Podcasts about global financial crisis

This week on the Alternative Investing Advantage podcast, host Alex Perny welcomes Ian Reynolds, to discuss the current economic unrest and uncertainty in Eastern Europe, the Middle East, and the U.S., particularly in relation to foreign exchange rates, inflation, central bank policy, bonds, and digital assets. He goes over the emergence of digital assets. This includes the rise of Bitcoin and the impact of monetary policy after the Global Financial Crisis. Ian also uncovers his experience trading in the foreign exchange market and investing in tech startups.If you are interested in being a podcast guest speaker or have questions, contact us at ⁠⁠⁠⁠⁠Podcast@AdvantaIRA.com.⁠⁠⁠⁠⁠⁠⁠⁠Learn more about our guest, Ian Reynolds:https://www.linkedin.com/in/ian-reynolds-fx-cap-mkts-btc/Learn more about Advanta IRA: https://www.AdvantaIRA.com/ The Alternative Investing Advantage is brought to you by Advanta IRA.Advanta IRA does not offer investment, tax, or legal advice, nor do we endorse any products, investments, or companies that provide such advice and/or investments. This includes any investments promoted or discussed during the podcast as neither Advanta IRA nor its employees, have reviewed or vetted any investments, persons, or companies that may discuss their services during this podcast.  All parties are strongly encouraged to perform their own due diligence and consult with the appropriate professional(s) before entering into any type of investment

In this week's Vancouver real estate update, we dive into the latest data and indicators painting a complex picture of the market. We start with the Housing Affordability Index, a measure of median household income against mortgage payments, taxes, and utilities. According to this index, Canadian homes have never actually been considered affordable—not once in the last 40 years. The most affordable period came in the late 1990s, when the metric dipped to 34%, just shy of the “ideal” target of 33%. Today, affordability sits at 55%. While that's a meaningful improvement from the record high of 63.5% in Q4 2023, it still remains well above the threshold of sustainable home ownership.Interestingly, Canadian affordability is now at the same level it was in 1990—just before a decade-long improvement in affordability followed. Whether or not that trend repeats remains to be seen. RBC's latest forecast doesn't think so. They project affordability will bottom later this year around 52%, then begin worsening again in 2026.On the inflation front, May CPI came in at 1.7%, unchanged from April. This marks the 18th consecutive month within the Bank of Canada's 1–3% target range. Core inflation registered at 2.9%, the upper end of the band but still acceptable. Mortgage interest costs remain a key driver, adding 0.4% to the CPI. It's important to note that most other countries exclude mortgage interest from their inflation basket. Without it, Canada's inflation would have been closer to 1.3%. Rented accommodations contributed 0.3%, but StatsCan's data appears to lag. While they report rents up 4.3% annually, Rentals.ca shows a 3.3% decline in the last year. Turning to interest rate expectations: markets are only pricing in a 30% chance of a rate cut at the July 30th Bank of Canada meeting. And as of now, there is just one more rate cut expected for the remainder of 2025. That outlook has cooled considerably, given earlier projections of more aggressive easing.Now to the July 2025 housing stats. Total home sales in Greater Vancouver hit 2,186 units in June, down 9.5% from last year and a staggering 26% below the 10-year average. It was the second slowest June on record—worse than the Global Financial Crisis and COVID shutdowns. This follows what was already the slowest May on record. The spring market never materialized, and current indicators suggest a muted summer and fall ahead.New listings reached 6,301 in June, up 10% year-over-year but down 5% from May. Inventory sits at 16,852 active listings, down 1% month-over-month but still 19% higher than a year ago and 44% above the 10-year average. At the time of reporting, inventory has climbed to over 18,200 active listings. The Sales-to-Active-Listings ratio remains at 13%—signaling a balanced market—for the 13th straight month. Detached homes are at 10%, townhomes at 17%, and condos at 14%.Prices continue to slide. The Home Price Index (HPI) dropped for the third straight month in 2025, down 0.3% month-over-month to $1,173,100. That puts prices 2.8% lower than one year ago. The median price stayed flat at $985,000, but remains up $70,000 year-to-date. The average price rose $9,000 to $1,275,000, its highest point in 2025, and up $68,000 YTD.The Vancouver housing market remains stable but sluggish and perhaps increasingly so. Affordability is slowly improving but remains historically poor _________________________________ Contact Us To Book Your Private Consultation:

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/politics-and-polemics

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis. 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

Today, I'm excited to speak with Drew Mason and Christianna Mason. Drew is Managing Partner at St. Joseph Partners, a precious‑metals brokerage and wealth protection firm serving individuals, families, and family offices across the U.S. and internationally. He is a G2 principal of Andrew Mason Associates, a family business founded in 1979 as a strategic management consultancy and later pivoted to acquiring and building businesses, with three ultimately sold to private equity. Christianna is Drew's daughter and a G3 member in their family office. She is a CPA who has advised Fortune 100 and private equity clients on global M&A from PwC's New York office. Earlier in his career, Drew held positions at major Wall Street firms including Lehman Brothers, where he witnessed first-hand the 2008 Global Financial Crisis, an experience that triggered a personal and professional search for true financial safe havens in times of stress. This ultimately led to him founding St. Joseph Partners, and over the past fifteen years, the firm's services have expanded to include: an online trading engine, secure domestic and international storage, private-label minting, audit and insurance facilitation and logistics. In this episode we focus our conversation on gold. Drew and Christianna share their views on what is so unique about gold as an alternative investment asset and why investors should be paying particular attention to gold right now. They also address the skeptics and risk managers out there, who may not be convinced, and explore what the worst-case scenario might look like for gold. Drew and Christianna delve into the options and intricacies associated with investing in physical gold vs. financial instruments that emulate the performance of gold. And for those who are worried they may have missed the gold rally and are wondering whether it's too late to get in now, they provide a perspective on where their think gold is headed from here. Enjoy this instructive conversation with two of the leading experts on multigenerational families investing in gold and precious metals.

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/world-affairs

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis.

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

From Brian Ginsler, Ginsler Wealth CEO: "In mid-2018, while I was at a previous investment firm, I met with a prospective client. For context, the markets (S&P 500) had staged a dramatic recovery since the Global Financial Crisis. From its folkloric low of 666 in March 2009, the index had climbed to around 2,700 by mid-2018—an increase of more than 300%.After I explained why it was a good time to invest with us, I will never forget his response: “I'm waiting until there is blood in the streets.” I think about him often and wonder if he is...still waiting..."For the original transcript of this letter and to view weblinks and other media, please visit https://ginslerwealth.com/ginsler-wealth-second-quarter-2025-client-letter-the-waiting-edition/

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis. Learn more about your ad choices. Visit megaphone.fm/adchoices

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis. Learn more about your ad choices. Visit megaphone.fm/adchoices

Attention entrepreneurs: If you think working 80+ hour weeks makes your business more valuable... the data says otherwise.This conversation will change how you think about business building forever.James Brown didn't just sell his business for multiple cash offers he proved that less owner involvement equals higher business value.James is the founder of BizTech Guru, a business consultant who transformed his own accommodation business over many years from requiring 120-hour work weeks to just 30 minutes of monthly involvement. After surviving multiple economic challenges including the Global Financial Crisis and COVID-19, he eventually sold the business with 7 offers, 3 of which were cash.In this episode, he exposes the shocking truth about why 80% of businesses aren't sellable, reveals his exact automation playbook, and shares the mindset shifts that create truly passive income.We talked about business automation, but not the tech-heavy complicated kind.We talked about remote team management, but not the micromanagement nightmare kind.And we talked about exit preparation, the kind that actually increases your quality of life WHILE building value.This completely changed my perspective on what makes businesses valuable.Perfect for: SaaS founders, service business owners, e-commerce entrepreneurs, and anyone building for eventual exit. • • •FOR MORE ON THIS EPISODE:https://www.coreykupfer.com/blog/jamesbrown• • • FOR MORE ON JAMES BROWNJames Brown's LinkedIn BizTech Guru WebsiteFOR MORE ON COREY KUPFERhttps://www.linkedin.com/in/coreykupfer/http://coreykupfer.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

We want to hear from you! Email us at BCGInHerEllement@bcg.com with a voice memo describing your In Your Ellement moment. We might feature your story in an upcoming episode!***What do you do when your job drops you into the center of a global financial crisis?That's where Sophia Bantanidis found herself – helping craft post-crisis banking reforms at the UK's financial regulator. The experience shaped how she thinks about risk, regulation, and building more resilient systems.Today, Sophia works at Citi's thought leadership division, where she explores the forces transforming financial services, from disruptive tech to global market shifts. In this episode, Sophia talks about her career journey, how AI could reshape compensation models, and why it's so important to vet any job – especially your first one.01:31 Writing Rules for Executive Pay During the 2008 Crisis06:24 Early Aspirations and a Diverse Upbringing09:36 A Terrible Day One At Work11:53 Vet Potential Jobs and Built a Network16:41 From the Frontlines: AI and Compensation20:33 ReflectionsLinks:Sophia Bantanidis on LinkedInSuchi Srinivasan on LinkedInKamila Rakhimova on LinkedInMayowa Jolayemi on LinkedInAbout In Her Ellement: In Her Ellement highlights the women and allies leading the charge in digital, business, and technology innovation. Through engaging conversations, the podcast explores their journeys—celebrating successes and acknowledging the balance between work and family. Most importantly, it asks: when was the moment you realized you hadn't just arrived—you were truly in your element?About The Hosts:Kamila Rakhimova is a fintech leader whose journey took her from Tajikistan to the U.S., where she built a career on her own terms. Leveraging her English proficiency and international relations expertise, she discovered the power of microfinance and moved to the U.S., eventually leading Amazon's Alexa Fund to support underrepresented founders.Suchi Srinivasan is an expert in AI and digital transformation. Originally from India, her career includes roles at trailblazing organizations like Bell Labs and Microsoft. In 2011, she co-founded the Cleanweb Hackathon, a global initiative driving IT-powered climate solutions with over 10,000 members across 25+ countries. She also advises Women in Cloud, aiming to create $1B in economic opportunities for women entrepreneurs by 2030.Mayowa Jolayemi is a second-year Associate at Boston Consulting Group (BCG), where she focuses primarily on projects related to education, economic growth, and workforce development. She earned her B.A. in Economics from Harvard University, concentrating her academic work on economic development in West Africa, particularly in education and women's workforce empowerment. Subscribe to In Her Ellement on your podcast app of choice to hear meaningful conversations with women in digital, business, and technology.

While we're told by politicians that the ideas of Karl Marx are foreign and have no place in this country, history proves otherwise. Andrew Hartman shows that Marx and Marxism have had an a significant influence on the United States, from Marx's journalistic writings for the New York Daily Tribune, on the mass politics of the Socialist and Communist Parties and the Wobblies, on the most radical edge of the New Deal and the New Left, and finally with the return to Marx's ideas since the Global Financial Crisis. Andrew Hartman, Karl Marx in America University of Chicago Press, 2025 The post American Marx appeared first on KPFA.

In this episode of PRess Play: The StreetCred Podcast, hosts Elena Krasnow and Jimmy Moock sit down with Ryan VanGorder, chief executive officer of Opto Investments. Ryan shares his career journey, from his early days at BlackRock during the Global Financial Crisis to executive leadership at Opto.  We also discuss: how Ryan got his start … Read More Read More

Simon has been doing a key note address over the last week and in this weeks podcast he takes a slightly different tack to what he usually presents. This time he is delivery his key note. He looks back over almost forty years of market crises that he's invested through. He shares the lessons he learnt, what caused the crisis and what the response was. This includes; 1987, EM Tigers of 1998, the DotCom bust in 2000, Global Financial Crisis of 2008/9, the 2020 pandemic and finally the 2025 Trump tariff crisis.

Business leaders across New Zealand have voiced concerns that Donald Trump's tariffs could have a more severe global impact than the Covid-19 pandemic and the Global Financial Crisis. The months since Trump's 'Liberation Day' announcement have seen sustained market volatility, tit-for-tat trade wars and fears of a resurgence in inflation. New Zealand Initiative executive director Oliver Hartwich says experts are right to be concerned - as Trump's tariffs could potentially derail the economy for years to come. "The GFC and the pandemic were over after three of four years, whereas the destabilisation of globalisation with the tariffs Trump is imposing - that could derail the economy for decades to come. There's so much uncertainty about it." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Kiwi business leaders fear the impact of Donald Trump's tariffs will be more severe than the impact of the Global Financial Crisis and the Covid pandemic. ASB and Talbot Mills have been surveying more than 300 business leaders, including CEOs and founders. Two-thirds of businesses are concerned about the impacts, including almost 80% of exporters. Meat, dairy and wine are expected to be hit harder, while the wool and seafood sectors are expected to fare better. ASB's General Manager of Commercial Banking, Ben Speedy, told Kerre Woodham that the results highlight that businesses are really struggling with the uncertainty that's playing out in the environment at the moment. He says businesses not only need to navigate tariffs, but also the difficult business and economic environment in New Zealand. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Kiwi business leaders fear the impact of Donald Trump's tariffs will be more severe than the impact of the Global Financial Crisis and the Covid pandemic. ASB and Talbot Mills have been surveying more than 300 business leaders, including CEOs and founders. Two-thirds of businesses are concerned about the impacts, including almost 80% of exporters. Meat, dairy and wine are expected to be hit harder, while the wool and seafood sectors are expected to fare better. ASB's General Manager of Commercial Banking, Ben Speedy, told Kerre Woodham that the results highlight that businesses are really struggling with the uncertainty that's playing out in the environment at the moment. He says businesses not only need to navigate tariffs, but also the difficult business and economic environment in New Zealand. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Business leaders across New Zealand have voiced concerns that Donald Trump's tariffs could have a more severe global impact than the Covid-19 pandemic and the Global Financial Crisis. The months since Trump's 'Liberation Day' announcement have seen sustained market volatility, tit-for-tat trade wars and fears of a resurgence in inflation. New Zealand Initiative executive director Oliver Hartwich says experts are right to be concerned - as Trump's tariffs could potentially derail the economy for years to come. "The GFC and the pandemic were over after three of four years, whereas the destabilisation of globalisation with the tariffs Trump is imposing - that could derail the economy for decades to come. There's so much uncertainty about it." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Michael Burry is famous for shorting the US housing market before the 2008 Global Financial Crisis. So when he sold all of the positions in his portfolio bar one - it caught our attention.Tune in to hear which one stock Burry is happy to keep in his portfolio as he sells everything else.That's not all we unpack in another big episode of Equity Mates:Over the past 20 years, has anything beaten Aussie property?Unhelpful Desk returns as we answer your questionsNvidia's latest earnings—------Want to get involved in the podcast? Record a voice note or send us a message—------Want more Equity Mates? Across books, podcasts, video and email, however you want to learn about investing - we've got you covered.Keep up with the news moving markets with our daily newsletter and podcast (Apple | Spotify)Check out our latest show: Basis Points (Apple | Spotify | YouTube) and read the accompanying Basis Points email—------Looking for some of our favourite research tools?Download our free 4-step stock checklistFind company information on TIKRScreen the market with GuruFocusResearch reports from Good ResearchTrack your portfolio with Sharesight—------In the spirit of reconciliation, Equity Mates Media and the hosts of Equity Mates Investing acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today.—------Equity Mates Investing is a product of Equity Mates Media.This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.Equity Mates Media operates under Australian Financial Services Licence 540697. Hosted on Acast. See acast.com/privacy for more information.

How to Survive the Coming Real Estate Storm – What Sean Kelly-Rand Learned at Lehman   For the experienced real estate investor or sponsor, this is a masterclass in what really matters.   When Lehman Brothers unraveled in 2008, it exposed a truth that many in the real estate world still prefer to ignore: even the most sophisticated capital structures can implode when the cost of capital and access to liquidity are misunderstood – or worse, taken for granted. My podcast/YouTube show guest today, Sean Kelly-Rand, didn't just watch that collapse unfold; he lived through it from inside and the playbook he uses today as the managing partner of RD Advisors is shaped, in part, by that early, formative experience.   His approach offers a deeply pragmatic framework for anyone navigating real estate in today's uncertain climate. In an era of overpromised alpha and fragile capital stacks, Kelly-Rand's doctrine is a study in restraint, structure, and staying power.   From the Heart of Lehman to the Edges of Risk   Kelly-Rand joined Lehman Brothers in 2006, just before the implosion, drawn by its dominance in the bond markets which he saw, even then, as the true engine behind real estate. While most looked to equity investment banks for leadership, he understood that the debt markets were where real decisions were made. His work centered on real estate financing and syndication, with a front-row view of a business model that was, in hindsight, structurally doomed.   Lehman's capital stack had been stretched too far – built on short-term funding to support long-term positions. As the firm accumulated assets, expanding its real estate exposure from $5 billion to over $36 billion, it did so with virtually no cushion. Liquidity was cheap and ubiquitous, but inherently unstable. When securitization markets seized up, those long-term assets could not be offloaded without catastrophic discounts to book value. And because any sale would have forced a full repricing of the entire book, no sale could be tolerated. Lehman was stuck – and the system broke.   That lesson remains central to Kelly-Rand's thinking today. The real issue wasn't the quality of the assets; it was the fragility of the structure behind them. Risk wasn't in the deal. It was in the funding.   Rebuilding from the Ground Up   In the years that followed, Kelly-Rand transitioned from the institutional capital markets to operating in the private lending space. He co-founded RD Advisors not just to chase yield, but also to build a firm capable of weathering downside scenarios – starting with a clean-sheet design of its capital strategy.   The fund today focuses exclusively on senior secured debt, kept short in duration and conservatively underwritten. The business avoids the artificial stability of interest reserves or payment-in-kind structures that mask actual performance. Instead, it emphasizes cash-paying borrowers and short-term duration to preserve optionality and liquidity. Leverage is kept modest by design, with loan-to-value ratios structured around exit values that tolerate declining markets. Crucially, every deal is evaluated with a focus on capital preservation. Underwriting is done not with optimism, but with contingency: would the fund be comfortable owning the asset if they had to should a borrower walk? If the answer is anything but a clear yes, the deal doesn't proceed.   This mentality isn't just prudent, it's essential. The goal is to never rely on someone else's execution for one's own capital security. And that institutional memory from the GFC sits the core of the process.   Avoiding the Illusion of Alpha   Much of what passes for outperformance in today's real estate environment is simply leverage in disguise. Sponsors show high IRRs, but beneath them is a capital structure dependent on favorable refis or asset appreciation that may no longer be achievable. That's not skill, it's exposure.   Kelly-Rand's fund's returns, by contrast, are deliberately boring. They are stable, predictable, and quarterly. It's a feature, not a bug. In fact, Kelly-Rand views volatility as a symptom of poor underwriting or misaligned structure, not a badge of aggressive performance.   He's wary, too, of the growing interest in ‘loan-to-own' strategies, particularly among opportunistic capital looking to buy defaulted notes in the hopes of acquiring assets at a discount. While technically accurate – private credit can convert into equity when things go wrong – he emphasizes that building a business around that premise introduces operational complexity, execution risk, and volatility that neither he nor his investors are seeking.   Today's Market Echoes the Last Crisis   What concerns Kelly-Rand most now is how little has changed in institutional behavior since the last crisis – and how closely today's market echoes that of 2007.   There is the same creeping complacency in the banking system. Institutions are holding loans at par that would clear far below face value if sold today. Marking one loan down would trigger writedowns across the portfolio, and many banks simply can't handle that. Instead, they hold and wait, even as rates rise and deposits become more expensive than the loans on their books. This, too, is unsustainable and, like last time, it's a question not of credit risk, but of duration mismatch and funding fragility. Depositors have not yet realized en masse that their money could be earning 4.5% elsewhere. But when they do, the cost of capital for banks could spike rapidly and the system isn't ready.   Worse still, foreign capital, the marginal buyer that has helped sustain U.S. real estate valuations for decades, may be losing interest. If geopolitical or currency instability weakens demand for U.S. treasuries or assets, long-term rates could drift higher, even if the Fed cuts short-term rates. That shift would have a profound impact on real estate pricing, permanently resetting cap-rate expectations – and values.   A Framework for the Informed Investor   The takeaway for sponsors and investors is stark but empowering: you don't need to predict the next crash, but you must be structurally prepared for it.   Kelly-Rand's fund is an expression of that principle. It's structured to be resilient, not just profitable. Its margins are modest but consistent. Its leverage is low by design. And its underwriting focuses on the downside – not because of fear, but because of discipline. His experience at Lehman Brothers gave him a visceral understanding of how quickly capital evaporates when confidence is lost. What makes his insights so valuable today is not just that he's survived a cycle but that he's operationalized that survival into a repeatable, durable framework.   In a world where risk is increasingly hidden behind optimism and spreadsheets, Sean Kelly-Rand offers a different kind of edge: memory.   *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing.   With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection.    Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get: Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff. Real implications of macro trends for investors and sponsors with actionable guidance. Insights from real estate professionals who've been through it all before. Visit GowerCrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000

The Supplementary Leverage Ratio (SLR) was designed to increase banking sector resiliency after the Global Financial Crisis. Some have argued the SLR reduces Treasury market liquidity because the ratio is risk insensitive. Fed officials like Jerome Powell and Michelle Bowman have supported SLR reform, and Treasury Secretary Scott Bessent believes changes to the SLR could push Treasury yields down 30-70bp. In this episode, we talk with Joseph Wang, Principal at Monetary Macro and former trader on the Fed's open markets desk, about the motivation behind the SLR, how it limits banks' balance sheet flexibility, and whether reforms would help improve liquidity in the Treasury market.

Send us a textIs the financial system broken—or just misunderstood? Economist and author Matt Sekerke joins FUTUREPROOF. to challenge conventional wisdom on money, banking, and policy. In his new book Making Money Work (co-authored with Steve Hanke), he argues that fiat money is still king, the Fed doesn't have as much power as we think, and the obsession with decentralization is distracting us from deeper issues. This episode dives into the real causes of inflation, how trade deficits actually work, and what it would take to restore trust in our economic institutions.Topics Discussed:Why the Global Financial Crisis broke the systemWhat monetary neutrality means—and why we've forgotten itThe role of broad money supply in predicting recessionsThe myth of crypto's superiority over fiatThe misunderstood mechanics of trade deficitsHow Trump-era tariffs reshaped global financeWhy China can't yet lead a global financial systemThe future of central banking and financial trust

While we're told by politicians that the ideas of Karl Marx are foreign and have no place in this country, history proves otherwise. Andrew Hartman shows that Marx and Marxism have had an a significant influence on the United States, from Marx's journalistic writings for the New York Daily Tribune, to the mass politics the Socialist and Communist Parties and the Wobblies, on the most radical edge of the New Deal, and the New Left, and finally with the return to Marx's ideas since the Global Financial Crisis. The post Fund Drive Special: Marx's Influence on America appeared first on KPFA.

Danny Moses hosts Jack Farley, a podcaster and founder of the Monetary Matters Network. They discuss Jack's experiences growing up during the Global Financial Crisis and his keen interest in the Federal Reserve. Jack shares insights from numerous interviews on short selling and quantitative trading. They explore current market dynamics, with Jack reflecting on private credit and its potential impacts. Jack also recounts lessons from notable guests and explains the role of technical analysis and short interest in investing. The conversation concludes with Jack's thoughts on the democratization of market information and his aspirations for his podcast network. Read More Joseph Wan at fedguy.com Citrini Research (Substack) --ABOUT THE SHOWFor decades, Danny has seen it all on Wall Street and has built his reputation on integrity, curiosity and skepticism that he will bring with him each week. Having traded through the Great Financial Crisis and being featured in "The Big Short" is only part of the experiences Danny wants to share with the listener. This weekly podcast cuts through market noise, offering entertaining and informative discussions with expert guests giving their views of the financial world and the human side of it. Whether you're a seasoned investor or just getting started, On The Tape provides something for all listeners. Follow Danny on X: @dmoses34 The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in 'On The Tape' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Britt Gillette is today's guest to share information on the potential upcoming domino effect from the Trump administration regarding the economy.Britt Gillette on Substack: https://brittgillette.substack.com/End Times Bible Prophecy YouTube Channel: https://www.youtube.com/@etbpwithbrittgillette916www.worldviewmatters.tv© FreedomProject 2025See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Julius Ceasar is reported to have said 'It's only hubris if I fail'.  He was just one of many historical figures to find out that hubris has its price.

The traditional correlations between some asset classes went haywire in April. Our analysts Serena Tang and Vishy Tirupattur discuss whether, in this environment, investors still consider U.S. Treasuries and the U.S. dollar to be reliable ports in a storm. Read more insights from Morgan Stanley.----- Transcript -----Serena Tang: Welcome to Thoughts on the Market. I'm Serena Tang, Morgan Stanley's Chief Cross Asset Strategist.Vishy Tirupattur: And I'm Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist.Serena Tang: Today's topic, how investors' perceptions of safe havens are evolving, the impact on correlation between asset classes, and what all this means for your portfolio.It's Wednesday, May 7th at 10am in New York.April was a really challenging month, and some market moves were highly unusual. There was also a lot of investor concern whether U.S. Treasuries would continue to be a safe haven. In fact, this became one of the biggest market debates over the last few weeks.Vishy, let's start here. Prior to this recent sell off, foreign investors looked at U.S. assets as a safe haven. Why is that? And is it still the case now after this turbulent month?Vishy Tirupattur: So, Serena, if you just step back and look at it, U.S. enjoyed positive growth differentials and positive yield differentials with developed markets in the rest of the world. On top of that, there was a consistent policy – not necessarily infallible policy – but there's a consistent policy with a clear sense of demarcation between the executive and the central bank.All of this meant U.S. was a very attractive destination for foreign investor flows. Not only during periods of normalcy where U.S. equities really attracted inflows and performed really well, but also during the periods of economic stress; where even periods where the stress was coming from the U.S. itself, such as the Global Financial Crisis. This correlation between bonds and stocks held and U.S. Treasuries were the safe haven asset as the single largest and most liquid, and highly negatively correlated asset with risk assets. So that really worked.What we are now seeing is that growth differential I talked about may no longer be holding. You know, for these [20]25 and [20]26 U.S. and euro area growth basically will converge – and if our economists' expectations are right, in 2026, euro area will be growing at a faster pace than the U.S.So, growth differential argument is fading. And there are some questions about the continued Fed independence. So put all these things together. Some investors are beginning to question whether U.S. assets will continue to be safe haven assets.So let me come back to you Serena. There've been some recent market moves that have been extremely unusual. That's what created all this debate. In some of – a few days in April, during the periods of sell off, we had both stocks and bonds selling off. And it felt like cross-asset correlations have gone totally haywire.So, can you talk a little bit about which correlations have changed? Which correlations have held up in these sell off?Serena Tang: What was highly unusual, and I think reflects part of the debate on U.S. as a safe haven, is the correlation between U.S. equities and the dollar. It is very high at the moment, about sort of two standard deviation above the five-year average. While it's not unheard of for FX stocks correlation to be high, it is usually more associated with EM or emerging markets rather than DM or developed markets. As a means, investors now require higher risk premium for holding the equities, which is a risk asset; but also holding the dollar, which again, traditionally is not thought of as a risk asset.Vishy Tirupattur: So, Serena, how did the correlation between bonds and stocks hold up in this period?Serena Tang: Surprisingly, the correlation have really, really held up. Stocks and bond return correlation turned very negative during the sell off that we saw, which means that equity losses were actually offset by bond returns. Now, this isn't entirely true across the curve. You saw 2 Year Treasuries being a much effective diversifier than say the 30 Year Treasury. But all in all, I think it means bonds still work as a diversifier.Now on this point Vishy, how do you think policy will impact asset correlations we've been talking about, as well as the perception of U.S. assets as a safe haven.Vishy Tirupattur: So, as I said before, positive growth differentials fade, and we have negative growth differential. And if there are continued questions about the Fed's independence, so some of the attraction of U.S. assets, particularly U.S. Treasuries as a safe haven asset, will be challenged. But that challenge hits the practical reality of the size and the scale of the safe haven assets.So, if you look around, if you add the comparably rated European government bond market and compare that to the U.S. government bond market, the U.S. market is about 10 times as larger. So, more scale, more liquidity, and the ability to deploy capital during the periods of stress is clearly more in the U.S.So, this is what I would say. The status of U.S. dollar as the global reserve currency and U.S. Treasuries as the global safe haven asset have taken a bit of a ding, but not gone away.Serena Tang: Vishy, thanks so much for taking the time to talk.Vishy Tirupattur: Great speaking with you, Serena, as always.Serena Tang: And 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 or colleague today.

Economic forecasting is particularly challenging during global crises, with predictions often hampered by uncertainty and external factors.Hwee Kwan Chow and Keen Meng Choy from Singapore Management University examine Singapore's GDP and inflation forecasts during the Global Financial Crisis and COVID-19 pandemic, uncovering the influence of government projections and herding behaviour that affect prediction accuracy.Read the original research: doi.org/10.1007/s00181-022-02311-8

Melody Wright joins Julia La Roche on episode 252 to discuss the state of the U.S. housing market.Sponsor: This episode is brought to you by Monetary Metals. https://monetary-metals.com/julia In this episode, Melody debunks the "inventory shortage" myth in housing and reveals startling truths about the current market. She explains how March home sales fell below 2008 levels despite population growth, discusses the hyperfinancialization of real estate through Wall Street and Airbnb investors, and shares insights from driving 10,000 miles across America to observe housing conditions firsthand. Melody also exposes ongoing defaults from the 2008 crisis and offers hope for frustrated millennial homebuyers waiting for affordability to return. Throughout our conversation, she provides a sobering look at what our distorted housing market reveals about the broader economy.Links:YouTube; https://www.youtube.com/@m3_melodyX: https://x.com/m3_melodySubstack: https://m3melody.substack.com/Timestamps0:00 Introduction and welcome Melody Wright0:23 Setting up the big picture on housing and real estate 1:08 The context of the housing market's current state 3:18 Worst housing market in our lifetimes - March sales lower than 20084:18 Discussion of housing bubble and unaffordability 5:47 Hyperfinancialization of housing 6:15 Wall Street's role in housing after the GFC 7:32 The short-term rental craze and Airbnb saturation 9:03 How to see the real housing inventory numbers 11:06 Debunking the inventory myth and where the market is headed12:58 FHA loan issues and foreclosure programs 15:07 Hope for millennial homebuyers 16:42 Advice for first-time homebuyers 18:08 What the housing market says about the economy 19:00 Commercial real estate situation and empty buildings 20:35 Insights from driving 10,000 miles across America 22:43 Unlearned lessons from the Global Financial Crisis 23:51 Ongoing defaults from the 2008 crisis 25:02 What a healthy housing market would look like 26:26 Closing thoughts

Australian James Aitken is the Founder and Managing Partner of Aitken Advisors, a one-man macroeconomic consultancy based in Wimbledon, England that works with approximately one hundred of the most influential pools of capital in the world. James started his career in 1992 as a foreign exchange trader, moved to London in May 1999, and in March 2002 joined the infamous AIG Financial Products team in London. In August 2006 he joined UBS, where he deployed his knowledge of the inner workings of the financial system to help his institutional investor clients successfully navigate their portfolios through 2007 and 2008. At the urging of his clients, James established his own firm in June 2009. Our conversation covers James' perspective on the Global Financial Crisis from his seat at its epicenter, the Eurozone crisis in 2011, subsequent process-driven opportunities in Greece, views on Central Banks in the US, China, & Europe, some brief observations on India, positioning for the current environment, and what makes a great macro manager.   Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership 

United States Treasury bonds have long been viewed as a highly liquid investment with very little risk of default. They have served as a safe haven for investors and also provided a benchmark interest rate for mortgages, car loans, corporate debt, and other bonds. Typically, Treasury bond yields fall at times of financial stress as demand for Treasury securities rise. But this time is different. Bond prices have fallen and yields have risen in the wake of the policy volatility of the past month. Jeremy Stein joins EconoFact Chats to discuss the reasons for the increase in interest rates, its possible consequences, and policies to calm the bond market. Jeremy is the Moise Y. Safra Professor of Economics at Harvard University. Previously, he served as a member of the Board of Governors of the Federal Reserve. He was also an advisor to the Treasury Secretary during the 2008 Global Financial Crisis.

Our Head of Corporate Credit Research analyzes the market response to President Trump's tariff reversal and explains why rallies do not always indicate an improvement in the overall environment.Read more insights from Morgan Stanley. ---- Transcript -----Welcome to Thoughts on the Market. I'm Andrew Sheets, head of Corporate Credit Research at Morgan Stanley. Today I'm going to talk about the historic gains we saw this week in markets, and what they may or may not tell us. It's Friday April 11th at 2pm in London. Wednesday saw the S&P 500 gain 9.5 percent. It was the 10th best day for the U.S. equity market in the last century. Which raises a reasonable question: Is that a good thing? Do large one-day gains suggest further strength ahead – or something else? This is the type of Research question we love digging into. Pulling together the data, it's pretty straightforward to sort through those other banner days in stock market history going back to 1925. And what they show is notable. I'm now going to read to you when those large gains occurred, in order of the gains themselves. The best day in market history, March 15th 1933, when stocks soared over 16 per cent? It happened during the Great Depression. The 2nd best day, Oct 30th 1929. During the Great Depression. The 3rd best day – Great Depression. The fourth best – the first trading day after Germany invaded Poland in 1939 and World War 2 began. The 5th best day – Great Depression. The 6th Best – October 2008, during the Financial Crisis. The 7th Best – also during the Financial Crisis. The 8th best. The Great Depression again. The 9th best – The Great Depression. And 10th best? Well, that was Wednesday. We are in interesting company, to say the least. Incidentally, we stop here in the interest of brevity; this is a podcast known for being sharp and to the point. But if we kept moving further down the list, the next best 20 days in history all happen during either COVID, the 1987 Crash, a Recession, or a Depression. So why would that be? Why, factually, have some of the best days in market history occurred during some of the very worst of possible backdrops. In some cases, it really was a sign of a buying opportunity. As terrible as the Great Depression was – and as the grandson of a South Dakota farmer I heard the tales – stocks were very cheap at this time, and there were some very large rallies in 1932, 1933, or even 1929. During COVID, the gains on March 24th of 2020, which were associated with major stimulus, represented the major market low. But it can also be the case that during difficult environments, investors are cautious. And they are ultimately right to be cautious. But because of that fear, any good news – any spark of hope – can cause an outsized reaction. But it also sometimes doesn't change that overall challenging picture. And then reverses. Those two large rallies that happened in October of 2008 during the Global Financial Crisis, well they both happened around hopes of government and central bank support. And that temporarily lifted the market – but it didn't shift the overall picture. What does this mean for investors? On average, markets are roughly unchanged in the three months following some of these largest historical gains. But the range of what happens next is very wide. It is a sign, we think, that these are not normal times, and that the range of outcomes, unfortunately, has become larger. Thanks for listening. If you enjoy the show, leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

SBS Finance Editor Ricardo Gonçalves speaks with Ausbil's Chief Investment Officer and industry veteran Paul Xiradis for his take on the wild sharemarket moves as shares on Wall Street see their best one day gain since the Global Financial Crisis as Donald Trump pauses his latest tariff policy while Ben Clark from TMS Capital takes a look at the local sharemarket reaction and Gareth Spence from NAB explains why he thinks the RBA should be cutting interest rates by a supersized 50 basis points in May.

Join Dave Weisberger, Mike McGlone, and James Lavish as we break down what's happening in macro and crypto! Dave Weisberger: https://twitter.com/daveweisberger1 James Lavish: https://twitter.com/jameslavish Mike McGlone: https://twitter.com/mikemcglone11 ►►

Retirement Planning: Brisbane couple Chris & Nou Nou are retiring in less than five years thanks to their property investments. ♡ I'm very proud to call them clients of the Property Investment Accelerator!

Bio As the founder of Real Estate Financial Modeling (REFM), Bruce Kirsch has trained thousands of students and professionals around the world in Excel-based projection analysis. In addition, REFM's self-study products, Excel-based templates and its Valuate® property valuation and investment analysis software are used by more than 100,000 professionals. Mr. Kirsch's firm has assisted with modeling for the raising of billions of dollars of equity and debt for individual property acquisitions and developments, as well as for major mixed-use projects and private equity funds. Mr. Kirsch has also maintained a blog on real estate financial modeling, Model for Success, authoring more than 500 posts, and he is the co-author of Real Estate Finance and Investments: Risks and Opportunities, along with Dr. Peter Linneman. Mr. Kirsch began his real estate career at CB Richard Ellis, where he marketed highrise New York City office buildings for re-development in the Midtown Manhattan Investment Properties Institutional Group. After CBRE, Mr. Kirsch was recruited to lead acquisitions at Metropolis Development Company, and later joined The Clarett Group, a programmatic development partner of Prudential. While at The Clarett Group, Mr. Kirsch was responsible for making development site recommendations for office, condominium and multi-family properties in the greater Washington, D.C. metropolitan area. In addition, Mr. Kirsch had significant day-to-day project management responsibilities for the entitlement, financing and marketing of the company's existing D.C.-area development portfolio. Mr. Kirsch holds an MBA in Real Estate from The Wharton School of the University of Pennsylvania, where he was awarded the Benjamin Franklin Kahn/Washington Real Estate Investment Trust Award for academic excellence. Prior to Wharton, Mr. Kirsch performed quantitative equity research on the technology sector at The Capital Group Companies. Mr. Kirsch served as an Adjunct Faculty member in real estate finance at Georgetown University School of Continuing Studies. Mr. Kirsch graduated with a BA in Communication from Stanford University. Show Notes Introduction and Podcast Format Introduction of Bruce Kirsch and the podcast format, including a traditional interview followed by a case study and discussion of AI tools. (2:40) Bruce Kirsch and REFM Bruce Kirsch's current role as the founder of REFM (Real Estate Financial Modeling), his 17-year career helping others with financial modeling in Excel, and his various activities including consulting, training, coaching, and creating tools (5:45) Early Life and Career Path Bruce Kirsch's upbringing on Long Island and early influences from his father (a civil engineer) and mother (an interior designer), as well as his childhood fascination with the Manhattan skyline (8:30) Bruce Kirsch's pursuit of a BA in Communication from Stanford University, his interest in visual arts and filmmaking, and his experience in the photography darkroom (12:50) The unexpected connection between his Stanford communication background and his current work in financial modeling, particularly in storytelling and visual communication (13:30) His experience taking a gap year between high school and college (14:45) His reasons for choosing Stanford, including the campus and the network (15:15) His career trajectory after Stanford: working in Hollywood and then in the mutual fund business (21:00) His experience during the tech bust while working in equity research (25:45) His decision to pursue an MBA at Wharton to gain a business education and his eventual focus on real estate after walks through Philadelphia (27:30) His relationship with Peter Linneman at Wharton and taking his real estate finance and investments course (29:05) His experience working for a developer in Washington DC during the red-hot condominium market of 2003 at Metropolis Development Company (30:50) Experiencing the downturn in the real estate market around 2007-2009 and being laid off (33:00) The role of desperation as a motivator in starting his business (35:00) Financial Modeling Principles Discussion on the role of projections in real estate investment decisions despite their inherent uncertainty, using the analogy of a flight plan (39:20) Acknowledging that financial analyses rarely align perfectly with actual outcomes and questioning if Bruce has ever had a proforma come true (40:30) Addressing the impact of externalities like inflation, the S&L crisis, 9/11, the Global Financial Crisis, and COVID-19 on real estate projections (41:30) Strategies for compensating for unpredictable events and the importance of stress testing models and having a cushion (45:00) The difficulty of modeling black swan events (48:00) Advice for individuals aspiring to enter the field of real estate financial modeling (50:40) What excites Bruce Kirsch about financial analysis and the importance of understanding the real estate business and transaction mechanics (52:00) His collaboration with Peter Linneman on the textbook "Real Estate Finance and Investments", which began through his teaching at Georgetown (53:00) "Valuate" software derivation (56:00) Bruce Kirsch's observations over the past 17 years, emphasizing the balance between precision and practicality in financial modeling (58:40) Growth is painful (59:00) Company as small as it has been...just him now (1:01:00) Advice is to learn from mistakes and maintain humility (1:03:30) Spreadsheet starts out blank and is a tool. Always increase knowledge of real estate business and ask why conventions like "waterfalls" are there. (1:07:45) AI in Real Estate Demonstration of Bruce Kirsch's analytical model and discussion of AI tools he has experimented with, highlighting challenges with trustworthiness and current limitations (he shares a multifamily acquisition model online) (1:10:00) Discussion on prompting AI and its effectiveness in refining assumptions. AI is "oversold" as a reliable tool currently. (1:12:15) Bruce Kirsch's dream scenario for AI's application in his work, such as auditing spreadsheets and automating grunt work (1:14:30) Discussion about the potential for custom AI models tailored to specific expertise (1:20:00) The importance of data quality and internal data troves for effective AI implementation (1:27:30) Dream scenario for Bruce is AI doing an audit on spreadsheets and reporting back the errors from inspection (1:29:00) Insights from Bruce's former interns on the most painful day-to-day tasks they'd like to offload to AI, such as pulling comps and market data (1:33:00) Exploring the potential of AI in collaborating on deal analysis and generating different scenarios for complex situations like restructurings and adaptive reuse (1:36:00) Analogy of AI tools to the Bloomberg terminal (1:38:50) Comparison of the current state of AI to the early days of the internet (1:39:30) Discussion about Khan Academy's AI tool, Khanmigo, and its domain-specific training for education. Salman Khan's book is "Brave New Words" (1:40:30) Experiences of an Iconic Journey in CRE member (Chris Caylor) with ChatGPT and Otter.ai for automation and note-taking (1:43:00) Hypothetical case study on how AI could assist in multifamily deal analysis (1:47:20) Concerns about the potential for AI to homogenize deal underwriting (1:48:45) The role of AI in standardizing data formats and creating more digestible reports (1:49:45) Bruce Kirsch's agreement on the potential of AI to improve clarity and liquidity in the real estate market (1:51:15) REFM Opportunities Bruce discusses the services (REFI) format (see below for course information and a discount) (1:53:00) He built the model for The Wharf DC, a 2+ million s.f. mixed use project (110 tabs) (1:56:00) Questionnaire about mixed use properties (1:58:00) Personal Reflections and Industry Perspective Bruce Kirsch's overall perspective on the real estate industry, highlighting it as a tremendous and multidisciplinary opportunity and the paramount importance of reputation and trust (2:00:30) Bruce Kirsch's message if he could put a sign on the Capitol Beltway: "Don't take yourself too seriously" (2:04:30) Courses Bruce is offering his courses at a discount to podcast listeners. First, take a free assessment at this link: https://courses.getrefm.com/shop/free-tools/free-assessment-tests/. When you've determined your level, go to this website: https://courses.getrefm.com/ and use the discount code "Iconic" at the checkout to get a 15% discount for the course. Similar Episodes Michael Broder David Kessler Brad Olsen Mike Bush

Tom welcomes James Anderson back from SDBullion to discuss the significant developments in the precious metals market. James delves into the recent all-time highs for gold at $3,000 per ounce, highlighting its historical significance and the potential implications for investors. Anderson emphasizes that breaking through key price levels like $1,000, $2,000, and now $3,000 is not just a numerical milestone but often signals shifts in market dynamics. He recalls past volatility, such as the 2008 financial crisis when gold prices plummeted before rebounding, illustrating how these events shape investor behavior and market trends. James also touches on the broader economic context, including the role of central banks and the potential for a paradigm shift in asset valuation. Anderson suggests that gold is likely to reassert its dominance over traditional assets like stocks and bonds, driven by factors such as debt levels, inflation, and geopolitical tensions. Silver's recent market dynamics are explored as well, with Anderson noting significant physical withdrawals from London markets and the impact of tariffs on supply chains. He advises investors to monitor lease rates and physical inventories, warning against the risks of ETFs that may not fully reflect underlying asset availability. Anderson also addresses cultural differences in precious metals investment, highlighting how Eastern economies, with historical experiences of currency devaluation, tend to prioritize gold and silver as reliable stores of value. In contrast, Western investors often lack this historical perspective. Looking ahead, Anderson discusses potential future developments, including the possibility of a gold revaluation and the importance of long-term planning and diversification, advocating for a prudent allocation into precious metals. Time Stamp References:0:00 - Introduction0:50 - $3000 Gold Significance4:14 - Long-Term Technicals8:04 - LBMA Gold Situation10:59 - ETFs & PSLV Audits16:58 - Western Metals Apathy18:50 - Fort Knox Psyop21:05 - Eastern Buying23:56 - Nominal Highs & Inflation26:12 - Doubts & Tariffs29:00 - Gold Confiscation Risk?32:18 - Platinum Metals?34:52 - 2025 Investment Advice39:26 - Wrap Up Guest Links:Twitter: https://twitter.com/jameshenryandYouTube: https://www.youtube.com/c/sdbullion/videosWebsite: https://sdbullion.com/Blog: https://sdbullion.com/blogJames Book: https://sdbullion.com/21st-century-gold-rush-book A bullion buyer years before the 2008 Global Financial Crisis, James Anderson is a grounded precious metals researcher, content creator, and physical investment grade bullion professional. He has authored several Gold & Silver Guides and been featured on the History Channel, Zero Hedge, Gold-Eagle, Silver Seek, Value Walk, and many more. Given that repressed commodity values are now near 100-year low-level valuations versus large US stocks, investors and savers should buy and maintain a prudent physical bullion position. Continued stimulus and unfunded promises will only debase the dollar further.

The Bank of Canada cut interest rates this week for the 7th consecutive time, lowering the overnight rate to 2.75%—a level we haven't seen since August 2022. But what really caught our attention wasn't just the cut itself—it was what Governor Tiff Macklem said at the press conference. Macklem explicitly stated that tariffs are restraining household spending intentions, and in response, the BOC is acting to stimulate the economy. That's right—he's openly admitting that the Bank is working to revive spending, which in Canada, largely means propping up the housing market. This isn't speculation. It's policy. And it's becoming increasingly clear that maintaining home prices is a top priority at the highest levels of government.But what does this mean for Canadians, especially those with mortgages renewing this year? We ran the numbers: a homeowner who took out an $800,000 mortgage in 2020 at 1.8% will see their monthly payments jump by $927 if they renew today at a 4.39% fixed rate. That's still 32% higher than what they were paying four years ago. While rate cuts are happening, they're nowhere near enough to ease the burden of higher borrowing costs—at least not yet. On the inflation front, early warning signs are flashing yellow. The Raw Materials Price Index is up 11% year-over-year, the highest jump since 2022. The Industrial Product Price Index is also rising, historically a leading indicator of core inflation. And with 20% of businesses planning to hike prices by 6% or more this year, it's possible that inflation could start creeping back up by Q4 2025. If that happens, we may not see as many rate cuts as the market is pricing in.The uncertainty around tariffs is also crushing consumer and business confidence. The Index of Consumer Confidence has now dropped below Global Financial Crisis levels, meaning people feel worse about the economy today than they did in 2008. And with nearly 63% of Canadians saying it's a bad time to make a major purchase, spending is slowing—bad news for businesses already holding back on investments. This hesitation is showing up in BC real estate sales as well. In February, home sales in BC fell 9.7% year-over-year, with average prices down 2.4%. The total sales volume hit just $4.8 billion, an 11.8% decline compared to last year. This is a major shift from the red-hot market we saw in 2021 and 2022, proving that even with rate cuts, buyers remain cautious.Lastly, we take a deep dive into the growing wealth divide. Despite economic uncertainty, household net worth in Canada surged 1.4% in Q4 2024, adding $236.3 billion in wealth and bringing the total to $17.5 trillion. Over the past year, wealth climbed by 7.3%, even after adjusting for inflation. But here's the catch: the top 20% of households now control 68% of all financial assets, a share that continues to grow. With interest rates coming down, asset holders will benefit the most, widening the wealth gap even further. _________________________________ Contact Us To Book Your Private Consultation:

Robert is joined by Andy Haldane, Chief Executive of the Royal Society of Arts and former chief economist at the Bank of England, to evaluate whether Trump will push the US and global economy to the bring of crisis, whether European and UK leaders will rise to the challenge and revitalise our continent, and whether re-armament is a compelling industrial strategy. Sign up to our newsletter to get more stories from the world of business and finance. Email: restismoney@gmail.com X: @TheRestIsMoney Instagram: @TheRestIsMoney TikTok: @RestIsMoney goalhangerpodcasts.com Assistant Producer: India Dunkley Producer: Ross Buchanan Head of Content: Tom Whiter Exec Producers: Tony Pastor + Jack Davenport Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this conversation, Meeyeon and Ryan discuss collateralized mortgage obligations (CMOs), exploring their structure, relevance, and the impact of the Global Financial Crisis. They delve into the customization of CMOs for different investor risk profiles and the role of special purpose vehicles (SPVs) in isolating mortgage assets. The discussion highlights the importance of financial education in understanding these complex financial products and their evolution since the financial crisis.

Stoneshield Capital's Juan Pepa and CBRE's Adolfo Ramirez-Escudero discuss Spain's economic renaissance, which has engendered bountiful investment opportunities.Share these insights about investment opportunities in Spain: Spain has great fundamentals: Gone are the dog days following the Global Financial Crisis. Spain's high economic growth rate has made it an attractive investment destination.Focus on alternative real estate sectors: Some of Spain's strongest sectors are student housing, life sciences and seniors housing.Renewable energy is in demand: Interest in energy and sustainable infrastructure, particularly around data centers and the industrial sectors, is high.Big pharma has a big presence: A consolidation of big pharma companies makes the region attractive for life sciences investment.It's a business-friendly environment: Incentive programs and a supportive regulatory environment has drawn inbound capital.

Why is it seemingly so difficult to find a human to speak to when having an issue with your bank or mobile phone company? And if you do, why do they sound like robots and/or aren't empowered to make a decision that will solve your problem? More broadly and worryingly, why is it nearly impossible to hold an individual accountable for decisions that led to a major societal or organisational calamity like the Global Financial Crisis, or the UK's Post Office Scandal? Something is going on, and today, we're going to talk about it. My guest is author Dan Davies, and we are talking about his latest book, The Unaccountability Machine - Why Big Systems Make Terrible Decisions and How the World Lost Its Mind. The book was long-listed for the Financial Times and Schroder's Business Books of the Year. Dan is a former investment banker turned author. His previous book, Lying for Money, was about the 2008 global financial crisis in which no banker went to jail. Dan became interested in why that was the case and to see if the same types of causes for that exist elsewhere. And they do. And it led him to write The Unaccountability Machine. Dan also has a wonderful term called the “accountability sink”, in which a human system delegates decision-making to a rule book rather than an individual, which means that when something goes wrong, no one is to blame. We get into all of that and so much more. Show notes: -The Unaccountability Machine: https://profilebooks.com/work/the-unaccountability-machine/ -Dan's newsletter: https://backofmind.substack.com/ -Dan's author page: https://profilebooks.com/contributor/dan-davies/ -Lying for Money: https://www.goodreads.com/book/show/38605195-lying-for-money?from_search=true -Dan's previous appearance on the podcast: https://allthingsrisk.libsyn.com/ep-89-dan-davies-lying-for-money -Stafford Beer: https://en.wikipedia.org/wiki/Stafford_Beer -Brian Eno: https://en.wikipedia.org/wiki/Brian_Eno -“Designing Freedom”, Stafford Beer's lectures from the Canadian Broadcasting Corporation (CBC): https://www.youtube.com/watch?v=SNVZ3IuNlXY&list=PLW6YNX5jIRDEvjZz0_icNAaelHXArzfc- -Norbert Wiener: https://en.wikipedia.org/wiki/Norbert_Wiener -Neural Networks: https://en.wikipedia.org/wiki/Neural_network_(machine_learning) -Variety engineering: https://en.wikipedia.org/wiki/Variety_(cybernetics) -Good regulator in management cybernetics: https://en.wikipedia.org/wiki/Good_regulator -Ben Recht: https://people.eecs.berkeley.edu/~brecht/bio.html -Jen Pahlka's Recoding America: https://www.goodreads.com/book/show/61796680-recoding-america -William Butler Adams / Brompton Bicycles: https://en.wikipedia.org/wiki/Will_Butler-Adams _ _ _ _ _ _ _ _ Learn more about The Decision-Making Studio: https://thedecisionmaking.studio/ All our podcast episodes are here: https://thedecisionmaking.studio/podcast  Our latest newsletter: https://us19.campaign-archive.com/?u=f19fc74942b40b513cf66af32&id=1e2a6c0ea9   

Enjoy this unique conversation with Christian Etienne, a seasoned expert in the real estate and reverse mortgage world. Recognized as an industry expert, Christian and his teams have managed and liquidated more than 80,000 real estate assets nationwide for a variety of GSEs, large banking institutions, and private equity portfolios.From his early days in South Louisiana to his current life in the Houston suburbs, Christian's career trajectory - from title insurance to mastering the nuances of reverse mortgages - offers a rare glimpse into the challenges and responsibilities in this niche industry. We examine the changing landscape of the mortgage and real estate markets post-Global Financial Crisis and the pressures it faces today. Rising taxes, insurance costs, and the specter of mortgage defaults in hurricane-prone areas signal potential mortgage defaults, while the commercial real estate sector grapples with its own set of challenges amidst new retail developments and the persistent issue of vacant office spaces, all compounded by rising interest rates. This episode serves as a comprehensive guide for investors and asset managers, highlighting the strategic decisions necessary amidst these market fluctuations and the anticipation of future adjustments. Connect further with Christian Etienne at LinkedIn https://www.linkedin.com/in/cdetienne/.Unlock elite low risk investment opportunities tailored to your priorities. Let our expert team maximize your returns while you focus on what matters most. Join our family of successful investors creating a lasting legacy of financial wealth and community impact together. Start or elevate your portfolio today. Email bill@firstliencapital.com or go to https://www.firstliencapital.com to invest with us.Stay connected with Bill Bymel and First Lien Capital:Linktree: https://linktr.ee/billbymelTo learn more, visit:https://billbymel.com/Listen to more episodes on Mission Matters:https://missionmatters.com/author/bill-bymel/

Send us a textIn this episode of 'The Wall Street Skinny,' Jen and Kristen dive deep into the finance-heavy intricacies of HBO Max's hit show 'Industry,' Season 1, Episode 7, aptly titled 'Pre Crisis Activity.' They discuss the ramifications of the 2008 Global Financial Crisis on Wall Street culture, touching upon terms like 'pre-crisis activity' and austerity measures implemented to curb excess and risk-taking. They also break down concepts like sales credits, account consolidation, and the senior relationship management (SRM) role within investment banks. You'll learn why keeping client relationships transparent is both a strategic tool and a political maneuver within financial firms.The conversation takes a turn into the murky waters of clawbacks and deferred compensation, shedding light on these often misunderstood topics. The hosts don't shy away from discussing timely issues like inclusion and diversity (DEI initiatives) in the workplace, while also tackling the dark side of competitive banking environments through real-world examples. This episode isn't just for fans of the show; it's a crash course in some of the most pressing financial issues of our time.Our Investment Banking and Private Equity Foundations course is LIVE: Learn more HEREOr for our "Express Workout", our one hour top 5 technicals you must know for investment banking Masterclass, purchase for $49 HEREOur content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Could the next real estate collapse dwarf the 2008 Global Financial Crisis? In this episode, we examine the warning signs pointing to a historic downturn, explore the causes behind this looming disaster, and discuss what it means for investors, homeowners, and the economy. Don't miss this urgent breakdown—your financial future could depend on it! Links & Resources Follow us on social media for updates: ⁠Instagram⁠ | ⁠YouTube⁠ Check out our recommended tool: ⁠Prop Stream⁠ Thank you for tuning in! If you enjoyed this episode, please rate, follow, and review our podcast. Don't forget to share it with friends who might find it valuable. Stay connected for more insights in our next episode!

In this episode of The Quantum Business Queen, we dive deep into the fascinating world of cryptocurrency and Bitcoin's meteoric rise. Host Sarah Tynan and her guest Joe Shew explore why Bitcoin remains a groundbreaking investment opportunity, even as it hits all-time highs. They also discuss the role of ETFs in opening the crypto market to institutional investors, the power of market cycles, and how strategic investing can lead to significant returns. Whether you're a seasoned crypto enthusiast or a curious beginner, this episode is your guide to navigating the crypto space with confidence and clarity. Key Takeaways: Why Bitcoin is Still a Great Investment: Learn how ETFs have unlocked institutional investment and why Bitcoin's market cap signals its potential to skyrocket. Understanding Supply and Demand in Crypto: Discover the power of halving cycles and how Bitcoin's limited supply drives its value higher. How to Balance Risk and Reward in Crypto Investments: Strategies for diversifying your portfolio between stable assets like Bitcoin and high-risk, high-reward altcoins. The Role of Mindset in Crypto Success: Why your financial psychology and strategy are key to long-term gains. Crypto Consulting Institute Joe is the CEO and Founder of Crypto Consulting Institute, Australia and New Zealand's No. 1 rated crypto education company on TrustPilot. Joe started his investing journey out at the age of 12, when he invested in his first stock on the London Stock Exchange. From there he followed his passion in finance and received a First Class with Honours Finance degree from a London University, whilst the Global Financial Crisis was happening. This was his first glimpse into how broken the traditional banking system is. From there Joe went on to work for multi-billion dollar New York Stock Exchange listed firm, Robert Half International (NYSE: RSI), where he accelerated through the ranks to become a Division Manager of the Finance team and one of the companies Top 10 Global Performers within just 3 years.With Joe's years of stock market experience and alternative thinking, he had quietly been getting educated in cryptocurrencies since early 2014 and was able to quit his day job, transitioning into his passion of investing and helping others grow and achieve financial freedom too… CCI is born.Over the past 8+ years, Joe and the CCI team, with a combined 64 years crypto experience, have helped thousands of day to day people transition from being ‘hope' to sophisticated investors with his proven 5 Pillar Investment System. In the process CCI has become the No. 1 rated crypto education business on TrustPilot and helped investors create over $56 million in profits to date and counting! To complement CCI, Joe founded CCI Capital at the start of 2023, a privately run multi-million dollar crypto investment fund.Joe has been featured on NASDAQ, Channel Ten, Channel Nine, Dollars With Sense TV, as well as speaking at a number of global events from Barclays Bank in London, Bitcoin and Blockchain Fair, alongside some of the biggest names in the space. He's been featured on a number of crypto documentaries, most notably The Bitcoin Field Guide alongside Bitboy.

In this episode of the Matthews Mentality Podcast, hosted live from the ICSC conference in New York City, industry veteran John Kite shares his journey from humble beginnings to becoming the Chairman and CEO of Kite Realty Group. John discusses the importance of having a supportive team, his background in construction and finance, and the growth trajectory of Kite Realty Group, which now boasts 179 operating properties and an enterprise value of $8.7 billion. Learn about the challenges faced during the Global Financial Crisis and COVID-19, as well as the company's resilience and strategic moves, including a major M&A deal with Inland Diversified. Throughout this engaging conversation, John provides insights into the retail real estate sector's resurgence and the driving factors behind its renewed interest. Don't miss this insightful episode about leadership, teamwork, and the competitive spirit needed to succeed in the real estate industry.00:00 The Importance of Support in Achieving Success00:33 Introduction 00:50 John Kite's Background and Career02:16 The State of Retail Real Estate05:15 John Kite's Personal Story08:14 Early Career and Family Influence10:44 College Years and Early Career17:21 Transition to Kite Realty26:41 Reflecting on the Journey27:09 Key Hires and Team Building29:37 Going Public: The Decision and Impact32:56 Surviving the Great Financial Crisis37:23 The Inland Deal and Rebirth38:52 Navigating the COVID-19 Pandemic43:17 Current Success and Future Plans46:16 Personal Reflections and Legacy