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Four investors. One hard question: does impact actually pay, and how do you prove it?This is a compilation episode of SRI360, pulling together four conversations that answer that question from four seats at the table — growth equity, private equity sustainability, infrastructure, and the policy world trying to move trillions. None treats impact simply as a discount you accept for doing good. Across four very different perspectives, they make the case that impact and financial success can — and increasingly must — work together.Maya Chorengel of TPG's Rise Fund only invests where impact and financial return are “collinear” — where the two rise together — and screens every deal for a 20%+ gross IRR and a measurable impact floor, using a formal equation built by TPG's in-house team. Cornelia Gomez of General Atlantic reduces the whole sustainability question to three value-creation levers — revenue, cost, and exit — and can name a company's three “hot potatoes” in ten minutes. Anish Majmudar of M&G runs a real-assets impact fund with roughly $750 million committed across 100-plus projects, built on the argument that infrastructure is where impact and cash flow line up most naturally. And Kieron Boyle of the Impact Investing Institute works the other end — trying to pull the trillions sitting in mainstream capital markets and family offices into the field.Taken together, they map how impact investing actually underwrites, measures, and defends itself — at a moment when the whole category is under political fire.In this episode we discuss:“Collinearity”: why the best impact deals are the ones where returns and impact rise togetherHow to underwrite impact with an actual equation — and a 20%+ IRR floorThe three levers that link sustainability to value: revenue, cost, and exitHow to spot the three sustainability risks that actually move valuation — fastWhy infrastructure is where impact and cash flow align most cleanlyPulling the trillions in mainstream and family-office capital into impactWhy the whole category is contested — and what the ESG backlash gets wrongFeatured guests:Maya Chorengel, Co-Managing Partner, The Rise Fund (TPG)Cornelia Gomez, Global Head of Sustainability, General AtlanticAnish Majmudar, Head of Infrastructures and Real Assets, Private Markets - M&G PLCKieron Boyle, CEO, Impact Investing InstituteAdditional ResourcesMaya Chorengel — The Rise Fund (TPG)Full SRI360° episode (EP50): https://sri360.com/podcast/maya-chorengel/The Rise Fund: https://therisefund.com/Maya Chorengel on LinkedIn: https://www.linkedin.com/in/maya-chorengel-603b76/HBR article “Calculating the Value of Impact Investing”Cornelia Gomez — General AtlanticFull SRI360° episode (EP74): https://sri360.com/podcast/cornelia-gomez/General Atlantic: https://www.generalatlantic.com/Cornelia Gomez on LinkedIn:https://www.linkedin.com/in/cornelia-gomez/Anish Majmudar — M&G plcFull SRI360° episode (EP43): https://sri360.com/podcast/anish-majmudar/M&G plc: https://www.mandg.com/Anish Majmudar on LinkedIn: https://www.linkedin.com/in/anish-majmudar-cfa-8192933b/Kieron Boyle — Impact Investing InstituteFull SRI360° episode: https://sri360.com/podcast/kieron-boyle/Impact Investing Institute: https://www.impactinvest.org.uk/Kieron Boyle on LinkedIn: https://www.linkedin.com/in/kjboyle/Discover More from SRI360°:Explore all episodes of the SRI360° PodcastSign up for the free weekly email update

I really enjoyed hosting this Alpha Exchange discussion with Ulrike Hoffmann-Burchardi, CIO for the Americas and Global Head of Equities at UBS Global Wealth Management. Ulrike has had a long career in markets, having spent nearly 25 years at Tudor Investment Corporation working across quantitative macro and global tactical asset allocation before joining UBS. We begin with Ulrike's academic background in economics, political science and financial econometrics and the path that ultimately brought her from academia to Tudor. She reflects on the culture created by Paul Tudor Jones and several lessons that stayed with her throughout her career: the importance of respecting trends, sizing positions appropriately, understanding liquidity and recognizing that while markets continually evolve, the human emotions driving them remain remarkably consistent. We then turn to portfolio construction at UBS, where Ulrike and her team combine three distinct lenses: macro, bottom-up fundamentals and structural trends. Within that structural framework, they are focused on three transformational opportunities—artificial intelligence, power and resources, and longevity. We discuss how AI connects all three and why the enormous capital expenditure associated with its development is increasingly becoming a macro factor in its own right. Ulrike walks us through the potential bottlenecks to the AI buildout, from electricity and grid capacity to permitting, turbines and transformers, as well as the possibility that monetization fails to keep pace with investment. We also explore opportunities across the AI value chain, including semiconductors, power, industrials, materials and healthcare. Lastly, we discuss hidden correlations and why portfolios that appear diversified across traditional asset classes may share common underlying exposures. I hope you enjoy this episode of the Alpha Exchange, my conversation with Ulrike Hoffmann-Burchardi.

Payments companies were among the first to experience the pressures that hit the fintech scene and the broader software industry over the past couple of years. Now activity is reviving, with several big deals. What's changed, and which other parts of the sector stand to thrive amid ongoing disruption? Jason Gurandiano, Head of U.S. Technology Banking and Global Head of Fintech Banking, is joined by colleagues Matt Thomas and Asif Ahsan for the second part of their analysis.Key pointsPayments companies are trading at a discount relative to cashflow and are likely to see strong M&A activity.Agentic commerce and stablecoin are potential game-changers in payments.Strategics are targeting companies with a hardware component alongside proprietary data as moats against AI.Digital assets and trading platforms are among the subverticals with strongly favorable signals.Chapter markers:Introductions [00:06]Joe Coletti introduces the second part of a discussion led by Jason Gurandiano, Head of U.S. Technology Banking and Global Head of Fintech Banking, with Matt Thomas, Managing Director in Technology Investment Banking, and Asif Ahsan, Managing Director in Technology M&A.Payments strength [00:46]Activity in the payments sector has picked up meaningfully in the past three months. The space has become more global and less fragmented, as companies seek to own whole steps of the value chain. Many payments companies are trading at a discount and this is an area of likely continuing M&A activity.Impact of agentic commerce and stablecoin [04:34]Agentic commerce is set to transform payments, and will drive transactions to ensure security against fraud. Stablecoin is becoming institutionalized and could prove disruptive to traditional banking when paired with consumers' digital wallets. Information services outlook [08:13]Information services companies' success rests on whether their data is truly proprietary or can be easily replicated. A combination of proprietary data and hardware is increasingly valued by companies looking to do M&A.Subvertical verdicts [10:17]Summing up their views, participants are broadly bullish about payments and financial software. Views on market structure, information services, and disruptive financial services are mixed, with some players facing greater risks. Signs are good for digital assets, crypto, and tokenization, with strong innovation and maturing players.

Nadine Chakar, Global Head of DTCC Digital Assets, joined us to discuss DTCC's plans for asset tokenization and its vision for bringing financial markets on-chain.Topics:- DTCC Tokenization plans- Stock Tokenization Risks- Which asset classes will be tokenized- Will Institutions create their own blockchains- Future of markets

Amid the SaaSpocalypse panic, fintech companies remain relatively resilient, protected by the specialized and highly-regulated nature of the financial market. But investors are looking for strong retention and growth, including AI-driven revenues. Jason Gurandiano, Head of U.S. Technology Banking and Global Head of Fintech Banking, is joined by colleagues Matt Thomas and Asif Ahsan to analyze what will set the winners apart from the competition.Key PointsPublic and private markets in fintech remain robust.While affected by AI disruption, the sector has been more resilient than the broader software market.Investors are looking for high retention and growth, including AI-driven revenues.Wealthtech and Insurtech are attracting most interest and are set to see strong M&A.Opening and introductions [00:06]Jason Gurandiano, Head of U.S. Technology Banking and Global Head of Fintech Banking, summarizes RBC's 11th annual fintech conference. It attracted the biggest engagement of the past five years: 430 delegates and 740 investor interactions. He introduces Matt Thomas, Managing Director in Technology Investment Banking, and Asif Ahsan, Managing Director in M&A.Hunt for investments [02:15]Fintech innovation is accelerating. Private investors are actively seeking new investments; public investors are striving to understand the impact of AI on current investments. The winners will be companies demonstrating high gross retention as well as growth that is at least partly driven by AI features.Fintech's resilience [7:37]The specialized and highly-regulated nature of finance is providing fintech with some protection from the disruption affecting software more broadly. But there is a bifurcation, with successful companies achieving robust trading multiples and perceived losers trading near cyclical lows.Embedding offers insulation [9:10]Fintechs that are strongly embedded with their end customers have most protection, and have the opportunity to go on the offense with new products.Areas of opportunity [11:36]Wealthtech and Insurtech are attracting most interest: M&A is likely to remain strong in these subverticals over the next 12 to 18 months. Capital markets software has strong interest, but incumbents face threats from customers with their own AI budgets.

Investors are keeping a close eye on Jackson Hole for signals on the economic outlook and the path for rates. Our Chief U.S. economist Michael Gapen joins Global Head of Macro Strategy Matthew Hornbach to discuss whether markets get what they want—or what the Fed needs.Read more insights from Morgan Stanley.----- Transcript -----Matt Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy at Morgan Stanley. Michael Gapen: And I'm Michael Gapen, Chief U.S. Economist. Matt Hornbach: Today, we'll be discussing the Jackson Hole Economic Symposium and Chairman Warsh's opening remarks. It's Thursday, August 27th at 10am in New York. So, Mike, let's get right into it and talk about the upcoming opening remarks by Chairman Warsh at the Jackson Hole Economic Symposium that will be delivered to the public at 10 am tomorrow, Friday. How are you thinking about what to expect from those opening remarks? Michael Gapen: Well, historically, and by historically, I mean in a post-2008-2009 world, Jackson Hole has been used, not every year, but frequently as a venue to communicate to markets. The longest gap on the Fed's meeting calendar is between the July and September meetings. So, Jackson Hole falls between that and provides a useful opportunity to communicate what might be coming. That's what's normally been done. Warsh has repeatedly stated he wants the Fed to talk less and communicate less and say less. So, I don't think we will see or hear, in this case, a lot about his views about how the economy is operating today and how monetary policy may be conducted into year-end. So, I don't think we'll hear a lot about, say, the December; the outlook for the economy from September to December, and what it might imply for interest rate policy or balance sheet policy. So, little in the way of near-term forward guidance. I do think, however, he did say in the July press conference that the venue would be good to tackle some of these big questions that he has talked about, that he's created these task forces for. So, whether it is the balance sheet or the inflation framework, or communication or AI and productivity or data quality and so forth. This would provide, I think, a reasonable opportunity for him to start talking about that. I don't think maybe we'll get a lot of conclusions. But I would look for commentary that's more in the question; or in the spirit of those big questions and less about the near-term conduct of policy.So maybe not what markets want, but this is what markets will get. Matt Hornbach: Just rewinding a bit, the conference itself is on a somewhat of a niche topic. What exactly is the conference about? And, in terms of the papers that get released at the conference, do you have any sense as to where they might be headed? Michael Gapen: So, the topic of this conference, the economic symposium, as you noted, is Financial Innovation: [its] Implications for [the] Payments [system] and [monetary] Policy. So, I would expect there to be a lot of sessions for things like central bank digital currencies or stable coins or Bitcoins. Near money type innovation that has happened in recent years, which leads to things like competition for deposits from the non-financial sector vis-a-vis the financial sector. So, a competition of near moneyness to money, if you will. Its implications for the interaction between the non-financial system and the financial system, competition for deposits. Does it create risks around financial disintermediation? And therefore, how might the regulatory environment and monetary policy work in that world? So little more, I'll call it, esoteric and maybe arm's length from the day-to-day conduct of policy. But I would look at the speeches probably in that vein. Deposit competition, financial market stability, and what kind of regulatory framework might you need to ensure we can still conduct policy effectively in that world. Matt Hornbach: Sounds like an exciting set of papers… Michael Gapen: Yes. Yes. Matt Hornbach: … for professors to read through. Michael Gapen: This is why they don't often leak the schedule too far in advance, right? We all might decide not to listen. Matt Hornbach: Indeed. Well, it is the end of August, and people are probably still on holiday here and there… Michael Gapen: I'm doing my best, but you called me in today. Matt Hornbach: Yeah, the least I could do. So, you did mention that this might be an opportunity for Chairman Warsh to maybe spotlight a bit these task forces and the topics that they're tackling, one of which is the inflation framework. And that word framework, I think, is important because the investors that we've been speaking with are frustrated that the Fed has not really laid out a framework – for monetary policymaking in this new era of Chairman Warsh, and his leadership at the Fed. So, I'm curious, if we're not going to get forward guidance on monetary policy and what will happen at the next meeting. And we're also not going to get much forward guidance on the framework that the Fed is using to decide on what to do with short-term interest rates. What are we meant to think about the framework? Michael Gapen: Yeah, I think ultimately, of course, we're going to need to know this, and this is what economists would refer to as the ‘difference between forward guidance and the "reaction function." So, the framework is really, you've got a set of tools, how do you intend to use them to achieve your objectives? A conventional Fed would say, "Well, if interest rates are low and inflation's too high, then we should raise rates," right? So high inflation brings high interest rates, low inflation brings low interest rates. All else equal, there's still the employment side of the mandate, of course. And the market had that view, at least initially, right? As we were in the June-July period and Warsh was talking hawkishly, the curve generally flattened. Expectations for front-end yields moved higher, and inflation-fighting credibility maybe kept the back end stable or brought the back end down. So, you could argue the markets looked at Warsh as maybe bringing a conventional reaction function and a conventional framework. But in the June and July FOMC meeting and in conversations with the press during the press conferences, Warsh – I don't want to say backtracked. He just didn't validate that and did say that we will achieve price stability. Didn't quite say how he would use the tools to do that. And even suggested maybe interest rates weren't the primary mechanism with which to influence, create, deliver price stability. So, the curve then steepened out. So, I think the market is wondering what Fed chair we have and what his reaction function is? And if inflation's running hot, is it an interest rate answer or is it a balance sheet answer? I'd also just add one last thing, Matt, is it makes a difference what the rest of the 18 people on the FOMC think. [Be]cause I think you would agree, and I'll put forward right now, I think they have a largely conventional view. Half of the committee thought it was time to raise rates in June. So, we have a balance between not knowing the chair's framework and having to intuit it. Or hope that we hear more. But then also knowing the other 18 who could band together and have greater voting power act in a largely conventional framework. I think that's the debate and the dilemma that we're all dealing with. Matt Hornbach: Yeah, I think investors, have certainly expressed frustration about the lack of guidance in any form or fashion. Perhaps with the exception of the balance sheet; we have a general idea that the balance sheet will be smaller in the future. And we have a sense from what Chairman Warsh has said in front of the House of Representatives during his semi-annual testimony that any changes would happen gradually over time. But, in terms of the pricing of the July meeting, and what happened at the July meeting, investors were very disappointed that the Fed did not go ahead and raise rates in July. Now, the market was only assigning about a one in three odds of a rate hike in July. And so, the fact that the Fed did not go ahead and raise interest rates in July was not a surprise in the sense of market pricing. But I do sense that investors were frustrated; that because they didn't get much forward guidance going into the July meeting, that the market might not have priced more probability on a July rate hike because the Fed, in fact, did not signal that they were leaning in that direction. But I see it as somewhat ironic because it seems to me, and I'd like to get your view on this. It seems to me that Chairman Warsh doesn't want to provide that type of specificity. He'd rather have the markets tell him what to do at an upcoming meeting, as opposed to him telling markets what to do at an upcoming meeting. How do you think about that? Michael Gapen: Oh, I think it's… [It] strains credibility to think that by saying nothing, you get the market's interpretation of the economy, data, and events – without the market thinking what the Fed thinks about it. I don't think that there's a world where you get the unvarnished market expectation independent of the Fed. So, I don't personally agree in the analogy of the market should play the ball and not the referee. The Fed is not a referee in markets. The Fed is a player in markets. Monetary policy acts through financial markets to achieve a set of financial conditions to deliver price stability and maximum employment. So, the Fed and markets are on the field at the same time. The Fed, in some ways, is the 800-pound gorilla on the field at the same time. So, everybody else on the field has to know what the gorilla is doing in order to do what they're supposed to do. Yes, there's always some circularity between Fed communication and market reaction to that. But I think that's natural and normal and important in making monetary policy effective – meaning it has to transmit through financial markets. And so, you could diminish the effectiveness of monetary policy if you don't tell the market what, at least what your framework is and what your reaction function is. And the tools that you intend to use and how you would intend to use them. Then the market could be an inefficient transmitter of monetary policy. So, I disagree with the notion that by saying less, the Fed learns more. But that's my view. I'm one of many. That's my opinion. The chair obviously has a different view. Matt Hornbach: Well, I can certainly understand not wanting to be the referee, especially after what we saw at the World Cup. There were a couple of games where the referee… Michael Gapen: And nobody likes the referee. At least half the people are upset with the referee. Matt Hornbach: Indeed. Okay. So, Mike, I think we're going to leave it there. Michael Gapen: Thanks for having me on, Matt. Matt Hornbach: 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.

In the wake of this week's landmark $18 billion settlement with Meta, we're bringing you an episode with Yaël Eisenstat, one of the leading thinkers on the issues at the heart of that case — and the many other recent legal challenges that may be fundamentally changing how we think about the power and responsibility of technology platforms. In recent months, courts and juries across the country have been confronting questions that technology policy has wrestled with for years: When should platforms be held responsible for harms facilitated by their products? Where is the line between regulating speech and regulating product design? And what does it look like to build the legal cases that hold Big Tech accountable? And after decades in which Section 230 and other legal protections often prevented these questions from reaching juries at all, are we witnessing the beginning of what we're calling tech's Big Tobacco moment? In the episode, I speak with Yaël Eisenstat about the recent cases against Meta and other platforms, the years of research, journalism, whistleblowing, advocacy, and litigation that made this moment possible, and what happens when evidence about the consequences of technological design finally reaches ordinary jurors. We also ask what these cases can—and cannot—accomplish. Can litigation succeed where legislation and regulation have struggled? Can social media actually be redesigned to serve the public interest, or are its harms inseparable from its underlying business model? And as our technological landscape shifts from social media toward increasingly personalized and intimate AI systems, are we building an accountability framework for the last technological era just as the next one arrives? Yaël Eisenstat is the Director of Policy and Impact at the CyberSafety Research Center, where she works on policy approaches to holding online platforms accountable for their effects on public safety and democracy. She previously served as Vice President of the Anti-Defamation League's Center for Technology & Society and, in 2018, joined Facebook as its Global Head of Elections Integrity Operations for political advertising. Before entering technology policy, Eisenstat spent 14 years in public service as an intelligence officer, diplomat, and White House adviser. She has since become a prominent advocate for greater transparency and accountability in the technology industry.

Our Global Head of Fixed Income Research Andrew Sheets discusses when and how higher yields and mounting U.S. debt could become more than abstract concerns.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Today, at what point do higher yields and higher debt actually matter? It's Wednesday, August 26th at 2pm in London. In its first 240 years, the United States of America accumulated roughly $20 trillion in federal debt. The country has borrowed another [$]20 trillion in just the last 10. The question for investors is when this debt load will act as a brake on economic activity? Or, worse, create stress that disrupts today's relative calm?So, let's start with the first question. For economic activity, the bar seems pretty high. You see, even with all the activity around AI, U.S. corporate debt as a share of the overall economy is broadly unchanged in the last decade and actually lower than where it was before the pandemic. The balance sheets of the household sector in the U.S. are even stronger. Household debt to GDP is lower than where it was prior to COVID and lower than where it was in the year 2000. And this may even understate the strength – because much of this debt is locked in at historically low mortgage rates; while household assets, the other side of the balance sheet, have soared to record levels.That may help explain why both consumers and businesses have remained more resilient than expected this year despite the higher interest rates and energy prices. This divergence of trend between public and private balance sheets is also global. Europe has also seen higher government debt offset by even more private sector de-leveraging, while Japan has seen rising public borrowing and pretty stable private sector leverage. To some degree, this divergence between the public and private sides of the economy reflects a policy choice. Governments determine how to balance taxation and spending. And many countries, not just the U.S., have reduced taxes over the last decade while allowing public borrowing to increase. A deterioration of public sector finances relative to private sector finances – it's not especially surprising given that choice. If strong balance sheets are helping U.S. households and companies be less sensitive to higher rates, where should we look for stress? Well, for all of this debt, the U.S. bond market is actually still pretty well-behaved. U.S. inflation expectations are roughly unchanged year to date. Expected bond market volatility is historically low.Indeed, one reason that recent intervention by the U.S. Treasury into the bond market was such a surprise to investors was the lack of these usual stress markers. Instead, the point at which these higher yields might have a larger market impact may be up to another factor: asset allocation. Today, 30-year Treasury bonds yield about 3 percent more than expected inflation over that period. Long-dated U.S. investment-grade corporate bonds once again yield more than 6 percent. And so, the question of when higher yields begin to matter may be less about when businesses stop borrowing or consumers stop spending. And be more about when investors decide that bonds offer better value than stocks. So far, Morgan Stanley Research is not seeing clear evidence of that shift. Fund flow data and market correlations do not suggest a significant reallocation away from equities, and strong earnings growth is helping support the equity valuation case. But these are metrics that we'll be watching. In the meantime, we think that rising U.S. debt and Treasury market intervention may weaken the U.S. dollar, especially against a high-yielding currency with much, much lower debt levels – the Australian dollar. Thank you as always for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

Barclays Global Head of Technology Investment Banking Kristin Peterson joins to discuss her outlook for the IPO market with OpenAI and Anthropic in the pipeline. We also break down the expectations for Nvidia earnings, which are slated for after the bell today. Plus, Citi's Tyler Radke breaks down why he opened a positive catalyst watch on Oracle. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this episode of the Insurance Coffee House, Nick Hoadley is joined by Kirk Southern, Group Chief People Officer at Howden, a global insurance group with around 26,000 employees across 57 countries.Kirk shares his career journey from recruitment into HR, beginning with an administrative role during the financial crisis before moving into HR at Royal Bank of Canada. He reflects on the importance of early sponsorship, the value of learning directly from the business, and how roles at Citadel, Barclays and Arrow Global helped him build experience across business partnering, commercial management and reward before joining Howden in 2022.The conversation explores Kirk's transition from Global Head of Reward, Benefits and Wellbeing into the Group Chief People Officer role, and what it means to lead the people function within a rapidly growing, founder-led insurance business. Kirk explains why one of his biggest priorities is protecting Howden's culture while continuing to bring in talent that is comfortable with autonomy, ambiguity and taking responsibility for building and growing the business.Nick and Kirk discuss how the role of the Chief People Officer is changing. Kirk argues that CPOs and CHROs are increasingly expected to operate as commercial advisers to CEOs, boards and investors, with a clear understanding of how people decisions connect to growth, revenue, profitability and long-term value creation. He reflects on why commercial acumen, data and organisational design are becoming increasingly important capabilities within the profession.The discussion also looks at Kirk's relationship with Howden founder and CEO David Howden. Kirk shares what he has learned from working closely with a founder-led leadership team and why having a genuine voice in strategic conversations matters. He discusses some of the questions senior leadership teams are considering around workforce planning, culture, organisational design and how businesses remain flexible as technology and the world of work continue to develop.Nick and Kirk also explore how Howden is approaching technology across a large and growing organisation. Kirk explains how curiosity and experimentation are already part of the culture, making the challenge less about encouraging adoption and more about prioritising the opportunities that can create meaningful value. He discusses the importance of balancing experimentation with governance, understanding the implications for organisational design and skills, and keeping people at the centre of those decisions.The conversation then turns to the relationship between the people function and the board. Kirk explains why HR leaders need to move beyond professional terminology and understand how the business actually makes money. For him, combining strong people expertise with commercial understanding is one of the clearest differences between being an HR specialist and operating effectively at CPO or CHRO level.Kirk closes with advice for HR professionals who aspire to reach senior leadership. He emphasises patience, humility and the importance of building experience over time. He encourages people to remain ambitious while recognising that judgment develops through experience, mistakes and exposure to different business situations.Connect with Kirk Southern on LinkedIn to follow his work across people leadership, organisational strategy, culture and talent at Howden.The Insurance Coffee House Podcast is brought to you by Insurance Search.We are a global Insurance Executive Search Consultancy, supporting Insurance and Insurtech businesses to attract and retain the very best insurance talent.Find out more about showcasing your employer brand as a guest on the Insurance Coffee House Podcast or sign up to our News and Insights.Or follow us on LinkedIn, Twitter or Instagram.Insurance Executive Search Consultants in USA, London and Bermuda.Copyright Insurance Search 2025 - All Rights Reserved.

What happens when asset owners stop managing asset classes and start managing the whole fund? How do portfolios change, and how does the industry reorient their business models around them? In this episode, a practical sequel to Season 1's introduction, we break down how TPA changes investment processes, how portfolios differ under an SAA framework, and what this means for external managers. With insights from CPP Investments, NZ Super, Blue Owl, and Capital Group, the conversation highlights how partnership, transparency, and solution-oriented relationships reshape the manager-investor relationship in a TPA world.Guests:Geoffrey Rubin, Chief Investment Strategist, Total Portfolio Management, CPP Investment BoardCharles Hyde, Head of Asset Allocation, New Zealand Superannuation Fund Eugene Podkaminer, Institutional Solutions, Capital GroupJames Clarke, Senior Managing Director, Global Head of Institutional Capital, Blue Owl Capital⁠Episode Sources

Dominik Wellmann, Global Head of Tax and Customs bei der Mercedes-Benz Group, spricht mit Fabian und Christian über die Steuerwelt eines DAX-Konzerns. Er erklärt, welche Rolle seine Abteilung bei Vorstandsentscheidungen spielt, warum die geplante Abschaffung der strafbefreienden Selbstanzeige aus seiner Sicht problematisch wäre und wie stark die Gewerbesteuer durch Hinzurechnungen bei großen Unternehmen ins Gewicht fällt. Im internationalen Vergleich ordnet er ein, wo Deutschland steuerlich steht und wo andere Länder bei Digitalisierung und E-Invoicing bereits weiter sind. Außerdem geht es um die Folgen der US-Zollpolitik für den Automobilexport, die Belastung durch Körperschaftsteuer und Sozialabgaben sowie um konkrete KI-Anwendungsfälle in der Steuerabteilung von Mercedes. Nähere Informationen zum Podcast und alle bisherigen Folgen findest Du auf unserer neuen Website: https://www.steuer-podcast.de/ Schau gern mal vorbei und stell uns Deine Frage! Du willst deine Einkommensteuererklärung selbst über ELSTER machen, aber dabei keinen Cent liegen lassen? Dann sicher dir das neues Buch: „Sei doch nicht besteuert“ (Erweiterte & aktualisierte Ausgabe 2026) https://amzn.eu/d/0aKeCQmB Mit Widmung: www.rombach.de/steuerfabi Hier findest Du unsere Kontaktdaten, um bei steuerberaten.de Mandant zu werden oder eine einmalige Steuerfrage zu stellen: https://www.steuerberaten.de/kontakt/ Du hast Fragen oder Anmerkungen zum Podcast? Dann schreib uns gerne eine E-Mail an: podcast@steuerversum.de

Send us Fan MailNike Running Global Head Coach, Chris Bennett, joins us to share his definition of winning. Simply put, leave something better than you found it. Winning comes through action, and here's how to take it. Chris shares insights from his new book, 'This Is About Running. This Is Not About Running.'Thank you for tuning in! If you feel led, please subscribe & share the show to others who you believe would benefit from it.Keep in touch below!Join The Unshakeable Discipline Community! Winning Is... Weekly Newsletter!LinkedIn | www.linkedin.com/in/ryanacass/Instagram | @ryanacass

Aug 21, 2026; 6pm: MS NOW's Ari Melber reports on a flashing “Code Red” for President Trump and Republicans as Trump's poll numbers continue to sink. Plus, Melber reports on a troubling new power grab in Trump's retribution campaign and is joined by former U.S. Attorney Joyce Vance. And in a special digital extra, listen to part of Melber's interview with YouTube's Global Head of Music Lyor Cohen on his interview series, “On Wax.” To listen to this show and other MS podcasts without ads, sign up for MS NOW Premium on Apple Podcasts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Success does not always mean moving faster, achieving more, or keeping up with someone else's timeline. Dr. Stephanie Gutnik has built a career across marketing, business development, media, travel, and entrepreneurship, yet some of her biggest lessons have come from learning when to slow down. Stephanie and I explore burnout, wellness, fear, AI, social media, intuition, and why our lives rarely follow a straight path. We talk about doing your best without needing to be the best, trusting your instincts, letting go of what you can't control, and staying open when life changes the plan. I believe you'll find useful ideas here about personal growth, resilience, and creating a life that feels like your own. Highlights: 0:10:15 - How high achievement can lead to burnout, stress, and health issues. 0:16:09 - Learning to control fear instead of letting fear control you. 0:24:30 - How asking, trying, and taking initiative can open new career paths. 0:35:35 - Doing your best matters more than being the best. 0:45:26 - Knowing when to stop pushing and let life unfold. 0:58:37 - Trying more helps you discover what you're capable of. About the Guest: Dr. Stephanie Gutnik is President of tuxedo concepts, providing management consulting and public speaking to organizations across the world. Her focus areas are integrated marketing communications, business transformation and corporate wellness. She is also the author of the children's book, “My Very Best”. Stephanie has spoken globally from Taiwan to Brazil, with notable events including Advertising Week New York and London, Ad Age's Business of Brands in Chicago, Brand Innovators in New York, Possible in Miami and AdAI in Toronto. Her articles and interviews can be found in publications such as Adweek, AdExchanger, Digiday and the Association of National Advertisers. She has also been a juror for the likes of The Drum and Future is Female. As EVP Omnichannel at Wilkins Media, Stephanie has previously held roles as Global Chief Strategy Officer at Billups, Global Head of DOOH at Yahoo, Vice President of Digital Strategy and Programmatic Sales at OUTFRONT Media, and Vice President, Business Development at Broadsign. She sits on the Board of Directors of the Canadian Association of New York and Jewish Community Foundation of Montreal. Stephanie graduated with a BA from McGill University and has a MBA and doctorate from Edinburgh Business School. Ways to connect with Dr. Stephanie**:** People can follow me on LinkedIn (https://www.linkedin.com/in/stephaniegutnik/) Tuxedo concepts (tuxedoconcepts.com). My book is available through Amazon and directly through Book Baby (https://store.bookbaby.com/book/my-very-best) About the Host: Michael Hingson is a New York Times best-selling author, international lecturer, and Chief Vision Officer for accessiBe. Michael, blind since birth, survived the 9/11 attacks with the help of his guide dog Roselle. This story is the subject of his best-selling book, Thunder Dog. Michael gives over 100 presentations around the world each year speaking to influential groups such as Exxon Mobile, AT&T, Federal Express, Scripps College, Rutgers University, Children's Hospital, and the American Red Cross just to name a few. He is Ambassador for the National Braille Literacy Campaign for the National Federation of the Blind and also serves as Ambassador for the American Humane Association's 2012 Hero Dog Awards. https://michaelhingson.com https://www.facebook.com/michael.hingson.author.speaker/ https://twitter.com/mhingson https://www.youtube.com/user/mhingson https://www.linkedin.com/in/michaelhingson/ Thanks for listening! Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share it using the social media buttons on this page. Do you have some feedback or questions about this episode? Leave a comment in the section below! Subscribe to the podcast If you would like to get automatic updates of new podcast episodes, you can subscribe to the podcast on Apple Podcasts or Stitcher. You can subscribe in your favorite podcast app. You can also support our podcast through our tip jar https://tips.pinecast.com/jar/unstoppable-mindset . Leave us an Apple Podcasts review Ratings and reviews from our listeners are extremely valuable to us and greatly appreciated. They help our podcast rank higher on Apple Podcasts, which exposes our show to more awesome listeners like you. If you have a minute, please leave an honest review on Apple Podcasts. Transcription Notes: Michael Hingson  00:04 What if the biggest thing holding you back isn't what's in front of you, but rather what you believe? Welcome to Unstoppable Mindset, where inclusion, diversity, and the unexpected meet. I'm your host, Michael Hingston, speaker, author, and advocate for inclusion and possibilities. This podcast explores how the beliefs we carry shape the way we live, lead, and connect with others. Each week, I talk with people who challenge assumptions, face adversity head-on, and show what's possible when we choose curiosity over fear. Together, we focus on mindset, resilience, and the small shifts that lead to meaningful change. Let's get started. Hi there! Welcome to another episode of Unstoppable Mindset. We're glad you're with us wherever you happen to be. Hope you're having a good day. Our person that we get to chat with today is Dr. Stephanie Gutnik, Doctor No Less. We'll have to find out about that, but she is is here from Toronto, where right now it's pretty cold because we're recording this on the 30th of January, so it's cold where she is. It's not quite as cold where I live in Victorville, California, but we're doing okay and we'll cope. So Dr. Gutnik is the president of Tuxedo Concepts, and I'm not going to go into any detail about it because I want to leave all that for her. So we'll just do it this way. Stephanie, welcome to Unstoppable Mindset. We're glad you're here. Dr. Stephanie Gutnik  01:49 I am so glad to be here. Thank you. Michael Hingson  01:51 Why don't you tell us a little about maybe the early Stephanie growing up and all that? Let's start with that. Dr. Stephanie Gutnik  01:57 All right. The early Stephanie grew up in Winnipeg, Manitoba, which is even colder than Toronto is this time. So I'm definitely used to snow and negative temperatures, and I just had a wonderful, wonderful upbringing to be in the prairies. You get perspective on a lot in life, and was very close with family, friends, and then very quickly I wanted to discover more of the world, so I left to study at McGill for undergrad, and it's in Montreal, in Canada. And my life took shape around that. I traveled the world. I continued my academic pursuits and certainly climbed my way up in the business world as well. Michael Hingson  02:47 How did travel to various places sort of shape your outlook on things? Dr. Stephanie Gutnik  02:54 I've always had the travel bug. Growing up, we would go away to you know different parts of the states and some warmer destinations with a family road trip as well. And then as I got older, it was it was Europe, it was Australia, and I was always very happy to travel alone or with groups of people that I met for the first time. And I was just really curious to see what life was like in other places, and that translated very nicely into my my working reality, where I was largely in marketing and business development throughout my career, and I was with companies at first that were rapidly expanding internationally. So I was able to open an office in China and set a business plan for you know hiring in the Middle East and go to South America and speak and and grow the business. So I'm really grateful because when I meet people now, typically wherever they're from, I can you know pick my favorite food that I ate while I was there, and we have something to smile about and talk about. Michael Hingson  04:04 That's pretty cool. Well, I I haven't traveled as as much as you have, but I've traveled enough, and I enjoy travel. I enjoy going to different places and meeting people and experiencing different customs. And even around the United States, there's so many diverse and different kinds of environments. It's it's pretty fascinating. Dr. Stephanie Gutnik  04:25 Very much. Do you have a favorite place in the U.S. Michael Hingson  04:29 Oh, it's still going to be California because the weather's better. Dr. Stephanie Gutnik  04:34 I hear you. I Michael Hingson  04:35 my favorite place is probably in the San Diego area because I think it's still the best weather anywhere. It's a temperate climate. It's a good climate. It doesn't really get cold to freezing very often, although it can in the winter. But it warms right up during the day. So I really like San Diego. We enjoyed my wife and I living in San the San. San Francisco area. We lived in a town called Novato, which is in the North Bay of the San Francisco area. We lived there for 12 years, and I enjoyed that too. But San Diego still has the best weather. Dr. Stephanie Gutnik  05:12 The air in La Jolla is is delicious. Michael Hingson  05:17 Oh yeah, Speaker 1  05:18 yeah, Michael Hingson  05:19 and and of course that's the whole point. La Jolla is such a nice place, and it's northern San Diego County, and you've got the beach, and you've got the university there, and so many other things that make it a nice place. Dr. Stephanie Gutnik  05:32 Very true. Michael Hingson  05:33 Now I live in Victorville, which is kind of up on the high desert of California, so it's not exactly the same. And I never thought I would live here. But we moved here because it was the only property in Southern California when we wanted to move down to be closer to family. It was the only property that we or place where we found property where we could build a home, and we wanted to build a home because my wife was in a wheelchair her whole life, so we wanted to build an accessible home, and that's what we did. So we've been here now. I've been here for well. We moved down in July of 2014. So my gosh, it's going to be 12 years in five months, Dr. Stephanie Gutnik  06:13 isn't it? It's funny that you say that because I always find in life there just you find yourself in circumstances that you did not plan, and then they become rather permanent, and you can't really envision your life without that place or that circumstance. Michael Hingson  06:30 I hear you. I agree. And well, and you know, this house is very comfortable. I like it. My wife unfortunately passed away in November of 2022, so it's me, a dog, and a cat, but I enjoy it, and I'm I'm perfectly happy here. I said I never thought I would live in Victorville, but that's okay. That is where I am, and the house is wonderful, so I I'm I'm fine with it. If I had one thing to say about Victorville, it is the drivers up here all think they own the road, and they're as far as I'm concerned. I ought to be able to get a driver's license because I could drive as well as a lot of the people up here. I don't see the problem myself. Dr. Stephanie Gutnik  07:12 But up until recently, I hadn't driven a car in like at least 12 years, just from living, you know, in more cosmopolitan cities, and really enjoying a good walk. Michael Hingson  07:24 Yeah, Dr. Stephanie Gutnik  07:24 just yeah. Michael Hingson  07:25 But you drive now? Dr. Stephanie Gutnik  07:27 No, I've just been behind the wheel to break that. Break that. Michael Hingson  07:31 Just to get into that habit. Yeah. Dr. Stephanie Gutnik  07:33 Totally. Yeah. Michael Hingson  07:35 Well, and Toronto, you you can certainly get around Toronto without a lot Of grief, Speaker 2  07:41 totally, Dr. Stephanie Gutnik  07:41 yeah. I am. I very much value the ability to live somewhere where you can just run out and pick something up to eat, or you know, see people around you. I think it's important. Certainly, it feeds me. Michael Hingson  07:58 Yeah. So, and I and really, for the most part, enjoyed living in New Jersey and working in New York City. New York City is a great place to be able to get around. It's pretty easy to to travel anywhere in the city, subways and all that. Now, it wasn't as easy for my wife because she was in a wheelchair her whole life, and a lot of subway stations and so on aren't accessible. But one day, it was actually before we moved back there. We were both we were in the city, and my wife wanted to go see the UN, and it turns out that she could go downstairs in the hotel where where we were staying, and I was doing other work. But she was able to get a bus that took her right to where the UN was. She could wheel across the street and take a tour of the United Nations and so on, and then take the bus back home because everything was accessible. So she was really excited about having had the opportunity to do that. Dr. Stephanie Gutnik  09:09 I love that. Michael Hingson  09:11 Yeah, I was at. Dr. Stephanie Gutnik  09:12 It really is, and it's important. I was at Yahoo for a couple years, running a division there globally, and when I started, it was part of Verizon Media. Yes, Verizon Media, part of Verizon, and the work that groups were doing on accessible features and technology really intrigued me. And you kind of think there should be an element of that at every company producing whatever it is that they're doing because it makes such a difference. Michael Hingson  09:41 Well, when you think about it in terms of, let's say, in the U.S. for example, the Center for Disease Control says that up to 25% of all people have a disability. Now, I disagree with that, and I'll come back to that in a moment. But they say 25% have a disability, and so often. Often companies don't deal with that. They're leaving out 25% of their prospective customers because they don't want to make things accessible. And there is so much evidence to show that companies that do create accessibility get the brand loyalty and they get the business, Dr. Stephanie Gutnik  10:21 yeah. Michael Hingson  10:22 And the reason I object to 25% is my belief is everybody has a disability. For most of you, it's light dependence. You all don't do well when the lights go out, unless you happen to have a smartphone or a flashlight or whatever. So I describe disability as a characteristic that everyone has. It's just that it manifests itself differently for different people, but that's that's that's my view on it. And one of these days, we'll get more of society to recognize that there is a lot more that they need to do to to to deal with preventing this whole business of leaving so many people out. Dr. Stephanie Gutnik  11:00 I mean, I couldn't agree more with you. By the way, and there's also, you know, call it disability or whatever you want. Everybody has something in their life that you know it either doesn't make it as easy or makes it their own. And so the whole point of you know when you talk about a customer base, really just interacting as humans, it's how do we how do we understand that everybody is dealing with you know one thing and what can we do and you know throughout my throughout my working career I was somebody who like despite being born in Winnipeg I should have been born in Manhattan because my work ethic is one where I'll work day and night and be very happy about it. I walk quickly. I get things done quickly, and so it was. You know, if you if you give me a challenge, I'll do anything to you know fulfill it. And I think what has what I've seen with myself and amongst others in my network, is that that type of personality begets a whole slew of other issues: burnout, health issues, stress. And so, one thing that I developed and have started to take on the road. I know you're a public speaker. I am as well. I call it the wellness workshop, and it's not you know get up at five in the morning and do your yoga and then your 30 minute meditation and then your your 5k run or it really is much more more tangible and certain tips and tricks that we can do when we're on an airplane or you know in a hotel or just in a period where we're feeling overwhelmed, and I really believe that we have to be cognizant of what's going on with each other in the workplace and just in general, and be able to offer some of the these these guidelines to just help everyone, you know, be okay, if you will. Michael Hingson  13:00 One of the things that I have adopted as a pretty hard line way of living is when I'm flying to travel and speak. I don't want to work on the airplane going or coming. Rather, I'll use that time to sort of mentally prepare because when I get off the airplane at a destination, I know I'm on until I get off until I fly out again. There are going to be people who want my attention and all that. So I use that time to relax, and then when I leave again, I don't want to work. I want to be able to kind of unwind. So I like to read and do things like that, but I I use those airplane flights basically as a time to unplug. Dr. Stephanie Gutnik  13:49 Yeah, and see, you're being mindful of the space that you need to let yourself unwind and be that much more productive, and have your battery recharged when you're when you're landed. But I think more Michael Hingson  14:01 people should do that. And there are so many different kinds of things that we can do. We collectively, as a society, tend not to be overly introspective. We don't think about things. So something doesn't go right. We consider it a failure. We worry about it. We fret about it. But what we don't do is listen to our own inner voice, and we don't analyze well. So, what was the real problem here? What am I afraid of? What can I do to make sure that this doesn't happen again? We don't ask ourselves those questions. Dr. Stephanie Gutnik  14:31 Oh wow! I kind of needed to hear that actually today. So, thank you for bringing that up. You're very right. Michael Hingson  14:37 Is that because you haven't figured out why you live in the snow. Dr. Stephanie Gutnik  14:41 I'm working on that. Yeah, there you are. Yeah, cold is actually very good for our vagus nerves. So yeah, Michael Hingson  14:48 well, I it it gets fairly cool here at night. It was down to oh what 27 degrees, so it was like minus. Two or three Celsius a couple of weeks ago here, and but I am I I can keep pretty warm, and when I'm sleeping at night, my cat sleeps right up next to me. She does it because it keeps her warm, but it helps keep me warm too. So I'm not complaining. Dr. Stephanie Gutnik  15:19 There you go. Michael Hingson  15:20 But I minus Dr. Stephanie Gutnik  15:21 minus two. By the way, that's beach weather. Michael Hingson  15:24 Yeah, yeah. Well, there you are. Yeah, fine. You go to the beach then. But I, but I think that we we really do need to collectively and individually think about the need to unplug to to not just always do every single thing and that the same way, and then when there's a problem, we don't take time to think about it, which is a real problem. Dr. Stephanie Gutnik  15:51 There's also the concept of I don't know if we're raised with this or if at some point we think this is what happens in society, but to think that our lives are almost like a staircase, and that the older we get, the further up the staircase we should be going, is is quite a fallacy. Because again, it you know you're gonna it's just not how it works. Sometimes things stay flat. Sometimes you're gonna go down a few steps. And no, this is called. We're all about the unstoppable mindset here, right? So it really is. If you're falling down a few stairs, what do you do to get back up? I would say, Michael Hingson  16:31 right? Yeah, and that's and that's it. And you have to really look for that answer, which is which is Dr. Stephanie Gutnik  16:40 the issue. So, Michael Hingson  16:41 yeah, go ahead. Dr. Stephanie Gutnik  16:42 I was just going to say, like, is that something that people can learn, or is it something that you, you know, is ingrained in you from a younger age? Michael Hingson  16:51 Well, I think that for some people it it may be, and I think, but it is a matter of life. It is a matter of upbringing. I think it is something that people can learn. So during the pandemic, I wrote my book "Live Like a Guide Dog: True Stories for a Blind Person and His Dogs About Being Brave, Overcoming Adversity, and and Moving Forward in Faith. And what I talk about through as the basic premise of the book is that in reality, we can learn to control fear. I will not say we should never be a. We should never say we're not afraid. We should never say that. Oh, I don't ever experience fear. We do experience fear, and it's evidenced in so many ways. But you can either allow fear to overwhelm you and and as I would put it, blind you, or you can learn to control fear. You can learn that fear can be a very powerful tool to help you. And my evidence of that is that I learned so much prior to September 11th about what to do in emergency and other things like that. And all of that clicked in on September 11th. But I realized during the beginning of the pandemic that I'd never taught other people to do the kinds of things that that I do, and that I still tend to do. And so, I wrote "Live Like a Guide Dog" to to try to teach people by using examples that I learned from my eight guide dogs and my wife's service dog about how to live. So, the example I use most often is people. What if everything to death? Well, what if this happens? What if that happens? What if this? What if that? And the reality is, 95% of that will we have no control over, and all we do is create fear and worry because we keep going "What if" about this, and there's nothing we can do about it. I'm not saying that we shouldn't be aware of things, but we don't have to worry about them. We don't have to focus on all the stuff over which we have no control. Dogs don't. What if anything? And I learned that because on September 11th, when we got home, I was going to take my guide dog Rozelle out. I took the harness off, and she ran off and grabbed her favorite tug toy and started playing tug of war with my retired guide dog Linnie. And when I talked to the people, the veterinarians at Guide Dogs for the Blind, where I got Roselle, I talked to them the next day. They said, "Well, did anything threaten her at the World Trade Center? And I said, "No. And they said, "There's your answer. When the harness came off, it was over for her. They don't. They don't. What if? And we should learn that. Dr. Stephanie Gutnik  19:27 And she wasn't. She wasn't processing what just happened. She just moved on. Michael Hingson  19:32 She moved on. You know, and and people still today fear it, and they worry about so many Things as I said, the the fact is we should be aware, but it doesn't mean that we have to worry about, especially if we don't have control over it. I rented office space in the World Trade Center in late 1999, early 2000, and. I was able to get office space because there had been a bombing in the World Trade Center in 1993. It wasn't much of a bombing. It was an explosion in a parking lot on the fourth sub sub level of the World Trade Center. So it wasn't the last. Yeah, it wasn't a big thing, but the occupancy rate by the time I was looking for office space, had dropped to 80% and why? If if something were to happen, something would would happen. But people worried about it, and so many people left the World Trade Center, and I thank them for doing that because I got a great rate, and we rented office space there. So fine, but but the fact of the matter is that we worry about so many things over which we just don't have control, Dr. Stephanie Gutnik  20:48 right? So you're a bit of a risk taker too in that sense. Michael Hingson  20:51 Well, in a sense, but you know, so there was a bomb that a car something exploded, and I understand that, but was it a true risk to go off and rent space in that building and that complex afterward? Well, is there risk in doing it today with the new complex? The fact of the matter is that there are always going to be things that can happen. the The question is, is it really taking a risk, or are you being silly and putting yourself in harm's way? I won't do that if I can avoid it. But that doesn't mean that I'm not gonna gonna be out there and try to live my life and and help others do the same. Dr. Stephanie Gutnik  21:38 That's the biggest thing: not living in fear of of so many different variables, Michael Hingson  21:44 right? So you went to McGill, and you you worked in you graduated with what degrees in business or what? Dr. Stephanie Gutnik  21:53 No, I graduated with a bachelor of arts in political science and communications. Okay, I went to McGill thinking that I was going to become a broadcast journalist. I loved the idea of being on camera and in the heat of something going on. And I've been told that I ask a lot of questions, and it's just it comes naturally. I'm very curious, so I love speaking to people and getting their opinions on various things, and then bringing that all together for what hopefully is a representative story of multiple truths, right? And I'm still like that to this day. So everything, if I had you know strength, it would be how do I compile a lot of information and then kind of organize it to to cut certain things out and really get at the crux of whatever it is that we're dealing with. So I loved I loved that. I still do. I had an internship at CTV Montreal, so it was a big news station nationally in Canada. And you know what? It was one of those things where I just didn't feel like a fit for me at that time, and so again, it's what do you do after? Oh, I was entering my my last year of undergrad, and I I thought, okay, maybe I'll just go do a master's because I really loved. I've always loved school, and instead, I got the advice: just go out there and pick something and work a little bit and figure out, you know, what it is that you want to do from there. When you're, I graduated a year early, so I was 21. It is hard to know what you want to do, right? I think a lot of young people find themselves in that position, and instead of, I guess, going back to the idea of fear, instead of being paralyzed by it and not doing anything, just do something, and at least it puts you on some sort of path. So, what did Michael Hingson  23:44 you do? Dr. Stephanie Gutnik  23:45 I got lucky. I ended up working for News Corp in Montreal for a couple of years in advertising sales, and that introduced me to the world of advertising. It helped me refine sales sales, you know, efforts and and skills, and I think that understanding how sales work, whatever you do in your life, that's going to come in handy, right? So I was doing that, and I was dealing with agencies and marketers for various different brands, like L'Oreal, for example, Denon, and I liked what they were doing. So then that led me to a job in marketing for a software company, and that's the story: is marketing turned into business development and partnerships, and launching a new tech effort and expanding with that company across the world. And I was able to lean into a lot of writing and speaking, and that's that's how my career evolved. And I did my MBA while I was working for that company, so there were a lot of lots of studying during plane rides. So not quite the unwinding, but it was definitely a break. From the actual work, Michael Hingson  25:02 well, that's fine, and you, you, you've you've done a lot with it. So you got your master's degree. Where did you get that from? Dr. Stephanie Gutnik  25:11 That was from Edinburgh Business School. So I did that remotely because I was traveling a lot, and I had a lot of business in the UK. So it made sense to do something around there, and again from there I was recruited to. I built a lot of my own positions while I was at this company, always going, "Oh, this isn't being dealt with. Why don't I take a stab at it and see what happens? Oh, there's a gap here. Let me figure that out. Even you know, the Middle East is one that I like talking about because at the time we were not doing any business there, and I had a hunch that I was like, "Look at all the research. We should be there. We should have a sales rep at least. And the CEO at the time said, "No, no, it's it's not really. I don't agree. So we made a deal for a small amount of money. I was able to figure out my trip and see if I could make a business plan, and so I took a flight from Montreal that had two stops to get there. Lost my luggage, and I know. But on the way back, I mean, long story short, the company now has a thriving business in that region, and while I was there, maybe there's a certain age at which you don't know any better. But I think I've always had this and always will. Is I was raised to understand that if you don't ask, either you don't get or you won't know. So I reached out to the editor of Golf News, which is their biggest paper there? And I said, "Hey, you know, I'm here growing a business in this industry. Can I write an article for you? And he said, "Yes, and it was published. And so stories like that is it kind of defines my life. I always like to figure out what else I could do and and learn from it and push the envelope a little bit. Michael Hingson  27:02 Yeah, sometimes you have to to take a stand. Sometimes you you have to develop your own mental toughness. And when when people disagree, you unless they can really present some strong argument, then you really just need to to push forward. And and clearly that's what you did, Dr. Stephanie Gutnik  27:21 yeah. And look, sometimes you're right, and sometimes you're wrong, and that's a learning experience in itself, and that's part of being humbled. And I think that's equally as important. Michael Hingson  27:32 Yeah, and it's all part of the adventure of life. If Speaker 3  27:40 you enjoy Unstoppable Mindset and would like to help us continue bringing these conversations to you each week, we've created a way for you to support the show. Your contribution helps us cover production costs and continue sharing stories, insights, and ideas that inspire people to live with purpose and possibility. If supporting the podcast feels right for you, you'll find the link in the show notes. Thank you for being part of the Unstoppable Mindset Community. Michael Hingson  28:13 What made you decide to get a doctorate? Dr. Stephanie Gutnik  28:16 Ah, so after the MBA again, I loved school, and I figured, why not just keep going? And I was moving to New York, and it was my mom who said, "You know what, Steph? Like, you're. I think I was I was 26. She goes, "Just enjoy your life a little bit, and she wasn't wrong. So I took a few years, and after that, it was still at the back of my mind. I still really wanted to continue and take my education as far as I could. So I thought long and hard about what I would want to study for that kind of time. And you know, it's not going to change the world. But I studied the advertising effects of mass media and ones that have been changing as a result of you know the whole media landscape has been digitized, so that's what I did. And actually, the the brand that I worked with for my research is a company out of California called Goodr. So they they make sunglasses, and I worked with their marketing team, and it was just a wonderful experience. And again, it's a different way of thinking. By that point, I was very much an executive, and I had been at private and public companies. And going back to school in that sense and learning, you know, in the business world, everything is about being concise, which I think is a very powerful skill to have. And in academia, you slow things down, and you really look at the whole picture plus all of the small, small details that build it. So, I'm an impatient person, and that definitely took some some work, but I loved the whole process. It wasn't easy, but I'm very happy that I did it. Michael Hingson  30:03 So, when did you get your PhD? Dr. Stephanie Gutnik  30:05 I graduated. I want to say two odd years ago, two or three years ago. Michael Hingson  30:11 Congratulations! Well, that's cool. Thank you Dr. Stephanie Gutnik  30:13 very much. Yeah. Michael Hingson  30:15 How how do you think that AI is affecting the the world of media, the world of public relations and marketing, and so on. Dr. Stephanie Gutnik  30:27 So, despite working in ad tech, I myself am quite a luddite. I I'm very removed. I don't have too much social media, and usually with technology, unless it really benefits me, I'm not going to be the first. I'm not going to be an early adopter, if you will. So with AI, I appreciate you know the the code and so on that it's built on all of the the knowledge behind it and how it works. And I definitely think there's so many realms in which it's going to help us advance as a society, and I think that with advertising and marketing and media, AI helps take out. It's there's something that preceded it in terms of media buying called programmatic that I've spent a lot of my career dedicated to, and programmatic just really automated media buying and selling, made a little bit easier than picking up the phone and calling two dozen different vendors to put a campaign together, and so with AI, it does that even more so. It just takes out a lot of the more tedious and redundant work from media planners to strategists and helps us understand a little bit better how marketing dollars are actually put to work, and how effective they are in terms of the results that we see. But here's the thing: is as much as AI is going to simplify certain processes, we, at the end of the day, are human beings, and the reason why, as far as I know, nobody's really mastered the stock market yet. It's because we're driven by emotion and we're fickle, and think it takes a lot for a machine to understand how we think and how we work. And so the same thing applies to advertising because for an ad to be effective, it has to strike a chord with humans somehow. So I think that by nature of us being human, the the world of advertising will still have media departments and creative teams, and have to continue to think about you know the strategy behind what it is that we're doing. Michael Hingson  32:34 How about social? What would you say? Well, I I think there's a lot of truth to all that. I think that AI is a tool, and different people will use it in different ways. And I'm not going to even go to the negative aspects of it because the the reality is most anything that we create, somebody will find a way to misuse it, and and I can't worry about that. But I do see the value of AI and the AI technology, in terms of how it can help us codify or create different kinds of aspects of whether it's marketing or or anything else, AI can assist us. But it is a tool, and we're still the humans, and we're going to be the ones that will be in control. I'm not ready to accept that it can take over in the end. I don't think that's going to happen. Dr. Stephanie Gutnik  33:28 I'm still. I'm still not even thinking about Michael Hingson  33:32 it. Yeah, I just think I think there are a lot of ways that we can use it. AI has done already a number of really good things for us collectively, and I think that's great. That doesn't mean that we're all going to use it, or that doesn't mean that we'll all use it extremely, well, in an extremely productive way all the time. But it is out there, and I think it's again, it's one of those things that's worth learning about and understanding because it's going to be here. It's not going away, Dr. Stephanie Gutnik  34:07 right? Michael Hingson  34:08 How about social media? That's the that's the other one that's become even more pervasive. Dr. Stephanie Gutnik  34:14 And social media, again, just by nature of who I am, I am not big on it, and it's not knocking it. I just know that it's not, it's not something that I want to have in my life to the extent that some others do want it in theirs. I'm really good with just doing my own thing and focusing on my little bubble in terms of you know the restaurants that I choose to go to and what food I'm eating and and all of that and with the people who are in my life I love hearing from them directly and getting updates and seeing their pictures so I definitely I use LinkedIn for business I think it's fantastic yeah and it's a wonderful platform to to build a profile and interact with people. Your world that way, and I think that there's a lot of people doing the same with other platforms. And so, when I look at social media from a business perspective, I think it's amazing. And when I look at it from a personal perspective, again, it's not for me, but I I think if people enjoy being on it, that's totally up to them. I can't. I just don't really have the patience to to. I'd rather do something else. I'd rather work on, you know, either my my full time job or my my business is on the side, or go for a walk. Quite frankly. Well, Michael Hingson  35:39 I think again, I'm I'm I'm kind of with you. I think that, especially personally speaking, people who spend hours a day on social media are missing out on so many other kinds of things that would would be even better. And and a lot of that has to do with personal contact with other people, which you don't have. No matter what people may say, you don't have when you're just dealing with communicating through social media. That's not the same. Dr. Stephanie Gutnik  36:08 It's true. Plus, there's the element. Yeah, and there's I think people feel pressure, and we see this. It goes both ways, but I do think there's a bit of a pressure to put your best foot forward in a social media environment, right? Whether it's Photoshop or editing or posing for you know a lovely photo when you're not doing great, whatever it might be, and I think that's slowly changing. But for me, it's more. Think we're all just trying to do our best, and you know, I don't. It just doesn't work for me on a personal level. Michael Hingson  36:45 Yeah, I think we should try to be doing our best all the time, anyway. Dr. Stephanie Gutnik  36:48 Yeah, that's true. Exactly. We should. Well, that actually leads me to. This is a. You know, I'm. I'm going to go for it. This is a plug. It's. I wrote a book called My Very Best for that reason. Actually, I was going to talk to you about that. Yeah, go Michael Hingson  37:03 ahead. Dr. Stephanie Gutnik  37:04 So you know exactly what you're doing. Yeah. And by the Michael Hingson  37:07 way, I would appreciate it because I don't think that you did send me a picture of the book cover that we can put in the the notes, the show notes. I Dr. Stephanie Gutnik  37:14 did, and I will follow up with that again. Thank you so much. It's that was something that I've always wanted to do. When I was younger, my mom tells me about how I used to bring a stack of books over to her to read to me, and I definitely have fond memories of reading books to my sister, who's younger than me. And I've always just loved children's books because they're they're so beautiful in their simplicity and the way that they can frame a young mind into being curious and imagining and learning so much about the world, and so I wanted to definitely write a book about the values that my sister and I were raised with. She told me that she was having our first child about a year ago at this time, and so in that time frame, I was like, "This is the moment. This is when I have to write a book. And so I wrote it for for him and her, my nephew. And it was one thing where I just I started with writing out the the copy, and then I needed to get it illustrated, and then from there I was like, you know what? I've done all this work. Let me let me publish it. And so I just was a big learning experience and so much fun. And I had readings, and I just went to go see it on the shelf at Canada's biggest bookstore called Indigo. And I'm I'm so thrilled. So I wrote it because my parents really-they raised my sister and I to really understand that it's not about being the best; it's about giving something your best effort. Because that way, you know, if you do well, great-you worked really hard to get there. And if you don't do well, you're not going to be wondering, hmm, if I only had tried more, because then you're disappointed with yourself. So it's about setting yourself up to always be proud of who you are, and that's really important to me. Michael Hingson  39:11 Are there any books, other books inside of you that may come on in the future? Dr. Stephanie Gutnik  39:14 Oh, well, that one I I'm loving right now. If we consider my thesis, my doctoral thesis, a book, that one will put you to sleep because it's long and quite academic. Many theses Michael Hingson  39:31 will do that. Dr. Stephanie Gutnik  39:32 Yeah, and I think I quite like. I can see moving forward the more journalistic style articles. So maybe there are a few of those that address very specific moments or questions. Maybe we'll we'll see some of those come out. And what about you? Given that you are also you're a New York Times bestseller, do you have anything up your sleeve? Michael Hingson  39:53 Not at the moment, but we'll see down the line. But one of the things that that I believe. His and I and I've roused about this even on the podcast a few times. I think that textbooks are so boring, and they shouldn't be. I think that every every textbook that that someone writes ought to have some personal things in it to help draw readers into being more excited about learning more about what's in the textbook. So a physics book is is real lovely, but it's very boring. Why don't Why don't they have Why don't the physicists, the scientists who create those books, put in as part of what they do some stories about their efforts, some stories about the discoveries they've made to really make the books more personal and to draw people in. Publishers don't want that, but the reality is it would really attract, I think, a lot more interest in textbook material. And and the same thing with technical journals and technical manuals. They're so boring, and there's so much more that could be done with them. I think that would would attract people much more than than they do today. Dr. Stephanie Gutnik  41:07 There's something about humanizing and adding a little bit of maybe even imperfection. Dare I say, like, hey, this is what happened, and let's be real about the situation. That yeah, makes it more entertaining for sure. Yeah, Michael Hingson  41:20 yeah, which I think makes makes perfect sense, and and it would be I think a wonderful thing to do. Well, maybe we'll have to start a new publishing company and insist that the people who write books for our company do that. Some to think about it. I'm with you. We Dr. Stephanie Gutnik  41:38 can we can offline on that. Michael Hingson  41:40 Yeah, ought to be able to do something with it. Well, so anyway, for you, so you wrote the children's book, and and it's out there. Did you self publish it, or was it published by a company? Dr. Stephanie Gutnik  41:53 Yeah, I went through a company based in New Jersey, and they just had the perfect platform and distribution for me, and it really-I would say-around the time that I was 35, which is now when I turned that age, I really started thinking about like you know, okay, our life doesn't have to be cut and paste, and there really is no manual. And I had thought that for most of it, I would look at people that I admire or respect, or people around me, and look at them, evaluate the milestones that they had reached by specific ages, and then I'd look at myself, and you know, sometimes I was feeding those milestones. In my opinion, like I, I worked my way up the corporate ladder very quickly, but there were other ways in which, at the time, I thought I was lagging or, or dare I say, failing, because certain other elements of my life weren't where other people's were, or I thought it should be. So I've been going through a process really of of letting that go, and again, just to your going full circle to what you said earlier, just being a bit more introspective and appreciating that we're all again trying to just do our best here, and nobody's journey is going to look the same. So with that has just come. I've always again I've always wanted to try new things, but it always is. I'll wake up in the morning and go like, you know, what do I want to do today? Who should I reach out to to see if there's some way to collaborate or have a new experience? And it's just made for really fun travels and stories and successes and and learning experiences. And I'm, but I'm working on that. I can say that as much as I want, and I think, you know, it's it's really believing it that is a bit more of an effort. Michael Hingson  43:48 Well, there you go, and you know, it'll it'll be interesting to to see how it all comes out as you go forward. Dr. Stephanie Gutnik  43:54 Yeah, did you have that at all throughout yours? As you know, those periods of of Like plateaus, Michael Hingson  44:02 I think probably so, but I but I don't think that I really ever thought that that I was failing. There were times that that things were not happening the way I would like, and usually what I needed to do was to make an adjustment in my attitude to understand why things were going slower or not the way I expected, and sometimes they weren't going the way I expected because I had the wrong expectations. And again, I love introspection, and those are things that I learned along the way. And I also discovered that when I reevaluated and said, "Oh, maybe this really wasn't the right way to do this. Let's look at this. I think that's that's an important thing to do, but I usually find, and I still do, that if something's not working right. Usually, my inner voice, if you will, will tell me what is good, what's working, what's not working, what should be done, and I have to be the one to pay attention to that. and And if I don't, then I can get into trouble. Dr. Stephanie Gutnik  45:15 It's amazing how much our our gut instincts really know what's best for us in certain situations, and how sometimes it takes a minute for our brain to to get there too. Michael Hingson  45:29 Yeah. Now, are you a spiritual person at all? Dr. Stephanie Gutnik  45:32 Oh, totally. Another good segue. Yes, I believe in the scientific method, obviously. So, so that's that's that. But I am comforted by the idea that there's a lot more to what we're doing here than what is commonly accepted. Michael Hingson  45:50 Yeah, I think I think that's absolutely true, and that gets back to my comment about the inner voice, which is, if you want to say God talking to us or however you want to view it. It doesn't matter. the The point is that I think the information is there if we learn to listen and and accept it. Our our own minds absorb so many things that we tend to forget about, but all that information is there for us to use if we would, but tap into it, Dr. Stephanie Gutnik  46:24 yeah, Michael Hingson  46:24 or allow it, or when it and it when it tries to tap us on the shoulder and say do it this way, we need to learn to listen. Dr. Stephanie Gutnik  46:32 Ooh, and that's a great point too. Is for people who are used to propelling, you know, things forward, and you had mentioned what's out of our control. That's another really important word that I speak about in wellness and has been given to me. Yeah, do I see a do I see a psychic? Absolutely. I often get the words render because, again, sometimes it's just it's being able to to accept, and I do a little bit of Kabbalah in terms of reading and and learning about how that works. And the the term actually means to receive. So when we look at what we're doing here again, I think you want to put out some energy to put things in motion, and then there's a point where you just have to let life come to you. Michael Hingson  47:21 Well, and I think also it's it's so helpful at night to when when falling asleep, even you want to do something. Ask your ask yourself, what do you think about this? Should I do this? Give me guidance and give me insight as to what works. The more of that we do, the more we develop our mind muscle to be able to get the information and process it and do something with it, and that will help us. But it it has to be a discipline that we create and develop to really work on getting that information and seeking it every day, and listening to what our minds are telling us. I, people probably will get bored with this because I say it often on the podcast, but I talk about Trivial Pursuit. You know the game. How often do we get a question asked on a game, Trivial Pursuit, and we immediately think of an answer, and we go, "Oh, that was just too easy. That can't be it. And we think a little bit more about other options, and we choose a different option. But the first one that we thought about was really the right answer. Dr. Stephanie Gutnik  48:33 Yes, Michael Hingson  48:34 exactly. And the point is that happened, and people agree. Now, what do we do about it? Well, we learn to listen to that inner voice. Dr. Stephanie Gutnik  48:42 The same thing happens with students, by the way, on exams. Multiple choice is not always that easy because so many students have the tendency to second guess themselves. Michael Hingson  48:53 Yeah, Dr. Stephanie Gutnik  48:54 and it's usually that their first instinct was the right answer. Michael Hingson  48:57 Right. Yeah. If they would just but listen and learn; they'll get the right answer by doing that. And and the reality is that I think there are some studies that have been done that people that truly do learn to listen and take those first answers and use them tend to be right a whole lot more often than they otherwise would have been, Dr. Stephanie Gutnik  49:21 yeah. Again, trusting our instincts, Michael Hingson  49:25 right? Yeah. So, what kind of projects are you working on now? Dr. Stephanie Gutnik  49:30 Oh, well, again, I I'm an EVP at an ad agency, so that's my that's my full time project. EVP. But then I always EVP, Executive Vice President. Michael Hingson  49:40 Oh, EVP. Okay, yeah, Dr. Stephanie Gutnik  49:41 yeah. Okay, Michael Hingson  49:42 VP. Okay, got Dr. Stephanie Gutnik  49:43 it. Yeah, with an E. You know, if we're if we're looking at, so that keeps me very busy. And then on the side, I always again, I think it's very important to have an identity outside of work, and this is something that I actually had to learn. Because for a while there, my my job title and so on was my whole life, and you can do have hobbies and so on. The side for me, it has to be more constructive than that. So the other things that I have on the go is I have my company Tuxedo Concepts, where I do all different types of consulting work. I have clients across the world in the world of media through to you know a private equity fund called Links Equity, and I'm actually working on a protein superfood snack right now called Balance Bites. So that's another I'm snacking all the time, and I have a massive sweet tooth, so usually I'm going for like the brownies and the cookies, and I work with the founder of this brand, and they're packed with a lot of nutrients that give me a lot more energy throughout the day. So that is something that I definitely want to bring to more people. Michael Hingson  50:58 Oh, that's exciting! Dr. Stephanie Gutnik  50:59 It lines very nicely with this this whole wellness kick that that I'm trying to bring to others, but not not in the lifestyle that's impractical to some people or makes them you know not even want to think about it. More so again with those ideas of if you're feeling overwhelmed or anxious, splash some cold water on your face, right? Like there's there's certain tips like that that you don't have to go to a yoga studio or sign up for a gym membership. Though you know you should be exploring physical activity. It's what are small things that we can be doing for ourselves to bring us back into the moment. Michael Hingson  51:37 Do you think there are things in your life that that you're not doing that-that you should be doing, or that that you miss. Dr. Stephanie Gutnik  51:46 Oh, on a personal level, I feel yeah. At this age, that probably from a family perspective, I should be getting on that. But that is one of those things that is so out of our control, and I find that in those instances, just it's very easy to look at what we don't have and yearn for it, but that can be depressing. So instead, it's it's much more fulfilling to look at what we do have and lean into that. Right? Michael Hingson  52:19 Yeah, I know that when my wife and I got married, we both pretty much thought we knew what we wanted in a partner, and we kept looking until we found it. We found each other, and and that worked. But we were I was 32 and she was 33, so we didn't get married right away, but the other side of it is we met in January of 1982, and we got married in November of 1982 because it clicked. We knew what we wanted, and we saw things in so many ways exactly the same. But there were also times that we disagreed with things. But you communicate. You you work through it, right? Michael Hingson  53:03 So, for example, she didn't want to have children because she felt that that would be kind of hard on her body being in a chair in her case, and I was fine with that. But our our solution to that was we'll be glad to entertain nieces and nephews and things like that because at the end of the day, we can either sell them to the gypsies or send them home, Dr. Stephanie Gutnik  53:24 and that's beautiful, right? You still have such a wonderful impact on other people, and that's a thank you for sharing that. And one of my one Michael Hingson  53:34 of our nieces lives about three miles from me, and we see each other all the time. She and her husband, and now their kids are grown and have kids of their own, so we we get to see everybody. Dr. Stephanie Gutnik  53:47 That is lovely. What about you? Are there any things that you still have on your bucket list that you'd like to be doing right now? Michael Hingson  53:55 Well, I certainly want to do more speaking because I want to keep that going. I'd like to to travel more, but it's not nearly as fun for me, at least traveling alone. But one of these one of these years, certainly in the next two or so years, I'll probably decide to take a cruise because I love cruising. Yeah, me Dr. Stephanie Gutnik  54:15 too. Michael Hingson  54:16 And I and I can do really fine cruising. I think that's a lot of fun to Dr. Stephanie Gutnik  54:21 do. Definitely. Which which part of the world would you cruise in? Michael Hingson  54:25 You know, I'm pretty open on that. I I first of all, I've been to New Zealand. I'd love to go to Australia, but as far as cruising, I'm pretty open. I'd like to to do a cruise up and down the Mississippi River, but I'd like to to to do some cruising around Europe or other places as well. I think it'd be fun. Dr. Stephanie Gutnik  54:46 Yes, I I very much agree. My family went on. I was very fortunate. We did four cruises together, my parents, sister, and I all over the Caribbean and Mexico, and then I did one in South America, and I've done one. In Greece and Turkey, and I also I took a catamaran with about a dozen strangers in Thailand for almost two weeks. Yes, well, because why not? Michael Hingson  55:12 First cruise that we took, Karen was a travel agent at the time, actually, and her family wanted to go on a cruise. We did a two week Trans Panama Canal cruise, that was a lot of fun. Loved it. Then we did a cruise to Mexico, and I think we did another cruise in the Caribbean, and then the last cruise we took was to Alaska, which was a lot of fun. Dr. Stephanie Gutnik  55:42 Okay, that is wonderful. Michael Hingson  55:45 Yeah. Was there anything Dr. Stephanie Gutnik  55:45 in Alaska that surprised you? Michael Hingson  55:48 Nothing that surprised me. It was just fun to go for me and and Karen actually. Although it's fun to get off and tour, we're fine if we're just on the ship the whole time, even just because it's the it's relaxing, it's the attitude and and and having fun. But but I would like to go and and cruise some. I think we'll do that sometime in the near future. Dr. Stephanie Gutnik  56:13 Well, I mean, I'm all for it. You let me know when you go. Want to go? Yeah, I'm down. Michael Hingson  56:20 Yeah, we'll have to do that. That'd be fun, but yeah, we'll kick off Dr. Stephanie Gutnik  56:24 our textbook company on the cruise. Michael Hingson  56:26 There you go. Dr. Stephanie Gutnik  56:27 Multitask Michael Hingson  56:28 books afloat Inc. Dr. Stephanie Gutnik  56:30 Love Michael Hingson  56:33 it, but I think there's there's so much to do that you know we'll make it work. So you um um we talked about a little bit, but you really feel that having been in a variety of cities has helped your life perspective. Dr. Stephanie Gutnik  56:48 Definitely. Look, the the way that you're just talking about travel, it's the same thing. Where I've lived in four cities and have traveled to many more, and it shapes you certainly when you when you make moves, I moved a couple times for work, for example. You are often finding yourself somewhere where you're alone, and you have to build a whole new community and support system. And sometimes that can be very lonely. And as much as I love spending time with myself, or but I think overall it really proves to you that you can be resilient and you can make you know wonderful things out of situations that you you didn't know what would happen, right? So similar to you not knowing that you would live where you do now, yeah, it's a beautiful testament to what we can do as humans, what we're capable of. Michael Hingson  57:44 Life's an adventure. Dr. Stephanie Gutnik  57:46 I know. I love that theory. Michael Hingson  57:48 So, for you, what's been one of your biggest learning lessons over the last year? Since I assume you still believe that you learn all the time, Dr. Stephanie Gutnik  57:57 I learn all the time. And again, I think it really is just going back to the spirituality element. Man plans, God laughs. I definitely have thought that there's a lot in my life that I had the ability to plan out. And even when I think things are going in a certain direction, the universe has this fun way of you know establishing a plot twist and seeing how I react to it. So yeah, maybe it's it's not take certain things as seriously and and kind of learn to go with the flow a little bit more. That's the biggest lesson there. Michael Hingson  58:33 Good for you. That's a that's a very important lesson. Dr. Stephanie Gutnik  58:37 Yeah. So maybe it's a little bit later in life, but you know, it's never too late for these things. Michael Hingson  58:43 Never. What would be Dr. Stephanie Gutnik  58:44 one of yours? Michael Hingson  58:46 Well, I think for me, spending more time being introspective has has been a great lesson for me, and I've learned to to step back and again not plan so much, as you said. Man plans, God laughs. I don't know. I would say God laughs. God's just patient, and He says, "Go do what you're going to do, and then let me know when you're ready to get real. But you know, I I think there's a lot of truth to that. So for me, I'm just constantly learning to be a little bit more patient, Dr. Stephanie Gutnik  59:22 a good one too. Michael Hingson  59:24 So, what kind of advice would you give to an up-and-coming entrepreneur or person about living life? Dr. Stephanie Gutnik  59:32 Ah, Speaker 4  59:34 just Dr. Stephanie Gutnik  59:35 do do everything. Do everything that you want to do. Really, would be because I think that like the more that you try, the more you are learning about what you are capable of and who you are as a person. The more different types of people that you meet, the more opportunities that might come your way. And some of it you're not going to like. That's a learning lesson. And some of it. You're going to love. So, if there's, so I would say do all of that, and then the other one is, is make it happen, because nothing will come to you if you are not going after it. And I just said that we have to surrender and let things come to us, but I really believe that there has to be not a manifestation, but really just some intention to push us in a certain direction, and that that hard work is necessary in anything that's really good that comes to us in life. Anything that's good is going to take work. Michael Hingson  1:00:36 The only thing that I would add to that is when you said there are things that might might be happening. That might happen that you don't like. My only comment to that would be: step back and try to figure out why you don't like them, and see if there's really a reason. Because we we we are such a knee jerk reaction society. It's always good to analyze and go, what really is the issue here? Dr. Stephanie Gutnik  1:01:00 Yeah, you're so right. Michael Hingson  1:01:02 Well, I want to thank you for being here. This has been absolutely fun. It has now been over an hour, and it's got to be past the beginning of your dinner time. Dr. Stephanie Gutnik  1:01:12 It's almost past my bedtime on a Friday night. How about there? You go. Well, Michael Hingson  1:01:17 I really appreciate you doing this and and spending the time with us, and I I've learned a lot, and I hope other people have. If people want to reach out to you, how do they do that? Dr. Stephanie Gutnik  1:01:27 Oh, please reach out on LinkedIn. It's just Stephanie Gutnick. You'll find me. Michael Hingson  1:01:33 Spell that if you would, just to play safe. Dr. Stephanie Gutnik  1:01:35 Yes, absolutely. S T E P H A N I E, and the last name is Gutnick. G U T is in Tom and is in Nancy I K. Michael Hingson  1:01:45 So hunt down Stephanie on LinkedIn. Dr. Stephanie Gutnik  1:01:49 Stephanie doesn't know who Tom or Nancy are, but she just thought that those would be helpful names. Well, Michael Hingson  1:01:54 there you go. Well, hey, whatever works. Yeah, Dr. Stephanie Gutnik  1:01:57 exactly. Michael Hingson  1:01:58 There you are, Michael. Dr. Stephanie Gutnik  1:01:59 Thank you so much. Michael Hingson  1:02:00 It's been a pleasure. Well, I want to thank all of you for being here with us, and hope you've learned some things today, and that you've enjoyed it. Wherever you're monitoring our podcast, please give us a five star review. But even more, or rating, but more important, give us a great review. Reviews are things that people like to see when they're thinking about what podcast to listen to, so we value your reviews greatly. And if you'd like to reach out to me, it's easy. It's speaker, S P E A K E R at Michael Hinkson, M I C H A E L H I N G S O n.com. Love to hear from you. If you know anyone who ought to be a guest on the podcast, let us know. Stephanie, you as well. Always looking for more people, and so I appreciate you doing that. And with that, Stephanie, once more, thanks for being here. This has been fun. Dr. Stephanie Gutnik  1:02:50 Thank you so much. I very much agree. Michael Hingson  1:02:55 Thank you for being here with me on Unstoppable Mindset. I hope today's conversation left you with a fresh perspective, a new insight, or at least something worth thinking about. If you're ready to go deeper into the ideas that shape how we see ourselves and others, I have a free gift for you. Head over to MichaelHingson.com and download my free ebook, Blinded by fear, it explores the invisible beliefs that hold us back and shows you how to reframe them so you can move forward with clarity and confidence. Be sure to subscribe to our podcast, leave a review, and share this show with someone who can use a reminder that growth starts with mindset. When people think differently, we all move forward together. Thanks again for listening. Keep learning, keep questioning, and keep choosing to live with an unstoppable mindset.

Markets grapple with a renewed bond debate after the Treasury's intervention. Robert Tipp, Global Head of Bonds at PGIM Fixed Income, breaks down the Treasury market and what rising deficits mean for yields. Former Kansas City Fed President Esther George weighs the Fed's next move. Walmart stock sinks in its latest results. Rupesh Parikh of Oppenheimer, who downgraded the stock ahead of earnings, examines whether the latest concerns reflect a Walmart-specific problem or broader pressure on consumer spending. Our Contessa Brewer takes a look at a growing challenge for the AI industry: how insurers can price the risk of rogue models and who ultimately bears the cost when AI systems cause damage. Adam Farstrup, Head of Multi-Asset Americas at Schroders, assesses the broader market and how investors should balance stocks, bonds and macro risk. Plus, our Seema Mody looks ahead to a critical week for software earnings and whether upcoming results can sustain the sector's recent rally. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Rich Cooper, Global Head of Market Transformation at Fusion Risk Management, they provide an enterprise resilience platform used by most of the large carriers and much of the financial services industry. We discuss their newest Enterprise Resilience Report.Download the Enterprise Resilience Report: https://www.fusionrm.com/whitepapers/the-enterprise-resilience-report/?utm_source=profiles-in-risk&utm_medium=referral&utm_campaign=dprRich Cooper: https://www.linkedin.com/in/richard-cooper-a2782b/Fusion Risk Management: https://www.fusionrm.com/

Two years ago, Square tore up its general-manager model and rebuilt the entire company around functional excellence. In this episode of The Product Podcast, Carlos (CEO at Product School) sits down with Willem Avé, Global Head of Product at Square (part of Block), to unpack why they made that bet, what it costs, and how AI is now reshaping the org itself.Willem started at Block as a CTO whose company was acquired, grew up through engineering, and has seen every era of the company from the little white card reader to today's multiple product ecosystems. He explains why orgs should be built around customer outcomes (and how quality degrades the further you drift from that principle), why hardware demands a different kind of craft than software, and how Jack Dorsey's thinking pushed them toward the idea of running Block like a "mini AGI company," where AI encodes institutional knowledge instead of red tape and process. Then he opens up a live demo of "manager bot," an agent that lets a small-business owner delegate real tasks (like an inventory workflow for a bakery) without worrying about memory, connectors, or prompts. He closes with a genuine hot take on TAM and what AI agents mean for the size of the market Square can serve.What you'll learn:- Why Square replaced general managers with a fully functionalized org, and what "functional excellence" buys you- How to organize teams around customer outcomes, and why quality drops the further you drift- Why hardware craft (approachable, reliable, "it just works") differs from software craft- What it means to run a company like a "mini AGI," and how AI can encode knowledge instead of process- Why the era of the simple question-answer chatbot is ending, and what replaces it- A live look at "manager bot": delegating real business tasks to an agent- Why small-business owners want outcomes, not memory, connectors, or prompt-craft- Willem's hot take on TAM, and how agents expand who Square can serve- Why economic empowerment and democratizing advanced technology is the throughlineChapters:00:00 Trailer01:32 Inside Square and Block: how the teams are designed03:34 The four orgs: audiences, platform, growth, money04:46 Marrying hardware and software in one function05:56 Finding leaders who understand both worlds07:25 The DRI model and killing the silent veto09:16 Can everyone report to one person?11:12 Why flat orgs still need great managers12:41 Building for people who are not on X every day14:41 The loneliness of running a business17:24 Demo: Manager Bot doing real work20:19 Why AI should not create more work for sellers22:13 Hot take: TAM is almost infinite24:22 Killing the fragmented point solution stack26:06 WhatsApp, Instagram, and the comms problem27:54 Buzz and what nobody has solved yet28:34 ClosingConnect with Willem Avé:Global Head of Product, Square (Block)LinkedIn: https://www.linkedin.com/in/willem-ave/Host: Carlos, CEO at Product School:LinkedIn: https://www.linkedin.com/in/villaumbrosia/About Square: Square, part of Block, builds payments hardware and software plus a broader ecosystem of tools that help sellers and small businesses run and grow. Block also includes Cash App and other brands.About the Product Podcast: Product School's podcast brings you candid conversations with the founders and product leaders shaping tech.Social Links:Find out more about Product School hereFollow our Podcast on TikTok hereFollow Product School on LinkedIn here

Maggie Coleman is Chief Investment Officer Real Estate Equity, North America as well as Global Head of Client and Portfolio Solutions at Manulife Investment Management.  Prior to joining Manulife, she spent most of her career in real estate and capital markets. Our conversation traces her journey in which she considered an academic life, spent time in her own firm, and cycled through various firms across the spectrum of real estate. We discuss the key drivers of real estate returns, its role in a portfolio, how clients are using real estate today and what she sees as the compelling opportunity set today. We hear about the importance of "going to know", and how there is little substitute for on the ground experience and lessons learned through doing, and in particular with developing one's network early. The Fiftyfaces Podcast is supported by Franklin Templeton and Alvine Capital. Franklin Templeton is a global investment management firm that provides a broad range of investment solutions, including mutual funds, ETFs, alternative investments, wealth management, and technology-enabled financial services. Founded in 1947, the firm manages approximately $1.8 trillion in assets under management (AUM) and serves individual and institutional investors across more than 150 countriesFounded in 2005, Alvine Capital is a European focused private capital advisory and placement agent that provides capital raising services to investment managers. From its base in London and its office in Stockholm it creates bespoke capital raising programs that blend appropriate investor targeting and sophisticated marketing to deliver a fundraise aligned with institutional expectations.

Episode 315 This week, your hosts Jay Gilbert & Mike Etchart break down these important music industry stories:   •  Suno Inks Global Licensing Deal With BMG, Ahead Of Launching New Music Model •  Global Recorded Music Retail Revenue to Top $121 Billion by 2033, MIDiA Report Says •  Spotify To Label AI Artists With New 'AI Persona' Badge – Keeping Their Music Out Of Recommendations By Default •  The Illegal Sellers, Costing Musicians Millions in Revenue   Plus audio drops with Sam Duboff, Spotify's Global Head of Music Policy on their new "AI Persona" badge, and Steve Knopper on his piece for the WSJ on counterfeit merch! Subscribe to the newsletter! : YourMorning.Coffee

288 - Marcus Rebelo - Global Head of Sales Engineering - Lumana by Alex Wood & Robb Reck

Join The Maffeo Drinks Substack for Episode Analysis!Chris Maffeo is welcoming Claire Warner, the founder of the Good Measure Guild and former Global Head of Advocacy at Diageo.Why does the on-trade keep getting deprioritised despite being where brands are actually built?Why is advocacy impossible to measure and what happens to brands when they stop investing in it?Are cocktail competitions a genuine learning tool or a shortcut that breaks the ecosystem?And why is the middle tier of bars the most overlooked commercial opportunity in the industry?Find all episodes featuring Claire Warner at themaffeodrinkspodcast.com.Timestamps:00:00 Welcome and introductions00:33 The Good Measure Guild, measuring what matters in hospitality05:21 The measurement problem, why the on-trade gets deprioritised07:10 Advocacy and brand cycles, why the bartender is the first customer13:50 The overlooked middle tier and secondary cities18:30 Competitions as a learning tool27:14 Beyond competitions, building brand relevance32:27 Training and minimum standards37:19 Consumer education, no and low47:11 The social score vision49:28 Closing thoughts This Episode is hosted by Chris Maffeo and brought to you by MAFFEO DRINKS.MAFFEO DRINKS is a leading drinks business podcast, listened to in 120 countries with 130+ episodes. How the industry actually works, from the bar and what it means for the boardroom.Wanna know what the conversation above means for your team? It's in the paid section.You get access to Maffeo Confidential (Private Podcast), this analysis, and the full catalog of 130+ episodes, each one translating industry conversation into the commercial decisions underneath it. Find out more at maffeodrinks.com or on Substack.

Our Global Head of Fixed Income Research Andrew Sheets examines why investors might be overlooking the stability and performance of UK assets, despite persistent negative sentiment.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Today, why the UK may need better PR. It's Friday, August 14th at 2pm in London. The last decade has been rough for the United Kingdom. Brexit was a true economic earthquake, and the subsequent weakening of economic ties to mainland Europe, the UK's largest trading partner, made economic activity weaker and more complicated.Then COVID hit the economy hard. So did spiking energy prices when Russia invaded Ukraine. Political volatility has been high, with seven prime ministers in the last 10 years. And at present, UK growth is weak, inflation is too high, and debt to GDP is rising. Moreover, in a post-COVID world that's increasingly driven by the profit and power of technology, including AI, the UK market seems almost stuck in another era. Of the 10 largest companies in the U.S. stock market, eight are in technology. In the UK, none of the 20 largest companies are in tech. Safe to say, being downbeat on the prospects for the UK is one of the most consensus views that I encounter. But it can also be deceiving. Simple stories in the market rarely are.Let's start with the argument that UK markets are boring, stagnant, and being left behind by their lack of technology. It's just not true. Through early August, the S&P 500 has returned 85 percent over the prior five years. The UK market? It's returned 82 percent. And over the last twelve months, the performance of the UK and U.S. markets are also similar. In short, don't judge a book by its cover. The UK's currency, meanwhile, shows no sign of global investors shunning the island. Over the last 10 years, the UK pound has actually gained value against the U.S. dollar. Notable given how strong the performance of the U.S. economy and markets have been over that time. And that's also pretty impressive relative to its peers. Over this same timeframe, the value of the Japanese yen, the Brazilian real, the Indian rupee, and the Korean won have all fallen significantly. The UK's currency, on a relative basis, has outperformed.Now, the UK's growth is weak. Morgan Stanley forecasts growth of just 1 percent this year versus a bit over 2 percent for the United States. But it's notable just what sort of headwind the country has been dealing with. The UK household and corporate sectors are both increasing their savings rates and doing so at the same time; and more savings means less spending and economic activity. To put some context around this, U.S. households are currently saving only about 3 percent of their disposable income. In the UK, it's over 9 percent. And so, if that UK savings rate can just simply stop moving higher – or even fall – well, it would represent a big support to growth going forward. But aren't we avoiding the big question, the fiscal question? After all, we at Morgan Stanley forecast that general UK government debt to GDP will be about 96 percent this year, some of the highest levels since World War II. But this is a global market, and I do think that the relative picture matters. So, when thinking about the UK's 96 percent debt to GDP ratio, let's consider what the numbers are elsewhere. That ratio is 120 percent in China. It's 120 percent in France. It's 125 percent in the U.S. It's 138 percent in Italy, and it's 208 percent in Japan. And out of all of these countries, the UK is the only one where we think the government deficit is materially smaller in 2027 than it was in 2025. Also, year-to-date, 10-year bond yields in the UK have risen less than yields in the U.S. or Japan.A new UK Prime Minister does raise the potential for new policy, something investors will need to watch closely. The country remains sensitive to swings in global energy prices. Yet we think the underlying story is more nuanced and positive than often gets discussed. Market performance has been bearing this out, and in many cases, the bar is low. Thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

Season 7, Episode 8 Guest: Rachel Andrews, Global Head of Meetings & Events, CventRachel Andrews, global head of meetings and events at Cvent, joins host Courtney Stanley for a conversation about leadership, curiosity and navigating a rapidly changing industry. Together, they explore Rachel's leadership journey, the evolving impact of AI on meetings and events, and why staying curious is essential to growing, adapting and leading in an ever-changing industry.

Aerospace has always been a cyclical industry, one sector up, another down, capital moving cautiously between them. That's not what's happening right now. Every major sector is ripping at the same time, for completely different reasons. Commercial is coming back online. Aftermarket and MRO have been running hot since COVID. Defense is being pulled forward by geopolitical demand. Business aviation has settled into a stronger, more stable “new normal.”  It's rare to see this kind of synchronized momentum across the entire ecosystem, and when it happens, it changes how capital behaves. For years, aerospace exits were predictable. You built a solid business, ran an M&A process, and sold. IPOs were barely part of the conversation. Industrial manufacturing wasn't exactly exciting to public market investors. Now, IPOs are not only viable, but they're also often the better option. Industrial businesses that used to be seen as slow, capital-heavy, and unsexy are suddenly being revalued as AI-proof, infrastructure-critical, and in some cases, direct beneficiaries of the AI boom.  And that shift is forcing a new level of sophistication from operators. Because today, you're not just deciding whether to sell; you're deciding how to exit in a market with more options than ever before. At the same time, there's a quiet risk underneath all of this. Fuel prices, geopolitical instability, and supply chain pressure. None of these have gone away. So the question isn't just how long this run continues; it's whether operators are actually prepared for the version of the market we're in now. In this episode, I'm joined by the Global Head of Aerospace and Aviation Investment Banking at Jefferies, Nick Fazioli. He breaks down what's really driving this moment across aviation, defense, and industrials, and what it means for operators thinking about growth, capital, and exit strategy.   You'll also learn; How “boring” industrial manufacturing became one of the most attractive investment categories Why IPOs are suddenly back, and in some cases outperforming traditional M&A exits How AI is indirectly reshaping aerospace valuations through energy, infrastructure, and supply chain demand The rise of continuation vehicles and why operators now have more exit paths than ever before Where private equity and institutional capital are actually placing bets right now (and why MRO is so competitive) The hidden risks: fuel prices, geopolitics, and consumer pressure, and how quickly they could impact the system Why operators need to become far more strategic, not just in building businesses, but in positioning them for exit     About the Guest Nick Fazioli is the Global Head of Aerospace and Aviation Investment Banking at Jefferies, where he leads one of the most active practices across commercial aviation, business aviation, and aerospace services. Over the past 16 years, he's been at the center of some of the most significant transactions in business aviation, including the sale of Marquis Jet to NetJets and West Star Aviation's exit to Greenbriar Equity Group. With a front-row seat to M&A, capital markets, and the evolving investor landscape, Nick brings a unique perspective on where capital is flowing and how operators should be thinking about growth and exit strategy in today's market. Connect with Nick on LinkedIn.  About Your Host Craig Picken is an Executive Recruiter, writer, speaker, and ICF Trained Executive Coach. He is focused on recruiting senior-level leadership, sales, and operations executives in the aviation and aerospace industry. His clients include premier OEMs, aircraft operators, leasing/financial organizations, and Maintenance/Repair/Overhaul (MRO) providers, and since 2008, he has personally concluded more than 400 executive-level searches in a variety of disciplines. Craig is the ONLY industry executive recruiter who has professionally flown airplanes, sold airplanes, and successfully run a P&L in the aviation industry. His professional career started with a passion for airplanes. After eight years' experience as a decorated Naval Flight Officer – with more than 100 combat missions, 2,000 hours of flight time, and 325 aircraft carrier landings – Craig sought challenges in business aviation, where he spent more than 7 years in sales with both Gulfstream Aircraft and Bombardier Business Aircraft. Craig is also a sought-after industry speaker who has presented at Corporate Jet Investor, International Aviation Women's Association, and SOCAL Aviation Association.    Resources For more aerospace industry news & commentary: https://craigpicken.com/insights/.  To learn more about Craig Picken, visit https://craigpicken.com/. 

In this Industry Insights recap episode of the On Aon podcast, leaders revisit key conversations from the first half of the year, sharing perspectives on how organizations are making better decisions and positioning themselves to stay ahead amid rapid change across the four interconnected megatrends of Trade, Technology, Weather and Workforce. From AI-enabled decision-making in insurance to climate-informed growth strategies in food and agriculture, workforce investment in retail, infrastructure expansion in construction and talent strategies in aerospace and defense, the discussion explores how leaders are turning insight into action. The episode highlights the decisions, investments and capabilities that are helping organizations strengthen resilience, deploy capital with greater confidence and unlock opportunities for growth. Experts in this episode: Andy Marcell, CEO of Global Solutions, Aon Liz Henderson, Global Head of Climate Risk Advisory, Aon Matt Duffy, Chief Commercial Officer, Global Benefits, Aon James MacNeal, Global Industry Specialty Leader, Construction and Infrastructure, Aon Dave Carlson, Global Industrials and Manufacturing Leader, Aon Randy Ramirez, HCS Rewards Solutions Associate Partner, Aon Featured topics: Why data quality, analytics and AI are becoming critical differentiators for insurers seeking to improve decision-making, manage capital and respond to changing risk exposures. How organizations in the food, agribusiness and beverage sector are using data-driven climate insights to make more informed investment, risk and growth decisions. The role of benefits strategy in helping organizations support workforce needs while balancing cost pressures and long-term business objectives. Where construction and infrastructure leaders see opportunities across data centers, power and critical infrastructure, and how they are positioning their businesses for sustained growth. How aerospace and defense organizations are strengthening workforce, supply chain and risk strategies to build resilience and capitalize on increasing market demand. Featured Episodes Insurance Leadership at the Center of Complex Risk Climate Risk as a Strategic Driver in the Food Supply Chain Benefits Have Become a Leadership Priority for Retailers Inside the Global Construction Boom: Managing Risk and Talent Navigating Talent and Risk in Aerospace and Defense 

What if the real risk in your AI adoption plan isn't that the pilot fails — it's that it succeeds, and you still can't get it into production?Agility isn't how fast you can launch a pilot. It's whether the organization can absorb what works and still behave like one company while it does.Today, we're going to talk about moving enterprise AI from theory to practice in customer experience. Specifically, we'll cover:- What separates an AI pilot that scales from one that quietly stalls.- How to govern AI agents proportionately — enough accountability to be defensible, not so much that nothing ships.- How to tell a program that's creating business value from one that's simply handling volume.To help me discuss this topic, I'd like to welcome, Kevin Lee, CTO at NiCE.About Kevin LeeKevin Lee serves as Chief Technology Officer and Key Pursuits Leader at NiCE, where he leads the company's technology vision and its most strategic customer engagements by aligning platform capabilities, AI strategy, and architectural vision to deliver differentiated outcomes.Kevin joined NiCE in 2021 and has held multiple leadership roles across the company's digital and go-to-market organizations. He founded and scaled the Customer Service Automation team, transforming it into a cornerstone of NiCE's growth strategy. He has played a pivotal role in many of NiCE's most competitive and highimpact pursuits, shaping both technical and commercial strategy across global opportunities. Prior to his current role, Kevin served as Global Head of Digital Sales & Strategy, where he led the growth of NiCE's digital portfolio and helped customers transition into the self-service era. With more than 15 years of experience in cloud and software sales, Kevin brings a comprehensive approach to account strategy, technical storytelling, and executive engagement. Kevin Lee on LinkedIn: https://www.linkedin.com/in/thekevinlee/---------- Resources ----------Coca-Cola FEMSA, NiCE: https://www.nice.comThe Agile Brand podcast is brought to you by TEKsystems. Learn more here: https://aglbrnd.co/r/2868abd8085a9703We're proud to be a media partner for #MAICON26 - Oct. 13-15! Learn how AI can power your marketing and business and help you grow smarter. Use code AGILE150 to save! https://aglbrnd.co/r/7fe458ced0f04658Reach your customers with Reddit. Spend $500 in ad spend, get $500 back in ad credit! Learn more: https://advertalize.com/r/491818c79fb1873fChaser is the only Slack-native project management platform that helps teams turn messages into tracked tasks, automate follow-ups, and maintain team-wide visibility, without adopting another tool. Now integrated with Claude and other GenAI tools. Learn more at trychaser.com and use code AGILEBRAND for a 3-month free trial (normal trial is 14 days).The most influential minds in software, AI, and engineering leadership will be at WeAreDevelopers World Congress North America, September 23-25 in San Jose. Learn more: https://aglbrnd.co/r/60a7299222a7bcf1Start building your own apps with Replit and get $20 off. Learn more: https://aglbrnd.co/r/93531742a7625a20Enjoyed the show? Tell us more at and give us a rating so others can find the show at: https://aglbrnd.co/r/faaed112fc9887f3Connect with Greg on LinkedIn: https://www.linkedin.com/in/gregkihlstromDon't miss a thing: get the latest episodes, sign up for our newsletter and more: https://aglbrnd.co/r/35ded3ccfb6716baCheck out The Agile Brand Guide website with articles, insights, and Martechipedia, the wiki for marketing technology: https://www.agilebrandguide.comThe Agile Brand is produced by Missing Link—a Latina-owned strategy-driven, creatively fueled production co-op. From ideation to creation, they craft human connections through intelligent, engaging and informative content. Hosted on Acast. See acast.com/privacy for more information.

Branded residences are one of the most dynamic growth stories in luxury today, bringing together real estate, hospitality, and affluent consumer lifestyles. For Hyatt, branded residences is a strategic growth pillar in luxury and lifestyle real estate. Scott Kerr sits down with Tina Necrason, Hyatt's global head of branded residential, to discuss why branded residences are becoming a major luxury real estate growth category, how today's affluent buyer is seeking “lifestyle per foot", and what goes into translating each hotel brand's distinct personality and lifestyle promise into residences. She also talks about seeing the great wealth transfer unfolding in who's buying branded residences, and how wellness has become a big differentiator that's moving beyond amenities, preventative care. Plus: Why today's young branded residences buyers want completed, turnkey homes they can experience immediately. Featuring: Tina Necrason, Global Head of Branded Residential at Hyatt (hyatt.com)Host: Scott Kerr, Founder & President of Silvertone ConsultingAbout: Host Scott Kerr gives listeners in-depth, unfiltered interviews with leaders of the world's most influential luxury brands. Kerr chats with the biggest names in the luxury business, from CEOs and C-suite executives to creative directors and fashion designers, about the forces redefining the sector: from customer expectations and brand relevance to new approaches in creativity, operations, AI and growth strategy. Let me know what you think of the show. Email me at scott@silvertoneconsulting.comListen and subscribe to The Luxury Item wherever you get your podcasts. Tell a friend or a colleague!

“60% of the bank's code is AI generated,” Leigh-Ann Russell, Chief Information Officer and Global Head of Engineering at BNY, tells Bloomberg Intelligence Senior Analysts Paul Gulberg and Anurag Rana. In this episode, the group discusses how BNY built Eliza as a model-agnostic AI platform and governance layer to expand access to AI while maintaining control over data, spending and risk. Russell explains how AI is increasing engineering capacity, supporting digital employees and cybersecurity, and helping BNY modernize systems and prepare for always-on financial markets.

Rob Black talks to Vanguard's Global Chief Economist and Global Head of the Investment Strategy Group Joe Davis, Rob asks the questions you're wondering about investing and retirement, The Next Event is Saturday August 15th with Rob Black and EP Wealth Advisors in San Francisco for Pints and Portfolios

Rob Black talks to Vanguard's Global Chief Economist and Global Head of the Investment Strategy Group Joe Davis, Rob asks the questions you're wondering about investing and retirement, The Next Event is Saturday August 15th with Rob Black and EP Wealth Advisors in San Francisco for Pints and PortfoliosSee omnystudio.com/listener for privacy information.

In this exclusive interview, Henry Chin, PhD., Global Head of Research at CBRE, breaks down the forces shaping commercial real estate in 2026 and reveals why he's betting big on the U.S. market. From surging data center demand fueled by the AI boom to record-breaking industrial absorption and a surprising retail comeback, Dr. Chin shares data-driven insights on where the smart money is heading. He also unpacks the uneven office recovery, explaining why prime CBD assets are thriving while suburban space struggles — and what it all means for investors navigating today's uncertain global economy.

Dr. Kristen Holmes is the Global Head of Human Performance and Principal Scientist at WHOOP, where she leads pioneering research on the interplay between physiological metrics and behavioral patterns Today on the show we discuss why sleep consistency can matter more than duration, how caffeine can sabotage recovery even when you fall asleep easily, why alcohol and marijuana leave you unconscious but not deeply restored, how daytime stress and artificial light disrupt your nervous system at night, the simple daily routine that resets your circadian rhythm, and how Kristen healed from trauma and stopped tying her self-worth to achievement. Thank you to today's sponsor: Momentous Try Momentous Signature Spec Creatine: https://www.livemomentous.com Use code ADVERSITY for up to 35% off your entire first order Learn more about your ad choices. Visit megaphone.fm/adchoices

#379 | Dave sits down with Patrick Shea, SVP of Global Marketing at BlueVoyant, to discuss how enterprise marketing really works inside a $175 million cybersecurity company built heavily on partnerships. Patrick breaks down the difference between hyperscaler tech alliances and reseller partnerships, how BlueVoyant defines and qualifies leads by account rather than volume, and why he treats partnership stakeholders like a market of their own. They also get into the cost-per-opportunity formula Patrick uses to win budget back from finance, why he's trying to kill long-term planning in favor of annual focus areas and the wild HubSpot coincidence that made him responsible for Dave's success. Join 50,0000 people who get Dave's Newsletter here: https://www.exitfive.com/newsletterLearn more about Exit Five's private marketing community: https://www.exitfive.com/***Brought to you by:Zoom Webinars & Events – The virtual event platform built to help B2B marketers run webinars that actually drive pipeline, with branded registration pages, live engagement features, and built-in tools to repurpose sessions into clips and content. Learn more at zoom.com/exitfive.Customer.io - An AI powered customer engagement platform that help marketers turn first-party data into engaging customer experiences across email, SMS, and push. Learn more at customer.io/exitfive.Vector - A contact-level ads platform that lets you build audiences from actual people on your site, clicking your ads, and checking out your competitors. Learn how to build an ABM program that scales at vector.co/exitfive.Join us in Stowe, Vermont for Drive 2026 - three days away from your desk to learn what's working in B2B marketing from the people who are actually doing it. Grab your ticket at exitfive.com/drive.Walker Sands - An integrated B2B marketing and growth services agency that helps marketing leaders turn strategy into measurable business impact through their Outcome-based Marketing model. Learn more at walkersands.com/exitfive.***Thanks to my friends at hatch.fm for producing this episode and handling all of the Exit Five podcast production.They give you unlimited podcast editing and strategy for your B2B podcast.Get unlimited podcast editing and on-demand strategy for one low monthly cost. Just upload your episode, and they take care of the rest.Visit hatch.fm to learn more

From short-term interest rates to long-term bond yields, the Fed's credibility is being tested. Global Head of Fixed Income Research Andrew Sheets discussed inflation, Federal Reserve Chair Kevin Warsh's outlook, and the options ahead.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Today: Can the Fed hold the line? It's Wednesday, August 5th at 2pm in London. The Federal Reserve has a difficult job. The U.S. economy is a complex and varied ecosystem that covers everything from brain surgery to your burger order. The Fed is asked to keep prices stable and people employed using, for the most part, just one simple tool. A short-term interest rate, and without any control over what government policy or global events might bring. Currently, the Fed probably feels pretty good about its success with one half of this – in the job market, given that the unemployment rate is near historical lows. But it probably feels less successful about price stability. Over the last five years, overall prices in the U.S. economy have risen over 20 percent based on the Fed's preferred inflation measure. That's roughly double the increase that a goal of 2 percent annual inflation would otherwise bring. Into this complexity steps a new Fed chair, Kevin Warsh. He has emphasized two changes for his tenure. First, that inflation is too high and needs to come down. And second, that the Fed has historically communicated too much with the market, which Chair Warshkeep thinks has helped contribute to investors potentially taking too much risk while also restricting the Fed's options to act. What markets are now processing is a potential tension between these two goals. After all, high inflation is an immediate issue. In a world where the Fed is hoping to keep price increases at about 2 percent per year, their preferred measure, PCE inflation, is rising more than 3 percent on an annualized basis over the last three, six, and 12 months. In the latest ISM Manufacturing Survey, [the] measure of price increases among manufacturers is well above normal. In the face of that, one option for the Fed to combat this inflation would have been to raise interest rates. It didn't do that. Another would be to suggest that it was very close to taking action and likely to move soon. It didn't do that either. Indeed, our economists think that the market took Chair Warsh's lack of guidance and action at the most recent Fed's meeting to suggest a pretty high bar for rate hikes; and even the potential to redefine the Fed's 2 percent inflation target in favor of something more general and unspecified. The result was a market reaction that would suggest less focus on inflation. The prospects for rate hikes were reduced, the yield curve steepened, led by a sell-off of long-end yields, measures of expected inflation rose, and the U.S. dollar weakened. In the days since, markets have settled a bit. But the result is going to be a market that is now going to be much more sensitive to incoming inflation data. If that inflation data moderates in the second half of this year, as we at Morgan Stanley expect, then the Fed's approach could look justified – as the data suggests that neither action nor more communication about what they're going to do is necessary. But if inflation doesn't cooperate, the challenge becomes immediate. Christopher Waller, another member of the Fed, recently said that "Sternly staring at inflation until it melts before our withering gaze is not an option." The market will expect action and expect a framework explaining that action. Until that point, our rate strategists think that yield curves will continue to steepen. Thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen, and also tell a friend or colleague about us today.

Ari Redbord, Global Head of Policy at TRM Labs, joined us to discuss how the firm's blockchain intelligence solutions help financial institutions, crypto businesses, and government agencies detect and investigate crypto-related financial crime and fraud. Recorded on July 13th.Topics:- TRM Labs blockchain intelligence- Tracking and preventing Crypto fraud - AI and Crypto scams - Misconceptions about crypto investigations

A Michelin-recommended restaurant on top of an Embassy Suites changes the conversation pretty quickly. I spoke with Bonnie Campagnolo, Global Head of Embassy Suites, from the rooftop of the brand's Asheville hotel, where the restaurant draws customers seven nights a week. The property combines two-room suites, breakfast and the evening reception with meeting space, serious food and beverage, and a rooftop experience befitting the Asheville market. Bonnie explains how Embassy Suites gives developers more flexibility to shape each hotel around local demand while protecting the elements that keep guests choosing the brand. That approach lets owners add restaurants, bars, meeting space and other revenue drivers without turning every Embassy Suites into the same building. Click through and watch my latest #NoVacancyNews video to see how this Asheville property pushes the brand in a new direction and hear where Bonnie plans to take Embassy Suites next. Want the weekly roundup of news, videos, and what you might've missed from #NoVacancyNews? Text HOTEL to 66866.

This week on Catalyst, Tammy is joined by Craig Vaughan, Executive Managing Director and Global Head of AI Go-to-Market at NTT DATA, three months into the role. Craig traces his path from studying architecture at Cornell through an MBA at Wharton and a master's in business analytics from NYU Stern, then through go-to-market roles at SAP and a decade leading AI and gen AI practices at Accenture. He and Tammy dig into how leading diverse, cross-functional teams and moving at AI's breakneck pace aren't in tension but actually reinforce each other. They also discuss what drew Craig to NTT DATA's culture, the partnerships with OpenAI, Google, Anthropic, and Mistral that are shaping how the company delivers for clients, and how to keep AI adoption human-centric so workers are repurposed rather than replaced.Please note that the views expressed may not necessarily be those of NTT DATALinks: Craig Vaughan Learn more about Launch by NTT DATASee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Natalie McIntyre is the Global Head of Consulting at Cutter Associates, a research and consulting firm that is focused exclusively on the investment industry. In today's conversation, Natalie talks through how she got to Cutter from Bridgewater Associates, and how she took that knowledge base to help other organizations be the best version of themselves. We dig into what separates a good consulting firm from the rest and what a typical engagement really looks like once you get past the pitch. Natalie shares the stories and the tipping points, those moments where a firm realizes that it can't solve something internally and picks up the phone. From there, we get into data, why data strategy has moved from a back-office task to the center of decision-making. We get tactical on building a tech stack for today and tomorrow, the common challenges, the tradeoff between bespoke builds and single platform solutions, and the ongoing tension between incumbents and the nascent players trying to unseat them. We also talk about how the role of talent is shifting as technology takes on more of the workflow. For anyone building or scaling operations, this is a conversation about what changes when data, technology, and talent start pulling in the same direction.   Learn More  Follow Capital Allocators at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@tseides⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ or ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Subscribe to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠mailing list ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Access transcript with ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Membership ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠)

To celebrate our 175th episode, we sit down with Neal Mann, CEO and Co-Founder of NOAN (an AI-native fact layer business), formerly the Global Head of Transformation at Anomaly and News Corp journalist. Neal shares his thoughts on what it takes to create and manage AI agents, the importance of "structure," and how to combat "AI Slop." Key topics include:- How onboarding an agent is similar to onboarding a human- Why AI thrives on structure- The concept of "A Business Brain built with Legos"Tune in to hear how to "fire" an agent and why the Netflix series "Mindhunter" is a tutorial on corporate transformation in addition to a show about serial killers. ⏱️ Chapters1:21 - Defining AI Agents vs Assistants2:27 - Implementing Agents into Team Workflows6:19 - Structuring Data for AI Success10:42 - Avoiding the AI Slop Problem16:51 - Tracking ROI of AI Agents23:30 - Tips for Onboarding AI Agents27:06 - AI Impact on Marketing Agencies29:38 - Common Mistakes in AI Adoption32:01 - Final Advice on Business TransformationSubscribe for weekly episodes featuring world-class marketing leaders, board members, and C-Suite executives.#CMOConfidential, #MarketingLeadership, #BrandStrategy, #CorporateActivism, #MarketingStrategy, #CMO, #AIinMarketing, #ExecutiveLeadership, #BrandReputation, #ConsumerTrust, #DigitalMarketing, #MarketingInsights, #ThoughtLeadership, #BusinessStrategy, #CustomerCentricSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Learn more about Astraeus Wealth Management: http://astraeuswealth.com/partner-with-us Guy Adami is joined by Peter Boockvar, CIO of OnePoint BFG Financial, to break down the growing cracks in the Bank of Japan's decades-long rate repression experiment and what a yen reversal could mean for global bond markets. They dig into the historic move in Treasury yields following Kevin Warsh's press conference, rising credit stress in the AI trade (including Meta's off-balance-sheet financing and CoreWeave's blown-out credit default swaps), and why single-stock volatility may be signaling something bigger. They close out with a deep dive on gold — why central banks keep buying even as the metal cools off. Then, Dan Nathan and Guy Adami sit down with Jin Hennig, Managing Director and Global Head of Metals at CME Group, live from CME's New York office. They cover gold's pullback from its 2026 highs, the case for why central bank demand isn't going anywhere, the launch of CME's new 24/7 gold futures product, and what the September Fed meeting could mean for prices. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal MediaThe financial opinions expressed in Risk Reversal content 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 Risk Reversal.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 Risk Reversal 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.

On CoinDesk's The Policy Protocol, Renato Mariotti is joined by guest host Ari Redbord, Global Head of Policy at TRM Labs, for a conversation on the politics of the CLARITY Act, the state-vs-federal fight over prediction markets, and Wisconsin's invocation of an 1849 law that could bar prediction-market users from voting. And, they sit down with Rachel Anderica, Head of Global Operations at Anchorage Digital, who walks through Anchorage's agentic banking build inside its OCC trust and a "cashless reserves" model in partnership with JPMorgan. Plus, the hosts name the TradFi endorsers of CLARITY — BlackRock, Fidelity, and Goldman Sachs — as the Person of the Week. - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Find out more at⁠⁠⁠⁠⁠⁠ realfi.co⁠⁠⁠⁠⁠⁠. - Ledn provides a secure and transparent way to access liquidity while maintaining your bitcoin holdings. Perfect 8 year track record of keeping clients assets safe. Don't sell your bitcoin. Get a bitcoin-backed loan. Check out your rate by using their loan calculator at⁠⁠⁠⁠⁠⁠ ledn.io⁠⁠⁠⁠⁠⁠ - JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets:⁠⁠⁠⁠⁠⁠ https://x.com/jpegtrading⁠⁠⁠⁠⁠⁠ - Timecodes: 00:00 Cold Open: Wisconsin's 1849 Voting Law 01:13 Welcome to The Policy Protocol 01:29 Ari Redbord Joins as Guest Host 02:13 CLARITY's Law Enforcement Provisions 03:05 'Burn and Reissue': Getting Funds Back to Victims 04:19 The Politics: Why the Votes Aren't There 06:26 Prediction Markets and the CFTC Battle 08:04 Wisconsin's 1849 Law and the Right to Vote 09:53 Federalism, Circuit Splits, and the Road to SCOTUS 11:10 The HFSC Scam Report and AI at Scale 14:04 Rachel Anderika of Anchorage Digital Joins 14:34 Who's Liable When an Agent Moves Money? 18:56 OCC Rulemaking, Secondary Markets, and Sanctions 20:40 'Cashless Reserves' with JPMorgan Tokenized Funds 22:53 Trash Talk: The Skinny Master Account 24:29 Person of the Week: The TradFi Endorsers of CLARITY

Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, custody and clearing LEARN MORE: https://apexfintechsolutions.com/?utm_source=Risk+Reversal&utm_medium=Podcast&utm_campaign=701PJ00000fnXhaYAE On today's show, Dan Nathan and Guy Adami break down a wild Thursday in the markets: Microsoft up 15% and Meta down 9% post-earnings, a huge bounce in semis and memory names, and software getting crushed. Guy makes the case that this price action looks more like a topping formation than a bottom. They dig into Fed Chair Kevin Warsh's post-meeting commentary and the bond market selloff it triggered, Bank of Japan intervention on the yen (and what it could mean for volatility), the dollar's potential breakout, Goldman Sachs and Morgan Stanley's pullback from all-time highs, China's AI and chip progress and what it means for KWEB, and where gold goes next after holding the $4,000 level. Plus, Dan sits down with Tim McCourt, Senior Managing Director and Global Head of Equity, FX and Alternative Products at CME Group, to talk about the newly launched Single Stock Futures — how they work, why CME launched them now during earnings season, and how traders can use them alongside stocks, ETFs, and options for risk management. Show Notes AI Lowers Wages But Doesn't Cut Jobs (Apollo) Why the bond market is doubting Fed chairman Warsh (Axios) FactSet Insight (FactSet) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media The financial opinions expressed in Risk Reversal content 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 Risk Reversal. 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 Risk Reversal 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.

Our Global Head of Thematic and Sustainability Research Stephen Byrd explains why the recent AI infrastructure selloff may reflect technical pressures, not weakening fundamentals.Read more insights from Morgan Stanley.----- Transcript -----Stephen Byrd: Welcome to Thoughts on the Market. I'm Stephen Byrd, Morgan Stanley's Global Head of Thematic and Sustainability Research.Today: Are investors misreading the AI infrastructure selloff?It's Thursday, July 30th, at 10am in New York.The recent selloff in AI infrastructure stocks has raised a familiar question: Is the buildout running ahead of real demand? The market is pulling back and we think that reflects profit-taking, crowded positioning, and forced selling by investors. This is not about weaker fundamentals. But the selloff has brought to light three key concerns, which we think the market is overplaying.The first concern is how much enterprises are willing to pay for AI. The median enterprise employee currently generates less than $11 a month in token spending. That's the fee paid when an AI model processes a request and generates a response.We think there is room for that to increase. From the employer's perspective the economics are compelling. Across workplace applications, the cost to execute the economic task would be $2-$5. And that could save an enterprise $55. That to us suggests companies are likely to spend more, not less, on AI over time.The second debate centers on efficient models, including competitive models developed in China.  And here, policy responses both from the U.S. and China can have an impact as well. Some investors worry that better efficiency means less computing demand. But we see the opposite risk. This is a classic example of Jevons paradox: When something becomes cheaper or more efficient to use, people use more of it. In AI, lower costs can attract more users, encourage more frequent use, and make complicated applications more economical. The scale is striking. Industry leaders estimate that compute demand could double every six months, which would amount to more than a thousand-fold increase in compute over five years. Hyperscalers could quadruple available power capacity to roughly 120 gigawatts by 2028, from about 30 gigawatts in 2025.And that leads to the third debate – whether data centers can secure enough power to keep expanding. It's a valid concern. In the U.S., facilities under construction and contracted grid capacity cover about 30 gigawatts. That's less than half the 68 gigawatts of power that data centers are likely to need from 2026 through 2028. Grid connections can take five to seven years in some regions. Skilled electricians, welders, and pipefitters are in short supply. And local opposition is increasing as communities debate electricity bills, tax incentives, and who should pay for grid upgrades.These are real obstacles, but we view them as delays rather than dead ends. Onsite generation, fuel cells, energy storage, natural gas turbines, and the conversion of existing high-power sites could close the gap, at least partially.We believe much of the recent weakness in AI infrastructure has been driven by technical factors rather than a change in the underlying fundamentals. As AI becomes more capable and cheaper to use, demand for intelligence, compute, and power is likely to keep rising. The global market is fragmented as policy decisions in the U.S. and China shape how growth unfolds. But strong economics should support continued investment.Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

Lauren Hochfelder is Head of Global Real Assets at Morgan Stanley, where she oversees a team of 300 investment professionals across 13 countries, managing $80 billion across real estate, infrastructure, equity and credit. Lauren joined Morgan Stanley as an investment banking analyst directly out of Yale 26 years ago and has spent her entire career at the firm, helping build one of the industry's leading platforms.   Our conversation traces Lauren's journey from analyst to Global Head and the evolution of Morgan Stanley's real estate business before, during, and after the Global Financial Crisis. We cover the firm's thematic approach to investing behind structural demand tailwinds, combination of global perspectives and on-the-ground teams, operational improvements to assets, portfolio construction, and themes across industrial real estate and infrastructure, senior housing, and net lease properties. We also touch on riskier areas of real estate and Lauren's new role adding infrastructure to her real estate oversight.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)  

How much runway does the world's energy market still have? Our Head of Commodity Research Martijn Rats joins our Global Head of Fixed Income Research Andrew Sheets to explain what's causing pressure beyond renewed tensions in the Middle East.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.Martijn Rats: And I'm Martijn Rats, Head of Commodity Research at Morgan Stanley.Andrew Sheets: Today – talking about the recent volatility and the direction ahead for oil.It's Wednesday, July 29th at 2pm in London.Martijn, it's great to talk to you again. We haven't talked for a little while on this program. But oil is once again back in the headlines and it's moving around.So maybe to just jump right into things, as you look at the lay of the land in global energy markets at the moment, what's been happening? What are you telling clients?Martijn Rats: Okay. Well, we've had a large amount of volatility, over the last couple of weeks. If you roll the clock back, sort of, to the beginning of June. In the beginning of June, it started to become clear that already some more oil was leaking out of the Strait of Hormuz than perhaps, many of us anticipated at the time.But that data has been confirmed since then. And then, of course, in the middle of June, we got the memorandum of understanding. And after that, roughly 100-150 million barrels a day or so that was behind the Strait of Hormuz got cleared. And that…Andrew Sheets: These were tankers that were stuck there during the conflict, all came out.Martijn Rats: Absolutely. Laden tankers that were there; had just basically turned into floating storage for a good couple of months. They all cleared out, and that actually created a bit of a glut, in the sense that all of a sudden, the refiners of this world had a lot of crude to absorb. And we saw many indications of physical looseness in the market, physical differentials, calendar spreads.All sorts of indicators pointed that physically there was a lot of oil, temporarily to be absorbed. And the spot price of Brent fell to $70. And that looked to be the new direction of travel. In principle, the world is not short of oil if you take the geopolitics out of it.So, for a while it, it looked bearish. But then a new set of disruptions came, and the military conflict restarted, and we've had 13 days of overnight bombing. And with that also the flow through the Strait of Hormuz diminished again. And we are back in the last, sort of, week, 10 days to very, very low levels. The same levels we had in March.The flow through the strait is not exactly zero. But it's sort of 2-3 million barrels a day, sort of, down 80 percent to 90 percent of what it was before the conflict. And with that, prices have rallied. But on top of that, last week it looked like the military activity could really scale up. And for a couple of days, the markets priced that in.But then we have other choke points to take into account now. Not only Hormuz, but the Bab el-Mandeb, the CPC terminal, the issues in global refining. Altogether, it's been a tremendously volatile period. So, we're on the whole leaning towards the constructive side because there are so many disruptions in the system. But it's a very hard one to call at the moment.Andrew Sheets: So Martijn, let's talk about those other disruptions besides just the Strait of Hormuz. Because yeah, it's not just the Strait of Hormuz anymore. We have issues in the Red Sea. You have ongoing issues with Russian energy infrastructure that's being attacked by Ukraine. Just what are these other factors that are out there? And how much do they matter relative to, you know, how many ships are passing through the Strait of Hormuz?Martijn Rats: Yeah. They matter a lot, and you can see that expressed in the price of refined product more than the price of crude. If you look at the main global benchmark for the price of diesel, which is arguably the ICE gas-oil contract, which are diesel barges delivered in Rotterdam or in the wider ARA area, it's trading at about $1,200 a ton, which is sort of $150-$160 per barrel.That's where you see the tightness. And so out of the total end user price, the refiners are capturing more at the moment than the crude suppliers. But what end users pay is not $85 per barrel for Brent crude oil, it's $1,200 a ton for diesel. And that is a very high price. Now, that is a result effectively of four major issues that the oil market has to deal with.One of them is Hormuz, as just discussed. But then we come to these other three. And these other three are the Bab el-Mandeb, which is the strait on the other side of the Arabian Peninsula that provides entry and exit to the Red Sea. That strait has gained in importance because Saudi Arabia has been redirecting about 4 million barrels a day of crude oil supply that was previously exported via Hormuz. Now through the East-West Pipeline to a terminal near a city called Yanbu, from where it is loaded and mostly sails down south through the Bab el-Mandab to refineries in Asia.The Bab el-Mandab is a strait that is effectively controlled by the Houthis, which is an Iran-aligned group that controls much of Yemen. And already in [20]24, earlier in [20]25, they've been very effective, controlling tanker traffic through that strait. And in the last sort of week or so, they have said that they will no longer allow Saudi tankers to sail out. And also, that group has executed drone attacks on Saudi oil infrastructure near the Jazan refinery, near the Yanbu terminal, and overnight also the Abqaiq facility, which is a large oil processing plant.So, this whole Red Sea situation puts at risk something like an incremental 3.5 million barrels a day of crude.Then we've had to deal with issues at the CPC terminal, which is again, also a very large oil export terminal. About 1.5-2 million barrels a day of crude is exported from CPC, which is a terminal near the Russian city of Novorossiysk.Ukraine has been executing drone attacks on tankers that have been trying to load from the CPC terminal. Much of last week, the CPC terminal was out. Over the last 24 hours, a few tankers have loaded again, but it's very unreliable. It's on again, off again. It's a very disrupted flow. In and of itself, a single terminal loading 1.5-2 million barrels a day is very, very large. So, we care.And then the third issue that the oil market has been dealing with, and this also comes back to this issue about these refined product prices, is very severe tightness in the global refining system. That is an issue of some refineries can't export because they're behind the Strait of Hormuz again.So, you can say, "Well, isn't that; that's sort of the same problem?" But nevertheless, it expresses it somewhere else. It's partly a problem of, sort of, the Chinese refinery system running very low. But it's recently mostly been driven by Ukrainian drone attacks on Russian refineries. And by now, something like 60 percent of the Russian refining system is out.And with that, exports of refined products have declined very significantly. There's a gasoline export ban. There's a diesel export ban from Russia. Russia used to be a very large diesel exporter. That is now down to practically zero. And with that, refined product markets have rallied severely on top of the price of crude.Andrew Sheets: And I think that's interesting [be]cause when we think about the economic impact of oil, while, you know, the price of oil per barrel is often the most kind of visible marker that we have – it's often the refined product that we actually use. You know, a truck is running on diesel. It's not running on crude oil.And, you know, that cost of diesel, of jet fuel, of gasoline, you know, that is the thing that can often really affect business margins. And the ability to operate and move product around. So, I mean, just give a sense like how much have those diesel prices gone up? And how much further could they rise if you're operating, you know, a trucking company in Europe?Martijn Rats: Yeah. Look, when supply is inherently scarce, we often ask the question – what is the demand destruction price, right? If you can't supply the stuff quick enough, the physical oil market, be it crude or refined product, must balance.There are a finite number of molecules in the system, and we can store them for a bit. We can take them out of storage. But when you take storage into account, molecules can't disappear out of nowhere. And they can't create it out of nowhere either. So, the system must balance. And if you can't supply it quick enough, the only way to balance sometimes is through demand destruction.And then we ask the question, what is the price that effectively causes that to happen? And if you look historically, that is often expressed in crude, something like $140-$150 a barrel. We've seen that before. But those were occasions where refining was not an issue. And then crude needs to do the heavy lifting to drive prices higher.What we're having at the moment is that refined products need to do it. And so, from experience earlier in the year, back in 2022, some other occasions, the price that destroys diesel demand is probably in the order of $1,400 a ton. In the diesel market, we use tons rather than barrels for historical reasons. Just to make it easy.But it's about $1,400 a ton, which is about sort of, you know, like $180-$190 per barrel. That really stops diesel demand in its track. At the moment, we're $1,230-$1,240, that sort of level. And so, we are getting close. There is probably a little bit more to go, like another 5 percent, 10 percent, that sort of thing, before you really hit some exceptionally high levels.But the diesel price, I would argue, is doing exactly that. It's searching for this demand destruction price. It's just if you then take that sort of $160 diesel that we have at the moment, how much do the refiners get versus how much do the crude producers get?At the moment, the refiners are getting $65- $70 out of that, leaving comparatively little for the crude supplier. But the refined product price is the channel by which the economy is impacted and ultimately also by which demand is eroded.Andrew Sheets: When we're talking about demand destruction, we're talking about at what price does a trucking company not operate, does not drive as much, you know, does not, you know... We're talking about less activity. And inherently that is, I think a risk to growth. But especially risk to growth in Europe where the starting point for growth is already pretty weak.Martijn Rats: Yes. So, we are watching as much, how the Ukrainian drone attacks on Russian refiners are playing out as we are watching, sort of, the Strait of Hormuz.Andrew Sheets: Martijn, the last thing I wanted to talk to you about is, you know, we've been talking about the Iran conflict since late February. And, you know, we're sitting here in late July. And it's clear that, you know, there was a small normalization in flows as you talked about. But we're back to a place where those flows are nowhere near normal.And I think the question on everybody's mind is how much longer can this go on before there's a much larger shock to energy prices?Now, again, you've mentioned we're already seeing some of that shock to diesel, but, you know, a much bigger disruption. What's your current thinking on how much runway the energy system still has?Martijn Rats: Yeah. It's an excellent question, and it's turned out to be fiendishly hard to answer. My gut feel based on how the data is behaving, based on what we know from history: If this lasts another, sort of, month or two, three, then it's hard to argue that by then the buffers in the system will not have been completely exhausted.The reason why I think oil analysts have lost a degree of confidence in forecasting this accurately is that there's a lot of unexplained oil that does require some explanation. If you look at the cumulative amount of supply loss from the Middle East since the start of this conflict, easily over 1.5 billion barrels. 1.5 billion barrels in 150 days is an enormous amount.And yet, the inventory draws that we can find in observable data, they are at best a third of that, maybe 0.5 billion barrels. And so, there's another billion barrels where you say, "Yeah, we had that last year, but we don't have this this year.”How did we solve that billion-barrel problem? And you can say, "Well, we were a bit oversupplied going into it," and a few other things. But you, sort of, have to conclude, and I think this is also, you know, talking to clients and investors, other market participants. I think this is sort of collectively we're discovering this is that this system of, like, unobservable inventories has to be way bigger.That is either inventories like in the supply chain, inventories at customers end, or in countries where we generally just have very little data anyway, like in China. And so, the system has been behaving as if already in [20]24 and [20]25 actually, we were putting a lot of oil into these, in storages that are hard to observe – because in that period we had the opposite problem.We were forecasting large inventory builds, and we couldn't find them all. And now we're forecasting large draws, and we haven't been able to find them all. And so, the system has been behaving as this; the unobservable part of the inventories are way larger.And… But at some point, they also run out. But because they're hard to observe, we don't know when. And I would guess if we're getting towards the end of the summer by August-September, and we're still in this situation? Yeah, then we're going into the winter. Like, you know, German households objectively have little storage of heating oil.Andrew Sheets: Mm-hmm.Martijn Rats: And they need to be rebuilt. And there are a few examples where we do know what customers are doing with their inventories, and they point to a picture where, yeah, by the end of the summer, like, we're running on fumes. And so, look, this – we've been able to patch this up. But it can't go on forever.Andrew Sheets: Well, Martijn, always a pleasure to, to catch up with you and talk energy markets.Martijn Rats: Nice to talk to you.Andrew Sheets: And thank you for listening. If you enjoy Thoughts on the Market, please take a moment to rate and review us.And please share with a friend or colleague today.

Our Global Head of Macro Strategy Matthew Hornbach and Chief U.S. Economist Michael Gapen unpack what is likely to influence this week's interest rate decision by the Fed.Read more insights from Morgan Stanley.----- Transcript -----Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy. Michael Gapen: And I'm Michael Gapen, Morgan Stanley's Chief U.S. Economist. Matthew Hornbach: Today, will the Fed hold or hike? It's the question in the market right now. It's Tuesday, July 28th at 9:30am in New York. Will the Fed display patience, or has it run out of patience? That's the question hanging over the July FOMC meeting currently underway. We believe the former. We expect the Fed to keep the target range for the federal funds rate unchanged at 3.5 to 3.75 percent. The statement will probably also remain unchanged, reiterating the ample reserve policy, economic activity expanding at a solid pace despite elevated uncertainty. So, Mike, what's your assessment of the situation beyond that? Michael Gapen: Our assessment of the July FOMC meeting is actually the case for hikes is not as persuasive now as it was in June. And I think when we say that and when we come to the decision the Fed will stay on hold this week, we're basing it mainly on the data that has come in since the June FOMC meeting. And two important pieces on that front are employment growth moderated. So, in the June meeting, the three-month average payroll gain was running at about 188,000 per month. And I think it gave the sense that the labor market was really accelerating and there was downside risk to the unemployment rate. The subsequent employment data changed that view. Now it looks like there is much less of an acceleration in hiring and momentum has slowed. So, the labor market doesn't look quite as robust. Second, there was a lot of information, we think, a lot of signal about disinflation. So yes, recent volatility in the Middle East did push oil prices temporarily higher. We'll see where that goes. But underneath the hood, there was significant softness in goods inflation and services inflation, particularly related to housing. So, we do think that there was a lot of evidence that disinflation is here. So, with those two things in mind, we think there's less of a case to hike in July than there was in June. So, we think the right thing... Or what we think the Fed will do is to skip July, try and buy a little more time, get a little more information. If disinflation is indeed here, the Fed stays on hold. If not, and inflation stays firm, well, they can move to rate hikes later this year. But we think the case to hike in July is less compelling than it was in June. Matthew Hornbach: Well, they certainly will get a lot more information between the July meeting and the September meeting. If memory serves, at least two more rounds of all of the major economic data points… Michael Gapen: That's right. Matthew Hornbach: Payroll, CPI, and so on. Michael Gapen: That's right. The gap between the July FOMC meeting and the September FOMC meeting is the longest on the Fed's calendar. Of course, in part, that makes room for Jackson Hole in August, which if the Fed were moving to a tightening cycle, could be a venue to lay out the case for that. But you're right, they will see multiple employment and inflation reports before they meet again in September. Matthew Hornbach: If they really wanted to get ahead of that data and move at this meeting, what is the case for hiking rates in July? How would you think about that perspective? Michael Gapen: I think you could make a couple of cases to hike now. One is recent volatility and conflict in the Middle East has pushed oil prices higher. Maybe it convinces you – you're in a prolonged oil risk premium scenario, and inflation will not dissipate. Second, I think you could argue, well, it's a balance of risks argument. And we think risks have just shifted in the direction of inflation, where last year they were in the direction of a weaker labor market. We eased last year. Let's just reverse those risk management rate cuts this year. So, it's not about inflation in hand, it's about your view of risks around inflation. Another, I think, and to me, this is the most important one, is maybe Warsh wants a regime change in the reaction function. In other words, he emphasizes price stability and achieving the 2 percent target. Well, at some point, words are words and actions are actions. And maybe what he desires is a more hawkish reaction function and kind of a higher interest rate all else equal to guide inflation down to 2 percent more quickly. So, I think, Matt, if we're wrong this week, I think the main reason we're wrong is I'm thinking under an older reaction function, and Warsh is bringing a new one. And right now, we don't exactly know what his reaction function is. And he could reveal it this week as being in a direction where he really wants to concentrate on the inflation side of the mandate to the exclusion of nearly everything else. Matthew Hornbach: Well, I don't think that's lost on markets at all. And in fact, I think that the rise in yields we've seen in the bond market concentrated in the real yield component of the 10-year Treasury bond tells you a lot about how investors are thinking the Fed will react to higher energy prices. As energy prices have gone up, so have bond yields. The relationship between those two asset prices are very strong. And usually what that suggests is if the real yield is going up more than the break-even inflation rate is going up as energy prices rise, it's telling you that investors think the Fed will not look through the rise in energy prices. If you have the opposite happen, where your break-even inflation rate is going higher, more so than the real interest rate is going higher, that would suggest investors think the Fed will look through the energy price increase. That just hasn't been the case, and so I think investors are very much attuned to what they think is the right reaction function for the Fed. But I guess we'll see. Only time will tell. And I think in order to help us tell what the right reaction function is – we'll need some communication from the Fed. And maybe that's where I want to go next with you – is on communication. It does seem like there have been fewer FOMC participants speaking to the public since Chairman Warsh began his tenure as chairman. Is that your impression? How do you think about communication? And since we are in the midst of this FOMC meeting, the press conference… What do you think about press conferences going forward? Michael Gapen: I do think you're right. I haven't counted up the literal official FOMC communications. I do think there have likely been fewer speeches and/or interviews given recently. And whether or not that's a function of Kevin Warsh as the chairman or it's summer and things move a little slower, I don't know. I will say, though, that when participants have spoken, I think we're getting the same, say, normal communication that they brought in the past. So far, I don't read participants as unwilling to provide their view about the outlook for the economy and for monetary policy. On the press conference, boy, would that be a change. I've been of the view that you probably will not get what I'll call a major change to the SEPs or the press conferences in terms of their frequency until the task force on communications has run its course, where I think the deadline is ultimately later this year. So, I don't think the schedule of press conferences will change until 2027, if it changes at all. But if we don't have them… The way that I would look at that, Matt, is to say, if the Fed's speaking less, there will be a vacuum out there to some degree. So, if the Fed's giving its view on the outlook and monetary policy less frequently, something else will fill that narrative, whether it's markets or the private sector or whatever it is. Vacuums are going to get filled. The Fed's speaking less, somebody else will speak more. Maybe that drives volatility more. I guess it would depend on the situation, but I think pulling press conferences would be a major surprise. I don't think it's in market expectations, and my belief is it would probably lead to some increase in volatility over time.How would you read it? Matthew Hornbach: Absolutely. I think the void has already begun to be filled by investors and how they think about the Fed's reaction function, rightly or wrongly. Which is why I think we've seen real yields move in a very positively correlated way with energy prices. Investors are intuiting a certain reaction function to higher energy prices. Whether or not that is the correct view, only time will tell. If we do have a press conference at this upcoming meeting, which looks very likely, investors are going to pay attention to every nuance and every shift in the chairman's tone. How he chooses to address certain questions versus others—or whether he chooses to address them at all—will be important for market participants and how they invest in the bond and currency markets. With that, Mike, thanks again for taking the time to talk. I look forward to catching up with you again in late August around the Jackson Hole symposium. Michael Gapen: Great speaking with you, Matt. Thanks for having me on. Matthew Hornbach: 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.

Morgan Stanley Investment Management's Global Head of ETFs Ally Wallace breaks down the firm's newly launched Ether and Solana ETFs from the floor of the New York Stock Exchange. Wallace explains why Morgan Stanley priced all three of its crypto products at 14 basis points — the cheapest on the market — and how its April Bitcoin ETF became the firm's most successful launch ever. And, she unpacks the staking component of the new proof-of-stake products, including Morgan Stanley's decision to pass back 100% of staking rewards to investors. - 00:00 Morgan Stanley Launches Ether and Solana ETFs 00:17 Launching Into a Subdued Crypto Market 00:57 Bitcoin ETF Pulls In $400M, MS's Best Launch Ever 01:27 Competing at 14 Basis Points, the Cheapest on the Market 02:15 The First Bank-Owned Asset Manager in the Space 02:33 Passing Back 100% of Staking Rewards 03:02 How the Staking Economics Work 03:52 Positioning Solana and ETH in Portfolios 04:46 Why Morgan Stanley Chose CoinDesk Benchmarks 05:28 Coinbase and BNY Mellon on Custody

Looking at clues from the past, our Global Head of Fixed Income Research Andrew Sheets examines how the recurring themes – from deregulation to volatility – are shaping markets and why every cycle still takes its own path.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Today, what can Odysseus teach us about investing? It's Friday, July 24th at 2pm in London.Like many of you, this week I saw The Odyssey. The enduring appeal of this story more than 2,700 years after it was composed is a reminder that some themes are universal. Pride, resourcefulness, determination, self-control, or the lack thereof, mattered to both an ancient Greek dinner party and resonate with anybody investing today.But drawing lessons from the past is also tricky. We do not have that much financial history, and markets contain too many variables for the same combination to align twice. Some judgment, art, and dare we say storytelling is always involved in deciding which historical periods best describe the present. Those disclaimers aside, we've argued in our year ahead outlook that 1997 to 1998 and 2005 to 2006 are some of the most useful templates for the current backdrop.That remains our view. They suggest a cycle that has further to run, equities outperforming credit, and a preference to own volatility. Both of these periods were defined by a sharp rise in corporate activity. That is certainly what we're seeing today.We forecast U.S. capital expenditure to rise 23 percent in 2026, and 26 percent in 2027. AI is the biggest driver of this spending but build-outs in energy infrastructure are also playing a role. And increased corporate CapEx is certainly a global story, especially in Asia.Then there's M&A, which also rose significantly in these two past historical periods. As recently as early 2024, global M&A volumes were unusually depressed, some of the lowest levels in over 30 years, adjusted for economic size. But that's no longer the case. And more recently, M&A is currently running up 64 percent relative to a year ago.Important current macroeconomic data also looks somewhat similar to these past two periods. The current levels of U.S. core PCE inflation, the unemployment rate, and the 10-year yield are pretty close to the averages seen in 1997, 1998, 2005, and 2006.And the U.S. 2s10s yield curve, well, it broadly flattened then, and it has broadly been flattening today. A third similarity, maybe less obvious but no less important, is deregulation. Both 1997 and 1998 and 2005 to 2006 saw significant financial deregulation. And we're seeing that again now. From the Basel Endgame to NAIC risk weights to Solvency II changes to savings reforms in Europe, Korea, and elsewhere, the current trend appears to be on a firmly deregulatory path.Even more simply, 1997 and 1998 and 2005 to 2006 provide interesting narrative bookends to two ways that I often hear the current environment being described. The late '90s? Well, that was defined by rising excitement around a transformational new technology – then the internet – and the prospect of a more productive future. Sound familiar? And the mid-2000s? Well, that was defined by a very unequal economy and rising consumer stress – but growth that was still supported by a seemingly inexhaustible investment demand from a rising market force. Then that force was emerging markets. Today, it's AI. Again, somewhat familiar. If these periods serve as a guide, the cycle probably has further to run, and corporate aggression should favor equities over credit.But if we learn anything from the trials of Odysseus, the journey can throw up plenty of surprises along the way. Thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

What if walking away from the CEO seat was the smartest career move you could make in AI right now?Cameron Herold sits down with Alex Triplett, COO of you.com, the company quietly powering web search for AI agents behind brands like Salesforce, Anthropic, and Harvey. Alex turned down the chance to be a CEO to take the second-in-command seat at a fast-moving AI startup, and he explains exactly why.They get into the operator work most leaders avoid: walking into a 135-person company, making a brutal focus call, and rebuilding the team around a single mission. Alex breaks down his first 90 days, the listening tour that validated his biggest decision, how he sells to enterprise without getting strung along, and the system that keeps him out of the minutiae.Skip this one, and you risk what most new executives do: the right idea at the wrong time, and broken trust. Listen now for the unfiltered COO playbook on focus and timing.Sponsored byGenius Network - An exclusive community for highly successful entrepreneurs, connecting you with top-tier leaders, strategic insights, and powerful relationships to help you grow your business faster and smarter.Learn more: https://www.geniusnetwork.com/Timestamped Highlights10:16 – “Google for AI agents,” explained: the invisible layer your favorite LLM cannot work without13:18 – You might be using you.com right now without knowing it. Here is where it hides in the AI stack15:08 – How to tell a real enterprise deal from a buyer who is just keeping you busy19:56 – The COO superpower hiding in plain sight, and why it gets you a seat at the C-suite table23:08 – Chief of staff or glorified executive assistant? The title too many companies get wrong25:24 – Three companies, one founder: how Richard runs you.com while raising $650M for a frontier lab33:34 – 135 people on day one: the focus call that cut the team to 110, then built it back stronger38:01 – One mission, one North Star, and the moment focus “just exploded” the company39:23 – The first 90 days that make or break a COO: the listening tour that validated everything47:23 – Why this COO leaves messages unread on purpose, and what it taught him about good decisions50:09 – The one-sentence piece of advice he would give his 22-year-old selfAbout the GuestAlex Triplett is the Chief Operating Officer of you.com, the leading web search API for AI agents, serving customers like Salesforce, Anthropic, and Harvey. An investor turned operator, Alex spent the first decade of his career in private equity before moving to the operating side. He served as Global Head of Corporate Development at ION Group, where he helped grow the business from $150 million to $3 billion in revenue, and later as CFO and COO of Appfire. He also chairs the board of the travel app Pangea and holds a degree from the McIntire School of Commerce at the University of Virginia.