Podcasts about Global

Num 32:1-33:39, Luke 4:31-5:11, Ps 64:1-10, Pr 11:22

Num 32:1-33:39, Luke 4:31-5:11, Ps 64:1-10, Pr 11:22

Num 30:1-31:54, Luke 4:1-30, Ps 63:1-11, Pr 11:20-21

Frankie Stockes fills in for Stew Peters and drills down on the latest efforts of Israeli-run political machines to hide their true ambitions and subvert the American political system.

As the Iran conflict upends market narratives, our Global Head of Fixed Income Research Andrew Sheets offers his take on how to view the historic disruption happening in March and what the next few weeks could bring.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Today on the program, a survey of just how quickly key narratives have changed and how lasting that might be. It's Friday, March 20th at 2pm in London. The NCAA basketball tournament, also known as March Madness, is one of my favorite times of the year. The single elimination tournament of 64 teams is wonderfully chaotic with plenty of surprises, especially in the early games. And basketball is one of those sports where momentum often seems real. A team that has somehow forgotten how to shoot in the first half of the game can suddenly look unstoppable in the second. As I said, March is one of my favorite times to watch sports. It is often not one of my favorite times to forecast markets. In 2005, 2008, 2020, 2022, 2023, and 2025, March saw outsized market volatility. And it's the case again this year. I'm sure, it's just a coincidence. This time, it's not just about a historic disruption to the energy markets, which my colleague Martijn Rats and I discussed on this program last week. It's also a major reversal of the market storyline. If this were a basketball game, the momentum just flipped. In January and February of 2026, there were strong overlapping signals that the U.S. and global economy were in a good – even accelerating – place, boosted by cheap energy, stimulative policy, and robust AI investment. Oil prices were down as metals, transports, cyclicals and financial stocks, all rose. Europe, Asia, and emerging market equities – all more sensitive to global growth – were outperforming. Inflation was moderating. Central banks were planning to lower interest rates. The yield curve was steepening and the U.S. dollar was weakening. The January U.S. Jobs report was pretty good. And then … it all changed. In a moment, the Iran conflict and the subsequent risk of an oil price shock flipped almost every single one of those storylines on its head. Now, oil prices rose and the prices for metals, transports, cyclicals and financial stocks all fell. Equities in Europe and Asia – regions that rely heavily on importing oil – underperformed. The U.S. dollar rose as investors sought out safe haven. Inflation jumped following oil prices. The yield curve flattened on that higher inflation, as we and many other forecasters adjusted our expectations for what central banks would do. And, as it happens, the last U.S. Jobs report was pretty bad. If the Iran conflict ends and oil resumes flowing through the Strait of Hormuz, it's very possible that this story could once again swing back. But until it does, the speed of which this momentum has flipped means that almost by definition, many investors have been caught off guard and left poorly positioned. If you couple that with the challenge of diversifying in this new environment – where the prices for stocks, bonds, and even gold have all been moving in the same direction – the path of least resistance for investors may be to continue to reduce their exposure to ride out the storm, driving further near term weakness.Unfortunately, that could make for an uncomfortable few weeks. At least, there's some good basketball on. Thank you as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

Num 28:16-29:40, Luke 3:23-38, Ps 62:1-12, Pr 11:18-19

STREAMING THE MAKING OF THE JOHN BATCHELOR SHOW WITH ALAN TONELSON AND JIM MCTAGUE, 3-19-26NOVEMBER 1932The provided transcript features a discussion on the John Batchelor Show regarding the global economic and geopolitical crises stemming from conflict in the Middle East. The participants analyze how rising energy prices and the potential closure of the Strait of Hormuz are driving inflation and threatening a global recession. They specifically examine the Trump administration's response to Iranian aggression and the resulting strain on European allies facing exorbitant fuel costs. The conversation transitions into the transformative role of AI, debating whether the technology will cause mass layoffs or serve as a vital productivity tool. While some speakers view AI as a creative partner for future entrepreneurs, others express skepticism regarding its accuracy and the privacy risks of digital surveillance. The dialogue concludes by weighing the immediate dangers of war against the long-term, unpredictable shift toward an automated economy. (1)

Stay informed on current events, visit www.NaturalNews.com  - Engineered Famine and Global Energy Crisis (0:11) - Job Losses and Corporate Restructuring (2:58) - US Navy's Struggles and Iran's Retaliation (5:45) - Impact of Iran's Attacks on Qatar Energy (30:27) - Global Consequences of Qatar Energy's Destruction (47:39) - Mike Adams' Preparedness Advice (1:03:31) - The Role of AI in Book Creation (1:03:49) - Seth Holouse's Preparedness Journey (1:24:09) - Preparedness and Community Building During COVID-19 (1:27:33) - The Importance of Skills and Community (1:30:37) - Building a Supportive Community (1:32:51) - Preparing for Future Scenarios (1:40:12) - The Role of Technology and AI in Preparedness (1:49:43) - The Impact of Global Events on Preparedness (1:58:08) - The Role of Faith and Hope in Preparedness (2:00:46) - The Importance of Decentralized Systems (2:28:07) - The Role of Education and Information in Preparedness (2:29:55) - The Role of Community in Preparedness (2:30:11) Watch more independent videos at http://www.brighteon.com/channel/hrreport  ▶️ Support our mission by shopping at the Health Ranger Store - https://www.healthrangerstore.com ▶️ Check out exclusive deals and special offers at https://rangerdeals.com ▶️ Sign up for our newsletter to stay informed: https://www.naturalnews.com/Readerregistration.html Watch more exclusive videos here:

Tensions in the Middle East are rapidly escalating after a reported strike on a major natural gas facility in Qatar, raising serious concerns about global energy markets and the potential for a wider conflict. Meanwhile, Donald Trump faces mounting pressure as he navigates a complicated geopolitical landscape involving Israel, Iran, NATO allies, and the Strait of Hormuz. With European partners like France and Spain reportedly limiting U.S. military options, the reliability of NATO is once again under scrutiny.Back at home, political tensions are boiling over. Joe Kent's media tour takes a controversial turn after his appearance on Tucker Carlson's show, where critics accuse him of spreading misinformation. The fallout continues as figures like Steve Deace weigh in and reports surface of a possible FBI investigation.Plus, Megyn Kelly reacts strongly to a Fox News graphic involving U.S. and Israeli flags—only for past clips to resurface showing similar imagery—sparking accusations of hypocrisy.From global conflict to political infighting, this episode breaks down everything you need to know.SUPPORT OUR SPONSORS TO SUPPORT OUR SHOW!If you're on Medicare or will be soon, call Chapter at 442-3-CHICKS for a trusted advisor to review your options in under 20 minutes.Find high-quality clothing pieces that actually last at Quince — https://Quince.com/chicksfree Get free shipping, 365-day returns, and now available in Canada too!Fast Growing Trees: Listeners get an additional 20% off better plants and better growing at https://FastGrowingTrees.com/Chicks with code CHICKSSubscribe and stay tuned for new episodes every weekday!Follow us here for more daily clips, updates, and commentary:Subscribe and stay tuned for new episodes every weekday!Follow us here for more daily clips, updates, and commentary:YoutubeFacebookInstagramTikTokXLocalsMore InfoWebsite

Inside the DC beltway, the Epstein Class is in a panic as Americans wake up to Israeli control over the US government and its war with Iran, while just outside the beltway, public school perverts are running cover for illegal invaders who rape American kids.

Live from Morgan Stanley's European Financials Conference, our Head of European Banks Alvaro Serrano and European Equity Research Banks Analyst Giulia Aurora Miotto discuss how geopolitics, private credit risk and AI are testing how resilient banks really are.Read more insights from Morgan Stanley.----- Transcript -----Alvaro Serrano: Welcome to Thoughts on the Market. I'm Alvaro Serrano, Head of European Banks.Giulia Aurora Miotto: And I'm Giulia Aurora Miotto, European Equity Research Banks Analyst.Alvaro Serrano: Today we're at our annual European Financials Conference.It's Thursday, March 19th at 1:30pm, London.We're at our European Financials conference. Attendance is up almost at record levels, a great deal of engagement with both investors and companies – with three main topics dominating the debate: geopolitics, private credit, and AI. I think, on the Middle East, clearly a lot of focus during the whole three days. I think the message from banks has been about the resilience of the business model, acknowledging the loan growth could be weaker. Some of the investment decisions could be delayed, given the uncertainty. And of course, fees could also be affected as a result. On the flip side, there's an acknowledgement that during stress, savings rates go up. Deposit growth could be better, and with a steeper curve that could be better monetized. So, the message from the banks is about the resilience of the pre-provision profit outlook. Some banks have been talking about top-up of provisions if the situation persists in a IFRS9 world. But we do believe the overall outlook for earnings is of a resilient picture. However, we acknowledge the positioning of the sector is much richer than it was this time last year. The positioning; that means if stress continues, we could see the multiple suffering. And that, to be honest, is what we see the biggest channel of contagion to the sector is – is multiple de-rating if the stress continues, in what otherwise looks like a pretty resilient earnings picture. Giulia, what did you learn on private credit? Giulia Aurora Miotto: Yes, private credit was definitely another area of big focus and worrying from investors. From a bank's perspective, all the banks that are involved in private credit highlighted a couple of things. First of all, they tend to be senior when they lend to B2Cs. Secondly, they are over collateralized by hundreds, if not thousands of loans. And then thirdly, most investment banks have been doing this for a decade or more, and they tend to partner only with prime sponsors. So overall, the message was actually rather reassuring. Alvaro, AI was the other big topic at the conference. What did you learn there? Alvaro Serrano: It's even a bigger topic than last year. And obviously some of the volatility we've seen year-to-date contributed to that. I think overall the banks are seen as net beneficiaries of AI from an operational perspective. There's an acknowledgement that in an AI world, competition might increase, deposit competition has come up. Some fee products has also come up. But you have banks guiding to 9 percentage points improvement in cost income ratio in the next three years. So, the operational savings from productivity are seeing them more than offsetting any potential increase in competition. I think the known-unknown is employment; consequences of the improved productivity further down the line. But the message in Europe is relatively reassuring considering that over 20 percent of the workforce in Europe is expected to retire [in] the next 10 years. So, overall, seen as net beneficiaries.There's also discussions around regulation Giulia… Giulia Aurora Miotto: Yes, we had Maria Luís Albuquerque, European Commissioner in charge of the Savings and Investment Union project. This was one of the most attended sessions. And we heard on one side definitely determination to deliver on the project of the savings and investment union and deepen European capital markets. And mobilize savings towards more productive investments. On the other side, investors were rather skeptical and are really in wait and see mode. Some banks highlighted that they expect the progress on some of the key packages like securitization or market integration package as soon as May. So, we think this is a key area to monitor over the coming months – from a European competitiveness standpoint, Alvaro Serrano: I think that's a great place to wrap it up. And to our audience, thanks for listening. If you enjoy listening to Thoughts on the Market, do let us know wherever you listen and share the podcast with friends and a colleague today.

Ben Hodges is a retired United States Army officer, who became commander of United States Army Europe in November 2014, and held that position for three years until retiring from the United States Army in January 2018. Until recently he was the Pershing Chair in Strategic Studies, at the Centre for European Policy Analysis, specialising in NATO, Transatlantic relationship and international security. ----------ACTIVE CAMPAIGN:We are raising funds for 5 of 15 Vampire DronesSilicon Curtain for Kupiansk Vampires. Dzyga's Paw, together with Jonathan Fink, is joining forces to raise $40,000 to provide the Khartiia Brigade with Vampire Drones.https://dzygaspaw.com/silicon-curtain-for-kupiansk-vampiresThese heavy bombers are designed to destroy manpower and equipment, as well as for remote mining. The Vampire UAV, manufactured by Skyfall, has proven itself to be one of the most effective weapons in the Kupiansk direction. Skyfall is one of Ukraine's largest defense tech companies, producing Vampire bomber drones, various modifications of Shrike FPV drones, P1-SUN, Shahed drone interceptors, communication systems, and components.----------SUPPORT THE CHANNEL:https://www.buymeacoffee.com/siliconcurtainhttps://www.patreon.com/siliconcurtainhttps://www.gofundme.com/f/scaling-up-campaign-to-fight-authoritarian-disinformation----------Steven Moore is a political strategist, who spent seven years as a chief of staff and senior leadership aide in the United States Congress, developing relationships with senior policymakers across the United States and around the world. He worked on Capitol Hill in the House of Representatives mostly as chief of staff for former Rep. Pete Roskam (R-Ill.), the former chief deputy GOP whip. In that role, Moore was one of the most influential staff members on the Republican side of the aisle. ----------FAITH UNDER SIEGE FILM: WEBSITE: https://www.faithundersiege.com/TRAILER: https://www.youtube.com/watch?v=ftGtdC-aO3kFILM: https://www.youtube.com/watch?v=-E4gJWdsyAACHANNEL: https://www.youtube.com/@UCx-2kTPvk4Z505gS2ZEch-A REVIEW: https://www.imdb.com/title/tt35428172/----------THE TEAMColby Barrett, JD, PE - PRODUCER, EXEC. PRODUCERColby Barrett is an entrepreneur, filmmaker, and former U.S. Marine Corps Captain who led infantry and scout/sniper platoons in the Pacific Rim and Middle East. Steven E. Moore - EXECUTIVE PRODUCERFormer chief of staff in the U.S. House of Representatives who has spent most of his time in Ukraine since day five of the war. He leads the Ukraine Freedom Project (UFP), which has delivered 250 tons of food, medical supplies, body armor, and other critical aid to the front.Anna Shvetsova - EXECUTIVE PRODUCERAnna Shvetsova is the COO of the Ukraine Freedom Project. Raised near the Russian border, she frequently visits the front lines and has engaged with over 100 Congressional offices as an expert on U.S. policy in Ukraine.----------LINKS:https://x.com/MooreUSAhttps://x.com/UKRAINEFREEDOM7https://www.ukrainer.net/ukraine-through-the-eyes-of-steven-moore/https://stevenmoore.substack.com/https://substack.com/@steveninkyiv----------PLATFORMS:Substack: https://substack.com/@siliconcurtainTwitter: https://twitter.com/CurtainSiliconLinkedin: https://www.linkedin.com/in/finkjonathan/Podcast: https://open.spotify.com/show/4thRZj6NO7y93zG11JMtqm----------

Num 26:52-28:15, Luke 3:1-22, Ps 61:1-8, Pr 11:16-17

Num 26:52-28:15, Luke 3:1-22, Ps 61:1-8, Pr 11:16-17

Trump finds himself isolated on the world stage– and begging for help. Brian interviews Pod Save America's Dan Pfeiffer, Congressman Jamie Raskin, and legal journalist Adam Klasfeld.Subscribe to Message Box: https://www.messageboxnews.com/Subscribe to All Rise News: https://www.allrisenews.com/Shop merch: https://briantylercohen.com/shopYouTube: https://www.youtube.com/user/briantylercohenTwitter: https://twitter.com/briantylercohenFacebook: https://www.facebook.com/briantylercohenInstagram: https://www.instagram.com/briantylercohenPatreon: https://www.patreon.com/briantylercohenNewsletter: https://www.briantylercohen.com/sign-upWritten by Brian Tyler CohenProduced by Sam GraberRecorded in Los Angeles, CASee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

3. Guest David Shed details China's global campaign of economic espionage and secret-stealing. Using Brazilian food delivery as a case study, he explains how the PRC leverages data and predatory acquisitions to dominate international markets. (3)1650

4. Guest David Shed recommends that President Trump confront Xi Jinpingover economic espionage and cyberattacks during their summit. He emphasizes strengthening ties with India and the Quad to counter China's slowing global economic influence. (4)C1793

Team Trump has been left reeling as Joe Kent, a longtime MAGA supporter, tenders his resignation and refuses to serve Israel, reflecting the wider sentiment of the American People, including millions of Trump's now-former supporters. Are the American People waking up? Frankie Stockes sits in for Stew Peters on tonight's broadcast of The Stew Peters Show.

A prolonged oil disruption is pushing gas prices higher. Arunima Sinha from our U.S. and Global Economics team joins Head of U.S. Policy Strategy Ariana Salvatore to discuss what that means for consumer spending, inflation expectations and the U.S. midterm elections.Read more insights from Morgan Stanley.----- Transcript -----Arunima Sinha: Welcome to Thoughts on the Market. I'm Arunima Sinha from Morgan Stanley's U.S. and Global Economics Teams.Ariana Salvatore: And I'm Ariana Salvatore, Head of U.S. Policy Strategy.Arunima Sinha: Today – what are the implications of the ongoing oil disruption for the U.S. consumer?It's Wednesday, March 18th at 10am in New York.Ariana, let's start with where we are in week three of this particular oil disruption and what you are thinking about in terms of what the paths to resolution could look like.Ariana Salvatore: Yeah. Great place to start. So, I would say before we get into what the resolution could look like, we need to think about how long could this conflict possibly last? And that's the most relevant question for investors as well. And there I would say there's very little conviction just because of the uncertainty associated with this conflict. But I'm keeping my eye on three different things.The first is a clearer prioritization of the objectives tied to the conflict. The Trump administration has laid out a number of different goals for this conflict, some of which are shorter in nature than others. The second thing I think we're looking at – that's really important – is traffic at the Strait of Hormuz. And there, the Trump administration has spoken about insurance, you know, naval escorts – all of these things that we think will take some time to really come to fruition. And at the time that we're recording this, it seems that we're still getting about low single digit number of tankers through the strait on a daily basis. So that's the second thing.The third point I would make is any type of escalation is really critical here. So, whether it's vertical – meaning different types of weapons used, different types of targets being hit. Or horizontal escalation, broadening out into different proxies and, and more so throughout the region. Those are really important indicators, and right now all of these things are pointing to a slightly longer-term conflict than I think most people expected at the start.Now, in terms of what that means for markets, for domestic gasoline prices, all these are really important questions that I'm sure we're going to get into. But what we should note is that the president has spoken about a number of policy offsets to mitigate those price increases, ranging from the Treasury actually loosening up some of the sanctions on Russia to sell some oil. You know, we've heard some talk of invoking the Jones Act waiver. That's a temporary fix.On net, we think that these policy offsets are not going to really be enough to mitigate that supply loss that we're getting. That's a 20 million barrel per day loss. Some of these efforts mainly will, kind of, target about 7 or 8 million barrels per day. You're still in a deficit of about 10 to 13 [million]. And that's really meaningful for markets, for consumption as you well know, and everything else in between.Arunima Sinha: That's really helpful perspective, Ariana. And it's also a useful segue to think about the note that we jointly put out a few days ago. And just thinking about what this means for the U.S. consumer. And there, I think there's the first point to start with is that the consumer is now going to be living through the third supply shock in about five years. So, after COVID, after tariffs, here comes the next. And I think this particular oil shock is going to be somewhat different from tariffs in the sense that this is going to hit consumers at the front end and directly. This is not something that is going to have to pass through business costs. And some of them could be absorbed by businesses and not fully passed on to the consumer. So, I think that's an important point.The second point here is that in terms of the share of spending of gasoline out of total spend, we are at pretty low numbers. We're somewhere in the 2 to 3 percent range. So, it could give a little bit of a cushion. So, the longer-term average can be somewhere about 4 percent. So, there could be some cushion. But we know that consumers have already been stretched by, sort of, several years of high prices.And so, the way that we thought about what some of the channels could be for how higher oil prices, which translate into higher gas prices, could matter for the consumer. I think there are, sort of, three to identify.The first one is that it is really just a hit to your real purchasing power because this is a type of good that is actually really hard to substitute away from. And you could look through some of it, at the start. So maybe in the first month you don't react very much. You pull down on some savings; you take out a little bit of short-term credit.But the longer it lasts, the bigger the consumption response is going to be. And the second channel then to identify is – you start to build up some precautionary savings motives because there's this uncertainty that's also lasting for some time. And what do you pull back on? You'll typically pull back on discretionary types of spending.And so, we sized out this impact to say that if oil prices were to be about 50 percent higher and they last for two to three quarters, it could hit real personal spending growth by about 40 [basis points] after 12 months. And most of that is really just coming from the impact on good spending, specifically through durable goods.So, there could be some meaningful impact to real consumer spending in the U.S., if this shock were to go on longer. And the last point I would just say is, you know, how do inflation expectations move? Because that's an important point for the Fed and it's an important point for just people who are thinking about their spending decisions over the next year or so.And one interesting thing I think came out in the University of Michigan survey that came out this Friday; and this was a preliminary survey. About half of it was conducted before the conflict started, and half of it was after the conflict started. And what we saw was that inflation expectations in the year ahead, so the 12-month-ahead expectations that had been trending down, paused.So, they are no longer trending down. And, in its release, the University of Michigan noted that for the responses that were collected after the conflict started, inflation expectations did tick up. And interestingly, the strains were the most for the bottom income cohort. So, they saw a bigger uptick in inflation expectations. They actually also saw a bigger uptick in their unemployment expectations over the next year.Ariana Salvatore: So, Arunima, if I can ask, we've been talking a lot about the K-shape economy this year, right? So, consumption really being led by the upper; let's call it the upper income cohort. When we think about this translation to consumption, like you said, more of the stresses on the lower income side, how do you square that with the economic impact that you guys are expecting?Arunima Sinha: The way that I would square it is the longer it lasts and the greater the, sort of, uncertainty in asset markets – that might actually begin to weigh on the upper income consumer as well. So that might make some of those wealth effects less supportive, than what we have seen, over most of 2025. Just given where consumption has been running in terms of its pace.So not only might we see a bigger strain on the lower-income cohorts as we see this shock lasting longer, we might actually see some pressures not through the direct spending channel on gas, but really just, you know, how it's impacting their balance sheets.Ariana Salvatore: And that's a really important point because it also, to me, resonates with the concept of affordability, which has been a really key political topic for the past few months, I would say.And the way we're thinking about this is, like I mentioned, there are limited policy offsets that can be used to mitigate the potential increase in domestic gasoline prices. And that matters a lot for the midterm elections. Typically voters don't really rank foreign policy as a top issue when it comes to their choice for candidates – in midterm elections and elections in general.But once you see that feed through to, you know, inflation, cost of living, job expectations, that's when it starts to really matter for people. And what we've been saying, it's not a perfect rule of thumb, but looking back at the past few elections. If gasoline prices here in the U.S. are something like $3 a gallon, that tends to be pretty good for the incumbent party. [$]4 [a gallon], let's say it's a little bit more politically challenging. And [$]5 [a gallon], you know, is when you kind of get into that even more challenging territory for the administration and for Republicans in Congress.So again, not a perfect benchmark, but something that we'll be keeping an eye on too as this conflict evolves.Arunima Sinha: Ok! So, we'll be keeping an eye on how that oil disruption plays out and matters for the U.S. consumer.Ariana Salvatore: Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share thoughts on the market with a friend or colleague today. Important note regarding economic sanctions. This report references jurisdictions which may be the subject of economic sanctions. Readers are solely responsible for ensuring that their investment activities are carried out in compliance with applicable laws.

Ryan Gosling stops by to talk about his highly anticipated new film "Project Hail Mary" and his passion for knitting. Global makeup artist Cynde Watson shares a few spring makeup trends to freshen up your beauty routine for the season. Plus, Kathryn Newton joins to discuss her new movie "Ready or Not 2: Here I Come." And, family psychologist and author Dr. Jen Hartstein shines a light on a parenting trend that's making a return. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Deuteronomy 21-23

Some of the most influential companies in today's economy rarely make headlines. Known as the titanium economy, these small and mid-sized industrial businesses supply the parts, systems, and expertise that keep global supply chains operating.In this episode of Supply Chain Now, Scott Luton is joined by Karin Bursa, Steffen Fuchs, Senior Partner at McKinsey & Company, and Ryan Fletcher, Partner at McKinsey & Company, to examine what makes these industrial companies so effective. The group discusses the characteristics that set them apart, from disciplined operations and close customer relationships to long-term thinking that helps them remain competitive across changing market conditions.Steffen and Ryan also share perspectives from their work with companies in sectors such as automotive, aerospace, and energy. The discussion looks at how these organizations respond to supply chain disruptions, approach growth opportunities, and invest in their people and operations. Along the way, the group explores leadership decisions, workforce development, and how companies are applying new technologies to support continued growth.Jump into the conversation:(00:00) Intro(02:28) Meet the guests and introductions(05:05) Warmup: March Madness and theater roots(08:22) Steffen discusses background in AI(10:38) Ryan's experience in mid-cap industries(14:02) Defining the titanium economy concept(19:50) Book impact and changes since 2022(23:15) Global policy and geopolitics influences(29:01) Resilience and supply chain adjustments(35:27) The great amplification cycle explained(37:14) Clusters, innovation, and regional growth(38:00) Supply chain tailwinds and opportunities(39:34) Top performers' playbook for success(41:25) Lead time and SKU management(42:39) Capacity bets that lead to success(46:02) AI as a competitive advantage(47:53) Real-world examples of AI in practice(54:36) Leadership lessons from the titanium economy(01:00:40) Trends flying under the radar todayAdditional Links & Resources:Connect with Steffen Fuchs: https://www.linkedin.com/in/steffen-fuchs/Connect with Ryan Fletcher: https://www.linkedin.com/in/ryanfletcher/Connect with Karin Bursa: https://www.linkedin.com/in/karinbursa/Learn more about McKinsey & Company: http://www.mckinsey.comLearn more about our hosts: https://supplychainnow.com/aboutLearn more about Supply Chain Now: https://supplychainnow.comWatch and listen to more Supply Chain Now episodes here: https://supplychainnow.com/program/supply-chain-nowSubscribe to Supply Chain Now on your favorite platform: https://supplychainnow.com/joinWork with us! Download Supply Chain Now's NEW Media Kit: https://bit.ly/3XH6OVkSupply Chain Now en Espanol WEBINAR- Visibilidad estrategica en Pharma: control, cumplimiento y resiliencia en entornos de alto riesgo: https://bit.ly/4rku7lCWEBINAR- Talent Management Playbook for Supply Chain Leaders: https://bit.ly/4uc2OfBWEBINAR- From Workforce Planning to Hourly Performance Management: How GEODIS Americas Turned Labor Productivity into a Growth Engine: https://bit.ly/4blRfKpWEBINAR- Ahead of Disruption: How AI-First Design Builds Supply Chain Resilience — and Transforms the Teams Behind It: https://bit.ly/4ldRn3bThis episode was hosted by Scott Luton and Karin Bursa, and produced by Trisha Cordes, Joshua Miranda, and Amanda Luton. For additional information, please visit our dedicated show page at: https://supplychainnow.com/titanium-economy-how-ai-supply-chains-reshaping-industrial-competitiveness-1559

Grit isn't a personality trait — it's something you can build. In this episode, leadership expert Lara "LJ" Johnson breaks down how the "born with it or not" myth holds people back and what grit actually looks like in real life. You'll learn why the "muscle through" mentality fails most teams, why most people stay trapped in negative thought loops, and the tools that helped Lara survive life's toughest moments. Topics discussed: Introduction (00:00) From homelessness to rebuilding her life in the U.S. (01:35) Belief as the difference between quitting and finding a solution (07:37) The tragedy that inspired the Global Grit System (10:32) How the 54321 grounding technique saved her life (13:42) The aftermath: why she wrote

Oil prices have jumped above 109 dollars a barrel after airstrikes hit Iran's South Pars gas field, the world's largest natural gas reserve, shared with Qatar, raising fresh concerns about supply during an already volatile period. In Bangladesh, the impact of the oil price is becoming increasingly visible. The country, which relies on imports for around 95 percent of its energy, is seeing long queues at fuel stations as fears of shortages grow. The government has even shut down universities in an effort to conserve electricity, affecting students across the country. Meanwhile, Nigeria's president Bola Ahmed Tinubu has begun a two-day state visit to the UK, with trade and investment high on the agenda. With bilateral trade already worth up to 10 billion dollars annually, could the visit could unlock new opportunities and reshape the economic relationship.

Utopian dreams, though often clothed in the language of hope and progress, have brought profound suffering by denying the broken reality of the human condition. Rooted in the realism of the Judeo-Christian tradition, Stephen insists that we must see the world as it is—not as we wish it to be—recognizing that no perfect state exists on this side of eternity. By distinguishing between “utopia” (“nowhere”) and “eutopia” (“good place”), we can expose how the pursuit of perfection so often becomes tyrannical, and why wisdom, counsel, and humility remain the safer path forward.LEARN MORE:Website: https://stephenmansfield.tv/Instagram: https://instagram.com/mansfieldwrites/X: https://twitter.com/MansfieldWrites

This was supposed to be commercial real estate's year. The industry entered 2026 expecting interest rates to fall, liquidity to rise, and for long-stalled transactions to finally put the pedal to the metal. For a while, it seemed as though CRE would finally be experiencing a true recovery from the massive hit it took during the pandemic.But today, things are looking a little shakier. Global instability surrounding the escalating conflict between the U.S. and Iran has escalated tariff and trade tensions. Meanwhile, $1.2T in real estate loans are expected to mature by 2027, a significant amount of which were originated when borrowing costs were much lower.On this episode, Greg Friedman, CEO of Peachtree Group, one of the most active private credit platforms in CRE, breaks down the impacts as it stands today.

Psalms 61:1-8

In this 38th episode, Alan continues a (fingers crossed) monthly series of episodes featuring the comic book genre assigned to that month. Which makes this episode a discussion of ... global comics! And also global comic shops, and comics-related global travel.What international experiences to Ruth & Darrin Sutherland bring to the episode? And how just HOW MANY manga does Ruth recommend?????Listen to the episode ... and FIND OUT!!!Click on the player below to listen to the episode: Right-click to download episode directly Promo:Full Manga AlchemistLink: The Frank Slide CentreSend e-mail feedback to relativelygeeky@gmail.com  You can follow the network on Twitter @Relatively_Geek and Professor Alan @ProfessorAlan You may also subscribe to the podcast through iTunes or the RSS Feed.

Supernatural Japan: Izumi Kyoka and the Global Fantastic  (U Michigan Press, 2026)examines the role of Japanese writer Izumi Kyōka (1873–1939) in the formation of modern literature of the fantastic in Japan as a global literary genre. Kyōka wrote some of the most famous stories of ghosts, monsters, and the supernatural in modern Japanese literature, including The Holy Man of Mt. Kōya, The Grass Labyrinth, and The Castle Tower. Despite the clearly modernist elements and global influences of Kyōka's fiction, his work has often been characterized as relying on traditional Japanese genres as inspiration for its themes and literary form. Pedro Bassoe considers how Kyōka's stories have been produced by a meeting of global influences—including Apuleius, The Arabian Nights, Hans Christian Andersen, the Brothers Grimm, Prosper Mérimée, Guy de Maupassant, Gerhart Hauptmann, and Jules Verne—combined with traditional Japanese genres. Bassoe develops the notion of “the scholarly fantastic” to describe how a set of realistic epistemologies reinforce the fantastic in Kyōka's writings. Supernatural Japan offers an up-to-date introduction to Izumi Kyōka and his writing for students, scholars, or fans of Japanese fantasy literature and media. Pedro Thiago Ramos Bassoe is Assistant Professor of Japanese at Purdue University. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Num 26:52-28:15, Luke 3:1-22, Ps 61:1-8, Pr 11:16-17

Num 26:52-28:15, Luke 3:1-22, Ps 61:1-8, Pr 11:16-17

The world has not felt this scary since the 1980s, when the Cold War suddenly became frigid. A new war against Iran, fermented over decades of distrust and now encouraged to spill over into armed conflict, has inevitably brought disruption to the Middle East and as far away as Cyprus. Global transport hubs, including airports, have taken missile and drone hits, threatening civilians and the region's key business and VIP aviation infrastructure. We have also seen a bizarre presidential proclamation aimed at Canada's civilian aircraft regulator thrust business aviation unexpectedly into the international spotlight. It seemed to take most industry insiders by surprise, sending them scurrying to discover if it had any legal foundation at all. Meanwhile, as we lurch from one geopolitical crisis to another, let us not forget Venezuela, Mexico and the still-raging, bloody war between Russia and Ukraine. The market has largely adapted to the repercussions of the latter conflict, while the very end of February and first days of March have seen business jets positioning away from airports under threat in the Gulf, as airspace closures allow. The impact in the longer term remains uncertain, but elsewhere the business of business aviation continues with its usual resilience. On that basis, in this issue we look at a cross-section of FBOs from across the US, discovering the expected dedication to customer service and safety, but also an underlying enthusiasm simply for being around aviation. In some cases the bug seems to have bitten especially hard, evidenced through the thoughts of Tony Buckley, President & CEO of jetCenters of Colorado and Customer Service Manager Kawai Lopez at Monterey Jet Center, among others. Thanks to Bombardier and the Global 8000, we also celebrate the brilliance of business aviation that can sometimes be dulled through familiarity, while our conversation with Jeremy Phillips, General Manager at Sheltair Melbourne, might alter your perception of the industry and what it is capable of. Connectivity is now an essential element in passenger experience, and Claudio D'Amico, Vice President of Strategic Market Engagement, Business Aviation at Viasat explains how the communications giant is working to integrate Telesat Lightspeed LEO into its business aviation connectivity portfolio. While D'Amico is satisfying our demands to remain connected, busy and entertained, Matteo Atti, Global Chief Marketing Officer at VistaJet, explains how the company is helping passengers arrive at their best, through its new Sleep Program. Sometimes the best stories are found behind details so obvious we overlook them. We discover from Paul Kinch, Managing Director MRO at Gama Aviation, the quite different approaches required for painting a VIP helicopter compared to a business jet, and from Richard Marston, MAAS Aviation's Chief Commercial Officer, the physicality of painting larger aircraft. Finally, to leather, a staple of almost every business jet and VIP helicopter cabin. We appreciate leather for how it looks and feels but perhaps never really think any more of it. But people have been making and using leather since the Stone Age, so it has quite a story to tell and we are delighted to bring just a taster of that tale to you through conversations with executives from Bombardier, Garrett Leather, Gen Phoenix & Townsend Leather.

YiFan Li and John Lancaster join me for a roundtable discussion of dairy demand in Asia, European milk production and the impact of the conflict in Iran.

Num 26:1-51, Luke 2:36-52, Ps 60:1-12, Pr 11:15

The U.S. and Israel war with Iran is causing a shock to the economic system. Gas prices are higher, diesel too, and even fertilizer is being affected. Today on the show, we speak to three people about the economic ripple effects of the conflict: a truck driver, an Iowa corn farmer, and a manufacturer of an alternative to plastics.Come see Planet Money live on stage in April! 12 cities. Details and tix here: https://tix.to/pm-book-tour. Related episodes: A lot of gas trapped, oil reserves tapped, and Live Nation gets a (tiny) capWill Trump's shipping insurance plan work? How Iran's flagging economy inflamed its protests For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.  To manage podcast ad preferences, review the links below:See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

1. Bill Roggio and Hussein Haqqani (SEG 1): Haqqani discusses global resistance to President Trump's Strait of Hormuz mission and the economic impact of Iran's strategy. Roggio analyzes the administration's goal of regime change and notes they underestimated Iranianresilience. (2)1978 IRAN

PREVIEW FOR LATER TONIGHT: Liz Peek. Liz Peek analyzes the "Magnificent Seven" tech stocks and the impact of rising energy costs on the AI sector. Despite market corrections and global turmoil, she finds that AI demand remains a powerful trend. (5)MAY 1953

Frankie Stockes sits in for Stew Peters, running through the latest developments in DC and the Middle East and drilling down on the Project Esther weaponization of the US government against Tucker Carlson.

Morgan Stanley MUFG 's Japan Equity Strategist Sho Nakazawa talks about the sectors that are leading the current rebound of Japanese stocks and why these gains may be more than a cyclical shift.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Sho Nakazawa, Japan Equity Strategist at Morgan Stanley MUFG Securities.Today: How Japan's Takaichi administration could define Japan's stock market for years to come.It's Tuesday, March 17th, at 3 PM in Tokyo.Sanae Takaichi became Japan's first female prime minister on October 21, 2025. She leads a conservative administration that emphasizes defense spending and economic resilience. When Takaichi took office in February, this signaled the start of a structural pivot in Japan's economy. And markets have responded quickly. Over the past several months, stocks with high exposure to the administration's 17 strategic domains have outperformed TOPIX by 15 percentage points. That kind of divergence suggests something bigger than a cyclical rebound. Capital is positioned to a structural shift. First, there's the Japanese government's increased emphasis on economic security and supply chain resilience. This reflects a philosophical shift. For years efficiency ruled: just-in-time supply chains and global optimization. The pandemic and the reorientation towards a multipolar world changed that workflow. Now the emphasis is on redundancy and autonomy – and this has implications for Defense & Space, Advanced Materials & Critical Minerals, Shipbuilding, and Cybersecurity. The second pillar of Japan's structural market shift is AI and the compute revolution. Yes, some investors worry about overinvestment in AI, but we believe in [the] possibility of nonlinear returns as AI breakthroughs occur. And, keep in mind, AI isn't just software. It requires data-center cooling, communications networks, expanded power grids, and critical minerals. This is a full industrial stack upgrade. Looking further out, the global humanoid robotics market could reach US$7.5 trillion annually by 2050 according to our global robotics team estimates. That's roughly three times the combined 2024 revenue of the world's top 20 automakers at about US$2.5 trillion. The third force reshaping Japan's market is infrastructure. The 2026 budget slated towards national resilience initiatives exceeds ¥5 trillion. With aging infrastructure and intensifying natural disasters, resilience spending relates directly to economic security. Ports, logistics, and communications systems are increasingly becoming strategic assets. Our work suggests the long-term construction cycle is entering an expansion phase as bubble-era buildings from the late 1980s reach replacement timing. That points to durable demand rather than a temporary spike. With all of this said, what's also important is how stock market leadership spreads. It tends to move from upstream to downstream – from materials and power infrastructure, to AI, to defense and communications, and eventually to applications like drug discovery, quantum technologies, cybersecurity, and content. Right now, the strongest three-month returns are in Advanced Materials and Critical Minerals, and in Next-Gen Power and Grid Infrastructure. Meanwhile, areas like Cybersecurity and Content have lagged but remain tightly connected in the network. If leadership broadens, those linkages matter. The real constraint isn't political opposition. It's [the] market itself. If investors decide this is a temporary stimulus rather than sustainable earnings growth, valuations might adjust. But we do believe that Japan's equity market isn't simply rallying. It is reorganizing around economic security, AI infrastructure, and national resilience.Thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend and colleague today.

The EU imposes sanctions after cyberattacks. DHS boosts surveillance spending. AI firms recruit weapons-risk experts. Stryker disruption, no patient impact. LeakNet leans on ClickFix. Sears chatbot data spills. A Chinese security firm leaks a private key. Tech giants team up on scams. Teens sue xAI over alleged AI-generated abuse. On today's Threat Vector segment, David Moulton and guest Erica L. Shoemate, founder of The EN Strategy Group, explore how AI is fundamentally reshaping the security landscape. Cyber crooks cause a complimentary curbside convenience.  Remember to leave us a 5-star rating and review in your favorite podcast app. Miss an episode? Sign-up for our daily intelligence roundup, Daily Briefing, and you'll never miss a beat. And be sure to follow CyberWire Daily on LinkedIn. Threat Vector What if the choices we make about AI security today determine who holds power tomorrow? On this Threat Vector segment, David Moulton and guest Erica L. Shoemate, founder of The EN Strategy Group, explore how AI is fundamentally reshaping the security landscape, from compressed decision-making timelines and asymmetric threat capabilities to the erosion of trust that creates strategic vulnerabilities. You can listen to David and Erica's full conversation here and catch new episodes of Threat Vector from Palo Alto Networks each Thursday on your favorite podcast app. Selected Reading EU Sanctions Iranian and Chinese Firms for Cyberattacks Against European Networks (TechNadu) DHS-built surveillance apparatus to surge in year ahead, documents show (FedScoop) AI firm Anthropic seeks weapons expert to stop users from 'misuse' (BBC) Stryker attack wiped tens of thousands of devices, no malware needed (Bleeping Computer) LeakNet ransomware uses ClickFix and Deno runtime for stealthy attacks (Bleeping Computer) Sears Exposed AI Chatbot Phone Calls and Text Chats to Anyone on the Web (WIRED) China's biggest cybersecurity firm accidentally leaked an SSL key in a public installer (Neowin) Google has signed the Industry Accord Against Online Scams and Fraud. (Google) Teenage girls sue Musk's xAI, accusing Grok tool of creating child sexual abuse material (The Guardian) Free parking in Russia after Distributed Denial-of-Service attack knocks city's parking system offline (Bitdefender) Share your feedback. What do you think about CyberWire Daily? Please take a few minutes to share your thoughts with us by completing our brief listener survey. Thank you for helping us continue to improve our show. Want to hear your company in the show? N2K CyberWire helps you reach the industry's most influential leaders and operators, while building visibility, authority, and connectivity across the cybersecurity community. Learn more at sponsor.thecyberwire.com. The CyberWire is a production of N2K Networks, your source for strategic workforce intelligence. © N2K Networks, Inc. Learn more about your ad choices. Visit megaphone.fm/adchoices

PayPal is launching its PYUSD stablecoin across 70 new markets to lower cross-border transaction costs and power the future of agentic AI commerce. PayPal is taking its PYUSD stablecoin global. With a massive launch across 70 new markets, the payments giant is set to disrupt the high cost of cross-border transactions. May Zabaneh, PayPal's SVP & GM of Crypto, joins Markets Outlook to discuss the strategic roadmap for this rollout, the rapid adoption of stablecoins in emerging economies, and the structural advantages of PYUSD in the evolving landscape of agentic AI commerce. - Timecodes:  0:24 – PayPal's PYUSD Stablecoin Goes Global 0:52 – The Strategy Behind 70 New Global Markets 2:28 – Real-World Use Cases for PYUSD 3:33 – How PayPal Competes with Crypto Incumbents 4:33 – The Leapfrog Effect in Emerging Markets 6:30 – Stablecoins and the Future of AI Agents 7:55 – The Washington Debate: Regulation & Yields - Check out CoinDesk's research report on Pudgy Penguins at: https://www.coindesk.com/research/pudgy-penguins-challenging-the-pokemon-and-disney-legacy-in-the-global-ip-race. - This episode was hosted by Jennifer Sanasie.

Deuteronomy 17-20

Linktree: ⁠⁠https://linktr.ee/Analytic⁠⁠Join The Normandy For Ad-Free NME, Additional Bonus Audio And Visual Content For All Things Nme+! Join Here:⁠⁠ ⁠⁠https://ow.ly/msoH50WCu0K⁠⁠The latest Segment of Notorious Mass Effect features Analytic Dreamz breaking down Peso Pluma and Tito Double P's collaborative project Dinastía (Deluxe), with a focus on its chart dominance and the breakout success of “Chiclona” (feat. LENCHO).Peso Pluma (Hassan Emilio Kabande Laija, born 1999 in Zapopan, Jalisco) leads the corridos tumbados movement, fusing traditional Sinaloa corridos with hip-hop, trap, and reggaeton. His breakthroughs include “Ella Baila Sola” (No. 4 peak on Billboard Hot 100), Grammy-winning Génesis (No. 3 Billboard 200), and Éxodo (No. 5). As Mexico's most-streamed artist, he's globalized música Mexicana. Tito Double P (cousin Jesús Roberto Laija García) contributed as songwriter (e.g., “El Belicón”) before his solo debut Incómodo (2024) on Double P Records.The original Dinastía dropped Christmas 2025 (15 tracks), debuting No. 1 on Top Latin Albums and Regional Mexican Albums, No. 6 on Billboard 200 with 34,000 units and 45+ million on-demand streams. The deluxe edition arrived February 26, 2026, adding four tracks and fueling renewed momentum.Analytic Dreamz highlights “Chiclona” (music video March 4, 2026): hard-hitting corridos with raspy delivery and luxury bravado themes. It debuted No. 13 on Hot Latin Songs, No. 4 on Hot Regional Mexican Songs, No. 13 on Latin Streaming Songs (3.1 million U.S. streams Feb. 27–March 5 via Luminate), No. 7 in Mexico, No. 130 Global 200, and No. 117 Global Excl. U.S. This propelled LENCHO (Luis Lorenzo Ochoa) onto six Billboard charts, including No. 34 Emerging Artists—his major breakthrough.The deluxe boosted Dinastía to 13 songs on Hot Latin Songs (e.g., No. 11 “Daño,” No. 12 “Dopamina,” No. 15 “Ganga” feat. El Randal) and a record 15 concurrent on Hot Regional Mexican Songs. Other new entries: “London” (No. 19), “Marianita” (No. 35).The ongoing Dinastía by Peso Pluma & Friends U.S. arena tour (launched March 1, 2026, running through May) features joint performances, special guests, and gospel elements from West's Sunday Service Choir on tracks like “Dopamina” and “Daño.”Analytic Dreamz analyzes how the deluxe edition sustains Peso Pluma's push of corridos tumbados into mainstream global charts, expanding regional Mexican music's reach.Tune in for an in-depth chart analysis and cultural impact breakdown. Support this podcast at — https://redcircle.com/analytic-dreamz-notorious-mass-effect/exclusive-contentPrivacy & Opt-Out: https://redcircle.com/privacy

Psalms 60:1-12

Num 26:1-51, Luke 2:36-52, Ps 60:1-12, Pr 11:15

Num 24:1-25:18, Luke 2:1-35, Ps 59:1-17, Pr 11:14

Num 24:1-25:18, Luke 2:1-35, Ps 59:1-17, Pr 11:14

PREVIEW FOR LATER: Former UKAmbassador Edmond Fitton-Brownlabels Iran's interference in the Strait of Hormuz as piracy. He discusses the global economic threat and the challenges of involving allies like Korea and Japan in maritime security,. (1)1907 PERSIA

Stay informed on current events, visit www.NaturalNews.com  - Special Report on the War in the Middle East (0:10) - US Military Losses and Global Reputation (2:43) - Economic and Social Implications of the War (7:34) - Trump's Delusional Behavior and Iran's Strategy (12:18) - Preparation and Survival Strategies (56:05) - The Role of AI in Government and Society (57:02) - The Impact of the War on Financial Institutions (1:15:32) - The Escalation of the Conflict (1:23:32) - Preparation for Economic and Food Collapse (1:24:12) - Strait of Hormuz and Iranian Tensions (1:26:49) - Netanyahu's Disappearance and Potential Kidnapping (1:29:10) - Impact of Strait of Hormuz Closure on Global Economy (1:43:06) - Engineered Famine and Global Depopulation (1:46:08) - Zionist Influence and Geopolitical Manipulation (1:56:39) - Trump's Misleading Statements and Military Strategy (2:28:43) - Global Supply Chain Disruptions and Economic Impact (2:28:56) - Historical and Biblical Parallels to Current Conflict (2:30:30) - Final Thoughts and Future Projections (2:31:01) - Human Osmotic Pressure and Disease Spread (2:31:16) - Historical Famines and Government Collapse (2:33:37) - Famine's Long-Term Effects and Historical Examples (2:35:44) - Typhus and Pandemic Concerns (2:37:21) - Historical Famine Survival Techniques (2:40:36) - Modern Famine and Depopulation Agenda (2:44:17) - The Role of AI in Depopulation (2:47:31) - Preparation for Future Famines and Conflicts (2:51:41) - Final Thoughts and Contact Information (2:52:08) Watch more independent videos at http://www.brighteon.com/channel/hrreport  ▶️ Support our mission by shopping at the Health Ranger Store - https://www.healthrangerstore.com ▶️ Check out exclusive deals and special offers at https://rangerdeals.com ▶️ Sign up for our newsletter to stay informed: https://www.naturalnews.com/Readerregistration.html Watch more exclusive videos here:

With volatility and oil prices up while Fed policy is easing, our CIO and Chief U.S. Equity Strategist Mike Wilson breaks down why today's selloff is giving flashbacks to March 2025—and why he believes his bull case still holds.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast I'll discuss how the equity market has been processing recent headlines for months. It's Monday, March 16th at 1 pm in New York. So, let's get after it. Last week on the podcast, I noted it was clear to me that the current equity market correction began last fall when liquidity first started to tighten. As soon as funding markets started to show stress from that tightening, the Fed responded by announcing it would end its balance sheet reduction program earlier than expected. It then followed that up by restarting asset purchases in December. This pivot subsequently led to better equity performance in January. It also happened alongside a sharp decline in the U.S. dollar and concentrated returns in emerging markets and commodity-oriented sectors like gold and silver, industrial metals, oil and memory stocks. More recently, the dollar has rallied and these same areas have noticeably cooled off. The key point is that before the attacks in Iran two weeks ago, the correction in equities was already very well advanced in both time and price. In fact, 50 percent of all stocks in the Russell 3000 are now down 20 percent from their 52-week highs. In many ways, we find ourselves in a similar position to last year. Recall that the major indices started to accelerate lower in February and early March. The concern at that time was centered around tariffs. But like today equity markets had been trading poorly for months under the surface on additional concerns that had nothing to do with tariffs. More specifically, equity markets had been worried about risks related to DeepSeek, immigration controls, and DOGE. Tariffs then provided the final blow. This time around, markets have been worried about AI disruption on labor markets, private credit defaults and liquidity tightness well before the Iran conflict escalated. Now it's interesting to note – but not surprising – that crude and volatility began to rise in January, signaling the market was ahead of this risk, too. Corrections typically don't end though until the best stocks and highest quality indices get hit, and that usually takes a capitulatory shock. Last year, this was Liberation Day. This time around, that event is the Iran conflict and concern about a sustained rise in crude prices above $100 a barrel. This final corrective phase has begun, in our view, with the S&P 500 having its worst two-week stretch since last April. To be clear, I don't expect this capitulation or drawdown to be as bad as last year for several reasons. First, last year's events came at the end of what we were calling a rolling recession at the time and effectively marked the end of that downturn. That means equities were pricing in a recession at the lows in April 2025 and that's why the S&P 500 was down 20 percent from its highs. Second, the current backdrop for earnings and economic growth is much better than a year ago. Third, fiscal support is much greater today, too. Specifically, personal income tax cuts are flowing through right now with tax refunds running 17 percent higher year-over-year. Tax incentives in the [One] Big Beautiful Bill [act] should drive higher capital spending. Lastly, the Fed is much more accommodative with asset purchases versus balance sheet contraction in 2025. Bottom line, equity markets have been digesting many of the concerns for months that are now hitting the headlines. We think this means that we are closer to the end of this correction rather than the beginning and investors should be getting ready to buy any final capitulation that may occur on the next bad headline. One scenario that might create that final downdraft is a combination of a more hawkish Fed this week on backward looking inflation concerns combined with Triple Witching options expiration. Or maybe the upcoming trade meeting between the United States and China is delayed or cancelled. Whatever it might be, market lows happen faster than tops. So be ready to add risk in anticipation of the bull market resuming. Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!