为现代化国际大都市，这座城市的崛起是中国人民创造的世界发展史上的奇迹，也是中国坚定不移奉行互利共赢开放战略的重要窗口。LIVING LAB OF OPEN INNOVATION开放创新的“活实验室”In a speech at the second session of the 32nd APEC Economic Leaders' Meeting under the title "Jointly Forging a Sustainable and Brighter Future," Xi highlighted the need for open innovation by leveraging shared scientific and technological advances through collaborative efforts.在第32届APEC领导人非正式会议第二阶段会议上，习近平以“携手打造可持续、更加繁荣的未来”为题发表讲话，强调要通过协同合作，依托共享科技成果，推动开放创新。"At present, the new wave of scientific and technological revolution and industrial transformation is deepening," Xi said."Challenges such as climate change, food security and energy security are intensifying. Asia-Pacific economies must enhance mutually beneficial cooperation, make good use of new opportunities, stand up to new challenges, and forge a sustainable and brighter future together," he said.习近平表示：“当前，新一轮科技革命和产业变革深入发展，气候变化、粮食安全、能源安全等挑战不断加剧。亚太各经济体必须加强互利合作，用好新机遇，应对新挑战，共同打造可持续、更加繁荣的未来。”For Daniel Dumbrill, a Canadian current affairs commentator who once lived in Shenzhen for 14 years, Shenzhen exemplifies cooperative action in the tech field.曾在深圳生活14年的加拿大时事评论员丹尼尔・邓布里尔（Daniel Dumbrill）认为，深圳是科技领域合作实践的典范。"Much of APEC's purpose is practical cooperation: trade, tech-sharing and green growth. Shenzhen doesn't preach -- it delivers," he said. "Shenzhen fits APEC's style perfectly and can act as inspiration for the entire APEC region."“APEC的核心目标之一是务实合作，涵盖贸易、技术共享与绿色发展。深圳从不空谈，而是实干。”他说，“深圳与APEC的理念高度契合，完全能够为整个亚太经合组织区域提供借鉴。”Characterized by a dense cluster of leading tech enterprises and high-growth startups in artificial intelligence (AI), biotech and advanced manufacturing, Shenzhen's strategic emerging industries have become a pillar of its economy. Their added value rose to 1.56 trillion yuan (about 220 billion U.S. dollars) in 2024, representing 42.3 percent of the city's gross domestic product (GDP).深圳汇聚了大量人工智能、生物科技、高端制造领域的龙头科技企业与高成长性初创公司，战略性新兴产业已成为其经济支柱。2024年，深圳战略性新兴产业增加值达1.56万亿元（约合2200亿美元），占全市地区生产总值（GDP）的42.3%。The city's unwavering drive for innovation aligns perfectly with Xi's call for APEC economies to "unleash the potential of digital and smart development to give the Asia-Pacific region a fresh edge in innovation-driven development" and "promote new quality productive forces." But equally important is the fact that in Shenzhen, the spirit of cooperation has long been taking root.深圳对创新的不懈追求，与习近平提出的“释放数字智能发展潜力，为亚太创新驱动发展注入新动能”及“推动新质生产力发展”的倡议高度契合。同样重要的是，合作精神早已在深圳落地生根。Shenzhen's strengths in sectors such as electronic information, new energy and AI align closely with the strong demand from Association of Southeast Asian Nations (ASEAN) countries undergoing digital and industrial transformation.深圳在电子信息、新能源、人工智能等领域的优势，与正经历数字化和产业转型的东南亚国家联盟（东盟）各国的强劲需求高度匹配。At the 22nd China-ASEAN Expo held in September, Shenzhen's "Smart Manufacturing" drew global attention with its innovative edge, resulting in on-site contracts worth 47.61 million yuan (about 6.7 million dollars) and intended deals totaling 192.4 million yuan (about 27.1 million dollars).在2024年9月举办的第22届中国—东盟博览会上，深圳“智能制造”凭借创新优势吸引了全球目光，现场签约金额达4761万元（约合670万美元），意向成交总额达1.924亿元（约合2710万美元）。Meanwhile, since 1999, the China High-tech Fair has been held annually in Shenzhen, serving as a significant window for China's opening-up in the high-tech sector and an important platform for exchanging and trading technological achievements.与此同时，自1999年起，中国国际高新技术成果交易会（简称“高交会”）每年在深圳举办。作为中国高新技术领域对外开放的重要窗口，高交会已成为技术成果交流与交易的关键平台。"APEC is a wildly diverse set of economies that all have unique strengths and weaknesses. As a new city, Shenzhen has been at the forefront of building a new style of global city," said Andrew Hutchins, associate professor at Shenzhen's Southern University of Science and Technology.深圳南方科技大学副教授安德鲁・哈钦斯表示：“APEC涵盖的经济体多样性极强，各有独特优势与短板。作为一座新兴城市，深圳始终走在打造新型全球城市的前沿。”"Shenzhen has now fused its own unique characteristics based on research, innovation and organization that can serve as a model for new upcoming cities looking for rapid development," said Hutchins.“如今，深圳已融合形成基于科研、创新与组织管理的独特城市特质，可为寻求快速发展的新兴城市提供典范。”哈钦斯说。GREEN GROWTH PATTERN FOR FUTURE引领未来的绿色发展模式During his speech, Xi called for staying committed to green and low-carbon development to build a new paradigm for sustainable development in the Asia-Pacific region.习近平在讲话中呼吁，坚持绿色低碳发展，构建亚太可持续发展新范式。"We should keep in mind our responsibility to our future generations, enhance synergy between green development strategies of all economies, promote free flows of quality green technologies and products, accelerate the green and low-carbon transition, and vigorously tackle climate change," Xi said.“我们要牢记对子孙后代的责任，加强各经济体绿色发展战略协同，推动优质绿色技术和产品自由流动，加快绿色低碳转型，积极应对气候变化。”习近平强调。Innovation in Shenzhen is not just digital. It is also green. Over the past years, the city has become a leader in clean energy and sustainable urban development. It is the first city in the world to electrify its entire public bus fleet, a transformation that has cut millions of tons of carbon emissions annually.深圳的创新不仅体现在数字领域，更贯穿于绿色发展之中。过去数年，深圳已成为清洁能源与可持续城市发展的领军者——它是全球首个实现公共交通巴士全面电动化的城市，这一转型每年可减少数百万吨碳排放。The city is a hub for renewable energy technology production, with companies manufacturing solar panels, wind turbines and energy-storage systems, and has also developed projects like the Shenzhen Energy Ring plant, which generates electricity from waste and supplies it to the city's grid.深圳还是可再生能源技术生产枢纽，众多企业在此制造太阳能电池板、风力涡轮机与储能设备。此外，深圳还建成了深圳能源生态园等项目，通过垃圾焚烧发电并接入城市电网。China itself has set ambitious goals to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060. On Saturday, Xi briefed leaders of the APEC economies on China's concrete actions to advance global green transition.中国已制定明确的绿色发展目标：力争2030年前实现碳达峰，2060年前实现碳中和。周六，习近平向APEC各经济体领导人介绍了中国推动全球绿色转型的具体举措。"China has submitted its 2035 Nationally Determined Contributions on climate response, and will implement the system of dual control over the volume and intensity of carbon emissions across the board," said the Chinese leader.习近平表示：“中国已提交《中华人民共和国2035年温室气体排放控制目标》，将全面实行碳排放总量和强度双控制度。”"China has funded the establishment of the APEC Support Fund -- Sub-fund on Promoting Digitalization for Green Transitions, and will continue to implement relevant initiatives on clean energy and green transition," Xi said.“中国出资设立了APEC促进绿色转型数字化专项基金，将继续实施清洁能源与绿色转型相关举措。”For Wirun Phichaiwongphakdee, director of the Thailand-China Research Center of the Belt and Road Initiative, the Asia-Pacific region should steadfastly pursue green economic and industrial strategies, continue strengthening strategic alignment with China's development initiatives, and build more stable and secure supply and industrial chains.泰国—中国“一带一路”研究院院长威伦・披差翁帕迪认为，亚太地区应坚定推行绿色经济与产业战略，持续加强与中国发展倡议的战略协同，构建更稳定、更安全的供应链与产业链。"China's transition to green and low-carbon development is steadily advancing. China's efforts toward achieving carbon peak and carbon neutrality have been widely recognized," said the expert.“中国向绿色低碳发展转型的步伐稳健，在实现碳达峰、碳中和目标上的努力得到了广泛认可。”这位专家表示。As the host of the APEC Economic Leaders' Meeting in 2026, China shoulders the important mission of guiding Asia-Pacific cooperation and helping it reach a new stage, said Christina Ruth Elisabeth, economist at the Faculty of Economics and Business, University of Indonesia.印度尼西亚大学经济与商学院经济学家克里斯蒂娜・露丝・伊丽莎白指出，作为2026年APEC领导人非正式会议的主办国，中国肩负着引领亚太合作、推动其迈向新阶段的重要使命"In the field of sustainable development, advancing renewable energy and low-carbon investment will be crucial to supporting long-term growth," said the expert, stressing that the 2026 APEC meeting is expected to become a significant milestone in building a more open, inclusive, sustainable and resilient Asia-Pacific economy.“在可持续发展领域，推动可再生能源发展与低碳投资对支撑长期增长至关重要。”她强调，2026年APEC会议有望成为打造更开放、更包容、更可持续、更具韧性的亚太经济的重要里程碑。powerhouse /ˈpaʊəhaʊs/n.强大的组织；实力雄厚的机构paradigm /ˈpærədaɪm/n.范例；典范；

Rudyard Griffiths and Sean Speer discuss Carney's budget debut tomorrow and what Canada needs most in response to Trump administration tariffs. The conversation centres on Canada's deepening productivity crisis, and whether Ottawa's approach of picking winners through large-scale industrial projects addresses the fundamental issues of declining per capita GDP and living standards. They argue that the government should instead focus on tax reforms and reducing barriers that would unleash entrepreneurship across thousands of small and medium-sized businesses.   The Hub is Canada's fastest growing independent digital news outlet.   Subscribe to The Hub's podcast feed to get our best content when you are on the go:  https://tinyurl.com/3a7zpd7e (Apple) https://tinyurl.com/y8akmfn7 (Spotify)  Want more Hub? Get a FREE 3-month trial membership on us: https://thehub.ca/free-trial/ Follow The Hub on X: https://x.com/thehubcanada?lang=en   CREDITS: Amal Attar-Guzman - Producer Elia Gross - Sound Editor Sean Speer and Rudyard Griffiths - Hosts   To contact us, sign up for updates, and access transcripts email support@thehub.ca.

Harvard economist Jason Furman joins Kyla Scanlon and Zaid Admani to unpack the state of the U.S. economy amid missing government data, the AI-driven boom, and rising talk of socialism. They explore how much of today's growth is fueled by AI spending versus real productivity, whether a bubble burst would trigger a recession, the Fed's latest rate cuts, and why Chipotle's burritos might be a better economic indicator than GDP.

The Demographic Need: Reframing Migration as an Economic Resource and Dismantling Exclusionary Borders.Gaia Vince discusses how humans are a migratory species that evolved in Africa and colonized the entire globe through movement. Historically, the US and European nations have used policies of brutality and cruelty to restrict movement, with many current border restrictions being recent. Vince highlights the current economic paradox: societies encourage the flow of goods but limit human labor, their largest economic resource, with some economists estimating that removing borders could double global GDP. A critical component of managing migration is investment: financial investment to expand northern cities and social investment in accepting that migrants are not "bad people" and promoting inclusivity. Furthermore, the global north faces a demographic crisis, as most developed nations are not producing enough babies to support their elderly populations, making immigration the necessary solution. 1953

Hear about travel to Bhutan as the Amateur Traveler talks to Dorji Dhratyul, the former head of Tourism for the Kingdom of Bhutan. This week's show is supported by the new Smart Travel Podcast. Travel smarter — and spend less — with help from NerdWallet. Check out Smart Travel ⁠⁠⁠here. Why should you go to Bhutan? Doji says, "I think when you're talking about globally in terms of tourism, we are talking about over-tourism. The tourism destinations are getting crowded, but as of now, Bhutan is still a very pristine, quiet, and silent place. Bhutan is that place where a visitor comes here, not just on a journey, but basically they come here as an inward journey." Bhutan is one of the few countries in the world that measures its success not by GDP but by Gross National Happiness. The small Himalayan kingdom regulates visitor numbers intentionally, following its “High Value, Low Volume” tourism policy. That means fewer crowds, pristine landscapes, and a deeply authentic experience. Dorji recommends beginning with the western region, home to the country's only international airport and some of its most iconic sites. ... https://amateurtraveler.com/travel-to-bhutan-2/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Interview with Nicholas Holthouse, MD & CEO, and Peter Ruse, Head of Corporate Development, Mont Royal ResourcesRecording date: 21st October 2025Mont Royal Resources (ASX:MRZ) is preparing to list on the Australian Securities Exchange on 5th November 2025, following its merger with Commerce Resources. The combined entity brings together North America's largest undeveloped rare earth deposit - the Ashram project in Quebec, Canada—with experienced management and a clear development strategy aimed at capitalizing on unprecedented Western government support for critical minerals.The Ashram deposit contains nearly 200 million tons of resource grading approximately 2% total rare earth oxide (TREO), supported by over 30,000 meters of drilling. What distinguishes the project is its exceptional metallurgical characteristics, with CEO Nicholas Holthouse noting the asset produces concentrates of 35-37% through strong flotation kinetics, a critical factor where many rare earth projects fail to deliver despite promising headline numbers.Holthouse, who brings eight years of rare earth sector experience including roles at Hastings Technology Metals and Meteoric Resources, will relocate to Montreal to oversee development. This on-site leadership approach mirrors the successful strategy employed by Michael O'Keefe at Champion Iron, also operating in Quebec.The company plans to scale operations to 1.2 million tons per year throughput, producing approximately 2,800-3,000 tons of NdPr annually, a "bite-sized chunk" attractive to separators while maintaining scalability for future expansion. The project also contains valuable fluorspar mineralization, contributing 10-15% of projected value and addressing North American supply shortages.The merged entity will comprise approximately 190 million shares at 20 cents per share with $10 million cash, creating an enterprise value of $25 million - compelling value for a resource of this scale. Near-term focus centers on securing government support for road infrastructure connecting the remote deposit to markets, leveraging Canada's recent commitment to allocate 1.5% of GDP specifically to critical mineral projects and associated infrastructure.View Mont Royal Resources' company profile: https://www.cruxinvestor.com/companies/mont-royal-resourcesSign up for Crux Investor: https://cruxinvestor.com

Silicon Bites Ep262 - Day 1,346 - 2025-10-31 | Russia's War Economy Is Eating Itself. The Kremlin's “military-Keynesian” sugar high is fading. The budget is creaking, sovereign reserves are thin, taxes are going up, and Russia's elites are grumbling – but are they plotting? Given the risks of being found out, and the unfortunate consequences of that, probably not. As one economist put it: the state is pouring money into things “destined to be burned on the battlefield.” We ask: is the crunch now worse—politically, if not statistically—than the 1990s? And how long can Putin keep the elites onside while the economy consumes itself?----------SOURCES: Carnegie Politika — Alexandra Prokopenko, “New Budget Confirms the Russian Public Is Paying for the War,” Oct 1, 2025Reuters — “Russian finance ministry proposes raising VAT…” Sept 24, 2025Financial Times — “Russia to raise value added tax rate to 22%…” Sept 2025Reuters — “Russia's budget deficit… Jan–May 2025 1.5% of GDP,” June 10, 2025Reuters — Central bank rate cut 50 bps to 16.5%, Oct 24, 2025Meduza — “Raising the pressure: Trump is hitting Russia with sanctions…,” Oct 28, 2025Meduza — “We expected the war to end” (elite attitudes), Jan 9, 2025The Moscow Times — “Russia's Labor Shortage Persists…,” July 31, 2025The Moscow Times (wire/Reuters) — “Russia plans debut sovereign yuan bond,” Oct 31, 2025----------SILICON CURTAIN FILM FUNDRAISERA project to make a documentary film in Ukraine, to raise awareness of Ukraine's struggle and in supporting a team running aid convoys to Ukraine's front-line towns.https://buymeacoffee.com/siliconcurtain/extras----------This is super important. There are so many Battalions in Ukraine, fighting to defend our freedoms, but lack basics such as vehicles. These are destroyed on a regular basis, and lack of transport is costs lives, and Ukrainian territory. Autumn Harvest: Silicon Curtain (Goal€22,000)https://car4ukraine.com/campaigns/autumn-harvest-silicon-curtain----------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/extrasWe need to scale up our support for Ukraine, and these events are designed to have a major impact. Your support in making it happen is greatly appreciated. All events will be recorded professionally and published for free on the Silicon Curtain channel. Where possible, we will also live-stream events.https://buymeacoffee.com/siliconcurtain/extras----------SUPPORT THE CHANNEL:https://www.buymeacoffee.com/siliconcurtainhttps://www.patreon.com/siliconcurtain----------TRUSTED CHARITIES ON THE GROUND:Car4Ukraine - Providing 4x4 vehicles to Ukrainian warriors https://car4ukraine.com/campaignsSave Ukrainehttps://www.saveukraineua.org/Superhumans - Hospital for war traumashttps://superhumans.com/en/UNBROKEN - Treatment. Prosthesis. Rehabilitation for Ukrainians in Ukrainehttps://unbroken.org.ua/Come Back Alivehttps://savelife.in.ua/en/Volunteer-run, US non-profit and UK charity supporting survival and recovery of Ukrainehttps://www.ukrainianaction.com/Chefs For Ukraine - World Central Kitchenhttps://wck.org/relief/activation-chefs-for-ukraineUNITED24 - An initiative of President Zelenskyyhttps://u24.gov.ua/Serhiy Prytula Charity Foundationhttps://prytulafoundation.orgNGO “Herojam Slava”https://heroiamslava.org/-----------

Join Eric Fuhrman and Brad Everett as they unpack GDP (Gross Domestic Product) and why it matters for your retirement. Released ahead of the Q3 GDP announcement, this episode breaks down what GDP measures, its four main components, and the surprising disconnect between GDP growth and stock market returns. Eric and Brad discuss how trade policies are impacting recent data, why productivity and labor force size drive future growth, and why retirees depend on continued economic expansion even after leaving the workforce. They also explore market valuations, the importance of diversification, and wrap up with a fun trivia segment featuring gold miners, Build-A-Bear, and unexpected stock market facts!         Retry  

In this episode of Tank Talks, host Matt Cohen is joined by John Ruffolo to break down the week's biggest stories shaping the innovation economy. From the Bank of Canada's surprise rate cut to Meta's $200B market crash, and the rise of Canada's fintech and stablecoin revolution. They kick off with a spotlight on Waterloo's AI-powered baseball tech that's changing Major League play, before unpacking the renewed U.S.-Canada tariff tensions and what the Bank's fourth rate cut signals for inflation, growth, and fiscal strategy ahead of the November 4th budget. The two also dive deep into the stablecoin boom, Mastercard's $2B bet on crypto infrastructure, and how Ottawa is scrambling to keep pace with the U.S. Genius Act and its implications for the future of Canadian payments.Matt and John then turn to Wealthsimple's record-breaking $10B valuation and what it means for Canada's domestic market opportunity, before dissecting Meta's controversial accounting maneuvers that wiped out $200B in market cap. They close by exploring OpenAI's trillion-dollar restructuring, Microsoft's 20x return on investment, and the race among tech giants to fund the next phase of AI infrastructure. It's a sharp, data-packed Rundown filled with fresh insights on capital markets, emerging technologies, and the power shifts redefining global innovation.Waterloo's AI Baseball Revolution (01:08)* How a University of Waterloo startup is changing the game with AI-powered pitching machines* The rise of Tradex Sports and MLB's tech adoption* What this means for Canada's sports innovation ecosystemU.S.-Canada Tariff Tensions Rise Again (03:25)* The Senate votes to nullify tariffs on Canada, but Trump's volatility looms large* The politics behind tariff rollbacks* Why Canada's “elbows up” strategy backfired* What this means for trade and cross-border investorsBank of Canada's Fourth Rate Cut (06:33)* Governor Tiff Macklem cuts rates by 25bps. Is this the end of the easing cycle?* Inflation, weak GDP, and the limits of monetary policy* Why fiscal stimulus might be the only lever left* What to watch on November 4th as markets reactCanada's Stablecoin Race Heats Up (09:10)* Stablecoins triple Visa's volume: Can Canada keep up with the U.S.?* Mastercard eyes $2B Zero Hash acquisition* Inside Ottawa's urgent push for stablecoin regulation* The rise of “sovereign blockchains” and real-time railsThe Future of Payments Canada (14:34)* Why the nation's 10-year-late “Real-Time Rails” might already be outdated* How blockchain will reshape payment infrastructure* The hidden trillions moving on ancient financial railsWealthsimple's $10B Milestone (16:17)* A Canadian fintech unicorn doubles its assets in one year* Lessons from its Series E and $750M raise* Why Canada's domestic market is finally worth betting onMeta's $200B Accounting Meltdown (20:04)* Zuckerberg's AI spending spree and the fallout from “funny accounting”* Why investors are calling out Meta's SPV strategy* What this says about the next phase of Big Tech CapEx warsOpenAI's $1 Trillion Restructure (24:06)* Inside the new deal that redefines AI ownership and governance* How Microsoft turned a $13B bet into a 10x gain* Why this could become the most lucrative investment in tech historyConnect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

＜ヘッドライン＞高市首相「防衛関連費を2027年度にGDP比2%へ引き上げる目標を2025年度中に前倒しで実施する」「世界で最も偉大な同盟になった日米同盟を更なる高みに引き上げていく」　来日したトランプ米大統領と会談／トランプ米大統領、韓国・釜山で習近平・中国国家主席と約6年ぶりに会談　対中関税を10%引き下げ、「習主席が合成麻薬フェンタニル対策を講じると約束」　中国、報復関税引き下げレアアースの新輸出規制の導入1年間延期／高市首相、習近平・中国国家主席と会談し「戦略的互恵関係」推進の方針を確認／トランプ米大統領と李在明・韓国大統領、相互関税と自動車関税の25%から15%への引き下げで合意　トランプ大統領「私は韓国に対し、現行の旧式で機動性に劣るディーゼル潜水艦でなく、原子力潜水艦の建造を承認した」／米FRB、政策金利の0.25%引き下げ決定　パウエル議長「雇用をめぐる下振れリスクはこの数カ月で高まっているようだ」／日銀、金政策金利の据え置き決定　トランプ関税による米経済と日本の経済・物価への影響を引き続き注視／日経平均、初の5万円台　成長重視の高市首相の経済政策への期待が先行、海外マネーが流入　米中対立の懸念後退も株価押し上げ／与野党6党、ガソリン税の旧暫定税率の12/31廃止で合意　臨時国会での関連法案の成立めざす／中国共産党、2026〜30年の第15次5カ年計画の草案で5年間の経済成長率の数値目標の公表見送り　不動産不況に伴う内需不足深刻、高い目標は困難／米アマゾン・ドット・コム「世界の管理部門中心に1万4000人削減」　今後の追加削減も示唆、AIによる業務自動化梃子に組織の合理化進める ＜ポイント＞　（１） 日米・米中首脳会談の成果をこう見る（２） 今週のマーケット（３） 中国経済の現状と見通し ＜ここ／これを見てきた＞秋の熊本

พักรบ? สหรัฐฯ ทำข้อตกลงกับจีน 1 ปี ลดภาษีนำเข้าเหลือ 47% จาก 57% ประเมินสถานการณ์นี้กับ รศ. ดร.สมชาย ภคภาสน์วิวัฒน์ นักวิชาการอิสระด้านเศรษฐศาสตร์และการเมือง กระทรวงการคลัง ปรับเพิ่มคาดการณ์ GDP ปี 2568 เป็นขยายตัว 2.4% มั่นใจมาตรการรัฐ ดันเศรษฐกิจพ้นติดหล่ม รายละเอียดเป็นอย่างไร

Advisors on This Week's Show Kyle Tetting Art Rothschild Steve Giles (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Oct. 27-31, 2025) Significant Economic Indicators & Reports Monday An indicator of demand for manufactured products, the Commerce Department's report on durable goods orders, was unavailable because of the federal government shutdown. Tuesday Housing prices continued slowing in August, according to the S&P Cotality Case-Shiller national home price index. The measure showed a 1.5% year-to-year gain in residential prices, the lowest in more than two years and below the overall inflation rate for the fourth straight month. An S&P analyst said the housing market has been trying to find a sustainable equilibrium following its post-pandemic boom. He added, "(H)omeowners are watching their real equity erode while buyers face the dual challenge of elevated prices and high borrowing costs." The Conference Board said its consumer confidence index moved sideways in October. The index dipped slightly from September with lower expectations offsetting consumers' marginally higher opinion of the present situation. The business research group said pessimism about the future continued to suggest an impending recession for the ninth month in a row. Prices and inflation remained the top concerns among survey respondents. Mentions of tariffs declined from earlier surveys but stayed elevated. Some consumers expressed dismay about the federal government shutdown. Wednesday The National Association of Realtors said its pending home sales index was unchanged in September and down 0.9% from the year before. The trade association said lower mortgage rates and increased wealth effect – from record-high stock prices and elevated home values – could not overcome apparent softening in the job market.  The pending sales index remained more than 25% below its 2001 base, which the Realtors consider a normal level of sales activity. As expected, the Federal Open Market Committee lowered short-term lending rates by one quarter of a percentage point for the second time in six weeks. The Federal Reserve Board's policy-making body said continued consideration of slowing labor markets prompted it to loosen monetary control, though it also expressed reluctance to lower rates while inflation stayed above the long-term target of 2%. The September Consumer Price Index showed broad inflation rising at a 3% annual rate, although more complete data reports have been curtailed by the federal government shutdown. Thursday The broadest measure of U.S. economic output, the quarterly report on gross domestic product, was not available from the Bureau of Economic Analysis because of the federal government shutdown. The GDP report includes the Fed's preferred measure of inflation, the personal consumption expenditure index. The Labor Department's report on initial unemployment insurance claims was not available for the fifth week in a row because of the federal government shutdown. Friday The Bureau of Economic Analysis did not release its consumer spending report for September because of the federal government shutdown. Market Closings for the Week Nasdaq – 23725, up 520 points or 2.2% Standard & Poor's 500 – 6840, up 49 points or 0.7% Dow Jones Industrial – 47563, up 356 points or 0.8% 10-year U.S. Treasury Note – 4.10%, down 0.10 point

You're listening to American Ground Radio with Louis R. Avallone and Stephen Parr. This is the full show for October 30, 2025. 0:30 For years, the Department of Justice has turned a blind eye to corruption—but that may finally be changing. The DOJ is investigating Black Lives Matter leaders for allegedly defrauding donors of millions, a long-overdue step toward restoring real accountability. From BLM mansions to political double standards, public trust has eroded under unequal justice—and holding every power player to the same standard, left or right, is essential to saving faith in the system. 9:30 Plus, we cover the Top 3 Things You Need to Know. President Trump has reached a trade deal with China that is expected to avert an all out trade war between the worlds' two largest economies. The Sunshine Protection Act — the bill that would give states he opportunity to ban the changing of the clocks from standard time to daylight savings time twice a year — has stalled out in Congress again. General Motors is laying off more than 3,000 workers this week.Some of the layoffs are temporary, but more than half are permanent. 12:30 Get NSorb from Victory Nutrition International for 20% off. Go to vni.life/agr and use the promo code AGR20. 13:30 A new Quinnipiac poll out of New York City shows Democratic Socialist Zoran Mamdani leading the mayoral race with 43%—well ahead of Andrew Cuomo at 33% and Republican Curtis Sliwa at 14%. But are the polls missing something? We dig into what those numbers really mean, questioning whether the data captures the growing frustration among everyday New Yorkers tired of crime, taxes, and government overreach. 16:00 The American Mamas tackle a question that’s stirring controversy: should the NAACP be supporting Winsome Sears—a Black female immigrant, Marine veteran, and current Lieutenant Governor of Virginia—over white Democrat Abigail Spanberger? The Mamas break down the debate fallout, the viral reactions across social media, and the growing frustration among Black Americans who feel politically manipulated. From Barack Obama’s campaign choices to the NAACP’s partisan priorities, the conversation exposes what many see as deep hypocrisy within identity politics. As more voters—especially young Black men—begin speaking out and shifting right, the Mamas ask: is this the moment America finally wakes up to the political double standard? If you'd like to ask our American Mamas a question, go to our website, AmericanGroundRadio.com/mamas and click on the Ask the Mamas button. 23:00 When Kamala Harris appeared on The Daily Show with Jon Stewart, her profanity-laced rant about Trump’s “ballroom for the rich” and looming SNAP benefit cuts turned heads for all the wrong reasons. We unpack the Vice President’s meltdown—fact-checking her claims about government shutdown funding and calling out the growing trend of political figures dropping F-bombs on national TV. 26:00 With ten months of President Trump’s second term in the books, we're looking back at the most productive stretches in modern presidential history. From record-breaking deportations and declining food stamp enrollment to rising GDP, falling inflation, and renewed energy dominance, the mainstream press is ignoring a wave of domestic and economic achievements. On everything from tariffs and tax cuts to military recruitment and peace deals abroad—this administration has delivered results where others only made promises. 32:30 Get Prodovite from Victory Nutrition International for 20% off. Go to vni.life/agr and use the promo code AGR20. 33:30 For the first time in seven years, President Donald Trump and Chinese leader Xi Jinping meet face-to-face—and strike a deal that could reshape global trade. We break down the stunning tariff reductions, China’s promise to open its markets to American goods, and what it could mean for U.S. manufacturing. But is Beijing serious this time, or just smiling through another double-cross? 36:30 Turning Point USA lights up the University of Mississippi with a massive rally that packs the stadium and spills into the streets — and it wasn’t just the crowd that made headlines. Vice President J.D. Vance took center stage, fielding tough, unfiltered questions from students and delivering one of the most thoughtful defenses of faith and freedom we’ve ever heard from a sitting VP. From his take on Christianity’s role in America’s founding to his sharp insight into the future of conservative youth, this was a defining moment for a new generation of leaders. A genuine bright spot — and one worth replaying. 40:30 Glamour UK released its “Women of the Year” issue featuring biological men on the cover. When did celebrating women become about celebrating men? We've just got to say, "Whoa!" Follow us: americangroundradio.com Facebook: facebook.com / AmericanGroundRadio Instagram: instagram.com/americangroundradioSee omnystudio.com/listener for privacy information.

Season 5, Episode 32: Welcome back to Keeping it Real with Dr. Kuehl. This week Dr. Kuehl talks about why the economy is so spooky… what is going on??ASA Chief Economist Dr. Chris Kuehl is back with his weekly economic update podcast. In Season 5, Episode 32 (7:36 in length), Dr. Kuehl talks to members about “media hysteria” – all the bad & extreme news lately.Why have economic headlines been a lot more distressing than the actual article?Can you look at economic information glass half full, glass half empty?The U.S. GDP numbers are bigger than China, Germany, Japan, and the U.K. all together – what does that mean?What industry is really feeling the pinch of the current economy?Manufacturing, retail, AI, & automotive sectors… is there potential good news?Is national data useful or not? Variability around the economy – where ASA members should be looking…Will there be a massive impact of rate cuts? Are we going to see that extra project work make 2026 more dynamic?Ask Dr. Kuehl a QuestionHave a question or topic for Chris Kuehl that you would like answered on this podcast? Email it to Brianna Dovichi at bdovichi@asa.net.

With the government shutdown delaying the Bureau of Economic Analysis' third quarter GDP estimate, economists turn to Fed models and private analysts. The verdict? The estimates vary but generally indicate that growth was positive, crediting business investment and consumer spending. Also in this episode: What private sector data says about the job market, why homebuyers are still waiting on the sidelines, and how banks are managing commercial real estate amid high office vacancy.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

With the government shutdown delaying the Bureau of Economic Analysis' third quarter GDP estimate, economists turn to Fed models and private analysts. The verdict? The estimates vary but generally indicate that growth was positive, crediting business investment and consumer spending. Also in this episode: What private sector data says about the job market, why homebuyers are still waiting on the sidelines, and how banks are managing commercial real estate amid high office vacancy.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

It's Thursday, October 30th, A.D. 2025. This is The Worldview in 5 Minutes heard on 140 radio stations and at www.TheWorldview.com.  I'm Adam McManus. (Adam@TheWorldview.com) By Jonathan Clark Muslim Ugandan beat wife and kids for trusting Christ A Muslim man in Uganda beat his wife and two children last month for putting their faith in Christ. Kulusumu Namulondo had to be hospitalized along with her two children, ages twelve and nine. Her husband proceeded to demolish the building of the church she had visited. Namulondo described the attack to Morning Star News. She said, “My husband hit my son with the walking stick several times, and he soon fell down screaming and wailing in great pain . . . While my son was on the ground, my husband started beating up me and my daughter. Thank God, neighbors arrived, and my husband fled away.” In Luke 18:29-30, Jesus said, “Assuredly, I say to you, there is no one who has left house or parents or brothers or wife or children, for the sake of the kingdom of God, who shall not receive many times more in this present time, and in the age to come eternal life.” Help victims of Hurricane Melissa  in Jamaica and Cuba Hurricane Melissa struck Jamaica on Tuesday as a Category 5 storm. Melissa weakened to Category 3 before making landfall in Cuba yesterday.  The hurricane is one of the strongest ones on record in the Atlantic, killing dozens of people across the Caribbean. Christian charity organizations are mobilizing aid for victims of the hurricane. Samaritan's Purse announced it is “already preparing to respond as needed — with disaster relief specialists, materials, and aircraft all on standby.” You can give towards their relief effort through a link in our transcript today at TheWorldview.com.  Trump, Cruz and Johnson urge centrist Democrats to re-open gov't The Democrats in the U.S. Senate have now shut the U.S. government for 30 days, as they attempt to undo the provisions of President Trump's Big Beautiful Bill which ensured that only U.S. citizens would get taxpayer-funded health care. President Trump didn't pull any punches. TRUMP: “Today, I'm calling on every Senate Democrat to stop the madness, to let our country get back.   In the greatest moment in the history of our country, in terms of wealth, in terms of job creation, and in terms of investment coming in, these guys go on strike. It's really a shame! “So, I'm asking them to be smart. It's not working. They're getting killed in the polls. The public understands what they're doing. They're doing the wrong thing.” Republican Senator Ted Cruz of Texas explained that the Democrats have failed to stop the government shutdown. CRUZ: “Thirteen times now the Republicans have voted to open the government to pay the federal workers 13 times. The Democrats' party line have voted no, keep it shut down. Keep it shut down. Keep it shut down. “And at this point it's not even clear they have an exit ramp. I think they're going to continue this another week or two, and then at some point, seven or eight Democrats are going to have some sense come into them. I think it is very likely to be retiring Democrats who will never again face a primary election. So, they're more insulated from the crazy left wing base. “But we are watching performative art. We're not watching public policy. We're not watching elected officials. This is all about political saving Chuck Schumer's rear end.” And House Speaker Mike Johnson, a Republican from Louisiana, described Senator Chuck Schumer as irredeemable. JOHNSON: “We have very important work to do here, and that's why we're pleading with them. Look, I think Chuck Schumer and Hakeem Jeffries are irredeemable at this point. I don't think they'll be able to tell [New York City Mayoral candidate Zohran] Mondami, [a socialist], in New York and his disciples that they voted to open the government. “I've given up on the leadership. So, we're trying to appeal to a handful of moderates or centrists who care more about the American people and will put the people's interest over their own and do the right thing in the Senate.  There's no point in me sitting down with Chuck Schumer. He's painted himself into a corner.” The Congressional Budget office said that the economy could lose $14 billion over two months unless the government is reopened. If you have a Democrat U.S. Senator, call 202-224-3121 and urge him or her to re-open the government immediately. Half of U.S. states scored poorly on religious liberty The Napa Legal Institute released its 2025 Faith and Freedom Index on Monday. The report ranks states in the U.S. from 0-100 based on how well they treat faith-based nonprofits.  The states with the highest rankings on the index are Alabama (72%), Kansas (69%), Indiana (68%), Texas (65%), and Mississippi (63%). The states with the lowest rankings are Michigan (31%), Washington (35%), Massachusetts (37%), Maryland (38%), and Illinois (38%).  Sadly, over half of the states scored below 50% on the religious liberty index.  Nvidia now valued at $5 trillion Nvidia became the first company yesterday to reach a market value of $5 trillion. The tech company started with video game processors. Now it is a major producer of computer chips for the artificial intelligence industry.  The record valuation follows growth announcements from the company, including plans to build seven supercomputers for the U.S. government.  Apple and Microsoft, two other tech companies, are not far behind with market valuations of around $4 trillion.  America's debt has surpassed $38 trillion The U.S. government's gross national debt surpassed $38 trillion last Wednesday. That's up a trillion dollars from just August of this year.  The U.S. government debt as a percentage of gross domestic product stood at 120% last year, according to the International Monetary Fund. That's one of the highest debt-to-GDP ratios in the world. Only Japan, Venezuela, Greece, and Italy are higher.     (Look at the U.S. Debt clock.) Federal Reserve cut interest rate by quarter percent The Federal Reserve cut its benchmark interest rate by a quarter-point for the second time this year. This brings the rate to a range between 3.75% and 4%. That's the lowest it's been in three years.  The Fed's announcement noted, “Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up but remained low. …Inflation has moved up since earlier in the year and remains somewhat elevated.” Museum of the Bible displaying oldest copies of Jonah and 1 Peter And finally, CBN News reports the Museum of the Bible is displaying the oldest-known complete copies of Jonah and 1 Peter.  The pages come from the Crosby–Schøyen Codex which dates back 1,800 years. The text is written in the ancient Coptic language.  It's the first time the pages from the codex have been available to the public since 1988.  Dr. Bobby Duke is the Chief Curatorial Officer at the Museum of the Bible. Listen to comments he made to CBN News.  DUKE: “This dates back to about 250 A.D. That's incredible to think that we have something that's 1,800 years old. A community said, ‘Let's put these items together so that if it were read it will inspire this generation of Christians that lived in that part of Egypt.” 1 Peter 1:24-25 says, “All flesh is as grass, and all the glory of man as the flower of the grass. The grass withers, and its flower falls away, but the word of the LORD endures forever.” Close And that's The Worldview on this Thursday, October 30th, in the year of our Lord 2025. Follow us on X or subscribe for free by Spotify, Amazon Music, or by iTunes or email to our unique Christian newscast at www.TheWorldview.com. I'm Adam McManus (Adam@TheWorldview.com). Seize the day for Jesus Christ.

Emily Glassberg Sands is the Head of Data & AI at Stripe where she leads the organization's efforts to build financial infrastructure for the internet & leverage AI to power Stripe's products. Stripe processes about $1.4 trillion in payments annually (~1.3% of global GDP), making it an exciting opportunity to apply AI & ML at scale. In this episode, Emily shares insights into how Stripe is using AI to solve complex problems like fraud detection, optimizing checkout experiences, & enabling new business models for AI companies. Emily also shares her economist perspective on market efficiency & how Stripe's focus on building economic infrastructure for AI is driving growth across the ecosystem. We discuss: Stripe's domain-specific foundation model and “payments embeddings” that run inline on the charge path to detect sophisticated card-testing at scale (improved detection rates at large users from ~59% to ~97%). The launch of the Agentic Commerce Protocol (ACP) with OpenAI, creating a shared standard for how businesses can expose products to AI agents which is used by Walmart and Sam's Club. How Stripe is helping AI companies manage new fraud vectors, such as free trial and refund abuse, and the importance of real-time, outcome-based billing The impact of AI on Stripe's internal operations, including the use of LLMs for code generation, merchant understanding, and internal tooling Why many AI companies are going global day-one how Stripe's Link network (200M+ consumers) concentrates AI demand. Whether we're in an AI bubble, why GDP hasn't reflected AI productivity gains yet, and how agentic commerce could expand consumption by removing time constraints for high-income consumers Emily's perspective on the changing social contract around AI, the importance of deep thinking, and the role of brand and design in AI-driven products — Where to find Emily Sands X: https://x.com/emilygsands LinkedIn: https://www.linkedin.com/in/egsands/ Where to find Shawn Wang X: https://x.com/swyx LinkedIn: https://www.linkedin.com/in/shawnswyxwang/ Where to find Alessio Fanelli X: https://x.com/FanaHOVA LinkedIn: https://www.linkedin.com/in/fanahova/ Where to find Latent Space X: https://x.com/latentspacepod Substack: https://www.latent.space/ Chapters 00:00:00 Introduction and Emily's Role at Stripe 00:09:55 AI Business Models and Fraud Challenges 00:13:49 Extending Radar for AI Economy 00:16:42 Payment Innovation: Token Billing and Stablecoins 00:23:09 Agentic Commerce Protocol Launch 00:29:40 Good Bots vs Bad Bots in AI 00:40:31 Designing the Agents Commerce Protocol 00:49:32 Internal AI Adoption at Stripe 01:04:53 Data Discovery and Text-to-SQL Challenges 01:21:00 AI Economy Analysis: Bubble or Boom?

A kormány társadalmi egyeztetésre bocsátotta az évi 1 millió forintos Otthontámogatás rendelettervezetét, amely a közszolgálatban dolgozóknak nyújtana új lakhatási segítséget 2026-tól. Érdemes figyelni, ugyanis kimondottan a folyamat gyakorlati oldalát nézzük meg Palkó Istvánnal, lapunk vezető pénzügyi elemzőjével. A folytatásban arról beszélgettünk, hogy finoman szólva sem lett acélos a ma megjelent GDP-adat, ami egyértelműen mutatja, hogy stagnált a magyar gazdaság az idei harmadik negyedévben az előző három hónaphoz képest. A teljesítmény beleillik az immár három éve tartó trendbe, ami azt mutatja, hogy nincs erő a magyar gazdaságban. Erről Hornyák Józsefet, a Portfolio makrogazdasági elemzőjét kérdeztük. Főbb részek: Intro − (00:00) Milliós hiteltámogatás a közszolgálatban dolgozóknak − (01:39) Nem lett acélos a GDP-adat − (14:28) Kép forrása: PortfolioSee omnystudio.com/listener for privacy information.

Exhaustion signals TESLA - a rabbit out of a hat! Fed meeting in focus S&P earnings week - its a big one PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm-Up - Don't fight the tape - Exhaustion signals everywhere - but plenty of money floating around it seems - Seeing lots of overheated signs..... - BUT, everything is fine. Nothing to worry about Markets - Fed Meeting today and tomorrow - Rate decision on Wednesday - Biggest week for earnings (S&P) - ATH - Let' GO! First time over 6,780 for the S&P 500 - Profit margins with those Tariffs - Surprise! - Emerging markets - On FIRE! Factoid - Ft Lauderdale Boat Show - The economic impact of the Fort Lauderdale International Boat Show (FLIBS) is significant, generating over $1.78 billion in economic output for Florida, supporting more than 100,000 jobs, and creating millions in sales and taxes. The Fort Lauderdale International Boat Show is considered to be the largest boat show in the world, with over 3 million square feet of exhibition space across multiple marinas. Godcaster is turning churches into local radio stations - Get the Godcaster app on Android and iOS - An Adam Curry Project Fed Meeting - Stock and All time highs - GOLD, SILVER rocking - Crypto doing just fine - GDP good - Employment good - Housing market improving - Limited information about economic activity due to Government is CLOSED - Inflation is well about Fed's own measures (3%) - FED IS GOING TO LOWER RATES REMEMBER - NOTHING TO WORRY ABOUT - TRUST THE GOVERNMENT  CPI - The consumer price index showed a 0.3% increase on the month, putting the annual inflation rate at 3%, both lower than expected. - Excluding food and energy, core CPI showed a 0.2% monthly gain and an annual rate also at 3%, less than forecast. - The Bureau of Labor Statistics released the data specifically because the Social Security Administration uses it as a benchmark for cost-of living adjustments in benefit checks. Otherwise, the federal government has suspended all data compilation during the shutdown. Quick Meme Update - BYND - fell back to earth - down to $1.75 from $7 last week... - We should have shorted for the game like we talked about - It was supposed to be the next Apple! Qualcomm News! - They are in the game now - seems that Qualcomm now has the goods to compete with AMD and NVDA - Stock up 15% on this news (AMD and NVDA unfazed) - Qualcomm's data center chips are based on the AI parts in Qualcomm's smartphone chips called Hexagon neural processing units, or NPUs. - Nearly $6.7 trillion in capital expenditures will be spent on data centers through 2030, with the majority going to systems based around AI chips, according to a McKinsey estimate. (3% of of annual GDP for the ext 5 years) Why Not Intel? - The U.S. has formed a $1 billion partnership with Advanced Micro Devices  to construct two supercomputers that will tackle large scientific problems ranging from nuclear power to cancer treatments to national security, Energy Secretary Chris Wright and AMD CEO Lisa Su told Reuters. - The U.S. is building the two machines to ensure the country has enough supercomputers to run increasingly complex experiments that require harnessing enormous amounts of data-crunching capability. The machines can accelerate the process of making scientific discoveries in areas the U.S. is focused on. NVDA Spending Spree - Massive announcements today and $1billion stake in Nokia - Nokia announced on Tuesday that Nvidia is taking a $1 billion stake in the networking company, the latest partnership for the artificial intelligence chipmaker. - Shares of Nokia soared 26% higher following the news.

Chase Lochmiller is the CEO and co-founder of Crusoe. If you're a regular listener, Crusoe isn't new to the pod. This summer, Cody sat down with Chase's Co-founder and COO, Cully Cavness, during our live event in Austin.This latest episode was recorded live at the inaugural MCJ Summit in San Francisco at the beautiful Autodesk Gallery. Cody and Chase dive into how Crusoe is building data centers at the intersection of AI and energy. Chase traces his path from MIT soccer captain and mountaineer to climate-focused entrepreneur, and how those experiences shaped Crusoe's core values of preparation, curiosity, and speed.He shares the story behind the company's 1.2-gigawatt Abilene, TX project, its energy-first approach to powering AI infrastructure, and his vision for an era of abundant energy and intelligence. The discussion also explores the future of AI labor, grid integration, and what digital abundance could mean for society at large.Special thanks to our MCJ Summit attendees and our kind sponsors: Autodesk Foundation, Borusan, Cedar Grove, CSC Leasing, Mitsui O.S.K. Lines, Obayashi, Palantir, and Safire Partners.Episode recorded on Oct 15, 2025 (Published on Oct 29, 2025)In this episode, we cover: ⁠ [01:14] ⁠Chase's early love of math, science, and soccer⁠ [02:42] ⁠Realizing academia moved too slow for his energy⁠ [04:32] ⁠How his entrepreneurial father shaped his path⁠ [05:05] ⁠Climbing Everest and the origins of “Think Like a Mountaineer”⁠ [09:32] ⁠Defining Crusoe as a clean AI infrastructure company⁠ [10:47] ⁠Building vertically integrated “AI factories”⁠ [16:24] ⁠Inside the 1.2 GW Abilene project for OpenAI and Oracle⁠ [20:52] ⁠Crusoe's energy-first approach to compute build-outs⁠ [25:36] ⁠Using AI demand to accelerate next-gen energy solutions⁠ [30:24] ⁠When AI becomes a power orchestrator⁠ [33:31] ⁠Digital labor and AI's impact on GDP and society⁠ [38:41] ⁠How Chase hopes Crusoe is remembered in 30 years Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

Charge ahead, patriots—@intheMatrixxx and @shadygrooove ignite Season 7, Episode 206, "President Donald Trump 2025 APEC Keynote Speech: Full Remarks, Highlights & New FBI Arctic Frost Documents Exposed," delivering razor-sharp breakdowns of Trump's powerhouse Asia diplomacy securing $18-20 trillion in investments for American jobs, from Japan's $500 billion pledge and cherry tree gifts to South Korea's gold crown honoring peninsula peace, all while slamming globalist failures and touting record GDP, stock highs, and ending eight wars through trade leverage. They'll expose the explosive FBI Arctic Frost files revealing Biden DOJ's warrantless spying on over 160 Republicans—including eight senators like Graham and Hawley, plus groups like Turning Point USA—authorized by Garland, Monaco, and Wray in a weaponized dragnet tied to Jack Smith's sham probes, now crumbling under Trump's reforms amid government shutdown chaos, SNAP crises, and intensifying ICE ops against illegal networks. With live clips from APEC transcripts, X intel on media distortions, and Q-aligned global awakening themes, Jeff and Shannon arm truth-seekers to dismantle deep-state schemes and reclaim economic sovereignty. The truth is learned, never told—the constitution is your weapon. Tune in at noon-0-five Eastern LIVE to stand with Trump! Trump APEC 2025, FBI Arctic Frost docs, GOP spying exposed, America First investments, deep state weaponization, trade peace deals, government shutdown, ICE operations, @intheMatrixxx, @shadygrooove, MAGA economy mgshow_s7e206_trump_2025_apec_speech_arctic_frost_documents Tune in weekdays at 12pm ET / 9am PST, hosted by @InTheMatrixxx and @Shadygrooove. Catch up on-demand on https://rumble.com/mgshow or via your favorite podcast platform. Where to Watch & Listen Live on https://rumble.com/mgshow https://mgshow.link/redstate X: https://x.com/inthematrixxx Backup: https://kick.com/mgshow PODCASTS: Available on PodBean, Apple, Pandora, and Amazon Music. Search for "MG Show" to listen. Engage with Us Join the conversation on https://t.me/mgshowchannel and participate in live voice chats at https://t.me/MGShow. Social Follow us on X: @intheMatrixxx https://x.com/inthematrixxx @ShadyGrooove https://x.com/shadygrooove Follow us on YouTube: ShadyGrooove https://www.youtube.com/c/TruthForFreedom Support the show: Fundraiser: https://givesendgo.com/helpmgshow Donate: https://mg.show/support Merch: https://merch.mg.show MyPillow Special: Use code MGSHOW at https://mypillow.com/mgshow for savings! Wanna send crypto? Bitcoin: bc1qtl2mftxzv8cxnzenmpav6t72a95yudtkq9dsuf Ethereum: 0xA11f0d2A68193cC57FAF9787F6Db1d3c98cf0b4D ADA: addr1q9z3urhje7jp2g85m3d4avfegrxapdhp726qpcf7czekeuayrlwx4lrzcfxzvupnlqqjjfl0rw08z0fmgzdk7z4zzgnqujqzsf XLM: GAWJ55N3QFYPFA2IC6HBEQ3OTGJGDG6OMY6RHP4ZIDFJLQPEUS5RAMO7 LTC: ltc1qapwe55ljayyav8hgg2f9dx2y0dxy73u0tya0pu All Links Find everything on https://linktr.ee/mgshow

 Trump Demands Higher Defense Spending from New Japanese Prime Minister Takaichi. Lance Gatling reports on President Trump's visit to Tokyo and his meeting with the new Prime Minister, Takaichi. Trump is expected to demand increased defense spending. Takaichi plans to accelerate doubling the defense budget to 2% of GDP. A major concern is Trump asking Japan to stop buying energy from Russia, which supplies Japanese LNG. Takaichi enjoys surprisingly strong domestic support. 1958

SHOW 10-25-27 CBS EYE ON THE WORLD WITH JOHN BATCHELOR THE SHOW BEGINS IN THE DOUBTS ABOUT PAKISTAN FIRST HOUR 9-915 Afghan-Pakistan Peace Talks and the Imprisonment of Imran Khan. Husain Haqqani and Bill Roggio discuss Afghan-Pakistan peace talks, which are unlikely to achieve long-term peace as Pakistan feels "cocky." Trump's efforts are seen as ironic, given the issues stemming from the Doha agreement. Discussion turns to Imran Khan's imprisonment; the military fears his party's survival and aims to keep him from power. China's financial support for Pakistan is also noted as flagging. 915-930 Afghan-Pakistan Peace Talks and the Imprisonment of Imran Khan. Husain Haqqani and Bill Roggio discuss Afghan-Pakistan peace talks, which are unlikely to achieve long-term peace as Pakistan feels "cocky." Trump's efforts are seen as ironic, given the issues stemming from the Doha agreement. Discussion turns to Imran Khan's imprisonment; the military fears his party's survival and aims to keep him from power. China's financial support for Pakistan is also noted as flagging. 930-945 Israel Seeks Reliable Multinational Force to Prevent Hamas Resurgence in Gaza. David Daoud discusses Israel's primary concern regarding a multinational force in Gaza: ensuring its reliability to prevent Hamas's resurgence or rearmament. Hamas is reasserting control and slow-rolling the recovery of remaining hostages' bodies to establish the ceasefire. US drones monitor adherence to the ceasefire. Israel has ended the emergency status in the south, signaling a slow return to normal life. 945-1000 Iran Defies West on Nuclear Program Despite Loss of Key Scientists. Jonathan Schanzer discusses Iran's defiant nuclear program, noting the procurement of air defense systems from Russia and China is debatable. A major setback has been the loss of nuclear scientists due to targeted assassinations. Iran is heavily supporting the Houthis (now a full proxy), sending ballistic missile components and IRGC officials to help assemble them in Yemen. Snapback sanctions' impact on Iran's partnerships with Russia and China remains uncertain. SECOND HOUR 10-1015 Hamas Slow-Rolls Hostage Returns to Avoid Disarmament, as Iran Remains Defiant. Malcolm Hoenlein discusses Hamas's slow-rolling of deceased hostage returns to avoid disarmament, a key condition of the peace talks. He notes Iran remains defiant, reconstituting its nuclear program at sites like Tehran 2 and using Georgia to evade sanctions. The discussion also covers the naming of a successor for PA President Abbas and highlights Javier Milei's landslide victory in Argentina as a stabilizing factor in South America. 1015-1030 Hamas Slow-Rolls Hostage Returns to Avoid Disarmament, as Iran Remains Defiant. Malcolm Hoenlein discusses Hamas's slow-rolling of deceased hostage returns to avoid disarmament, a key condition of the peace talks. He notes Iran remains defiant, reconstituting its nuclear program at sites like Tehran 2 and using Georgia to evade sanctions. The discussion also covers the naming of a successor for PA President Abbas and highlights Javier Milei's landslide victory in Argentina as a stabilizing factor in South America. 1030-1045 Russia Tests Nuclear Missile Amid Tough Winter and Increased US Sanctions. John Hardie analyzes Russia's reported successful test of the nuclear-powered Burevestnik cruise missile. This test is likely aimed at pressuring the US into arms control talks, rather than impacting the Ukraine battlefield. On the ground, the situation in Pokrovsk has deteriorated due to Russian infiltration. The US has shifted from diplomacy to pressure, imposing sanctions on major Russian oil companies. 1045-1100 Anti-Hamas Clans and Militias Challenge Hamas's Control in Gaza. Ahmad Sharawi discusses the challenge to Hamas's power in Gaza by anti-Hamas clans and militias, some allegedly backed by Israel. Groups like the Dughmush clan and Yasser Abu Shabbab's Popular Forces contest Hamas's control and monopolization of aid. Hamas deters these rivals, labeling them "collaborators," as Gaza fragments into controlled pockets or "bantustans." THIRD HOUR 1100-1115 Canadian Prime Minister Mark Carney Poised to De-escalate Trade Dispute with Trump. Conrad Black analyzes the US-Canada trade dispute ignited by Ontario Premier Doug Ford's ad criticizing US tariffs. Black notes that while Ford was "cheeky," President Trump overreacted by suspending negotiations and mandating 10% tariffs. Prime Minister Mark Carney, seen as a diplomatic and well-informed figure, is expected to de-escalate the issue and work toward a reasonable agreement at the upcoming Asian conference. 1115-1130 AQAP Targets Anti-Houthi Forces Amidst Cooperation with Houthis and Iran. Bridget Toomey reports on AQAP's attack on anti-Houthi Yemeni soldiers. AQAP and the Houthis have an informal non-aggression agreement, sometimes cooperating on weapon smuggling. Iran supplies advanced arms to the Houthis and has maintained a relationship with al-Qaeda leadership for two decades. This cooperation, despite sectarian differences, aims to destabilize Yemen and the region. 1130-1145 Milei's Libertarian Win in Argentina Signals 'MAGA Tide' in Latin America. Alejandro Peña Esclusa and Ernesto Araújo analyze Javier Milei's decisive win in Argentina, viewing it as a model for Latin America and a victory for Donald Trump. The result signals a reduction of the "pink tide" and emergence of a "MAGA tide." Trump is leveraging trade talks to pressure Brazil's President Lula da Silva regarding Bolsonaro and alignment with China, reconfiguring power in the region. 1145-1200 Milei's Libertarian Win in Argentina Signals 'MAGA Tide' in Latin America. Alejandro Peña Esclusa and Ernesto Araújo analyze Javier Milei's decisive win in Argentina, viewing it as a model for Latin America and a victory for Donald Trump. The result signals a reduction of the "pink tide" and emergence of a "MAGA tide." Trump is leveraging trade talks to pressure Brazil's President Lula da Silva regarding Bolsonaro and alignment with China, reconfiguring power in the region. FOURTH HOUR 12-1215    US Pressure on Xi Jinping May Lead to Release of Jimmy Lai. Mark Simon is encouraged that President Trump plans to raise the fate of persecuted publisher Jimmy Lai with Xi Jinping. Simon believes China must resolve the "Jimmy Lai problem" but will likely demand concessions, such as sanctions relief. Lai's release, potentially via a humanitarian or commuted sentence route, would pave the way for the release of hundreds of other Hong Kong dissidents. 1215-1230 Trump's Tariff Policy Gains Victory in Trade Truce with China. Alan Tonelson assesses the US-China trade truce, viewing it as a major victory for President Trump's tariff policies. China agreed to delay rare earth export controls and buy US farm goods. This move is seen as desperate by Xi Jinping, whose economy is undermined by US technology curbs. China's predatory practices defined the relationship until Trump decided to use American leverage. 1230-1245 vUS Tariffs Drive Canada Toward Greater Economic Integration with China. Charles Burton discusses how US tariff aggression, fueled by Premier Doug Ford quoting Ronald Reagan to criticize US trade policy, is pushing Canada toward China. The uncertainty over Trump's response makes negotiating difficult, prompting speculation Canada may renew free trade talks with Beijing, remove investment restrictions, and possibly join the Belt and Road Initiative. 1245-100 AM Trump Demands Higher Defense Spending from New Japanese Prime Minister Takaichi. Lance Gatling reports on President Trump's visit to Tokyo and his meeting with the new Prime Minister, Takaichi. Trump is expected to demand increased defense spending. Takaichi plans to accelerate doubling the defense budget to 2% of GDP. A major concern is Trump asking Japan to stop buying energy from Russia, which supplies Japanese LNG. Takaichi enjoys surprisingly strong domestic support.

This week we talk about robots, call center workers, and convenience stores.We also discuss investors, chatbots, and job markets.Recommended Book: The Fourth Consort by Edward AshtonTranscriptThough LLM-based generative AI software, like ChatGPT, Gemini, and Claude, are becoming more and more powerful by the month, and offering newfangled functionality seemingly every day, it's still anything but certain these tools, and the chatbots they power, will take gobs of jobs from human beings.The tale that's being told by upper-management at a lot of companies makes it seem like this is inevitable, though there would seem to be market incentives for them to both talk and act like this is the case.Companies that make new, splashy investments in AI tech, or which make deals with big AI companies, purporting to further empower their offerings and to “rightsize” their staff as a consequence, tend to see small to moderate bumps in their stock price, and that's good for the execs and other management in those companies, many of whom own a lot of stock, or have performance incentives related to the price of their stock built into their larger pay package.But often, not always, but quite a lot of the time, the increased effectiveness and efficiencies claimed by these higher-ups after they go on a firing spree and introduce new AI tools, seem to be at least partly, and in some cases mostly attributable to basically just threatening their staff with being fired in a difficult labor market.When Google executives lay off 5 or 10% of their staff on a given team, for instance, and then gently urge those who survived the cull to come to the office more frequently rather than working from home, and tell them that 60 hours a week is the sweet spot for achieving their productivity goals, that will tend to lead to greater outputs—at least for a while. Same as any other industry where blood has been drawn and a threat is made if people don't live up to a casually stated standard presented by the person drawing that blood.Also worth mentioning here is that many of the people introducing these tools, both into their own companies and into the market as a whole, seem to think most jobs can be done by AI systems, but not theirs. Many executives have outright said that future businesses will have a small number of people managing a bunch of AI bots, and at least a few investors have said that they believe most jobs can be automated, but investing is too specialized and sophisticated, and will likely remain the domain of clever human beings like themselves.All of which gestures at what we're seeing in labor markets around the globe right now, where demands for new hires are becoming more intense and a whole lot of low-level jobs in particular are disappearing entirely—though in most cases this is not because of AI, or not just, but instead because of automation more broadly; something that AI is contributing to, but something that is also a lot bigger than AI.And that's what I'd like to talk about today. The rapid-speed deployment, in some industries and countries, at least, of automated systems, of robots, basically, and how this is likely to impact the already ailing labor markets in the places that are seeing the spearpoint of this deployment.—Chatbots are AI tools that are capable of taking input from users and responding with often quite human-sounding text, and increasingly, audio as well.These bots are the bane of some customers who are looking to speak to a human about some unique need or problem, but who are instead forced to run a gauntlet of AI-powered bots. The interaction often happens in the same little chat window through which they'll eventually, if they say the right magic words, reach a human being capable of actually helping them. And like so many of the AI innovations that have been broadly deployed at this point, this is a solution that's generally hated by customers, but lauded by the folks who run these companies, because it saves them a lot of money if they can hire fewer human beings to handle support tickets, even if those savings are the result of most people giving up before successfully navigating the AI maze and reaching a human customer support worker.In India right now, the thriving call center industry is seeing early signs of disruption from the same. IT training centers, in particular, are experimenting with using audio-capable AI chatbots instead of human employees, in part because demand is so high, but also, increasingly, because doing so is cheaper than hiring actual human beings to do the same work.One such company, LimeChat, recently said that it plans to cut its employee base by 80% in the near-future, and if that experiment is successful, this could ripple through India's $283 billion IT sector, which accounts for 7.5% of India's GDP. Hiring growth in this sector already collapsed in 2024 and 2025, and again, while this shift seems to be pretty good for the balance books of the companies doing less hiring and more firing as they deploy more AI systems, it's very not good for the often younger people who take these jobs, specializing in call center IT work, only to find that the market no longer demands their skill sets.Along the same lines, but in a perhaps more surprising industry, some convenience stores in Japan are deploying robots to manage their back rooms, where the products that end up available out front are unloaded, tallied, and shelved.These robots, which are basically just arms on poles, sometimes attached to wheeled bases, for moving around, sometimes not, are operated by AI, but are also continuously monitored by human employees in the Philippines. Each worker, who can be paid a lot less than an entry-level, young Japanese person would expect to be paid, monitors about 50 machines at a time, and steps in, using virtual reality gear to control the robots, if one of them gets stuck or drops something; which apparently happens about 4% of the time.This is akin to offshoring of the kind we've seen since the early 2000s, when the dawn of technological globalization made China the factory of the world and everything shifted from a model of local production and the stockpiling of components, to a last-minute, supply-chain oriented model that allowed companies to move all their manufacturing and some of their services to wherever it could be done the cheapest.Many people and companies benefitted from this arbitrage to some degree, though many regions have dried up as a result of this shift, because, for instance, former company towns where cars were produced no longer have the resources to keep infrastructure from degrading, and no longer have enough jobs to keep young people from moving away; brain drain can become pretty intense when there's no economic reason to stay.This reality is expected to become more widespread, even beyond former manufacturing hubs, because of the deployment of both AI systems, which can be subbed-in for many remote jobs, like call center work, programming, and the like, but also because of increasingly sophisticated and capable robots, which can do more automated work, which in turn allows them to be monitored, sometimes remotely, like those Japanese convenience store robots, for a fraction of the price of hiring a human being.This shift is expected to be especially harrowing for teens hoping to enter the labor market in entry-level jobs, as responsibilities like shelf-stocking and product scanning and the loading and unloading of materials are increasingly automatable, as robots capable of doing this work are developed and deployed, and perhaps even more importantly, as systems that augment that automatability are developed and deployed.In practice, that means coming up with shipping processes and other non-tangible systems that lean into the strengths of today's automated systems, while reducing the impact of their weaknesses.Amazon is in prime position to do exactly this, as they've already done so much to rewire global shipping channels so that they can deliver products as rapidly as possible, to as many places as possible. As a result, they control many of the variables within these channels, which in turn means they can tweak them further, so that they're optimized to work with Amazon's specialized automated systems, rather than just human ones.The company has stated, in internal documents, that it plans to automate 75% of its total operations, and it currently has nearly 1.2 million employees. That's triple what it employed in 2018, and it's expected that the automated systems it has already and will soon deploy will allow it to hire 160,000 fewer people than planned by 2027.Even though the company expects to sell twice as many products by 2033, then, it expects to hire 600,000 fewer people by that same year. And it's so confident in its ability to make this happen that it's already making plans to rebuild its image in the aftermath of what's expected to be a really difficult period of people hating it. It's planning significant branding efforts, meant to help it seem like a good corporate citizens, including sponsored community events and big donations to children's programs.It's also intending to frame this shift as an evolution in which robots are amplifying the efforts of human employees. Rather than calling their automated systems robots, they might call them ‘cobots,' for instance.Amazon has contended that the internal documents in which these plans were outlined, those documents acquired and reported upon by the New York Times, are incomplete and not an accurate representation of what Amazon plans, and they said those branding efforts are not a response to hate related to their automation efforts, they just like spending money on nice things for communities.The net-impact of existing efforts of this kind, though, is to deplete local job markets where these big companies dominate, and to make the jobs that survive a lot higher-end, requiring more technical sophistication, often, like being able to manage and maintain these sorts of robots, which are skills few people currently have.Amazon's backend is already very automated, powered by bots originally developed by robotics maker Kiva, which was purchased by the company for 3/4 of a billion dollars back in 2012. Amazon warehouse workers now work alongside all sorts of robots—though as seems to be the case with employees who survive AI-related firings, those humans who remain are often subjected to strenuous conditions and a lot of pressure to work long hours.In the company's Shreveport, Louisiana location, there are more than a thousand robots working around the clock, and that's allowed Amazon to hire 25% fewer human workers at that facility, while processing 10% more items. The plan is to further refine that model while also spreading it to other Amazon warehouse locations, 40 more of them by 2027, which is part of how they expect to reach that aforementioned 75% employee reduction goal.Amazon's obviously at the forefront of this shift because of the nature of their business and business model, but other big employers, such as Walmart, are also pushing in this direction. Walmart officials have said they will have cut costs by more than 30% at facilities where they've been experimenting with more automation by the end of 2025, and they've already cut those costs by 20% at these facilities, in part because fewer human employees are necessary.All of which is interesting in part because these are clearly real innovations that are leading to more efficiency and effectiveness at lower costs, and ultimately these may translate into cheaper goods and services for customers if the companies deploying automated technologies decide to pass on those savings.But simultaneously, this represents a fundamental shift in the job market and overall economy, and if new jobs don't arrive at the same scale and pace as they're disappearing, or some other money-distribution solution, like a minimum basic income, doesn't arrive in time, we could find ourselves in a situation, globally, but especially and most immediately in markets like China, which has far more automation than everyone else right now, and the US—we could have a situation where there's just a whole lot of stuff being made, but not enough people who can afford it, because they can't find jobs that will pay them enough to participate in the economy, which in turn could splashback on these automated measures in a negative way, as these companies' addressable markets shrink.Show Noteshttps://collectivefutures.blog/the-infrastructure-of-meaninglessness/https://www.cnbc.com/2025/02/20/meta-approves-plan-for-bigger-executives-bonuses-following-5percent-layoffs.htmlhttps://www.nytimes.com/2025/02/27/technology/google-sergey-brin-return-to-office.htmlhttps://www.reuters.com/world/india/meet-ai-chatbots-replacing-indias-call-center-workers-2025-10-15/https://restofworld.org/2025/philippines-offshoring-automation-tech-jobs/https://www.theverge.com/report/806728/tech-left-teens-fighting-over-scraps-robots-taking-jobshttps://www.theverge.com/transportation/805471/waymo-robotaxi-winter-snow-weather-testinghttps://www.wired.com/story/elon-musk-wants-strong-influence-over-the-robot-army-hes-building/https://www.supplychaindive.com/news/walmart-automation-supply-chain-cost-savings/747377/https://www.nytimes.com/2025/04/23/business/china-tariffs-robots-automation.html This is a public episode. 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Episode 498 The media narrative is extreme negativity about the state of the economy and yet the stock market and GDP continue to expand.  Why?  Productivity, Deregulation, and Industrial Policy are good for corporate profits. Sign up for free ALERTs & Market Commentary at:  https://www.investablewealth.com/subscribe/ ------------------------------------------------------

The IMF suggested that the US government debt-to-GDP ratio will exceed that of Italy by the end of the decade. There is no reason to suppose this IMF forecast is more accurate than any other IMF forecast, but the trend is clear. Italian parallels are a reason not to panic. Italy is a very wealth country, and has successfully mobilized private wealth to help fund its debt. The US is a reasonably wealth country and could do likewise. The UK's Truss debacle reminds us that funding government debt (not the debt level itself) is what matters.

Analyzing Japan's New Hawkish Prime Minister and the Defense Budget Goal Lance Gatling Lance Gatling analyzes Japan's new Prime Minister, Takayoshi Sado, the nation's first female leader, focusing on her hawkish stance and ambitious defense goals. Sado has committed to raising Japan's defense budget to five percent of GDP, a significant increase that reflects growing security concerns and regional tensions. However, Gatling notes that achieving this goal presents substantial challenges, as the current massive budget is already fully allocated. This would require either borrowing, reallocation, or difficult trade-offs between existing programs, and there remains serious doubt about whether the military can effectively absorb, train personnel for, and maintain such a dramatic increase.

On this episode of Animal Spirits: Talk Your Book, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Gabby Santos, Chief Market Strategist for the Americas at JP Morgan to discuss the 30th annual edition of the firm's capital market assumptions report that covers stock returns, bond yields, inflation, GDP forecasts and more. Find complete show notes on our blogs... Ben Carlson's ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Michael Batnick's ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Feel free to shoot us an email at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠animalspirits@thecompoundnews.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ with any feedback, questions, recommendations, or ideas for future topics of conversation. Check out the latest in financial blogger fashion at The Compound shop: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://idontshop.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Christopher Lochhead: Follow Your Different, we are treated to a rare dialogue with John Donovan, renowned technology executive and board member, whose career has spanned transformative eras at AT&T and who continues to shape the strategies of some of the world's biggest companies. This conversation moves from leadership lessons around innovation and timing, through the current AI revolution and its economic implications, to personal reinvention in the face of relentless technological change. You're listening to Christopher Lochhead: Follow Your Different. We are the real dialogue podcast for people with a different mind. So get your mind in a different place, and hey ho, let's go.   Leading through Technology and Perfect Timing John Donovan shares candid insights about what it truly takes to lead technology for corporations at massive scale. He highlights that while choosing the right technology is challenging, selecting the right time to invest and deploy is even more crucial. Drawing from his stewardship of AT&T during pivotal events, including the company's exclusive deal with Apple for the first iPhone, Donovan explains the delicate balance between being too early, which leads to overspending, and being too late, which risks losing market leadership. He stresses the necessity of a structured process and assembling trusted teams to ensure efficient and impactful execution. This approach, he maintains, applies as much to revolutionary events of the past like the smartphone era as it does to today's accelerating world of artificial intelligence.   The New Industrial Revolution: AI's Economic and Organizational Impact A major theme of the conversation revolves around the unprecedented buildout of infrastructure and investment occurring in AI. Donovan sees AI as the dawn of a new industrial age: one that, for the first time, is manufacturing intelligence itself. He explains that the billions being spent on infrastructure, real estate, and hardware underpin a transformation with no real historical precedent. With AI attributed to fueling a significant portion of current GDP growth, Donovan believes that while the hype is justified, it's still early days. Like the early years of the iPhone, when supporting infrastructure lagged behind exponential demand, today's rapid investment in AI is setting the groundwork for productivity and business model innovation across industries. The conversation touches on how traditional organizational roles and entire sectors are preparing for disruption; category leaders are poised to emerge quickly, and those companies that cannot adapt may not survive.   Reinventing Leadership and the Rise of the Creator Capitalist Donovan offers a personal take on how the pace of change is shifting what it takes to be a successful executive. He predicts that in the near future, the average age of top industry CEOs will drop significantly, as the new environment favors younger leaders who are native to emerging technologies. Experience, he suggests, is being surpassed in value by competency and the capacity to continually self-educate and reinvent oneself. Expanding on the evolution of work itself, Donovan aligns with Christopher's view that we are moving beyond the traditional "knowledge worker" into an era where net new knowledge creation and leveraging AI to build new value will define career success. This creator-driven approach requires not just technical skill, but also imagination and the courage to challenge existing processes. As AI increasingly automates repetitive and procedural tasks, human creativity in integrating and orchestrating these new tools will become the key differentiator across all fields. To hear more from John Donovan and the man who launched the iPhone, download and listen to this episode.    Bio Retired Chief Executive Officer of AT&T Communications, LLC, a wholly-owned subsidiary of AT&T Inc. John Donovan served as CEO from August 2017 until his retirement in ...