Podcasts about innovators

My guest today is Aswath Damodaran, a professor at NYU, where he teaches corporate finance and equity valuation. In today's episode, Professor Damodaran explains why he trimmed two Magnificent Seven stocks. He digs into AI's real impact on valuations and moats, why big software incumbents face an Innovator's Dilemma, and why the biggest risk isn't tech spending itself, but overconfidence and debt-fueled capex that could ripple beyond tech.  He also weighs in on corporate Bitcoin balance sheets, sports franchises as “trophy assets” driven by billionaire demand rather than cash flows, and the rise of prediction markets. (0:00) Starts (0:34) Professor Damodaran on the Magnificent Seven (7:26) OpenAI's growth, AI's impact on valuations, and software industries (16:07) High capex investment risks (23:10) Market timing (33:43) Trust and the rise of gold and silver (45:12) Cryptocurrencies on company balance sheets (47:42) Sports franchises (52:27) Prediction markets ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  -----Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

In this high-energy episode of Leaders, Innovators, and Big Ideas (LIBI), host Rea Hailley welcomes Julie Cole, the "recovered lawyer" and co-founder of the iconic brand Mabel's Labels. Julie shares the 22-year journey of her business, which began in a Hamilton basement as a solution for parents tired of losing expensive children's gear. The conversation explores the advantages of founding a company with friends and family, the importance of proactive communication to avoid "recovery mode" in partnerships, and Julie's unique approach to fostering innovation by allowing employees the "freedom to nerd out". Julie also provides a candid look at her personal life, discussing how she managed to raise six children while scaling a multi-million dollar company, her perspective on entrepreneurial privilege, and the productivity hacks that kept her sane—and ultimately became a bestselling book Thank you for listening to the Leaders, Innovators and Big Ideas podcast where we showcase fascinating people who are Leaders, Innovators, and have Big Ideas! Host: Rea Hailley Driven by a deep-seated belief in the power of entrepreneurship, Rea leads New Idea Machine in empowering businesses with innovative digital solutions. Having witnessed the grit and triumph of her parents building a business from scratch, Rea is passionate about enabling significant revenue growth and seamless operations for startups and Small/Medium Businesses, ensuring their dedication translates into tangible success. Guest: Julie Cole — a dynamic entrepreneur, recovered lawyer, and mom of six who traded in her legal career to co-found Mabel's Labels, the award-winning company that transformed from a basement startup into a multi-million dollar industry leader. As Senior Director of Mabel's Labels, Julie has helped revolutionize the durable label market while becoming a recognized voice in entrepreneurship, parenting, and women's leadership. She's an award-winning businesswoman, best-selling author, and in-demand speaker and media contributor, having appeared on major media outlets including NBC's The Today Show, HLN's Raising America, The Marilyn Denis Show, CNN, CP-24, and Breakfast Television. Her written work has been featured in The Huffington Post, The Globe and Mail, Profit Magazine, Today's Parent, and more. Julie's achievements have earned her notable recognition, including the RBC Women of Influence Award for Excellence in Entrepreneurship, YWCA Women of Distinction Award in Innovation and Entrepreneurship, Iris Award in Entrepreneurship, to name a few.  Beyond business, Julie is deeply committed to community engagement, mentoring emerging entrepreneurs, and advocating for women's rights. Whether she's keynoting a conference or navigating the chaos of family life, Julie brings authenticity, humour, and heart to everything she does. Follow Julie for inspiration, real talk, and expert insights into entrepreneurship, parenting, and the power of building something meaningful from the ground up. Show Links: Mabel's Labels  Show Quotes: "I joke, I'm a recovered lawyer... I wanted to have a little bit of flexibility that I didn't think the traditional workforce probably wouldn't be able to provide."  "If you stop micromanaging, that's where the magic and the innovation will happen, and you let them do that stuff."  "Courage is—I always say when life gives me lemons, I make a gin and tonic." Credits... This Episode Sponsored By: New Idea Machine Episode Music: Tony Del Degan Creator & Producer: Al Del Degan  

מה קורה כשחברות מצליחות פוגשות טכנולוגיה שמשנה את חוקי המשחק? פרק שלישי בסדרה על איך AI משנה ומעצב את מאנדיי מחדש. בפרק רועי מן וערן זינמן, המנכ״לים של מאנדיי, מדברים עם דריה ורטהיים על האתגר שבשינוי. ערן ורועי מביאים דוגמאות ותהליכי מחשבה מהספר "The Innovator's Dilemma" ומסבירים למה דווקא החברות החזקות, הארגונים שמנוהלים הכי טוב, הם אלו שנמצאים בסיכון הכי גבוה להיפגע בזמן מהפכת ה-AI. אז איך מאזנים בין הצרכים של הלקוחות הקיימים וההתחייבויות המוצריות שכבר עשינו, לבין הצורך להמר על עתיד לא ידוע? מדוע קשה לחברות תוכנה לשחרר פרדיגמות ישנות? למה הדינמיקה בשוק היא זו שעתידה לנצח? ובמה ה-AI שונה מכל מהפכה טכנולוגית שראינו בעבר? האזינו לפרק. כתבו לנו בתגובות ובלינדקאין של Startup for Startup מה חשבתם על הפרק. See omnystudio.com/listener for privacy information.

Why is iterating hardware so difficult and what would we do if it came time to start a business.In Episode #515 of 'Meanderings', Juan & I discuss: Clayton Christensen's 'The Innovator's Dilemma' book, why incumbents like IBM and Blockbuster struggled with disruptive shifts, how spin-outs can help large firms explore new markets, whether today's tech giants (NVIDIA, Amazon, Alphabet) are genuinely pivoting faster than past eras, the trap of single‑thesis bets (e.g., x402 via Coinbase/Circle), the difference between wealth and money via Paul Graham's classic essay, my slow‑ship shift toward building something around livestreaming/value-for-value/OpenClaw-style agents, Juan's practical plan to buy and streamline existing local service businesses and the enduring challenge of measuring value in a world awash with AI-generated content. No boostagrams but we do appreciate the streaming!Stan Link: https://stan.store/meremortalsTimeline:(00:00:00) Intro(00:00:36) The Innovator's Dilemma book(00:05:20) From hardware to software: DiSASSter(00:10:58) CapEx arms race: Nvidia up, Apple lagging(00:15:04) Incumbents can't buy their way out every time(00:19:13) Is AI truly disruptive? Capital, energy, and hype checks(00:24:50) Business cycles repeat: pivots, exits, and getting left behind(00:29:34) Investing today: concentration, tech dominance, and copper(00:34:05) Investing is prediction: outcomes vs decisions(00:38:02) Finding exposure: beware tiny bets inside behemoths(00:41:01) Boostagram Lounge and supporter shout-outs(00:42:04) Micropayments, value, and streaming money(00:45:19) Why Lightning may not fit continuous payments(00:49:53) Two paths: analogue community vs full-tilt AI grind(00:53:41) A niche edge: 'human-made' as a selling point(01:03:31) A creator's plan: livestreaming with OpenClaw automation(01:08:02) Work futures: lifestyle businesses and human uniqueness(01:14:58) Zero-to-one vs sustainment: knowing your role(01:20:04) Juan's near-term play: buy, streamline, and bundle SMBs(01:23:40) Wrap-up and sign-off Connect with Mere Mortals:Website: https://www.meremortalspodcasts.com/Discord: https://discord.gg/jjfq9eGReUTwitter/X: https://twitter.com/meremortalspodsInstagram: https://www.instagram.com/meremortalspodcasts/TikTok: https://www.tiktok.com/@meremortalspodcastsValue 4 Value Support:Boostagram: https://www.meremortalspodcasts.com/supportPaypal: https://www.paypal.com/paypalme/meremortalspodcast

In Part 2 of this two-part episode of Whiskey, Jazz & Leadership, host Galen Bingham continues his fascinating conversation with Alan Gregerman, globally recognized innovation expert and author of The Wisdom of Ignorance: Why Not Knowing Can Be the Key to Innovation in an Uncertain World. Known as the "Robin Williams of Consulting," Alan dives deeper into the power of curiosity, the importance of starting—even with a terrible idea—and how enlightened ignorance can lead to breakthroughs in business and life.   Alan shares practical strategies for fostering innovation within organizations, including how to unlock the genius of new employees and why stepping outside the office to explore the world is critical for staying relevant. With real-world examples like Airbnb and Zimbabwe's Friendship Bench, this episode is packed with actionable insights for leaders and teams looking to embrace change and create something remarkable.   Listen in as Alan Reflects on: The Innovator's Dilemma: Why even the most successful companies risk being disrupted if they don't innovate. The Power of Starting: Why the first idea doesn't have to be perfect—it just has to get you moving. Enlightened Ignorance: How intentionally suspending what you think you know can open the door to new possibilities. Practical Innovation Hacks: How to unlock the genius of new employees and use field trips to spark creativity. Real-World Examples: How Airbnb and Zimbabwe's Friendship Bench turned simple ideas into transformative solutions.   What you drinking? Galen sets the tone with a pour of @thebalvenie Balvenie Caribbean Cask 14-Year Scotch, a luxurious single malt aged to perfection in rum casks. Bursting with rich, tropical flavors and a velvety smooth finish, it's a fitting choice for a conversation as layered and thought-provoking as innovation itself. On the other hand, Alan fuels his relentless curiosity with a trusty cup of coffee, proving that sometimes the simplest brew can power the boldest ideas. Together, their choices reflect the perfect balance of indulgence and focus for this dynamic dialogue.   Want more? For four dollars a month, you can become a Patreon VIP. You'll get early access to every Part Two episode. A deep archive of exclusive conversations. Insight into who's coming next. And direct access to Galen himself. Join the VIP circle today Click Here. Cheers to leadership that matters!

In the latest episode of the Climate Tech in Asia series, Eco-Business speaks to Breakthrough Energy and Green COP about what the shifting geopolitical landscape means for the climate tech ecosystem in Asia.

Join Ed Parcaut as he sits down with Jeff Holman, CEO and seasoned attorney, for a deep dive into the evolving world of fractional legal services, entrepreneurship, and innovation. Discover how Jeff Holman turned his engineering background into a unique law practice focused on startups and scalable legal solutions. The conversation explores the challenges of specializing in a niche, the benefits of building a business versus just a professional practice, and practical advice on patents and trademarks—especially as they relate to software and technology. Whether you're a business owner, aspiring entrepreneur, or just curious about modern legal strategies, this episode is packed with real-world insights about protecting your intellectual property, adapting to market changes, and building long-term value. Get tips on how to grow your brand, leverage a legal team, and navigate the ever-shifting landscape of business—and hear some candid stories about the ups and downs of both the mortgage and legal industries. Tune in for actionable takeaways, expert knowledge, and the mindset you need to thrive in today's business world. *Contact Ed Parcaut:** -

Tickets for AIEi Miami and AIE Europe are live, with first wave speakers announced!From pioneering software-defined networking to backing many of the most aggressive AI model companies of this cycle, Martin Casado and Sarah Wang sit at the center of the capital, compute, and talent arms race reshaping the tech industry. As partners at a16z investing across infrastructure and growth, they've watched venture and growth blur, model labs turn dollars into capability at unprecedented speed, and startups raise nine-figure rounds before monetization.Martin and Sarah join us to unpack the new financing playbook for AI: why today's rounds are really compute contracts in disguise, how the “raise → train → ship → raise bigger” flywheel works, and whether foundation model companies can outspend the entire app ecosystem built on top of them. They also share what's underhyped (boring enterprise software), what's overheated (talent wars and compensation spirals), and the two radically different futures they see for AI's market structure.We discuss:* Martin's “two futures” fork: infinite fragmentation and new software categories vs. a small oligopoly of general models that consume everything above them* The capital flywheel: how model labs translate funding directly into capability gains, then into revenue growth measured in weeks, not years* Why venture and growth have merged: $100M–$1B hybrid rounds, strategic investors, compute negotiations, and complex deal structures* The AGI vs. product tension: allocating scarce GPUs between long-term research and near-term revenue flywheels* Whether frontier labs can out-raise and outspend the entire app ecosystem built on top of their APIs* Why today's talent wars ($10M+ comp packages, $B acqui-hires) are breaking early-stage founder math* Cursor as a case study: building up from the app layer while training down into your own models* Why “boring” enterprise software may be the most underinvested opportunity in the AI mania* Hardware and robotics: why the ChatGPT moment hasn't yet arrived for robots and what would need to change* World Labs and generative 3D: bringing the marginal cost of 3D scene creation down by orders of magnitude* Why public AI discourse is often wildly disconnected from boardroom reality and how founders should navigate the noiseShow Notes:* “Where Value Will Accrue in AI: Martin Casado & Sarah Wang” - a16z show* “Jack Altman & Martin Casado on the Future of Venture Capital”* World Labs—Martin Casado• LinkedIn: https://www.linkedin.com/in/martincasado/• X: https://x.com/martin_casadoSarah Wang• LinkedIn: https://www.linkedin.com/in/sarah-wang-59b96a7• X: https://x.com/sarahdingwanga16z• https://a16z.com/Timestamps00:00:00 – Intro: Live from a16z00:01:20 – The New AI Funding Model: Venture + Growth Collide00:03:19 – Circular Funding, Demand & “No Dark GPUs”00:05:24 – Infrastructure vs Apps: The Lines Blur00:06:24 – The Capital Flywheel: Raise → Train → Ship → Raise Bigger00:09:39 – Can Frontier Labs Outspend the Entire App Ecosystem?00:11:24 – Character AI & The AGI vs Product Dilemma00:14:39 – Talent Wars, $10M Engineers & Founder Anxiety00:17:33 – What's Underinvested? The Case for “Boring” Software00:19:29 – Robotics, Hardware & Why It's Hard to Win00:22:42 – Custom ASICs & The $1B Training Run Economics00:24:23 – American Dynamism, Geography & AI Power Centers00:26:48 – How AI Is Changing the Investor Workflow (Claude Cowork)00:29:12 – Two Futures of AI: Infinite Expansion or Oligopoly?00:32:48 – If You Can Raise More Than Your Ecosystem, You Win00:34:27 – Are All Tasks AGI-Complete? Coding as the Test Case00:38:55 – Cursor & The Power of the App Layer00:44:05 – World Labs, Spatial Intelligence & 3D Foundation Models00:47:20 – Thinking Machines, Founder Drama & Media Narratives00:52:30 – Where Long-Term Power Accrues in the AI StackTranscriptLatent.Space - Inside AI's $10B+ Capital Flywheel — Martin Casado & Sarah Wang of a16z[00:00:00] Welcome to Latent Space (Live from a16z) + Meet the Guests[00:00:00] Alessio: Hey everyone. Welcome to the Latent Space podcast, live from a 16 z. Uh, this is Alessio founder Kernel Lance, and I'm joined by Twix, editor of Latent Space.[00:00:08] swyx: Hey, hey, hey. Uh, and we're so glad to be on with you guys. Also a top AI podcast, uh, Martin Cado and Sarah Wang. Welcome, very[00:00:16] Martin Casado: happy to be here and welcome.[00:00:17] swyx: Yes, uh, we love this office. We love what you've done with the place. Uh, the new logo is everywhere now. It's, it's still getting, takes a while to get used to, but it reminds me of like sort of a callback to a more ambitious age, which I think is kind of[00:00:31] Martin Casado: definitely makes a statement.[00:00:33] swyx: Yeah.[00:00:34] Martin Casado: Not quite sure what that statement is, but it makes a statement.[00:00:37] swyx: Uh, Martin, I go back with you to Netlify.[00:00:40] Martin Casado: Yep.[00:00:40] swyx: Uh, and, uh, you know, you create a software defined networking and all, all that stuff people can read up on your background. Yep. Sarah, I'm newer to you. Uh, you, you sort of started working together on AI infrastructure stuff.[00:00:51] Sarah Wang: That's right. Yeah. Seven, seven years ago now.[00:00:53] Martin Casado: Best growth investor in the entire industry.[00:00:55] swyx: Oh, say[00:00:56] Martin Casado: more hands down there is, there is. [00:01:00] I mean, when it comes to AI companies, Sarah, I think has done the most kind of aggressive, um, investment thesis around AI models, right? So, worked for Nom Ja, Mira Ia, FEI Fey, and so just these frontier, kind of like large AI models.[00:01:15] I think, you know, Sarah's been the, the broadest investor. Is that fair?[00:01:20] Venture vs. Growth in the Frontier Model Era[00:01:20] Sarah Wang: No, I, well, I was gonna say, I think it's been a really interesting tag, tag team actually just ‘cause the, a lot of these big C deals, not only are they raising a lot of money, um, it's still a tech founder bet, which obviously is inherently early stage.[00:01:33] But the resources,[00:01:36] Martin Casado: so many, I[00:01:36] Sarah Wang: was gonna say the resources one, they just grow really quickly. But then two, the resources that they need day one are kind of growth scale. So I, the hybrid tag team that we have is. Quite effective, I think,[00:01:46] Martin Casado: what is growth these days? You know, you don't wake up if it's less than a billion or like, it's, it's actually, it's actually very like, like no, it's a very interesting time in investing because like, you know, take like the character around, right?[00:01:59] These tend to [00:02:00] be like pre monetization, but the dollars are large enough that you need to have a larger fund and the analysis. You know, because you've got lots of users. ‘cause this stuff has such high demand requires, you know, more of a number sophistication. And so most of these deals, whether it's US or other firms on these large model companies, are like this hybrid between venture growth.[00:02:18] Sarah Wang: Yeah. Total. And I think, you know, stuff like BD for example, you wouldn't usually need BD when you were seed stage trying to get market biz Devrel. Biz Devrel, exactly. Okay. But like now, sorry, I'm,[00:02:27] swyx: I'm not familiar. What, what, what does biz Devrel mean for a venture fund? Because I know what biz Devrel means for a company.[00:02:31] Sarah Wang: Yeah.[00:02:32] Compute Deals, Strategics, and the ‘Circular Funding' Question[00:02:32] Sarah Wang: You know, so a, a good example is, I mean, we talk about buying compute, but there's a huge negotiation involved there in terms of, okay, do you get equity for the compute? What, what sort of partner are you looking at? Is there a go-to market arm to that? Um, and these are just things on this scale, hundreds of millions, you know, maybe.[00:02:50] Six months into the inception of a company, you just wouldn't have to negotiate these deals before.[00:02:54] Martin Casado: Yeah. These large rounds are very complex now. Like in the past, if you did a series A [00:03:00] or a series B, like whatever, you're writing a 20 to a $60 million check and you call it a day. Now you normally have financial investors and strategic investors, and then the strategic portion always still goes with like these kind of large compute contracts, which can take months to do.[00:03:13] And so it's, it's very different ties. I've been doing this for 10 years. It's the, I've never seen anything like this.[00:03:19] swyx: Yeah. Do you have worries about the circular funding from so disease strategics?[00:03:24] Martin Casado: I mean, listen, as long as the demand is there, like the demand is there. Like the problem with the internet is the demand wasn't there.[00:03:29] swyx: Exactly. All right. This, this is like the, the whole pyramid scheme bubble thing, where like, as long as you mark to market on like the notional value of like, these deals, fine, but like once it starts to chip away, it really Well[00:03:41] Martin Casado: no, like as, as, as, as long as there's demand. I mean, you know, this, this is like a lot of these sound bites have already become kind of cliches, but they're worth saying it.[00:03:47] Right? Like during the internet days, like we were. Um, raising money to put fiber in the ground that wasn't used. And that's a problem, right? Because now you actually have a supply overhang.[00:03:58] swyx: Mm-hmm.[00:03:59] Martin Casado: And even in the, [00:04:00] the time of the, the internet, like the supply and, and bandwidth overhang, even as massive as it was in, as massive as the crash was only lasted about four years.[00:04:09] But we don't have a supply overhang. Like there's no dark GPUs, right? I mean, and so, you know, circular or not, I mean, you know, if, if someone invests in a company that, um. You know, they'll actually use the GPUs. And on the other side of it is the, is the ask for customer. So I I, I think it's a different time.[00:04:25] Sarah Wang: I think the other piece, maybe just to add onto this, and I'm gonna quote Martine in front of him, but this is probably also a unique time in that. For the first time, you can actually trace dollars to outcomes. Yeah, right. Provided that scaling laws are, are holding, um, and capabilities are actually moving forward.[00:04:40] Because if you can put translate dollars into capabilities, uh, a capability improvement, there's demand there to martine's point. But if that somehow breaks, you know, obviously that's an important assumption in this whole thing to make it work. But you know, instead of investing dollars into sales and marketing, you're, you're investing into r and d to get to the capability, um, you know, increase.[00:04:59] And [00:05:00] that's sort of been the demand driver because. Once there's an unlock there, people are willing to pay for it.[00:05:05] Alessio: Yeah.[00:05:06] Blurring Lines: Models as Infra + Apps, and the New Fundraising Flywheel[00:05:06] Alessio: Is there any difference in how you built the portfolio now that some of your growth companies are, like the infrastructure of the early stage companies, like, you know, OpenAI is now the same size as some of the cloud providers were early on.[00:05:16] Like what does that look like? Like how much information can you feed off each other between the, the two?[00:05:24] Martin Casado: There's so many lines that are being crossed right now, or blurred. Right. So we already talked about venture and growth. Another one that's being blurred is between infrastructure and apps, right? So like what is a model company?[00:05:35] Mm-hmm. Like, it's clearly infrastructure, right? Because it's like, you know, it's doing kind of core r and d. It's a horizontal platform, but it's also an app because it's um, uh, touches the users directly. And then of course. You know, the, the, the growth of these is just so high. And so I actually think you're just starting to see a, a, a new financing strategy emerge and, you know, we've had to adapt as a result of that.[00:05:59] And [00:06:00] so there's been a lot of changes. Um, you're right that these companies become platform companies very quickly. You've got ecosystem build out. So none of this is necessarily new, but the timescales of which it's happened is pretty phenomenal. And the way we'd normally cut lines before is blurred a little bit, but.[00:06:16] But that, that, that said, I mean, a lot of it also just does feel like things that we've seen in the past, like cloud build out the internet build out as well.[00:06:24] Sarah Wang: Yeah. Um, yeah, I think it's interesting, uh, I don't know if you guys would agree with this, but it feels like the emerging strategy is, and this builds off of your other question, um.[00:06:33] You raise money for compute, you pour that or you, you pour the money into compute, you get some sort of breakthrough. You funnel the breakthrough into your vertically integrated application. That could be chat GBT, that could be cloud code, you know, whatever it is. You massively gain share and get users.[00:06:49] Maybe you're even subsidizing at that point. Um, depending on your strategy. You raise money at the peak momentum and then you repeat, rinse and repeat. Um, and so. And that wasn't [00:07:00] true even two years ago, I think. Mm-hmm. And so it's sort of to your, just tying it to fundraising strategy, right? There's a, and hiring strategy.[00:07:07] All of these are tied, I think the lines are blurring even more today where everyone is, and they, but of course these companies all have API businesses and so they're these, these frenemy lines that are getting blurred in that a lot of, I mean, they have billions of dollars of API revenue, right? And so there are customers there.[00:07:23] But they're competing on the app layer.[00:07:24] Martin Casado: Yeah. So this is a really, really important point. So I, I would say for sure, venture and growth, that line is blurry app and infrastructure. That line is blurry. Um, but I don't think that that changes our practice so much. But like where the very open questions are like, does this layer in the same way.[00:07:43] Compute traditionally has like during the cloud is like, you know, like whatever, somebody wins one layer, but then another whole set of companies wins another layer. But that might not, might not be the case here. It may be the case that you actually can't verticalize on the token string. Like you can't build an app like it, it necessarily goes down just because there are no [00:08:00] abstractions.[00:08:00] So those are kinda the bigger existential questions we ask. Another thing that is very different this time than in the history of computer sciences is. In the past, if you raised money, then you basically had to wait for engineering to catch up. Which famously doesn't scale like the mythical mammoth. It take a very long time.[00:08:18] But like that's not the case here. Like a model company can raise money and drop a model in a, in a year, and it's better, right? And, and it does it with a team of 20 people or 10 people. So this type of like money entering a company and then producing something that has demand and growth right away and using that to raise more money is a very different capital flywheel than we've ever seen before.[00:08:39] And I think everybody's trying to understand what the consequences are. So I think it's less about like. Big companies and growth and this, and more about these more systemic questions that we actually don't have answers to.[00:08:49] Alessio: Yeah, like at Kernel Labs, one of our ideas is like if you had unlimited money to spend productively to turn tokens into products, like the whole early stage [00:09:00] market is very different because today you're investing X amount of capital to win a deal because of price structure and whatnot, and you're kind of pot committing.[00:09:07] Yeah. To a certain strategy for a certain amount of time. Yeah. But if you could like iteratively spin out companies and products and just throw, I, I wanna spend a million dollar of inference today and get a product out tomorrow.[00:09:18] swyx: Yeah.[00:09:19] Alessio: Like, we should get to the point where like the friction of like token to product is so low that you can do this and then you can change the Right, the early stage venture model to be much more iterative.[00:09:30] And then every round is like either 100 k of inference or like a hundred million from a 16 Z. There's no, there's no like $8 million C round anymore. Right.[00:09:38] When Frontier Labs Outspend the Entire App Ecosystem[00:09:38] Martin Casado: But, but, but, but there's a, there's a, the, an industry structural question that we don't know the answer to, which involves the frontier models, which is, let's take.[00:09:48] Anthropic it. Let's say Anthropic has a state-of-the-art model that has some large percentage of market share. And let's say that, uh, uh, uh, you know, uh, a company's building smaller models [00:10:00] that, you know, use the bigger model in the background, open 4.5, but they add value on top of that. Now, if Anthropic can raise three times more.[00:10:10] Every subsequent round, they probably can raise more money than the entire app ecosystem that's built on top of it. And if that's the case, they can expand beyond everything built on top of it. It's like imagine like a star that's just kind of expanding, so there could be a systemic. There could be a, a systemic situation where the soda models can raise so much money that they can out pay anybody that bills on top of ‘em, which would be something I don't think we've ever seen before just because we were so bottlenecked in engineering, and this is a very open question.[00:10:41] swyx: Yeah. It's, it is almost like bitter lesson applied to the startup industry.[00:10:45] Martin Casado: Yeah, a hundred percent. It literally becomes an issue of like raise capital, turn that directly into growth. Use that to raise three times more. Exactly. And if you can keep doing that, you literally can outspend any company that's built the, not any company.[00:10:57] You can outspend the aggregate of companies on top of [00:11:00] you and therefore you'll necessarily take their share, which is crazy.[00:11:02] swyx: Would you say that kind of happens in character? Is that the, the sort of postmortem on. What happened?[00:11:10] Sarah Wang: Um,[00:11:10] Martin Casado: no.[00:11:12] Sarah Wang: Yeah, because I think so,[00:11:13] swyx: I mean the actual postmortem is, he wanted to go back to Google.[00:11:15] Exactly. But like[00:11:18] Martin Casado: that's another difference that[00:11:19] Sarah Wang: you said[00:11:21] Martin Casado: it. We should talk, we should actually talk about that.[00:11:22] swyx: Yeah,[00:11:22] Sarah Wang: that's[00:11:23] swyx: Go for it. Take it. Take,[00:11:23] Sarah Wang: yeah.[00:11:24] Character.AI, Founder Goals (AGI vs Product), and GPU Allocation Tradeoffs[00:11:24] Sarah Wang: I was gonna say, I think, um. The, the, the character thing raises actually a different issue, which actually the Frontier Labs will face as well. So we'll see how they handle it.[00:11:34] But, um, so we invest in character in January, 2023, which feels like eons ago, I mean, three years ago. Feels like lifetimes ago. But, um, and then they, uh, did the IP licensing deal with Google in August, 2020. Uh, four. And so, um, you know, at the time, no, you know, he's talked publicly about this, right? He wanted to Google wouldn't let him put out products in the world.[00:11:56] That's obviously changed drastically. But, um, he went to go do [00:12:00] that. Um, but he had a product attached. The goal was, I mean, it's Nome Shair, he wanted to get to a GI. That was always his personal goal. But, you know, I think through collecting data, right, and this sort of very human use case, that the character product.[00:12:13] Originally was and still is, um, was one of the vehicles to do that. Um, I think the real reason that, you know. I if you think about the, the stress that any company feels before, um, you ultimately going one way or the other is sort of this a GI versus product. Um, and I think a lot of the big, I think, you know, opening eyes, feeling that, um, anthropic if they haven't started, you know, felt it, certainly given the success of their products, they may start to feel that soon.[00:12:39] And the real. I think there's real trade-offs, right? It's like how many, when you think about GPUs, that's a limited resource. Where do you allocate the GPUs? Is it toward the product? Is it toward new re research? Right? Is it, or long-term research, is it toward, um, n you know, near to midterm research? And so, um, in a case where you're resource constrained, um, [00:13:00] of course there's this fundraising game you can play, right?[00:13:01] But the fund, the market was very different back in 2023 too. Um. I think the best researchers in the world have this dilemma of, okay, I wanna go all in on a GI, but it's the product usage revenue flywheel that keeps the revenue in the house to power all the GPUs to get to a GI. And so it does make, um, you know, I think it sets up an interesting dilemma for any startup that has trouble raising up until that level, right?[00:13:27] And certainly if you don't have that progress, you can't continue this fly, you know, fundraising flywheel.[00:13:32] Martin Casado: I would say that because, ‘cause we're keeping track of all of the things that are different, right? Like, you know, venture growth and uh, app infra and one of the ones is definitely the personalities of the founders.[00:13:45] It's just very different this time I've been. Been doing this for a decade and I've been doing startups for 20 years. And so, um, I mean a lot of people start this to do a GI and we've never had like a unified North star that I recall in the same [00:14:00] way. Like people built companies to start companies in the past.[00:14:02] Like that was what it was. Like I would create an internet company, I would create infrastructure company, like it's kind of more engineering builders and this is kind of a different. You know, mentality. And some companies have harnessed that incredibly well because their direction is so obviously on the path to what somebody would consider a GI, but others have not.[00:14:20] And so like there is always this tension with personnel. And so I think we're seeing more kind of founder movement.[00:14:27] Sarah Wang: Yeah.[00:14:27] Martin Casado: You know, as a fraction of founders than we've ever seen. I mean, maybe since like, I don't know the time of like Shockly and the trade DUR aid or something like that. Way back in the beginning of the industry, I, it's a very, very.[00:14:38] Unusual time of personnel.[00:14:39] Sarah Wang: Totally.[00:14:40] Talent Wars, Mega-Comp, and the Rise of Acquihire M&A[00:14:40] Sarah Wang: And it, I think it's exacerbated by the fact that talent wars, I mean, every industry has talent wars, but not at this magnitude, right? No. Yeah. Very rarely can you see someone get poached for $5 billion. That's hard to compete with. And then secondly, if you're a founder in ai, you could fart and it would be on the front page of, you know, the information these days.[00:14:59] And so there's [00:15:00] sort of this fishbowl effect that I think adds to the deep anxiety that, that these AI founders are feeling.[00:15:06] Martin Casado: Hmm.[00:15:06] swyx: Uh, yes. I mean, just on, uh, briefly comment on the founder, uh, the sort of. Talent wars thing. I feel like 2025 was just like a blip. Like I, I don't know if we'll see that again.[00:15:17] ‘cause meta built the team. Like, I don't know if, I think, I think they're kind of done and like, who's gonna pay more than meta? I, I don't know.[00:15:23] Martin Casado: I, I agree. So it feels so, it feel, it feels this way to me too. It's like, it is like, basically Zuckerberg kind of came out swinging and then now he's kind of back to building.[00:15:30] Yeah,[00:15:31] swyx: yeah. You know, you gotta like pay up to like assemble team to rush the job, whatever. But then now, now you like you, you made your choices and now they got a ship.[00:15:38] Martin Casado: I mean, the, the o other side of that is like, you know, like we're, we're actually in the job hiring market. We've got 600 people here. I hire all the time.[00:15:44] I've got three open recs if anybody's interested, that's listening to this for investor. Yeah, on, on the team, like on the investing side of the team, like, and, um, a lot of the people we talk to have acting, you know, active, um, offers for 10 million a year or something like that. And like, you know, and we pay really, [00:16:00] really well.[00:16:00] And just to see what's out on the market is really, is really remarkable. And so I would just say it's actually, so you're right, like the really flashy one, like I will get someone for, you know, a billion dollars, but like the inflated, um, uh, trickles down. Yeah, it is still very active today. I mean,[00:16:18] Sarah Wang: yeah, you could be an L five and get an offer in the tens of millions.[00:16:22] Okay. Yeah. Easily. Yeah. It's so I think you're right that it felt like a blip. I hope you're right. Um, but I think it's been, the steady state is now, I think got pulled up. Yeah. Yeah. I'll pull up for[00:16:31] Martin Casado: sure. Yeah.[00:16:32] Alessio: Yeah. And I think that's breaking the early stage founder math too. I think before a lot of people would be like, well, maybe I should just go be a founder instead of like getting paid.[00:16:39] Yeah. 800 KA million at Google. But if I'm getting paid. Five, 6 million. That's different but[00:16:45] Martin Casado: on. But on the other hand, there's more strategic money than we've ever seen historically, right? Mm-hmm. And so, yep. The economics, the, the, the, the calculus on the economics is very different in a number of ways. And, uh, it's crazy.[00:16:58] It's cra it's causing like a, [00:17:00] a, a, a ton of change in confusion in the market. Some very positive, sub negative, like, so for example, the other side of the, um. The co-founder, like, um, acquisition, you know, mark Zuckerberg poaching someone for a lot of money is like, we were actually seeing historic amount of m and a for basically acquihires, right?[00:17:20] That you like, you know, really good outcomes from a venture perspective that are effective acquihires, right? So I would say it's probably net positive from the investment standpoint, even though it seems from the headlines to be very disruptive in a negative way.[00:17:33] Alessio: Yeah.[00:17:33] What's Underfunded: Boring Software, Robotics Skepticism, and Custom Silicon Economics[00:17:33] Alessio: Um, let's talk maybe about what's not being invested in, like maybe some interesting ideas that you would see more people build or it, it seems in a way, you know, as ycs getting more popular, it's like access getting more popular.[00:17:47] There's a startup school path that a lot of founders take and they know what's hot in the VC circles and they know what gets funded. Uh, and there's maybe not as much risk appetite for. Things outside of that. Um, I'm curious if you feel [00:18:00] like that's true and what are maybe, uh, some of the areas, uh, that you think are under discussed?[00:18:06] Martin Casado: I mean, I actually think that we've taken our eye off the ball in a lot of like, just traditional, you know, software companies. Um, so like, I mean. You know, I think right now there's almost a barbell, like you're like the hot thing on X, you're deep tech.[00:18:21] swyx: Mm-hmm.[00:18:22] Martin Casado: Right. But I, you know, I feel like there's just kind of a long, you know, list of like good.[00:18:28] Good companies that will be around for a long time in very large markets. Say you're building a database, you know, say you're building, um, you know, kind of monitoring or logging or tooling or whatever. There's some good companies out there right now, but like, they have a really hard time getting, um, the attention of investors.[00:18:43] And it's almost become a meme, right? Which is like, if you're not basically growing from zero to a hundred in a year, you're not interesting, which is just, is the silliest thing to say. I mean, think of yourself as like an introvert person, like, like your personal money, right? Mm-hmm. So. Your personal money, will you put it in the stock market at 7% or you put it in this company growing five x in a very large [00:19:00] market?[00:19:00] Of course you can put it in the company five x. So it's just like we say these stupid things, like if you're not going from zero to a hundred, but like those, like who knows what the margins of those are mean. Clearly these are good investments. True for anybody, right? True. Like our LPs want whatever.[00:19:12] Three x net over, you know, the life cycle of a fund, right? So a, a company in a big market growing five X is a great investment. We'd, everybody would be happy with these returns, but we've got this kind of mania on these, these strong growths. And so I would say that that's probably the most underinvested sector.[00:19:28] Right now.[00:19:29] swyx: Boring software, boring enterprise software.[00:19:31] Martin Casado: Traditional. Really good company.[00:19:33] swyx: No, no AI here.[00:19:34] Martin Casado: No. Like boring. Well, well, the AI of course is pulling them into use cases. Yeah, but that's not what they're, they're not on the token path, right? Yeah. Let's just say that like they're software, but they're not on the token path.[00:19:41] Like these are like they're great investments from any definition except for like random VC on Twitter saying VC on x, saying like, it's not growing fast enough. What do you[00:19:52] Sarah Wang: think? Yeah, maybe I'll answer a slightly different. Question, but adjacent to what you asked, um, which is maybe an area that we're not, uh, investing [00:20:00] right now that I think is a question and we're spending a lot of time in regardless of whether we pull the trigger or not.[00:20:05] Um, and it would probably be on the hardware side, actually. Robotics, right? And the robotics side. Robotics. Right. Which is, it's, I don't wanna say that it's not getting funding ‘cause it's clearly, uh, it's, it's sort of non-consensus to almost not invest in robotics at this point. But, um, we spent a lot of time in that space and I think for us, we just haven't seen the chat GPT moment.[00:20:22] Happen on the hardware side. Um, and the funding going into it feels like it's already. Taking that for granted.[00:20:30] Martin Casado: Yeah. Yeah. But we also went through the drone, you know, um, there's a zip line right, right out there. What's that? Oh yeah, there's a zip line. Yeah. What the drone, what the av And like one of the takeaways is when it comes to hardware, um, most companies will end up verticalizing.[00:20:46] Like if you're. If you're investing in a robot company for an A for agriculture, you're investing in an ag company. ‘cause that's the competition and that's surprising. And that's supply chain. And if you're doing it for mining, that's mining. And so the ad team does a lot of that type of stuff ‘cause they actually set up to [00:21:00] diligence that type of work.[00:21:01] But for like horizontal technology investing, there's very little when it comes to robots just because it's so fit for, for purpose. And so we kinda like to look at software. Solutions or horizontal solutions like applied intuition. Clearly from the AV wave deep map, clearly from the AV wave, I would say scale AI was actually a horizontal one for That's fair, you know, for robotics early on.[00:21:23] And so that sort of thing we're very, very interested. But the actual like robot interacting with the world is probably better for different team. Agree.[00:21:30] Alessio: Yeah, I'm curious who these teams are supposed to be that invest in them. I feel like everybody's like, yeah, robotics, it's important and like people should invest in it.[00:21:38] But then when you look at like the numbers, like the capital requirements early on versus like the moment of, okay, this is actually gonna work. Let's keep investing. That seems really hard to predict in a way that is not,[00:21:49] Martin Casado: I think co, CO two, kla, gc, I mean these are all invested in in Harvard companies. He just, you know, and [00:22:00] listen, I mean, it could work this time for sure.[00:22:01] Right? I mean if Elon's doing it, he's like, right. Just, just the fact that Elon's doing it means that there's gonna be a lot of capital and a lot of attempts for a long period of time. So that alone maybe suggests that we should just be investing in robotics just ‘cause you have this North star who's Elon with a humanoid and that's gonna like basically willing into being an industry.[00:22:17] Um, but we've just historically found like. We're a huge believer that this is gonna happen. We just don't feel like we're in a good position to diligence these things. ‘cause again, robotics companies tend to be vertical. You really have to understand the market they're being sold into. Like that's like that competitive equilibrium with a human being is what's important.[00:22:34] It's not like the core tech and like we're kind of more horizontal core tech type investors. And this is Sarah and I. Yeah, the ad team is different. They can actually do these types of things.[00:22:42] swyx: Uh, just to clarify, AD stands for[00:22:44] Martin Casado: American Dynamism.[00:22:45] swyx: Alright. Okay. Yeah, yeah, yeah. Uh, I actually, I do have a related question that, first of all, I wanna acknowledge also just on the, on the chip side.[00:22:51] Yeah. I, I recall a podcast that where you were on, i, I, I think it was the a CC podcast, uh, about two or three years ago where you, where you suddenly said [00:23:00] something, which really stuck in my head about how at some point, at some point kind of scale it makes sense to. Build a custom aic Yes. For per run.[00:23:07] Martin Casado: Yes.[00:23:07] It's crazy. Yeah.[00:23:09] swyx: We're here and I think you, you estimated 500 billion, uh, something.[00:23:12] Martin Casado: No, no, no. A billion, a billion dollar training run of $1 billion training run. It makes sense to actually do a custom meic if you can do it in time. The question now is timelines. Yeah, but not money because just, just, just rough math.[00:23:22] If it's a billion dollar training. Then the inference for that model has to be over a billion, otherwise it won't be solvent. So let's assume it's, if you could save 20%, which you could save much more than that with an ASIC 20%, that's $200 million. You can tape out a chip for $200 million. Right? So now you can literally like justify economically, not timeline wise.[00:23:41] That's a different issue. An ASIC per model, which[00:23:44] swyx: is because that, that's how much we leave on the table every single time. We, we, we do like generic Nvidia.[00:23:48] Martin Casado: Exactly. Exactly. No, it, it is actually much more than that. You could probably get, you know, a factor of two, which would be 500 million.[00:23:54] swyx: Typical MFU would be like 50.[00:23:55] Yeah, yeah. And that's good.[00:23:57] Martin Casado: Exactly. Yeah. Hundred[00:23:57] swyx: percent. Um, so, so, yeah, and I mean, and I [00:24:00] just wanna acknowledge like, here we are in, in, in 2025 and opening eyes confirming like Broadcom and all the other like custom silicon deals, which is incredible. I, I think that, uh, you know, speaking about ad there's, there's a really like interesting tie in that obviously you guys are hit on, which is like these sort, this sort of like America first movement or like sort of re industrialized here.[00:24:17] Yeah. Uh, move TSMC here, if that's possible. Um, how much overlap is there from ad[00:24:23] Martin Casado: Yeah.[00:24:23] swyx: To, I guess, growth and, uh, investing in particularly like, you know, US AI companies that are strongly bounded by their compute.[00:24:32] Martin Casado: Yeah. Yeah. So I mean, I, I would view, I would view AD as more as a market segmentation than like a mission, right?[00:24:37] So the market segmentation is, it has kind of regulatory compliance issues or government, you know, sale or it deals with like hardware. I mean, they're just set up to, to, to, to, to. To diligence those types of companies. So it's a more of a market segmentation thing. I would say the entire firm. You know, which has been since it is been intercepted, you know, has geographical biases, right?[00:24:58] I mean, for the longest time we're like, you [00:25:00] know, bay Area is gonna be like, great, where the majority of the dollars go. Yeah. And, and listen, there, there's actually a lot of compounding effects for having a geographic bias. Right. You know, everybody's in the same place. You've got an ecosystem, you're there, you've got presence, you've got a network.[00:25:12] Um, and, uh, I mean, I would say the Bay area's very much back. You know, like I, I remember during pre COVID, like it was like almost Crypto had kind of. Pulled startups away. Miami from the Bay Area. Miami, yeah. Yeah. New York was, you know, because it's so close to finance, came up like Los Angeles had a moment ‘cause it was so close to consumer, but now it's kind of come back here.[00:25:29] And so I would say, you know, we tend to be very Bay area focused historically, even though of course we've asked all over the world. And then I would say like, if you take the ring out, you know, one more, it's gonna be the US of course, because we know it very well. And then one more is gonna be getting us and its allies and Yeah.[00:25:44] And it goes from there.[00:25:45] Sarah Wang: Yeah,[00:25:45] Martin Casado: sorry.[00:25:46] Sarah Wang: No, no. I agree. I think from a, but I think from the intern that that's sort of like where the companies are headquartered. Maybe your questions on supply chain and customer base. Uh, I, I would say our customers are, are, our companies are fairly international from that perspective.[00:25:59] Like they're selling [00:26:00] globally, right? They have global supply chains in some cases.[00:26:03] Martin Casado: I would say also the stickiness is very different.[00:26:05] Sarah Wang: Yeah.[00:26:05] Martin Casado: Historically between venture and growth, like there's so much company building in venture, so much so like hiring the next PM. Introducing the customer, like all of that stuff.[00:26:15] Like of course we're just gonna be stronger where we have our network and we've been doing business for 20 years. I've been in the Bay Area for 25 years, so clearly I'm just more effective here than I would be somewhere else. Um, where I think, I think for some of the later stage rounds, the companies don't need that much help.[00:26:30] They're already kind of pretty mature historically, so like they can kind of be everywhere. So there's kind of less of that stickiness. This is different in the AI time. I mean, Sarah is now the, uh, chief of staff of like half the AI companies in, uh, in the Bay Area right now. She's like, ops Ninja Biz, Devrel, BizOps.[00:26:48] swyx: Are, are you, are you finding much AI automation in your work? Like what, what is your stack.[00:26:53] Sarah Wang: Oh my, in my personal stack.[00:26:54] swyx: I mean, because like, uh, by the way, it's the, the, the reason for this is it is triggering, uh, yeah. We, like, I'm hiring [00:27:00] ops, ops people. Um, a lot of ponders I know are also hiring ops people and I'm just, you know, it's opportunity Since you're, you're also like basically helping out with ops with a lot of companies.[00:27:09] What are people doing these days? Because it's still very manual as far as I can tell.[00:27:13] Sarah Wang: Hmm. Yeah. I think the things that we help with are pretty network based, um, in that. It's sort of like, Hey, how do do I shortcut this process? Well, let's connect you to the right person. So there's not quite an AI workflow for that.[00:27:26] I will say as a growth investor, Claude Cowork is pretty interesting. Yeah. Like for the first time, you can actually get one shot data analysis. Right. Which, you know, if you're gonna do a customer database, analyze a cohort retention, right? That's just stuff that you had to do by hand before. And our team, the other, it was like midnight and the three of us were playing with Claude Cowork.[00:27:47] We gave it a raw file. Boom. Perfectly accurate. We checked the numbers. It was amazing. That was my like, aha moment. That sounds so boring. But you know, that's, that's the kind of thing that a growth investor is like, [00:28:00] you know, slaving away on late at night. Um, done in a few seconds.[00:28:03] swyx: Yeah. You gotta wonder what the whole, like, philanthropic labs, which is like their new sort of products studio.[00:28:10] Yeah. What would that be worth as an independent, uh, startup? You know, like a[00:28:14] Martin Casado: lot.[00:28:14] Sarah Wang: Yeah, true.[00:28:16] swyx: Yeah. You[00:28:16] Martin Casado: gotta hand it to them. They've been executing incredibly well.[00:28:19] swyx: Yeah. I, I mean, to me, like, you know, philanthropic, like building on cloud code, I think, uh, it makes sense to me the, the real. Um, pedal to the metal, whatever the, the, the phrase is, is when they start coming after consumer with, uh, against OpenAI and like that is like red alert at Open ai.[00:28:35] Oh, I[00:28:35] Martin Casado: think they've been pretty clear. They're enterprise focused.[00:28:37] swyx: They have been, but like they've been free. Here's[00:28:40] Martin Casado: care publicly,[00:28:40] swyx: it's enterprise focused. It's coding. Right. Yeah.[00:28:43] AI Labs vs Startups: Disruption, Undercutting & the Innovator's Dilemma[00:28:43] swyx: And then, and, but here's cloud, cloud, cowork, and, and here's like, well, we, uh, they, apparently they're running Instagram ads for Claudia.[00:28:50] I, on, you know, for, for people on, I get them all the time. Right. And so, like,[00:28:54] Martin Casado: uh,[00:28:54] swyx: it, it's kind of like this, the disruption thing of, uh, you know. Mo Open has been doing, [00:29:00] consumer been doing the, just pursuing general intelligence in every mo modality, and here's a topic that only focus on this thing, but now they're sort of undercutting and doing the whole innovator's dilemma thing on like everything else.[00:29:11] Martin Casado: It's very[00:29:11] swyx: interesting.[00:29:12] Martin Casado: Yeah, I mean there's, there's a very open que so for me there's like, do you know that meme where there's like the guy in the path and there's like a path this way? There's a path this way. Like one which way Western man. Yeah. Yeah.[00:29:23] Two Futures for AI: Infinite Market vs AGI Oligopoly[00:29:23] Martin Casado: And for me, like, like all the entire industry kind of like hinges on like two potential futures.[00:29:29] So in, in one potential future, um, the market is infinitely large. There's perverse economies of scale. ‘cause as soon as you put a model out there, like it kind of sublimates and all the other models catch up and like, it's just like software's being rewritten and fractured all over the place and there's tons of upside and it just grows.[00:29:48] And then there's another path which is like, well. Maybe these models actually generalize really well, and all you have to do is train them with three times more money. That's all you have to [00:30:00] do, and it'll just consume everything beyond it. And if that's the case, like you end up with basically an oligopoly for everything, like, you know mm-hmm.[00:30:06] Because they're perfectly general and like, so this would be like the, the a GI path would be like, these are perfectly general. They can do everything. And this one is like, this is actually normal software. The universe is complicated. You've got, and nobody knows the answer.[00:30:18] The Economics Reality Check: Gross Margins, Training Costs & Borrowing Against the Future[00:30:18] Martin Casado: My belief is if you actually look at the numbers of these companies, so generally if you look at the numbers of these companies, if you look at like the amount they're making and how much they, they spent training the last model, they're gross margin positive.[00:30:30] You're like, oh, that's really working. But if you look at like. The current training that they're doing for the next model, their gross margin negative. So part of me thinks that a lot of ‘em are kind of borrowing against the future and that's gonna have to slow down. It's gonna catch up to them at some point in time, but we don't really know.[00:30:47] Sarah Wang: Yeah.[00:30:47] Martin Casado: Does that make sense? Like, I mean, it could be, it could be the case that the only reason this is working is ‘cause they can raise that next round and they can train that next model. ‘cause these models have such a short. Life. And so at some point in time, like, you know, they won't be able to [00:31:00] raise that next round for the next model and then things will kind of converge and fragment again.[00:31:03] But right now it's not.[00:31:04] Sarah Wang: Totally. I think the other, by the way, just, um, a meta point. I think the other lesson from the last three years is, and we talk about this all the time ‘cause we're on this. Twitter X bubble. Um, cool. But, you know, if you go back to, let's say March, 2024, that period, it felt like a, I think an open source model with an, like a, you know, benchmark leading capability was sort of launching on a daily basis at that point.[00:31:27] And, um, and so that, you know, that's one period. Suddenly it's sort of like open source takes over the world. There's gonna be a plethora. It's not an oligopoly, you know, if you fast, you know, if you, if you rewind time even before that GPT-4 was number one for. Nine months, 10 months. It's a long time. Right.[00:31:44] Um, and of course now we're in this era where it feels like an oligopoly, um, maybe some very steady state shifts and, and you know, it could look like this in the future too, but it just, it's so hard to call. And I think the thing that keeps, you know, us up at [00:32:00] night in, in a good way and bad way, is that the capability progress is actually not slowing down.[00:32:06] And so until that happens, right, like you don't know what's gonna look like.[00:32:09] Martin Casado: But I, I would, I would say for sure it's not converged, like for sure, like the systemic capital flows have not converged, meaning right now it's still borrowing against the future to subsidize growth currently, which you can do that for a period of time.[00:32:23] But, but you know, at the end, at some point the market will rationalize that and just nobody knows what that will look like.[00:32:29] Alessio: Yeah.[00:32:29] Martin Casado: Or, or like the drop in price of compute will, will, will save them. Who knows?[00:32:34] Alessio: Yeah. Yeah. I think the models need to ask them to, to specific tasks. You know? It's like, okay, now Opus 4.5 might be a GI at some specific task, and now you can like depreciate the model over a longer time.[00:32:45] I think now, now, right now there's like no old model.[00:32:47] Martin Casado: No, but let, but lemme just change that mental, that's, that used to be my mental model. Lemme just change it a little bit.[00:32:53] Capital as a Weapon vs Task Saturation: Where Real Enterprise Value Gets Built[00:32:53] Martin Casado: If you can raise three times, if you can raise more than the aggregate of anybody that uses your models, that doesn't even matter.[00:32:59] It doesn't [00:33:00] even matter. See what I'm saying? Like, yeah. Yeah. So, so I have an API Business. My API business is 60% margin, or 70% margin, or 80% margin is a high margin business. So I know what everybody is using. If I can raise more money than the aggregate of everybody that's using it, I will consume them whether I'm a GI or not.[00:33:14] And I will know if they're using it ‘cause they're using it. And like, unlike in the past where engineering stops me from doing that.[00:33:21] Alessio: Mm-hmm.[00:33:21] Martin Casado: It is very straightforward. You just train. So I also thought it was kind of like, you must ask the code a GI, general, general, general. But I think there's also just a possibility that the, that the capital markets will just give them the, the, the ammunition to just go after everybody on top of ‘em.[00:33:36] Sarah Wang: I, I do wonder though, to your point, um, if there's a certain task that. Getting marginally better isn't actually that much better. Like we've asked them to it, to, you know, we can call it a GI or whatever, you know, actually, Ali Goi talks about this, like we're already at a GI for a lot of functions in the enterprise.[00:33:50] Um. That's probably those for those tasks, you probably could build very specific companies that focus on just getting as much value out of that task that isn't [00:34:00] coming from the model itself. There's probably a rich enterprise business to be built there. I mean, could be wrong on that, but there's a lot of interesting examples.[00:34:08] So, right, if you're looking the legal profession or, or whatnot, and maybe that's not a great one ‘cause the models are getting better on that front too, but just something where it's a bit saturated, then the value comes from. Services. It comes from implementation, right? It comes from all these things that actually make it useful to the end customer.[00:34:24] Martin Casado: Sorry, what am I, one more thing I think is, is underused in all of this is like, to what extent every task is a GI complete.[00:34:31] Sarah Wang: Mm-hmm.[00:34:32] Martin Casado: Yeah. I code every day. It's so fun.[00:34:35] Sarah Wang: That's a core question. Yeah.[00:34:36] Martin Casado: And like. When I'm talking to these models, it's not just code. I mean, it's everything, right? Like I, you know, like it's,[00:34:43] swyx: it's healthcare.[00:34:44] It's,[00:34:44] Martin Casado: I mean, it's[00:34:44] swyx: Mele,[00:34:45] Martin Casado: but it's every, it is exactly that. Like, yeah, that's[00:34:47] Sarah Wang: great support. Yeah.[00:34:48] Martin Casado: It's everything. Like I'm asking these models to, yeah, to understand compliance. I'm asking these models to go search the web. I'm asking these models to talk about things I know in the history, like it's having a full conversation with me while I, I engineer, and so it could be [00:35:00] the case that like, mm-hmm.[00:35:01] The most a, you know, a GI complete, like I'm not an a GI guy. Like I think that's, you know, but like the most a GI complete model will is win independent of the task. And we don't know the answer to that one either.[00:35:11] swyx: Yeah.[00:35:12] Martin Casado: But it seems to me that like, listen, codex in my experience is for sure better than Opus 4.5 for coding.[00:35:18] Like it finds the hardest bugs that I work in with. Like, it is, you know. The smartest developers. I don't work on it. It's great. Um, but I think Opus 4.5 is actually very, it's got a great bedside manner and it really, and it, it really matters if you're building something very complex because like, it really, you know, like you're, you're, you're a partner and a brainstorming partner for somebody.[00:35:38] And I think we don't discuss enough how every task kind of has that quality.[00:35:42] swyx: Mm-hmm.[00:35:43] Martin Casado: And what does that mean to like capital investment and like frontier models and Submodels? Yeah.[00:35:47] Why “Coding Models” Keep Collapsing into Generalists (Reasoning vs Taste)[00:35:47] Martin Casado: Like what happened to all the special coding models? Like, none of ‘em worked right. So[00:35:51] Alessio: some of them, they didn't even get released.[00:35:53] Magical[00:35:54] Martin Casado: Devrel. There's a whole, there's a whole host. We saw a bunch of them and like there's this whole theory that like, there could be, and [00:36:00] I think one of the conclusions is, is like there's no such thing as a coding model,[00:36:04] Alessio: you know?[00:36:04] Martin Casado: Like, that's not a thing. Like you're talking to another human being and it's, it's good at coding, but like it's gotta be good at everything.[00:36:10] swyx: Uh, minor disagree only because I, I'm pretty like, have pretty high confidence that basically open eye will always release a GPT five and a GT five codex. Like that's the code's. Yeah. The way I call it is one for raisin, one for Tiz. Um, and, and then like someone internal open, it was like, yeah, that's a good way to frame it.[00:36:32] Martin Casado: That's so funny.[00:36:33] swyx: Uh, but maybe it, maybe it collapses down to reason and that's it. It's not like a hundred dimensions doesn't life. Yeah. It's two dimensions. Yeah, yeah, yeah, yeah. Like and exactly. Beside manner versus coding. Yeah.[00:36:43] Martin Casado: Yeah.[00:36:44] swyx: It's, yeah.[00:36:46] Martin Casado: I, I think for, for any, it's hilarious. For any, for anybody listening to this for, for, for, I mean, for you, like when, when you're like coding or using these models for something like that.[00:36:52] Like actually just like be aware of how much of the interaction has nothing to do with coding and it just turns out to be a large portion of it. And so like, you're, I [00:37:00] think like, like the best Soto ish model. You know, it is going to remain very important no matter what the task is.[00:37:06] swyx: Yeah.[00:37:07] What He's Actually Coding: Gaussian Splats, Spark.js & 3D Scene Rendering Demos[00:37:07] swyx: Uh, speaking of coding, uh, I, I'm gonna be cheeky and ask like, what actually are you coding?[00:37:11] Because obviously you, you could code anything and you are obviously a busy investor and a manager of the good. Giant team. Um, what are you calling?[00:37:18] Martin Casado: I help, um, uh, FEFA at World Labs. Uh, it's one of the investments and um, and they're building a foundation model that creates 3D scenes.[00:37:27] swyx: Yeah, we had it on the pod.[00:37:28] Yeah. Yeah,[00:37:28] Martin Casado: yeah. And so these 3D scenes are Gaussian splats, just by the way that kind of AI works. And so like, you can reconstruct a scene better with, with, with radiance feels than with meshes. ‘cause like they don't really have topology. So, so they, they, they produce each. Beautiful, you know, 3D rendered scenes that are Gaussian splats, but the actual industry support for Gaussian splats isn't great.[00:37:50] It's just never, you know, it's always been meshes and like, things like unreal use meshes. And so I work on a open source library called Spark js, which is a. Uh, [00:38:00] a JavaScript rendering layer ready for Gaussian splats. And it's just because, you know, um, you, you, you need that support and, and right now there's kind of a three js moment that's all meshes and so like, it's become kind of the default in three Js ecosystem.[00:38:13] As part of that to kind of exercise the library, I just build a whole bunch of cool demos. So if you see me on X, you see like all my demos and all the world building, but all of that is just to exercise this, this library that I work on. ‘cause it's actually a very tough algorithmics problem to actually scale a library that much.[00:38:29] And just so you know, this is ancient history now, but 30 years ago I paid for undergrad, you know, working on game engines in college in the late nineties. So I've got actually a back and it's very old background, but I actually have a background in this and so a lot of it's fun. You know, but, but the, the, the, the whole goal is just for this rendering library to, to,[00:38:47] Sarah Wang: are you one of the most active contributors?[00:38:49] The, their GitHub[00:38:50] Martin Casado: spark? Yes.[00:38:51] Sarah Wang: Yeah, yeah.[00:38:51] Martin Casado: There's only two of us there, so, yes. No, so by the way, so the, the pri The pri, yeah. Yeah. So the primary developer is a [00:39:00] guy named Andres Quist, who's an absolute genius. He and I did our, our PhDs together. And so like, um, we studied for constant Quas together. It was almost like hanging out with an old friend, you know?[00:39:09] And so like. So he, he's the core, core guy. I did mostly kind of, you know, the side I run venture fund.[00:39:14] swyx: It's amazing. Like five years ago you would not have done any of this. And it brought you back[00:39:19] Martin Casado: the act, the Activ energy, you're still back. Energy was so high because you had to learn all the framework b******t.[00:39:23] Man, I f*****g used to hate that. And so like, now I don't have to deal with that. I can like focus on the algorithmics so I can focus on the scaling and I,[00:39:29] swyx: yeah. Yeah.[00:39:29] LLMs vs Spatial Intelligence + How to Value World Labs' 3D Foundation Model[00:39:29] swyx: And then, uh, I'll observe one irony and then I'll ask a serious investor question, uh, which is like, the irony is FFE actually doesn't believe that LMS can lead us to spatial intelligence.[00:39:37] And here you are using LMS to like help like achieve spatial intelligence. I just see, I see some like disconnect in there.[00:39:45] Martin Casado: Yeah. Yeah. So I think, I think, you know, I think, I think what she would say is LLMs are great to help with coding.[00:39:51] swyx: Yes.[00:39:51] Martin Casado: But like, that's very different than a model that actually like provides, they, they'll never have the[00:39:56] swyx: spatial inte[00:39:56] Martin Casado: issues.[00:39:56] And listen, our brains clearly listen, our brains, brains clearly have [00:40:00] both our, our brains clearly have a language reasoning section and they clearly have a spatial reasoning section. I mean, it's just, you know, these are two pretty independent problems.[00:40:07] swyx: Okay. And you, you, like, I, I would say that the, the one data point I recently had, uh, against it is the DeepMind, uh, IMO Gold, where, so, uh, typically the, the typical answer is that this is where you start going down the neuros symbolic path, right?[00:40:21] Like one, uh, sort of very sort of abstract reasoning thing and one form, formal thing. Um, and that's what. DeepMind had in 2024 with alpha proof, alpha geometry, and now they just use deep think and just extended thinking tokens. And it's one model and it's, and it's in LM.[00:40:36] Martin Casado: Yeah, yeah, yeah, yeah, yeah.[00:40:37] swyx: And so that, that was my indication of like, maybe you don't need a separate system.[00:40:42] Martin Casado: Yeah. So, so let me step back. I mean, at the end of the day, at the end of the day, these things are like nodes in a graph with weights on them. Right. You know, like it can be modeled like if you, if you distill it down. But let me just talk about the two different substrates. Let's, let me put you in a dark room.[00:40:56] Like totally black room. And then let me just [00:41:00] describe how you exit it. Like to your left, there's a table like duck below this thing, right? I mean like the chances that you're gonna like not run into something are very low. Now let me like turn on the light and you actually see, and you can do distance and you know how far something away is and like where it is or whatever.[00:41:17] Then you can do it, right? Like language is not the right primitives to describe. The universe because it's not exact enough. So that's all Faye, Faye is talking about. When it comes to like spatial reasoning, it's like you actually have to know that this is three feet far, like that far away. It is curved.[00:41:37] You have to understand, you know, the, like the actual movement through space.[00:41:40] swyx: Yeah.[00:41:40] Martin Casado: So I do, I listen, I do think at the end of these models are definitely converging as far as models, but there's, there's, there's different representations of problems you're solving. One is language. Which, you know, that would be like describing to somebody like what to do.[00:41:51] And the other one is actually just showing them and the space reasoning is just showing them.[00:41:55] swyx: Yeah, yeah, yeah. Right. Got it, got it. Uh, the, in the investor question was on, on, well labs [00:42:00] is, well, like, how do I value something like this? What, what, what work does the, do you do? I'm just like, Fefe is awesome.[00:42:07] Justin's awesome. And you know, the other two co-founder, co-founders, but like the, the, the tech, everyone's building cool tech. But like, what's the value of the tech? And this is the fundamental question[00:42:16] Martin Casado: of, well, let, let, just like these, let me just maybe give you a rough sketch on the diffusion models. I actually love to hear Sarah because I'm a venture for, you know, so like, ventures always, always like kind of wild west type[00:42:24] swyx: stuff.[00:42:24] You, you, you, you paid a dream and she has to like, actually[00:42:28] Martin Casado: I'm gonna say I'm gonna mar to reality, so I'm gonna say the venture for you. And she can be like, okay, you a little kid. Yeah. So like, so, so these diffusion models literally. Create something for, for almost nothing. And something that the, the world has found to be very valuable in the past, in our real markets, right?[00:42:45] Like, like a 2D image. I mean, that's been an entire market. People value them. It takes a human being a long time to create it, right? I mean, to create a, you know, a, to turn me into a whatever, like an image would cost a hundred bucks in an hour. The inference cost [00:43:00] us a hundredth of a penny, right? So we've seen this with speech in very successful companies.[00:43:03] We've seen this with 2D image. We've seen this with movies. Right? Now, think about 3D scene. I mean, I mean, when's Grand Theft Auto coming out? It's been six, what? It's been 10 years. I mean, how, how like, but hasn't been 10 years.[00:43:14] Alessio: Yeah.[00:43:15] Martin Casado: How much would it cost to like, to reproduce this room in 3D? Right. If you, if you, if you hired somebody on fiber, like in, in any sort of quality, probably 4,000 to $10,000.[00:43:24] And then if you had a professional, probably $30,000. So if you could generate the exact same thing from a 2D image, and we know that these are used and they're using Unreal and they're using Blend, or they're using movies and they're using video games and they're using all. So if you could do that for.[00:43:36] You know, less than a dollar, that's four or five orders of magnitude cheaper. So you're bringing the marginal cost of something that's useful down by three orders of magnitude, which historically have created very large companies. So that would be like the venture kind of strategic dreaming map.[00:43:49] swyx: Yeah.[00:43:50] And, and for listeners, uh, you can do this yourself on your, on your own phone with like. Uh, the marble.[00:43:55] Martin Casado: Yeah. Marble.[00:43:55] swyx: Uh, or but also there's many Nerf apps where you just go on your iPhone and, and do this.[00:43:59] Martin Casado: Yeah. Yeah. [00:44:00] Yeah. And, and in the case of marble though, it would, what you do is you literally give it in.[00:44:03] So most Nerf apps you like kind of run around and take a whole bunch of pictures and then you kind of reconstruct it.[00:44:08] swyx: Yeah.[00:44:08] Martin Casado: Um, things like marble, just that the whole generative 3D space will just take a 2D image and it'll reconstruct all the like, like[00:44:16] swyx: meaning it has to fill in. Uh,[00:44:18] Martin Casado: stuff at the back of the table, under the table, the back, like, like the images, it doesn't see.[00:44:22] So the generator stuff is very different than reconstruction that it fills in the things that you can't see.[00:44:26] swyx: Yeah. Okay.[00:44:26] Sarah Wang: So,[00:44:27] Martin Casado: all right. So now the,[00:44:28] Sarah Wang: no, no. I mean I love that[00:44:29] Martin Casado: the adult[00:44:29] Sarah Wang: perspective. Um, well, no, I was gonna say these are very much a tag team. So we, we started this pod with that, um, premise. And I think this is a perfect question to even build on that further.[00:44:36] ‘cause it truly is, I mean, we're tag teaming all of these together.[00:44:39] Investing in Model Labs, Media Rumors, and the Cursor Playbook (Margins & Going Down-Stack)[00:44:39] Sarah Wang: Um, but I think every investment fundamentally starts with the same. Maybe the same two premises. One is, at this point in time, we actually believe that there are. And of one founders for their particular craft, and they have to be demonstrated in their prior careers, right?[00:44:56] So, uh, we're not investing in every, you know, now the term is NEO [00:45:00] lab, but every foundation model, uh, any, any company, any founder trying to build a foundation model, we're not, um, contrary to popular opinion, we're

Can an algorithm truly care for a patient? As we move further into 2026, the healthcare industry is being flooded with AI tools promising to automate everything from charting to triage. But there's a massive problem: most of these tools are being built by engineers who have never spent a 12-hour shift on a med-surg floor. In this high-stakes conversation, Rebecca Love, RN, joins us to explain why the "Nursing Voice" is the most valuable asset in the 2026 tech landscape. We discuss the recent surge in ambient clinical scribes and the ethical "black boxes" of agentic AI—and why tech giants are destined to fail if they don't put nurses at the center of the development loop. This episode is a banger! Please like, follow and SUBSCRIBE!  What You'll Learn in This Episode: The Missing Link in Innovation: Why tech companies are struggling to achieve ROI because they lack the "frontline intuition" only a nurse provides. The 2026 AI Reality Check: A look at the current trends, from Google's Nurse Handoff tools to the 18% error rate recently found in some AI-generated discharge summaries. Ethics of the "Black Box": How nurses serve as the ultimate "Human-in-the-Loop" to prevent algorithmic bias and hallucinations from reaching the patient. Why Big Tech Can't "Do It Right" Alone: The specific clinical nuances—like reading a patient's non-verbal cues or navigating family dynamics—that cannot be coded into a Large Language Model (LLM). The Accountability Crisis: As AI begins drafting clinical work, who is legally responsible? Rebecca dives into the shifting liability landscape for RNs and NPs. More About Rebecca Love RN, BS, MSN, FIEL Rebecca Love, RN, BS, MSN, FIEL is an experienced nurse executive and first nurse featured on Ted.com, first nurse panel at SXSW. Rebecca is a regular contributor on the Forbes Business Council, has been featured in BBC, Fortune, Becker's, AXIOS, STAT, Forbes, Chief Healthcare Executive Magazine and ABC news and has co-authored two books: The Rebel Nurse Handbook and the The Nurses Guide to Innovation. Rebecca, was the first Director of Nurse Innovation & Entrepreneurship in the United States at Northeastern School of Nursing – the founding initiative in the Country designed to empower nurses as innovators and entrepreneurs, where she founded the Nurse Hackathon, the movement has led to transformational change in the Nursing Profession. In early 2019, Rebecca, along with a group of leading nurses in the world, founded and is President Emeritus of SONSIEL: The Society of Nurse Scientists, Innovators, Entrepreneurs & Leaders, a non-profit that quickly attained recognition by the United Nations as an Affiliate Member to the UN. Rebecca is an experienced Nurse Entrepreneur, founding HireNurses.com in 2013 which was acquired in 2018 by Ryalto, LTD UK, where she served as the Managing Director of US Markets, until it's acquisition in 2019. Rebecca served as the Chief Clinical Officer of IntelyCare, Inc. In 2023, Rebecca founded the Commission for Nurse Reimbursement- dedicated to solving the United States Nursing Crisis by creating a new economic model to reimburse for nursing services. Rebecca is passionate about empowering nurses and creating communities to help nurses innovate, create and collaborate to start businesses and inventions to transform healthcare. In 2024, Rebecca signed as the Co-Chair of the NursingIsSTEM Coalition. In addition, Rebecca sits as an advisory board member on several leading digital health startups and organizations, has co-authored 2 books, founded 3 companies, speaks internationally, and is dedicated and passionate about empowering nurses to be at the forefront of healthcare innovation and entrepreneurship. Connect with her on Linkedin: linkedin.com/in/rebeccalovenursing  Listen on Apple Podcasts – : The Gritty Nurse Podcast on Apple Apple Podcasts  https://podcasts.apple.com/ca/podcast/the-gritty-nurse/id1493290782 * Watch on YouTube –  https://www.youtube.com/@thegrittynursepodcast Stay Connected: Website: grittynurse.com Instagram: @grittynursepod TikTok: @thegrittynursepodcast Facebook: https://www.facebook.com/profile.php?id=100064212216482 X (Twitter): @GrittyNurse Collaborations & Inquiries: For sponsorship opportunities or to book Amie for speaking engagements, visit: grittynurse.com/contact Thank you to Hospital News for being a collaborative partner with the Gritty Nurse! www.hospitalnews.com   

Joe has cooked in three-star Michelin kitchens, competed on two seasons of Top Chef, is a social media star with nearly 500K followers on Instagram, has created two delicious consumer packaged goods, and is a regular as both a competitor and a judge on Food Network... and he came on the podcast to discuss it all! I've been a massive fan of Joe for years, and the mustachioed pasta savant gave me one of the best food conversations I've ever had. You can't miss this episode! Find Joe Sasto: Instagram: https://www.instagram.com/chef.joe.sasto/ Website: https://www.joesasto.com/ YouTube: https://www.youtube.com/c/chefjoesasto Joe's Brands: Tantos! – https://www.eattantos.com/ Ripi – https://ripifoods.com/ This is a Hurrdat ONE Production. Hurrdat ONE is a podcast network and digital media production company based in Omaha, NE. Find more podcasts on the Hurrdat ONE Network by going to ⁠⁠⁠Hurrdat ONE Website⁠⁠⁠ or visit ⁠⁠⁠Hurrdat ONE YouTube Channel⁠⁠⁠!  Timestamps: 00:00:00 – Intro & Teaser 00:00:58 – Welcome to the Show, Joe! 00:03:15 – Ranch as a Dipper 00:06:43 – Evolution of the Term “Chef” 00:15:23 – Overcoming Doubts 00:17:29 – Being a Celebrity Chef 00:23:44 – Joe Sasto's Culinary POV 00:29:35 – “Breaking the Rules” 00:39:55 – Joe's Early Career 00:46:40 – Current Pursuits 00:48:53 – Tantos! 00:56:44 – Final Questions & Wrap-Up Learn more about your ad choices. Visit megaphone.fm/adchoices

What does it really take to lead through constant disruption? Jim Stallings, Founder and CEO of PS27 Ventures, shares lessons from a career spanning the U.S. Marine Corps, senior leadership roles at IBM, and now early-stage investing. Jim breaks down how IBM turned Linux from free software into a multibillion-dollar business, why internal resistance is often the biggest blocker to innovation, and how leaders can use customers to force change. He also explains what he looks for in founders, why leadership matters more than a perfect plan, and how AI is collapsing product cycles from years to months.Topics & Timestamps

Episode KeywordsEducation • Innovation • Leadership • Learning • Professional Growth • Storytelling • Educators • Curiosity • Meaningful Experiences • CommunitySummaryIn this episode of Lassoing Leadership, Jason Rogers and Garth Nichols zoom out—and then right back in—on why education remains one of the most exciting, challenging, and hopeful industries around. Drawing inspiration from George Couros' work, including The Innovator's Mindset and Forward Together, the conversation explores what it really means to build learner-centred schools in a world that keeps changing the rules.Jason and Garth unpack innovation not as a buzzword, but as a posture—one rooted in curiosity, relationships, and the courage to keep things fresh. From professional learning that actually energizes educators, to the power of networks beyond our own schools, this episode is a reminder that meaningful growth happens when we stay open, tell better stories, and refuse to get too comfortable with “the way it's always been done.”Take AwaysEducation is evolving—and that's what makes it thrilling if we lean into it.Learner-centred schools don't happen by accident; they're built intentionally.Innovation isn't a program—it's a habit we practice together.Great professional development should spark curiosity, not compliance.Meaningful experiences matter just as much for adults as they do for students.Growth accelerates when we learn with and from people beyond our own buildings.Change doesn't arrive on its own—we have to go after it.Schools innovate best when communities are part of the story.Capturing mantras, moments, and stories keeps learning human.Staying fresh requires noticing when the “smell” has changed—and responding.“The future ain't what it used to be.”“Don't get used to the smell.”“Kids these days… kids these days.”Chapters00:00 – Welcome to Lassoing Leadership04:28 – Rethinking Innovation and the Innovator's Mindset08:15 – What Educators Owe Learners in a Changing World12:15 – Culture, Curiosity, and Continuous Learning13:59 – Forward Together and Paying Attention to New Smells18:05 – Learning Beyond Education and the Power of Networks20:50 – What's Ahead: Guests, Ideas, and Staying Curious

This episode of Leaders, Innovators, and Big Ideas (LIBI), host Rea Hailley sits down with Dawn, a veteran registered nurse turned entrepreneur, to tackle the "big, ugly, audacious goal" of fixing the nursing workforce crisis. With over 18 years of experience spanning critical care to clinical education, Dawn reveals a shocking gap in the healthcare ecosystem: the lack of a standardized, portable way for nurses to track their complex skill sets. They dive deep into the transition from clinician to "nursepreneur," the psychological weight of the profession, and how a collaborative digital platform can reduce fear for new grads while improving patient safety. From the impact of AI on clinical decision-making to the enduring power of professional relationships, this conversation is a masterclass in how nursing expertise is the ultimate foundation for healthcare innovation. Thank you for listening to the Leaders, Innovators and Big Ideas podcast where we showcase fascinating people who are Leaders, Innovators, and have Big Ideas! Host: Rea Hailley Driven by a deep-seated belief in the power of entrepreneurship, Rea leads New Idea Machine in empowering businesses with innovative digital solutions. Having witnessed the grit and triumph of her parents building a business from scratch, Rea is passionate about enabling significant revenue growth and seamless operations for startups and Small/Medium Businesses, ensuring their dedication translates into tangible success. Guest: Dawn Leadbetter A registered nurse in Alberta, and a proud alumnus of both the U of A (BScN '07) as well as the U of C (MN '24), Dawn has gained extensive knowledge and experience from her clinical RN roles in adult intensive care, teaching clinical courses at MacEwan University in the undergraduate program. Gathering significant system level knowledge in her zone role as a CNE, her passion was focused on utilizing process improvement and change management skills. Since obtaining her MN, with certificates in Healthcare Innovation and Design and Leadership for Health Systems Transformation, Dawn was inspired to take the leap into her own consulting business Nurse Matrix Systems Inc. and began developing a platform aimed at solving one of the most complex workforce and retention problems, understanding and tracking nursing knowledge and skills attainment. Show Links: Nurse Matrix Systems Inc.  Show Quotes: "If you want to go fast, go alone; if you want to go far, go together. That is really where the healthcare ecosystem lives—we fail more often than not when we're not collaborative." "A nurse is not just a nurse. Even moving from one ICU to another, there is a learning curve. We need to understand transferable skills to help people function safely and grow over time." "Courage is not the absence of fear, but rather the judgment that something is more important than that fear." Credits... This Episode Sponsored By: New Idea Machine Episode Music: Tony Del Degan Creator & Producer: Al Del Degan  

In this episode (recorded live), Halle Tecco speaks with Dr. Robert Wachter, Chair of Medicine at UCSF, about their concurrently released books on healthcare innovation and AI.They share thoughts on the dual challenge of innovation in healthcare and the role of AI, covering:Why past waves of tech failed to change healthcare and why AI may finally break throughHow AI is making a difference today in healthcareWhere AI-assisted diagnosis and prescribing could go next, and the risks of over-relying on humans “in the loop” How EHR vendors (like Epic) hold the "poll position" for AI implementation due to workflow integrationWhy innovators must become healthcare "anthropologists"; and clinicians must understand technology and AIPlus, a surprise guest from Prenuvo joins us to chime in. Order Halle's new book, Massively Better Healthcare hereOrder Bob's new book, A Giant Leap here—About our guest: Robert M. Wachter, MD is Professor and Chair of the Department of Medicine at the University of California, San Francisco (UCSF). Author of 300 articles and 6 books, he coined the term “hospitalist” in 1996 and is often considered the “father” of the hospitalist field, the fastest-growing medical specialty in U.S. history. He is a past president of the Society of Hospital Medicine, past chair of the American Board of Internal Medicine, a Master of the American College of Physicians, and an elected member of the National Academy of Medicine. Modern Healthcare magazine has ranked him among the 50 most influential physician-executives in the U.S. more than a dozen times; he was #1 on the list in 2015. His 2015 book, The Digital Doctor: Hope, Hype and Harm at the Dawn of Medicine's Computer Age, was a New York Times bestseller. His new book is A Giant Leap: How AI is Transforming Healthcare and What That Means for Our Future.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Filmmaker Nuala O'Connor joins Irish Stew cohosts Martin Nutty and John Lee for a “Global Irish Nation Conversation” on her documentary In Time: Dónal Lunny, her filmic tone poem in black and white on the enigmatic innovator of Irish music.Co‑founder of the seminal groups Planxty, The Bothy Band, and Moving Hearts, Dónal introduced the flat-back bouzouki to Irish music and broke through with new time signatures, revolutionizing the sound and status of Irish trad music without breaking its fundamental architecture.Previously an RTÉ radio producer, Nuala is now an Emmy Award-winning writer and director whose work in music and arts documentary filmmaking spans more than three decades.The director explains how the title In Time carries intertwined meanings that mirror the musician's life and work. “You know sometimes things come to you for no reason and then they seem to be very reasonable after they've arrived,” she says of the name. “There's the idea of time signature in music. Dónal explored time signatures previously unheard in Irish music and he has been at the forefront of Irish music for so long, you know, literally in time.”The episode also delves into Dónal's deep relationships with fellow musicians, his creative collaborations with his Planxty bandmates, and newer sonic explorations as he is still pushing boundaries in his late seventies.He also pushed boundaries in his personal life which the film unflinchingly shows and the podcasters explore.Nuala explains that she wanted to paint a portrait of an artist still very much in motion, not a nostalgic retrospective, a commitment captured powerfully in the film's climactic scene where an ailing Dónal and his Planxty colleague Christy Moore reunite.“I took Dónal out of hospital, drove him to where we shot that, and then put him in the car and brought him back to hospital after,” she says, “I honestly didn't know, will he be here when the film comes out?In Time: Dónal Lunny will screen on Day 3 of the Solas Nua Capital Irish Film Festival, Feb. 26 through Mar. 1. Irish Stew will once again be the festival's Podcast in Residence and will record an episode on stage with filmmaker guests following the Fri., Feb. 27, 6:30 PM Northern Ireland Spotlight screenings of Three Keenings and No Ordinary Heist.LinksSolas NuaWebsiteCapital Irish Film FestivalIn Time: Dónal LunnyNuala O'ConnorIMDBSouth Wind Blows Productions WebsiteLinkedInFacebook Irish Stew LinksWebsiteFacebookInstagramLinkedInMedia Partner: IrishCentralEpisode Details: Season 8, Episode 8; Total Episode Count: 149

In this episode of Crime and the Courtroom, John Collins examines the ongoing abduction investigation of 84-year-old Nancy Guthrie, mother of Today Show host Savannah Guthrie. Rather than rehashing timelines already covered extensively in national media, John focuses on what the case reveals about high-profile investigations — the resources they mobilize, the pressure they generate, and the complex realities that shape their trajectory. The episode explores the scale of the law enforcement response, including federal involvement and advanced forensic tools, while thoughtfully addressing the broader conversation about disparities in media attention among missing-person cases. John explains why high visibility can be both an advantage and a liability, drawing lessons from past cases where intense publicity complicated investigative work. Listeners will also gain a clear, practical understanding of how forensic evidence functions in real time — including the difference between evidence that generates investigative leads and evidence ultimately presented in court. The discussion includes a straightforward explanation of CODIS, fingerprint databases, and the emerging role of Forensic Investigative Genetic Genealogy (FIGG) in cases where traditional database searches fail. Season:  6 Episode:  106 Duration:  27:04 YOUTUBE CHANNELS Main Podcast Channel Highlights Channel FROM OUR SPONSOR Learn About the Innovators at Promega International Symposium on Human Identification REFERENCED RESOURCES None ABOUT YOUR HOST John Morrey Collins is a leadership and expertise coach specializing in working with clients in authoritative, high-stakes occupations, but with a primary emphasis on serving leaders, professionals, and organizations that support our complicated systems of criminal and civil justice. John started his private practice, Critical Victories, in 2013 after retiring his award-winning, 20-year career as a forensic laboratory scientist and executive administrator, having served as the Director of Forensic Science for the State of Michigan. His forensic technical expertise was in the examination and testing of firearms and firearm-related evidence, having provided expert courtroom testimony in approximately 130 criminal trials, including death penalty cases and Daubert hearings. John is also the author of three books on forensic science and criminal justice reform. In 2022, he released his fourth book, "The New Superior – A Better Way to Be the One in Charge," which is available in print and audio. John's many career highlights include his part in the forensic investigation of the Atlanta serial bombings, which included the bombing of the 1996 Olympics in Atlanta, as well as his 2013 participation in a historic meeting with the US Attorney General and other firearm experts to discuss the Sandy Hook Elementary School shooting. John has a master's degree in organizational management and is formally certified as a Senior HR Professional by the Society for Human Resource Management (SHRM). In 2012, John was trained as a professional coach by the College of Executive Coaching, and he became certified as a Gallup Strengths Coach in 2022. He lives and works near Detroit, Michigan. For more books and other information, please visit www.criticalvictories.com.

Join us for an inspiring conversation with Alex Wifler, 2015 Vegas Shoot Champion, elite competitive archer, and founder of Wifler Industries on the With Winning in Mind podcast!  In this episode, Alex shares raw insight into: * His journey from discovering archery to dominating the Vegas shoot and the Lancaster Classic. * What it takes to train like a champion, both mentally and physically * How setbacks, including a career-impacting injury, shaped his path & led to innovation  * The story behind founding Wifler Industries & building products designed for shooters  * Advice for aspiring athletes and anyone chasing peak performance Whether you're into archery, Mental Management®, entrepreneurship, or personal growth, this is a must-watch conversation about grit, mindset, and winning with intention. Timestamps: 00:00 – Intro & Episode Welcome 00:40 – Alex's Early Archery Beginnings 04:00 – Winning The Vegas Shoot & Lancaster Classic 08:50 – Training Mindset & Competitive Habits 12:30 – Transition from Athlete to Entrepreneur 16:00 -- Mental Rehearsal for Business 21:00 – Overcoming Challenges & Resilience 27:45 – Advice for Athletes & Business Professionals Enjoyed this interview? Join the With Winning in Mind Patreon Channel for the extended interview with Alex!  Learn more from Troy Bassham, Heather Sumlin and Lanny Bassham by joining the With Winning in Mind Patreon Channel for audios, videos, and first pick on webinars and more! https://www.patreon.com/with_winning_in_mind Mental Management Sites:  Troy Bassham: https://reachthepodium.com Heather Sumlin: https://heathersumlin.com Lanny Bassham: https://withwinninginmind.com Books/Journals: https://mentalmanagement.com,  Online Courses: https://mm-courses.thinkific.com Patreon: https://www.patreon.com/with_winning_in_mind Wifler Industries: https://wiflerindustries.com/ Instagram: Podcast: https://www.instagram.com/withwinninginmindpodcast/ Troy Bassham: https://www.instagram.com/troyabassham/ Heather Sumlin: https://www.instagram.com/heathersumlin/ Wifler Industries: https://www.instagram.com/wiflerindustries/ FaceBook: Mental Management: https://www.facebook.com/MentalManagementSystems Alex Wifler: https://www.facebook.com/alexwiflerarchery/ #WithWinningInMind #AlexWifler #ArcheryChampion #MindsetMatters #WiflerIndustries

Charlie Fisher joins Keith and Joe at the Total Seal booth at PRI 2025. Charlie tells some stories from his legendary career. With innovations from drag racing to sprint cars there is no shortage. Ultimately, ring seal and how to tune the SB2 take center stage. A couple of Jim Head stories from the NHRA world, and an innovation from Indy Car and Bobby Rahal make this a must listen interview with Charlie.

 Today we are breaking down the cybersecurity giant, Cloudflare.  Today, Cloudflare controls over 20% of the world's web traffic, and more impressively, absorbs 2.5mn cyber attacks per second. My guest is Sam Eden, Investor at Square Peg's Global Tech Fund. And while I understood on the surface what Cloudflare does, Sam helped me get into the weeds on how the digital pipes actually work. So we go through the rise of Cloudflare and how they differentiated themselves vs. the incumbents and fellow upstarts. Through this story, Sam details the product offerings that led to Cloudflare's leading market share, and what growth looks like moving forward.  Please enjoy this episode on Cloudflare.  For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠⁠⁠⁠⁠⁠ here.⁠⁠⁠⁠⁠⁠⁠ — Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. — This episode is brought to you by ⁠⁠⁠⁠Portrait Analytics⁠⁠⁠⁠⁠ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before. Sign-up for a free trial today at ⁠⁠⁠⁠⁠portraitresearch.com⁠⁠⁠⁠⁠ — Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit ⁠⁠⁠⁠⁠⁠⁠joincolossus.com/episodes⁠⁠⁠⁠⁠⁠⁠. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠). Timestamps  (00:00:00) Welcome to Business Breakdowns (00:02:33) Episode Intro: Cloudflare (00:03:56) What Cloudflare Does: A Digital Postal Service (00:06:24) How Shopify Uses Cloudflare (00:07:29) Serving 20% of the Internet's Traffic (00:08:19) The Internet Before Cloudflare (00:12:01) Cloudflare's Founding Story (00:14:32) Easy Onboarding, Powerful Network Effects (00:16:05) Why Hackers Were Early Customers (00:16:58) How Cloudflare Benefited from the Innovator's Dilemma (00:19:38) Why Partnering with ISPs Was a Win-Win (00:20:44) Bigger is Better: Cloudflare's Reinforcing Loop (00:22:50) Product Evolution Over Time (00:26:37) How the Internal Security Offering Works (00:27:53) Act 3: Developing a Proprietary Software Stack (00:33:21) Four Ways AI Impacts the Business (00:37:04) Building Out the Enterprise Sales Function  (00:40:06) The “Pool of Funds” Bundling Strategy (00:43:55) How Channel Partners Drive Growth (00:46:58) Revenue in 3 Acts (00:48:23) Mastering the Freemium Model (00:51:00) Margins & EBITDA (00:52:47) Capital Allocation: Reinvestment Rules (00:54:09) Potential New Competitors and Threats (00:55:17) Lessons Learned From November 2025's Outage (00:59:17) Why Cloudflare's Competitive Position is Strong (01:01:19) How Canva Uses Cloudflare (01:02:29) How Sam is Thinking About Risks (01:04:36) 25x Sales Requires Flawless Execution (01:07:21) 4 Lessons from Studying Cloudflare

One of the brains behind Duck Dynasty and Sons of Anarchy is here! In this conversation, Brad Holcman shares insights from their journey transitioning from a W-2 employee in the television industry to becoming an entrepreneur. They discuss the challenges faced, the importance of showing up and being proactive, and the lessons learned from both failures and successes. The conversation emphasizes the entrepreneurial mindset, the necessity of networking, and the value of storytelling in building a brand. The speaker also reflects on the importance of being ready to leap into entrepreneurship and the significance of continuous learning.As You Listen00:00 The Entrepreneurial Journey Begins 02:04 Transitioning from Employee to Entrepreneur 05:55 Challenges Faced in Entrepreneurship 10:51 The Importance of Showing Up 13:41 Lessons from Failure and Success   17:49 Inspiration from Historical Entrepreneurs 

2/11/2026 DID MEDIA MAKE MUSH OF MINDS AND MENTAL ABILITY?EPISODE 1739Mind numbing activity literally effectuates the process it describes and prescribes. Whether binge watching a favorite program on your streaming device or doom scrolling on your favorite platform with your mobile device, the result is both measurable and predictable. The resistance to cease the escapism and the effort required to engage the mind in meaningful activity are statistically equivalent to overcoming an addiction. This is no accident and this is nothing new. The real question is this: how do we break the cycle and what happens if we don't?Mind numbing today becomes WHAT in a decade or more? Slaves? Minions? Robots? Lemmings?Self starters. Initiators. Innovators. Where will they excel?https://j-loren-s-school.thinkific.com/products/live_events/Leadingleadersretreat_________________________________________________________Leading Leaders Podcast is a short but impactful leadership video, blog and podcast distributed 5 days a week by J Loren Norris to promote faith, family and freedom in the face of a global leadership drought.Leadership Training, Interviews and EntertainmentVisit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.StoryPowerAcademy.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for more training material#leadingleaderspodcast #storypower #transforminggracetv #jlorennorrisLOOK FOR LEADING LEADERS PODCAST ON THESE PLATFORMS:- OBBM Network TV- WorldTrumpetTV- Apple Podcast- Spotify- Amazon- RumbleCopyright 2026 Tell It Like It Is Inchttps://my.linkpod.site/Jlorennorris 

“If you don't quit, you never lose.” – Dr. Tommy RheeToday's featured author is a sports chiropractor, US Navy veteran, and regenerative medicine innovator, Dr. Tommy Rhee. Dr. Tommy and I had a fun on a bun chat about his book, “The Future of Regenerative Medicine: Unlocking the Potential of Topical Stem Cell Therapy”, what it was like to work for the Tampa Bay Buccaneers, innovations in non-invasive stem cell therapies, and more!Key Things You'll Learn:What inspired Dr. Tommy to become an author, and what he learned after publishing his first bookHow military discipline and mindset shaped his careerHow stem cell therapies actually workOne of his biggest setbacks that actually became a setup for his current successDr. Tommy's Site: https://rheegen.com/Dr. Tommy's Book: https://a.co/d/0hCQBLGMThe opening track is titled, “Unknown From M.E. | Sonic Adventure 2 ~ City Pop Remix” by Iridium Beats. To listen to and download the full track, click the following link. https://www.patreon.com/posts/sonic-adventure-136084016 Please support today's podcast to keep this content coming! CashApp: $DomBrightmonDonate on PayPal: @DBrightmonBuy Me a Coffee: https://www.buymeacoffee.com/dombrightmonGet Going North T-Shirts, Stickers, and More: https://www.teepublic.com/stores/dom-brightmonThe Going North Advancement Compass: https://a.co/d/bA9awotYou May Also Like…Ep. 523 – “Look, Feel, & Live Better with Blood Flow Restriction Training” with Dr. Ed Le Cara (@edlecara): https://www.goingnorthpodcast.com/ep-523-look-feel-live-better-with-blood-flow-restriction-training-with-dr-ed-le-cara-edlecara/Ep. 1007 – From Panic Attacks to Power Health Habits with Dr. Sandra Scheinbaum (@drscheinbaum): https://www.goingnorthpodcast.com/ep-1007-from-panic-attacks-to-power-health-habits-with-dr-sandra-scheinbaum-drscheinbaum/Ep. 1055 – Your Body Is Talking Are You Listening? with Dr. Evette Rose: https://www.goingnorthpodcast.com/ep-1055-your-body-is-talking-are-you-listening-with-dr-evette-rose/Ep. 773 – Serve Your Bigger Why Through Single Seat Wisdom with Dominic "Slice" Teich (@DomTeich): https://www.goingnorthpodcast.com/ep-773-serve-your-bigger-why-through-single-seat-wisdom-with-dominic-slice-teich-domteich/Ep. 973 – Poses, Prosperity & the Psychology of Success with Joyce Marter, LCPC, CSP (@Joyce_Marter): https://www.goingnorthpodcast.com/ep-973-poses-prosperity-the-psychology-of-success-with-joyce-marter-lcpc-csp-joyce_marter/Ep. 436 – “Get to the Root Cause of Your Health Issues” with Risa Groux (@RisaGroux): https://www.goingnorthpodcast.com/ep-436-get-to-the-root-cause-of-your-health-issues-with-risa-groux-risagroux/220 – “Medical Intuition” with Wendie Colter (@PracticalPathUS): https://www.goingnorthpodcast.com/220-medical-intuition-with-wendie-colter-practicalpathus/Ep. 1023 – Be the Weight Behind the Spear with Dr. Josh McConkey (@mcconkey007): https://www.goingnorthpodcast.com/ep-1023-be-the-weight-behind-the-spear-with-dr-josh-mcconkey-mcconkey007/Ep. 341.5 – “Playful Cheeks” with Dr. Alison J. Kay (@ajkbliss): https://www.goingnorthpodcast.com/ep-3415-playful-cheeks-with-dr-alison-j-kay-ajkbliss/202 - "Your Divine Human Blueprint" with Julie Renee Doering (@RevJulieRenee): https://www.goingnorthpodcast.com/202-your-divine-human-blueprint-with-julie-renee-doering-revjulierenee/

In this episode, hosts Frank La Vigne, Candace Gillhoolley, and Ska Guy dive deep into the rapidly evolving world of quantum computing and security with special guest Adam Firestone, CEO and co-founder of Sixera. Adam Firestone breaks down how quantum computing isn't just changing security—it's completely upending it, exposing vulnerabilities that many organizations overlook.We explore the pressing threats posed by quantum computing, including the "harvest now, decrypt later" phenomenon that's challenging industries to rethink how they protect sensitive information. Adam Firestone walks us through Sixera's approach to solving the quantum architecture problem, breaking down why new algorithms alone aren't enough and how decentralization and protocol innovation are key to keeping data truly secure.Whether you're a tech startup, a law firm, or just quantum-curious, this episode demystifies the business impact and the practical steps companies should be taking now—not ten years down the line. Plus, we learn about Adam Firestone's journey from Army officer to systems engineer, tech author, and quantum security pioneer. Tune in for real-world insights, startup wisdom, and a refreshing discussion about making breakthrough technology as easy and intuitive as possible.LinksAdam's LinkedIn - https://www.linkedin.com/in/adamfirestone/Time Stamps00:00 "Secure Expertise Exchange Process"04:13 "Insecure File Transfers Persist"09:22 "Post-Quantum Cryptography Standardization"12:33 "Decentralized Info Security Solution"15:29 Adaptive Software Solutions19:58 "Quantum Awareness Growing Rapidly"23:36 "Data Vulnerability and Cybersecurity"25:20 "Simple, Familiar, Trust-Building Design"30:38 "From Underdog to Innovator"33:24 Startup's Misstep: Grand Solution Pitfall35:39 "Quantum Computing & Collaboration Impact"41:09 "Enabling Tasks Through Technology"41:54 Decentralized Unified Communications Roadmap45:09 "From History to Modern Tech"48:22 "Publishing Revolution with Amazon"51:57 "Building Influence Through Platforms"55:07 "Connect with Adam Firestone"

Send us a textAbout the guest: Alexandre Contreras, VT, CCMT is a veterinary technician trained in canine physical therapy and is now an innovator and entrepreneur. He has built a service business called DogApy, a product business called KlipTrio, and a non-profit that brings together community and empowers students interested in careers in animal health. Alexandre is driven by passion and purpose and believes that anyone can put in the work to build a career that is meaningful. Resources:Video episode on YouTubeKlipTrio.com PetTrio Charity websiteSupport the showMore Vet Life Reimagined?

Let it be known, that it's Black History Month…and Crowned ReRe and Mr. Al Pete have a double dose of flowers to give!It's been a minute since ReRe and Pete have given flowers to a person/place/thing/idea. On this episode, they share two recipients each. ReRe handles the ladies (Mabel King and Oprah Winfrey) and Pete holds it down for the fellas (Roland Martin and D-Nice).  Per usual, they go through their segments (A Rose Is A Rose and Cactus), Pete shares an exciting story of him meeting Ari Lennox and D-Nice, and ReRe always blesses the FFTC Gang with new music and intellectual introvert thoughts. Also, Alyce Rose makes a quick appearance on the show!Enjoy the show and be on the lookout for the 6 year anniversary of the show. February 25th! Something special will happen!Stay connected and keep the flowers blooming. Follow the podcast and hosts: https://www.mpn-llc.com/fftcpodcast @fftcpodcast on all socialsFollow Crowned ReRe and Mr. Al Pete on their websites and platforms to see what's next in their journeys!Crowned ReRe: https://crownones.com | Instagram: @crowned_re_re_becca Mr. Al Pete: https://mralpete.com | Instagram: @mralpete Recorded and produced by The MPN Network/Mr. Al Pete.

Peacewarts: Living Roots 101 - Repair as Resistance (Class 6) We examine the act of repair as a strategic tool of nonviolent resistance. From the 1953 legal battle against the Phoebus Cartel to the logistical sabotage of Gandhi's spinning wheel and Cuba's ingenious "Rikimbili" inventors, this class teaches how maintenance reduces the global pressure for extraction. Homework Look up"The Phoebus Cartel" and read about the 1953 court case that finally challenged their practices. Write down one questionabout any of this episode's topics. If you don't have a question, write “no question.” Optional:Journal for five minutes about an object you own that has been repaired. Does it feel more valuable to you than something brand new? Why or why not? Learning Topics: The 1953 US District Court ruling against the Phoebus Cartel; Gandhi's Khadi movement: Reclaiming the textile supply chain; Cuba's ANIR: The National Association of Innovators and Rationalizers; The "Rikimbili" and adaptive repair during the Special Period; Maintenance vs. Extraction Pressure. Get the book Peace Stuff Enough: AvisKalfsbeek.com/peace-stuff-enough Join the Community / Get the Books: www.AvisKalfsbeek.com Podcast Music: Javier Peke Rodriguez “I am late, madame Curie” https://open.spotify.com/artist/3QuyqfXEKzrpUl6b12I3KW  

How does a pro snowboarder become a hospitality innovator?Join David Millili and Steve Carran as they sit down with Bradley Steward, Co-founder and President of Caravan Outpost, to explore an extraordinary journey from professional snowboarding to creating one of America's most unique boutique hospitality experiences.In this episode, you'll discover:The transition from sports to media, directing projects for Cartoon Network, Adult Swim, and even influencing early Jackass.How he co-founded Bonfire Snowboarding, turning it into a global apparel brand before selling to Adidas.The inspiration behind Caravan Outpost, and how he and his wife designed it as an experiential travel destination, blending luxury, community, and the outdoors.Tips for independent hoteliers and entrepreneurs on creating a brand that fosters emotional connections rather than just products.Get ready for candid stories, unexpected adventures, and behind-the-scenes moments from snowboarding competitions, Hollywood projects, and a luxury outdoor retreat that feels more like a community than a hotel.  Watch the FULL EPISODE on YouTube: https://youtu.be/leosxe5M0-0 Links:Bradley on LinkedIn: https://www.linkedin.com/in/bradley-steward-7b829a23/Caravan Outpost: https://caravanoutpostojai.com/For full show notes head to: https://themodernhotelier.com/episode/248Follow on LinkedIn: https://www.linkedin.com/company/the-...Join the conversation on today's episode on The Modern Hotelier LinkedIn pageConnect with Steve and David:Steve: https://www.linkedin.com/in/%F0%9F%8E...David: https://www.linkedin.com/in/david-mil.

In this powerful episode of the Dead America Podcast, host Ed Watters sits down with Tom Kubiniec, President and CEO of Secure It Tactical, to explore an extraordinary journey of reinvention, innovation, and fearless problem solving. Tom's story begins as a heavy metal guitarist profiled by Guitar Player Magazine in 1984, before chronic tendonitis forced him to walk away from music and rebuild his life from the ground up. What followed was an unlikely path into computer supply sales, hospital laptop security, and eventually a phone call from the FBI asking if he could store an “MP5”—which Tom initially thought was a laptop model. That moment launched him into the world of military weapon storage, despite having no firearms background at the time. By boldly claiming expertise where none existed, Tom spent 18 months surveying every Special Forces armory in America, documenting failures, and becoming the authority he said he was. This episode dives deep into the creation of the patented Cradle Grid system, a revolutionary design using one moving part to replace outdated bracket systems with 88–230 components. Tom also exposes hard truths about gun safe fire ratings, decentralized storage strategies, high stress access failures, and why most safes can be breached in seconds. Listeners will gain insight into: • How innovation is born from questioning everything • Why decentralized weapon storage offers tactical advantages • The myth of fire rated gun safes • Designing systems for fight or flight conditions • Building a company without a college degree or military service • Facing fear through land speed racing and extreme climbing This episode is a masterclass in entrepreneurship, engineering innovation, and resilience, showing how curiosity, courage, and relentless learning can redefine an entire industry. Keywords: Tom Kubiniec, Secure It Tactical, military weapon storage, Cradle Grid system, gun safe myths, decentralized storage, Special Forces armory, SEAL teams, firearms storage innovation, entrepreneurship, Inc Magazine fastest growing companies, land speed racing, overcoming tendonitis, Ed Watters, Dead America Podcast. 0:57 - From guitar player to CEO—how chronic tendonitis ended a music career and started a business odyssey 2:15 - The telemarketing grind and building the first company in a Panorama City apartment 5:12 - Creating taperac.com in the late 90s and becoming a major player in hospital laptop security 6:45 - "Can you store an MP5?"—The FBI call that changed everything 8:47 - Walking into Fort Bragg with zero military experience to pitch Special Forces Command 10:15 - "I'm considered the leading authority"—claiming expertise that didn't exist yet 12:27 - Training with the best shooters in America after never owning a gun until 2008 16:14 - Why decentralized storage beats one big safe—thieves spend 9 minutes in your house 17:19 - The master bedroom is the LEAST secure room in your home 23:26 - Why lightweight modular safes make more sense than 1800-pound monsters 23:39 - Fire ratings are fake—the biggest scam in the gun safe industry 31:36 - Ammunition storage—why putting ammo in sealed safes creates pipe bombs 36:08 - If your ammo's been in a fire, throw it away—ballistics change and barrels can blow 37:16 - The Cradle Grid system—Home Depot development and one moving part 40:27 - "Question everything, build better solutions, never settle for good enough" 43:51 - Land speed racing at Bonneville—hitting 172 mph in a 750cc car and going for 220 49:59 - "At 172, my helmet was pinned to the roll cage from vibration—I couldn't read the dash" 52:26 - The greatest days of your life are when you work through your fears 55:15 - Ice climbing Mount Athabasca—the voice that said "it's worth it" at 2,000 feet 1:01:48 - No college degree required at Secure It—military experience beats a master's degree 1:06:52 - Fail fast—"Nobody screws up more stuff than I do in this company" 1:08:40 - Building memories vs. playing video games—how to make time move slower 1:13:43 - Solving chronic tendonitis after three years unable to golf or play guitar Website https://www.secureitgunstorage.com/ Social media links LinkedIn: https://www.linkedin.com/in/tomkubiniec/ FB: https://www.facebook.com/gunstorage/ YouTube: https://www.youtube.com/c/SecureItGun... #TomKubiniec #SecureItTactical #DeadAmericaPodcast #EdWatters #EntrepreneurJourney #InnovationMindset #MilitaryEngineering #ProblemSolving #BuiltNotBorn #IndustryDisruptor #LeadershipStories #ResilienceMindset

Send us a textA candid walk inside the Cabling Innovators Awards reveals what really moves infrastructure forward: proof in the field, standards that prevent failures, and people who quietly solve hard problems. We honor fiber's rise, copper's purpose, fault managed power in use, and the character that keeps networks running.• Backstage moments and unfiltered voices• Fault managed power moving from theory to deployment• Fiber's growth with copper's ongoing role• Powering devices over distance with practical tools• Testing that validates fiber, copper and Wi‑Fi• Workforce gap and 3D interactive training• Standards work reducing failures and conflicts• Actual intelligence as the engine behind innovation• Winner shout‑outs and case studies that prove valueIf you're watching this show on YouTube, would you mind hitting the subscribe button and the bell button to be notified when new content's being createdIf you listen to us on one of the audio podcast platforms, would you mind leaving us a five-star ratingIf you find value in this content, when you click on that QR code right there, you can buy me a cup of coffeeYou can even schedule a 15-minute one-on-one call with me after hours, of courseShare it with somebody who hasn't been in that roomSupport the showKnowledge is power! Make sure to stop by the webpage to buy me a cup of coffee or support the show at https://linktr.ee/letstalkcabling . Also if you would like to be a guest on the show or have a topic for discussion send me an email at chuck@letstalkcabling.com Chuck Bowser RCDD TECH#CBRCDD #RCDD

Mary O'Carroll kicks off a new era of Pearls On, Gloves Off - independent, sponsor-curious, and still laser-focused on what's actually changing in legal. Her first guest in this new chapter is the person many listeners will recognize instantly: Alex Su. Former litigator, ex-legal tech sales leader, early "legal influencer," and now Chief Revenue Officer at Latitude. This episode is a blunt conversation about the gap between buying innovation and actually using it. Mary and Alex dig into why legal excellence by itself doesn't deliver business value, why so much AI adoption is still "innovation theater," and why integration (not hype) is the make or break factor for legal tech, legal services, and legal careers. In this episode The core thesis: Legal excellence alone doesn't cut it. If a lawyer, ALSP, or AI tool isn't embedded in the workflows, it won't stick. AI reality check: 2025 was the year of "buying"; 2026 will be about renewals, retention, and ROI. CLM is back: "Agents will replace workflows" didn't land (yet). Real SaaS infrastructure still matters, and AI works best layered into it. Disaggregation/right-sourcing is accelerating: Big Law moves upmarket, expanding room for ALSPs, flexible talent, and tech-enabled delivery. The Innovator's Dilemma for firms: Dropping "lower-value" work can erode stickiness, and invite new providers to move up the chain. Training is the looming issue: As work shifts and automates, the profession has to rethink where reps and apprenticeship come from. For those thinking seriously about legal transformation, technology, and where the industry is headed, this conversation lays out what actually matters next. Follow Mary on LinkedIn Rate and review on Apple Podcasts  

Keywordseducation, leadership, innovation, AI, stoicism, learning, resilience, community, George Couros, Innovator's MindsetTakeawaysGeorge Couros emphasizes the importance of innovation in education.The Innovator's Mindset is relevant even after 10 years since its publication.Change should be viewed as an opportunity for growth.AI can enhance learning experiences when embraced positively.Stoicism offers valuable lessons for leaders in adapting to change.Learning is a continuous process that requires community support.Modeling risk-taking behavior is essential for leaders.Compassion for oneself is crucial in the learning journey.Building a culture of innovation requires understanding individual strengths.Curiosity and listening are key traits of effective leadership.Quotes"Repetition really matters in learning.""Be curious, not judgmental.""Keep leading the lasso way."SummaryIn this episode of Lassoing Leadership, hosts Jason Rogers and Garth engage with George Couros, an influential figure in education and author of 'The Innovator's Mindset.' The conversation explores the relevance of innovation in education, the impact of AI, and the importance of community and curiosity in leadership. Couros shares insights on embracing change, learning from mistakes, and the connection between stoicism and effective leadership. The episode concludes with reflections on leadership lessons from the character Ted Lasso, emphasizing the need for compassion and support in fostering innovation.Chapters00:00 - Introduction to the Podcast and Guests03:11 - George Couros: Journey in Education05:58 - The Innovator's Mindset: Relevance Over Time09:05 - Innovation and Stoicism: Embracing Change11:58 - AI in Education: Finding Value14:59 - Learning vs. Teaching: A Shift in Perspective18:07 - Navigating Change in Education Leadership18:27 - Embracing Change in Education22:34 - The Journey of Personal Growth27:10 - Learning Through Risk and Innovation

Host John Collins sits down with award-winning investigative journalist Brian Joseph to discuss his provocative new book, Vegas Concierge: Sex Trafficking, Hip Hop, and Corruption in America. The conversation explores the complex realities of sex trafficking through the lens of Brian's reporting and his in-depth investigation into the story of hip-hop music producer Molly Maul. Brian shares insights from his career as a freelance reporter and the challenges he faced bringing this book to market, including the publishing industry's reluctance to engage with difficult—but necessary—topics. Together, John and Brian examine how societal stereotypes, entertainment norms, and systemic failures often obscure the stories and struggles of trafficking victims. They highlight the danger of glamorizing "pimp culture," particularly in popular media, and call for greater public education, empathy, and accountability. The justice system's response to trafficking is inadequate and lacks institutional support for survivors, often misplacing focus on perpetrators over victims. Brian makes the case for victim-centered reform and more responsible storytelling, both in journalism and in society at large. From Las Vegas tourism to hip-hop culture to criminal prosecution, this wide-ranging conversation reveals how deep and entrenched the problem of sex trafficking remains—and what must change to confront it. Season:  6 Episode:  105 Duration:  43:46 min YOUTUBE CHANNELS Main Podcast Channel Highlights Channel FROM OUR SPONSOR Learn About the Innovators at Promega International Symposium on Human Identification REFERENCED RESOURCES None ABOUT YOUR HOST John Morrey Collins is a leadership and expertise coach specializing in working with clients in authoritative, high-stakes occupations, but with a primary emphasis on serving leaders, professionals, and organizations that support our complicated systems of criminal and civil justice. John started his private practice, Critical Victories, in 2013 after retiring his award-winning, 20-year career as a forensic laboratory scientist and executive administrator, having served as the Director of Forensic Science for the State of Michigan. His forensic technical expertise was in the examination and testing of firearms and firearm-related evidence, having provided expert courtroom testimony in approximately 130 criminal trials, including death penalty cases and Daubert hearings. John is also the author of three books on forensic science and criminal justice reform. In 2022, he released his fourth book, "The New Superior – A Better Way to Be the One in Charge," which is available in print and audio. John's many career highlights include his part in the forensic investigation of the Atlanta serial bombings, which included the bombing of the 1996 Olympics in Atlanta, as well as his 2013 participation in a historic meeting with the US Attorney General and other firearm experts to discuss the Sandy Hook Elementary School shooting. John has a master's degree in organizational management and is formally certified as a Senior HR Professional by the Society for Human Resource Management (SHRM). In 2012, John was trained as a professional coach by the College of Executive Coaching, and he became certified as a Gallup Strengths Coach in 2022. He lives and works near Detroit, Michigan. For more books and other information, please visit www.criticalvictories.com.

On this episode of Conservation Ag Update, brought to you by Martin-Till, Leopold Conservation Award recipient Jim Hershey shares some of his latest conservation tips and tricks from his Elizabethtown, Pa., farm. Fellow no-tiller Joseph Kern describes how planting green has transformed his operation in Mariah Hill, Ind.

Hello internet! This week's episode is all about the triumphs and achievements of BLACK INNOVATORS! Enjoy and be sure to share with a friend!Immigrant Defenders Law Center: https://www.immdef.org/

Once synonymous with passive, index-based investing, ETFs have become a vehicle for active managers seeking to deliver differentiated returns. Today, active ETFs now outnumber passive funds among US-listed exchange-traded products for the first time.Scott Davis, Head of ETFs at Capital Group, joins us on this episode of ETF Innovators to discuss how the firm integrates over 90 years of investment expertise into modern ETF structures.

Radical AI is building scientific superintelligence—AGI for science—through a closed-loop system that combines AI agents with fully robotic self-driving labs to accelerate materials discovery. The materials science industry has a fundamental innovation problem: discovering a single new material system takes 10-15+ years and costs north of $100 million. This economic reality has frozen innovation across aerospace, defense, semiconductors, and energy—industries still deploying materials developed 30 to 100 years ago. In this episode, Joseph Krause, Co-Founder and CEO of Radical AI, explains how his company is attacking the root causes: serial experimentation workflows, systematically lost experimental data, and the manufacturing scale-up gap. Working with the Department of Defense, Air Force Research Lab on hypersonics systems, and as an official partner to the DOE's Genesis mission, Radical AI is focused on high entropy alloys that maintain mechanical properties in extreme environments—the kind of enabling technology that unlocks entirely new product categories rather than optimizing existing ones. Topics Discussed: The structural economics preventing materials innovation: 10-15 year timelines, $100M+ discovery costs, and why companies default to decades-old materials Three fundamental process failures in scientific discovery: serial workflows that prevent parallelization, the 90%+ of experimental data that lives only in lab notebooks, and the valley of death between lab-scale discovery and manufacturing scale-up How closed-loop autonomous systems capture processing parameters during discovery—temperature ranges, pressure requirements, humidity impacts, precursor form factors—that map directly to manufacturing conditions High entropy alloys as beachhead: 10^40 possible combinations from the periodic table, requiring materials that maintain strength and corrosion resistance at 2,000-4,000°F in oxidative environments created by hypersonic flight The strategic rationale for simultaneous government and commercial GTM: government for long-shot applications like nuclear fusion and access to world-class science institutions; commercial customers in aerospace, defense, automotive, and energy for near-term product applications Why Radical AI focuses on enabling technology rather than optimization technology—solving for markets where novel materials unlock new products, not incremental margin improvements GTM Lessons For B2B Founders: Engineer downstream adoption barriers into your initial system architecture: Joseph identified that customer skepticism centered on manufacturability, not discovery speed. Most prospects understood AI could accelerate experimentation but questioned whether discoveries could scale to production without restarting the entire process. Radical AI's response was architectural: their closed-loop system captures processing parameters—temperature ranges, pressures, precursor concentrations, humidity effects, form factors like powders versus pellets—during the discovery phase. This data maps directly to manufacturing conditions, eliminating the traditional restart cycle. The lesson: In deep tech, the adoption barrier isn't usually your core innovation—it's the adjacent problems customers know will surface later. Engineer those solutions into your system from day one rather than treating them as future optimization problems. Select beachheads where problem complexity matches your technical advantage: Radical AI chose high entropy alloys not because the market was largest, but because the search space is intractable for humans—10^40 possible combinations that would take millions of years to experimentally test. This creates a natural moat where their ML-driven autonomous system has exponential advantage over traditional approaches. Joseph explicitly distinguished "enabling technology" (unlocking new products) from "optimization technology" (improving margins on existing products), then targeted markets with products ready to deploy but blocked by materials constraints. The strategic insight: beachhead selection should optimize for where your technical approach has structural advantage and where success unlocks new market creation, not just better unit economics. Structure dual-track GTM to derisk technology while building commercial pipeline: Radical AI simultaneously pursues government contracts (DOD, Air Force Research Lab, DOE Genesis) and commercial customers (aerospace, defense primes, automotive, energy). This isn't market hedging—it's strategic complementarity. Government provides access to the world's most advanced scientific institutions, funding for applications with 10-20 year horizons like nuclear fusion, and willingness to bridge the valley of death that scares commercial buyers. Commercial customers provide clear near-term product applications, faster revenue cycles, and market validation. Joseph views them as converging rather than divergent, since transformative materials apply across both. The playbook: in frontier tech, government and commercial aren't either/or choices—structure them as parallel tracks that derisk each other while your technology matures. Reframe the economics of the innovation process itself: Joseph didn't pitch faster materials discovery—he reframed the entire process from serial to parallel, from data-loss to data-capture, from discovery-manufacturing gap to integrated workflow. This changes the fundamental economics: instead of 10-15 years and $100M+ per material, the conversation shifts to discovering and scaling multiple materials simultaneously with manufacturing parameters already mapped. This reframing unlocks budgets from companies that had stopped innovating because the traditional process was economically irrational. The insight: when industries have stopped innovating entirely, the problem isn't usually that existing processes are too slow—it's that the process itself is structurally broken. Identify and articulate the broken process, not just the speed/cost improvement. Lead with civilizational impact to filter for long-term aligned stakeholders: Joseph explicitly positions Radical AI as "building a company that fundamentally impacts the human race" and tells prospective talent, "if you are focused on a mission and not a job, this is the place for you." This isn't recruiting copy—it's strategic filtering. In frontier tech with 10-15 year commercialization horizons, you need customers, partners, investors, and talent who think in decades, not quarters. Mission-driven positioning attracts stakeholders aligned with category creation over optimization and filters out those seeking incremental improvements. It also provides air cover for decisions that prioritize long-term technological breakthroughs over short-term revenue optimization. // Sponsors: Front Lines — We help B2B tech companies launch, manage, and grow podcasts that drive demand, awareness, and thought leadership. www.FrontLines.io The Global Talent Co. — We help tech startups find, vet, hire, pay, and retain amazing marketing talent that costs 50-70% less than the US & Europe. www.GlobalTalent.co // Don't Miss: New Podcast Series — How I Hire Senior GTM leaders share the tactical hiring frameworks they use to build winning revenue teams. Hosted by Andy Mowat, who scaled 4 unicorns from $10M to $100M+ ARR and launched Whispered to help executives find their next role. Subscribe here: https://open.spotify.com/show/53yCHlPfLSMFimtv0riPyM

A remarkable journey through music, technology, and innovation—shaped by early validation, iconic mentors, and the rare ability to anticipate the future. This conversation traces how curiosity, critical thinking, and human-centered leadership can influence industries and leave a lasting imprint on the world.00:09- About Kelli RichardsKelli Richards is a visionary strategic advisor, thought leader, and super-connector with over 25 years of experience at the intersection of technology, music, media, and entertainment.She pioneered early digital media and music initiatives at Apple, later founding The All Access Group to advise founders, innovators, and high-impact leaders on growth strategy, partnerships, and transformative opportunities.Richards is recognized for her ability to bridge Silicon Valley and Hollywood, fostering strategic alliances, unlocking new revenue models, and guiding clients ranging from startup founders to Fortune 100 executives.

Keywords education, technology, podcast, FETC, animal discussions, gambling, teaching, conferences, EdTech, snow days, education, innovation, technology, Classroom Draft, EdTech, AI, community, podcast, teaching, learning Takeaways The conversation starts with a light-hearted introduction amidst a snowstorm. Discussion about a fictional teacher gambling app emerges humorously. FETC conference experiences are shared, highlighting the camaraderie among educators. A theoretical discussion about the largest animal one could choke out leads to humorous exchanges. The conversation transitions into a serious discussion about an EdTech tournament bracket. Participants reflect on their roles in education and how they would rank against each other in a tournament setting. The group discusses the importance of recognizing contributions from educators in various fields. Humor is a consistent theme throughout the conversation, making serious topics more engaging. Theoretical discussions about animals lead to unexpected insights about human capabilities. The podcast showcases the blend of humor and serious educational discourse. Ranking educators can be subjective and varies by category. Emotional connections in education can influence innovation. The Classroom Draft app engages students in learning. The first EdTech draft was a fun and competitive experience. Collaboration among educators is essential for community building. AI is becoming a buzzword in the education sector. Recognition of teachers is crucial for their motivation. Innovative approaches can disrupt traditional educational methods. Community managers in education often know each other. Humor and camaraderie are important in educational discussions. Summary In this episode, the hosts engage in a light-hearted conversation that transitions into various themes, including humorous discussions about teacher gambling, experiences at the FETC conference, and a theoretical debate about the largest animal one could choke out. The conversation culminates in a creative EdTech tournament bracket discussion, where the hosts rank themselves and their peers in a playful yet insightful manner. In this engaging conversation, the hosts discuss various themes related to innovation in education, including personal rankings of educators, the emotional aspects of educational innovation, and the introduction of a new app called Classroom Draft. They also reflect on their experiences at the first EdTech draft and Nick's new role at School AI, while humorously exploring the dark side of sports wishes. Titles Snowstorms and Teacher Gambling: A Lighthearted Start FETC Insights: Educators Unite Sound bites "You could bet on anything!" "We love you guys." "Thank you." Chapters 00:00 Introduction and Conference Vibes 01:26 Teacher Gambling and Snow Day Predictions 02:59 FETC Conference Highlights and Donnie's Speaking Experience 09:58 Theoretical Animal Combat Discussion 14:54 ChatGPT and Animal Size Debate 15:30 The Great Animal Debate 18:46 Wrestling and Unexpected Connections 24:37 EdTech Tournament of Champions 32:23 Ranking the Innovators 35:49 The Emotional Battle of Innovation 38:41 Donnie's AI and the NIT Bracket 43:23 Introducing Classroom Draft 49:38 The EdTech Draft Results 51:18 The Draft Debate: Tools and Choices 54:16 New Roles and Responsibilities in Education 57:38 Community Building and Collaboration 01:01:09 Sports Rivalries and Dark Humor 01:03:51 The AI Trend in Education 01:07:48 Closing Thoughts and Future Connections

Lukasz Gadowski ist einer der bekanntesten deutschen Internetunternehmer und Investoren. In dieser besonderen Longform-Folge spricht er über seinen Weg von den Anfängen mit Spreadshirt und Delivery Hero bis hin zu Investments in Flugtaxis, Batterietechnologie und Lasern. Es geht um die Unterschiede zwischen dem europäischen und dem US-Start-up-Ökosystem, um politische und wirtschaftliche Hürden, um die Lehren aus seinen größten Fehlern – und um die Frage, wie Europa echte Technologieriesen hervorbringen könnte. Was du aus der Folge mitnimmst: Warum Europa strukturell (noch) hinter den USA liegt und wie ein gemeinsamer Kapitalmarkt und konsistente Industriepolitik echte Tech-Giganten ermöglichen könnten Lukasz' Wandel von Internet- zu DeepTech-Investments: Flugtaxis, Laser, Batterien, Energie – und was ihn heute antreibt Warum Innovation in Konzernen schwierig ist und wie „Innovator's Dilemma“ verhindert, dass Old Economy neue Technologien wirklich voranbringt Teure Fehler und harte Learnings: Premature Scaling, Hardware-Risiken und der Unterschied, ob man Investor oder Gründer ist Wie Lukasz an neue Themen herangeht: Systematische Analyse von Technologie-Generationen, Moonshots und der Mut, sich auf Jahre einzulassen Karriere- und Lerntipps für junge Menschen: Fünf Bereiche (Finanzen, Technologie, Volkswirtschaft, Kunst, Jura), Theorie & Praxis, emotionale Stabilität und Meditation als „Trumpfkarte“ ALLES ZU UNICORN BAKERY: https://stan.store/fabiantausch   Mehr zu Lukasz: LinkedIn: https://www.linkedin.com/in/lukaszgadowski/ Website: https://www.teamglobal.net/ Join our Founder Tactics Newsletter: 2x die Woche bekommst du die Taktiken der besten Gründer der Welt direkt ins Postfach: https://www.tactics.unicornbakery.de/  Kapitel: (00:00:00) Warum hinkt Europa hinterher? (00:02:37) Champions League: USA vs. Europa (00:06:38) Was müsste sich in Europa und Deutschland ändern? (00:09:22) Kapitalmarkt, Industriepolitik und das Innovators Dilemma (00:17:24) Wie müsste Politik für mehr Innovation aussehen? (00:26:18) Von Consumer Internet zu DeepTech – Lukasz' Themenwandel (00:30:21) Unterschiede: Internetökonomie vs. DeepTech (00:35:10) Warum (noch) nicht in KI investiert? (00:37:58) Wandel beim Angel Investing (00:38:56) Investor, Mitgründer oder beides? (00:41:17) Fehler & Learnings aus 20 Jahren Unternehmertum (00:44:36) Die teuersten Fehler: Cirque & Premature Scaling (00:47:14) Was unterscheidet erfolgreiche von weniger erfolgreichen Märkten? (00:49:44) Nächste Meilensteine: Spreadgroup, Miles, Laser, Batterien, Flugtaxis (00:54:26) Portfolio-Management & wie tief dabei sein? (00:56:17) Energie, Politik und die nächste Stromnetz-Generation (00:57:00) Rückblick: Gründerszene, Medien & Startup-Kultur (00:59:13) Was Lukasz heute jungen Leuten rät

Ed and Simon are joined by Giles Thorne (Head of European Internet Research at Jefferies) to discuss the threat posed to real estate portals by AI.They explore investment strategies, the role of private equity, and the influence of major players like Google. The conversation emphasises the need for progressive management and the potential for M&A activity to reshape the industry. The episode concludes with a framework for evaluating real estate platforms and insights into the future of the market.Chapters00:00 Introduction to the PPW Pod and Guests04:01 The Threat of AI to Real Estate Marketplaces09:37 Data's Role in Real Estate Platforms12:25 The Importance of Local Data and Insights15:29 Personalization and User Experience in Real Estate19:24 Investment Strategies and Market Dynamics23:25 Class Action Lawsuit Against Rightmove33:21 Framework for Assessing AI Threats to Portals35:22 Understanding Market Dynamics in Real Estate Platforms37:48 The Importance of Customer Relationships39:41 Navigating Technological Expectations42:18 Investment Opportunities in Real Estate Stocks45:15 The Role of Private Equity in Market Recovery48:03 The Influence of Analysts on Market Strategies49:01 Google's Impact on Real Estate Portals52:17 M&A Dynamics in Real Estate55:49 The Future of Under-Invested Platforms58:41 The Shift in Investment Strategies01:00:50 Evaluating Market Leaders and Innovators

In this episode of The Builder's Bookshelf, we unpack Clayton Christensen's The Innovator's Dilemma and explore why even the best-run construction companies can get blindsided by prefab, modular, drones, and AI. You'll learn how to spot disruptive shifts early, run experiments without wrecking your core business, and become the builder that drives the change instead of getting run over by it.Enjoy Episode 4 and #BeNEXT

Transforming schools through ethical, large-scale Al integration and collaborative learning. About Jamie Toner Jamie is an education technology and innovation leader with experience across K-12 and Higher Education in the UK, Middle East, Southeast Asia, and East Asia. As Director of Technology and Innovation at Singapore American School, he leads digital transformation, AI integration, and the development of forward-looking learning ecosystems.  Previously Founding Director of Digital Learning and Information Services at Harrow International School Shenzhen, Jamie has driven major projects in digital strategy and information services. Named on the recent CILIP 125 List of future leaders and a Fellow of the Higher Education Academy, he researches and presents internationally on digital leadership and knowledge sharing. He is currently in the final stages of his PhD at the University of Sheffield on how legitimacy and epistemic authority are unevenly constructed and sustained within international schools. Jamie Toner on Social Media LinkedIn: https://www.linkedin.com/in/jamie-toner-611b2478/  About Claire Simms Claire is an experienced international educator and digital learning leader with over 25 years in schools across Hong Kong, Malaysia, Switzerland, the Philippines, Vietnam, and Singapore. She is currently Assistant Principal - Innovation and Technology at St. Joseph's Institution International School where she leads initiatives that enhance teaching and learning through technology. Since joining SJI International in 2016, Claire has held key leadership roles including Head of IPC and Head of Grade, helping to shape both curriculum and digital strategy. A Google Trainer, Coach, Innovator, and GEG Leader, Apple Learning Coach, and Seesaw Educator Lead, she regularly presents across the APAC region on digital learning and leadership. Claire holds a PGCE in Primary Education from the University of Sunderland and is currently completing her National Professional Qualification in Senior Leadership (NPQSL). Claire Simms on Social Media LinkedIn: https://sg.linkedin.com/in/claire-simms-13679643  Resources https://www.sas.edu.sg/  https://www.sji-international.com.sg/  John Mikton on Social Media LinkedIn: https://www.linkedin.com/in/jmikton/ Twitter: https://twitter.com/jmikton Web: beyonddigital.org Dan Taylor on social media: LinkedIn: https://www.linkedin.com/in/appsevents  Twitter: https://twitter.com/appdkt  Web: www.appsevents.com Listen on: iTunes / Podbean / Stitcher / Spotify / YouTube Workspace Audit by AppsEDU Find and Fix Security Gaps in Your Google Workspace at https://workspaceaudit.com/  Get a complete, automated overview of your security posture. Our read-only scanner identifies misconfigurations and provides actionable steps to harden your environment. We also help you STAY secure. With our automated monitoring functionality you schedule daily, weekly or monthly scans, allowing you to fix issues before they become a problem. Get started for free with no obligation, your first scan is on us! https://workspaceaudit.com/ 

Superpowers for Good should not be considered investment advice. Seek counsel before making investment decisions. When you purchase an item, launch a campaign or create an investment account after clicking a link here, we may earn a fee. Engage to support our work.Watch the show on television by downloading the e360tv channel app to your Roku, LG or AmazonFireTV. You can also see it on YouTube.Devin: What is your superpower?Eugene: Staying focused on a North Star.Eugene Chan, CEO and founder of rHEALTH, has taken blood diagnostics to new heights—literally. His innovative technology, capable of analyzing dozens of biomarkers from a single drop of blood, was tested aboard the International Space Station (ISS). In today's episode, Eugene shared the remarkable journey of rHEALTH, from competing with top companies for a NASA partnership to launching its device into space.What sets rHEALTH apart is its proven reliability in extreme conditions, including the zero-gravity environment of space. Eugene explained, “We tested this technology on the International Space Station with astronaut Samantha Cristoforetti, who operated the device and obtained precise values from single drops of sample. They did the analysis using our device and got absolutely the right answers.” This achievement underlines the robustness and accuracy of rHEALTH's technology, qualities that distinguish it from other attempts at single-drop blood diagnostics.Unlike Theranos, which famously failed to deliver on similar promises, rHEALTH's technology has been rigorously vetted. Eugene highlighted the grueling process of earning NASA's trust. “To be the one company selected to demonstrate our novel technology on the ISS was a huge undertaking,” he said. He recounted the intense competition and NASA's exacting standards, which included testing the device's functionality during zero-gravity parabolic flights.Now, Eugene and his team are bringing this groundbreaking technology to the public with a regulated crowdfunding campaign on StartEngine. “You don't have to be a Silicon Valley elite or a Boston venture capitalist to participate,” I noted during the episode. With this campaign, everyday investors have the opportunity to support a proven technology poised to revolutionize healthcare.The implications of rHEALTH's success are profound. If it works in space, it can work in remote clinics, underserved communities, and even in people's homes. This technology has the potential to make diagnostics more accessible, empowering individuals to take control of their health.Eugene's vision, combined with rHEALTH's proven track record, makes this an exciting investment opportunity. Visit StartEngine to learn more and become part of this revolutionary journey.tl;dr:Eugene Chan shared how rHEALTH's diagnostic technology was tested and proven aboard the International Space Station.He explained the rigorous process of competing with other companies to secure NASA's trust.rHEALTH's crowdfunding campaign on StartEngine makes investing in this revolutionary technology accessible to all.Eugene highlighted the importance of his North Star: improving human health with innovative solutions.He shared advice on maintaining focus and using challenges as opportunities to achieve big goals.How to Develop Staying Focused on a North Star As a SuperpowerEugene's superpower is his ability to maintain a relentless focus on his “North Star”—the overarching goal of improving human health. As he explained, “The North Star has always been to improve the human condition and help us improve human health.” For Eugene, this guiding principle has driven his work through challenges, from competing for NASA's attention to developing groundbreaking diagnostic technology.One illustrative story of this superpower came during a pivotal moment in Eugene's career. While competing in the XPRIZE competition, he found himself grappling with a flawed prototype. It was during this time, sitting at his wife's bedside after the birth of their child, that the concept for rHEALTH's current device was born. Combining the pressure of the competition, the inspiration of his newborn daughter, and his unwavering focus on creating a robust solution, Eugene developed the technology that would later achieve success in space.Eugene also shared actionable tips for developing this superpower:Identify your personal North Star—a goal or mission that deeply resonates with you.Let that North Star guide your decisions, especially during challenging times.Stay committed to your mission, even when facing setbacks or obstacles.Use external pressures, like deadlines or competitions, to fuel innovation and progress.By following Eugene's example and advice, you can make staying focused on a North Star a skill. With practice and effort, you could make it a superpower that enables you to do more good in the world.Remember, however, that research into success suggests that building on your own superpowers is more important than creating new ones or overcoming weaknesses. You do you!Guest ProfileEugene Chan (he/him):CEO, Founder, rHEALTHAbout rHEALTH: rHEALTH has worked with NASA to develop a miniaturized diagnostic test system to keep astronauts healthy on the way to Mars. We have successfully tested this onboard the International Space Station and published the results in Nature Communications, demonstrating results from blood in minutes in extreme environments. The technology shrinks a central clinical lab and a team of doctors in a form suitable for everyday use. Comprehensive lab-quality analysis can be performed by anyone, fundamentally shifting diagnostics from centralized facilities to the point-of-care and homes. The focus is to usher in Diagnostics 2.0, allowing high-value multiplexed diagnostics.Website: rhealth.comOther URL: startengine.com/offering/rhealthBiographical Information: Dr. Chan is a physician-inventor. He is currently Founder, CEO of rHEALTH, and President, CSO of DNA Medicine Institute, a medical innovation laboratory. He has been honored as Esquire magazine's Best and Brightest, one of MIT Technology Review's Top 100 Innovators, and an XPRIZE winner. His work has contributed to the birth of next-generation sequencing, health monitoring in remote environments, and therapeutics. Dr. Chan holds over 60 patents and publications, with work funded by the NIH, NASA, and USAF. Dr. Chan received an A.B. in Biochemical Sciences from Harvard College summa cum laude in 1996, received an M.D. from Harvard Medical School with honors in 2007, and trained in medicine at the Brigham and Women's Hospital. He has been in zero gravity and led the team that demonstrated the rHEALTH ONE bioanalyzer onboard the International Space Station.LinkedIn Profile: linkedin.com/in/eugene-chan-4220045Personal Twitter Handle: @Dr_EugeneChanSupport Our SponsorsOur generous sponsors make our work possible, serving impact investors, social entrepreneurs, community builders and diverse founders. Today's advertisers include Crowdfunding Made Simple. Learn more about advertising with us here.Max-Impact Members(We're grateful for every one of these community champions who make this work possible.)Brian Christie, Brainsy | Cameron Neil, Lend For Good | Carol Fineagan, Independent Consultant | Hiten Sonpal, RISE Robotics | John Berlet, CORE Tax Deeds, LLC. | Justin Starbird, The Aebli Group | Lory Moore, Lory Moore Law | Mark Grimes, Networked Enterprise Development | Matthew Mead, Hempitecture | Michael Pratt, Qnetic | Mike Green, Envirosult | Dr. Nicole Paulk, Siren Biotechnology | Paul Lovejoy, Stakeholder Enterprise | Pearl Wright, Global Changemaker | Scott Thorpe, Philanthropist | Sharon Samjitsingh, Health Care Originals | Add Your Name HereUpcoming SuperCrowd Event CalendarIf a location is not noted, the events below are virtual.SuperGreen Live, January 22–24, 2026, livestreaming globally. Organized by Green2Gold and The Super Crowd, Inc., this three-day event will spotlight the intersection of impact crowdfunding, sustainable innovation, and climate solutions. Featuring expert-led panels, interactive workshops, and live pitch sessions, SuperGreen Live brings together entrepreneurs, investors, policymakers, and activists to explore how capital and climate action can work hand in hand. With global livestreaming, VIP networking opportunities, and exclusive content, this event will empower participants to turn bold ideas into real impact. Don't miss your chance to join tens of thousands of changemakers at the largest virtual sustainability event of the year. Learn more about sponsoring the event here. Interested in speaking? Apply here. Support our work with a tax-deductible donation here.SuperCrowd Impact Member Networking Session: Impact (and, of course, Max-Impact) Members of the SuperCrowd are invited to a private networking session on January 27th at 1:30 PM ET/10:30 AM PT. Mark your calendar. We'll send private emails to Impact Members with registration details.Community Event CalendarSuccessful Funding with Karl Dakin, Tuesdays at 10:00 AM ET - Click on Events.Join C-AR Annual Reporting: Requirements, Deadlines, and Lessons Learned from the Field on January 14, 2026, an informative online webinar designed to help crowdfunding issuers and professionals clearly understand C-AR annual reporting requirements, key deadlines, and real-world insights to stay compliant and prepared.Join UGLY TALK: Women Tech Founders in San Francisco on January 29, 2026, an energizing in-person gathering of 100 women founders focused on funding strategies and discovering SuperCrowd as a powerful alternative for raising capital.If you would like to submit an event for us to share with the 10,000+ changemakers, investors and entrepreneurs who are members of the SuperCrowd, click here.Manage the volume of emails you receive from us by clicking here.We use AI to help us write compelling recaps of each episode. Get full access to Superpowers for Good at www.superpowers4good.com/subscribe

I am so delighted to finally welcome one of my friends and mentors, the incomparable Julie Cortés, to The Jake's Take with Jacob Elyachar Podcast!  Julie is a copywriter by day and a freelance rockstar by night. Her journey began in 1998, when she was removed from her job. However, the event lit a fire beneath her. What started as a “What now?” moment turned into a HELL YEAH kind of career – one that she built from the ground up following her natural talent, relentless drive, and rebellious energy.  Today, Julie Cortés helps clients across the globe find their voice, own their brand, and show up like the rockstars they were meant to be.  Julie did not choose the freelance life. It chose her! Fast forward over 25 years, and Julie Cortés founded the Freelance Exchange of Kansas City, a community for solo creatives. She also built and taught a college-level Freelancing 101 course at the Kansas City Art Institute. Julie became a business coach for freelancers and solopreneurs and spoke on stages across the country.  She was also featured on various media platforms, including Clients from Hell, CNN, Great Day KC, The Kansas City Business Journal, and The Kansas City Star.  Julie won numerous awards, ranging from Innovator of the Year from the Stevie Awards for Women in Business and the Women's Business Advocate of the Year from the Kansas Department of Commerce to being named a Small Business Superstar by the Greater Kansas City Chamber of Commerce.  On this episode of The Jake's Take with Jacob Elyachar Podcast, Julie Cortés shared the origin story of Freelance Exchange of Kansas City, the creation of a Freelancing 101 course, and her efforts to combat antisemitism and anti-Zionism on social media.  Become a supporter of this podcast: https://www.spreaker.com/podcast/jake-s-take-with-jacob-elyachar--4112003/support.

Today, we're diving deep with a true Silicon Valley powerhouse, Kevin Surace. This man is a legendary innovator, serial entrepreneur, and "edutainer" who has graced the stages of TED, the US Congress, and hundreds of major events, earning accolades like INC Magazine's Entrepreneur of the Year and a CNBC Top Innovator of the Decade. With 93 worldwide patents under his belt, Kevin has led pioneering work on everything from the first cellular data smartphone to human-like AI virtual assistants, and even the energy retrofits of iconic landmarks like the Empire State Building—and he's here to share his dynamic insights on the most disruptive forces shaping our world, including ChatGPT, AI, and digital transformation.Kevin Surace is a Silicon Valey innovator, serial entrepreneur, CEO, TV personality and EDUTAINER. Kevin has been featured in Businessweek, Time, Fortune, Forbes, CNN, ABC, MSNBC, FOX News, and has keynoted hundreds of events, from INC5000 to TED to the US Congress. He was INC Magazines' Entrepreneur of the Year, a CNBC top Innovator of the Decade, World Economic Forum Tech Pioneer, Chair of Silicon Valey Forum, Planet Forward Innovator of the Year nominee, featured for 5 years on TechTV's Silicon Spin, and inducted into RIT's Innovation Hal of Fame. While Kevin has a technical background with 93 worldwide patents, he is known as a highly dynamic speaker who is a true entertainer that is funny, excites people, educates & energizes audiences to action. Mr. Surace led pioneering work on the first celular data smartphone (AirCommunicator), the first plastic multichip semiconductor packages, the first human-like AI virtual assistant (Portico), soundproof drywall, high R-value windows, AI-driven building management technology, Generative AI for QA, supply-chain multivariate auctions, and the window/energy retrofits of the Empire State Building and NY Stock Exchange.Mr. Surace is also an accomplished music director, conductor, Broadway and streaming producer, and percussionist. Kevin's most requested talks include ChatGPT, AI and Automation. It's impact on your life and your company, Bringing Silicon-Valey Disruptive Innovation to Your Organization and Digital Transformation. He customizes each talk to your audience, from 30min to 60min, and is available to expertly moderate conversations and interview luminaries and executives as well as host workshops and events.CONTACT DETAILS Business: Kevin Surace Website: https://www.kevinsurace.com/ Social MediaLinkedIN - https://www.linkedin.com/in/ksurace/ Facebook - https://www.facebook.com/kevin.surace/ Instagram - https://www.instagram.com/kevinsurace/ Remember to SUBSCRIBE so you don't miss "Information That You Can Use." Share Just Minding My Business with your family, friends, and colleagues. Engage with us by leaving a review or comment on my Google Business Page. https://g.page/r/CVKSq-IsFaY9EBM/review Your support keeps this podcast going and growing.Visit Just Minding My Business Media™ LLC at https://jmmbmediallc.com/ to learn how we can help you get more visibility on your products and services. 

Bryon Lake, Chief Transformation Officer at Goldman Sachs Asset Management, joins Bilal Little to discuss how ETFs are reshaping the future of investing. Drawing on nearly two decades in the ETF industry, Lake explains why the ETF wrapper has become the preferred technology for delivering active strategies at scale. He highlights Goldman's growth in active ETFs, the rise of defined-outcome strategies, and the firm's agreement to acquire Innovator to expand those capabilities. Lake also explores how digital tools, democratization, and access to alternatives are changing the investor experience

Host Ruben Navarrette has a great conversation with Rene Alegria, the Atlanta-based Chief Innovation Officer at Neuvo Network. The former president and CEO of MundoNow, and founding CEO of Mamiverse Media, Alegria also guided the launch of the groundbreaking Latino podcast network, Oyenos Audio. Before all that, the Tucson native founded and served as publisher of the book imprint Rayo/HarperCollins. Today, he continues to look for new ways to connect with and inspire Latino audiences with compelling stories. The two media pioneers talk about where Latinos fit into the modern media landscape, and what the world of digital media gets wrong and right about America's largest minority.

The Wealth Formula Podcast is one of the longest-running personal finance podcasts still standing. For more than a decade, I've shown up every single week to talk about investing, markets, and the forces shaping the economy. What's interesting is how much my own thinking has evolved over that time. Early on, I was more rigid. I was—and still am—a real estate guy. But back then, I didn't give much thought to ideas outside that lane. I was dogmatic, and I didn't always challenge my own beliefs. Time has a way of doing that for you. I've now lived through multiple market cycles. I've watched the stock market melt up to valuations that felt absurd—and then keep going. I've seen gold go from flat for a decade to parabolic over a year. I've seen interest rates sit near zero for a decade and then snap higher at the fastest pace in modern history. And I've learned, sometimes the hard way, that diversification is about survival and that every asset class has its day. One lesson I learned that I am thinking a lot about these days is: ignore major technological shifts at your own peril. Back in 2014, I first started hearing people talk seriously about Bitcoin. At the time, I dismissed it. I listened to the critics, was convinced it was a scam, and didn't take the time to truly understand it. That was a mistake—not because everyone should have bought Bitcoin, but because I ignored a structural change happening right in front of me. Bitcoin went from a cypherpunk expression of freedom to the largest ETF owned by BlackRock. Today, the dominant story is artificial intelligence. And whether you love stocks, hate stocks, prefer real estate, or focus exclusively on cash flow, you cannot afford to ignore AI. This isn't a fad. It's a general-purpose technology—on the scale of electricity, the internet, or the industrial revolution itself. That doesn't mean it's easy to invest in. It's hard to look at headline names trading at massive valuations and feel good about buying them today. But investing in AI isn't about chasing a single company. It's about understanding second- and third-order effects: energy demand, data centers, productivity gains, labor displacement, capital flows, and how blockchain and decentralized systems intersect with all of it. What experience has taught me is this: you don't need to be first to invest—but you do need to be early in understanding. If you wait until something feels obvious, most of the opportunity is already gone. This week's episode of the Wealth Formula Podcast is focused squarely on AI and blockchain—what's real, what's noise, and where the long-term implications may lie. Listen to this episode. You'll come away smarter. And years from now, you may look back and realize this was one of those moments where paying attention really mattered. Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com.  Welcome everybody. This is Buck Joffrey with the Wealth Formula Podcast. Coming to you from Montecito, California. Today we wanna start with a reminder. We are in a new year and we are already doing deals, uh, through the Wealth Formula Accredit Investor Club. You can go and sign up for that for free. Uh, wealth formula.com just hit investor club and you just get on there and, and you’ll get onboarded. And from there, all you gotta do is wait for deal flow and webinars coming to your inbox. And, um, you know, if nothing else, you learn something. So go check it out. Uh, go to. Wealth formula.com and sign up for Investor Club now onto today’s show. Uh, the, it is interesting. I don’t know if you are aware it’s a listener, but we are, wealth Formula is, uh, probably I would say one of the, certainly in the one of the top longest running personal finance podcasts still. Standing. Uh, I’ve been around, well, I think the first episode was on like 2014, so it was a long time, but in earnest, you know, at least for over a decade. And, you know, during that time, I’ve shown up every week, every single week. Don’t Ms. Weeks, but none, none. Isn’t that incredible? I’ve shown up, uh, talked about investing and talked about very way markets are working, forces, shaping the economy, all that kind of stuff. But you know, as you can imagine, as a. As a younger individual versus, um, my crusty self. Now, you know, a lot of my own thinking has evolved over that time, you know, back then. And I, you know, I think this appealed to some people, but, um, you know, I was really dogmatic. I’m a real estate guy, right? And I still am a real estate guy, but back then I wouldn’t give anything else the time of day to even think about, you know, and, and, uh, I, I, you know. I was dogmatic and didn’t always challenge my own belief systems. Um, I’m different now, right? I’ve softened And time is a way of, of changing all of that dogmatic stuff for you. You know, I’ve lived through multiple market cycles. I’ve watched, well, I’ve watched the stock market, which I, which I always maligned, you know, melt up to valuations. Uh, that felt absurd. And then keep going higher. I’ve seen gold, which was kind of ridiculous for the longest time. I watched it for like a decade, just pretty much flat, and then it goes parabolic. Over the last year, I’ve seen interest rates sit near zero for a decade and then snap higher. Uh, not even as time, just launch higher at the fastest space in modern history. And I’ve learned sometimes I guess, the hard way that diversification is about survival and that every class, every asset class has its day. Just like every dog has its day. And um, you know, one other lesson that I learned that I’m thinking a lot about these days is ignore major technological shifts at your own peril. So what am I talking about? Well. It’s kind of a, it is a technological shift, whether you think it about not, but Bitcoin. Okay. Back in 2014, I first started hearing people talk seriously about Bitcoin, and at that time I dismissed it. I was, uh, I was listening to critics beater Schiff that constantly called it a scam, said it was going to zero and so on. I didn’t, I didn’t take the time to truly understand it, to try to understand it the way I understand it now, that makes me a believer in Bitcoin. That, of course was a big mistake, not because, you know, everyone should have bought Bitcoin and, uh, back then, well, they, you know, would’ve been nice if they did, but because fundamentally I ignored something that was a structural change happening right in front of me. And since then, Bitcoin went from a cipher punk expression of freedom to the large CTF owned by BlackRock today. The dominant story is actually artificial intelligence. Now, whether you love stocks, hate stocks, prefer real estate focused exclusively on cab, whatever, you cannot afford to ignore ai. It’s not a fad. It’s a general purpose technology and a technology shift, and the scale of electricity. The internet bigger than the internet, bigger than the industrial revolution. Now, that doesn’t mean it’s easy to invest in. I mean, I’m gonna go invest in AI and make a bunch of money because I mean, what does that even mean? It’s hard to look at headline names, trading at massive valuations like Nvidia and all that right now, and saying, oh, I’m gonna go buy that. Who knows? That’s gonna work out. When I talk about investing in AI isn’t really just investing in stocks or any individual company or data centers or whatever. It’s about understanding. The second and third order effects, energy demand. You know, as I mentioned, data centers, productivity gains, labor displacement, capital flows, and how blockchain and decentralized systems intersect with all of that. It is very, very complicated. Um, but it’s really important to start to try to understand, you know, an experience that stop me is this. You don’t need to be the first to invest, but you do need to be early in understanding. If you wait until something feels obvious, usually the opportunity’s gone by then. And you know, the thing about AI is even if you think it’s obvious now. The reality is that most people haven’t really caught on. Maybe they played with chat GPT, but I don’t think they’re understanding what this whole, you know, this thing is gonna do to our world. Um, anyway, so that is what this week’s episode of Wealth Formula Podcast, uh, is about. It’s about AI and also, um, a little bit about, you know, bitcoin and blockchain and that kind of thing. Um, we’re gonna talk about what’s noise, uh, you know, where the long, what the long-term, uh, implications are all of this stuff. This is a show that, uh, I really enjoy doing really, really good stuff. Um, so make sure you listen in. We’ll have that interview for you right after these messages. Wealth Formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net. The strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own bank to invest in other cash flowing investments. Here’s the key. Even though you borrowed money at a simple interest rate, your insurance company keeps paying you compound interest. On that money, even though you’ve borrowed it, that result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique. It’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its backbone. Turbocharge your investments. Visit Wealth formula banking.com. Again, that’s wealth formula banking.com. Welcome back to the show, everyone. Today. My guest on Wealth Formula podcast is Jim Thorne, chief Market strategist at Wellington. L is private wealth with more than 25 years of experience in capital markets. He’s previously served as chief capital market strategist, senior portfolio manager, chief economist, and CIO. Uh, equities at major investment firms and has also taught economics and finance at the university level. Uh, Jim is known for translating complex economic, political, and market dynamics into clear actionable insights to help investors and advisors navigate long-term capital decisions. Uh, Jim, welcome with the program. Thanks for having me Buck. Well, um, Tim, I, I, I, uh, had been following a little bit of, uh, what you discuss on, uh, on X and, um, one of the things that caught my eye is, you know, your, your narrative on, on ai, a lot of people are tend to be still sort of skeptical of AI and what’s going on, uh, with the markets. Um, uh, but at the same time, uh, there’s this. Sense. I think that ignoring AI altogether as an investor is, is, is downright potentially dangerous. So, uh, at the highest level, why is AI something people simply can’t dismiss? Well, we live in an, uh, uh, you know, many other people have coined this term, but we live, we’re living in an exponential age of, of technological innovation. And, you know, AI and I’ll just add into their, uh, blockchain is just the normal evolutionary process that, you know, for me started when I left graduate school and came into the business in the nineties where everybody had this high degree of skepticism of the computer and the, the, the phone, the, the. And the internet. And so, you know, what we do is we go through these cycles and there are periods of time where the stars align. And we have a period of time where we have what I would call an intense period of innovation where I would suggest to you that. People are skeptical. Skeptical, and yet at the same point in time, they very early on in the, in the, in the trade, call it a bubble when it’s not. And so I think it comes from the position of ignorance. One, I think two, fear, and then three. If you think about if you are an active manager, I in a 40 ACT fund, um, you know, and you’re sitting there with, uh, you know, mi. Uh, Nvidia at, you know, eight or 9% of your index. And that’s a big chunk that you’ve gotta put into your fund, uh, just to be market neutral. So there’s a lot of people that hate this rally. There’s a lot of people that are can, going to continue to hate this rally. But the thing I anchor my hat on are a couple of things. Look at if this is no different than the railroad. Canals, any major technological innovation, will it become a bubble? Yes. Just not now. So, so let’s follow up on that, because a lot of people think, or are talking about the, do you know the.com bubble, uh, comparisons, and you’ve argued that that sort of misses the real story. So, so where are we getting it wrong right now? Are those people getting it wrong? In the nineties buck, you’d walk into a bar and there wouldn’t be ESPN on there’d be CNBC on people were getting their jobs to become day traders. Folks didn’t go to the go to university because they were basically getting their white papers financed. You had companies that were trading off of clicks. So I lived that. Anybody who is of a younger generation has no idea what a bubble is, and it’s specious and pedantic for them to use that term when they have no clue about what they’re talking about. But you did mention that it could become a bubble. How do we know when it does become a bubble? Oh, it’ll become a bubble. Well, when, when, when you know, the, what, what I am looking for is, you know, when we, when the good investment opportunities start to dry up, when liquidity starts to dry up. So what I, it’s not about valuation, to me it’s about liquidity. So in 2000, what, and I’m roughly speaking, what went down was you had all these companies that were trading at Strat catastrophic valuation, this stupid valuations, and you walked in one day and they didn’t get financing. And if you read the prospectus or you followed the company, you knew that they were not going to be free cash flow positive for another two or three rounds of financing. All of a sudden you walked in and everybody goes, oh my God, this thing, you know, trading at 250 times sales. And everybody went, yeah, of course. And so what it was is, was when does liquidity dry up? So I’ll give you a date, um, you know, with Trump’s big beautiful bill act. 100% tax deductibility of CapEx and that goes until Jan 1, 20 31. So to me, that’s a very motivating factor for people to, um, invest. The last thing I would say to you in more of a game theoretic context book is, look, if you are a big tech company and you don’t invest in ai. You are ensuring your death. Yahoo, Hela Packard. I can go through the list of companies that cease to invest, so they’re looking. If it was you and I when we were running this company, I would say, dude, we gotta invest because if we don’t have a poll position in this next platform, whatever it is, we’re done. We’re toast. And I think that’s why you’re seeing all these hyperscalers spending as much money as they are. ’cause they get this, they saw it. So, you know, you framed ai not necessarily as a a tech trade, but as a capital expenditure cycle. Can you explain that to people? Well, what we need to do is we need to build out the infrastructure of ai. Then, and that’s the phase that we’re in right now. So it’s more like we’re building out all of the railroads, the railway tracks and the railway stations across the United States back in the 18 hundreds. And then we’re gonna go through that building phase. And then as that building phase goes, some companies, some towns, are going to basically realize and recognize what’s happening and start to basically take ai. Bring it into their business model, into enhanced margins. Right. So right now we’re building it out. I mean, you know, we all focus on the hyperscalers, but the majority of companies, pardon me, governments. Individuals, they haven’t used AI and, and what is interesting about this is back in the nineties, they were talking about how the internet had to evolve to be much more. You know, uh, have critical thinking in, in, in it. And it was more explained when you went to these conferences, as you know, you know, think about this. You’re hearing this in 99, okay? Not today. You go in and you ask Google or dog pile at the same time, or excite, okay? You would say, I wanna go to Florida in the third week of March and I wanna stay here and I wanna spend this amount of money and I wanna rent a car. Plan it for me. And they would come back and they would tell you that it would come back and it would, it would, everything would be there. And you would have your over here and all you would have to do is drop your money and you had your thing planned. So none of this is as, it’s aspirational, but we’ve heard it before. And in technology, what happens is it’s not like it’s new. We’ve been talking to, I did machine learning in in graduate school. Ai, you know, I did neural networks and I’m a terrible Ian. This isn’t, you know, Claude Shannon wrote about this in 1937, right? But it’s about when does it hit, and so it was chat GBT. Can we argue, was that right? As an investor, it’s stop arguing, start investing. Then what you’ve gotta figure out, which is the question you ask, is when does the music stop? I think it goes until the end of the decade. You know, one of the things that, uh, is interesting about this, uh, AI investment, uh, it’s, it’s unfolding in a higher interest rate environment. Why is that detail so important? Understanding its significance? Well, it’s the cost of capital, right? And so this phase that we have right now. It’s funny you say that, right? ’cause our reference point is zero interest rates, right? Yeah, yeah. Right. That’s right. So, you know, you know, so, so think about this, what it happens right now. Now we’re in the phase where you’ve got these hyperscalers that instead of taking all their free cash flow and buying bonds and buying back stock, are increasing CapEx because there’s a great tax deduction on it. So you get a lot of, so we’re in this phase where, for where, where a lot of the money is, you know, was. Was, let me, let me be clear, was a hundred free cashflow. Now we’re getting these guys, these companies like Oracle and what have you, you know, starting to issue debt and look at debt isn’t bad as long as the rate of return on debt is higher than the interest rates. And so, you know, you know, I, I would say historically speaking, for a lot of these high quality names, the interest rates are not, uh, at levels that will stop them from investing. Right. Right. You know, you’ve written that, um, productivity is ultimately the real story behind ai. So why does productivity matter more than the technology headlines themselves? Well, let me just put it this way, right? So we’ve grown, I grew up, I, I joined, I’m up here in Toronto, right? So I’m gonna give it to you in Canadian dollars, right? So I joined, I joined here. You know, I grew up here, went to the states, came back home. Growing this company I joined when we’re about three and a half billion. We’re getting close to 50 billion, and we’re the fastest growing independent platform in the country. I’m a one man band, right? I use three ai. In the old days, I’d have four research assistants. Where’s the margin in that? And so I, that’s how I see it. And let me be clear, it’s, you know, this isn’t we’re, it’s not perfect. But if I wanted to say, instead of you, but hey, write me a 2000 word essay on the counterfactual of what happened with railroads up until 1894 when the, when the bubble popped, give me a f, you know, a a thousand word essay and, and just a general overview. I can get that in less than five minutes. Michael Sailor is writing product on ai, which, which, which you would take, which you would take. He’s in his presentation, say it would take a hundred lawyers. So it’s gonna be more about those. And it’s, it’s no different than Internet of things or, you know, it was, uh, Kasparov that talked about this. Gary Kasparov talking about the melding of, of technology in humans. He would ran, run this chess tournament called freestyle. You could use a computer, you could use, you know, grand Masters. You could use whatever you wanted to compete. And who won? Well, who won it Was that those teams that were generalists that had a little bit of that, the knowledge of the computer and the knowledge of the test. Uh, o of chess, right? That’s what’s gonna happen. So this isn’t we’re, as far as I’m concerned, we’re not, yes, there’s going to be some d some jobs that are going to be replaced, but that is always the case in technology. I’m not a Luddite, okay? I am not Luddite. But the same point in time. I, I would suggest to you that it, it is just a really, for me, it’s a, helps me. Do research no different than when I was an undergrad and they went from cue cards in the, the library at the university to actually having a dummy terminal and I could ask questions in queue. You know, it stalked me from having to go to the basement of the library and going to microfiche. Right. Have helping that way. Now can it, can, will it do other things? I’m sure it is, and I’ll lead that to Elon Musk and the crew. You know, that’s above my pay grade. But for me, I see it as a very helpful way of, you know, allowing me to process and delineate. Much more information a a and not have me waste so much time trying to figure out what got went on in the past or, you know, QMF. Right. You know, summarize me the talk five, you know, academic papers in this area, what are they saying? And then they gimme the papers. Right. It just speeds the process up. Yeah. You know, um, one of the things that I’ve been sort of talking about and thinking about. Is that it’s hard to not see AI as a very, very strong deflationary force. Um, how do you think about that? Yeah. Technology is deflationary, right? Doubt about it. And so I look at it this way, Ray. Um, so I work at the financial services industry, okay. You know, Mr. Diamond of JP Morgan is talking about how they are starting to embrace blockchain and ai. They are going to cut out the back end of that in the, the margins in that, in that company by the end of the cycle are going to be fantastic. People just do not get in. You know, the financial services industry is built on a platform. Of the 1960s, dude. I mean, they’re still running Fortran, cobalt. So you know what I, how I look at this is much more as a margin type story, and there’s going to be a lot of displacement. But at the same point in time, I look at Tesla and automation and ai. And you know, people look at Tesla as a car company. I look at Tesla as an advanced manufacturing company. Elon Musk could basically go into any industry and disrupt it if it wanted to. Right. So that’s how I look at it. And so, you know, the hard part is going to be, you know. Nothing. If we get back to where we were, it’s not going to be perfect, right? Because here’s, here’s where the counter is, here’s where the counter is. Right? If you, if, if you think about, and we’re, I’m gonna take Trump outta the equation and ent outta the equation right now, but if we just went back to the way things were before COVID, we would have strong deflationary forces. Okay. Just with demographics, just with excessive levels of debt. Just with, you know, pushing on a string in terms of, in terms we couldn’t get the growth up, you know, and, you know, and the overregulation of financial institutions. Trump and descent are basically applying what’s called supply side economics, and they’re deregulating. It’s says law, which is John Batiste, that says basically supply creates his own demand and it’s non-inflationary. But really what they’re going to try to do is they’re going to try to run the economy hot and they’re gonna try to pull this way out of the debt. And if you do that and you deregulate the banks. And allow the banks to get back to where they were before the financial crisis. Okay. You know, and, and the Fed takes its interest rates down to neutral, expands the balance sheet. Then I don’t think we’re gonna go back to the zero bound in deflation. I think this thing’s gonna run hot for a long time. And I think it, the real question is, is, is is 2 75 in the United States the neutral rate? I think it is. Uh, but as, as, as Scott be says, and, and, and, and, and let’s be clear, buck, the guy’s a superstar. Okay. Guy is a legend. Just you sit there, just shut up and listen to him. Okay. They keep up, right? Well, so they’re gonna run it hot, but where we are is, in his words, mine, not mine. We’re still in this detox period, you know what I mean? We still got the Biden era. We still got, you know, a over a decade of excessive ca of Central Bank intermediation. That needs to get, you know, go away. So what I say, and what I’ve been writing about is 26 is going to be the year that the baton is passed back to the private sector. Let’s get rates down to 2 75. That’s, I mean, I’m going off the New York Fed model. That says real fed funds, the real, the real neutral rate is 75 to 78 basis points. I think inflation’s at two. That that gets you 2 75. Get the rates there and then get the balance sheet of the Fed to the level so that overnight lending isn’t loose or tight. It’s just normal. And then step back, go away and let Wall Street and the private sector create credit. Create economic growth and let’s get back to the business cycle. And if we do that, we’re gonna have non-inflationary growth. It’s gonna be strong, but we’re not going back to the zero bound and we’re gonna grow our way out of this. And so that’s where I get really excited about. This is a very unique time in history. A very, very, very unique time in history where, and I don’t know how long it’s going to last because of the compression that we have now because of the, you know, we live in such a digital world, but let’s say it’s five years demographic says it’s to 33, 32 to 33. That’s, you know, that’s how long this run is. And, and to me, uh, AI is a massive play. I, I, to me, blockchain is a massive play and to me it’s to those countries and companies that get it is, whereas investors, we wanna think, start thinking about investing. Yeah. You mentioned, um, non non-inflationary growth. Can you drill down on that a little bit just so people understand a little bit where. Usually you think of an economy running super hot, you, you think automatically there’s an, you know, an inflationary growth. So I want you to think in your mind into your list as think in your mind. Go back to economics 1 0 1 with the demand curve. In the supply curve, okay? And there are an equilibrium. And at that equilibrium we have a price at an equilibrium, and we have an output as an equilibrium. Okay? Now what I want you to do is I want you to keep the demand curves stagnant or, or, or anchored. Then I want you to shift the supply curve out. Prices go down, output goes out. We can talk all this esoteric stuff, you know, you know Ronald Reagan and, and Robert Mandel and supply side economics. But it’s really your shift in the supply curve out, and that’s what, and that’s what BeIN’s doing. I mean, this is a w would just sit down and be quiet. He’s talking about, you know, what is deregulation? He’s pushing the supply provider. Oh, hold on. My phone. My, my thing. And what did, since the two thousands, what did, what was the policy? It was kingian, it was all focused on the demand curve. Everything was focused on demand. And so all we’re doing is we’re, we’re getting the keynesians out. I use 2000 ’cause that’s when Ben Bernanke really came in and was very influential. Let me just say he’s a very smart, I learned so much from reading. Smart, smart, smart, smart guy. But his whole thing was Kasan. He came from MIT, his thesis supervisor was Stanley Fisher, right? We’re going back to, you know, Mario Dragons thesis supervisors, Stanley Fisher, all these guys came from MIT, Larry, M-I-T-M-I-T, Yale, and Princeton. Whereas previously it was the University of Chicago. It was Milton Friedman. It was, it was supply side economics. We’re going back, they’re going back to supply side economics and right now we need it. We need balance. But my god, what did we end off with? We ended off with four years of mono modern monetary theory. Deficits matter. That’s insanity. You had mentioned a little bit, uh, you, you’ve talked about blockchain a few times here. Talk about the significance. I mean, it’s sort of, you know, blockchain was a thing that everybody was, everybody was talking about it, you know, three, four years ago, but now it’s all about ai. But you know, now you’ve got, um, but in, but in the background, blockchain has grown, uh, adoption has grown. Uh, tell us what’s going on there, and if you could tie it into the significance of, of where we’re at today. Yeah. Um, uh, Jeff Bezos gave a wonderful speech, I think in two thou, early two thousands, where he basically talked about the fact that, you know, once this innovation is led out of the genie’s, led out of the bottle, whether or not, you know, buck and Jim, like it as an investment, the innovation continues. And so after the internet bubble pop, right? Really smart guys like Jeff Bezos, uh, Zuckerberg, you, you, the whole cast of characters, right? Basically built it out. Okay. And it wasn’t perfect and everybody knew it wasn’t perfect. I mean, that was the whole thing that was so bizarre. But they knew it wasn’t perfect and they knew that they needed to solve some problems. Right. And you know, it was a double spend problem. I mean, the internet that we were dealing with right now was developed in the 1950s and so on and so forth. And so, you know, that always stuck with me. Right. A couple of things stuck with me because I’ve lived through a couple of these cycles. The first one is Buck. When the, when Wall Street coalesces around something just shut up and buy it, right? I mean, I, I spent too much of my life arguing about whether dog pile and Ask Gees was better than Google. Wall Street said Google was the best. Shut up. Invest, right? And so, so look, blockchain solved the double spend problem. Blockchain solved all the problems that the original iteration of the internet could solve, and everybody knew it was coming along okay. So it’s a decentral, it’s decentralized, right? Uh, does, does not need to be reconciled. So no. Not only do you have another iteration of the internet. You have basically introduced into society the biggest innovation in accounting or recordkeeping since double entry. Bookkeeping accounting was introduced in Florence, Italy centuries ago by the Medicis and, and buck. All this is out there like, so this is a profound, right? So think about you’re in an accounting department and you don’t have to reconcile, right? So look. The first use cakes was Bitcoin. And what was the, what was the beautiful thing about it? Well, first off, it grew up by itself. And secondly, it’s got perfect scarcity, right? And so let’s just full stop. And I mean, yes, gold and silver had the run that they should have had decades. So I had been waiting and listening to people, gold bugs, talking about this type of run since the nineties. Okay. Um, but look, you know, and the problem with fi money, right? I mean, this is, this goes back decades. It’s an old argument. The way you solve it is, is Bitcoin. That’s the solution. I mean, forget about it. I mean, if they’re gonna whip it around and do all this stuff, fine. But the other thing that people miss and Sailor hasn’t, and Sailor is brilliant, is look. Bitcoin is pristine collateral in 2008, in September. What caused the, the system to stop was the counter. We could not identify counterparty risk for near cash. It was a settlement problem. Anybody you talk to Buck that says it was, you know, the subprime this and it, yeah, that was crap. I get that. But when the system shut down is you had a $750 million near cash instrument with X, Y, Z, wall Street firm, and you did this for three extra beeps and it was no longer cash. Guess. And guess what? Your institutional money market fund broke the buck. That’s when the system blew sky high. When the money market broke the buck and it was a settlement problem, blockchain and Bitcoin solved that. Sailor knows that, look where Wall Street’s gonna go. They understand now that. Bitcoin is pristine, collateral and capital that is 100% transparent. Let’s lend against it, and that’s what Sadler’s doing. That’s why Wall Street hates the guy so much, right? Think about that. Think of where is he going after he’s going after all the stranded capital on Wall Street. And, and the whole point is he’s sitting there going, I’m too busy for this. And you’ve got all these other people that are gonna live off of other people’s ignorance. Meanwhile, Jing Diamond knows exactly what he’s talking about. We can identify, if I hear one more person on me in, in the meeting say, I don’t know. You know, you know, uh, micro strategies balance sheet is so complicated. Really. Compared to JP Morgans, I mean, you know what his capital is. It says Bitcoin, like, what are you guys talking about? But hey, fucking in this business, people make generational wealth on ignorance of people who think they know what they don’t know. So, you know, just going back to Jamie Diamond, you know, he spent, I don’t know how long. Throwing every insult, uh, he could towards Bitcoin. And now they’ve really kind of, they haven’t backtracked. I think he’s, he’s, you know, his, his, um, I think the way he phrases is the blockchain’s a real thing. He never seems to really say the word Bitcoin, uh, in this regard. Um, banks in general, where do you think they’re headed with this stuff? I mean, I, you know, right now, again, you can kind of see even. Um, I think, you know, some of the big advisory firms suddenly recommending one to, you know, one to 4% of people’s portfolios in Bitcoin. I mean, this is all, I mean, gosh, I, I’ve, you know, been talking about Bitcoin since 2017. This is in unbelievable transformation in less than a decade. Where do you see this going in the next five to 10 years? It’s called the, it’s called, what is it? It’s called, I’m gonna call it the Evolution of Jim. Me, you know, in my business and, and, and, and you know, the thing I have book is I’ve survived and I’ve gone through a lot of cycles. I’ve done a lot, you know, and you ask yourself, you scratch your head a lot and you’re, and you, but you’re continually doing objective research and you’re this, if you, this is why I love this game so much. Right? So let’s just go stop for a second. Let’s get some context. Right. My first summer job, one of my first summer jobs, I worked in the basement of a bank in the in, in downtown Toronto, right up the street from the Toronto Stock Exchange. And my job was to let guys in with beak, briefcases into the cage, into the big vault, to basically bring in certificates. Okay. And, and what? Stock certificates. And so remember, you know, and I remember my grandfather when we, when he died, look at, we couldn’t sell the house because he didn’t believe in the banks. And we were finding certificates all over the house in the walls. Okay? Right. So in the 1960s it was bare based. The whole industry was bare based. And there was the volume in Wall Street started to pick up to the point where they couldn’t handle the volume. There was a paper crisis where almost a third of the companies went down bankrupt because of the cage. The cage. Okay. So basically what happened was, to make a long story short, they came out with, they came, Hey, why don’t we get two computers At one point in time, they said, okay, crisis. Let’s solve it. Well, why don’t we get these two computers and we can solve, or we can sell trades among, amongst each other. Okay. And then we don’t need to have guys riding around Wall Street with bicycles and big briefcases. Okay. And then what we did was, what we did was we sat there and said, well, why don’t we have a centralized clearing, and we’re gonna call it DTC or CDS, depending on what country you’re in. And what we’re gonna do is we’re gonna offer paper, we’re gonna, we’re gonna issue paper rights to the underlying stock that was developed in the early 1970s. That’s the system that we’re on right now. There are a lot of faults with that. Let me give you, when you’ve talked about the GameStop a MC situation, when you have a company that’s basically have more shares outstanding short, sorry, more shares short than outstanding, that shows you that the old system doesn’t work. It’s called ation. The paper writes to the underlying assets, it, it doesn’t match up. There have been guys that make a career outta this and write books about this, right? Dole Pineapple. They had a corporate, a corporate event, right? Hostile takeover. 64,000 for 64 million shares, voted, I think, and there was only 3,200 on. We all know this, so this has to be solved. The way you solve it is you tokenize assets, and this was talked about a decade ago, and they know about it and true tofor, they, and if you’re thinking about it, it’s totally logical, right? But if we allow this innovation to go full stream ahead, we’re wiped out, right? So what did they do? They delayed. They delayed. And as you know, you could talk about, it’s called Operation choke 0.2 0.0. Right. You know, the Fed overreached their bounds, they de banked people. I mean, this is why, why Best it’s going after them. They, yet they stepped over their constitutional mandate. Right. The federal, the Fed Act is not, uh, does not supersede the US Constitution. Elizabeth warned the whole thing. They did it. Okay, so let’s not complain about it. So now Atkins is gonna, we’re gonna have the Clarity Act come out and they’re gonna basically deregulate New York Stock Exchange already there. They’re gonna put everything on the blockchain and when you put everything on the blockchain, trade a settlement. There’s no hypo. Immediate settlement. Immediate, which is a benefit if you can get your act together because it, you know, for Wall Street firms you need less capital, right? So it’s a natural evolutionary process. And then you sit there and go back in history, if you and I were writing it, we’d sit there and go, well, should we be surprised that the incumbents right, the status quo pushed back on innovation? No, there was a guy, there was a prophet, um. At, at Harvard, his name was Clay Christensen, and he wrote this wonderful book called The Innovator’s Dilemma. You know, why does, why don’t companies evolve, or why do they go bankrupt? It’s because they cease to evolve and the status quo doesn’t allow the evolution of the companies to take place. Right? Well, that’s what happened in RA. We’re gonna complain about it. No, it, it is what it is. It’s water under the bridge. And so what I think is happening is, you know, Mr. Diamond is basically saying. He’s pragmatic, he’s a realist. And now he’s saying, we gotta evolve. And hey, by the way, now I’ve gotten to the point where I think I can make a tunnel. Think about that. Yeah. Think about his own stable coins, right? So his own stable coins. And, uh, well think about this. If you trade like internal meetings, right? And I’m hyped this hypothetical, right? I go, fuck, don’t screw this up this time. And you’re gonna go, Jim, what are you talking about? I go. We want a nice bread between bid and ask in these financial price. We don’t wanna go down to pennies. Okay? Can we go back to the old days when we were, you know, trading in quarters and sixteenths and so we can make some skin in the game? I think you’ve got the deregulation of the banking industry where the banks are gonna, they’re fit. It’s gonna be baby steps. But what’s gonna happen is they’re gonna basically say, stop taking all that capital that’s sitting at the Fed, making four or fed funds rate overnights wherever it’s four half, 3 75 right now. And you can now trade it. Go back to prop trading, which is what they did. And they’re gonna start off, they will start off with, its only treasuries. Eventually they’ll be able to expand throughout our lifetime. So the old way you gotta look at it is, you know. We’re bringing the ba, you know, we’re putting the band back together, man. Right. And the banks are gonna deregulate, they’re gonna deregulate the banks, they’re going to innovate, they’re gonna be able to use the capital, their earnings profile going out into the end of the decade. It’s, it’s gonna be monstrous, it’s gonna be, you know, it, it’s, it’s, and, and that’s how I get, you know, when people say, where do you think the s and p goes? You know, I say, you know, 14,000, you know, double from here by the end of the decade. And he goes, well, what about ai? I go, well, they’re gonna, that’s important, but it’s the banks. I think the banks are gonna have a renaissance. Yeah. Yeah. Um, one thing just to get your thoughts on, so when you look at the banks, you talked about sort of the inevitability of tokenization. Um, the stock exchange, uh, we talked about stable coins. I mean, another great way for banks to make money. Uh, essentially where does that, how, how does that help or hurt Bitcoin adoption? Because Bitcoin is a sort of a separate, separate, you’re not, you’re not building on Bitcoin as much as you are, say, Ethereum, Mar Solana or, you know, some of the, some of the blockchain things. So, so is it just that. Is it just a, an adoption issue? Because you live in a, in a different world. You live in a world of blockchain and Bitcoin is, its currency. It’s weird, right? Because I, I’m writing this feed like, so Buck, where are you right now? Where, where, where are you located? I’m in Santa Barbara. You’re in California. So, yeah, so I’m in Toronto, right? Uh, you know, I lived in, worked in the States for, you know, a decade, a couple of decades, and I’m back home and it’s like, man, they don’t get it. Right, and, and, and, and what am I talking about? Well, well, this, this is the, the thing that you’ve gotta understand is this, right. Ethereum was invented by Vladi Butrin in this town, Joe Alozo, who’s the head of one of the largest Ethereum groups. Father is a dentist at Bathurst and Spadina. We’re up here and people are saying, oh, you know, president Trump don’t talk about being a 51st state. We act like a colony, duke. We are a, you know, we forget about calling us one. We are. So, look, it, look, there is no doubt in my mind that Ethereum is going to have a place and, and we’re going to use it. Seems like we’re going to use Ethereum and that’s the smart contract, you know? Um. And that’s fine. Um, you know, but going back in time. But, but remember, there’s not per, there’s not perfect scarcity there. So I like Ethereum, don’t get me wrong, but I look at Bitcoin and I look at the, I look at the scarcity, and I also look at the fact of, you know, what sa, what Sailor, if you sailor did a presentation in the middle of next year and all hell broke loose. What he did, and it’s, you know, and of course I’m hypothesizing. He basically went to New York and said, I am going to create fixed income products and I am going to give yields. On those products, and I’m coming after the stranded capital that sits on Wall Street that you guys have been ripping on for years. In the middle of last year, staler went public and declared war. Okay. Are we surprised that Jim Shane Oaks came out and everybody came out basically guns a blazing. Are we surprised? But what he, what Sailor did and put and slammed on the table is it’s pristine capital, it’s transparent capital. And what are you willing to pay for that? And now you GARP banks trading at. We have no idea what their capital structure really is. Honestly, we have an idea, but it’s very opaque, right? You know, the high quality names are trading at two, two to, you know, two times tangible book. You’ve got fintech’s companies trading at four to five times, right book, and you know, what’s Sailor doing right now? Diluting his stock so he can buy as much Bitcoin as he wants because he sees the next game. He says the hell with what you guys think the next game is going to be. Wall Street’s going to realize that Bitcoin is pristine capital and there’s only 21 million of it. What do you and, and what just happened today? What did Morgan Stanley just file a treasury company. So everything you and I are talking about, they know they’re smart guys, right? They’re real, they’re not. That’s, this is the whole point. They’re really, really, really smart. Okay. They see they’ve gone through the history. They know. Okay, so you’re sitting there, you get around the room, you say, so wait a minute. Wait. Whoa, sailor’s over here. And he’s basically saying he’s gonna give you a a pref that’s basically backed by Bitcoin charging 10%. And he’s going after our corporate clients. I mean, and what’s the pitch Buck? You’ve got a hundred million dollars. Okay, you got a hundred million dollars in the kitty. Okay, buck. What happens is you need $10 million a year for working capital, which is in cash, which means you’ve got $90 million sitting there idle. Hey, buck, I can give you 10% on that. You go to Jamie, he’s giving you two. What are you gonna do? Yeah. I think one of the issues right now is I the, the perceived risk profile of that. Right. Uh, you know. I tend to agree with you about the, uh, pristine nature of Bitcoin s collateral, but just in general, the perception. I don’t know that, that that’s. That’s the case. Well, you gotta go back to the fact that, do you think Bitcoin’s going to zero or not? No, of course not. Yeah. ‘ cause the Bitcoin doesn’t go to zero. There’s no, then, then that are, there’s Bitcoin could go to zero. There’s no, I mean, I don’t think, I mean, non-zero probability, of course, right? I don’t think it is. And if that has been, if it has been selected and now you have Wall Street coalescing it, I haven’t even mentioned the president of the United States or his family. Right. Uh, or the Commerce Secretary and his family, right? Or if you go to New York, wall Street, right, they’re all talking about it, right? So, I, I, you know, to me, I, I, the question about micro strategy, to me it’s not. That it’s a treasury company and it’s got a pile of Bitcoin. What does he do with it? Does he become a bank? Like why does it, this is me. I’m pitching him. Right. Hey, Mike, why don’t you just become a FinTech, say you’re like a FinTech company and you’ll get, and you, you’re gonna instantaneously trade it five to six times book. Why don’t you, why are you, you’re talking like you’re attacking them, but you’re still, you’re still a software company with a, with a big whack of Bitcoin that you are writing pres. Right? So, and, and so that’s, that’s how I look at it. I think the wave is too big. We are going to digitize. And the other thing that we didn’t really touch on with respect to AI and blockchain, and I’m gonna paraphrase the president. Right. Um, Mr. Trump is, look, um, it’s a matter of national security, duke, and when I hear that, I go back to the nineties in the eighties when I was in late eighties when I was an undergrad. Right. And it wasn’t China, it was Japan. And, and you know, what happened was, you know, it, it’s funny, Al Gore did deregulate so that. The internet could become for-profit. We all stood around and said, you know what the hell could, how do we make money on this? That’s, you know, what do we do? And then what did we do? We, we, we threw a ton of money at it and the United States controlled it. And what did we get out of it? We got out, we got, you know, all those companies. Right. The last thing I would say to you, and this is much more of a personal story, is I, when I was younger, I was in New York and it was 2000 and I was at the Grand Hyatt, and it was a tech, it was a tech conference and, uh, Larry Ellison Oracle was there and he gave a, he gave a, he gave a a, a fireside chat. Then, um, we go to a breakout room and, you know, in a break, I don’t know about if you’ve been to one, but you go to a breakout room, it’s a smaller room at the hotel, and you know, sometimes you got 25 people, sometimes you got 50 people, right. And, you know, I went to the, I went to the breakout with Mr. Allison ’cause of Oracle and I went in there and it was absolutely jammed and I was sweating and he just looked at us and he just ripped us. He AP Soly, just, I still have the scars today. I’m talking to you about it. Okay. He called it a bubble. He called it a bubble. He, he was early in calling it a bubble. I never forgot that. And then you sit there and see what he’s doing right now. Where he’s levering up the balance sheet. Now, to me, having survived in this game for such a long period of time, and I call it a game, it’s a game of strategy, whatever, you know, how does that not, you know, I would say to you, we were, your office was next to mine. Fuck. I remember New York, he’s loading the goose loaded in. He go in, he’s borrowing money from his grandmother. He’s, you know, what is going on. And he’s really stinking smart. You know, he’s, he, Larry Allenson just doesn’t do, and people, oh, he’s in, you know, he’s, no, he’s not, he’s, he’s like the mentor of all of these guys. You know what I mean? So there’s a, to me, there’s a discontinuity that these need to believe that we’re still early on because you know, what, if Larry’s, what do we take when Larry or Mr. Ellison is leveraging up to me, it’s profound because I’m anchoring off of my bias to the New York, the New York high at, at the Tech Co. I think it was, I think it was at Bear Stearn. I couldn’t remember Bear Stearns or Lehman. But you know, one of those I carry that experience on with the rest of my life. I do. It’s like, what is Larry thinking? Right? So he’s leveraging up buck. That’s all I know. He’s a priest or guy. Well, that’s probably a good place for us to stop, Jim, uh, chief, uh, market strategist at Wellington Elta Private Wealth. Thank you so much for joining me. Thanks so much and be safe. You make a lot of money but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens. The concepts here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealth formula banking.com. Welcome back to the show everyone. Hope you enjoyed it. Uh, and, uh, as I said before, do not ignore ai. This is something that you need to start using. Have your kids start using it. Uh, make sure that they, you know. They use it every day because this whole world is turning AI and it’s gonna happen. You know, it’s gonna happen in, in a blink of an, uh, blink of an eye. And the world is gonna change and there are gonna be real winners out there. And the winners are gonna be people who knew where there was, was going and kind of used it in their mind’s eye as they looked on navigating how. You know how to allocate their money. Anyway, that is it for me. This week on Wealth Formula Podcast. This is Buck JJoffrey signing off. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit wealth formula roadmap.com.

Bonjour and Hello, In this episode, Cory Connors interviews two standout winners of the Paris Packaging Week Future Leaders Program—Danielle Goad and Nicole Toole—to explore their journeys, innovations, and perspectives on the future of sustainable packaging. Danielle shares how discovering packaging at Cal Poly led to a global leadership role at SpecRight and her upcoming move to London as she builds the EMEA region. Nicole recounts founding ECGO as a college project and transforming it into an AI‑powered recycling education and behavior‑change platform used by students, universities, and brands.Both leaders reflect on being recognized among the top ten emerging leaders worldwide and discuss the importance of global collaboration, consumer behavior insights, regulatory preparedness (PPWR & EPR), and inspiration from younger generations. They share what they're most looking forward to at Paris Packaging Week—from innovation zones to reuse concepts to the energy of an international community passionate about packaging.Key Topics Discussed:Danielle's path from student to global leader and her work scaling SpecRight internationallyNicole's founding of ECGO and the role of AI, incentives, and data insights in improving recycling behaviorsThe significance and impact of being named Future Leaders by Paris Packaging WeekEvolving sustainability messaging and the shift toward value‑driven, consumer‑relevant communicationThe rapid pace of regulatory change and the industry's need for continual education (PPWR, EPR)Cross‑industry collaboration and the packaging sector's tight‑knit, globally connected natureExcitement about innovations in reuse, sustainability tech, and meeting global peers at Paris Packaging WeekResources Mentioned:SpecRight – Specification management platformECGO – AI‑powered consumer education and recycling platformParis Packaging Week Future Leaders ProgramContact:Danielle Goad:LinkedIn: Danielle GoadEmail: danielle@specright.comVisit SpecRight at their stand in the PCD space during Paris Packaging WeekNicole Toole:Website: ecgo.coLinkedIn: Nicole TooleClosing Thoughts:Cory, Danielle, and Nicole highlight the tremendous momentum building within sustainable packaging—driven by young leaders, new technologies, data‑driven insights, and global collaboration. They emphasize that meaningful industry change requires education, curiosity, and fresh thinking from every generation. Both guests hope their recognition as Future Leaders inspires other emerging professionals to share ideas boldly, challenge the status quo, and pursue innovative solutions that reduce waste and improve the planet.Thank you for tuning in to Sustainable Packaging with Cory Connors!https://anewearthproject.com/collections/new-earth-approvedhttps://www.linkedin.com/in/cory-connors/I'm here to help you make your packaging more sustainable! Reach out today and I'll get back to you asap. This podcast is an independent production and the podcast production is an original work of the author. All rights of ownership and reproduction are retained—copyright 2022.

On episode 447 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss Jerome Powell, credit card rates, the institutional ownership of homes, lowering mortgage rates, how to fix the housing market, AI vs. the labor market, the broadening out of the bull market, the growth in sports gambling, where housing is still affordable, circular private equity deals, why TVs are so cheap and much more. This episode is sponsored by Innovator. Learn more at  https://www.innovatoretfs.com/pdf/ddq_product_brief.pdf Sign up for The Compound newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Find complete show notes on our blogs: Ben Carlson's ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Michael Batnick's ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Feel free to shoot us an email at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠animalspirits@thecompoundnews.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ with any feedback, questions, recommendations, or ideas for future topics of conversation.   Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices