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On this episode of Animal Spirits, Michael Batnick and Ben Carlson keynote the financial planning association's annual event. 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. Check out the latest in financial blogger fashion at The Compound shop: https://idontshop.com 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. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/ 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. Learn more about your ad choices. Visit megaphone.fm/adchoices
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3353: Tony outlines common investing pitfalls that trip up even the most well-intentioned investors, from emotional trading to lack of diversification. With straightforward tips and reminders, he encourages readers to adopt a steady, informed approach that leads to long-term wealth and financial resilience. Read along with the original article(s) here: https://moneyminiblog.com/lists/common-investing-mistakes/ Quotes to ponder: "People buy high because of greed and sell low because of fear." "Successful investors don't let emotions control their investing decisions." "It's better to invest for the long haul and let the market do what it does." Episode references: Rich Dad Poor Dad: https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612681131 The Bogleheads' Guide to Investing: https://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore/dp/1118921283 The Intelligent Investor: https://www.amazon.com/Intelligent-Investor-Definitive-Value-Investing/dp/0060555661 Learn more about your ad choices. Visit megaphone.fm/adchoices
Nov 14, 2025 – Are the days of tech dominance numbered? In this wide-ranging discussion, Jim Puplava and Greg Weldon warn that the so-called Mag 7 tech stocks are faltering, jeopardizing narrow market leadership and exposing investors to...
Volatility returned to the stock market this week.Partly due to growing concerns about the sustainability of the AI spending boom.Partly due to further stresses building in the credit market.And also due to a growing shortfall of liquidity.Portfolio manager Michael Lebowitz and I discuss each of these in depth in this week's Market Recap.For everything that mattered to markets this week, watch this video.WORRIED ABOUT THE MARKET? SCHEDULE YOUR FREE PORTFOLIO REVIEW with Thoughtful Money's endorsed financial advisors at https://www.thoughtfulmoney.com#artificialintelligence #federalreserve #liquidity _____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter.We produce educational content geared for the individual investor. It's important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such.We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer's unique goals, needs & risk tolerance.IMPORTANT NOTE: There are risks associated with investing in securities.Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods.A security's or a firm's past investment performance is not a guarantee or predictor of future investment performance.Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC.Copyright © 2025 Thoughtful Money LLC. All rights reserved.
Ophelia Snyder, Co-Founder of 21Shares, joined me to discuss the company's Crypto ETF strategy and acquisition by FalconX at Chainlink SmartCon. Brought to you by
On this week's Real Money Show, Jeremy Wiseman and Jerry Correia unpack the explosive run of gold and silver. Is this the beginning of a long revaluation cycle? Jeremy and Jerry also explain how price discovery is shifting to Asia and what that means for Western investors still stuck in paper markets. They also break down silver's “critical mineral” designation and the effect of the global nuclear build-out and AI boom on the demand for precious metals. Tune in to The Real Money Show every Saturday at 1 pm on Rebel News, brought to you by Guildhall Wealth Management. Looking for smart ways to protect and grow your wealth? Whether you're a seasoned investor or just getting started, reach out to us at GuildhallWealth.com/RebelNews
We'd love to hear from you. What are your thoughts and questions?In this conversation, Jonathan Wells discusses the transition from active to passive real estate investing, emphasizing the importance of peace of mind and lifestyle choices in investment strategies. He highlights the challenges of being an active landlord and suggests that finding the right investment approach can lead to financial freedom and a more fulfilling life.Main Points:You don't need to recreate the wheel in investing.Active landlords face challenges like midnight phone calls.Peace of mind is crucial in real estate investing.Shifting to passive income can enhance lifestyle.Commercial syndication offers different opportunities.Investing should align with personal goals and lifestyle.Real estate can be a path to financial freedom.Understanding your investment style is key.Finding the right strategy can lead to success.Investing is not just about money, but also about life quality.Connect with Jonathan Wells:jon@abetterwayrealty.comhttps://www.linkedin.com/in/jonwellsrealtor/https://www.facebook.com/jonwells69/https://www.instagram.com/jonwells5280/
Steven Orrell talks about everything surrounding the gold trade. He notes gold's recent slide from all-time highs but sees the metal recapturing records as central banks continue to accumulate. Steven offers his investment strategies for retail investors, from buying gold outright to using gold miners as leverage. He compares the asset to its sister in silver and evolving assets like Bitcoin.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about
Travis from DividendCollectionAgency.com ranks in the top 1% of financial experts (#197 out of 31,973) with an average return of 12.70% since 2023. In this interview, he shares two dividend stocks the Agency is buying right now, plus his take on REITs like Realty Income versus competitors, VICI Properties' timing, and advice for new investors. Former Navy Chief turned dividend investor breaks down what's working in today's market. Watch the YouTube video!Follow Dividend Collection Agency:SeekingAlpha.comInstagramWarren Buffett's 2025 Thanksgiving LetterCheck out my current portfolio on
LISTEN and SUBSCRIBE on:Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608 Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i WATCH and SUBSCRIBE on:https://www.youtube.com/@WatchdogOnWallstreet/featured The warning signs are everywhere—surging subprime auto delinquencies, rising foreclosures, mass layoffs, and a grim outlook for college grads entering the 2026 job market. In this segment, we revisit predictions made back in 2020 about the coming financial turbulence and the Fed's blind spots, all now unfolding in real time. But chaos doesn't mean panic. Instead of “Sell, Mortimer, sell!” we break down how an anti-fragile personal CFO strategy can turn market storms into long-term strength, helping investors come out tougher on the other side.
LISTEN and SUBSCRIBE on:Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608 Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i WATCH and SUBSCRIBE on:https://www.youtube.com/@WatchdogOnWallstreet/featured This segment dives straight into the explosive debate over H-1B visas, cutting through political spin and corporate talking points. With new data from the National Academy of Sciences, it dismantles the myth that the U.S. lacks skilled STEM talent—showing that American students outperform their foreign counterparts across the board. What's really driving the visa surge, the commentary argues, isn't superior talent from abroad but cheaper, tightly controlled labor through what amounts to modern-day indentured servitude. From Fox News' sudden populist streak to real-world stories—like an American Amazon hire surrounded entirely by H-1B workers—this breakdown exposes how big business, politicians, and the visa system create a rigged market that sidelines U.S. graduates while pretending it's all about “innovation.
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3353: Tony outlines common investing pitfalls that trip up even the most well-intentioned investors, from emotional trading to lack of diversification. With straightforward tips and reminders, he encourages readers to adopt a steady, informed approach that leads to long-term wealth and financial resilience. Read along with the original article(s) here: https://moneyminiblog.com/lists/common-investing-mistakes/ Quotes to ponder: "People buy high because of greed and sell low because of fear." "Successful investors don't let emotions control their investing decisions." "It's better to invest for the long haul and let the market do what it does." Episode references: Rich Dad Poor Dad: https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612681131 The Bogleheads' Guide to Investing: https://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore/dp/1118921283 The Intelligent Investor: https://www.amazon.com/Intelligent-Investor-Definitive-Value-Investing/dp/0060555661 Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode of Home in Progress, host Dan Hansen kicks things off with his first-snowfall story and a few thoughts on the annual fall battle—leaf cleanup. From there, he shifts gears into two seemingly different worlds that have more in common than you'd think: power tools and personal style.Dan breaks down the circular saw—why it's one of the most versatile tools a homeowner can own, how to choose the right type, which accessories make the biggest difference, and the key safety habits every DIYer should know.Then, in a surprising but perfectly connected twist, the conversation turns to men's fashion. Dan explains why dressing well isn't about having an “eye for style” or chasing trends—it's about learning skills, understanding fit, and applying timeless principles. Just like home improvement, great results come from practice, patience, and quality materials.From the importance of proportion (in both clothes and color schemes) to the “Swap Trick” for stepping outside your comfort zone, this episode is packed with practical takeaways to help you look better, build better, and think differently about the connection between craftsmanship and style.Resources:Circular Saw Track GuideEssential Man Clothing ArticleEpisode Timeline00:00 — Welcome to Home in Progress00:11 — First Snowfall and Fall Cleanup01:21 — Why We're Talking About Fashion02:33 — The Circular Saw: The Most Underrated Tool04:38 — Sidewinder vs. Worm-Drive Saws07:47 — Must-Have Add-Ons and Safety Tips12:08 — Dressing Well Is a Learnable Skill19:43 — The Overlap Between Fashion and Home Improvement22:16 — Challenging the “Eye for Design” Myth26:21 — Fit and Proportion: From Clothes to Color Schemes30:50 — Avoiding Trends: Choosing Timeless Style33:14 — The Swap Trick: Small Changes, Big Impact35:35 — Investing in Quality: Tools, Paint, and Wardrobes36:44 — Final Thoughts and Giveaway Announcement
Precious metals rebound, copper positioning, and insights from the New Orleans Investment Conference This week's Weekend Show dives deep into the current phase of the metals bull market - exploring how investors should navigate the sharp rebounds in gold and silver and where to look next as copper and base metals build momentum. Segment 1 & 2 - We're joined by Matt Geiger, Managing Partner at MJG Capital, to unpack the precious-metals pullback and rebound - his base case is a multi-month consolidation within an intact bull market, with producers showing leverage and M&A accelerating. He discusses how MJG has trimmed precious-metals exposure, built cash, stayed overweight copper on looming supply deficits, and is favoring high-quality juniors and prospect generators. Click here to visit the MJG Capital website to learn more about Matt's fund Segment 3 & 4 - Wrapping up the show with Brien Lundin, editor of The Gold Newsletter and host of the New Orleans Investment Conference, discussing the strong turnout and investor optimism at this year's event, the continued undervaluation and upside potential in precious metals and energy stocks, the importance of identifying credible newsletter writers, and his insights on portfolio strategy and standout exploration plays in the current metals bull market. Click here to learn more about the New Orleans Investment Conference and access the conference recordings. If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don't forget to subscribe and leave us a review! For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests may own shares in companies mentioned.
Despite economic uncertainty, rising inflation, and fears that entrepreneurship is too risky, Dean Graziosi believes there's never been a better time to start a business than now. After nearly three decades of building and scaling successful companies, he's seen firsthand how technology and AI have dramatically lowered the barriers to entry for aspiring entrepreneurs. In this episode, Dean reveals how the game of entrepreneurship has changed and how anyone can create financial freedom through an online business. In this episode, Hala and Dean will discuss: (00:00) Introduction (01:44) The New Era of Entrepreneurship and Opportunity (08:36) Why It's Easier Than Ever to Become an Entrepreneur (22:11) The Power of Monetizing Your Experience (28:30) How Entrepreneurs Can Thrive in Uncertain Times (33:39) The Best and Worst Businesses to Start Right Now (38:32) Turning Passions Into Profitable Businesses (45:29) How AI Is Transforming Entrepreneurship Dean Graziosi is a New York Times bestselling author, entrepreneur, investor, and trusted strategist behind some of the most successful product launches in the world. He's the co-founder of Mastermind.com alongside Tony Robbins, where they empower everyday people to turn their knowledge and passions into thriving online businesses. Sponsored By: Indeed - Get a $75 sponsored job credit to boost your job's visibility at Indeed.com/PROFITING Shopify - Start your $1/month trial at Shopify.com/profiting. Quo - Get 20% off your first 6 months at Quo.com/PROFITING Revolve - Head to REVOLVE.com/PROFITING and take 15% off your first order with code PROFITING Merit Beauty - Go to meritbeauty.com to get your free signature makeup bag with your first order. DeleteMe - Remove your personal data online. Get 20% off DeleteMe consumer plans at to joindeleteme.com/profiting Spectrum Business - Visit Spectrum.com/FreeForLife to learn how you can get Business Internet Free Forever. Airbnb - Find yourself a cohost at airbnb.com/host Resources Mentioned: Dean's Instagram: instagram.com/deangraziosi YAP E68 with Dean Graziosi: youngandprofiting.co/Underdog The Greatest Salesman in the World by Og Mandino: bit.ly/GreatSalesman Active Deals - youngandprofiting.com/deals Key YAP Links Reviews - ratethispodcast.com/yap YouTube - youtube.com/c/YoungandProfiting Newsletter - youngandprofiting.co/newsletter LinkedIn - linkedin.com/in/htaha/ Instagram - instagram.com/yapwithhala/ Social + Podcast Services: yapmedia.com Transcripts - youngandprofiting.com/episodes-new Entrepreneurship, Entrepreneurship Podcast, Business, Business Podcast, Self Improvement, Self-Improvement, Personal Development, Starting a Business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side Hustle, Startup, Mental Health, Career, Leadership, Mindset, Health, Growth Mindset, Passive Income, Solopreneur, Networking
In today's episode, I join Michael Chernow, founder and host of Kreatures of Habit, to share what I look for before investing in an entrepreneur or a business. I explain why my first priority is always the person—not the product—and how I qualify desire, teachability, and alignment with what's working now and in the future. I also share the “thousand-step” rule that determines whether someone has the persistence to succeed and why culture, not company, is the true investment. Along the way, I reflect on the lessons learned from losing $100 million and how that experience shaped my approach to evaluating risk and leadership.
On episode 217 of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Joe Terranova to discuss: the market pullback, AI CapEx, historical trends in the market, rules based investing, and much more! *Filmed in front of a live audience in NYC on 11/13/25* This episode is sponsored by VanEck. Learn more about the VanEck Rare Earth and Strategic Metals ETF here: http://vaneck.com/REMXCompound Sign up for The Compound Newsletter and never miss out: thecompoundnews.com/subscribe Instagram: instagram.com/thecompoundnews Twitter: twitter.com/thecompoundnews LinkedIn: linkedin.com/company/the-compound-media/ TikTok: tiktok.com/@thecompoundnews 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 Josh Brown 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
Michael Zezas, our Global Head of Fixed Income Research and Public Policy Strategy, highlights what investors need to watch out for ahead of next year's U.S. congressional elections.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Today, we're tackling a question that's top of mind after last week's off-cycle elections in New Jersey, New York, Virginia, and California: What could next year's midterm elections mean for investors, especially if Democrats take control of Congress?It's Friday, Nov 14th at 10:30am in New York.In last week's elections, Democrats outperformed expectations. In California, a new redistricting measure could flip several house seats; and in New Jersey and Virginia Democrat candidates, won with meaningfully higher margins than polls suggested was likely. As such prediction markets now give Democrats a roughly 70 percent chance of winning the House next year.But before we jump to conclusions, let's pump the brakes. It might not be too early to think about the midterms as a market catalyst. We'll be doing plenty of that. But we think it's too early to strategize around it. Why? First, a lot can change—both in terms of likely outcomes and the issues driving the electorate. While Democrats are favored today, redistricting, turnout, and evolving voter concerns could reshape the landscape in the months to come. Second, even if Democrats take control of the House, it may not change the trajectory of the policies that matter most to market pricing. In our view, Republicans already achieved their main legislative goals through the tax and fiscal bill earlier this year. The other market-moving policy shifts this year—think tariffs and regulatory changes—have come through executive action, not legislation. The administration has leaned heavily on executive powers to set trade policy, including the so-called Liberation Day tariffs, and to push regulatory changes. Future potential moves investors are watching, like additional regulation or targeted stimulus, would likely come the same way. Meanwhile, the plausible Republican legislative agenda—like further tax cuts—would face steep hurdles. Any majority would be slim, and fiscal hawks in the party nearly blocked the last round of cuts due to concerns over spending offsets. Moderates, for their part, are unlikely to tolerate deeper cuts, especially after the contentious debate over Medicaid in the OBBBA (One Big Beautiful Bill Act). So, what could change this view? If we're wrong, it's likely because the economy slows and tips into recession, making fiscal stimulus more politically appealing—consistent with historical patterns. Or, Democrats could win so decisively on economic and affordability issues that the White House considers standalone stimulus measures, like reducing some tariffs. How does this all connect to markets? For U.S. equities, the current policy mix—industrial incentives, tax cuts, and AI-driven capex—has supported risk assets and driven opportunities in sectors like technology and manufacturing. But it also means that, looking deeper into next year, if growth disappoints, fiscal concerns could emerge as a risk factor challenging the market. There doesn't appear an obvious political setup to shift policies to deal with elevated U.S. deficits, meaning the burden is on better growth to deal with this issue. Thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and share the podcast. We'll keep you updated as the story unfolds.
Discover why the AI boom widens the wealth gap. Are you on track for financial freedom...or not? Financial freedom is a combination of money, compounding and time (my McT Formula). How well you invest can make the biggest difference to your financial freedom and lifestyle. If you invested well for the long-term, what a difference it would make because the difference between investing $100k and earning 5 percent or 10 percent on your money over 30 years, is the difference between it growing to $432,194 or $1,744,940, an increase of over $1.3 million dollars. Your compounding rate, and how well you invest, matters! INVESTING IS WHAT THE BE WEALTHY & SMART VIP EXPERIENCE IS ALL ABOUT - Invest in digital assets and stock ETFs for potential high compounding rates - Receive an Asset Allocation model with ticker symbols and what % to invest -Monthly LIVE investment webinars with Linda 10 months per year, with Q & A -Private VIP Facebook group with daily community interaction -Weekly investment commentary -Extra educational wealth classes available -Pay once, have lifetime access! NO recurring fees. -US and foreign investors are welcome -No minimum $ amount to invest -Tech Team available for digital assets (for hire per hour) For a limited time, enjoy a 50% savings on my private investing group, the Be Wealthy & Smart VIP Experience. Pay once and enjoy lifetime access without any recurring fees. Enter "SAVE50" to save 50% here: http://tinyurl.com/InvestingVIP Or set up a complimentary conversation to answer your questions about the Be Wealthy & Smart VIP Experience. Request an appointment to talk with Linda here: https://tinyurl.com/TalkWithLinda (yes, you talk to Linda!). SUBSCRIBE TO BE WEALTHY & SMART Click Here to Subscribe Via iTunes Click Here to Subscribe Via Stitcher on an Android Device Click Here to Subscribe Via RSS Feed LINDA'S WEALTH BOOKS 1. Get my book, "3 Steps to Quantum Wealth: The Wealth Heiress' Guide to Financial Freedom by Investing in Cryptocurrencies". 2. Get my book, "You're Already a Wealth Heiress, Now Think and Act Like One: 6 Practical Steps to Make It a Reality Now!" Men love it too! After all, you are Wealth Heirs. :) International buyers (if you live outside of the US) get my book here. WANT MORE FROM LINDA? Check out her programs. Join her on Instagram. WEALTH LIBRARY OF PODCASTS Listen to the full wealth library of podcasts from the beginning. SPECIAL DEALS #Ad Apply for a Gemini credit card and get FREE XRP back (or any crypto you choose) when you use the card. Charge $3000 in first 90 days and earn $200 in crypto rewards when you use this link to apply and are approved: https://tinyurl.com/geminixrp This is a credit card, NOT a debit card. There are great rewards. Set your choice to EARN FREE XRP! #Ad Protect yourself online with a Virtual Private Network (VPN). Get 3 MONTHS FREE when you sign up for a NORD VPN plan here. #Ad To safely and securely store crypto, I recommend using a Tangem wallet. Get a 10% discount when you purchase here. #Ad If you are looking to simplify your crypto tax reporting, use Koinly. It is highly recommended and so easy for tax reporting. You can save $20, click here. Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America's Wealth Mentor.™ Learn simple steps that make a big difference to your financial freedom. (This post contains affiliate links. If you click on a link and make a purchase, I may receive a commission. There is no additional cost to you.)
This episode is sponsored by Fidelity Investments and the all-new Fidelity Trader+ platform. Try Fidelity's most powerful trading experience yet: https://www.fidelity.com/trading/trading-platforms?immid=100734&imm_pid=430504639&imm_aid=a&dfid=&buf=99999999 Views, opinions, products, services, and strategies discussed are not endorsed or promoted by Fidelity Investments. Fidelity Brokerage Services LLC, Member NYSE, SIPC In this episode of the Risk Reversal Podcast, hosts Guy Adami and Dan Nathan sit down with Jenny Just and Matt Hulsizer of PEAK6 at the Ascend Innovation Summit in Austin, Texas. The discussion explores their backgrounds in options trading at O'Connor and Associates, the evolution of retail trading, and the significance of democratizing finance. The conversation also touches on the role of technology in trading, the importance of culture in maintaining business integrity, and how PEAK6 leverages these elements in various ventures, including Apex Fintech Solutions. Additionally, the episode features a segment with Bill Capuzzi, CEO of Apex, who discusses the impact of fintech innovations and the convergence of traditional and decentralized finance. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media
Denominationalism Is DeadMinistry Sponsors:Saga Metals CorpThanks to Saga Metals Corp for sponsoring today's video. You can get their latest presentation here on their website:https://sagametals.com/corporate-presentation/Tickers: OTCQB: SAGMF | TSX-V: SAGADISCLAIMER: This video was conducted on behalf of Saga Metals Corp, and was funded by CAPITALIZ ON IT. I have been compensated for this video. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments. Please do your own due diligence. I am not a financial advisor, and this is not a financial advice channel. All information is provided strictly for educational purposes. It does not take into account anybody's specific circumstances or situation. If you are making investment or other financial management decisions and require advice, please consult a suitably qualified licensed professional.The securities of Saga Metals Corp are speculative, and the company has not yet achieved consistent positive cash flow from operations. As a growth-stage company, it anticipates negative cash flow for the foreseeable future as it focuses on development and commercialization efforts. Parties viewing this video should thoroughly review the company's public disclosure and documents available on sedarplus.ca.See full disclaimer here: https://capitalizonit.com/saga/Genesis Gold GroupFaith-Based Gold IRA: Genesis Gold Group helps Christians protect their retirement with physical precious metals aligned with scriptural stewardship principles.https://www.RightResponseBibleGold.comBackwards Planning FinancialWant to build a financial legacy for your family with a plan that starts at the end goal? Connect with Joe Garrisi at https://backwardsplanningfinancial.nm.com/ to get help with a legacy-driven strategy for your future.Gray Toad TallowGray Toad Tallow's handcrafted balms made from grass-fed, grass-finished tallow help heal real skin issues like dryness and psoriasis. Explore their sample pack and save 15% with code RIGHT15 at https://www.graytoadtallow.com/Armored RepublicWe make Tools of Liberty for the defense of every free man's God-given rights: Arm yourself with body armor and a plate carrier of your choosing; build your setup with accessories, equip yourself with an armored backpack.https://www.ar500armor.com/Freddy MediaUnlock exclusive access to a highly engaged audience and elevate your brand through impactful sponsorship opportunities with Right Response Ministries. Simply click the link below to provide some basic information and Freddy Media will reach out to discuss how to tailor a partnership that drives real results.https://91znn6hr1aa.typeform.com/joelwebbon
Steve Forbes warns of the ever-increasing nuclear threat posed by North Korea and its erratic dictator Kim Jong Un—and proposes putting nuclear weapons in key U.S. ally South KoreaSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Nov 14, 2025 – Are the Magnificent 7 tech stocks losing their crown? In this timely interview, Jim Puplava sits down with Market Gauge's Mish Schneider to decode the major rotations shaking the markets...
Nov 14, 2025 – Amid mounting concerns about market liquidity, Financial Sense's Chris Puplava explains why the Federal Reserve may soon intervene to stabilize short-term funding. As the Fed shrinks its balance sheet, reserves risk falling from “ample” to...
This week, Rob & Santi are back to discuss the top stories of the week. We deep dive into the current state of markets, why Coinbase called off their BVNK acquisition, Uniswap's fee switch proposal, Monad's ICO, the bursting of the DAT bubble & more. Enjoy! -- Follow Rob: https://x.com/HadickM Follow Santi: https://x.com/santiagoroel Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- Zcash is encrypted Bitcoin. Your digital bill of rights securing your freedom for the 21st century. Buy, store and spend ZEC privately using Zashi Wallet download today: https://electriccoin.co/zashi/ -- Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users. Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates] -- GEODNET is the world's largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries. Discover how GEODNET is changing the world: [https://geodnet.com] -- This Empire episode is brought to you by VanEck. Learn more about the VanEck Onchain Economy ETF (NODE): http://vaneck.com/EmpireNODE An investment in the Fund involves a substantial risk and is not suitable for all investors. It is possible to lose your entire principal investment. The Fund may invest nearly all of its net assets in either Digital Transformation Companies and/or Digital Asset Instruments. The Fund does not invest in digital assets or commodities directly. Digital asset instruments may be subject to risks associated with investing in digital asset exchange-traded products (“ETPs”), which include the historical extreme volatility of the digital asset and cryptocurrency market, as well as less regulation and thus fewer investor protections, as these ETPs are not investment companies registered under the Investment Company Act of 1940 (“1940 Act”) or commodity pools for the purposes of the Commodity Exchange Act (“CEA”). Investing involves substantial risk and high volatility, including possible loss of principal. Visit vaneck.com to read and consider the prospectus, containing the investment objective, risks, and fees of the fund, carefully before investing. -- (00:00) Intro (01:37) State of The Market (06:48) Coinbase Calls Off Their $2B Acquisition of BVNK (13:40) Ads (Zcash, Katana) (14:52) J.P Morgan (JPMD) Launches On Base (27:40) Uniswap's Fee Switch Proposal (37:22) Ads (Zcash, Katana) (38:34) Monad's ICO (55:40) Ads (Geodnet, VanEck) (57:14) Bursting of The DAT Bubble (01:07:36) What Happened With Hyperliquid & Popcat? (01:16:40) Content of The Week -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
In this episode of the Modern Man Podcast, host Ted Phaeton engages in a deep conversation with Andrew Wittman, a Marine Corps veteran and resilience expert. They explore the importance of personal identity, the significance of keeping one's word, and the cultivation of resilience as a physical skill. Wittman shares insights on leadership, the mistakes leaders make in crises, and the eight cylinders of life that contribute to overall well-being. The discussion highlights the importance of intentionality in personal development and the significance of self-assessment in achieving balance and fulfillment. Takeaways High-performing men often struggle with balancing success and fulfillment. An identity statement can guide personal behavior and decisions. Resilience can be developed through intentional practice and the formation of healthy habits. Pressure reveals weaknesses and areas needing improvement. Leadership is crucial in times of crisis; weak leadership is exposed. Self-assessment of life cylinders can lead to better balance. Source material is essential for informed decision-making. Mind candy distracts from deeper understanding and growth. Taking a step back can help regain focus and resilience. Investing in personal growth can yield significant returns. Chapters 00:00 – 70% of adults lack self-acceptance (Teaser) 00:32 – Introduction to the Modern Man Podcast 01:46 – Identity and Personal Excellence 06:58 – The Importance of Self-Acceptance 08:51 – Building Resilience Through Training 13:06 – Intentional Living and Resilience Training 15:44 – Tactical Emotional Armor 19:07 – Practical Applications of Resilience Training 21:45 – The Journey of Self-Discovery 22:59 – Leadership in Crisis 25:05 – The Importance of Balance 27:53 – Understanding Financial Literacy 29:56 – The Eight Cylinders of Life 31:45 – Cultural Influence and Leadership 35:32 – Regaining Resilience 38:36 – The Power of Beliefs Wittman’s Links Website: GetWarriorTough.com LinkedIn: Andrew D. Wittman, PhD YouTube: Get Warrior Tough Media Instagram/X: @WarriorToughPhD Book: Inner Armor: Perpetual Resilience™ Free eBook Here: Mastering Self-Development: Strategies of the New Masculine: https://rebrand.ly/m2ebook ⚔️JOIN THE NOBLE KNIGHTS MASTERMIND⚔️ https://themodernmanpodcast.com/thenobleknights
In a rare interview, legendary investor François Rochon takes us through his process of finding a select group of high-quality companies with sustainable competitive advantages to hold for the long term. WEALTHTRACK episode 2220, broadcast on 11/14/2025
It's one of the most valuable things we have—and one of the easiest to waste. We've all heard the saying, “Time is money.” But if that's true, why do we spend it so carelessly? The truth is, time is worth far more than dollars and cents—it's the most limited resource God has given us. Learning to steward it well isn't just good productivity advice—it's an act of worship.If you've ever said, “I just need a little more time,” you're not alone. Many of us feel the pressure of time slipping through our fingers. Ironically, we often spend our days chasing money, status, or success—only to run out of the very thing we were trying to “buy back.”We treat time like a renewable resource when it's really more like a savings account that's constantly being drawn down. Every hour that passes is one you'll never get back. Yet our culture tempts us to equate our worth with how much we earn or produce.A Biblical View of TimeScripture offers a radically different view. In Psalm 90:12, Moses prays, “Teach us to number our days that we may get a heart of wisdom.” He's not talking about counting hours on a clock but realizing that our time is limited—and therefore deeply valuable.From a biblical perspective, time isn't ours to manage however we wish. It's a gift from God, entrusted to us for His purposes. Just as money and talents belong to Him, so does our time.In Ephesians 5:15–16, Paul writes, “Look carefully then how you walk, not as unwise but as wise, making the best use of the time, because the days are evil.” The original Greek phrase for “making the best use” literally means “redeeming the time”—buying it back for God's glory. It's the same word Paul uses elsewhere to describe what Jesus did for us on the cross.Christ redeemed us from sin and emptiness, giving our lives eternal meaning. In the same way, we're called to redeem our time—to invest every moment, conversation, and decision in what will last forever.Here's the catch: if you don't decide what your time is worth, someone else will. Your job, your phone, your inbox, even social media—all have plans for your time. Unless you set boundaries, your days will fill up with things that seem urgent but aren't truly important.Jesus modeled something completely different. Even with the most important mission in history, He took time to rest, pray, eat with friends, and be fully present with people. He had the margin to be interrupted—to stop for the sick, listen to the hurting, and teach those who were searching. He never rushed, yet He always fulfilled the Father's will.How to Steward Your Time WellSo how can we live as if our time truly belongs to God?1. Reevaluate Your PrioritiesEvery decision is a trade. When you say yes to one thing, you say no to something else. Ask yourself, “What matters most in God's eyes—and am I giving that my best time?”2. Measure Time by Meaning, Not MoneyOur culture values time by dollars per hour, but God's economy works differently. A quiet afternoon encouraging a friend may not pay in cash—but it yields eternal dividends. As Jesus said, “Seek first the kingdom of God and His righteousness, and all these things will be added to you.”3. Build Margin into Your LifeJust as financial margin creates freedom to give, time margin allows you to live generously. When you're not overscheduled, you can pause to listen, serve, or rest. Sabbath isn't wasted time—it's holy time that reminds us that God is in control.4. Steward Small MomentsEternal impact isn't found only in big events. It's in the five minutes you pray for someone, the ten minutes you spend in Scripture, or the conversation that points someone to Jesus. As Colossians 3:17 reminds us, “Whatever you do, in word or deed, do everything in the name of the Lord Jesus.”Making Your Hours Count for EternityWhen you see your time through an eternal lens, every moment takes on new meaning. You stop chasing the clock and start cherishing what truly matters. Missionary C.T. Studd once wrote, “Only one life, 'twill soon be past; only what's done for Christ will last.”So what's your time really worth? It's worth exactly what you invest in eternity.Don't just count your hours—make your hours count. Live intentionally. Rest purposefully. Serve generously. And let every day remind you of the One who holds all time in His hands.On Today's Program, Rob Answers Listener Questions:I have two kids—a 14-year-old and a newborn—and just opened brokerage accounts for them. What are the best investment options, especially for my newborn with a longer time horizon? I'd like something more flexible than a college savings plan.I retired at 59 and receive Social Security disability. My home is paid off, I have no debt, and I have savings in retirement and trading accounts. I'm thinking about buying a new car with cash to avoid debt, but would it be wiser to finance or lease instead?I recently bought an RV with dealership financing at 7.9% for 20 years, though I don't plan to keep it that long. Does simple interest work the same across all banks, and is there a good calculator for figuring out principal payments on early payoff? Also, where could I refinance to get a lower rate?Resources Mentioned:Faithful Steward: FaithFi's Quarterly Magazine (Become a FaithFi Partner)Calculator.net | Credit Karma (Simple Loan Calculator) | Calculator SoupList of Faith-Based Investment FundsWisdom Over Wealth: 12 Lessons from Ecclesiastes on MoneyLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God's resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Andrew, Ben, and Tom discuss what happened in yesterday's market, the bidding war for Warner Bros, portable mortgages, and the week ahead. Song: Kokomo - The Beach BoysFor information on how to join the Zoom calls live each morning at 8:30 EST, visit:https://www.narwhal.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhal.com/disclosure
In this episode, Kathy Jones and Liz Ann Sonders discuss some recent investor' questions involving credit risks, government debt, and the potential for an AI bubble. Then, Mike Townsend, Schwab's Washington-based political analyst, joins the show to discuss the end of the government shutdown. He and Liz Ann and Kathy cover the provisions within the agreement to reopen the government, including the potential extension of subsidies for the Affordable Care Act. They also discuss the upcoming Supreme Court ruling on tariffs and how the government might take a while to get caught up on data releases involving employment and inflation information. Kathy and Liz Ann routinely answer questions about the effects of government debt and deficits, and they ask Mike Townsend for his thoughts on how and when that issue might be resolved. Finally, they address upcoming changes to the tax code and the political fallout of the shutdown.You can keep up with the latest developments out of Washington—and learn how they might affect investors—by following Mike Townsend on X and LinkedIn. You can also listen to and follow his podcast, WashingtonWise.On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting. If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThis material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned are not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.Past performance is no guarantee of future results.Investing involves risk, including loss of principal. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk.All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.This information is not a specific recommendation, individualized tax or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager, Estate Attorney) to help answer questions about specific situations or needs prior to taking any action based upon this information.Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.(1125-9E27) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Investing only feels hard because the industry makes it confusing on purpose.In this episode, I break down the smoke-and-mirrors that keep women overwhelmed and show you the ridiculously simple strategy that actually builds wealth.You'll learn the 3 ingredients every powerful portfolio needs, and how to grow a multi 7 Fig. net worth without overthinking.Tune in to learn:Why the industry profits from keeping you confusedHow to spot “experts” who sound smart but consistently underperformThe 3 ingredients of a simple, high-performing portfolioHow to build long-term wealth in just a few hours a year
This content is for informational and entertainment purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.----------------------------------------The All Aboard Coalition is a collaborative investment fund created by a group of established venture capital and private equity firms. It aims to raise $300 million by October and begin investing before the end of the year.Unlike early-stage seed funds, this one focuses on companies that already have validated technology and are now ready to expand into full-scale production.It will make equity or convertible equity investments between $100 million and $200 million per company.In simple terms, the All Aboard Coalition is positioning itself to fill the funding gap between early venture capital and large infrastructure financing, helping climate companies move from concept to commercial scale.Read full breakdown. ----------------------------------------Investing in Impact is powered by PIF Advisory — a global services firm empowering startups and enterprises with expert guidance, tailored solutions, and measurable results. Whether you're launching your first venture or scaling globally, PIF Advisory delivers full-cycle support across every core function of your business:Bookkeeping, Accounting & Tax Management – Organized, compliant, and transparent financials managed by licensed professionals (CPAs, CFAs, CMAs, and lawyers) to drive smarter decision-making.Growth & Marketing – Data-driven strategies across branding, web, advertising, CRM, and sales enablement—all optimized for measurable ROI.Outsourced CFO – Flexible financial leadership covering cash flow, forecasting, and strategic planning.Entity Management – Stay compliant and ready for scale with expert corporate governance and compliance support.Operations, HR & Admin – Streamlined infrastructure to boost team efficiency and keep your business running smoothly.IT & Security – Safeguard your data and operations with best-in-class infrastructure, compliance, and protection.Technology Consulting – Build the right tech stack with expert support across NetSuite, QuickBooks, Avalara, and more.Management Consulting – Unlock growth with industry-specific advisory services focused on metrics, operations, and scalability.As a sister company to PIF Capital Management, they also offer clients direct insights into venture capital and access to a global investor network—ranging from individuals to sovereign wealth funds.
On today's episode I talk with John Mark Estes. He got licensed in 2020 and has been building a consistent business ever since by leaning into two things that work for him. Social media that creates real connection and cold calling that opens real doors. We break down his daily cadence. Two hours a day calling canceled and expired listings. Theme days for outreach so the work is never a guess. Batching a full month of content at a time with a mix of talking head education and fun trending edits. Using social to stay in front of the people who already know you so they don't forget you. He tells the Malibu story. How a single cold call turned into a fly-out meeting, a record land sale, multiple penthouse listings, and a long-term client relationship. We cover buying back time, setting simple marketing rules like 10 percent reinvested, and even spinning up a media company to keep expenses clean and consistent. We hit the human side too. Why a clear why beats the algorithm. How to handle foggy days. Using the gym to reset your brain. Practicing gratitude to get back to center. Investing in yourself first and shooting your shot when it matters. Connect with top real estate agents, gain valuable insights, and grow your business—all for free. Fill out this short application to join Chris Bowers on Tuesday for the agentXcel Weekly Zoom call: https://www.agentxcel.com/zoom
Stocks fell sharply Thursday, with tech among the hardest hit as AI valuations again got questioned and rate cut odds got pinched. Fed speakers today could get a close watch.Important DisclosuresThis material is intended for general informational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.Past performance is no guarantee of future results.Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets.Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors.All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment.The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.Spotify and the Spotify logo are registered trademarks of Spotify AB.(0130-1125) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
DisclosuresThese views are subject to change at any time based upon market or other conditions and are current as of the date at the top of the page.Investing involves risk and principal loss is possible.Past performance does not guarantee future performance.Forecasting represents predictions of market prices and/or volume patterns utilizing varying analytical data. It is not representative of a projection of the stock market, or of any specific investment.This material is not an offer, solicitation or recommendation to purchase any security. Nothing contained in this material is intended to constitute legal, tax, securities or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type.The general information contained in this publication should not be acted upon without obtaining specific legal, tax and investment advice from a licensed professional. The information, analysis and opinions expressed herein are for general information only and are not intended to provide specific advice or recommendations for any individual entity.Please remember that all investments carry some level of risk. Although steps can be taken to help reduce risk it cannot be completely removed. They do no not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns.Investments that are allocated across multiple types of securities may be exposed to a variety of risks based on the asset classes, investment styles, market sectors, and size of companies preferred by the investment managers. Investors should consider how the combined risks impact their total investment portfolio and understand that different risks can lead to varying financial consequences, including loss of principal. Please see a prospectus for further details.Indexes are unmanaged and cannot be invested in directly.Copyright © Russell Investments Group LLC 2025. All rights reserved.This material is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Russell Investments. It is delivered on an “as is” basis without warranty.CORP-12920Date of first use: November, 2025
Interview with Shaun Bunn, Managing Director of Empire Metals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/empire-metals-loneee-titanium-market-disruptor-targets-2026-pilot-pant-7736Recording date: 12th November 2025Empire Metals is developing the Pitfield project in Western Australia, home to one of the world's largest titanium deposits with a maiden resource estimate of 2.2 billion tons grading just over 5% TiO2. This multigenerational asset positions the company as a potential disruptor in global critical minerals supply chains at a time when the industry faces unprecedented restructuring.The company's strategic advantage extends beyond scale. Pitfield's geology features high-purity titanium minerals formed through weathering processes in sandstone formations, eliminating deleterious elements that typically complicate conventional processing. Empire has already produced 99% pure TiO2 products, validating the ore's metallurgical responsiveness and demonstrating the viability of its innovative hydrometallurgical approach.Unlike traditional titanium processing that relies on energy-intensive smelting and generates substantial waste, Empire's three-stage process bypasses these costly operations entirely. The surface deposit requires no blasting, drilling, crushing, or grinding, with friable material feeding directly into flotation circuits. This technical differentiation, combined with low mining costs, positions Empire to deliver products at significantly lower cost than 90% of existing global supply.Management is pursuing dual revenue streams, targeting both pigment production and strategic metal feedstock for defense and aerospace applications. The company has engaged with Boeing, the U.S. Department of Defense, and other end-users to align product specifications with market demand before finalizing process design. This customer-driven approach preserves optionality while reducing downstream marketing risk.The timing proves strategic. Major producers including Rio Tinto, Venator, and Iluka are retreating from titanium operations amid Chinese price competition and tariff responses. Empire aims to fill emerging supply gaps with government support through Australia's $4 billion Critical Minerals Facility.With £11 million in funding secured and continuous piloting targeted for mid-2026, Empire maintains development momentum toward demonstrating cost competitiveness and securing end-user commitments that could accelerate the project's pathway to production.View Empire Metals' company profile: https://www.cruxinvestor.com/companies/empire-metalsSign up for Crux Investor: https://cruxinvestor.com
LISTEN and SUBSCRIBE on:Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608 Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i WATCH and SUBSCRIBE on:https://www.youtube.com/@WatchdogOnWallstreet/featured A major corruption scandal has erupted in Ukraine as Timur Mendech, a close associate of President Zelensky, reportedly flees the country ahead of a security raid. The $100 million case highlights a deeper problem: the enormous financial grifts that often accompany war, from contract fraud to embezzlement, with little oversight. Drawing parallels to Afghanistan, Iraq, and Vietnam, this segment exposes how the “military grift complex” thrives, while the public looks the other way. A hard-hitting look at money, power, and corruption behind global conflicts.
LISTEN and SUBSCRIBE on:Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608 Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i WATCH and SUBSCRIBE on:https://www.youtube.com/@WatchdogOnWallstreet/featured Discover how to create a society where everyone has “skin in the game.” This episode explores the principles of building, creating, and protecting wealth through business ownership and employee participation. From small businesses to major corporations like Home Depot and AutoZone, learn how profit-sharing, stock ownership, and performance incentives can transform employees into stakeholders—and even millionaires. We also tackle the pitfalls of executive stock grants and why true ownership should empower workers, not just executives. Whether you're starting your own business or working for one, this is a roadmap for shared prosperity and responsible capitalism.
LISTEN and SUBSCRIBE on:Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608 Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i WATCH and SUBSCRIBE on:https://www.youtube.com/@WatchdogOnWallstreet/featured What if capitalism wasn't just a “dog-eat-dog” system? In this episode, Chris explores how true capitalism aligns with moral order, human dignity, and the common good. Drawing from the Catechism of the Catholic Church, he shows how work is more than a paycheck—it's a duty, a path to personal growth, and even a means of sanctification. From ethical economic activity to self-policing communities, learn how genuine capitalism allows people to succeed, fail, create, and contribute while respecting others. A refreshing perspective for anyone frustrated by today's distorted view of the free market.
LISTEN and SUBSCRIBE on:Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608 Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i WATCH and SUBSCRIBE on:https://www.youtube.com/@WatchdogOnWallstreet/featured Breaking down the truth about inflation, jobs, and why Trump's economic team is getting it wrong — plus the one person who could fix it all: Judy Shelton.In this episode:The real reason inflation might finally tick down (hint: it's not policy)Why small businesses are hurting while big corporations surviveHow tariffs are quietly crushing hiring and growthThe insane debt addiction that's stealing from our kids' futuresAnd why Judy Shelton — not another yes-man — could rebuild America's economy for realWe don't need another cheerleader. We need an adult in the room who understands money, debt, and reality.
LISTEN and SUBSCRIBE on:Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608 Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i WATCH and SUBSCRIBE on:https://www.youtube.com/@WatchdogOnWallstreet/featured A fiery, sarcastic breakdown of the tariff debate, calling out the contradictions in political messaging. Using humor, pop-culture nods, and a “speak to me like I'm a child or a golden retriever” refrain, this segment skewers the claim that “Americans don't pay tariffs” by pointing out why those same tariffs are now being lifted to reduce consumer costs. With echoes of Margin Call and a dash of MAGA-floor theatrics, the rant lands as another “told you so” moment in the ongoing fight over trade, truth, and economic reality.
LISTEN and SUBSCRIBE on:Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608 Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i WATCH and SUBSCRIBE on:https://www.youtube.com/@WatchdogOnWallstreet/featured A midweek gut-punch: political theater over the shutdown, elites celebrating a “victory” that locks in last year's bloated spending, and fresh Epstein disclosures that drip with the rot of the ruling class. In this episode, we go from defeat and disgust to reflection—on duty, honor, protection, wisdom, and the rare people who still live by them. A candid walk through political betrayal, cultural decay, and the resolve required to fight on.
LISTEN and SUBSCRIBE on:Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608 Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i WATCH and SUBSCRIBE on:https://www.youtube.com/@WatchdogOnWallstreet/featured A blistering, Orwellian takedown of Congress's latest move to carve out legal privileges exclusively for itself. Framed through the iconic line from Animal Farm—“All animals are equal, but some are more equal than others”—this segment exposes how a quiet provision slipped into a Veterans Day funding bill grants U.S. senators a powerful new right to sue the federal government if their data is seized without notice. Meanwhile, ordinary Americans—including veterans harmed by federal officials—remain barred from similar recourse. With real-world cases, sharp moral critique, and a sense of constitutional betrayal, this commentary reveals how power protects itself while preaching accountability.
Cody Wiseman - Wiseman Capital On the Caring for Your Investments: "I don't want to be driving by that in 15 years and seeing it's a dump." Investing in real estate has many benefits, but not all investors are created equal. Cody Wiseman started investing in real estate a few years ago. Through his hard work and care he has built a portfolio, which is great. the exciting thing is that he gets compliments from his tenants and neighbors for the work that he has done to the properties, to lift the neighborhoods to be nicer places to live. Without necessarily raising rents. Affordable luxury, is what he calls it. From the challenges of his very first property renovation, to the ambitious transformation of a rundown motel into affordable luxury apartments, Cody Wiseman shares the behind-the-scenes realities of real estate: sleepless nights, hard-earned lessons, and the creative hustle required to make deals work. Listeners will get an insider's look at how Cody Wiseman partners with local investors, the value of authentic networking—like the Madison Multifamily Meetup that he's grown into the Midwest's largest—and why hands-on leadership and a passionate team matter. Listen as Cody explains his philosophies on real estate investing and how you can apply them to your real estate investments as well. Enjoy! Visit Cody at: https://www.codywiseman.com/ https://Wisemancapitalgroup.com On Instagram: https://www.instagram.com/codyewiseman/ Podcast Overview: 00:00 Wiseman Capital: Local Real Estate Partner 03:30 Real Estate Investment Journey 09:09 Getting Started in Real Estate 10:55 Multifamily Real Estate Networking Event 13:39 "Learning Multifamily & Passive Investing" 18:21 Delegating While Staying Hands-On 22:16 "Journey to Affordable Housing" 23:54 Personal Standards in Property Development 26:37 Community Impact and Urban Transformation 31:08 "Hidden Costs of Rent Explained" 35:00 Property Agreement Protects Long-Term Value 38:49 "Delays, Costs, and Waivers" 40:58 "Proving Creative, Affordable Housing" 45:56 Hardee's Worker Brings Joy 46:48 "Emily Sets Event's Tone" 50:19 "Authenticity in Business Partnerships" 52:49 Navigating Challenges with Confidence Podcast Transcription: Cody Wiseman [00:00:00]: Average rents in Madison, you know, 15, 1600 bucks. Our average rent is a little over a thousand bucks. James [00:00:04]: Wow. Cody Wiseman [00:00:05]: Brand new. I market it as affordable luxury. So people are like, what, what is that? How do you do? Well, let me tell you, we have all of the amenities that you're going to have with a brand new class a ground up deal in downtown Madison. Pool, pool, fitness co working areas, bike parking and storage, dog park, dog wash. James [00:00:30]: You have found authentic Business Adventures, the business program that brings you the struggle stories and triumphant successes of business owners across the land. Today we're welcoming slash, preparing to learn from Cody Wiseman of Wiseman Capital Group. So Cody, how's it going today? Cody Wiseman [00:00:45]: Excellent. Thank you so much James for having me. I'm excited to be here. It's a beautiful studio you have and so close to home. James [00:00:51]: Indeed. So nice. Tell me a story. What is Wiseman Capital Group? Cody Wiseman [00:00:55]: Yeah, so Wiseman Capital, I founded this company back in 2022 and so we're a real estate investing firm really focused in the greater Madison area, multifamily specific. So at the end of the day what it is is we partner with everyday people to invest in real estate together. So that's, that's the beautiful thing about it is a lot of times people are, hey, how do I invest in this building that I see getting put up in Madison or these apartment buildings? They think it's just a big investment firm or something like that. But Wiseman Capital is partnering just with everyday people, a lot of local Madison people,
Will your savings reliably support you through your retirement years?In this episode of the Retirement Planners of America podcast, Ken Moraif and co-host Jeremy Thornton walk through their Retirement Cash Flow Plan framework — a practical way to think about income, withdrawals, taxes, inflation, and bear markets when you're in (or approaching) retirement.Using a real-world style example, they discuss:Separating pre-tax and after-tax accounts for smarter withdrawal decisionsHow Social Security fits into an overall income strategyStress-testing your plan with higher taxes, higher inflation, and modest returnsWhy protecting against major market downturns matters so much once paychecks stopHow to think about “SCWPer” years (your second childhood without parental supervision)This conversation is designed for people age 50+ who want clarity, structure, and a more disciplined approach to retirement income.For more resources and episodes, visit: rpoa.comSubscribe so you don't miss upcoming episodes on Social Security, taxes, estate planning, and investment risk management.RPOA Advisors, Inc. (d/b/a Retirement Planners of America) (“RPOA”) is an SEC-registered investment adviser. Registration as an investment adviser is not an endorsement by securities regulators and does not imply that RPOA has attained a certain level of skill or training.This podcast has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, personalized investment, financial, tax, or legal advice. RPOA does not provide tax or legal advice. You should consult your own tax and legal advisors before engaging in any transaction or strategy.Opinions expressed are those of RPOA as of the date of publication and are subject to change. Investing involves risks, including possible loss of principal. Diversification and asset allocation do not guarantee a profit, nor do they eliminate the risk of loss. Past performance is no guarantee of future results.The “Invest and Protect Strategy” (the “Strategy”) refers to a strategy that Retirement Planners of America fundamentally employs for its clients. Retirement Planners of America previously employed a similar strategy that it referred to as the “buy, hold, and sell” strategy or “buy hold, and protect” strategy. Past performance does not guarantee future results. Therefore, current or prospective clients should not assume that the future performance of the Strategy, any specific investment, or any other investment strategy that Retirement Planners of America recommends will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. References to recommendations made under the Strategy that predate 2011; and statements such as and similar to: “we told our clients to be out of the market in 2007 and 2008,” “we told our clients to get back into the market in 2009,” and “clients that followed our advice were out of the market in 2008;” refer to strategies collectively employed and recommendations collectively made by Retirement Planners of America's principals while employed at Eagle Strategies, LLC., and also at Cambridge Investment Research Advisors, Inc. Three of the five principals remain as principals today, including the Retirement Planners of America's founder, Ken Moraif. Retirement Planners of America has been employing the Strategy since its inception in 2011. Therefore, any references to Retirement Planners of America's performance or its investment advisory recommendations predating 2011 generally refer to recommendations made by Retirement Planners of America's principals at the respective other firms described above.
MacroVoices Erik Townsend & Patrick Ceresna welcome, Mike Green. They'll discuss everything from the reopening rally to precious metals to energy markets. https://bit.ly/49SQx89
Live from Morgan Stanley's European Tech, Media and Telecom Conference in Barcelona, our roundtable of analysts discusses tech disruptions and datacenter growth, and how Europe factors in.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's European Head of Research Product. Today we return to my conversation with Adam Wood. Head of European Technology and Payments, Emmet Kelly, Head of European Telco and Data Centers, and Lee Simpson, Head of European Technology. We were live on stage at Morgan Stanley's 25th TMT Europe conference. We had so much to discuss around the themes of AI enablers, semiconductors, and telcos. So, we are back with a concluding episode on tech disruption and data center investments. It's Thursday the 13th of November at 8am in Barcelona. After speaking with the panel about the U.S. being overweight AI enablers, and the pockets of opportunity in Europe, I wanted to ask them about AI disruption, which has been a key theme here in Europe. I started by asking Adam how he was thinking about this theme. Adam Wood: It's fascinating to see this year how we've gone in most of those sectors to how positive can GenAI be for these companies? How well are they going to monetize the opportunities? How much are they going to take advantage internally to take their own margins up? To flipping in the second half of the year, mainly to, how disruptive are they going to be? And how on earth are they going to fend off these challenges? Paul Walsh: And I think that speaks to the extent to which, as a theme, this has really, you know, built momentum. Adam Wood: Absolutely. And I mean, look, I think the first point, you know, that you made is absolutely correct – that it's very difficult to disprove this. It's going to take time for that to happen. It's impossible to do in the short term. I think the other issue is that what we've seen is – if we look at the revenues of some of the companies, you know, and huge investments going in there. And investors can clearly see the benefit of GenAI. And so investors are right to ask the question, well, where's the revenue for these businesses? You know, where are we seeing it in info services or in IT services, or in enterprise software. And the reality is today, you know, we're not seeing it. And it's hard for analysts to point to evidence that – well, no, here's the revenue base, here's the benefit that's coming through. And so, investors naturally flip to, well, if there's no benefit, then surely, we should focus on the risk. So, I think we totally understand, you know, why people are focused on the negative side of things today. I think there are differences between the sub-sectors. I mean, I think if we look, you know, at IT services, first of all, from an investor point of view, I think that's been pretty well placed in the losers' buckets and people are most concerned about that sub-sector… Paul Walsh: Something you and the global team have written a lot about. Adam Wood: Yeah, we've written about, you know, the risk of disruption in that space, the need for those companies to invest, and then the challenges they face. But I mean, if we just keep it very, very simplistic. If Gen AI is a technology that, you know, displaces labor to any extent – companies that have played labor arbitrage and provide labor for the last 20 - 25 years, you know, they're going to have to make changes to their business model. So, I think that's understandable. And they're going to have to demonstrate how they can change and invest and produce a business model that addresses those concerns. I'd probably put info services in the middle. But the challenge in that space is you have real identifiable companies that have emerged, that have a revenue base and that are challenging a subset of the products of those businesses. So again, it's perfectly understandable that investors would worry. In that context, it's not a potential threat on the horizon. It's a real threat that exists today against certainly their businesses. I think software is probably the most interesting. I'd put it in the kind of final bucket where I actually believe… Well, I think first of all, we certainly wouldn't take the view that there's no risk of disruption and things aren't going to change. Clearly that is going to be the case. I think what we'd want to do though is we'd want to continue to use frameworks that we've used historically to think about how software companies differentiate themselves, what the barriers to entry are. We don't think we need to throw all of those things away just because we have GenAI, this new set of capabilities. And I think investors will come back most easily to that space. Paul Walsh: Emett, you talked a little bit there before about the fact that you haven't seen a huge amount of progress or additional insight from the telco space around AI; how AI is diffusing across the space. Do you get any discussions around disruption as it relates to telco space? Emmet Kelly: Very, very little. I think the biggest threat that telcos do see is – it is from the hyperscalers. So, if I look at and separate the B2C market out from the B2B, the telcos are still extremely dominant in the B2C space, clearly. But on the B2B space, the hyperscalers have come in on the cloud side, and if you look at their market share, they're very, very dominant in cloud – certainly from a wholesale perspective. So, if you look at the cloud market shares of the big three hyperscalers in Europe, this number is courtesy of my colleague George Webb. He said it's roughly 85 percent; that's how much they have of the cloud space today. The telcos, what they're doing is they're actually reselling the hyperscale service under the telco brand name. But we don't see much really in terms of the pure kind of AI disruption, but there are concerns definitely within the telco space that the hyperscalers might try and move from the B2B space into the B2C space at some stage. And whether it's through virtual networks, cloudified networks, to try and get into the B2C space that way. Paul Walsh: Understood. And Lee maybe less about disruption, but certainly adoption, some insights from your side around adoption across the tech hardware space? Lee Simpson: Sure. I think, you know, it's always seen that are enabling the AI move, but, but there is adoption inside semis companies as well, and I think I'd point to design flow. So, if you look at the design guys, they're embracing the agentic system thing really quickly and they're putting forward this capability of an agent engineer, so like a digital engineer. And it – I guess we've got to get this right. It is going to enable a faster time to market for the design flow on a chip. So, if you have that design flow time, that time to market. So, you're creating double the value there for the client. Do you share that 50-50 with them? So, the challenge is going to be exactly as Adam was saying, how do you monetize this stuff? So, this is kind of the struggle that we're seeing in adoption. Paul Walsh: And Emmett, let's move to you on data centers. I mean, there are just some incredible numbers that we've seen emerging, as it relates to the hyperscaler investment that we're seeing in building out the infrastructure. I know data centers is something that you have focused tremendously on in your research, bringing our global perspectives together. Obviously, Europe sits within that. And there is a market here in Europe that might be more challenged. But I'm interested to understand how you're thinking about framing the whole data center story? Implications for Europe. Do European companies feed off some of that U.S. hyperscaler CapEx? How should we be thinking about that through the European lens? Emmet Kelly: Yeah, absolutely. So, big question, Paul. What… Paul Walsh: We've got a few minutes! Emmet Kelly: We've got a few minutes. What I would say is there was a great paper that came out from Harvard just two weeks ago, and they were looking at the scale of data center investments in the United States. And clearly the U.S. economy is ticking along very, very nicely at the moment. But this Harvard paper concluded that if you take out data center investments, U.S. economic growth today is actually zero. Paul Walsh: Wow. Emmet Kelly: That is how big the data center investments are. And what we've said in our research very clearly is if you want to build a megawatt of data center capacity that's going to cost you roughly $35 million today. Let's put that number out there. 35 million. Roughly, I'd say 25… Well, 20 to 25 million of that goes into the chips. But what's really interesting is the other remaining $10 million per megawatt, and I like to call that the picks and shovels of data centers; and I'm very convinced there is no bubble in that area whatsoever.So, what's in that area? Firstly, the first building block of a data center is finding a powered land bank. And this is a big thing that private equity is doing at the moment. So, find some real estate that's close to a mass population that's got a good fiber connection. Probably needs a little bit of water, but most importantly needs some power. And the demand for that is still infinite at the moment. Then beyond that, you've got the construction angle and there's a very big shortage of labor today to build the shells of these data centers. Then the third layer is the likes of capital goods, and there are serious supply bottlenecks there as well.And I could go on and on, but roughly that first $10 million, there's no bubble there. I'm very, very sure of that. Paul Walsh: And we conducted some extensive survey work recently as part of your analysis into the global data center market. You've sort of touched on a few of the gating factors that the industry has to contend with. That survey work was done on the operators and the supply chain, as it relates to data center build out. What were the key conclusions from that? Emmet Kelly: Well, the key conclusion was there is a shortage of power for these data centers, and… Paul Walsh: Which I think… Which is a sort of known-known, to some extent. Emmet Kelly: it is a known-known, but it's not just about the availability of power, it's the availability of green power. And it's also the price of power is a very big factor as well because energy is roughly 40 to 45 percent of the operating cost of running a data center. So, it's very, very important. And of course, that's another area where Europe doesn't screen very well.I was looking at statistics just last week on the countries that have got the highest power prices in the world. And unsurprisingly, it came out as UK, Ireland, Germany, and that's three of our big five data center markets. But when I looked at our data center stats at the beginning of the year, to put a bit of context into where we are…Paul Walsh: In Europe… Emmet Kelly: In Europe versus the rest. So, at the end of [20]24, the U.S. data center market had 35 gigawatts of data center capacity. But that grew last year at a clip of 30 percent. China had a data center bank of roughly 22 gigawatts, but that had grown at a rate of just 10 percent. And that was because of the chip issue. And then Europe has capacity, or had capacity at the end of last year, roughly 7 to 8 gigawatts, and that had grown at a rate of 10 percent. Now, the reason for that is because the three big data center markets in Europe are called FLAP-D. So, it's Frankfurt, London, Amsterdam, Paris, and Dublin. We had to put an acronym on it. So, Flap-D. Good news. I'm sitting with the tech guys. They've got even more acronyms than I do, in their sector, so well done them. Lee Simpson: Nothing beats FLAP-D. Paul Walsh: Yes. Emmet Kelly: It's quite an achievement. But what is interesting is three of the big five markets in Europe are constrained. So, Frankfurt, post the Ukraine conflict. Ireland, because in Ireland, an incredible statistic is data centers are using 25 percent of the Irish power grid. Compared to a global average of 3 percent.Now I'm from Dublin, and data centers are running into conflict with industry, with housing estates. Data centers are using 45 percent of the Dublin grid, 45. So, there's a moratorium in building data centers there. And then Amsterdam has the classic semi moratorium space because it's a small country with a very high population. So, three of our five markets are constrained in Europe. What is interesting is it started with the former Prime Minister Rishi Sunak. The UK has made great strides at attracting data center money and AI capital into the UK and the current Prime Minister continues to do that. So, the UK has definitely gone; moved from the middle lane into the fast lane. And then Macron in France. He hosted an AI summit back in February and he attracted over a 100 billion euros of AI and data center commitments. Paul Walsh: And I think if we added up, as per the research that we published a few months ago, Europe's announced over 350 billion euros, in proposed investments around AI. Emmet Kelly: Yeah, absolutely. It's a good stat. Now where people can get a little bit cynical is they can say a couple of things. Firstly, it's now over a year since the Mario Draghi report came out. And what's changed since? Absolutely nothing, unfortunately. And secondly, when I look at powering AI, I like to compare Europe to what's happening in the United States. I mean, the U.S. is giving access to nuclear power to AI. It started with the three Mile Island… Paul Walsh: Yeah. The nuclear renaissance is… Emmet Kelly: Nuclear Renaissance is absolutely huge. Now, what's underappreciated is actually Europe has got a massive nuclear power bank. It's right up there. But unfortunately, we're decommissioning some of our nuclear power around Europe, so we're going the wrong way from that perspective. Whereas President Trump is opening up the nuclear power to AI tech companies and data centers. Then over in the States we also have gas and turbines. That's a very, very big growth area and we're not quite on top of that here in Europe. So, looking at this year, I have a feeling that the Americans will probably increase their data center capacity somewhere between – it's incredible – somewhere between 35 and 50 percent. And I think in Europe we're probably looking at something like 10 percent again. Paul Walsh: Okay. Understood. Emmet Kelly: So, we're growing in Europe, but we're way, way behind as a starting point. And it feels like the others are pulling away. The other big change I'd highlight is the Chinese are really going to accelerate their data center growth this year as well. They've got their act together and you'll see them heading probably towards 30 gigs of capacity by the end of next year. Paul Walsh: Alright, we're out of time. The TMT Edge is alive and kicking in Europe. I want to thank Emmett, Lee and Adam for their time and I just want to wish everybody a great day today. Thank you.(Applause) That was my conversation with Adam, Emmett and Lee. Many thanks again to them. Many thanks again to them for telling us about the latest in their areas of research and to the live audience for hearing us out. And a thanks to you as well for listening. Let us know what you think about this and other episodes by living us a review wherever you get your podcasts. And if you enjoy listening to Thoughts on the Market, please tell a friend or colleague about the podcast today.
Live from Morgan Stanley's European Tech, Media and Telecom conference in Barcelona, our roundtable of analysts discuss artificial intelligence in Europe, and how the region could enable the Agentic AI wave.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's European head of research product. We are bringing you a special episode today live from Morgan Stanley's, 25th European TMT Conference, currently underway. The central theme we're focused on: Can Europe keep up from a technology development perspective?It's Wednesday, November the 12th at 8:00 AM in Barcelona. Earlier this morning I was live on stage with my colleagues, Adam Wood, Head of European Technology and Payments, Emmet Kelly, Head of European Telco and Data Centers, and Lee Simpson, Head of European Technology Hardware. The larger context of our conversation was tech diffusion, one of our four key themes that we've identified at Morgan Stanley Research for 2025. For the panel, we wanted to focus further on agentic AI in Europe, AI disruption as well as adoption, and data centers. We started off with my question to Adam. I asked him to frame our conversation around how Europe is enabling the Agentic AI wave. Adam Wood: I mean, I think obviously the debate around GenAI, and particularly enterprise software, my space has changed quite a lot over the last three to four months. Maybe it's good if we do go back a little bit to the period before that – when everything was more positive in the world. And I think it is important to think about, you know, why we were excited, before we started to debate the outcomes. And the reason we were excited was we've obviously done a lot of work with enterprise software to automate business processes. That's what; that's ultimately what software is about. It's about automating and standardizing business processes. They can be done more efficiently and more repeatably. We'd done work in the past on RPA vendors who tried to take the automation further. And we were getting numbers that, you know, 30 – 40 percent of enterprise processes have been automated in this way. But I think the feeling was it was still the minority. And the reason for that was it was quite difficult with traditional coding techniques to go a lot further. You know, if you take the call center as a classic example, it's very difficult to code what every response is going to be to human interaction with a call center worker. It's practically impossible. And so, you know, what we did for a long time was more – where we got into those situations where it was difficult to code every outcome, we'd leave it with labor. And we'd do the labor arbitrage often, where we'd move from onshore workers to offshore workers, but we'd still leave it as a relatively manual process with human intervention in it. I think the really exciting thing about GenAI is it completely transforms that equation because if the computers can understand natural human language, again to our call center example, we can train the models on every call center interaction. And then first of all, we can help the call center worker predict what the responses are going to be to incoming queries. And then maybe over time we can even automate that role. I think it goes a lot further than, you know, call center workers. We can go into finance where a lot of work is still either manual data re-entry or a remediation of errors. And again, we can automate a lot more of those tasks. That's obviously where, where SAP's involved. But basically what I'm trying to say is if we expand massively the capabilities of what software can automate, surely that has to be good for the software sector that has to expand the addressable markets of what software companies are going to be able to do. Now we can have a secondary debate around: Is it going to be the incumbents, is it going to be corporates that do more themselves? Is it going to be new entrants that that benefit from this? But I think it's very hard to argue that if you expand dramatically the capabilities of what software can do, you don't get a benefit from that in the sector. Now we're a little bit more consumer today in terms of spending, and the enterprises are lagging a little bit. But I think for us, that's just a question of timing. And we think we'll see that come through.I'll leave it there. But I think there's lots of opportunities in software. We're probably yet to see them come through in numbers, but that shouldn't mean we get, you know, kind of, we don't think they're going to happen. Paul Walsh: Yeah. We're going to talk separately about AI disruption as we go through this morning's discussion. But what's the pushback you get, Adam, to this notion of, you know, the addressable market expanding? Adam Wood: It's one of a number of things. It's that… And we get onto the kind of the multiple bear cases that come up on enterprise software. It would be some combination of, well, if coding becomes dramatically cheaper and we can set up, you know, user interfaces on the fly in the morning, that can query data sets; and we can access those data sets almost in an automated way. Well, maybe companies just do this themselves and we move from a world where we've been outsourcing software to third party software vendors; we do more of it in-house. That would be one. The other one would be the barriers to entry of software have just come down dramatically. It's so much easier to write the code, to build a software company and to get out into the market. That it's going to be new entrants that challenge the incumbents. And that will just bring price pressure on the whole market and bring… So, although what we automate gets bigger, the price we charge to do it comes down. The third one would be the seat-based pricing issue that a lot of software vendors to date have expressed the value they deliver to customers through. How many seats of the software you have in house. Well, if we take out 10 – 20 percent of your HR department because we make them 10, 20, 30 percent more efficient. Does that mean we pay the software vendor 10, 20, 30 percent less? And so again, we're delivering more value, we're automating more and making companies more efficient. But the value doesn't accrue to the software vendors. It's some combination of those themes I think that people would worry about. Paul Walsh: And Lee, let's bring you into the conversation here as well, because around this theme of enabling the agentic AI way, we sort of identified three main enabler sectors. Obviously, Adam's with the software side. Cap goods being the other one that we mentioned in the work that we've done. But obviously semis is also an important piece of this puzzle. Walk us through your thoughts, please. Lee Simpson: Sure. I think from a sort of a hardware perspective, and really we're talking about semiconductors here and possibly even just the equipment guys, specifically – when seeing things through a European lens. It's been a bonanza. We've seen quite a big build out obviously for GPUs. We've seen incredible new server architectures going into the cloud. And now we're at the point where we're changing things a little bit. Does the power architecture need to be changed? Does the nature of the compute need to change? And with that, the development and the supply needs to move with that as well. So, we're now seeing the mantle being picked up by the AI guys at the very leading edge of logic. So, someone has to put the equipment in the ground, and the equipment guys are being leaned into. And you're starting to see that change in the order book now. Now, I labor this point largely because, you know, we'd been seen as laggards frankly in the last couple of years. It'd been a U.S. story, a GPU heavy story. But I think for us now we're starting to see a flipping of that and it's like, hold on, these are beneficiaries. And I really think it's 'cause that bow wave has changed in logic. Paul Walsh: And Lee, you talked there in your opening remarks about the extent to which obviously the focus has been predominantly on the U.S. ways to play, which is totally understandable for global investors. And obviously this has been an extraordinary year of ups and downs as it relates to the tech space. What's your sense in terms of what you are getting back from clients? Is the focus shifts may be from some of those U.S. ways to play to Europe? Are you sensing that shift taking place? How are clients interacting with you as it relates to the focus between the opportunities in the U.S. and Asia, frankly, versus Europe? Lee Simpson: Yeah. I mean, Europe's coming more into debate. It's more; people are willing to talk to some of the players. We've got other players in the analog space playing into that as well. But I think for me, if we take a step back and keep this at the global level, there's a huge debate now around what is the size of build out that we need for AI? What is the nature of the compute? What is the power pool? What is the power budgets going to look like in data centers? And Emmet will talk to that as well. So, all of that… Some of that argument's coming now and centering on Europe. How do they play into this? But for me, most of what we're finding people debate about – is a 20-25 gigawatt year feasible for [20]27? Is a 30-35 gigawatt for [20]28 feasible? And so, I think that's the debate line at this point – not so much as Europe in the debate. It's more what is that global pool going to look like? Paul Walsh: Yeah. This whole infrastructure rollout's got significant implications for your coverage universe… Lee Simpson: It does. Yeah. Paul Walsh: Emmet, it may be a bit tangential for the telco space, but was there anything you wanted to add there as it relates to this sort of agentic wave piece from a telco's perspective? Emmet Kelly: Yeah, there's a consensus view out there that telcos are not really that tuned into the AI wave at the moment – just from a stock market perspective. I think it's fair to say some telcos have been a source of funds for AI and we've seen that in a stock market context, especially in the U.S. telco space, versus U.S. tech over the last three to six months, has been a source of funds. So, there are a lot of question marks about the telco exposure to AI. And I think the telcos have kind of struggled to put their case forward about how they can benefit from AI. They talked 18 months ago about using chatbots. They talked about smart networks, et cetera, but they haven't really advanced their case since then. And we don't see telcos involved much in the data center space. And that's understandable because investing in data centers, as we've written, is extremely expensive. So, if I rewind the clock two years ago, a good size data center was 1 megawatt in size. And a year ago, that number was somewhere about 50 to 100 megawatts in size. And today a big data center is a gigawatt. Now if you want to roll out a 100 megawatt data center, which is a decent sized data center, but it's not huge – that will cost roughly 3 billion euros to roll out. So, telcos, they've yet to really prove that they've got much positive exposure to AI. Paul Walsh: That was an edited excerpt from my conversation with Adam, Emmet and Lee. Many thanks to them for taking the time out for that discussion and the live audience for hearing us out.We will have a concluding episode tomorrow where we dig into tech disruption and data center investments. So please do come back for that very topical conversation. As always, thanks for listening. Let us know what you think about this and other episodes by leaving us a review wherever you get your podcasts. And if you enjoy Thoughts on the Market, please tell a friend or colleague to tune in today.
The walls are closing in on Sam Altman. He's irritable in interviews. Dodgy about reasonable questions given the amount of BS he spews almost daily. This week we're taking a look at the recent drama surrounding Sam and his CFO, who suggested that OpenAI might lean on the US government as a "lender of last resort". Plus, Michael Burry has a new short thesis, and he's vocal about it. WATCH THE FIRST EPISODE OF EMIL'S NEW SHOW! https://www.youtube.com/watch?v=wWED3Qultfc OUR NEW CREDIT CARD SITE IS LIVE!!! Go get that AMEX card baby! https://thecreditcardlist.com Give this video a thumbs up if you enjoyed it! And please leave us a comment! It helps us! ***Ben's new movies and tv podcast with Dillon is OUT NOW! GO WATCH the latest episode on HORROR MOVIES: https://youtu.be/2p0gjv4hZ4s?si=Cll7WAk7bcHkGJu2 **CHECK OUT EMIL'S LIVESTREAMS HERE: https://www.youtube.com/emilderosa Support us and get bonus content, ad-free versions and more plus your first 7 days free at https://benandemilshow.com __ SOME OTHER VIDEOS YOU MAY ENJOY: That's Cringe of Cody Ko: https://youtu.be/dTbEk0pVh2w Our AUSTIN VIDEO: https://youtu.be/yGSs56bFzRU Our episode with Kyla Scanlon: https://youtu.be/cIHWkY35cuc Big Tech is out of ideas (ft. ED ZITRON): https://youtu.be/zBvVGHZBpMw Arguing with a millionaire (ft. Chris Camillo): https://youtu.be/1ZUWTkWV_MM We bought suits HERE: https://youtu.be/_cM1XqA9n2U ***LINK TO OUR DISCORD: https://discord.gg/CjujBt8g ***Subscribe to Emil's Substack: https://substack.com/@emilderosa ***Trade with Ben at https://tradertreehouse.com __ MOOMOO: Click this link https://start.moomoo.com/BAES to get up to $1,000 in free stock when you make a qualified deposit. Terms and Conditions apply. Securities are offered through Moomoo Financial Inc. (MFI), Member FINRA/SIPC. The creator is a paid influencer and is not affiliated with MFI and their experiences may not be representative of other moomoo users. Investing is risky. See full disclosures at https://invest.us.moomoo.com/_disclosure CASHAPP: Download Cash App Today: https://capl.onelink.me/vFut/zd0taway #cashapppod. Cash App is a financial services platform, not a bank. Banking services provided by Cash App's bank partner(s). Prepaid debit cards issued by Sutton Bank, Member FDIC. See terms and conditions at https://cash.app/legal/us/en-us/card-agreement. Direct Deposit, Overdraft Coverage and Discounts provided by Cash App, a Block, Inc. brand. Visit http://cash.app/legal/podcast for full disclosures. BOOKING.COM: If your vacation rental isn't listed on Booking.com, it could be invisible to MILLIONS of travelers searching online! Don't miss out on consistent bookings and global reach. Head to Booking.com and start your listing today. Get seen. Get Booked on Booking.com. FACTOR MEALS: Eat smart at https://factormeals.com/baes50off and use code "baes50off" to get 50% off your first box, PLUS FREE BREAKFAST FOR ONE YEAR! __ Follow us on instagram! @ benandemilshow @ bencahn @ emilderosa Learn more about your ad choices. Visit podcastchoices.com/adchoices
Grant Lee is the co-founder of Gamma, the AI-powered presentation tool that's one of the hottest and most interesting AI startups in the world right now. They're valued at over $2 billion, and they hit $100 million ARR in just over two years, with a lean team of just around 30 people. Unlike many fast-growing AI startups, Gamma has been profitable for most of its history, has not raised significant funding, and they built a massive business in a category most investors dismissed. In fact, one investor told Grant his idea was “the dumbest idea he had ever heard.”We discuss:• How Gamma found product-market fit by rethinking their onboarding• Their process for building a “word-of-mouth machine”• How they leveraged more than 1,000 micro-influencers instead of big names• Why focusing on the “first 30 seconds” transformed their business• Their approach to pricing that led to profitability within months• How Grant thinks about building a durable “GPT wrapper” business—Brought to you by:Vanta—Automate compliance. Simplify security.Justworks—The all-in-one HR solution for managing your small business with confidenceMiro—A collaborative visual platform where your best work comes to life—Where to find Grant Lee:• X: https://x.com/thisisgrantlee• LinkedIn: https://www.linkedin.com/in/grantslee—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Introduction to Grant Lee and Gamma(05:59) The founding story of Gamma(09:52) Achieving product-market fit(15:43) Self-awareness as a founder(17:17) The power of onboarding(20:41) The original insight that led to Gamma(22:42) Founder-led marketing and growth tactics(29:20) Sharing online(37:40) Getting to $100M ARR(41:19) Influencer marketing as a growth strategy(54:08) Virality is not an accident(58:30) Investing in brand before paid ads(01:02:04) Tips for getting started with performance marketing(01:04:49) Prototyping and user feedback(01:16:12) Adapting and moving quickly(01:19:21) The concept of GPT wrapper companies(01:22:16) Deep dive into workflow and model utilization(01:29:06) Pricing strategies(01:34:53) Hiring philosophy and practices(01:43:24) Betting big on high performers(01:45:03) Final thoughts and lightning round—References: https://www.lennysnewsletter.com/p/how-50-people-built-a-profitable-ai-unicorn—Lenny may be an investor in the companies discussed. To hear more, visit www.lennysnewsletter.com
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