Podcasts about Goldman Sachs

Charles Gasparino, author of Go Woke, Go Broke: The Inside Story of the Radicalization of Corporate America, explores the radicalization of corporate America by tracing the rise of ESG (Environmental, Social, and Governance) and DEI (Diversity, Equity, and Inclusion) initiatives. He argues that these movements, once fringe academic theories, were embraced by corporate elites at global forums like Davos and the UN. This shift was accelerated by the 2008 financial crisis, which led CEOs to adopt "stakeholder capitalism" as a defensive "cover your backside" strategy against progressive populism and threats of government nationalization. The book details how major asset managers like BlackRock and Vanguard leveraged trillions in investment money to force progressive social changes on the companies in their portfolios. Gasparino uses The Walt Disney Company as a primary example of "woke" activism backfiring, noting how political entanglements in Florida and ideological shifts in programming led to significant financial and cultural fallout. He also highlights the story of Sage Steele, who was allegedly forced out of ESPN for holding heterodox, non-woke views. Ultimately, Gasparino documents an ongoing backlash against these policies, as evidenced by massive withdrawals from ESG-focused funds and a retreat from diversity programs by firms like Goldman Sachs. He concludes that "wokeness" is often a distraction from core business responsibilities, such as managing balance sheets, and warns that it divides the country while harming the bottom line. (1)

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

What happens to digital asset ownership when the cryptography proving that ownership can no longer be trusted? In this episode of Tech Talks Daily, I speak with Yoon Auh, cofounder of BOLTS Technologies, about quantum computing, blockchain security, and the need for crypto agility. Yoon brings an unusual perspective to the subject. Before moving into applied cryptography, he spent years building and operating high performance trading systems at firms including Credit Suisse, Goldman Sachs, Geode Capital, and Magnetar Capital. Yoon explains that blockchain ownership ultimately depends on digital signatures and public keys. Most major blockchain systems use variants of elliptic curve cryptography because it has historically offered speed, compact signatures, and dependable protection. However, sufficiently powerful quantum computers could eventually challenge the mathematics supporting that protection. The risk does not begin when such a quantum computer arrives. Yoon describes how attackers can collect encrypted traffic today, store it, and attempt to decrypt it later. This creates an immediate concern for governments, financial institutions, and businesses holding information that must remain private for many years. We also discuss QFlex, the post quantum ready API developed by BOLTS Technologies. The company describes its approach as cryptographic logistics, allowing different cryptographic methods to be selected at the transaction level. Yoon argues that a small payment and a multimillion dollar asset transfer should not automatically receive identical protection, particularly when stronger cryptography may require additional processing, storage, and cost. Another concern is uncertainty around the available post quantum algorithms. Yoon explains that cryptographic methods can survive years of examination before a weakness is discovered. His argument is that organizations need the ability to change algorithms quickly if one becomes vulnerable, rather than making a permanent choice and hoping it survives every new attack. The conversation also examines digital asset sovereignty. Who decides how a transaction is protected: the platform, the protocol, or the asset holder? BOLTS Technologies believes that choice should return to the holder, while QFlex aims to provide that control without hard forks, network downtime, or protocol changes. The interview also covers the company's research background and its pilot work with the Canton Foundation. Yoon closes with a lesson from his trading career. Backup and failover exercises often failed because they were treated as occasional events. His advice is to make exceptional processes routine, ensuring that the organization has already practiced changing systems before the moment arrives when it has no other option. Should digital asset holders control the cryptography protecting every transaction, or should platforms continue making that decision for them? Listen to the episode and share your thoughts with me.

Download the “65 Investment Terms You MUST Know to Reach Your Financial Goals” for FREE by going to https://TodaysMarketExplained.com/  The markets are stabilizing after weeks of volatility — equities are regaining strength, sector leadership is rotating back toward growth, and earnings continue to surprise to the upside. At the same time, oil prices remain volatile due to geopolitical tensions, inflation is ticking higher again, and consumer sentiment has dropped to record lows, creating a complex and uneven economic backdrop.In this episode of Today's Market Explained, Brian Kasal and Chris Reardon break down the forces driving today's market movements across asset classes, sectors, and corporate earnings. From blockbuster bank earnings at JPMorgan and Goldman Sachs — boosted by a 26% jump in investment banking revenue following SpaceX's massive $1.74 trillion IPO — to high earnings expectations volatility hitting AI infrastructure suppliers like CoreWeave and Nebius, they explore where leadership is moving next. 

Homeowners insurance prices are up a whopping 24% since 2022. One in seven homeowners now has no insurance at all. In some parts of the country, companies aren't just raising rates -- they're refusing to write policies. Bob Litterman co-created the Black-Litterman model that the financial industry still uses to price risk, spent 23 years running risk at Goldman Sachs, and now chairs the Coalition for an Insurable Future. He joins Joe and OG on a special Thursday episode to explain what's actually happening, why it's not going to stop, and what you can do about it right now.What You'll Walk Away WithWhy the insurance market breaks down when probabilities stop being stable -- and how billion-dollar weather events went from three per year in the 1980s to 23 per year todayThe domino chain: how rising insurance costs in one ZIP code can drive down home values, freeze bank lending, shrink local businesses, and quietly hollow out an entire communityWhy this isn't 2008 -- and the one important way it's actually worse than what the mortgage crisis taught usWhy one in seven homeowners now carries no insurance at all -- and what that means for the next major weather eventThe 100-year flood problem: why homes built to withstand a once-in-a-century event are now getting hit every five to ten yearsWhat first-time homebuyers should ask that their realtor almost certainly won't bring up -- and why the insurance question is now as important as the mortgage rateHow to actually read your renewal letter: what to look for beyond the premium, what hidden changes insurance companies are legally required to disclose, and why your deductible may have quietly doubledOG's Claude trick: how he uploaded both his old and new policy documents, asked for the differences, and found actionable savings plus a jewelry rider gap he didn't know he hadWhy Bob says the real mispricing isn't in the insurance market -- it's in the pollution market -- and what that means for how this eventually gets resolvedThe risk management reframe: why thinking about insurance is the wrong starting point, and what to think about insteadWhy This Matters NowThis isn't an inflation blip. The risk is genuinely increasing, the models are being rewritten in real time, and the insurance companies pulling out of markets are the canary in the coal mine. The good news: there are specific things you can do right now -- at your house, with your policy, and in how you think about risk -- that most homeowners haven't done yet.From the BasementBob Litterman joins Joe and OG on a special Thursday episode to walk through the home insurance crisis from the inside -- the pricing models, the domino chain, the reinsurance squeeze, and the difference between a tail event and the slow-moving sea level rise underneath it. OG's takeaway: upload both your old and new policy to Claude and ask it to find the differences before your next renewal. Doug arrives with flood insurance trivia tied directly to the episode content. The Coalition for an Insurable Future, a nonpartisan cross-industry group, made this episode possible. Stacking Benjamins received compensation for this episode.Resources MentionedCoalition for an Insurable Future -- nonpartisan cross-industry group on climate and insurance risk; coalitionforaninsurablefuture.comBlack-Litterman Model -- referenced for Bob Litterman's background in risk pricingClimate Central -- tracks billion-dollar weather events annually; climatecentral.orgNational Flood Insurance Program -- referenced for the 1968 government backstop for flood risk; floodsmart.govSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Businesses love to say they are sustainable. Andrew breaks down why that word is no longer enough on its own. A new EU consumer protection regulation now requires companies to prove environmental claims with evidence, and it has helped drive more than 400 greenwashing-related enforcement actions across the US, UK, EU, Canada, Australia, and India in 2026 alone. Andrew draws on his own university experience with food labeling regulation to explain how vague standards let companies technically comply while misleading the public, then walks through real cases including SEC fines against Goldman Sachs, DWS, and WisdomTree Asset Management, state attorney general lawsuits in New York, California, and Washington DC, and Canada's growing green hushing trend where companies quietly stop talking about sustainability to avoid legal risk. The episode closes with practical advice for listeners on spotting greenwashing before it fools them, plus a preview of tomorrow's conversation with sustainability consultant Zena Harris on cleaning up the entertainment industry's environmental footprint. Takeaways Over 400 greenwashing enforcement actions were recorded globally in 2026 The EU's updated consumer protection regulation requires companies to substantiate environmental claims The SEC fined Goldman Sachs, DWS, and WisdomTree Asset Management for ESG-related misstatements State attorneys general in New York, California, and Washington, DC have filed greenwashing lawsuits Canada is seeing a rise in green hushing as companies scale back ESG statements to avoid litigation Vague terms like eco-friendly, green, and carbon neutral require evidence, not marketing language Third-party verification is more reliable than a company's own sustainability claims Tomorrow's episode features sustainability consultant Zena Harris on the entertainment industry Support Independent Podcasts: https://www.speakupforblue.com/patreon Need help with your ocean non-profit, company, or project? Get the help you need with Pisces Oceans Inc.: https://www.piscesoceans.ca Connect with Speak Up For Blue Website: https://bit.ly/3fOF3Wf Instagram: https://bit.ly/3rIaJSG TikTok: https://www.tiktok.com/@speakupforblue Twitter: https://bit.ly/3rHZxpc YouTube: www.speakupforblue.com/youtube  

With Josh Tomolak, Vice President of Independent Advisor Services, Diamond Consultants Louis Diamond and Josh Tomolak unpack today's IBD vs. RIA landscape, explaining what has changed, where each model excels, and how to determine which path best supports the business you want to build. In Summary The independent wealth management landscape has changed dramatically, making the decision between an independent broker dealer (IBD) and an RIA more nuanced than ever before. Louis Diamond welcomes Diamond Consultants' Vice President of Independent Advisor Services, Josh Tomolak, for a practical discussion of how the independent space has evolved, what truly differentiates the IBD and RIA models today, and how advisors can evaluate which path best aligns with the business they want to build. The Storyline Not long ago, the decision to become independent was relatively straightforward. Advisors either remained with a traditional firm or pursued independence through one of a limited number of models. Today, the conversation is far more complex. Independent broker dealers have significantly expanded their capabilities, offering stronger technology, larger transition packages, greater flexibility, and even pathways to RIA ownership. At the same time, the RIA ecosystem has matured into a sophisticated marketplace supported by multiple custodians, outsourced service providers, institutional capital, and enterprise platforms that rival many of the industry's largest firms. As these developments have unfolded, the traditional distinctions between an IBD and an RIA have become less obvious. Advisors evaluating their options are no longer simply asking whether they should become independent—they're asking which model best supports the clients they serve, the business they envision, and the lifestyle they want to create. In this Industry Update, Louis and Josh unpack the realities behind the IBD vs. RIA decision. They discuss where the two models overlap, where meaningful differences still exist, and why factors like service, technology, economics, operational responsibility, enterprise value, and long-term optionality often matter more than labels alone. Whether you're considering changing independent firms, launching your own RIA, or simply want a better understanding of how the independent landscape has evolved, this conversation provides an objective framework for evaluating today's choices—and preparing for tomorrow's opportunities. Topics Covered Independent Broker Dealer (IBD) vs. RIA models The evolution of supportive independence Technology investments across the independent space Transition support and advisor mobility Capital solutions and recruiting economics Business formation and enterprise value Launching an independent RIA Multi-custodial platforms and open architecture Minority investments and succession planning Future trends shaping advisor independence > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why are already-independent advisors reconsidering their current model? (5:27) Josh explains why service, technology, economics, and growing optionality are causing advisors to reevaluate their existing affiliations. How have independent broker dealers and RIAs become more alike? (19:28) Louis and Josh discuss the growing convergence between the two models and why the distinction is becoming less obvious than many advisors assume. What really separates an IBD from an RIA? (25:04) A practical discussion of autonomy, compliance, flexibility, custody, economics, and advisor experience. What misconceptions keep advisors from launching an RIA? (36:29) Josh outlines the “Four Pillars” of launching an RIA and explains where advisors tend to either overestimate or underestimate the operational realities. Which advisors thrive most in each model? (33:12) The conversation explores why there isn't a universally “better” model—only one that's better aligned with an advisor's goals. What trends are quietly reshaping independence? (42:13) Minority investments, enterprise value, business formation, and changing revenue models may have an even greater impact than advisors realize today. Key Takeaways Independence has evolved from a destination into an ongoing strategic decision. Independent broker dealers have significantly improved technology, transition support, economics, and flexibility. The RIA ecosystem has matured into a highly sophisticated marketplace with broad outsourcing and support options. Choosing between an IBD and an RIA should begin with long-term business objectives—not industry perceptions. Building a valuable business depends more on business structure and scalability than simply growing assets. Advisors considering independence should evaluate models with an open mind rather than relying on outdated assumptions. The next decade will likely bring continued convergence between independent business models. https://youtu.be/jHDVso2TsmQ Quotable Moments “The question is no longer, ‘Do I want to go independent?' The question is, ‘What kind of independence makes the most sense for my clients, business, and goals?'” “Business formation is far more important than assets under management.” “The way you build your business will ultimately determine how valuable that business becomes.” “Everything in an RIA is going to cost you either your time or your money.” FAQs Is there still a meaningful difference between an IBD and an RIA? Yes. While the two models increasingly overlap, they differ in areas such as flexibility, compliance structure, operational responsibility, economics, and control. Why are more independent advisors changing firms today? Improved technology, stronger transition support, evolving economics, and better service models are prompting many advisors to reassess whether their current platform still fits their business. Is launching an RIA easier than it used to be? Yes. Supportive independence, outsourced service providers, and improved custodial resources have significantly reduced many of the historical barriers. Does every entrepreneurial advisor belong in the RIA model? No. The best fit depends on an advisor's appetite for ownership, customization, operational responsibility, and long-term vision. What matters more: assets under management or how the business is built? Josh argues that scalable business formation often has a greater impact on enterprise value than AUM alone. What's the biggest mistake advisors make when evaluating independence? Starting with assumptions instead of objectives. The most effective due diligence begins by defining the business you're trying to build, then identifying the model best suited to support it. Yes. While the two models increasingly overlap, they differ in areas such as flexibility, compliance structure, operational responsibility, economics, and control. Improved technology, stronger transition support, evolving economics, and better service models are prompting many advisors to reassess whether their current platform still fits their business. Yes. Supportive independence, outsourced service providers, and improved custodial resources have significantly reduced many of the historical barriers. No. The best fit depends on an advisor's appetite for ownership, customization, operational responsibility, and long-term vision. Josh argues that scalable business formation often has a greater impact on enterprise value than AUM alone. Starting with assumptions instead of objectives. The most effective due diligence begins by defining the business you're trying to build, then identifying the model best suited to support it. Related Resources IBD vs. RIA Comparison Guide IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. View the transcript of this episode… IBD vs. RIA: A Special Industry Update on Independence A conversation with Louis Diamond and Josh Tomolak, Vice President of Independent Advisor Services at Diamond Consultants.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is IBD vs. RIA: A Special Industry Update on Independence. It’s a conversation with Josh Tomolak, our Vice President of Independent Advisor Services. I’m Louis Diamond, and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: For a long time, going independent would suggest the destination. Today, it’s often the beginning of a different conversation. As the independent space has matured, advisors have more choices than ever before. Broker-dealers have expanded their capabilities. The RIA ecosystem has become increasingly sophisticated. Capital is more readily available and support models now exist that would’ve been difficult to imagine a decade ago. The result is that many advisors who are already independent are taking a fresh look at whether their current affiliation still aligns with what they’re trying to build. My guest is Josh Tomolak, Vice President of Independent Advisor Services here at Diamond Consultants and our resident expert on independence. Josh spends his days helping advisors evaluate independence in all its forms from independent broker dealers, the fully independent RIAs and everything in between. And his knowledge is critical because the distinction between these models is often blurred. Many broker dealers now offer pathways to greater autonomy while supported independence has made RIA ownership more accessible than ever before. So the question is no longer simply, “Do I want to go independent?” The question is, “What kind of independence makes the most sense for client, business, and goals?” Josh shares what he’s seeing across the landscape, the misconceptions that continue to shape advisor thinking and the factors that matter most when evaluating the next chapter of an independent business. There’s a lot to discuss, so let’s get to it. Josh, thanks for joining me today. Joshua Tomolak: Thanks for having me, Louis. It’s a real privilege to have come. This is a full circle moment for me going from being a student of your podcast, to working alongside you, to being a guest. So I appreciate you having me. Louis Diamond: Amazing. I’m excited for this one too, because you have a fresh and in the weeds perspective that a lot of our guests simply don’t have. So why don’t you start off, you spend your time helping advisors evaluate independence every day. So working with advisors who are already independent, for the most part. And to me, it feels like the independent space has really evolved dramatically over the last decade. I mean, this podcast is really the epicenter of that to prove that out, but give us a little background on your past roles in the space and then we can get into what you’re seeing right now. Joshua Tomolak: Yeah, I’d be happy to. So I took a very non-traditional path into wealth management. I spent a decade as a deep sea Navy diver, and upon completing my service there, I ended up working for TD Ameritrade. And in my role there, I spent about six years doing nothing but helping financial advisors explore the RIA space, whether that was to join or partner with an RIA, sell to an RIA, or in most cases, launch their own RIA. And one of the things that I ultimately came to terms with is it’s just not the right model for everybody. While I’m a huge advocate for it, we would often lose business to the major broker-dealers of the world. And at the time, I really didn’t understand why. In the last six years at Diamond Consultants has been a very interesting purview into what a lot of the broker-dealers have done and are doing to make themselves more RIA-ish and be very compelling to the right advisor. Louis Diamond: Perfect framing. Your background is incredibly germane to the folks you work with. So let’s start off with the softball here. What are you seeing right now? Joshua Tomolak: It’s not so different than the rest of the industry, the wirehouses, the regional firms, things of that nature, that if you took 10 firms, they’re all likely to go different directions, even if they were identical practices. That could be… A third would go from an independent broker-dealer to another independent broker-dealer. Certainly the supported RIA space is growing every day and has created a lot of very fun and unique solutions for advisors, very customized and curated. And then I think there’s still a lot of really great sophisticated teams and individual contributors that are making the decision to go hyper entrepreneurial and launch their own individual RIA. So the movement’s really all over the board from my perspective. Louis Diamond: It does feel like it’s no longer independence is an alternative option or it’s on the fringes. It’s very front and center whether for breakaways, which is a big topic on our podcast, but in general, the infrastructure has become much, much more sophisticated today than ever before. Advisors have way more tools in their toolbox to serve clients, whether in the private markets or through technology. And it’s no longer that if an advisor’s independent, they’re in the minor leagues where they don’t have the same ability to serve clients like they did if they’re at a big bank or a private bank or a wirehouse. Do you agree? Joshua Tomolak: I absolutely agree. And I’m reminded of a question I got one time from a great team that I worked with in New York. They asked me, “Are there really more options than ever before? Because all we see is one firm selling to another.” And I think that’s a really great point. There’s far less broker dealers on the street than there were even five years ago. But for every Commonwealth, for example, that sells to an LPL, up pops three or four really cool private equity-backed, sophisticated RIA platform firms that are built to service their own unique advisor base. Louis Diamond: I think that’s right. Sitting on the sidelines, sitting on top of everything going on in the industry, I feel like capital is always an interesting topic forever. If an advisor wanted to move within the independent world or break away from a big firm to go independent, the only way to get capital was to go to an independent broker dealer. So we still see that, but I feel like today between all these minority acquisition opportunities, we’re seeing firms acquire practices at time of transition, which is somewhat new. There’s debt solutions, recruiting deals are way up for firms that are paying forgivable loans. RIAs now would, in some cases, will pay a forgivable note. What are you seeing there as far as the availability of capital and just deals in general? Joshua Tomolak: It’s a great question and I didn’t want to take the low-hanging fruit, but capital’s been a huge innovation, I guess, in the last five years I’d say. Just to give you rough quotes, please don’t hold me to it, but traditional transition broker-dealer deals were five years ago, 40 to 60% of Trailing Twelve revenue today are somewhere between 90 and 120%, sometimes north of that for the right team. That’s really meaningful money for the team that is thinking about foregoing a wirehouse deal, for example. I’d also say a lot of these firms are getting hyper-creative in how they solve for capital. The minority investment piece that you mentioned is very interesting. We’re seeing a lot of privatized forgivable notes in the RIA space where third-party or private lenders are basically lending the money and the RIA is making the payments on that forgivable note as long as the advisor is affiliated with them. So there’s been a recognition among the RIA space to get away from the, “Oh, they just took a check” type of mantra, and to say, “Look, I understand there are capital needs. These people are taking a risk. We need to solve for that.” So we’ve seen a lot of that in the marketplace. Louis Diamond: Very interesting. I think another thing financially, and then we’ll keep the train moving, that I know I’ve seen, and maybe you can weigh in if you’ve seen the same, is the cost to an advisor or a business owner to join an independent BD or to join an RIA has come way down, probably in part because of Schwab going to zero on trading. That’s been a catalyst. But it feels like we used to say independent BDs were expensive relative to the RIA world. And in some cases, they certainly could be. And if you’re at scale, maybe you can pick up a point or two being in the RIA world versus a BD. But when you have some of these BDs that have a basis point admin fee or no admin fee at a certain size and the payouts I feel like are similar, maybe have gone up a little bit, but it’s more so like the administrator fees, the platform fees, the program fees. Anyone who’s not in that world, it’s like, “What are you talking about?” But basically the way that these broker-dealers make money, it seems like there’s been a pretty big differential in the exchange of value where advisors now get more services, better technology, get more money to join them and get it at a lower cost. Do you agree? Joshua Tomolak: I absolutely agree. I think that maybe that’s one of the larger changes that we’ve seen, and it’s probably one of the benefits from a lot of the industry consolidation on that independent broker-dealer side. The economies of scale of these folks have allowed them to increase their tech spend, increase their service capacities all while offering it to the advisors at a cheaper price. And when I was at TD Ameritrade, one of the biggest pitches was the idea of a 100% payout and you control the fixed expenses, your technology compliance, et cetera. But what’s changed is that broker-dealers are pretty darn comparable on the expenses. All of those admin fees and things you mentioned will still exist, but they’re on a much smaller scale. And I think the question a lot of advisors are asking is, “Am I getting congruent value from my broker-dealer for what I pay for?” And while that answer might’ve been no a couple years ago, today the answer is more often yes. Louis Diamond: Yeah, I would agree. A lot of times we work with advisors who are starting an RIA or affiliating with an RIA or going to a BD and they see how big the deals are in the independent BD world and the payouts are really high and the fees are relatively low. And honestly, it is a hard decision or calculus to make, like, “How does it make sense for me to turn down this extremely lucrative deal when my ongoing economics are going to be somewhat similar in the BD world versus in the RIA space?” I think it’s just an interesting dynamic and we’ll get more into that distinction. One of the stars of the show right here is we’ve seen a ton of advisor movement across the industry. Our annual advisor transition report said that in 2025, over 11,000 experienced advisors changed firms, which is a large number. A lot of those numbers are within the independent world. So advisors who are 1099 through a BD or through an RIA transitioning to another platform or organization or starting an RIA. So why do you think we’re seeing so many advisors reconsider their current firm or their platform or their broker-dealer today than in years past? Joshua Tomolak: It’s a jarring number. 11,000 is definitely a significant amount of advisor movements. To me, it comes down to a few things, but I will say that it’s almost always a conglomeration of pushes and pulls. Pushes being inherent frustrations with your status quo, pulls being the new sexy, shiny things that you see in the marketplace that could be really impactful for your business. To me, it typically comes down to one of three things, at least on the push front, that drives advisors to movement. Service being number one, technology being number two, and economics being number three. And if we were just going to unpack those, I think service being, “Can you call somebody that knows your business, that knows your name? Are you getting the correct answers? Are you being pushed through a phone tree? And even if you’re not doing it, is it taking up a meaningful amount of time of your staff’s free time?” On the technology front, there’s very significant tech spends happening in the industry right now. I think Raymond James and LPL reported, for example, they spent 500 million in 2025 on a tech spend. So advisors are going to the places that are making their life easier. People are looking for a mechanism to really scale their business without having to add staff and a lot of expenses to the bottom line. And technology is just the fastest, most efficient way to do that most times. And then economics, certainly a lot of advisors and teams have built phenomenal businesses and they’ve made a great living without really stressing out about the economics. And they eventually get to a point in their business where what they were giving up as a million dollar producer is far different than what they’re giving up as a $4 million producer. And back to the congruent value, it perhaps stops to make as much sense. Louis Diamond: Well said. I always say when the cost-to-value ratio is out of whack, that’s when advisors sit up and take notice. And not to name names of firms, but there definitely are firms that are more expensive. And even if you look at how much a wirehouse or a Ed Jones advisor paid their firm, it’s like, “What got me here is not necessarily what’s going to get me there.” And while the name on the business card, the resources were incredibly impactful, and I’m so grateful for what my firm, my broker-dealer did for me when I was just starting or when I was smaller. Now the business is bigger, I rely upon different resources or I don’t need the firm as much. So I’d rather plow the cost savings either into income for myself or invest it in areas that are most germane to my business. And it’s usually when that kind of light bulb moment goes off, that’s one of the major pushes that cause advisors to evaluate other options. So I agree with you, those are the major push factors, but then what are the pull factors? What are the major advancements or changes across the independent space that’s causing advisors to say, “Hey, okay, I might have some frustrations, but at the same time, I also need to find something that’s more than marginally better than the firm I’m at. Otherwise, why am I going to go through the hassle, take the risk, et cetera? So what are some of the pull factors that advisors are latching onto today? Joshua Tomolak: Sure. And I might say with one final push factor, there’s a straw that breaks the proverbial camel’s back when you’ve been told for however many years that this change or that change is coming down the pipeline and it never happens. And it translates well into the pull factors is do they do what they say they’re going to do? The talking points really for the pull factors are exactly the same. So the counterpoint to service is perhaps having a direct relationship with the chief compliance officer at a firm or having a dedicated service representative that knows their stuff inside and out and can get you the answer even if they don’t know it off the top of their head. Having the technology to rebalance a household in two clicks instead of two hours. In economics, I think it’s really a transparency of economics. We’ve both worked with some really significant firms that have looked at their P&Ls and said, “where the heck is the money going?” And we’ve looked at the same P&Ls and said, “I have no idea,” because it’s so convoluted. People are happy to pay for good service, good technology, good products, but they just want to know where the money’s coming from. So I think it’s a yin and yang. The same things that they’re the push are often the pull. Louis Diamond: Definitely. I’ll give you a couple other from my perspective. I’ll say first specific to the independent BD world, and then we’ll dive into the RIA, I think it’s a little bit different. But I think some other will say innovations or changes that are causing advisors to really perk up and listen and really make the case to themselves that life will be better at this new organization than the status quo or staying put. We’ve seen major advancements in transition support, whether it’s being able to do a transition without a shred of paper, being able to… I mean, we’ve seen some independent advisors move their entire book within two weeks, which never would’ve happened before. So the firms that I’d say are playing offense, the larger firms that are winning, they have insane headcount around transitions and are always investing in technology, whether now on the AI front or in general. And we’ve seen transitions, they’re never easy. So that’s not a comment to say it’s easy, but a lot of the friction, a lot of the manual work has been taken away, which is massive. You definitely mentioned the significant technology spend. I mean, just the innovations going on across the industry. There’s definitely some firms that are laggards on technology and others that are light years ahead, whether because their tech is more integrated or they’ve built out their platform to be more, we’ll say modular, to plug in different third-party softwares where an advisor can really customize and create their own tech stack. I think there’s been some changes on compliance. It used to be if you’re at an independent BD, you had to be the OSJ by yourself or you had to roll up under an OSJ. But now most BDs offer home office supervision, so a big friction or pain point is taken away. And then I’ll give you a bridge to talk about what we’re seeing on the RIA side. But we’ve also seen, I would say, a real blurring of the lines between what you would traditionally think of as an independent broker dealer versus what was an RIA. So whether it’s an internal pathway where it’s like, “Start off on our independent BD platform, get the big deal, get the support, but then you can ditch that and just use this as a custodian or you can sell the business to us when you want to retire and convert to W2.” So in that vein, transitioning internally to an RIA, give me the same points like, “What are the major advancements or changes you’re seeing on the RIA side today?” Joshua Tomolak: I love that you said that because it’s been one of the most interesting changes to watch. Independent broker dealers becoming more like RIAs, and to your point, being more flexible, having more optionality, a more curated experience in some cases. And in many cases becoming closer to independent broker dealers with some of these massive shops that we’ve seen be created over the last five years that now have hundreds, if not thousands of advisors. To your question on the internal RIA slide as we sometimes call it, this really didn’t exist many places a few years ago. And I think it’s been created as both originally a retention tool in many places for the advisors that were with a major independent broker dealer and they ultimately wanted to have their own ADV and their own RIA. And the firm didn’t want to lose all the assets to an independent custodian so they gave them the green light to… And it’s ultimately became a sales tool in many cases. Just to use a couple of examples across the industry, I mean, Raymond James has Raymond James Custody Services, which has attracted a lot of really sophisticated teams. I know Wells Fargo Finance done something similar and even the counterparts over at Cetera and Osaic are trying to do the same thing. So it’s a recognition in my view that we want to keep the best talent possible. And if these folks are ultimately going to go RIA anyway, it’s less about the money and more about the flexibility and control that it offers them. So what can we do to keep those folks on board? And rightfully so, a lot of senior management of these firms have said, “Let’s not lose these teams. It’s going to be a lower margin business for us, but at the rate that they’re growing, it’s going to pay off in the long run.” Louis Diamond: Well said. RIAs are now more mainstream. And some of these RIAs, they’re either resembling independent BDs or I would even go so far to say the valuations that are even publicly available on some RIAs is definitely having people take notice. I mean, Cerity Partners recently raised capital at an over $8 billion reported valuation. Crescent was well over a billion. Firms like Mariner, Creative Planning, Mercer, Wealth Enhancement Group, and there’s many that I’m missing, are all worth a couple billion dollars or more and growing. Do you think that’s had an impact on the legitimacy or the staying power of the RIA model? Joshua Tomolak: Oh, absolutely. There’s no doubt about it. I mean, those groups that you mentioned and many more are winning some of the biggest teams on the street. I mean, if you pull up a run-of-the-mill advisor hub article, for example, you’ll see as many of those RIAs win significant businesses as you will their broker-dealer counterparts, partially in my opinion, due to the massive valuations these firms are fetching. And it’s much more of a partnership in the sense that joining a Crescent or a Wealth Enhancement Group, as you mentioned, you’re a part of a boutique group of maybe a couple of hundred very sophisticated high-producing advisors all playing under the same banner, all rowing in the same direction, and that creates substantial growth. Louis Diamond: Exactly right. I think two other things to me that’s driving the legitimacy or the growth of the RIA segment, there’s so many different outsourcing solutions that have popped up, whether it’s more of a… We’ll say a bundled or a package outsourcing solution through firms like Dynasty and Sanctuary. LPL has done a ton with having a shared services outsourcing model. So you have those. But you also have, I mean, probably 10 different firms I could think of that can be an outsourced chief compliance officer. You have tons of marketing agencies that specialize in helping RIAs. You have all these FinTechs popping up to support the RIA space. Really, it’s like anything and everything can be outsourced now. And even the big Wall Street banks like UBS, Merrill, et cetera, they’re attempting to sell and distribute product into the RIA space. Venture funds, private equity funds, anyone you talk to is trying to get a piece of the RIA space, which means there’s more product and platform availability than ever before. And I think it’s massive because one, it’s a catalyst for teams who say, “I love everything about the RIA world. I just don’t want to do it on my own,” or, “I don’t know where to start.” But also it means that they can look their clients in the eye and say, “Hey, not only do I have the same stuff that I had for you at XYZ firm, I can actually do more for you.” And even if you look at what the custodians are doing on the lending side now, Schwab owning a bank is massive and being able to facilitate mortgages, securities-backed loans, things that didn’t really exist in the past. I think it’s a very exciting time for advisors either that are independent or are considering the independent space because you have all these choices and it’s really like, “Choose your own adventure. Give me your top five things you want.” I’m sure it exists and we can find it and make it happen. And I don’t think we’d have the same confidence in that statement 5, 7, 10 years ago. Joshua Tomolak: I couldn’t agree more. That’s such a huge development is the marketplace of third party vendors in any kind of capitalism environment. There’s problems that people encounter and there’s really smart people that are trying to make a lot of money that go to market to solve them. And we’ve seen a ton of that over the last few years. Louis Diamond: Exactly right. Yeah, it’s like also… If an advisor looks around and says, “Hey, this is what I want,” and it doesn’t exist, oftentimes that’s a light bulb moment to be like, “Okay, I’ll go build it. I’ll do it on my own.” Whether it was Stewart Partners when they launched a number of years ago or Hightower, Dynasty, et cetera. They were all started by people that said, “Hey, I see a big gap in the ecosystem. Let’s create a business and raise capital to go solve it and then deliver this service to other like-minded advisors or business owners.” Honestly, it’s a treat to be able to watch all this happen in real time. We probably should have laid the groundwork with this next question, but I think it’s an important one. What’s the difference between a independent broker-dealer and an RIA? Really basic foundational. It sounds like the lines are blurred. There’s probably a lot of similarities. Advisors are successful in both. It’s not like one’s better than the other. How would you explain the differences, if a client of ours asked, “What’s the difference between an independent broker-dealer and IBD versus an RIA”? Joshua Tomolak: Get into the core of it. Again, the lines are blurred, and I’ll stay very high level on the strategic differences, but I like to use this example. I drive a Toyota Tundra. Really like the truck, gets me from A to B. Now, if I were getting to a point where I wanted a new vehicle, if I were to go get another Toyota Tundra because I really like a lot of aspects of it, but I want the one with the bigger screen and the bigger tires and the power seats, and I have rolled down windows because I have a fear of drowning. But if I want a lot of the bells and whistles, but I want to keep the foundation, that’s what I align to a independent broker-dealer to independent broker-dealer. You like the foundation of everything all under one roof. You like a lot of the resources, but you have some meaningful frustrations and you want to see if another provider in the market can solve for those or you can upgrade. If I instead, Louis, decided that I wanted a sports car or a Jeep Wrangler or something, I would be looking at a different category altogether. That’s how I articulate the platform space. They provide the same services and support in many cases that an independent broker-dealer does, think of marketing and a tech stack and regulatory oversight and a fellowship in a community, but they’re built on an RIA TC registered chassis. They’re typically far more customized so you can shop the street to get a lot more of the things that you like, though you are walking away from maybe some of the things that you’ve liked in the independent broker-dealer model. So I guess that’s the highest level I might explain it, just a little bit more minutia in any broker-dealer is going to be a FINRA registered, FINRA member broker-dealer. So they’re subject to the FINRA rules, which basically means it’s the compliance interpretation of those rules that they have to follow. So LPL’s rules may be slightly different than Cetera’s than Ameriprise’s because it’s based on their interpretations of the rules. In the RIA space, everybody really operates on the fiduciary standard. So it’s just a different lens that from a compliance standpoint, business is looked at. And a lot of people would make the argument that it’s just easier to get things done when you’re looking at something from that lens. I might’ve gone too compliance nerd on you there, but I’d be curious what you think some of the major differences are. Louis Diamond: Yeah, I think that’s right. I mean, it sounds like if you’re in the RIA world in some capacity that you as the advisor or business owner are going to have a little bit more control and autonomy and flexibility. One, do you think that’s true? And what are the reasons why that is? Is it platform? Is it strictly just compliance is easier? What are the different ways that an RIA would have more or less flexibility than someone who’s with an independent BD? Joshua Tomolak: Yeah, I think it’s overwhelmingly true, but it certainly depends on your business. Within most RIA platforms, you’re going to be one of a couple dozen, maybe a couple hundred, where you’re going to have people within that firm that really know your business. So the experience in getting things done is much less about, “Can I do this,” or, “Can I not do this?” And it’s, “Louis, I understand you asked for this. We’re going to run into these issues, but let’s figure out how to get to yes.” So it’s far more curated by people that are not operating on black and white rules and can actually figure out how to get to yes for your business. The other thing I would say is that most significant RIA platforms have multiple custodial options. So many times you’ll see as few as two or as many as five. So if an advisor or a team is trying to bring on a new piece of business or do something creative, that might be something they can use a different custodial relationship to accomplish. It might be something that Goldman Sachs does really well but is in its infancy at Fidelity, or it might be international business that’s approved on Pershing’s platform but not Schwab’s platform. So the RIA partner that you’re with can really look at those custodians agnostically and say, “What’s the best home for this business? What’s the best way to get this done for Louis?” There’s a couple examples of where I see the flexibility in practice. Louis Diamond: Yeah, I think one more too would be the concept of being able to shop the street. I’ve heard it described as becoming a buy-side advocate for your clients versus being a professional seller. So meaning, if I’m affiliated with an RIA or I’m operating my own RIA, there’s no selling away like there is at a wirehouse or at certain BDs. So if I have a client who’s trying to get a $10 million loan for a new building that they’re breaking ground on, if I’m at UBS, Merrill, Morgan Stanley, captive to a BD, I can go to my firm and say, “Hey, this $10 million loan, here it is. What are the terms? What are the rates? Will you take on this business?” And the firm will say, “Yes. No. Yes, here are the terms. Here’s the caveats, et cetera.” But it’s a very closed market process and an advisor has to live and die by what their firm says. Versus in the RIA world, it’s, “Okay, I have relationships with nine different banks and I can go to these different banks and private credit funds and whoever and really create either an option process for my client or really just help them in a fully agnostic open way.” And we see the same thing when it comes to alternative investments. No one at a wirehouse, let’s say, is complaining that they don’t have enough alts that they can offer clients. Those firms have done an amazing job with really boiling the ocean and having tons and tons of options for private investments, hedge funds, et cetera. But if you’re in the RIA world, you can take it to the next level and say, “Hey, this $3 million startup company that my friend is starting, I’m going to help them raise capital,” or, “My client wants to get a syndicate of investors together to have a direct investment into a qualified opportunity zone fund that they’re starting. Let’s do it when we can advise on it.” So it really expands what an advisor is able to do on behalf of clients. Like to me, that’s the most interesting or exciting part of the RIA model. You can get some of that within the BD world, but to me, when an advisor’s business becomes more sophisticated as far as what their end client’s needs are, it tends to translate better to the RIA world than the BD world. Not to say there aren’t ultra-high net worth focused advisors at BDs, but because of that additional flexibility, autonomy, customization, et cetera, that speaks more RIA. So again, absolutely not down at all on the independent BDs because I think there’s a massive home for them. Josh, let me turn it back to you. I’m rambling now. Give me the pitch for an independent BD. What are the things that are misperceptions that people have? What are the advantages that an independent broker dealer like an LPL or a RayJ or a Cetera have over RIAs or over other models in general? Joshua Tomolak: Absolutely. And I’d say I’ve learned more over the last six years from some of your ramblings than most people learn in an MBA course, so keep doing what you’re doing. But it’s funny being in this position now, having spent so much time sort of selling against the IBD model within TD Ameritrade, but what I’ve learned is it’s a good home for everybody. And a lot of times the advisors that they’re entrepreneurial enough where they like having their name on the door, but they’re not so entrepreneurial where they want to build everything out themselves, that’s where the independent broker dealers absolutely kill it. Their economics have gotten to a point where they’re really competitive. They offer transition capital that isn’t even going to be comparable in the RIA space unless you’re selling a minority share of your business. And you mentioned LPL, or we could really list all of the major ones, there’s not a department that they don’t have. It could be as nuance as finding 403(b) payroll slots or it could be as mainstream as fixed income or setting up events. There are all kinds of really neat departments that these all under one roof independent broker dealers have invested in. And a lot of times they make an effort to make you very much aware of all of the support because most people don’t use it. So I would say for the advisors that are looking to get their improved Toyota Tundra, then you can get probably 70 or 80% of what you want within the independent broker-dealer world. And you can also keep 20 or 30% of the stuff, maybe more that you really liked at your previous firm. So I think that’s where it really shines. I sometimes call it an incremental change rather than a transformational change. But for many advisors, incremental is really good enough if you get to keep the familiarity of how you’ve been doing business for the last 20-some years, but you’re able to get net improvement on the things that were really bothering you. Louis Diamond: Well said. Something that I’ve seen that’s been… I guess this could be either pro or con depending upon the advisor, but with some broker dealers, letting an advisor co-brand with them or really having a real consumer-facing brand, whether it’s, “I’m a franchise owner with Ameriprise,” or, “I’m independent through Raymond James,” or, “Running my own practice through Wells Fargo FiNet,” or, “I’m independent with Northwestern Mutual.” There’s definitely some brand cache or brand familiarity with some of those firms that may or may not be the same if you’re in the RIA world. So I would agree there’s a lot to like about the independent BD world and there’s a fit for people that is absolutely better with independent BDs than on the RIA side. Even if some people would say RIA is better, we’re cleaner, I wouldn’t say that. To me, it’s all about what an advisor’s goals are and then matching that up with what these firms do. And there’s never a perfect option. I jokingly say, “If there was a perfect firm, we wouldn’t be in business.” Every firm has their advantages or disadvantages. And depending upon where an advisor’s coming from, their style of business, their pain points, that’ll match up really well with on firm or one type of firm or one model than the other. Let’s pivot a little bit to the RIA world. A lot of your comments have been more about advisors affiliating or joining RIAs, this whole supportive version of independence concept. But what about advisors who want to go and start their own RIA? Either they’re leaving a captive firm and taking the entrepreneurial route and starting their own firm, or they’re leaving an independent BD to go start their own RIA. What do you see as some of the biggest misconceptions that advisors have about that move? Joshua Tomolak: That’s probably my favorite topic because there are the most misconceptions I think in this space. Louis Diamond: I’d agree. Joshua Tomolak: And I would say there’s 9 out of 10 conversations that I have with advisors and teams, they start off with the launching an RIA in mind or at least RIA curious and they want to understand what’s out there. And probably less than half the time do these folks end up actually launching their own RIA, which is okay because the ones that do are massively successful and they know they’re dang sure that’s exactly what they want to do. I think it gets a little bit romanticized sometimes that they’ll say, “Oh, I’ll just give Schwab a call,” or, “I’ll just give the custodian a call,” as if they were shopping independent broker dealers. That’s fine. You can do that and they will help you, but there’s quite a bit more to think about. And it’s not, in my opinion, the same as evaluating independent broker dealers. If it’s all right, I was taught the four pillars of the RIA model. I can go through that with you really quickly. So the way to think about the RIA space is in four pieces. And shout out to a friend, Eli Suarez, that taught me this years ago. The first pillar… Thinking of four pillars on a bar stool, if you will. The first one being administration. And this is your compliance, this is setting up your ADV, your LLC, all of your business formation documents. The second piece being technology, what do you actually want to use? Because the benefits of the broker-dealer world and the supported independent world is they’ve already built it for you. They’ve already paid for it and scraped their knees building it. In this case, you have to. And for some people, that’s really exciting to source financial planning software and portfolio management software and your CRM and tax software, et cetera. For some people, it just sounds like a huge headache. The third pillar being custodians. I have them third because you want to make sure that the right custodian can integrate properly with the technology that you’ve sourced that you’re passionate about. And then ultimately transition. What does a transition really look like? What are my legal and regulatory requirements? How does this work? What are the timelines? Things of that nature. So I guess I would say in closing that if those four things are things that you really want to own, then you’re in a really good position to consider an RIA launch. What do you think, Louis? Louis Diamond: I think that’s a great framework to break it down. Not just be like, “Okay, I can tolerate that,” or, “My team can do it,” but I think you have to be pretty excited about rolling up your sleeves and customizing and doing it yourself because in our experience, there’s a nominal differential between the economics of running your own RIA versus affiliating with an RIA or going to an independent BD. All the extra work and responsibility, you’re not really going to make it up, at least on the front end, on a higher net payout. So it has to be more about what the model means to you and having a vision that you don’t think anyone else can accomplish other than yourself. And looking at that crazy ever-expanding Michael Kitces’ FinTech map and there’s 500 different logos on it and being like, “Yes, that’s what I want. I want to go through this. I want to pick the seven pieces of my tech stack that work for me,” rather than getting, “Here’s the tech stack, take a demo, you like it, you don’t like it, take it or leave it.” To me, the two biggest misconceptions people have about the RIA world is one, “I’m going to have to be a full-time chief compliance officer,” and just that compliance is this boogeyman, this terrible, scary thing. In some ways it is. But the reality is most, especially startup RIAs will fully outsource compliance to a firm or they’ll hire a compliance consultant or firms that are big enough even will hire a CCO or repurpose someone on their team to be CCO. But compliance is much more streamlined and simpler than BD compliance. And ultimately, it’s compliance that’s being built for your business rather than compliance that’s being built for a publicly traded multinational company that supports 20,000 financial advisors. So I think compliance is always a big misconception. It’s definitely what a lot of firms will pry upon when they’re saying like, “Oh, you’re going to own all the legal and regulatory requirements. You could, but it’s definitely not a requirement.” And then I think another one is folks sometimes underestimate and overestimate the operational burden and how much work it is to start an RIA. Sometimes people just… They’re perfect for the RIA world, that’s their goal, but they get stopped in their tracks. They don’t really know what to do. But what we’ve seen, we said it earlier with so many different outsourcing solutions and different service providers that have popped up, if you have the fire in your belly to go build something, it doesn’t mean you’re doing it by yourself. I mean, that’s what firms like ours do. The custodians are very helpful. On the flip side though, I have seen advisors chasing payouts say, “Hey, I’m just going to go start an RIA because I want to make another 1 to 3%,” or whatever it comes to and they drastically underestimate what it really takes to build a successful firm. Joshua Tomolak: Exactly right. I think that’s my favorite one, Louis, overestimating and estimating the operational burden there is you could have the same conversation with two teams and it can go the completely different direction. Louis Diamond: Josh, let’s wrap here. I got one more question for you that I think is an exciting one, but give me three key trends or storylines that most people don’t know about or aren’t talking about that you’re passionate about or that you’re sharing with advisors or counseling today. Joshua Tomolak: Sure. This is the free advice portion. And I’ll tell you what, Louis, if it’s all right with you, I’ll give you two and I would love to hear one from you as well. The first one I’ve seen in both the independent broker-dealer and RIA space is the minority investor concept. A lot of folks will talk about the idea of taking chips off a table and starting to partially monetize your business. I think that’s all important, but what I’ve found is that a lot of advisors really want their partner, whether it’s an RIA broker dealer to help them grow. And that could be with M&A opportunities, that could be with traditional recruitment of advisors, that could be building a business plan. But the minority investment part really helps accelerate that for a lot of businesses because all of a sudden, not only are you cashing out a small part of your business, but you’ve just created an ally with the parent entity, it is now much more likely to help you grow in that capacity because they’re insulated from it and they profit when you profit. So I think it’s easy to be shortsighted and say, “Well, my equity’s going to keep growing. Why would I sell you a piece of this?” But I counsel folks often to really think about what that long-term strategic partnership is and making somebody a real equity partner rather than just a vendor that provides you with technology and regulatory coverage. The other one I’d say is that… And this one’s really important to me, that business formation is far more important than your assets under management. Said a different way, the way you build your business is going to make your business far more valuable than the number of dollars underneath your name. And what I mean by that is, just to use an example, a sophisticated, well-built, centralized, scalable and repeatable business, whether it’s an RIA with a broker-dealer that is going to fetch a far higher M&A multiple than a OSJ that’s five times the size that just has a bunch of 1099 independent advisors underneath the umbrella. What we’ve seen in the M&A space is that if you’re going to shell out 50, 60, $80 million for somebody’s business, you want to know that you have this business for the long term. So I would certainly counsel people that have been around maybe far longer than me to take a look at how you’re building this and put together a business plan on what those next 10 years should look like and not necessarily fall into the trap where your only revenue source is the override that you receive from a firm and then you in turn pay to the advisors on your team. Louis Diamond: Well said. I really like that line. We’d probably do a whole episode on what are the tips and tricks for building a business with the end in mind? Like the Covey quote, “Begin with the end in mind.” Transitions are like… They’re a bear. I mean, there’s no way to sugarcoat it. Advisors, when they hear transition, if you ask them, “Don’t think about it, give me your reaction.” “Terrible, risky, a lot of work. I’ll never do it again. My friend did it and it was terrible. What if my clients don’t come?” It’s all these negative emotions. And in many cases, I don’t blame an advisor because it is a big act. But to me, if someone is weighing making a transition, whether a wholesale business model change going from being an employee to being independent, going from being an advisor at an independent BD to starting an RIA, or even going independent BD to independent BD, it’s an opportunity if you rise to the occasion to build with this next act with intentionality. So whether it’s restructuring compensation for your team, converting people from 1099 to W2, putting in place new workflows, changing how investments, instead of it being each individual advisor doing investments to more of a centralized model, cleaning up workflows, really investing in data, investing in AI. It’s something that I think, again, we can have a whole episode on it, but I think it’s a great one. Build the business the right way. And obviously, businesses that are larger, theoretically, sell for more, but we’ve certainly seen businesses that are half the size of a larger one sell for a similar amount or more because they did all the right things and the larger one did the things that really turn off a buyer or detract from a valuation. Let me give you one more and tell me if you agree, but I think we’re in this moment when Altruist, the upstart, a new kid on the block custodian, they launched a basically tokenization of cash in a way to automatically agentically source or sort cash to the highest yielding money market. And you’re like, “This is fricking wonky. Louis, why are you telling us this?” I think this is an important one just to keep a watchful eye on. I have no idea how this is going to shake out, but really the biggest way that independent BDs or even custodians like Schwab and Fidelity really make money, it’s not on their overrides from practices or the admin fee or the custody fee. It’s really on net interest margin. So how much the broker-dealer or the firm is making on client cash and brokerage accounts relative to what they’re paying out the client. It’s essentially like free margin to these firms. And this concept, I think, has massive potential for disruption for the business model. Again, I don’t know what it’s going to look like, whether it means platform fees that are instituted at all these firms, whether it means certain models would be more beneficial than others, whether it means nothing’s going to change, which is probably the right answer given this industry. But it’s something to keep a watchful eye on just if your firm institutes a new platform fee or there’s a fundamental way in which your firm can no longer make money. How are they going to make it up? Are they now going to be uncompetitive? They’re not going to have as much scale or profits to invest in the platform. Is it going to cause even more consolidation in the industry? So to me, that’s the one pretty under the radar, pretty wonky storyline that I don’t think enough people are talking about, but has the biggest possibility for disruption across their space than anything I’ve seen in a while. Joshua Tomolak: Sure. That’s the whole iceberg. Not a lot of people are talking about it. It’s not poking out of the ocean, but it’s going to be continuously brought up. I think it’s a question that a lot of advisors are going to have to ask these firms. And at the end of the day, the firms aren’t the bad guys. They have to make money too to provide a quality product. So where the money comes from matters. Louis Diamond: Exactly. Josh, this has been awesome. I learned a lot talking with you and just having your objective consulting hat on what I think are really the differences between IBD and RIA and some of the key trends and storylines to watch has been instrumental. I’ll also give a plug that on our website and we’ll link to it in the show notes, we have a really helpful one-page reference guide going through the differences between independent BDs or IBDs and RIAs. So feel free to click on it. We’ll make sure it gets in your inbox. Josh, thanks again for joining us today. Joshua Tomolak: Yeah, thanks for having me, Louis. It was a pleasure. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty, and credibility. You are successful because you take your professional responsibilities seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I stay or Should I Go? is a book written with you in mind. It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook. IBD vs. RIA: A Special Industry Update on Independence A conversation with Louis Diamond and Josh Tomolak, Vice President of Independent Advisor Services at Diamond Consultants.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is IBD vs. RIA: A Special Industry Update on Independence. It’s a conversation with Josh Tomolak, our Vice President of Independent Advisor Services. I’m Louis Diamond, and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: For a long time, going independent would suggest the destination. Today, it’s often the beginning of a different conversation. As the independent space has matured, advisors have more choices than ever before. Broker-dealers have expanded their capabilities. The RIA ecosystem has become increasingly sophisticated. Capital is more readily available and support models now exist that would’ve been difficult to imagine a decade ago. The result is that many advisors who are already independent are taking a fresh look at whether their current affiliation still aligns with what they’re trying to build. My guest is Josh Tomolak, Vice President of Independent Advisor Services here at Diamond Consultants and our resident expert on independence. Josh spends his days helping advisors evaluate independence in all its forms from independent broker dealers, the fully independent RIAs and everything in between. And his knowledge is critical because the distinction between these models is often blurred. Many broker dealers now offer pathways to greater autonomy while supported independence has made RIA ownership more accessible than ever before. So the question is no longer simply, “Do I want to go independent?” The question is, “What kind of independence makes the most sense for client, business, and go

Salvatore Buscemi reveals how disciplined investing, experienced operators, audited numbers, meaningful sponsor capital, and authentic relationships can help investors protect wealth, raise capital, identify stronger opportunities, and build a lasting financial legacy with confidence today.See article: https://www.unitedstatesrealestateinvestor.com/build-wealth-through-trust-discipline-and-courage-with-salvatore-buscemi/(00:00) - Introduction to Salvatore Buscemi and His Journey From Pre-Med to Goldman Sachs(05:00) - Passive Investing and Three Essential Rules for Evaluating Operators(10:00) - Multifamily Risks, Industrial Opportunities, and Understanding IRR(15:00) - Specialized Assets, Capital Calls, and the Power of Raising Capital(20:00) - Deal Fees, Investor Trust, and Building Authentic Relationships(25:00) - Cap Rate Mistakes, Investor Education, and Relationship Capital(30:00) - Essential Business Books, Investor Personalities, and Wealth-Building Networks(35:00) - Salvatore's Resources, Final Thoughts, and Closing DisclaimerContact Salvatore Buscemihttps://salvatorebuscemi.com/https://www.facebook.com/salvatore.buscemi.589https://www.instagram.com/salvatorembuscemi/https://www.linkedin.com/in/salvatore-buscemi/https://www.amazon.com/stores/author/B00O5IHPTC?ccs_id=52db1a23-52be-434d-9c47-b5b7e6db6d20The strongest investment is not always the deal offering the biggest projected return. It is often the reputation, knowledge, and relationships built long before the opportunity appears. Keep learning, protect your credibility, choose experienced partners, and never underestimate the wealth-building power of authentic human connection. To discover more conversations that can strengthen your investments, relationships, and quality of life, visit https://reiagent.comIs success destroying your peace? Most pros grind until they break. Download The Investor's Life Balance Sheet: A Holistic Wealth Audit to see if you are building a legacy or heading for burnout. Presented by The REI Agent Podcast & United States Real Estate Investor® https://sendfox.com/lp/m4jrl

In this episode of the RIA Edge Podcast, host David Armstrong speaks with Gregg George, founder and managing director of Crescent Grove Advisors, about how the firm grew to approximately $6 billion without acquisitions, outside investors or debt. Gregg shares how the firm builds relationships with executives and business owners before major liquidity events, maintains a low advisor-to-client ratio and develops a talent pipeline internally. He also explains how Crescent Grove protects its culture, expands family-office-style services, and uses technology and AI to improve operations while keeping advisors at the center of the client relationship. Gregg discusses The organic growth drivers that have worked for their firm—and the ones that haven't.  How the advisors prioritize the future value of a prospect over the immediate assets they bring into the firm How he thinks about client-to-advisor ratios and ensuring growth doesn't outpace capacity. Why the firm prefers a single point of contact for clients over a team-based approach. Avoiding the culture clash that can come with pursuing outside investment and acquisitions. Resources: Listen to the RIA Edge Podcast on Wealth Management Listen and Subscribe to the RIA Edge Podcast on Apple Podcasts Listen and Subscribe to the RIA Edge Podcast on Spotify Connect With David Armstrong: Wealth Management LinkedIn: Wealth Management LinkedIn: David Armstrong Twitter: David Armstrong LinkedIn: Informa Connect With Gregg George: LinkedIn: Gregg George LinkedIn: Crescent Grove Advisors Website: Crescent Grove Advisors About Our Guest: As a Founder and Managing Director of Crescent Grove Advisors, Gregg George specializes in working with C-suite executives, entrepreneurs and business owners to coordinate the development and implementation of highly customized financial offerings. In so doing, he advises clients and their families on all aspects of their financial lives in an independent and unbiased manner. Prior to co-founding Crescent Grove Advisors, Gregg was the Managing Director and a Senior Client Advisor at Cedar Street Advisors, a boutique wealth management organization catering to highly affluent clients. Before this, Gregg was an Account Manager with a subsidiary of Goldman Sachs, where he was responsible for advising C-suite executives on their personal financial affairs. Raised in New York, Gregg is currently licensed to practice law in Massachusetts and Illinois. He received a Master of Law (LL.M) degree in Taxation from Boston University School of Law, a J.D. degree from DePaul University College of Law and a BS in Political Science from Boston College. Gregg is the President of a 501(c)(3) Donor Advised Fund and has served as Chairman of Best Buddies Wisconsin, a not-for profit. He is also a Registered Representative of The Leader's Group, Member FINRA/SIPC. Gregg and his wife, Laura, reside in Kildeer, Illinois, and have four boys. In his spare time, Gregg loves watching his kids play sports and just have fun growing up.

Hello and welcome everybody. This is E 767 of Startuprad.io, recorded solo by Joe Menninger from Frankfurt am Main. This is the first entry in a new series — the Unicorn Atlas. Every entry takes one European unicorn and asks who owns it, what it actually makes, whether the headline numbers hold up under primary sourcing, and what an operator, investor, or policymaker should do with the information. Unicorn Atlas number one is Helsing — Europe's most valuable pure-play defence-tech company. On July 13, 2026, Helsing closed a $1.8 billion Series E at an $18 billion post-money valuation. The lead investors are American (Dragoneer, Lightspeed). The company calls itself "predominantly European-owned." Both statements are true in ways that require some care to unpack. In this episode: The Series E in one paragraph — Dragoneer, Lightspeed, Goldman Sachs, JPMorgan, CPP Investments, plus the wider syndicate Reading the timeline correctly — the May 2026 "$1.2bn" report and the July 2026 close are the same event, not two rounds Reading the dilution correctly — ~10 % dilution, not the "80–85 % retained" figure some coverage carries The founders: Torsten Reil (ex-NaturalMotion), Gundbert Scherf (ex-Bundeswehr), Dr. Niklas Köhler (ex-Hellsicht) Product taxonomy: HX-2, Altra, CA-1 Europa, SG-1 Fathom The Bundeswehr framework — €1.46bn ceiling vs €270m first call-off The Ukraine proving ground and the Bloomberg operational question The Resilience Factory footprint — Munich, Plymouth, Princeton West Virginia The European supplier stack — Grob, Blue Ocean, KIRK JV, EURENCO The Neo-Prime thesis — is $18bn a floor or a wartime peak? Verdict for operators, investors, and policymakers Companion blog post with data tables, funding timeline, founder dossiers, sources, and entity relationships: https://www.startuprad.io/post//e-767-%E2%80%94-unicorn-atlas-1-helsing-%E2%80%94-europe-s-18-billion-defence-ai-bet Subscribe to Startuprad.io on your favorite podcasting app: https://linktr.ee/startupradio Partner with Startuprad.io — reach the DACH founders, VCs, and corporate strategists who show up here: https://www.startuprad.io/become-a-partner — Startuprad.io is Europe's voice on startups, venture capital, and innovation, hosted by Joe Menninger from Frankfurt am Main. Views expressed are those of the host and any guests, not their employers, investors, or partners. Nothing in this episode constitutes investment, legal, or tax advice. Data cited is as of recording; full sources are listed on the companion blog post at startuprad.io. Corrections and feedback: partnerships@startuprad.io. © Startuprad.io. Folge direkt herunterladen

For three decades, most of Wall Street has treated energy and commodities as a rounding error, or as a small slice of the portfolio rather than the physical foundation everything else runs on. But in mid-2026, with the Strait of Hormuz disrupted, tankers burning in the Red and Black Seas, and nearly half of Russia's refining capacity knocked offline, that complacency is being tested in real time. The noise around increasing crude oil prices is loud, but this week's guest argues that the signal beneath it – the decline of refined products like diesel and jet fuel – is already sounding the alarm bells of a world in crisis. In this episode, Nate is joined by Jeff Currie for a wide-boundary look at what happens when the buffers that have suppressed energy price signals for fifty years finally run dry. Using his decades of experience as a former commodity strategist at Goldman Sachs and as a current senior advisor at The Carlyle Group, Jeff walks through why the "crack spread" between crude and refined products just hit its highest level in three decades. He also describes why draining strategic reserves is, in actuality, simply a bet that scarcity can be avoided rather than solved – in Currie's eyes, the West's refusal to admit scarcity since the 70s has left it structurally unprepared, particularly compared to China's security-driven build-out of nuclear, solar, and battery capacity. He also lays out the "Grand Bargain" underlying the postwar dollar system, wherein the U.S. protects global sea lanes in exchange for global trade running through New York. Jeff explains why a failure to reopen the Strait of Hormuz could unravel this arrangement, bringing forward consequences that would land hardest on middle-class Americans' access to credit and consumption. Is the world entering a new commodity supercycle driven by scarcity and deglobalization, or is the market going to keep shrugging off these shocks? What might it mean for ordinary people if the credit and dollar system that has funded American consumption for eighty years starts to break down? And if, as Jeff argues, we are only in "the foothills of the Himalayas," how much higher does this climb go before societies are forced to reckon with the physical limits behind the price signals? (Conversation recorded on July 23rd, 2026)   About Jeff Currie: Jeff Currie is the Chief Strategy Officer at Altis Partners. Previously, Jeff served as Chief Strategy Officer of Energy Pathways at Carlyle and currently serves as a Senior Advisor to the firm. Jeff's analysis focuses on the energy and commodity markets and the supply chain central to an energy transition. Jeff is the former Global Head of Commodities Research at Goldman Sachs, where he helped to build their commodities business. During his nearly three decades at the firm, he became one of the leading commodity market strategists on Wall Street, known for advising clients through the commodity "super cycle" of the 2000s, the shale supply shock of the 2010s, and most recently the twin shocks of the pandemic and the Russia-Ukraine war.   Show Notes and More   Watch this video episode on YouTube   Want to learn the broad overview of The Great Simplification in 30 minutes? Watch our Animated Movie.   ---   Support The Institute for the Study of Energy and Our Future   Join our Substack newsletter   Join our Hylo channel and connect with other listeners  

US IPO issuance has surged to a record high in 2026. But this resurgence raises two concerns for the equity market: whether it is flashing a late-cycle warning sign and whether the market can digest so much new issuance. Jay Ritter of The IPO Initiative and Owen Lamont of Acadian Asset Management discuss whether the IPO surge is a red flag for markets. This episode explores the latest Top of Mind report. This episode was recorded on July 8, 15, and 23, 2026.  The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at ⁠http://www.gs.com/research/hedge.html⁠ Goldman Sachs does not endorse any candidate or any political party. Copyright 2026. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

"The price of anything is the amount of life you exchange for it." — Henry David ThoreauHave you ever tied your self-worth to your career success? In our fast-paced world, it's one of the most dangerous traps there is...Brooke Taylor built her career in the high-pressure hallways of Silicon Valley. Yet, despite the external validation, Brooke found herself trapped in a cycle of "manic ambition" and severe burnout. It was a profound personal crisis that forced her to dismantle her own definition of achievement. Today, Brooke is the secret weapon for elite executive women at the world's most influential organizations, including Goldman Sachs, McKinsey, and Uber. Her new book Healing the Success Wound has just been released. In this episode:• How to build a world-class career without destroying your life in the process.• Where your Success Wound comes from—and the exact process to heal it.• Why high achievers mistake success for self-worth.• How to maintain a high-performing career without turning your home life into a second job.Let's WIN THE DAY with Brooke Taylor!_

Wall Street prepares for the Federal Reserve's next decision and another wave of major earnings. Paul Hickey of Bespoke assesses the broader market and explains what investors should watch as earnings season accelerates. Ford headlines the earnings slate when CFO Sherry House joins to discuss the company's results and outlook. Other earnings include Visa, Seagate, KLA, Mondelez and several key semiconductor names, including NXP, Qorvo and Skyworks. Greg Tuorto of Goldman Sachs on why small caps could be poised to outperform. Plus, a look ahead at Apple's reported phone leasing plans with our Mackenzie Sigalos and the key catalysts investors will be watching next. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

An OpenAI model sat inside a sealed testing environment with one job: pass a cybersecurity exam. It decided the fastest route to the answers was to break out of the sandbox, get onto the open internet, and hack Hugging Face, the central repository for AI models. No human directed it there. Peter Schweizer and Eric Eggers sit down with Wynton Hall, GAI distinguished fellow and author of the New York Times bestseller "Code Red: The Left, the Right, China and the Race to Control AI," to explain what actually happened and why it will keep happening. Also in this episode: the quarter of a billion dollars flooding into the midterms over one question of who writes the AI rules, why Anthropic's push for regulation looks a lot like Goldman Sachs and Dodd-Frank, how California can set AI policy for Florida and Idaho without a single federal vote, the universal basic income groundwork being laid before the job losses arrive, and whether China is stealing its way forward or genuinely out-innovating us.  

Michelle Knudsen is Chief Investment Officer of NYU, where she oversees the university's $8 billion endowment. Michelle joined NYU two years ago, after fourteen years as an allocator at Partners Capital and the Mellon Foundation, with a mandate to build a best-in-class endowment from a clean sheet of paper. Our conversation traces Michelle's lessons learned working at Goldman Sachs, a growing OCIO, and a foundation that shaped her investment philosophy and views on portfolio construction, risk management, and manager selection. We then turn to the transformation of NYU's investment office from the ground up across governance, portfolio strategy, investment process, and the team. Along the way, we discuss manager selection, emerging managers, venture capital, hedge funds, AI, stress tests, and what it takes to build an enduring investment organization. Any leader should see for themselves the benefits of elite coaching. Try ALEX: tryalex.admiredleadership.com. Learn more about our Strategic Investments: OWL. 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)  

OpenAI says an internal cyber-capability evaluation crossed the boundary it was supposed to stay inside and compromised Hugging Face infrastructure. We break down how the agent moved between systems, why the containment failure matters, and why it felt less like a benchmark and more like the opening scene of a science-fiction movie.Alphabet posted Q2 revenue of $119.8 billion, but the quarter also produced negative $5.9 billion in free cash flow after $44.9 billion in capital spending. The debate is no longer whether AI demand exists; it is how long the infrastructure payback takes when even Google can spend more cash than it generates in a quarter.That leads into the wider AI buildout: off-balance-sheet financing, power and construction bottlenecks, depreciating GPUs, and whether data centers will leave behind infrastructure as durable as railroads and telecommunications. Presearch also announced that it was shutting down, turning one abstract industry conversation into an immediate business question.Crypto was supposed to replace the banking system. Now BlackRock, Goldman Sachs, and other institutions have accumulated the assets, and the market increasingly resembles the financial system it once rejected.Marvel used Comic-Con to announce Ryan Gosling as Ghost Rider and David Jonsson as the new Black Panther. The conversation immediately becomes a test of whether anyone can keep Ryan Gosling, Ryan Reynolds, Nicolas Cage, Deadpool, and Ghost Rider straight.Christopher Nolan's The Odyssey earned $87 million in its second domestic weekend and reached approximately $639.6 million worldwide. Premium formats and IMAX are central to the release, which makes watching it later through TikTok clips the most disrespectful possible viewing plan.Warner Bros. Discovery sued Amazon MGM Studios over the hiring of HBO Max marketing executive Pia Barlow, alleging interference with employment agreements. Apple is also reportedly targeting a 2027 consumer release for smart glasses, reopening the argument over privacy, ownership, and whether a company should be able to disable hardware you bought.Before the headlines, we talk about the wedding that reopened the family question, the dorm assignment that made Ricker and Bon possible, dating at 20 versus 30, and the very genuine monotone.If you want a prize, send us a DM:instagram.com/rickerandbontiktok.com/@rickerandbonyoutube.com/@rickerandbon

Scott Stirrett, founder and former CEO of Venture for Canada, a national charity that helps young Canadians launch their careers through entrepreneurial opportunities, training, and mentorship.Through his work in career development, entrepreneurship, and writing, Scott helps young professionals build the practical skills, self-compassion, and resilience they need to navigate uncertainty and turn it into an advantage.Now, Scott's journey from leaving Goldman Sachs at 22 with no backup plan to building an $80M national organisation and later writing a bestselling book demonstrates what it looks like to lead through uncertainty rather than wait for it to disappear.And while speaking openly about the personal cost of growth, including his experience with OCD, burnout, and rebuilding resilience, he's helping others create careers that are both ambitious and sustainable.Here's where to find more:Website: https://www.scottstirrett.com/ Past interviews & media: https://www.scottstirrett.com/mediaandwritingLinkedIn: https://www.linkedin.com/in/scottstirrett/ ________________________________________________Welcome to The Unforget Yourself Show where we use the power of woo and the proof of science to help you identify your blind spots, and get over your own bullshit so that you can do the fucking thing you ACTUALLY want to do!We're Mark and Katie, the founders of Unforget Yourself and the creators of the Unforget Yourself System and on this podcast, we're here to share REAL conversations about what goes on inside the heart and minds of those brave and crazy enough to start their own business. From the accidental entrepreneur to the laser-focused CEO, we find out how they got to where they are today, not by hearing the go-to story of their success, but talking about how we all have our own BS to deal with and it's through facing ourselves that we find a way to do the fucking thing.Along the way, we hope to show you that YOU are the most important asset in your business (and your life - duh!). Being a business owner is tough! With vulnerability and humor, we get to the real story behind their success and show you that you're not alone._____________________Find all our links to all the things like the socials, how to work with us and how to apply to be on the podcast here:https://linktr.ee/unforgetyourself

In this Crypto Water Cooler episode, Amanda and Tony discuss the latest developments surrounding the CLARITY Act as Republicans introduce new ethics language and Democrats push back. They also cover Goldman Sachs CEO David Solomon's support for the CLARITY Act, the House's passage of the congressional stock trading ban, and the DTCC's first live production trades of tokenized stocks, ETFs, and U.S. Treasurys with firms including JPMorgan, BlackRock, Goldman Sachs, and Vanguard.⭐️⛏️ GoMining is an All-in-one Bitcoin superapp to mine, earn and use BTC. They have 5 Million+ users and have been live since 2021. - https://siagomininglatvia.sjv.io/aNLaRq 

Crypto News: Goldman Sachs CEO backs Clarity Act despite banking industry's concerns over stablecoin rules. Tassat wants to help smaller banks tap the trillion-dollar stablecoin boom before Wall Street lock them out.

────────────────────────────────────────[00:02:09]House Passes $1.5 Trillion NDAA With Israeli Military Merger — Only Seven Republicans Voted NoJosh Brechen, Tim Burchard, Eli Crane, Harriet Hageman, Anna Paulina Luna, Thomas Massey, and Chip Roy; no debate and no separate vote on the merger provision.────────────────────────────────────────[00:14:05]The NDAA Gives Israel an Executive Agent Inside the Pentagon With Precedent Authority Over US Defense OfficialsNo other US ally has this; the agent could overrule offices like the Defense Technology Security Administration; Kucinich: not a merger, a takeover.────────────────────────────────────────[00:20:57]Netanyahu Publicly Took Credit for the NDAA Provision — Puts Defense Department Above State DepartmentRuns through the whole government; anyone inside DOD who pushes back can be overruled; Massey: no debate, no vote, no representation.────────────────────────────────────────[00:46:08]23,380 American Jews Serve in the IDF vs. 15,000 in the US Army — Britain and Canada Show the Same PatternBritish Jews: 2,069 in IDF, 180 in British Army; Canadian Jews: 1,542 in IDF, 680 in Canadian; Israel commands 11.5x the loyalty of the UK and 14x that of Germany.────────────────────────────────────────[00:48:10]Ron Lauter, Head of World Jewish Congress and Kevin Warsh's Father-in-Law, Threatens to Destroy Any Anti-Zionist PoliticianHe pledged to fund opponents and demand FARA registration; FCC chair Brendan Carr's wife is an executive at Palantir.────────────────────────────────────────[01:10:50]Trump's Ultimatum: For Every Ship Shot at in the Strait, He Will Destroy One Bridge or Power PlantTargeting civilian infrastructure punitively is a war crime; he made no equivalent promise for every American life taken.────────────────────────────────────────[01:19:24]Trump Called the War a Skirmish and Bragged It Only Killed 18 US SoldiersHe claimed every soldier died saying they can't let Iran have a nuclear weapon; they were there because he ordered them; he had already claimed to destroy Iran's nuclear program.────────────────────────────────────────[01:45:36]The Oil Crack Spread Hit $70 a Barrel — All-Time Record; Prior to the War It Was $10-15Crack spread is refinery profit margin; at $70 it exceeds the pre-war price of crude itself; Goldman Sachs warns oil could reach $120.────────────────────────────────────────[01:55:22]Median Household Income Would Be $40,000 Higher Today If the US Had Stayed on the Gold StandardSteve Forbes: growth rates declined 33% since abandoning the standard; gold is the constant — when its price changes, the currency's value has changed.────────────────────────────────────────[01:56:07]Fed Chair Kevin Warsh Plans to Change the Inflation Yardstick to Hide Rising Prices From Trump30-year Treasury yield above 5% longer than any point since 2007; Shiller P/E in the low 40s vs. low 30s at the 1929 crash; interest payments approach $1 trillion per year. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

────────────────────────────────────────[00:02:09]House Passes $1.5 Trillion NDAA With Israeli Military Merger — Only Seven Republicans Voted NoJosh Brechen, Tim Burchard, Eli Crane, Harriet Hageman, Anna Paulina Luna, Thomas Massey, and Chip Roy; no debate and no separate vote on the merger provision.────────────────────────────────────────[00:14:05]The NDAA Gives Israel an Executive Agent Inside the Pentagon With Precedent Authority Over US Defense OfficialsNo other US ally has this; the agent could overrule offices like the Defense Technology Security Administration; Kucinich: not a merger, a takeover.────────────────────────────────────────[00:20:57]Netanyahu Publicly Took Credit for the NDAA Provision — Puts Defense Department Above State DepartmentRuns through the whole government; anyone inside DOD who pushes back can be overruled; Massey: no debate, no vote, no representation.────────────────────────────────────────[00:46:08]23,380 American Jews Serve in the IDF vs. 15,000 in the US Army — Britain and Canada Show the Same PatternBritish Jews: 2,069 in IDF, 180 in British Army; Canadian Jews: 1,542 in IDF, 680 in Canadian; Israel commands 11.5x the loyalty of the UK and 14x that of Germany.────────────────────────────────────────[00:48:10]Ron Lauter, Head of World Jewish Congress and Kevin Warsh's Father-in-Law, Threatens to Destroy Any Anti-Zionist PoliticianHe pledged to fund opponents and demand FARA registration; FCC chair Brendan Carr's wife is an executive at Palantir.────────────────────────────────────────[01:10:50]Trump's Ultimatum: For Every Ship Shot at in the Strait, He Will Destroy One Bridge or Power PlantTargeting civilian infrastructure punitively is a war crime; he made no equivalent promise for every American life taken.────────────────────────────────────────[01:19:24]Trump Called the War a Skirmish and Bragged It Only Killed 18 US SoldiersHe claimed every soldier died saying they can't let Iran have a nuclear weapon; they were there because he ordered them; he had already claimed to destroy Iran's nuclear program.────────────────────────────────────────[01:45:36]The Oil Crack Spread Hit $70 a Barrel — All-Time Record; Prior to the War It Was $10-15Crack spread is refinery profit margin; at $70 it exceeds the pre-war price of crude itself; Goldman Sachs warns oil could reach $120.────────────────────────────────────────[01:55:22]Median Household Income Would Be $40,000 Higher Today If the US Had Stayed on the Gold StandardSteve Forbes: growth rates declined 33% since abandoning the standard; gold is the constant — when its price changes, the currency's value has changed.────────────────────────────────────────[01:56:07]Fed Chair Kevin Warsh Plans to Change the Inflation Yardstick to Hide Rising Prices From Trump30-year Treasury yield above 5% longer than any point since 2007; Shiller P/E in the low 40s vs. low 30s at the 1929 crash; interest payments approach $1 trillion per year. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

What does it take to overcome incredible adversity and build lasting wealth through real estate? Kevin "KAYR" Robinson went from growing up in deep poverty in West Philadelphia—moving more than 18 times before adulthood—to building a multi-million-dollar real estate portfolio with more than 160 rental units. After attending Bowdoin College and working in investment banking at Goldman Sachs, KAYR combined disciplined systems, conservative investing principles, and relentless execution to create long-term financial independence.Kevin also shares the inspiring story behind his two-time USA TODAY best-selling memoir, Can't Break Me, and how resilience became the foundation of his success. KAYR dives into the strategies that are helping investors succeed in today's higher interest rate environment, including how to stress-test deals, avoid thin-margin mistakes, use conservative leverage, and build a portfolio designed for long-term stability. This episode is packed with actionable real estate insights, practical investing frameworks, and powerful lessons on turning adversity into opportunity.FOLLOW

Welcome to The SaaS CFO Podcast, where we dive deep into the financial and operational strategies shaping the future of SaaS companies. In this episode, Ben sits down with Brian Mongeau, CFO at Cav—a company revolutionizing compliance and assurance for high-reliability organizations in both the government and commercial enterprise space. With a career spanning Army Special Forces, stints at Goldman Sachs and CrowdStrike, and extensive experience in early-stage security tech investing, Brian Mongeau offers a unique perspective at the intersection of finance, product, and go-to-market strategy. Together, they explore Cav's evolution from legacy SaaS to the development of its AI-driven ComplianceOS platform, the challenges of pricing and margins in an era powered by tokens, the intricacies of fundraising in a capital-efficient environment, and the lessons learned from driving enterprise growth and retention. Whether you're a SaaS founder, operator, or fellow CFO, this episode is packed with actionable insights for navigating today's rapidly changing landscape. Show Notes: 00:00 Early career experiences and learnings 04:21 Scaling and operationalizing the business 06:52 Developing ComplianceOS and Fundraising 09:55 Importance of cross-department communication 15:18 Importance of Customer Referrals 18:13 Discussing efficiency metrics in federal space 21:21 Investment in Compliance and FedRAMP 23:16 Exploring the CAVHQ website Links: Brian Mongeau's LinkedIn: https://www.linkedin.com/in/brian-mongeau/ Cav's LinkedIn: https://www.linkedin.com/company/caveonix Cav's Website: https://cavhq.ai/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

On Wednesday, July 22, Brian Szytel reports a quiet, mostly flat market day: the Dow and S&P 500 were flat, the Nasdaq fell about 0.4%, the 10-year Treasury yield rose roughly three basis points to 4.66%, and WTI oil gained about 2.5% amid continued Middle East turmoil. With no economic news, he discusses a Goldman Sachs white paper on global demographics, noting slowing or negative population growth in the developed world (Japan and China already peaked; Europe close), and that U.S. demographics are relatively better due to immigration, supporting a premium equity multiple alongside higher productivity. He also notes U.S. multinationals' foreign revenue share has declined since the 2010s. Finally, he explains the S&P can be positive while momentum/semiconductor names enter a bear market because money rotated into other sectors, shown by equal-weight S&P strength versus cap-weight weakness. 00:00 Market Wrap Snooze Fest 00:48 Why So Quiet Today 01:14 Goldman Demographics Paper 02:00 GDP Growth Headwinds 03:14 Emerging Markets Reality Check 03:52 US Valuation Premium Case 04:21 Global Revenue And Dollar Talk 04:52 Tech Bear Market Question 05:16 Rotation Explains The S&P 05:53 Closing Thoughts And Thanks Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Charlie McGarraugh joins Moritz Seibert to discuss how systematic investing is evolving beyond traditional trend following. Drawing on experience from Goldman Sachs, crypto and machine learning, Charlie explains why adaptive portfolios, capital efficiency and smarter position sizing may become the defining advantages for the next generation of macro investors. They explore the rise of managed futures ETFs, China's growing futures markets, the trade off between diversification and simplicity, and why portfolio construction often matters more than finding the next predictive signal. It is a thoughtful conversation about where systematic investing may be heading next.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Moritz on Twitter.Episode TimeStamps:00:00 - Why position sizing may matter more than return prediction01:03 - Charlie McGarra's journey from Goldman Sachs to Altis Partners09:03 - The history of Altis Partners and its evolution beyond trend following11:19 - Building a multi factor macro strategy around trend16:02 - Why adaptive investing is becoming increasingly important21:49 - The growth of managed futures ETFs and reaching new investors25:27 - Designing ETFs for diversification and capital efficiency30:30 - Why Chinese commodity futures offer unique opportunities40:41 - New ideas around leverage and capital efficiency42:37 - Kelly sizing, drawdowns and maximizing long term returnsCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

The Pirate Street Journal takes a sharp look at business through the category design lens, and this episode delivers three stories that reveal how the decisions made today will define economic winners and losers for decades. From data center legislation in New York to Apple raising prices and a Costco cashier becoming a millionaire, each story points to the same underlying truth: the category you choose matters more than almost anything else. Whether you are a governor, a tech executive, or an hourly worker, picking the right side of the S-curve is everything. This is just one of the topics that Pirates Christopher Lochhead, Eddie Yoon and Bri Clark discuss on this episode of Pirate Street Journal. Each week, the Category Pirates pick three headlines worth paying attention to and break down the category underneath. You're listening to Christopher Lochhead: Follow Your Different. We are the real dialogue podcast for people with a different mind. So get your mind in a different place, and hey ho, let's go.   New York Said No to Data Centers and It Will Pay the Price On July 10th, New York became the first state in America to ban new data centers, with Governor Kathy Hochul signing a freeze on permits for hyperscale facilities for up to a full year. She cited higher power bills, water use, and grid strain as her reasons. Meanwhile, legislation is already being introduced to extend that freeze to three years. This is happening at the same time a study revealed New York has lost $11 billion in taxes due to millionaires leaving the state, and the city recently implemented rent control that has effectively killed new housing development. Compare that to Boise, Idaho, where four people started a memory chip company called Micron in the basement of a dental office back in 1978. Today, Micron employs more than 6,000 people, stands as the third largest private employer in Idaho, and just committed to a $15 billion expansion, the largest private investment in the state’s history. One town said yes 48 years ago and is still cashing that check. The next Boise could be anywhere someone decides to welcome the future, including, perhaps, the Big Island of Hawaii. The smarter move for any governor would not be a blanket freeze but a proof of concept, a small data center pilot that generates real-world data instead of relying on academic spreadsheets. Governors today have more power and agency than they may realize, and the choice between welcoming AI infrastructure or blocking it is really a choice between the future and the past.   Apple’s Price Hikes Signal the Return of On-Premise AI Apple recently raised prices across its lineup, with the Mac Studio jumping $1,300 and even entry-level MacBooks climbing $100. Tim Cook called the memory shortage a hundred-year flood, and he is not entirely wrong. DRAM and NAND prices surged roughly 60% last quarter and are projected to climb another 13 to 18% this quarter, with some analysts expecting memory costs to double again before the cycle ends. The AI hardware boom is still in its early innings, and anyone due for an upgrade should know that prices are only heading one direction. But the deeper story here is about data ownership and the return of on-premise computing. When businesses send their data into cloud-based AI platforms, those platforms can see everything. The controversy around Anthropic launching a product that competed directly with Cursor, a development tool built on top of Anthropic’s cloud, illustrated exactly why enterprises cannot afford to hand over their intellectual capital. Goldman Sachs, Merck, Citibank, none of them can afford to have an AI provider see their most sensitive work and potentially act on it. Apple’s privacy-first approach and its push to run more AI directly on device is not just a marketing position. It is a strategic response to a real problem. As LLMs commoditize, Apple is positioning itself as the gateway that routes your queries to the right model for the right task, while keeping your data on your device and out of someone else’s servers. Dell is also worth watching here, as its infrastructure business is growing at 40% while its consumer hardware grows at just 5%, a clear signal that the on-prem shift is accelerating.   The Costco Cashier Proves Category Kings Build Millionaires The Wall Street Journal ran a story about a Costco cashier who makes $32.90 an hour, started at $5.85 back when it was still Price Club, owns a three-bedroom home with a pool, and has a 401(k) worth over one million dollars. He is not an outlier. Costco’s CFO confirmed that many thousands of their hourly workers have crossed the seven-figure mark in retirement savings, and the company’s annual turnover sits at just 7% compared to a retail industry average of 60%. This story is really about category design in action. Costco became a category king in retail by capping its markups at 15% when every other retailer was charging 35 to 40%, offering generous health benefits even to part-timers, and building a culture that retains people for decades. When you combine low turnover with a growing stock, mission-driven leadership, and a business model that serves customers, employees, and investors simultaneously, you get the kind of compounding wealth that turns a cashier into a millionaire. The lesson applies whether you are scanning groceries or launching a startup. The category you pick matters more than the salary on your offer letter. Finding a company on the left side of the S-curve, one that treats its customers, its people, and its investors well while still growing, is the real career decision. The title and the paycheck matter far less than whether the category you join is heading toward abundance or quietly flatlining on the way down. To hear about all the topics in this week's The Pirate Street Journal, download and listen to this episode. You can also read more Pirate Street Journal entries in the Category Pirates newsletter.   We hope you enjoyed this episode of Christopher Lochhead: Follow Your Different™! Christopher loves hearing from his listeners. Feel free to email him, connect on Facebook, X (formerly Twitter), LinkedIn, and subscribe on Apple Podcast / Spotify!

Host Mike Palmer connects with Monica Marquez, founder of ⁠FlipWork⁠ and founding director of the ⁠TIDE Center at UNT Dallas⁠, to explore how humans can navigate the rapid disruption of AI in the workplace. Drawing from her deep background in human capital, diversity, and leadership development at industry giants like Goldman Sachs, Google, and Bank of America, Monica brings a deeply human-centered approach to the AI revolution.  Mike and Monica skip the standard AI hype to discuss why simply rolling out AI tools isn't enough to drive real adoption. They dive into the psychology of AI integration, unpacking what Monica calls the "identity bottleneck" - the challenge workers face when shifting from a traditional mindset where "effort equals success" to a modern reality where "impact equals success." Monica also introduces her "long division" analogy for AI, explaining why we shouldn't ban the tool in classrooms or boardrooms, but instead require users to show their work and actively interrogate the AI's logic.  Key Discussion Topics:  * The Identity Bottleneck: Why our traditional conditioning to reward "grit and elbow grease" is causing resistance to AI's effortless outputs, and how to overcome the feeling of "cheating."  * Measuring AI Fluency: A look at FlipWork's psychometric diagnostic, which assesses "agentic velocity" (individual adoption) and "enterprise symbiosis" (organizational support).  * The Calculator Analogy: How educators and leaders can demand the "long division" of AI prompting to combat passive consumption ("work slop") and prevent cognitive atrophy.  * Agentic Teams: Why AI isn't a one-size-fits-all solution and how to orchestrate specialized models (like Claude, Perplexity, and Gemini) just like human team members.  * Democratizing Expertise: How everyday users can use AI as an accessible thinking partner to overcome biases, expand diversity of thought, and level the playing field.  Whether you're an educator, an enterprise leader, or an individual trying to disrupt yourself before you get disrupted, this episode offers a practical blueprint for multiplying human genius in the AI age. Subscribe to Trending in Education on your preferred podcast platform, leave a review, and share this episode with your network. Visit ⁠TrendinginEd.com⁠ for more episodes and conversations on the future of learning and work. Timestamps: 00:00 Welcome and Guest Intro 01:05 Monica's Career Journey 03:57 Why FlipWork and AI 07:41 Enterprise Adoption Reality 13:45 Measuring AI Fluency 17:13 Identity Bottleneck Shift 21:56 Teaching Critical Thinking 26:08 Bias Trust and Agency 30:31 Guardrails and AI Teams 33:41 Final Takeaways

What if the traits that get someone labeled difficult in one workplace are exactly what makes them extraordinary in another? Tara May, CEO of Aspiritech, a technology company where more than 90 percent of the team is autistic, joins us to talk about what she calls the ROI of kindness, and why building for neurodivergent talent makes every workplace better. In this episode Why Tara calls it “the ROI of kindness,” and what that means for the bottom line The “spiky cognitive profile” reframe: why focusing only on deficits misses extraordinary strengths A simple workspace fix that removed daily anxiety for one team member, and what it teaches every manager Why psychological safety isn't optional if you actually want a team to innovate One action any listener can take this week to build a more neuro-inclusive team About Tara May Tara May is the CEO of Aspiritech, a Chicago-area technology services company where more than 90 percent of the workforce is autistic, serving clients including JPMorgan Chase, Bose, and Goldman Sachs. A former digital media executive turned neurodiversity advocate, she also leads NeuroGrowth, an educational consultancy helping other organizations build neuro-inclusive workplace cultures. Timestamps 00:00 Welcome, and why Aspiritech's mission is personal for Tara 01:24 Two reasons Tara does this work: her son and her career in digital transformation 03:05 Tara's own diagnosis, and why having needs is not a weakness 08:03 Why “we're human, not superhuman” matters in Silicon Valley 10:03 Support success factors, and the water bottle story 11:46 A simple workspace fix that removed daily anxiety for one team member 12:52 Why neurodivergent talent is so often overlooked 13:20 The “spiky cognitive profile” reframe 17:03 The index card exercise that gave quiet voices a seat at the table 20:44 Universal design, and the canary in the coal mine concept 25:27 Where to start if you want a more neuro-inclusive workplace 27:58 Psychological safety as the foundation of innovation 30:00 Why middle manager training matters so much 35:11 What success looks like at Aspiritech 36:21 A story of a neurodivergent-led app test for children 38:54 One action to take this week Find Tara May at Website: https://aspiritech.org  |  LinkedIn: Tara May Subscribe, leave a review , and share this episode. Visit https://www.aworldofdifferencepodcast.com for more resources. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of delivering #marketingjoy Vera Minot joins the show to discuss family business dynamics, generational differences in business, insight from Goldman Sachs 10,000 small businesses program, rethinking branded merch strategies, and more! Listen now!

Lloyd Blankfein, who retired as CEO of Goldman Sachs in 2018, relates his path to the C Suite of America"s most fabled investment bank in this insightful and witty memoir. Growing up in public housing in Brooklyn, his determination to succeed is apparent from page one. Author and financial journalist William Cohan interviewed Lloyd when he was CEO and more recently in retirement and brings a keen eye to Lloyd's story.

It has been five weeks since SpaceX first launched its IPO – What can we learn?   Today on The Market Moment, Matt, Isaac and John are unpacking the topics clients and viewers keep asking them about: the Iranian conflict impacting oil prices and the global economy, the SpaceX IPO, and of course… the World Cup!   Topics Discussed: ➡️ SpaceX Post-IPO Reality & Volatility: The team examines the classic post-IPO price cycle, comparing initial market pops to historical trends where shares pull back after early excitement. They discuss upcoming lock-up expirations, potential employee share sales, custodian holding rules, and how index fund buying might balance out future share supply ➡️ The AI Shift: From "Picks & Shovels" to Implementers: A look at how the market is evolving beyond semiconductor manufacturers and hardware infrastructure toward companies successfully integrating AI tools to optimize operations. The conversation highlights how businesses leveraging AI to lower headcount growth and widen profit margins stand to gain the most value over the next 5 to 10 years. ➡️ Crude Oil Uncertainty & Geopolitical Pressures: An overview of the wildly divergent oil forecasts—ranging from $50 up to $200 per barrel—driven by tensions around the Strait of Hormuz. The guys break down Goldman Sachs' $120 projection, European jet fuel vulnerabilities, and long-term infrastructure adaptations as nations build alternative energy routes. ➡️ Economic Boost of the 2026 World Cup: A brief wrap-up on the massive economic windfall brought on by the U.S. hosting the World Cup, detailing the team's firsthand experience of the fan atmosphere in New York City and the overall execution of the global event.   01:20 SpaceX Post-IPO Analysis 8:42  The Next Phase of the AI Trade 17:00  Oil & Geopolitics 21:50 World Cup Economic Impact    

En Capital Intereconomía repasamos las claves del día y la evolución de los mercados en Asia, Wall Street y Europa en una jornada marcada por la temporada de resultados empresariales, las expectativas sobre los tipos de interés y el aumento de las tensiones geopolíticas y comerciales. Las bolsas europeas afrontan la apertura con cautela mientras Santander presenta un beneficio récord en el primer semestre. En Estados Unidos, Wall Street mantiene el impulso del sector tecnológico a la espera de la publicación de los resultados de Alphabet y Tesla, dos referencias clave para medir la fortaleza del mercado y el impacto de la inteligencia artificial sobre los beneficios empresariales. En el primer análisis de la mañana hablamos con Javier Santacruz, economista, para valorar las perspectivas de los mercados financieros. Analizamos el escenario que plantea Goldman Sachs, que sitúa el precio del petróleo en 120 dólares si persisten las tensiones geopolíticas, las expectativas ante la próxima reunión del Banco Central Europeo, donde el mercado descuenta que los tipos permanecerán en el 2,25 %, la creciente presión sobre la deuda francesa y el regreso de las tensiones comerciales tras los nuevos aranceles anunciados por Donald Trump. Terminamos con el análisis internacional de José Luis Moreno, economista y autor del libro Geoeconomía estratégica, con quien abordamos las consecuencias políticas y económicas del nuevo escenario en Reino Unido tras los cambios impulsados por Andy Burnham y el creciente enfrentamiento entre Estados Unidos y China, marcado por las advertencias del secretario de Estado, Marco Rubio, durante la cumbre de la ASEAN.

As a newly installed chairman takes the helm of the Federal Reserve, US monetary policy remains uncertain amid a soft inflation print and escalating tensions in the Middle East. David Mericle, chief US economist in Goldman Sachs Research, forecasts the Fed to keep interest rates unchanged this year before cutting its policy rate in 2027. He also unpacks the factors driving US inflation, highlights the surprising resilience of the US labor market, and explains why he expects US GDP to expand around 2% this year.  Recorded on July 20, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at ⁠http://www.gs.com/research/hedge.html⁠ Goldman Sachs does not endorse any candidate or any political party. Copyright 2026. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

A profitable med spa can still be hard to scale, and even harder to sell. When the owner is responsible for every major decision, key patient relationships, team oversight, and day-to-day problem solving, the business carries more risk than the financials may initially show.  In this episode, I sit down with Annie Robertson Hockey, president of Skytale Group, to talk about what makes a medical aesthetics or wellness practice more valuable over time. We cover owner dependence, scalable systems, clean financial reporting, revenue concentration, team incentives, and the operational work that gives practice owners more options as they grow.  A Valuable Practice Can't Depend on One Person  Many practice owners become the center of the business without realizing how difficult that makes the next stage of growth. They approve the decisions, solve the team problems, manage important relationships, and step in whenever something breaks. That may work for a period of time, but eventually the owner becomes the bottleneck.  Start paying attention to where the practice still relies heavily on you. Which decisions come back to your desk? Which patients only want to see you? What happens when you take a week off? Those questions matter whether you are thinking about a future exit, adding locations, or simply trying to create more space in your own role.  From a buyer's perspective, owner dependence is risk. From an operator's perspective, it also limits how much the practice can handle without adding more stress at the top.  Build Systems Before Growth Exposes the Gaps  A process that works for one location or a small team may fall apart at twice the volume. Practice owners need to look ahead and ask whether the current operation could support two, five, or even 10 times the activity without creating chaos.  That means taking a closer look at the parts of the business that affect consistency, risk, and repeatability:  Reduce dependence on a single provider, location, treatment, or revenue stream  Document the operational systems that drive consistent patient experiences  Track where new patients come from instead of relying on assumptions about marketing performance  Build HR and sales processes that can function without constant owner involvement  Review key performance indicators over time instead of reacting to isolated monthly results  Automate repetitive processes when technology can improve consistency and reduce administrative burden  Assign clear ownership to major functions across the team  Pick an area that is creating friction, give it focused attention, and improve the process before moving on to the next one. A quarter spent strengthening one important function can be far more productive than trying to fix 10 things at the same time.  (00:07:54) Framework for expansion and exit (00:10:25) Building enterprise value (00:16:48) Thinking in scalable systems (00:20:37) Managing revenue concentration risk (00:24:44) Defining clean financial data and metrics (00:37:20) Tying incentives to controllable actions (00:42:51) Managing HR and sales processes  Your Financial Reports Should Help You Explain the Business  Clean financials are not just about accurate bookkeeping. You should be able to look at your reports, identify the major trends, and explain what is driving the numbers. A buyer will want to understand whether growth came from a stronger marketing cohort, a new provider, one unusually productive location, a change in treatment mix, or something else entirely. You should want that same clarity as the owner. Without it, you are making decisions based on a snapshot instead of understanding how the business is actually changing.  This is where trend analysis and a focused set of key performance indicators become useful. Track the metrics that help you make decisions, review them consistently, and stop collecting data simply because you can. More reporting does not automatically create better management.  The Team Has to Be Able to Carry More of the Business  Scaling exposes team issues that are easier to work around when the practice is smaller. Hiring, training, performance management, HR processes, and incentive plans all need more structure once the owner can no longer oversee every interaction. Pay particular attention to incentives. Employees should be rewarded for outcomes they can actually influence, with clear expectations and measurable responsibilities behind the plan.   As the practice matures, capable leaders, documented processes, reliable financials, and a team that can operate without constant owner involvement make the business easier to expand, easier for a buyer to evaluate, and less dependent on you. Follow Shannon & Keep What You Earn:   Shannon Weinstein is the founder of a fractional CFO firm specializing in helping 7-figure aesthetics and wellness practices scale with clarity, cash flow, and confidence.  Shannon is committed to helping med spa owners understand, fix, and maximize their business's enterprise value, offering actionable advice and resources, including a popular free video series specifically for aesthetics practice owners.  Connect with Shannon: Fractional CFO Services and Executive Financial Review: https://www.keepwhatyouearn.com/  Connect with Shannon: https://www.linkedin.com/in/shannonweinstein  Watch full episodes: https://www.youtube.com/@KeepWhatYouEarn  Listen on your favorite podcast app: https://pod.link/1580071347  Instagram: https://www.instagram.com/shannonkweinstein/  The information shared is for educational purposes only and is not individualized financial advice. Aesthetics practice owners should consult a qualified professional before implementing financial strategies discussed here.  About Annie Robertson Hockey:  Annie Robertson Hockey is the President of Skytale Group, a boutique investment banking, management consulting, and private capital firm. Prior to Skytale, Annie co-founded and served as co-CEO of Column, a nationally chartered infrastructure bank, where she currently serves as an Advisor and Board Member. She previously worked at Bain & Company, Goldman Sachs, and was an early employee at several Silicon Valley startups. Annie graduated with honors from both Stanford University and the Stanford Graduate School of Business, where she was an Arjay Miller Scholar. She also serves on the board of a nonprofit focused on remediating youth economic inequality and advises the Stanford Technology Ventures Program and Stanford Women in Tech Entrepreneurship, supporting the development of female leaders.  Connect with Annie and Skytale Group:  Website: www.skytalegroup.com  Email: info@skytalegroup.com  Phone: (945) 235-7850 

Download the “65 Investment Terms You MUST Know to Reach Your Financial Goals” for FREE by going to https://TodaysMarketExplained.com/  In this episode of Today's Market Explained, Brian Kasal and Chris Reardon break down the forces driving today's market movements across asset classes, sectors, and corporate earnings. From blockbuster bank earnings at JPMorgan and Goldman Sachs — boosted by a 26% jump in investment banking revenue following SpaceX's massive $1.74 trillion IPO — to high earnings expectations volatility hitting AI infrastructure suppliers like CoreWeave and Nebius, they explore where leadership is moving next.Valuable Insights You'll Learn: Asset Class Leadership: Why international equities (304 pts) and domestic equities (301 pts) remain neck-and-neck at the top.  Commodity Surge: How oil price rebounds and Iran geopolitical risks drove a 24-point jump in commodities.  Sector Shakeup: Why energy (up 29.39%) retook the top sector spot from technology (up 24.79%).  Rotating Opportunities: Early technical and fundamental turnaround signals in healthcare, financials, and consumer discretionary. Follow us here to see short videos of all our best investing tips:TikTok: https://www.tiktok.com/@todaysmarketexplained  Instagram: https://www.instagram.com/TodaysMarketExplainedYouTube: https://www.youtube.com/@todaysmarketexplained Facebook: https://www.facebook.com/TodaysMarketExplainedTwitter: https://twitter.com/PodcastTMEWebsite: https://todaysmarketexplained.com/ DISCLAIMER:This podcast is provided by FourStar Wealth Advisors for the general public and general information purposes only. This content is not considered to be an offer to buy or sell any securities or investments. Investing involves the risk of loss and an investor should be prepared to bear potential losses. Investment should only be made after thorough review with your investment advisor considering all factors including personal goals, needs and risk tolerance. FourStar is an SEC registered investment advisor that maintains a principal business in the state of Illinois. The firm may only transact business in states in which it has filed or qualifies for a corresponding exemption from such requirements. For information about FourStar's registration status and business operations please consult the firm's form ADV disclosure documents, the most recent versions of which are available on the SEC investment advisory public disclosure website at www.adviserinfo.sec.gov 

We're still surprised people did this but... 50+ founders worth $10M to $4B reveal their personal finances. Here it is: https://joinhampton.com/mw-wrWhy do we do this? Because if you're an aspirational person or someone who runs a business and is making money, it's incredibly challenging to figure out what to do. Information is impossible to find — and that's what we put together: the net worth reveal and why we do this podcast, Moneywise.He got his first $5M check and expected to feel superhuman. The next day was one of the most disappointing of his life.Jesse Pujji walked away from a Goldman Sachs job where he made $500K at 25 — with a boss making $3M and a group head making $20M — to bootstrap an ad agency on $33K per partner and a stack of Amex cards. Ampush cracked the Facebook arbitrage before almost anyone: $100K in monthly revenue in June 2010 became $2M a month with $600K in EBITDA fourteen months later. He scaled it to half a billion in annual ad spend and 250 employees without raising a dollar, turned down $25M at 27, sold 20% to Red Ventures in 2015, and sold the whole thing to New Mountain Capital in 2022 for somewhere between $40M and $60M on a 35% stake. He never got the nine-figure number he made up in his head, and he says chasing it was the mistake.This episode gets into the exact allocation of a post-exit portfolio, why Jesse refuses to let his advisors put illiquid startup equity on his balance sheet, what $500K a year of "normal" spending actually buys, and why he asked his financial advisor how people possibly spend more than that. He's honest about the gap between the money he expected to change him and the money that didn't. And we spend real time on the part most founders avoid: three kids who never saw him grind, a Greenlight allowance split into thirds, a $63 JCPenney paycheck at 16 that taught him more than any of it, and the question of whether to leave them anything at all.Also, this podcast is made by Hampton, which is a community for founders doing on average $20 million a year in revenue. We saw a lot of these money conversations happening privately behind closed doors and we thought, "What the heck, let's make it public." If you are a founder, apply here: http://joinhampton.com/mwTimestamps:00:00 — Jesse's origin story: immigrant household in St. Louis, a snow shoveling business in middle school, and $33K each plus Amex cards to start Ampush02:00 — The Facebook arbitrage that changed everything: $100K/month in June 2010 to $2M in revenue and $600K in EBITDA fourteen months later02:49 — "Sandbox entrepreneurship" — Facebook cold-calls them: "Who the hell are you guys? You're one of our top 100 advertisers"04:24 — Why he left Goldman at 25 making $500K: "I would rather make half of my future expected earnings and do something I feel excited about"06:18 — The $25M offer two years in, why they said no, and the $3M dividend they took instead — $1M each, which bought his SF house07:30 — The made-up number that wrecked them: hoping for $150M, getting $60–75M offers, and turning down $190M in Marin stock09:24 — The Red Ventures deal and $5M after tax: "I thought I would get wings or superhuman strength... nothing changed"11:16 — 2022: selling to New Mountain and walking away without going with the deal13:12 — The exit number, on the record: a $40–60M range on a stake "a little bit more than a third"16:04 — The Zone of Genius framework, and why being a CEO sat in his zone of excellence — good at it, drained by it17:52 — Gateway X by the numbers19:06 — Whether the scarcity ever goes away: "nine days out of ten" became "one day out of ten," and the coach question he couldn't answer20:16 — The Deer Valley condo, and finally understanding why people buy vacation homes21:08 — Full portfolio breakdown and why he tells his advisors to mark his startup equity at zero23:24 — Annual spend 26:52 — The schedule that makes it work: Tuesdays and Thursdays he misses bedtime, Monday/Wednesday/Friday he doesn't, and he deletes Slack on vacation28:16 — The thing that keeps him up: "They've gotten all the fruits of the grind without actually observing the grind"29:23 — Greenlight, allowance equal to their age, and splitting it into thirds — spend, save, give30:19 — Running a Starbucks P&L with his 9-year-old daughter in the store32:30 — The four-bucket framework: spend it, give it to the government, give it to charity, or give it to your kids34:44 — A Schnucks family board member on generational wealth: "Money doesn't ruin kids. Lack of values does."35:36 — What Jesse wants said at his funeralSponsors: Daily Body Coach - achieve your dream body with https://moneywise.dailybodycoach.comSubscribe to Moneywise: https://www.youtube.com/@themoneywisepodcastFollow Daniel on X: https://x.com/danielcberkListen on Spotify / Apple Podcasts: [search "Moneywise Hampton"]

As AI's capability grows, what once-human tasks will it be able to do, by when? What will those displaced humans do? We look to the automation revolutions of the past to see what the historical pattern has been, and explore in what ways AI is different that could change the pattern. The pattern will change. The implications are immense. SourcesLeontief's horse. Wassily Leontief, 1983, National Academy of Engineering symposium The Long-Term Impact of Technology on Employment and Unemployment. Quote and horse-population figures via Brynjolfsson & McAfee, "Will Humans Go the Way of Horses?", Foreign Affairs (2015): https://www.foreignaffairs.com/world/will-humans-go-way-horsesSoftware developer pay. U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics, Software Developers (SOC 15-1252): https://www.bls.gov/oes/2021/may/oes151252.htm · https://www.bls.gov/oes/2022/may/oes151252.htm · https://www.bls.gov/oes/2023/may/oes151252.htm · Occupational Outlook Handbook: https://www.bls.gov/ooh/computer-and-information-technology/software-developers.htm · Total-comp figure: Levels.fyi (2026).AI timelines (experts). Katja Grace et al., "Thousands of AI Authors on the Future of AI" (2023 survey, 2,778 researchers): https://arxiv.org/abs/2401.02843 · https://aiimpacts.org/wp-content/uploads/2023/04/Thousands_of_AI_authors_on_the_future_of_AI.pdfAI timelines (forecasters). Metaculus (community forecasts; live figures): "first general AI system" https://www.metaculus.com/questions/5121/ · "weakly general AI" https://www.metaculus.com/questions/3479/Goldman Sachs. "An AI Job Apocalypse?", Goldman Sachs Research, June 25, 2026: https://www.goldmansachs.com/insights/top-of-mind/an-ai-job-apocalypse (Goldman's own view is that the disruption is temporary.)Occupational exposure. Tyna Eloundou, Sam Manning, Pamela Mishkin, Daniel Rock, "GPTs are GPTs," Science 384 (2024): https://www.science.org/doi/10.1126/science.adj0998 · working paper: https://arxiv.org/abs/2303.10130Entry-level cracks. Stanford Digital Economy Lab, "Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of AI" (Nov 2025): https://digitaleconomy.stanford.edu/app/uploads/2025/11/CanariesintheCoalMine_Nov25.pdfCurrent labor data. Maxim Massenkoff & Peter McCrory, "Labor Market Impacts of AI: A New Measure and Early Evidence," Anthropic (Mar 5, 2026): https://www.anthropic.com/research/labor-market-impacts (Note: Anthropic funds both the models and this research.)Depression unemployment anchor. U.S. unemployment peaked near 25% in 1933 (verify exact figure before citing on air). Hosted on Acast. See acast.com/privacy for more information.

Hiring can feel like a guessing game—especially when candidates show up with pumped-up resumes but lack the real-world skills your business needs. In this episode of the Nurture Small Business Podcast, host Denise Cagan continues our hiring series by breaking down how to cut through the ambiguity and polished answers to make smart, confident hiring decisions. If you've ever hired someone who interviewed beautifully but struggled on the job, this episode is a must-listen. Denise shares how to move past surface-level, rehearsed answers and structure your hiring interviews to reveal a candidate's true capabilities. Key Takeaways from This Episode: Spotting the "We" vs. "I" Trap: Learn how to identify candidates who rely heavily on team achievements, and get practical tips on how to probe deeper to clarify their actual, individual contribution. The Power of Structured Interviews: Discover how approaching candidates with structured curiosity and clarity helps you evaluate actual job performance instead of just good interviewing skills.  Aligning Your Hiring Process: Learn how to use a Critical Skills Matrix to seamlessly connect your job description, interview questions, and interview criteria into one aligned system.  The Working Interview: Explore how practical, real-time working interviews can give you direct insight into how a candidate thinks, organizes, and executes under realistic conditions. Stop guessing and start building a high-performing team. Subscribe to the Nurture Small Business Podcast for more actionable small business hiring tips and management strategies! About Your HostDenise Cagan has been working with small businesses for 25 years. She has served on the boards of professional organizations and nonprofits. She holds a Bachelor of Science in Quality Systems Management from James Madison University and is a graduate of the Goldman Sachs 10,000 Small Business Program, which is a program for small businesses that links learning to action for growth-oriented entrepreneurs. Recognized as a facilitator, problem solver, and builder, Denise enjoys working with small business owners who want to create a solid foundation. Her past experience includes 10 years in manufacturing with various awards plus inclusion into Marquis Who's Who.   Denise is the CEO of  3 companies: DCA Virtual Business Support, DCA Association Management, and Denise Cagan Business Consulting. In her downtime, she enjoys spending time with her granddaughter, cooking, and cuddling with her dogs. View and listen to Podcasts with Denise Cagan.   Connect on LinkedIn 

Today's podcast is a rare encounter with someone looking to revolutionise the insurance industry from its core. We are at one of those generational moments when a big tech question is right at the top of the board agenda in almost every industry sector in the world. That question is AI. Insurance is no different. As AI moves from the experimentation phase to the delivery phase, insurance businesses are going to be faced with a key dilemma – should they try to run AI as a new tech layer on top of their current core IT systems or should they take the plunge and use the opportunity to install a whole new system that has been designed and built with AI at its heart? Will Ross is the co-Founder and CEO of Federato and he is betting that enough companies will choose the latter path. Will is an AI native with post-graduate degrees from Stanford University and has been building Federato over the past six years. He is also a very special type of entrepreneur. He discovered insurance when working on wildfire models, but he saw an even bigger business opportunity across the core of insurance and co-founded Federato while still working on his Stanford studies. Federato has built substantial scale and has raised $180mn to date, with the latest round of $100mn lead by Goldman Sachs. This is clearly a firm that means business and is intent on taking a permanent seat at the Insurance IT table. Will is charismatic and fun to talk to and is probably the best-placed guest I have had on the show to date to really examine what the successful embedding of AI into insurance underwriting will mean for the sector as a whole. Some of what we discussed was highly reassuring, but some of his insights were surprising and challenging to conventional wisdom. Much of the industry is at a crossroads over the AI revolution and the next steps are going to be key. Senior decision-makers looking for guidance on their next move would be well advised to listen to Will set out his clear vision in this enlightening interview. LINKS: For more information visit www.federato.ai

The DTCC processed live production trades involving tokenized stocks, ETFs, and U.S. Treasuries with participation from firms including JPMorgan, Goldman Sachs, BlackRock, and Vanguard. Matt explains why this is one of the clearest signs yet that tokenization is moving beyond pilot programs and into the core infrastructure of U.S. financial markets.The episode also covers Orange Juice's plan to buy cash-flowing businesses and use them as Bitcoin treasury companies, Volvo's latest blockchain experiment, the ethics fight holding up the Clarity Act, and the Senate's unanimous opposition to any pardon for Sam Bankman-Fried. Matt also looks at Europe's post-MiCA compliance problems, Tether freezing $131 million connected to Iranian sanctions, and Visa finally acknowledging that stablecoins may be better suited than card networks for machine-to-machine micropayments.Happy Hodling, Everyone. Hosted on Acast. See acast.com/privacy for more information.

Falling launch costs, innovations, and AI are fuelling a space economy that could reach $1 trillion by the 2040s, according to Michael Tarulli and Erik Sparks in Goldman Sachs Investment Banking. The key driver: launch costs have plunged sharply, opening up access to space and enabling new frontiers of commercial activity. The shift is creating new potential opportunities as well as risks for investors. To learn more about the impact of AI on space, satellites, and other industrial sectors, read Harnessing AI for the Real Economy.  Recorded on July 7, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at ⁠http://www.gs.com/research/hedge.html⁠ Goldman Sachs does not endorse any candidate or any political party. Copyright 2026. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

SpaceX  – Price almost $135 – full retracement. Earnings season in on –  here we go! Inflation – choppy. War back on! Straits Open? Or? New Diet? CYCLOSPORIASIS PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env:'production', hosted_button_id:'JJJHP2GDEJC7J', image: { src:'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt:'Donate with PayPal button', title:'PayPal - The safer, easier way to pay online!', } }).render('#donate-button'); Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm-Up - CTP for SpaceX  - Price almost hit $135 yesterday - Earnings season 0 here we go! - Inflation - choppy - War back on! Straits Open? Or? New Diet? CYCLOSPORIASIS Markets - Inflation - Some Relief - IBM's Pre-Annnouncment - What does this say? - Bank earnings and an earnings cheat sheet - Some interesting chart data Health Update: Meniscus Repair next Thursday.... Today IBM stood for 'I Be Melting' as Big Blue turned into Big Blew Up... IBM: It's Been Murdered IBM: I Bought Misery IBM: Investment Board Malfunction Big Blue looked more like Deep Red today The only cloud around IBM today was hanging over the stock chart IBM investors got a free software update: Version 2.0 of disappointment. IBM'S AI FACE-PLANT - IBM shares plunged as much as 25%, putting the stock on pace for its worst session on record. - Preliminary revenue was $17.2 billion versus expectations near $17.9 billion. - Adjusted earnings were projected at $2.93 per share versus roughly $3.01 expected. - Management said customers redirected spending toward AI servers, memory and hardware while delaying software purchases. - The drop removed roughly 375 points from the price-weighted DJIA. - JCD and AH were both right and wrong for the weekly stock picks TRUTH? - President Trump says U.S. blockade will apply only to ships from Iranian ports; says Strait of Hormuz is open to all traffic except for Iran; says "Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States reimbursement fee with trade and investment deals that the various Gulf States will be making into the United States" - Can never be proven - no real numbers here.... Clearly needed to walk back the 20% item - Hormuz still hobbled - best estimates are that the ships passing are 20% of pre-war levels INFLATION RELIEF - FOR NOW - June CPI rose 3.5% year over year, down from 4.2% in May and below the 3.8% consensus. - Core CPI held at 2.6%. - Falling gasoline and energy prices drove much of the improvement. - Traders sharply reduced expectations for a July Fed rate increase. - Treasury yields fell and the Nasdaq advanced. WALL STREET BANKS PRINT MONEY - JPMorgan posted $21.2 billion in net income, helped by special items. - Markets revenue rose 35% to $12.1 billion, including an 86% jump in equities revenue. - Bank of America earned $9.1 billion as equities trading revenue increased 70%. - Goldman Sachs reported earnings of $20.98 per share and a 23.5% annualized return on common equity. - Jamie Dimon described conditions as close to "as good as it gets." THE $26.5 BILLION AI-MEMORY IPO - $ GRAB - SK Hynix raised $26.5 billion through a Nasdaq ADR listing. - The offering priced at $149 and finished approximately 13% higher the day of the offering, but sunk the next. - Demand reportedly exceeded the available shares by more than seven times. - SK Hynix supplies high-bandwidth memory used in Nvidia-powered AI systems. - The listing gives U.S. investors direct access to one of the largest beneficiaries of AI infrastructure spending. - - Samsung is on tap to do the same thing... Some Interesting Charts Best Quarters Plus One Equal vs Cap-Weight OIL'S CEASEFIRE WHIPLASH - Brent crude jumped 5.2% to $78.02 a barrel after the U.S.-Iran ceasefire broke down. - WTI rose 4.4% to $73.52. - Markets repriced the risk of interrupted tanker traffic through the Strait of Hormuz. - Energy stocks gained while airlines and the broader market weakened. - Rising oil prices could quickly reverse the energy-related improvement seen in the June inflation report. APPLE SUES OPENAI - AI PARTNERS TURN RIVALS - Apple sued OpenAI and two former Apple employees on July 10, alleging coordinated theft of hardware trade secrets. - The defendants include OpenAI hardware chief Tang Tan and technical employee Chang Liu, both former Apple employees. - Apple claims confidential product designs and manufacturing information were taken to accelerate OpenAI's consumer-device program. - More than 400 former Apple employees reportedly now work at OpenAI, highlighting the scale of the talent migration between the companies. IPO AND MEGADEAL FEVER RETURNS - Global deals valued above $10 billion reached record levels during the first half of 2026. - Mega-deals represented approximately 43% of newly announced M&A volume. - Investment-banking revenue surged across JPMorgan, Bank of America and Goldman Sachs. - Large offerings from SpaceX and SK Hynix added momentum to underwriting activity. - The boom depends on high equity valuations, strong AI demand and large transactions continuing. BANKS BANKS BANKS JPMORGAN CHASE - RECORD PROFIT - Profit reached a record $16.9 billion, or $6.14 per share, versus $5.59 expected. - Managed revenue totaled $58 billion, with every major business reporting record revenue. - Markets revenue rose 35%, led by an 86% surge in equities trading. - Investment-banking revenue increased 30% to its highest level since 2021. - Jamie Dimon warned that geopolitical tensions, sticky inflation, fiscal deficits and elevated asset prices remain major risks. BANK OF AMERICA - TRADING RECORD - Net income rose 27% to $9.1 billion, or $1.21 per share, versus $1.13 expected. - Revenue increased 15% to $31.6 billion. - Sales and trading revenue jumped 33% to a record $7.1 billion; equities revenue rose 70%. - Investment-banking fees increased 50% to $2.1 billion. - Full-year net-interest-income growth is now expected near the upper end of the previous 6% to 8% range. GOLDMAN SACHS - DEAL BOOM - Profit reached $6.63 billion, or $20.98 per share, versus $14.48 expected. - Revenue totaled $20.3 billion. - Equities revenue surged 72% to a record $7.42 billion. - Fixed-income, currency and commodities revenue increased 32% to $4.59 billion. - Investment-banking fees jumped 55%, helping send Goldman shares to a record high. CITIGROUP - DECADE-HIGH REVENUE - Net income jumped 45% to $5.8 billion, or $3.15 per share, versus roughly $2.74 expected. - Revenue rose 14% to $24.8 billion, the bank's highest quarterly revenue in a decade. - Investment-banking revenue increased 44% to $1.55 billion. - Equities trading revenue rose 45%, while fixed-income trading increased 7%. - Return on tangible common equity reached 13%, matching the upper end of management's target range. WELLS FARGO - BACK ON OFFENSE - Net income rose 22% to $6.4 billion, or $2.00 per share. - Revenue reached $22.6 billion and topped expectations. - Investment-banking revenue increased 20%. - Markets revenue rose 24% as volatility boosted client activity. - Management said the removal of regulatory growth restrictions is allowing the bank to deploy capital and expand its balance sheet. Bank Returns Post Earnings (July 14, 2026) Bank Stocks Earnings Cheat Sheet - JULY 15 - ASML: Expected EPS around $7.92 on $10.25 billion revenue; bookings, EUV demand and updated AI-chip equipment guidance will matter most. - JULY 15 - JOHNSON & JOHNSON: Expected EPS around $2.86 on $25.02 billion revenue; watch pharmaceutical growth, medical-device demand and full-year guidance. - JULY 15 - MORGAN STANLEY: Expected EPS around $2.89 on $19.38 billion revenue; trading, investment banking and wealth-management inflows are the key numbers. - JULY 15 - BLACKROCK: Expected EPS around $12.59 on $6.80 billion revenue; assets under management, ETF flows and private-market fundraising will be in focus. - JULY 16 - TSMC: Expected EPS around $3.76-$3.77 on roughly $40 billion revenue; AI demand, gross margin and any increase to capital-spending guidance are critical. - JULY 16 - UNITEDHEALTH: Expected EPS around $4.84 on $110.8 billion revenue; medical-cost trends and the durability of full-year guidance are the main issues. - JULY 16 - GE AEROSPACE: Expected EPS around $1.85 on $11.8 billion revenue; engine deliveries, service revenue and supply-chain constraints will drive the reaction. - JULY 16 - NETFLIX: Expected EPS around $0.79 on $12.58 billion revenue; advertising growth, engagement and operating-margin guidance will matter more than subscribers. - JULY 17 - TRAVELERS: Expected EPS around $5.33 on roughly $11 billion revenue; catastrophe losses, insurance pricing and reserve development are the key swing factors. - JULY 17 - FIFTH THIRD: Expected EPS around $0.98 on $3.25 billion revenue; net-interest income, deposit costs and credit quality will be closely watched. WAYFAIR GOES PHYSICAL - Wayfair opened its second large-format store in Atlanta on March 31, following the 2024 debut of its 150,000-square-foot Wilmette, Illinois flagship. - The company is building a national store network, with Denver expected later in 2026 and Yonkers, Cincinnati and Princeton locations planned for 2027. - The stores combine furniture, decor, appliances and home-improvement products, giving customers a chance to test large purchases before ordering. - The strategy is a major reversal for an online-first retailer and is designed to increase brand awareness, reduce dependence on digital advertising and capture shoppers returning to physical stores. AI SOVEREIGN WEALTH FUND - PUBLIC OWNERSHIP DEBATE - Bernie Sanders introduced legislation requiring the largest AI companies to transfer 50% of their equity into a U.S. sovereign wealth fund. - The fund is projected by supporters to hold roughly $7 trillion and could finance annual public dividends and government services. - OpenAI has separately floated a much smaller proposal in which major AI companies would voluntarily contribute about 5% of their equity. - Supporters call it a way to share AI-created wealth; critics warn government ownership could discourage investment, distort regulation and reduce innovation. PSA  - That's what we do....CYCLOSPORIASIS OUTBREAK - CASES SURGE - Cyclosporiasis cases are rising across more than 30 states, with Michigan, Ohio and New York reporting particularly large increases. - The CDC reported at least 843 confirmed cases and 86 hospitalizations by July 9, but state totals and reporting delays suggest the real count is substantially higher. - Lettuce, salad greens and other fresh produce are being investigated, although officials have not identified a specific product, supplier or national recall. - The parasite causes prolonged or recurring watery diarrhea; washing produce may reduce risk, and persistent symptoms should prompt medical testing and treatment. HOW TO REDUCE CYCLOSPORIASIS RISK (FWIW) - Wash hands with soap before preparing food and after using the bathroom. - Rinse fresh fruits, vegetables and herbs thoroughly under running water; scrubbing helps but cannot guarantee removal. - Keep raw produce separate from unwashed items, dirty utensils and preparation surfaces. - When traveling in tropical or subtropical areas, use safe water and avoid raw produce you cannot peel yourself; routine chemical sanitizers may not kill Cyclospora. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env: 'production', hosted_button_id: 'JJJHP2GDEJC7J', image: { src: 'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt: 'Donate with PayPal button', title: 'PayPal - The safer, easier way to pay online!' } }).render('#donate-button-2'); THE CLOSEST TO THE PIN for SpaceX (SPCX) Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!     FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter

P.M. Edition for July 14. Big U.S. banks like JPMorgan Chase, Goldman Sachs, and Bank of America reported soaring profits in the second quarter. But can the party continue? We hear from Gina Heeb, who covers banks for the Journal. Plus, inflation cooled to 3.5% last month. WSJ economics reporter Matt Grossman talks about what's driving prices lower, and what's expected later this summer. And ICE is suspending traffic stops after two fatal shootings in the past week. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Software stocks falling on the back of International Business Machines releasing a bleak earnings warning, causing the stock to lose a fourth of its value. The traders break down what the plummet means for the broader software market and why the fall could be a buying opportunity. Then, the June CPI results coming in softer than expected, cooling from  months-long upward moves. Former Dallas Fed president Richard Fisher gives his thoughts on what the reversal means for Fed policy and why he isn't saying goodbye to inflation yet. Plus, bank earnings season kicking off with Goldman Sachs soaring but Citigroup sinking, the latest on the Iran blockade, what's next for SK Hynix. Fast Money Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

July 14, 2026: Goldman Sachs' warns that the real AI productivity payoff may not arrive until 2030 at the earliest, because companies are buying the technology faster than they are redesigning work. Then I get into the split among leading economists over whether AI needs new institutions and guardrails now, or whether early governance could slow progress. Finally, I look at IBM's major market shock and why it shows that even companies selling AI transformation can struggle when customer behavior changes faster than the organization can move.

BlackRock, Goldman Sachs, JPMorgan, Morgan Stanley, Ripple, and 49 other firms have joined the UK's tokenization taskforce to develop live tokenization use cases across financial markets. Trump calls for the Senate to pass the Clarity Act.Brought to you by

Brendan Wallace is the Founder, CEO & CIO of Fifth Wall, the largest investment firm focused on technology for the built environment, with ~$3B in capital, the firm is driving the growth of nearly 170 companies, backing category-defining PropTech leaders such as Opendoor, Procore, Blend, Hippo, and Bilt Rewards. It's supported by ~115 of the world's largest real estate owner-operators including CBRE, Hilton, Hines, Marriott, Public Storage, Related, and Starwood. Before Fifth Wall, Brendan was at Goldman Sachs and Blackstone, and he co-founded Identified (sold to Workday) and Cabify. In this episode of Summation, Brendan and Auren discuss:How remote work protected mediocrity for yearsThe data center land grab: powered land, 2037 grid connections, and bring-your-own-solarHow land is the most stable asset on earth and there's still no way to buy an index of itWhy "capital-intensive businesses are bad for venture" is no longer trueYou can find Auren Hoffman on X at @auren and Brendan Wallace on X at @BrendanFWallace

P.M. Edition for July 13. The standoff over the Strait of Hormuz heats up: President Trump says he is reinstating the U.S. blockade of Iranian shipping through the crucial waterway, sending oil prices soaring. Plus, a coalition of a dozen states is suing to block the merger between Paramount and Warner Bros Discovery, the strongest legal challenge yet to the $81 billion acquisition. And Kathryn Ruemmler had said she would step down as Goldman Sachs's top lawyer at the end of June after her long relationship with Jeffrey Epstein came under scrutiny. But instead she's staying on, complicating efforts to find her successor. WSJ lead financial reporter AnnaMaria Andriotis discusses what's going on inside the bank ahead of Ruemmler's testimony in front of Congress on Wednesday. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices