Podcasts about ipo

Mark A. Beck earned a BA in Business and Japanese Language from Pacific University and an MBA from Harvard Business School. Over his three-decade corporate career, he served in executive leadership at Corning Incorporated, as Executive Vice President at Danaher Corporation, and as President and CEO of JELD-WEN, guiding the company through its IPO. Today, Mark owns three manufacturing companies, co-chairs KDC/ONE, and serves as board chair for Accendra Health (formerly Owens & Minor) and IDEX Corporation. Passionate about servant leadership, he serves as faculty for the Adler Fellowship Program and has taught strategic leadership of innovation as a Visiting Professor of Practice at Cornell University. Adrienne and Mark have been married for 38 years. They reside in Matthews, North Carolina, and are the parents of five children and two grandchildren. Together, they navigated unique life blessings, including caring for their youngest son, Wesley, who was born with a rare health condition and expected to live only a few months. Wesley lived for 20 years through many miracles and Adrienne's devoted caregiving. Following his passing, Adrienne resumed her educational goals and is on track to earn her bachelor's degree later this year. Deeply committed to faith, family, and community, both Mark and Adrienne have spent years serving in Church leadership—Mark previously served as a stake president, and Adrienne as a stake Young Women president and two-time ward Primary president. Today, the couple serve side-by-side as branch president and YSA advisor for the Hemby Young Single Adult Branch in the greater Charlotte area. Beyond hosting regular home dinners and monthly “Friday Night Hangouts,” they pioneered a stake-wide mentorship program that connects young adults with community members to provide life guidance, career coaching, trade school support, and spiritual growth for the rising generation. Links Watch the video and share your thoughts in the Zion Lab community Transcript available with the video in the Zion Lab community Highlights Mark and Adrienne Beck discuss their experiences as leaders of the Hemby Young Single Adult (YSA) branch in North Carolina. They share innovative approaches to building community and mentorship within their branch, emphasizing the importance of connection and support for young adults. Key Insights Community Building: The Becks highlight the significance of creating a welcoming and inclusive environment for YSA members, focusing on fostering a culture of acceptance and belonging. Mentorship Program: They implemented a mentorship initiative that pairs YSA members with older, experienced Latter-day Saints from the stake, providing guidance and support tailored to individual needs. Cultural Shift: The branch has cultivated a culture where members feel safe to share their struggles openly, leading to authentic testimony meetings that encourage vulnerability and connection. Diversity and Inclusion: The branch serves a diverse group of young adults, addressing various socioeconomic backgrounds and personal challenges, which enriches the community experience. Flexible Leadership: The Becks emphasize the importance of adapting leadership styles to meet the unique needs of their members, allowing for a more personalized approach to support and guidance. Leadership Applications Encouraging Mentorship: Latter-day Saint leaders can consider establishing mentorship programs within their congregations, pairing experienced members with those seeking guidance, which can alleviate the burden on leaders and provide essential support to individuals. Creating Safe Spaces: Leaders should foster environments where members feel comfortable sharing their experiences and challenges, promoting open dialogue and community support. Emphasizing Connection: By organizing regular social gatherings and informal meetings, leaders can strengthen relationships among members, enhancing the sense of belonging and community within the ward or branch. 00:03:32 – Background of the Hemby YSA Branch 00:04:07 – Establishing the YSA Branch 00:06:23 – Initial Concerns and Faith in the Process 00:08:02 – Personal Challenges and Extended Service 00:09:07 – The Calling Experience 00:10:00 – Passion for Serving Young Single Adults 00:10:44 – Building the Branch Council 00:12:06 – Creating a Positive Culture 00:14:04 – Strategies for Inclusion and Connection 00:15:41 – Unique Practices in the Branch 00:18:23 – Emphasizing Community and Togetherness 00:20:35 – Authentic Testimonies and Sharing 00:22:28 – Diversity and Its Impact on Leadership 00:23:30 – The Burden of Leadership 00:26:51 – Establishing a Mentoring Program 00:29:11 – Typical Scenarios for Mentorship 00:30:04 – Examples of Mentorship Success 00:31:27 – Adjusting the Mentorship Approach 00:32:50 – The Role of Stake Leadership 00:34:02 – Flexibility in Mentorship Pairings 00:36:10 – Navigating Challenges and Support 00:39:34 – The Impact of Community Support 00:40:54 – Encouragement for Other Leaders The award-winning Leading Saints Podcast is one of the top independent Latter-day Saints podcasts as part of nonprofit Leading Saints’ mission to help Latter-day Saints be better prepared to lead. Find Leadership Tools, Courses, and Community for Latter-day Saint leaders in the Zion Lab community. Learn more and listen to any of the past episodes for free at LeadingSaints.org. Past guests include Emily Belle Freeman, David Butler, Hank Smith, John Bytheway, Reyna and Elena Aburto, Liz Wiseman, Stephen M. R. Covey, Benjamin Hardy, Elder Alvin F. Meredith III, Julie Beck, Brad Wilcox, Jody Moore, Tony Overbay, John H. Groberg, Elaine Dalton, Tad R. Callister, Lynn G. Robbins, J. Devn Cornish, Bonnie Oscarson, Dennis B. Neuenschwander, Kirby Heyborne, Taysom Hill, Coaches Jennifer Rockwood and Brandon Doman, Anthony Sweat, John Hilton III, Barbara Morgan Gardner, Blair Hodges, Whitney Johnson, Ryan Gottfredson, Greg McKeown, Ganel-Lyn Condie, Michael Goodman, Wendy Ulrich, Richard Ostler, and many more in over 800 episodes. Discover podcasts, articles, virtual conferences, and live events related to callings such as the bishopric, Relief Society, elders quorum, Primary, youth leadership, stake leadership, ward mission, ward council, young adults, ministering, and teaching.

This Week In Startups is made possible by: PayPal Open https://paypalopen.com CLA https://claconnect.com/withyou Odoo https://Odoo.com/twist Today's show: *Anthropic is likely headed for the largest IPO in history. A reported 2-3 trillion October debut would blow past SpaceX's recent record. Jason breaks down why the. numbers matter less than what they'll reveal about the entire AI economy. Then, chats with a pair of founders: one who's selling subscription water filtration systems that will keep microplastics out of your brain (and other body parts), and another who's building the AI software that powers automated solar panel installation. Guests Sami Khoreibi: https://x.com/samikhoreibi Wisewell: https://www.wisewell.com/ Puneet Puri: https://x.com/puneetp Gritt Robotics: https://www.gritt.ai/ Relevant Links Fortune: Anthropic reportedly plans $2T IPO in October: https://fortune.com/2026/08/13/anthropic-ipo-2-trillion-october-largest-ever-spacex/ Ramp AI Index: August update: https://ramp.com/data/ai-index-august-2026 Decart: https://decart.ai/ Bloomberg: Anthropic in talks to buy Decart: https://www.bloomberg.com/news/articles/2026-08-13/anthropic-said-in-talks-to-buy-ai-startup-decart-for-6-billion Nat Geo: Profile of water sommelier Martin Riese: https://www.nationalgeographic.com/travel/article/water-sommelier-martin-riese Mailman School of Public Health: Nanoplastics study: https://www.publichealth.columbia.edu/news/bottled-water-can-contain-hundreds-thousands-nanoplastics Bryan Johnson microplastics post: https://x.com/bryan_johnson/status/1937194358027190637?lang=en Topo Chico: https://www.coca-cola.com/us/en/brands/topo-chico San Pellegrino: https://www.sanpellegrino.com/ Acqua Panna: https://www.acquapanna.com/intl/ Evian: https://www.evian.com/ Mountain Valley Spring Water: https://mountainvalleyspring.com Fiji Water: https://www.fijiwater.com/ TechCrunch: Gritt exits stealth: https://techcrunch.com/2026/07/21/gritt-exits-stealth-with-34-million-for-robots-to-build-solar-plants-then-everything-else/ Our World in Data: Solar panel prices: https://ourworldindata.org/grapher/solar-pv-prices Our World in Data: Solar module prices vs. cumulative capacity: https://ourworldindata.org/grapher/solar-pv-prices-vs-cumulative-capacity NYT: Do your emojis make you look old? https://www.nytimes.com/interactive/2026/08/12/upshot/emoji-generations.html DJI Mic 3: https://www.dji.com/mic-3 Ted Lasso S4 trailer: https://www.youtube.com/watch?v=Kk1KdTMhFs8 Lanterns trailer: https://www.youtube.com/watch?v=7UIBOsuUwc4 Furious trailer: https://www.youtube.com/watch?v=UBSqPDxmNZs The Shards trailer: https://www.youtube.com/watch?v=Zpm9HUOrZIc Sporked: What are Tim Tams? https://sporked.com/article/what-are-tim-tams/ Timestamps: 0:00 New Segment: "Enough Already!" 3:36 Anthropic's record-breaking IPO plans 9:59 Why it's "Springtime for Trump and M&A" 10:39 PayPal - Built for payments, growth, and agentic. Paypal Open, built for all business. Visit https://paypalopen.com to get started 16:00 Sami Khoreibi of Wisewell joins 17:30 Hiring a water sommelier 20:23 CLA - Innovation takes balance. CLA's CPAs, consultants, and wealth advisors can help you get from startup to where you want to end up. Get started now at https://www.claconnect.com/withyou 29:00 The problems with tap and bottled water 30:34 Odoo - The all-in-one business platform. Get started for free at https://Odoo.com/twist 49:58 Puneet Puri of Gritt Robotics joins 54:35 Solar's version of "Moore's Law" 1:05:08 Are you using the Boomer emojis? 1:09:02 Why Jason loves the DJI Mic 3 1:11:36 Jason & Lon's streaming recommendations Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com Check out the TWIST500: https://www.twist500.com Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp   Follow Lon: X: https://x.com/lons   Follow Jason: X: https://twitter.com/Jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis   Check out all our partner offers: https://partners.launch.co/   Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland   Check out Jason's suite of newsletters: https://substack.com/@calacanis   Follow TWiST: Twitter: https://twitter.com/TWiStartups YouTube: https://www.youtube.com/thisweekin Instagram: https://www.instagram.com/thisweekinstartups TikTok: https://www.tiktok.com/@thisweekinstartups Substack: https://twistartups.substack.com

#911: Billions of tariff refunds are coming back to large companies. Gen Z believes sports betting is the key to a better financial future. Candy Crush has been crushing it for 15 years. McDonald's knows how many times you ordered a Double Quarter Pounder w/ Cheese – and when you'll order it again. Anthropic sets its eyes on a massive $2 trillion IPO.  Learn more at https://www.rubrik.com/mb Grab tickets to our Performance Revue show! https://www.morningbrew.com/events/brew-performance-revue-2026?utm_campaign=performance_revue_2026&utm_source=mbd Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Plus: DeepSeek's flagship models will soon cost users four times as much to run. And Reddit is set to join the S&P 500. Danny Lewis hosts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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Elon Musk's SpaceX debuted on the Nasdaq in June with the largest IPO ever, raising a record $86 billion. But the stock has been on a wild ride ever since. Kara sits down with a panel of experts to assess SpaceX after its inaugural post-IPO earnings report and the first in a series of lockup expirations that released more than 900 million shares for trading. They break down where SpaceX is actually making money (spoiler: it's Starlink) and what its massive AI spending, xAI acquisition and increasingly expansive ambitions reveal about Musk's long-term strategy.  Ed Elson is an analyst, writer, and co-host of the Prof G Markets podcast from the Vox Media Podcast Network. Tim Higgins is a business columnist for The Wall Street Journal, a CNBC contributor, and the author of books including iWar: Fortnite, Elon Musk, Spotify, WeChat, and Laying Siege to Apple's Empire. Bethany McLean is a contributing editor at Vanity Fair, a columnist at Yahoo Finance, a CNBC contributor, and the author of books including The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron. Questions? Comments? Email us at on@voxmedia.com or find us on YouTube, Instagram, TikTok, Threads, and Bluesky @onwithkaraswisher. Come see Kara for a live taping of On at the Odoo Experience conference in San Francisco on September 2. Register for the conference on Odoo's website. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Most high-income W-2 earners eventually run into the same problem. Their income gets better, but their structure does not. Airline pilots are one of the clearest examples. They can earn exceptional money, receive strong retirement contributions, and build what looks like a very successful financial life on paper. But as the income grows, so does the constraint: almost all of it is active, highly taxable, and tied to a system that gives them very few levers to pull. And pilots are not the only ones facing this. Doctors, executives, engineers, senior tech employees, corporate leaders, and employees sitting on major equity events can all end up in the same position. A big salary, bonus, liquidity event, or IPO can create life-changing income, but if that income is still flowing through a W-2 structure, the tax problem does not disappear. In many cases, it becomes more obvious. In this episode of Money School Elite, I sit down with Ryan Gibson, former airline pilot and co-founder of Spartan Investment Group, to talk about the difference between earning more money and changing the facts of your financial life. Ryan spent 17 years as an airline pilot before building a self-storage company with 90 facilities, roughly 7.5 million square feet, and about 200 employees. He understands the high-income W-2 problem because he lived it, and his perspective goes beyond simply making more, saving more, or maxing out retirement accounts. We get into why pilots and other high earners often pay more in taxes as their income rises, how strong retirement contributions should change the way they think about excess cash flow, why ownership opens up tax advantages employees often cannot access, and how self-storage can give investors exposure to real estate without buying themselves another job. This is not really a conversation about pilots, and it is not only about self-storage. It is about how high-income earners can turn income into structure, ownership, cash flow, tax efficiency, and long-term financial control.   About the Guest Ryan Gibson is the Co-Founder, President, and Chief Investment Officer of Spartan Investment Group, a commercial real estate firm focused on self-storage and private real estate investment opportunities. A former airline pilot with 17 years of active flying experience, Ryan brings a unique perspective to wealth-building for high-income W-2 professionals, especially pilots who are earning high incomes but often facing significant tax challenges. Through Spartan Investment Group, he helps individual investors access private real estate opportunities designed to create diversification, cash flow, tax advantages, and long-term wealth outside the traditional W-2 and 401(k) framework. Spartan has grown into a national self-storage platform with 90 facilities, roughly 7.5 million square feet, and approximately 200 employees. Ryan's real estate experience spans residential development, self-storage, infill development, finance, sales, marketing, investor relations, tax foreclosures, inherited homes and estates, and real estate syndication. He is also the co-founder of Passive Income Pilots, a platform and podcast that educates pilots and other high-income professionals on passive investing, tax strategy, real estate, and building wealth beyond the paycheck.   Spartan Investment Group: spartan-investors.com Join the Free Academy: ryan@spartan-investors.com Passive Income Pilots Podcast: https://passiveincomepilots.com/ Ryan Gibson on LinkedIn: https://www.linkedin.com/in/ryan-gibson1/   About Your Host From pro-snowboarder to money mogul, Chris Naugle has dedicated his life to being America's #1 Money Mentor. With a core belief that success is built not by the resources you have, but by how resourceful you can be. Chris has built and owned 19 companies, with his businesses being featured in Forbes, ABC, House Hunters, and his very own HGTV pilot in 2018. He is the founder of The Money School™ and Money Mentor for The Money Multiplier. His success also includes managing tens of millions of dollars in assets in the financial services and advisory industry and in real estate transactions. As an innovator and visionary in wealth-building and real estate, he empowers entrepreneurs, business owners, and real estate investors with the knowledge of how money works. Chris is also a nationally recognized speaker, author, and podcast host. He has spoken to and taught over ten thousand Americans, delivering the financial knowledge that fuels lasting freedom.   Resources Private Money Guide:  https://go.moneyschoolrei.com/book-podcast Wealth Wednesday Webinar: https://go.moneyschoolrei.com/wednesday-webinar-podcast Mapping out the Millionaire Mystery:  https://go.moneyschoolrei.com/newbook-podcast    

Patrick Larkin, Partner & Practice Leader, Cerity Partners Three years after launching his independent RIA, Patrick Larkin merged with Cerity Partners—but not because that was the original plan. He explains how ownership changed the way he viewed enterprise value, optionality, and the future of his business. In Summary Going independent is often viewed as the destination. Patrick Larkin discovered it was just the beginning. Louis sits down with Patrick, Partner and Practice Leader at Cerity Partners and former founder of Oak Hill Wealth Advisors, to discuss an unconventional journey: leaving Wells Fargo to build an independent RIA, then choosing to merge that business just three years later. Rather than following a predetermined exit strategy, Patrick shares how ownership fundamentally changed the way he thought about enterprise value. A conversation with a prospective acquirer revealed that buyers weren't interested in purchasing a book of business—they were looking for a business. That realization reshaped how he invested, hired, delegated, and ultimately positioned his firm for the future. The conversation from our Build Grow & Transact series also offers a candid look at life after a merger, from evaluating cultural fit and partnership to balancing autonomy with the resources of a larger organization. More broadly, it illustrates how ownership creates optionality—and why the most valuable decision an advisor makes may not be the one they originally envisioned. The Storyline After spending nearly 15 years building a successful practice at AG Edwards, Wachovia, and Wells Fargo, Patrick Larkin launched Oak Hill Wealth Advisors in 2022 with a simple objective: build a business on his own terms. Like many advisors, he expected independence to be the final destination for a long time. But then there was the realization that ownership changes more than economics; it changes perspective. And it became the beginning of an entirely different way of thinking. As acquisition inquiries arrived sooner than expected, Patrick realized something that fundamentally changed his strategy. Sophisticated buyers weren't evaluating his client relationships as a book of business; they were evaluating Oak Hill as an enterprise. That insight shifted his priorities from maximizing short-term profitability to building a business that could thrive beyond its founder. Just three years after launching, Patrick chose to merge with Cerity Partners—not because he was looking for an exit, but because he believed it strengthened the future for his clients, his team, and his family. Louis and Patrick explore what led to that decision, how ownership increased the value of his business almost immediately, why he compares independence to an IPO, and what advisors should consider if they hope to create options for the future—even if they don't yet know what that future looks like. Topics Covered Building enterprise value versus maximizing annual income Creating optionality through ownership Leaving Wells Fargo to launch an independent RIA Why buyers value businesses more than books of business Evaluating strategic partners and acquisition opportunities The economics of independence and business valuation Life after merging with Cerity Partners Balancing autonomy with enterprise-scale resources Leadership, succession, and building beyond the founder Long-term ownership and partnership models > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why did Patrick decide to leave Wells Fargo? (11:07) Patrick explains why growing frustrations around control, firm priorities, and the ability to build his business eventually outweighed the comfort of staying put. How did going independent immediately change the value of his business? (21:42) Patrick introduces one of the episode's biggest ideas: why launching Oak Hill felt like taking a company public and how ownership increased the firm's value almost overnight. Why did Patrick sell only three years after becoming independent? (20:03) An unexpected conversation with a prospective acquirer completely changed how he viewed enterprise value and accelerated his long-term thinking. What separates a business from a book of business? (21:42) Patrick discusses why recruiting advisors, delegating client relationships, and investing beyond himself made Oak Hill more attractive to strategic buyers. Why Cerity Partners? (26:48) Rather than focusing on valuation, Cerity emphasized culture, partnership, and long-term alignment—qualities Patrick says ultimately mattered most. What is life actually like after a merger? (37:57) Patrick offers an unusually candid perspective on autonomy, leadership, and why he says he hasn't second-guessed the decision once. Key Takeaways Ownership creates opportunities that often aren't visible until after independence. Enterprise value is built by creating a business that can thrive beyond its founder. The first acquisition conversation can be valuable even if no transaction occurs. Cultural alignment may ultimately matter more than valuation when selecting a long-term partner. Independence doesn't eliminate future options—it expands them. Strategic transactions can strengthen outcomes for clients, employees, and owners simultaneously. The goal isn't simply to own a business; it's to create choices for what comes next. https://youtu.be/f7FGLGjBbyo Quotable Moments “The day Oak Hill launched felt like the business had gone public.” “Potential acquirers weren't interested in buying a book. They were interested in buying a business.” “Ownership isn't simply about control. It's about creating optionality.” “The fear of leaving is almost always worse than the actual experience of leaving.” FAQs Why did Patrick Larkin merge with Cerity Partners only three years after launching his RIA? Patrick explains that independence changed how he viewed enterprise value. After learning what sophisticated buyers were actually looking for, he intentionally built Oak Hill as a business rather than simply managing for annual profitability. Why does Patrick compare independence to an IPO? Because ownership immediately transformed the economic value of his practice. Rather than participating in an internal succession model, he owned an independent enterprise that carried substantially greater market value. What changed after Patrick became independent? Beyond gaining control, he began making decisions through the lens of enterprise value—investing in advisors, systems, and infrastructure that would make the business less dependent on him personally. What made Cerity Partners stand out? Patrick cites the firm's culture, partnership model, meritocracy, long-term vision, and ability to combine local autonomy with enterprise-level capabilities. Is this episode only relevant for advisors considering selling? No. The broader lesson is that ownership creates flexibility. Whether an advisor ultimately remains independent or joins another organization, understanding how enterprise value is created can influence decisions from day one. What is the biggest lesson Patrick hopes advisors take away? That independence isn't simply about leaving a firm. It's about creating the ability to choose what comes next on your own terms. Patrick explains that independence changed how he viewed enterprise value. After learning what sophisticated buyers were actually looking for, he intentionally built Oak Hill as a business rather than simply managing for annual profitability. Because ownership immediately transformed the economic value of his practice. Rather than participating in an internal succession model, he owned an independent enterprise that carried substantially greater market value. Beyond gaining control, he began making decisions through the lens of enterprise value—investing in advisors, systems, and infrastructure that would make the business less dependent on him personally. Patrick cites the firm's culture, partnership model, meritocracy, long-term vision, and ability to combine local autonomy with enterprise-level capabilities. No. The broader lesson is that ownership creates flexibility. Whether an advisor ultimately remains independent or joins another organization, understanding how enterprise value is created can influence decisions from day one. That independence isn't simply about leaving a firm. It's about creating the ability to choose what comes next on your own terms. Related Resources From Start-Up to $31B Behemoth RIA: The Catalysts Behind the Growth of Mega-Firm Cerity Partners Ownership Matters: What Advisors Need to Know When Evaluating Firms Top Tips for Setting Your Business Up for Success Years Before a Move Patrick LarkinPartner and Practice Leader Patrick is a Partner and Practice Leader in the Lansdowne, VA office. He is a member of the Lansdowne Practice, where he works closely with families, foundations, and non-profits to help them define and achieve their financial goals with clarity and confidence. With a deep specialization in retirement income distribution planning and complex risk and wealth management strategies, Patrick is known for helping clients simplify complicated financial decisions, reduce uncertainty, and build sustainable, long-term plans. His approach emphasizes fiduciary responsibility, transparency, and personalized guidance — ensuring clients always feel informed and empowered. Prior to joining Cerity Partners, Patrick was the founding member of Oak Hill Wealth Advisors, where he built a highly respected independent advisory practice that earned the trust of families, professionals, and mission-driven organizations across the region. His leadership was instrumental in shaping a client-first culture that continues today. Patrick's work is rooted in a passion for long-term relationships — guiding clients not just through markets, but through life's milestones such as retirement, business transitions, philanthropic planning, and wealth transfer across generations. He takes pride in being both a strategic advisor and a steady partner to the people he serves. Patrick lives in Bluemont, VA, with his wife Angela, their two children, Paige and Sean, and their Golden Retrievers, Huckleberry and Genoa. Outside of the office, Patrick and his family enjoy an active lifestyle — whether it's hiking and backpacking on the Appalachian Trail, biking the Great Allegheny Passage, or sailing on the Chesapeake Bay. These experiences reflect his belief in balance, resilience, and enjoying the journey — values he also brings to his work with clients. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. View the transcript of this episode… Build, Grow & Transact: From Breakaway to Transaction in 3 Years A conversation with Louis Diamond and Patrick Larkin, Partner & Practice Leader at Cerity Partners.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: From Breakaway to Transaction in 3 Years. It’s a conversation with Patrick Larkin, Partner and Practice Leader at Cerity Partners. I’m Louis Diamond, and this is The Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education-driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual Advisor Transition Report. It’s the award-winning, data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: Ownership as a way of creating opportunities you can’t always predict. That’s exactly why we created our Build, Grow, and Transact series. Independence isn’t the end of the story. It’s often the beginning of thinking differently about enterprise value, optionality, and what comes next. Today’s guest is Patrick Larkin, Partner and Practice Leader at Cerity Partners, and formerly the founder of Oak Hill Wealth Advisors. Patrick spent nearly 15 years building a successful practice at A.G. Edwards, Wachovia, and eventually Wells Fargo before launching his own independent firm in 2022. Just three years later, he merged that firm into Cerity. At first glance, that timeline might seem surprisingly short, but as you’ll hear, the merger wasn’t a change in direction. It was the result of seeing his business differently once he owned it. Yet, it’s this perspective that really brings that thought home. Patrick said the day Oak Hill launched felt like the business had gone public because overnight, what had been viewed as a book of business became an enterprise with substantially greater value, some four to five times the value of what it was worth at Wells. And that realization changed the way he invested, the way he hired, and ultimately the way he thought about the future. Pat and I also talk about something advisors don’t often discuss candidly, what life actually looks like after a merger. How much control do you give up? What changes day to day? How do you know whether you’re joining a partner or simply selling a business? Whether your long-term plan is to remain independent forever or eventually join a larger organization, Patrick’s experience is a reminder that ownership isn’t simply about control. It’s about creating optionality and putting yourself in a position where the next decision is yours to make. So let’s get to it. Patrick, thanks for coming on our show today. Patrick Larkin: Oh, my pleasure. Nice to meet you, Louis. Louis Diamond: You too. So let’s start off basically how we start every interview. Tell us about yourself, your background, and how you found your way into our industry in the first place. Patrick Larkin: Yeah, thank you for asking. I knew I always wanted to be a financial advisor. That part really wasn’t in question, but upon graduating college and being a 22-year-old, I knew that it was probably not practical to walk in and start advising people my parents’ age with their life savings. Probably wasn’t going to be a recipe for success. So I took a quick tour through the pharmaceutical industry first, which ended up being unexpectedly valuable. My employers there pushed me to think like an entrepreneur and within our territories. And honestly, that mindset never left me. It shaped how I built everything that came after. Eventually, an opportunity presented itself in Loudoun County, Virginia in Northern Virginia, and I became an FA trainee with A.G. Edwards, absolutely fantastic firm to start my career. Now, what drew me to this career was pretty simple. I felt like it was one of the professions that we had an opportunity to do so much good for others while simultaneously also doing well for yourself, and those two things aren’t in conflict. I also really loved the idea that in this profession there was no hiding. You don’t get paid to show up. You get paid for what you actually do. And perhaps for me, what was most important, I loved the weight of responsibility. I loved earning people’s trust. I loved the idea of deserving, being deserving of their trust, and being a steward of what they’ve worked a lifetime to build. I never took that lightly, and I still don’t. Louis Diamond: That’s amazing. Yeah, I mean, the number of people I’ve heard, you talked so fondly about A.G. Edwards and there’s a bunch of other firms that have since been absorbed or emerged that are like the regional firms of old. So not surprised to hear you loved it. A.G. Edwards, obviously, became Wells Fargo Advisors or was acquired or merged with Wells Fargo. So I know you’re at Wells and A.G. Edwards until 2022. So give us a quick version. How’d you build your practice from the pharma world into being in FA? Patrick Larkin: Yeah, so as I started with A.G. Edwards, I came in at really just the perfect time. It was towards the end of the financial crisis. And I built the business the old-fashioned way with a lot of cold calling and eventually did some dinner seminars, which I can tell you is a very expensive way to learn how to speak in front of a room. But I made some progress, and I was also in a great office, small enough that some of the advisors there would hand off some of the smaller accounts that they weren’t interested in working with, and got an opportunity to get a lot of reps in working with real life clients and individuals. I knew early on I didn’t have enough talent to win on talent alone, so I made up for it and compensated for that with really hard work. The real turning point came for me when A.G. Edwards was first acquired by Wachovia Securities, and that was about five years into my career. And at that point, my branch manager, who was eyeing retirement, asked me to step in as her partner, and that changed everything. We eventually moved over to a Wachovia Securities office, another really great local office in Loudoun County, Virginia. And from that office, I worked on and became a CIMA, a CFP, worked with the clients, built a business through referrals. And I found at that point in my career when I would go to a meeting with Wachovia, eventually Wells Fargo, as a young 30-year-old, I would look around the room often and realize that I was the youngest person in the room. The funny thing was 10 years later, I would go into that same room and I’d look around and I still was the youngest guy in that room. And those demographics in our industry, and when I came into our industry, ultimately led that office that I worked in with Wells Fargo Advisors, I eventually was the recipient and party to five different succession plans- Louis Diamond: Wow. Patrick Larkin: … at Wells Fargo Advisors. I hoped that I had built a reputation as somebody that these other advisors would entrust with their clients. And over that time period, really, I would say professionally, one of my accomplishments I’m most proud of is all five of those retired advisors that I used to work with, who had an opportunity to see me work with clients, all became clients of mine, I still continue to work with. And it’s professionally just one of the greatest honors that I’ve ever had. Louis Diamond: I mean, that’s a large number of advisors you helped sunset, but I would agree it’s the ultimate proof of concept that they not only trusted you with their clients and their life’s work, but now also with their family’s wealth. So I like that, kind of the full life cycle there. So I’m curious, though, you stayed at Wells through a really turbulent time through the fake bank scandal. There’s a lot of attrition. I mean, obviously, they’re still a powerhouse to this day, but what kept you at Wells for as long as it did before you left in 2022? Patrick Larkin: You described it as a turbulent time. Pretty turbulent might be an understatement. Even before Wells, the transition to Wells, Wachovia Bank had been the first company that we transitioned to from A.G. Edwards. And we, of course, went through the financial crisis during that time period and handholding our clients and helping them get through that time period and dealing with concerns that we shouldn’t really have to be prepared with. “Is my money safe? It’s not what’s happening to the market, but is my money safe in your institution?” But once things stabilized, I found real purpose in partnering with some of the retiring advisors and opportunities that came up. It was a really wonderful climate and atmosphere in our local office. It was really a family-like atmosphere, and I still had a lot to learn. And all those advisors that I partnered with, I’ve joked I’ve never had an original idea in my entire life. I stole all my good ideas from them. And some of them were really ahead of their time, and I learned, adopted, and built my own philosophies by working closely with them. Ultimately, by the time I left Wells Fargo, I was finishing up the fifth sunset program and had only made my way halfway through the sunset before the opportunity presented itself to create my own practice. Louis Diamond: So I’m curious, when did you first seriously start thinking about leaving and what really tipped the scales for you? What was the proverbial straw that broke the camel’s back? Patrick Larkin: Yeah, it really was a number of small items and ultimately one big one. But for a long time, I’d been content, but as I tried to grow the business beyond what I could do individually, I felt like I kept running into walls. There were it felt like limitations on how I could build out my team and structure the practice the way I envisioned it. Additionally, there were some new policies that also started to bother me. One of them was the platform advisory fee, which in my eyes was less about client transparency and more about replacing a declining revenue source on the firm’s balance sheet. And after dealing with clients and helping them through the bank scandal at the firm, I was concerned that this would come back and hurt me and the relationships that I had with my clients. Incidentally, I just recently onboarded a new client that transferred to us. And for them, looking at their statement, identifying this platform advisory fee- Louis Diamond: Oh boy. Patrick Larkin: … was the last straw for them before they moved about 15 million of assets to us. Also, I thought I would be I would be a better allocator of resources than Wells Fargo. Wells Fargo retained about half of the revenue that I earned for the business. They seemed to think that the best allocation of that money was additional middle management. Whereas, I thought investment in technology, investment in additional personnel, and an investment in marketing were best places to continue to build out my vision. The final straw, and really a thing that crystallized everything for me was when I read a book in 2021 called The Infinite Game, a book written by Simon Sinek. Chapter eight, the title is Ethical Fading. And it uses the Wells Fargo bank scandal as a case study in what happens when a firm loses its moral compass. I read the chapter and thought, “There it is, I have to do something.” That was really the final push I needed. I mentioned earlier I was very fortunate to start my career with a company called A.G. Edwards, a regional brokerage firm. And while I was at A.G. Edwards, there was a research report that came out on A.G. Edwards as a company. And I’m going to paraphrase a little bit on what was said in that report, but ultimately there was a line in there, and it was a criticism, but I took it as a huge positive as being an employee there. The line said, “While management does not necessarily say it, we believe the client is put ahead of the shareholder.” And that was something I was very proud of. And I just, upon reflecting on it, felt confident those were words that I never was going to see go to print about Wells Fargo. Louis Diamond: So you left Wells in 2022 and founded Oak Hill Wealth Partners in Lansdowne, Virginia. Walk us through that decision. Why go independent rather than going to another firm? Patrick Larkin: I really thought moving to another firm, the things that I had grown frustrated with at Wells Fargo Advisors, I would also find at another wirehouse firm. I was ready, and honestly, the simple answer is I thought I could do better. And I wanted control after having what I felt like was very little control. I had grown frustrated with others making important decisions, and I wanted an opportunity to grab the reins and make decisions on my own. I believe at that time, the future of wealth management was going to be built around fiduciary advice, and I didn’t want to watch that from the sidelines anymore. I was watching what was happening in the industry. And as we were trying to hire new advisors, reaching out to college graduates who were studying CFP programs, identified that they were more inclined to want to start employment with an RIA than a wirehouse. What made the timing work really well was Wells Fargo had actually introduced a program to help advisors in the private client group spin off and establish their own RIAs. Now, whenever I tell this to another advisor, particularly ones that are wirehouses, they can’t understand it. And quite frankly, I don’t understand why they helped us do it, but we were about the 30th practice that they helped us through this process and they provided real support. They hired consultants, made vendor recommendations, even referrals to financing so I could pay off my last succession plan before I left. The only really upside for Wells Fargo was that the ask was that we continue to use First Clearing as the custodian. And one of the downsides for me was I was going to leave all of my deferred comp behind with Wells Fargo. Now, all clients had to do to join me was sign a positive consent. And on May 9th, 2020, we turned on our computers in our new office and our clients were already there. That same day, we launched and started a relationship with Charles Schwab. And it was so exciting to be able to start shopping for what I thought was the best FinTech, really feeling like I was stuck with proprietary tools that Wells Fargo advisors had offered. I felt like I was a kid in a candy store. And if there was a cool tool that I identified that would help us serve our clients better, I was all in and I was buying it. I really feel that some of the technology that Oak Hill eventually bought into and some of the tools we’re using now are going to take years and years before they eventually trickle down to where the wirehouses are, if ever. Louis Diamond: Interesting. So it was really it was for the most part an internal move from one- Patrick Larkin: It was- Louis Diamond: … channel to the other. Patrick Larkin: … it was an internal move, but there was no requirement to stay at First Clearing. As a fiduciary, they couldn’t make those demands. And again, they helped us with the financing, which is really unusual that they helped us secure a loan so I could pay off the last retiring advisor. It’s really unusual that a bank will loan money where there is no business at the time, but because of previous experience that financial institution had working with Wells, they helped us facilitate the transaction. And the program is still in place at Wells Fargo, which is absolutely amazing to me after the experience that I’ve just had myself. Louis Diamond: Yeah, it’s interesting. I mean, does it cannibalize a more profitable revenue source? Sure. But if the alternative was all the assets go to Schwab or Fidelity, to me, honestly, it’s smart. I think they played the long game by not being adversarial on it. Patrick Larkin: I think they played a long game and they took the philosophy, and I think they use it as a recruiting tool that if you love them, set them free. And that’s exactly what they did. Louis Diamond: So for the rest of the episode, I want to talk about your eventual, and not that long period of time, transaction or decision to merge Oak Hill with Cerity Partners. This is our Build, Grow, Transact subseries. And I was really struck by your story because you were three years or so into running Oak Hill, and then your merger with Cerity Partners, an amazing RIA closed. That’s a fairly short runway. Usually when I see folks go independent for the first time, it’s 10, 15, 20 years, maybe never, that they decide to merge or sell. I’m curious to understand your thinking about the transaction. Were you looking to do something? Or was it just like right place, right time and the opportunity presented itself? Patrick Larkin: I had started Oak Hill with the intent of eventually down the road, much closer to retirement, looking for a partner. The opportunity and what I learned early on helped change that idea and philosophy, and I adapted and made modifications to take advantage of it. Louis Diamond: Interesting. So you weren’t necessarily planning on selling or merging the business, it just kind of circumstances happened the way they did? Patrick Larkin: Yeah. When we started Oak Hill Wealth Advisors, it was a really pretty short period of time before we started getting calls from larger national RIAs about potential acquisition, much sooner than I expected. Early on, I just brushed them off, but about a year in, I took one of those calls and it really just opened my eyes up. I realized for the first time this small firm, this little practice actually had some real value, way more than I’d given it credit for. That first call, that first exploration didn’t go anywhere. It wasn’t a good fit. But what it gave me was a much clearer picture of what the serious acquirers were actually looking for. And that changed decisions I made at Oak Hill going forward. I really at that point stopped trying to optimize for near-term profit and really thought of my business as a business and started building towards enterprise value, sometimes at the cost of short-term income. And that turned out to be exactly the right call. Louis Diamond: That’s such an interesting perspective. Let’s double-click into that concept. So it sounds almost counterintuitive that if you kind of had this light bulb moment that like, “Okay, maybe I want to transact my business sooner than I initially thought.” I think most people would say, “Let’s become lean and mean. Let’s become as profitable as possible so my EBITDA’s higher.” But you took the different approach. What were the decisions you did to invest more in enterprise value rather than current cash flow? Patrick Larkin: A true business is one that doesn’t need me to be here every day to operate. And when we left Wells Fargo Advisors, it was myself and one other advisor that created Oak Hill Wealth Advisors. I was responsible for about 95% of the assets and revenue. And one of the more significant investments we made is in additional advisors. I recruited three new advisors, all CFPs, to join Oak Hill Wealth Advisors. Whereas, before I had been largely managing all the relationships myself. For someone that kind of grew up in the regional wirehouse space, it’s pretty counterintuitive to start moving relationships away from you onto other advisors. You’re trained and built to create a moat around your relationships, and realized that the potential acquirers are not interested, at least the ones I was interested in, weren’t interested in buying a book. They were interested in buying a business. And that just meant every decision we made going forward was not profit-driven, but how can I increase the value of the business? So after that first call, I knew I probably would be looking to move forward with a transaction sooner as opposed to the end of retirement. That information that I got on that first call helped me realize that when Oak Hill Wealth Advisors opened its doors on May 9th, 2022, we effectively had an IPO. I had great familiarity with how the succession plans at Wells Fargo Advisors worked. And on that day that we opened our practice, the value of my business jumped to be four to five times the value of it in a succession plan at Wells Fargo Advisors. Now, I knew going forward that I was going to be able to increase revenue. I was going to be able to increase EBITDA. I was going to potentially have some benefits from a market tailwind. I knew the multiples of EBITDA that the firms use may fluctuate, but the biggest change by far occurred leaving the wirehouse and having the value of my business grow four to fivefold in that same day. So what I really focused on was making sure that I was going to, when I was ready to start looking again after I had worked on improving the practice, really was going to look for a firm that was going to be a good cultural fit for both my clients, my team, and myself. Louis Diamond: That’s such a cool perspective. I’ve never heard anyone say that the day we launched your independent business was like an IPO. But honestly, it’s so true. You’re planting a flag in the ground that like, “Here is real value. This is value that we’ve created that we own rather than it being a book of business and a W-2 paycheck.” And it’s a fascinating perspective. Patrick Larkin: Yep. It really is amazing that the value changed that much on one day and the future value changes. Looking at the equity that I owned in Oak Hill Wealth Advisors, it made sense to consider is there a better way to take some risk off the table for myself and my family and diversify some of the equity that I had in Oak Hill Wealth Advisors with a larger enterprise? Louis Diamond: It makes complete sense. Obviously, everyone would sign up for 4 to 5X increase in value. Patrick Larkin: Sure. Louis Diamond: That’s not the reason most people go independent, but it’s important to know. And also, what I really liked about what you shared is I think a really valuable learning for anyone is those calls come in, whether it’s from annoying people like me or from an acquirer, from a firm, they’re not all noise. You took it as an opportunity to learn. Even though that first person who called wasn’t the right fit, it crystallized something in your mind and it let you make proactive decisions that ultimately paid off in spades when it came time to sign the dotted line for your transaction with Cerity. So I think it’s brilliant. And it’s very big picture, big-business-owner-type stuff that I think a lot of people will just filter out because it’s annoying and I’m young, I’m not looking to sell, but that was the journey. Patrick Larkin: Yeah, that first call changed my opinion about timing of when to move forward with a partnership. Originally, I thought this would be something at the end of retirement. The timing of doing so sooner seemed a lot more appealing after having that conversation and realizing what we had actually built. Louis Diamond: Amazing. So ultimately you decided to merge with Cerity Partners. We’ve had Kurt Miscinski from Cerity Partners on the show. They’re a real heavyweight within the RIA world. Most recently, they were valued at $8 billion in a recap, and it’s a very impressive firm. What specifically drew you to Cerity versus other potential buyers? Like you said, you got a lot of calls. Patrick Larkin: After that first call, I just got to work and focused on continuing to take care of our clients, building a team, adding new advisors, being a mentor to those advisors. But at the same time, we were being approached fairly regularly by that point. And I had a pretty good system for quickly deciding whether something was worth a second look, and most weren’t. But about a year ago, one of the national RIAs caught my attention and I started having conversations with them. And once I had progressed with them, I though, “You know what? If I’m giving this consideration, I really need to cast a wider net.” So I reached out to other RIAs that I had looked at and admired and been keeping an eye on. And ultimately, my longtime business coach, Barbara Kay, suggested I talk with Cerity Partners, a company that one of her other clients had just recently joined. And from the very first call, I could tell something was different. And I talked to many different companies. Cerity Partners, and an individual I spoke with, Geoff Newman, they weren’t leading with valuation formulas or deal structure. They were asking questions about my clients, my team, and how I actually ran the practice. They had a very defined process for identifying partners who were genuinely compatible, not just advisors with books that were transferable. And that distinction mattered greatly to me. They also offered really, in my opinion, the right balance of support and still having some autonomy. And their aspiration to deliver consistent standard of care to clients, whether they be in California or Virginia, so that those individuals get the same quality of experience, resonated with how I was already running things within my practice. That combination of support and autonomy, I really liked the idea of continuing to have oversight over my local practice, over our practice, which included the budget, salaries, and bonuses. It more than anybody else felt like a partnership and not a buyout. And I really appreciate it during that first call, Cerity was the only company that talked about a hundred-year plan. It was amazing to me to hear what their thoughts were. Most of the other firms I spoke with talked about valuations. And very quickly in the process, I found myself on a Zoom call with a Patagonia fleece vest-wearing private equity rep walking me through a valuation. And it was efficient, but it was not a cultural fit for me. And the infrastructure behind us and the combination of autonomy is really harder to find than most people think. As I progressed with Cerity, I remember early on in the process thinking to myself, “My God, I hope they want me, I hope they want me,” because I could tell I’m a very process-driven person They had a process with the way they brought me on board. And ultimately, we had a due diligence trip set up to go to one of their larger offices where I met with one of their leaders, Claire O’Keefe, part of their practice development, and had an opportunity to meet with different leaders within the firm and really get my arms wrapped around the potential that they had. Just the quality of the people I encountered through the whole process just kept reinforcing the decision. And by the time we got to the finish line, it didn’t feel like a transaction. It felt like I was joining something that I was excited to be part of. So just a little bit more about what attracted me to Cerity, their culture is just phenomenal. Cerity Partners uses the word “meritocracy” and they actually mean it. Ownership and influence here track your contribution, not your tenure or how well you play the politics. I just attended my first partner meeting in April, and without exaggeration, it was the most extraordinary professional meeting I’ve attended in my 25-year career. During the meeting, there was open debate about the direction of the firm, and every voice in the room carried weight. You could feel the culture. And that type of culture is built over years. You can’t fake it. Everyone in the room it felt like was rowing in the same direction. And by the time the meeting was over, I was so excited to get back to my team and tell them about what I had just witnessed, I wasn’t looking for the exit. I was looking for the brick wall to run through. I was so excited. And every once in a while I wonder having spent so much time in the wirehouse spaces, the bar just set really low for me when I talked to some of my other colleagues that have been independent for a long time. But it was just an absolutely amazing experience. And I do want to just add, one of the last really important things to me about Cerity Partners is I’ve been very fortunate with my career and in this profession. And part of my goal over the rest of my career is to have a legacy. And my legacy currently exists with the families I’ve advised and the team that I’ve built and have served and led. But Cerity Partners is helping me achieve even a greater legacy in our industry with our shared long-term goals. During my first meeting, they talked about their hundred-year vision of being a worldwide employee-owned professional services firm. And currently, and this is very exciting, the employees are the largest shareholder of the firm. No one else I talked to talked about their long-term goals like this, and it’s a vision I believe in. I want to contribute to help to see it accomplished. And one day when I do retire, I want to look back and see how I contribute it to a company that I believe is going to change the direction of professional wealth management. Louis Diamond: Wow. Patrick Larkin: My partnership with Cerity Partners is going to make that a reality. It’s just an amazing place. Yeah, very happy. Louis Diamond: Honestly, you can’t fake that type of enthusiasm. It sounds like- Patrick Larkin: It’s not- Louis Diamond: … you entered into a transaction, which is it’s like jumping into the deep end. How do you sort through what’s the sales process versus what’s real? How much of this is actually going to translate to my life? But hearing you not that long after the transaction, you still feel that and it’s very cool. In the press release I read, you cited estate planning, private markets access, and cross-border planning as key reasons for the merger. Can you talk about what it was about those? Maybe- Patrick Larkin: Yeah. Louis Diamond: … anything else that was missed? Patrick Larkin: Yeah. Louis Diamond: And were those not things that you felt like you could have delivered yourself as a standalone? Patrick Larkin: I thought that they were going to help me be able to be more effective in delivering those, but they weren’t the complete picture. The capabilities that we cited in the release were genuine gaps I wanted to fill and have available for clients and be able to prospect and go after new additional clients. But being fully honest, there were also deeper drivers. One was my team. Sometimes we get emotional about this. Being someone who’s trusted is really important to me, and that’s something I hold in high priority. There are people that followed me out of Wells Fargo to join me. One of my client associates had delayed her retirement so that she could join me and help us launch for the first three months. One of my other client associates has been with me close to 15 years. These are people that trusted me to do the right thing and to make sure that I wasn’t walking them off the plank. Being able to join Cerity Partners and give them a future that didn’t hinge entirely on my personal longevity was a huge relief. And Cerity Partners is an ownership culture. I’m so happy to say today that every single individual on my team in our practice in Lansdowne is now either an equity owner in Cerity Partners or very shortly will be an equity- Louis Diamond: So cool. Patrick Larkin: … equity owner. So they have a stake as well in what they’re building. It matters. My youngest client associate noticed how much it costs to send to FedEx. And he goes, “Now that I’m an owner, maybe we should rethink about sending regular mail.” Another driver was my family. And I’ve always had the philosophy of trying to prioritize and clients first, team and colleagues, and then my family. And I’ve always made decisions that if I put those others before myself, eventually I’ll be taken care of. And going through this transaction, it was so generous to my family and provided such security. There was a little bit of guilt that, “Am I doing this for all the right reasons?” But being able to secure my family’s future, converting equity in a three-year-old RIA into a stake of a $8 billion-plus valuation with institutional backing, that was a meaningful moment and I’d be less than honest if I glossed over that. I also really wanted to be part of something larger than myself. And the opportunity to help build a legacy in this business with Cerity Partners really gives me the platform to do that. Louis Diamond: Very cool. I can tell that you’re genuine, not just because of the way you sound, the way you’re speaking, but in the very beginning of the episode, you talked about the reason you got into this business was because you thought it gave you the dual purpose of being able to help people, but also being able to enrich yourself or your family. So this answer, it comes full circle. You’re able to accomplish all these goals, which made it the right decision. And I think, look, I say to advisors all the time, “You’re allowed to be greedy, you’re allowed to be selfish as long as the clients are still in the front of your mind as the most important thing.” There’s nothing wrong with doing better for clients, building a legacy in your case, but also reaping the rewards of all your hard work and labor and also all the risks that you’ve taken over your career. I got to ask you, though, from being an employee of Wells, where you were running your team, for the most part, you can run the business within their guardrails the way you want, to then running an RIA, which is really like you’re fully in control of everything, to now being a partner, but you’re not the one who has the name on the door anymore. Patrick Larkin: Right, right. Louis Diamond: Well, how do you think about the giving up control and full ownership of your practice versus owning a very small amount of a much larger entity? Patrick Larkin: There was such continuity. Oak Hill Wealth Advisors and Cerity Partners were so philosophically aligned that I genuinely never felt like I was giving up anything that I wasn’t glad to let go. My wife joined the business shortly before I left Wells Fargo Advisors. And still to this day, on my drive home from work, I call her up and say, “You’re not going to believe this.” And it’s all a positive, good thing. So Cerity has struck the perfect balance of that autonomy and support combination that I was looking for. So I still have control and a say over the way our practice is managed. Very shortly after the merger, my supervisor came down and met me for the first time, and we went out together after the day had ended. And early in the conversation I said to him, “What can I do to make your life easier?” And he said, “Pat, what can I do to make your life easier?” And that set the tone that still exists to this day. I almost cried when he said that because that was so different than what I had experienced up to that point. So the collaboration, the way we work together, it’s just absolutely amazing. And not once for a single moment have I second-guessed my decision. And it’s really weird because I’ve now been part of this organization for nearly nine months, and there just has not been one thing that’s occurred where I said, “That’s a disappointment.” It’s just been absolutely amazing every single day. Louis Diamond: Very cool. To me, there’s different arcs of when you want to ask people the question of, “Hey, any regrets?” And usually you don’t want to ask them too soon because they’re still going through the transition and integration and growing pains. And you don’t want to ask them too far in the future because you forget about what was life before. To be this short of a duration into this new partnership and to have these feelings, that’s absolutely pretty special. I got two more questions for you, Pat, if you don’t mind. Patrick Larkin: Sure. Louis Diamond: First one, economically, to me, one of the hardest things for really any advisor to really grapple with or to fully comprehend or make their own is, “I own 100% of the equity in my business. I get to decide when I want to sell in the future. My business is growing 10% per year. I wait to sell until 10 years from now, my business is going to be much bigger and I get to keep all the cash flow. I get to make all the decisions.” That compared to the path that you took, which was take cash off the table, which everyone understands, to, “Now, I own a much smaller piece of a much larger pie.” How would you talk to someone about the financial trade-off between a hundred percent ownership in their business, full control, full discretion over everything, versus becoming a minority equity partner in a larger entity? Patrick Larkin: You have to look at the valuation of my business, again, the day that we opened our doors as Oak Hill Wealth Advisors. There was such a massive jump in the value of the business. There was not going to be an opportunity for an appreciation at that level. So then, you have to compare what the growth rate is of Oak Hill Wealth Advisors versus a Cerity Partners. And I’m not embarrassed to say that Cerity Partners is and has been growing at a much faster rate of return. The value of the equity that I have retained in Cerity Partners, my ownership stake, I fully expect by the time I transact that business as I get closer to retirement, that’s going to be worth many times more than whatever opportunity I would have had at Wells Fargo with the valuation they would have provided me. Nevermind, very important, the tax consequences of a structure like this is all the retiring advisors that I worked with were taxed at their highest marginal rate. I owned a business and we were taxed at long-term capital gains rates. A significant difference in savings in what as the owner we actually realize. So yeah, I feel very comfortable with the ownership that I have and the control and continued opportunity with the meritocracy culture to increase my share of ownership in the company. Louis Diamond: Okay, and let’s do one more question here. I’ll pick it back up. So Pat, I think it’s a really cool perspective. It’s almost do your homework, and if you find the right horse and the right jockey that can run faster than you can on your own, that the equity value will compound and grow and appreciate in a faster, more efficient way than what you’re doing on your own, which makes complete sense. It’s the ultimate trade-off. And again, it’s like jumping into the deep end. On the one hand, Oak Hill was all you, right? You control the growth, for better or worse, for the good days, the bad days, the good years, the bad years, versus now your growth is diversified amongst hundreds of partners across M&A, across different lead flow channels, et cetera. It makes complete sense. But honestly, if I were an advisor, I don’t know how I would think about it. I think it’s all just fact-and-circumstance-based on where I am in my life and who the firm is and what I’m trying to accomplish. But it’s such a cool perspective because usually the playbook that we see, which is why we did this series, is go independent and there’s a long pause until there is a realization of all the value that’s been created. So seeing you do this in a much quicker timeframe, it seems like it was the absolutely right decision. To me, it just is another path, another way that an advisor or a firm is able to think about their future. Any final advice or parting words for someone who is sitting right where you were in 2021 or 2022 thinking about making the leap? And we’ll say a transition in general, or really anything you want to share to wrap our episode here. Patrick Larkin: Thank you for having me, and this is a great question. Happy to give a thoughtful answer to it. Before I’d left Wells Fargo Advisors through the program and started Oak Hill Wealth Advisors, I had an opportunity to go through a due diligence process and make sure that this was going to be a right move for me. There was no carrot out there that was obvious. I learned after that first conversation that I had built a practice that had some value to it. I was leaving behind the security of something I knew, leaving behind a significant amount in deferred compensation, and I wanted to make sure I was making the right decision. And through that due diligence process, talked to about five other firms that had recently left Wells Fargo to join this RIA program. I asked them a lot of different questions about what their experience was. And at every point during those conversations, they all said the same thing at different points. And it sounded like this. They said, “I’m working harder than I ever have before, but I wish I had done this sooner.” So my advice to those people, do it. I know that sounds simple, but I mean it. The fear of leaving is almost always worse than the actual experience of leaving. And I understand the inertia of not leaving and the real apprehension of what was on the other side. But what I found was a version of this profession I genuinely didn’t know was possible. One where I could do things the right way on my terms for the people I care most about serving. And not every path is going to look like mine. Some advisors should go fully independent and stay there, and that can be an incredible life. But when it comes time to look for a partner, quite frankly, if Cerity Partners is not on your shortlist, you’re making a significant mistake. And I say that not to sell anything, but because I’ve lived the comparison firsthand and there’s simply nothing else like it. Louis Diamond: So Pat, it’s been really fun, but I don’t think we’ve had anyone on the eight years or so we’ve been doing this show that’s gone through this type of arc or journey that you have. One of my big takeaways or sticking points that this episode brought for me is by going independent and taking control over your future, you created complete optionality for yourself to do exactly what you wanted to do with your business, even if that was different than what you initially planned. So in your case, it was selling within three years of going independent, but by taking action, being proactive, playing some offense, you made the opportunity happen on your terms and your timeline. So this has been fun in so many different ways. I loved your comment about how when you went independent, it’s basically like the day of your IPO, the four-to-five-times increase in value versus an internal succession deal, and even just the way to think about getting equity in a larger entity versus running your own plays only. So thank you so much for doing this. This has been fun. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty, and credibility. You are successful because you take your professional responsibility seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firm’s or could a better option exist? Should I Stay or Should I Go? Is a book written with you in mind? It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively, whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook.   Build, Grow & Transact: From Breakaway to Transaction in 3 Years A conversation with Louis Diamond and Patrick Larkin, Partner & Practice Leader at Cerity Partners.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: From Breakaway to Transaction in 3 Years. It’s a conversation with Patrick Larkin, Partner and Practice Leader at Cerity Partners. I’m Louis Diamond, and this is The Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education-driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual Advisor Transition Report. It’s the award-winning, data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: Ownership as a way of creating opportunities you can’t always predict. That’s exactly why we created our Build, Grow, and Transact series. Independence isn’t the end of the story. It’s often the beginning of thinking differently about enterprise value, optionality, and what comes next. Today’s guest is Patrick Larkin, Partner and Practice Leader at Cerity Partners, and formerly the founder of Oak Hill Wealth Advisors. Patrick spent nearly 15 years building a successful practice at A.G. Edwards, Wachovia, and eventually Wells Fargo before launching his own independent firm in 2022. Just three years later, he merged that firm into Cerity. At first glance, that timeline might seem surprisingly short, but as you’ll hear, the merger wasn’t a change in direction. It was the result of seeing his business differently once he owned it. Yet, it’s this perspective that really brings that thought home. Patrick said the day Oak Hill launched felt like the business had gone public because overnight, what had been viewed as a book of business became an enterprise with substantially greater value, some four to five times the value of what it was worth at Wells. And that realization changed the way he invested, the way he hired, and ultimately the way he thought about the future. Pat and I also talk about something advisors don’t often discuss candidly, what life actually looks like after a merger. How much control do you give up? What changes day to day? How do you know whether you’re joining a partner or simply selling a business? Whether your long-term plan is to remain independent forever or eventually join a larger organization, Patrick’s experience is a reminder that ownership isn’t simply about control. It’s about creating optionality and putting yourself in a position where the next decision is yours to make. So let’s get to it. Patrick, thanks for coming on our show today. Patrick Larkin: Oh, my pleasure. Nice to meet you, Louis. Louis Diamond: You too. So let’s start off basically how we start every interview. Tell us about yourself, your background, and how you found your way into our industry in the first place. Patrick Larkin: Yeah, thank you for asking. I knew I always wanted to be a financial advisor. That part really wasn’t in question, but upon graduating college and being a 22-year-old, I knew that it was probably not practical to walk in and start advising people my parents’ age with their life savings. Probably wasn’t going to be a recipe for success. So I took a quick tour through the pharmaceutical industry first, which ended up being unexpectedly valuable. My employers there pushed me to think like an entrepreneur and within our territories. And honestly, that mindset never left me. It shaped how I built everything that came after. Eventually, an opportunity presented itself in Loudoun County, Virginia in Northern Virginia, and I became an FA trainee with A.G. Edwards, absolutely fantastic firm to start my career. Now, what drew me to this career was pretty simple. I felt like it was one of the professions that we had an opportunity to do so much good for others while simultaneously also doing well for yourself, and those two things aren’t in conflict. I also really loved the idea that in this profession there was no hiding. You don’t get paid to show up. You get paid for what you actually do. And perhaps for me, what was most important, I loved the weight of responsibility. I loved earning people’s trust. I loved the idea of deserving, being deserving of their trust, and being a steward of what they’ve worked a lifetime to build. I never took that lightly, and I still don’t. Louis Diamond: That’s amazing. Yeah, I mean, the number of people I’ve heard, you talked so fondly about A.G. Edwards and there’s a bunch of other firms that have since been absorbed or emerged that are like the regional firms of old. So not surprised to hear you loved it. A.G. Edwards, obviously, became Wells Fargo Advisors or was acquired or merged with Wells Fargo. So I know you’re at Wells and A.G. Edwards until 2022. So give us a quick version. How’d you build your practice from the pharma world into being in FA? Patrick Larkin: Yeah, so as I started with A.G. Edwards, I came in at really just the perfect time. It was towards the end of the financial crisis. And I built the business the old-fashioned way with a lot of cold calling and eventually did some dinner seminars, which I can tell you is a very expensive way to learn how to speak in front of a room. But I made some progress, and I was also in a great office, small enough that some of the advisors there would hand off some of the smaller accounts that they weren’t interested in working with, and got an opportunity to get a lot of reps in working with real life clients and individuals. I knew early on I didn’t have enough talent to win on talent alone, so I made up for it and compensated for that with really hard work. The real turning point came for me when A.G. Edwards was first acquired by Wachovia Securities, and that was about five years into my career. And at that point, my branch manager, who was eyeing retirement, asked me to step in as her partner, and that changed everything. We eventually moved over to a Wachovia Securities office, another really great local office in Loudoun County, Virginia. And from that office, I worked on and became a CIMA, a CFP, worked with the clients, built a business through referrals. And I found at that point in my career when I would go to a meeting with Wachovia, eventually Wells Fargo, as a young 30-year-old, I would look around the room often and realize that I was the youngest person in the room. The funny thing was 10 years later, I would go into that same room and I’d look around and I still was the youngest guy in that room. And those demographics in our industry, and when I came into our industry, ultimately led that office that I worked in with Wells Fargo Advisors, I eventually was the recipient and party to five different succession plans- Louis Diamond: Wow. Patrick Larkin: … at Wells Fargo Advisors. I hoped that I had built a reputation as somebody that these other advisors would entrust with their clients. And over that time period, really, I would say professionally, one of my accomplishments I’m most proud of is all five of those retired advisors that I used to work with, who had an opportunity to see me work with clients, all became clients of mine, I still continue to work with. And it’s professionally just one of the greatest honors that I’ve ever had. Louis Diamond: I mean, that’s a large number of advisors you helped sunset, but I would agree it’s the ultimate p

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

SpaceX priced at $135 a share, raised $75 billion, and hit an all-time high of $225 within days — then fell to $107. Dr. Jimmy Turner and Justin Harvey CFP break down how index funds actually decide what gets included in the index, why the S&P 500 said no to SpaceX while CRSP and the Russell 1000 said yes, and what that means for the total stock market index fund in your 401(k). What you'll learn: Why an index fund doesn't pick stocks — it follows 3 rules: seasoning, profitability, and float How Nasdaq, Russell 1000, and CRSP cut IPO seasoning for SpaceX Why your money in an IPO often funds the private investors cashing out on the other side What Dimensional's 12-month IPO exclusion says about buying at the offering How to handle FOMO before Anthropic and OpenAI potentially go public Resources mentioned: Looking to lower your taxes? Check out Gelt, the tax team Jimmy uses: https://moneymeetsmedicine.com/CPA Juno — Looking for a lower interest rate on your student loans?  Use group negotiated rates from Juno here: moneymeetsmedicine.com/juno Every physician needs disability insurance. Get quotes from Money Meets Medicine Disability Insurance: https://moneymeetsmedicine.com/disability  The Physician Philosopher's Guide to Personal Finance — free book for physicians — moneymeetsmedicine.com/freebook Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

As we continue to work on some new episodes for you, please enjoy this episode from June featuring Sami Inkinen, the co-founder and CEO of Virta Health.Summary:The medical establishment spent decades telling patients that type 2 diabetes is a chronic and irreversible disease. Today's guest decided to prove them wrong.Sami Inkinen is the co-founder and CEO of Virta Health, a company using a combination of nutrition science, remote monitoring technology, and individualized coaching to help patients reverse type 2 diabetes, obesity and other metabolic conditions.  Previously, Sami co-founded Trulia, the online real estate marketplace, serving as COO and president through its IPO and eventual sale to Zillow. He has also held roles at Microsoft and McKinsey, and rowed from California to Hawaii with his wife to raise awareness of the dangers of sugar.Sami joins us to talk about how his own health journey influenced his decision to start Virta, the challenges of scaling in the health space, and the incredible success they've had in treating metabolic disease. Highlights:A personal pre-diabetes diagnosis (2:35)Lessons from Trulia (6:00)Why reversal, not management (9:30)Clinical results and outcomes (12:47)GLP-1s and Virta's approach (15:26)Technology and personalization (17:33)Selling to employers (20:17) Overcoming the status quo (22:33)Building a full-stack team (25:15)Rowing California to Hawaii (28:30)Goals for ‘26 into ‘27 (30:58)Links:Sami Inkinen LinkedInVirta Health LinkedInVirta Health WebsiteICR LinkedInICR TwitterICR Website Feedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, joe@lowerstreet.co

When you're dealing with family offices, you're dealing with the top .0001% of America's wealthiest families. As a result, your approach to allocating capital needs to be nearly flawless, with well-developed strategies and investment theses. Sal Buscemi, Managing Partner and Co-founder of Brahmin Partners, allocates capital on behalf of 13 Family Offices. Sal is an expert at building relationships with sophisticated families and helping them preserve and grow their legacies. Sal has vast experience across asset classes, including high-profile, recent pre-IPO opportunities such Space X and Stripe.  Sal has a well-informed, holistic view of the market that benefits his clients. 

What's the business story of the summer thus far? SpaceX's stumble post-IPO? AI security breaches? Ongoing tension surrounding the Strait of Hormuz? Host Bob Safian sits down with Rapid Response producer Alex Morris to weigh in. The pair also break down the impact of Uber COO Andrew Macdonald's appearance on the podcast, and how it sparked a broader conversation throughout the business world about AI spending. Plus, leadership lessons forged in the fire of FIFA's privatization play, Kalshi's New York lawsuit, and the BTS boycott of The Grammy's.Visit the Rapid Response website here: https://www.rapidresponseshow.com/See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A.M. Edition for Aug. 11. Anthropic tries to shore up pre-IPO investor confidence amid growing public backlash against AI. Plus, Wisconsin's Democratic gubernatorial primary pits the party's establishment against the far left. And WSJ's Chelsey Dulaney explains how American tourists with an insatiable wanderlust are boosting Europe's economies – whether locals like it or not. Luke Vargas hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Plus: Anthropic is meeting with potential investors ahead of its planned IPO. And Intel is increasing its stock offering to raise $20 billion. Danny Lewis hosts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Anthropic said new Claude models will watermark generated text to satisfy the EU AI Act, and it's out courting investors for a possibly record-breaking IPO. Apple's glass iPhone stayed on track, YouTube doubled its monetization bar, and FlightAware sued Kalshi. Links Anthropic says new Claude models will embed watermarks in generated text and C2PA metadata in files to comply with the EU AI Act, and it will update past models (The Register) Sources: Anthropic is courting investors for what could be the biggest IPO yet, touting rapid growth and plans to address mounting public backlash against AI (The Wall Street Journal) Sources: Apple remains on track to launch a glass-centric design overhaul of the iPhone Pro line in 2027, countering rumors that led Jefferies to downgrade AAPL (Bloomberg) YouTube says that from February 1, new creators will need double, or 8,000, watch hours over the past year or 20M Shorts views in the past 90 days to earn money (TechCrunch) Zuckerberg's long essay returns to his "open" AI arguments at an opportune time, as Chinese open-weight models are "close enough" to frontier at much less cost (Spyglass) Flight tracking platform FlightAware sues Kalshi in New York, alleging Kalshi is using its data without permission to let users bet on flight cancellations (The Wall Street Journal) Subscribe to the ad-free feed.

Bitcoin is at the center of a major capital rotation as Riot turns its power infrastructure toward AI with a massive Anthropic deal, while Unitree's 8,000x oversubscribed IPO signals growing excitement around robotics. Meanwhile, Tom Lee slows ETH accumulation in favor of buybacks, and the SEC moves ahead with a new crypto token framework despite delays to the CLARITY Act. Learn more about your ad choices. Visit megaphone.fm/adchoices

What's the business story of the summer thus far? SpaceX's stumble post-IPO? AI security breaches? Ongoing tension surrounding the Strait of Hormuz? Host Bob Safian sits down with Rapid Response producer Alex Morris to weigh in. The pair also break down the impact of Uber COO Andrew Macdonald's appearance on the podcast, and how it sparked a broader conversation throughout the business world about AI spending. Plus, leadership lessons forged in the fire of FIFA's privatization play, Kalshi's New York lawsuit, and the BTS boycott of The Grammy's. Visit the Rapid Response website here: https://www.rapidresponseshow.com/See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

中美科技戰的打法正在翻轉。中國為打贏AI戰，開始捨棄長久以來的國家補貼模式，改向28兆美元的股債市場找錢。北京究竟為AI產業開了多少新綠燈？急奔資本市場的中國AI新創，真的能靠這波新模式彎道超車美國嗎？ 文：田孟心 製作團隊：莊志偉、張雅媛、鄭子鴻 ＊閱讀零時差，點這看全文

AI demand has sent memory chip prices and semiconductor costs soaring, but the bigger question is whether this is a lasting inflation problem or just another boom and bust cycle for chips.Mike Armstrong and Paul Lane break down why the AI buildout has pushed up prices for chips, servers, and data center equipment, why semiconductor costs may stay elevated in the short term, and why new supply and innovation could eventually bring prices back down. They also discuss Jensen Huang's push to make AI chips look like longer-lasting financial assets, why Wall Street may try to create new markets around compute, and the risks that come with financializing semiconductors. Plus, they look at Intel's $20 billion share sale, why government ownership of Intel complicates the AI investment story, how fear can drive bad retirement decisions, Anthropic's IPO push, Waymo's growing pains, and why hybrids are gaining ground as gas prices rise.

Pressure is on FDA, policymakers and academic centers in the U.S. to respond to challenges from China, Australia, and beyond to run first in human trials faster and more efficiently. On the latest BioCentury This Week podcast, BioCentury's analysts discuss how stakeholders in the U.S. are responding to the challenge.The analysts also discuss the next frontiers of federated learning in drug discovery and the latest crop of biotech IPOs on NASDAQ, which raised over $1.2B in strong IPO run last week.View full story: https://www.biocentury.com/article/660433#ClinicalTrials #BiopharmaPolicy #DrugDevelopment #BiotechIPO #FederatedLearning00:00- Introduction01:15 - Academic Centers10:42 - Policy Picture15:48 - Grand Rounds Europe Highlights18:01 - Federated Learning28:15 - NASDAQ IPOsTo submit a question to BioCentury's editors, email the BioCentury This Week team at podcasts@biocentury.com.Reach us by sending a text

OnlyFans Investor & CEO of Architect Capital's James Sagan sits down with The Information's CEO and Editor-in-Chief Jessica Lessin for an exclusive interview about his 16% stake in platform, AI and more. The Information's Phoebe Liu talks to TITV Host Akash Pasricha about Nvidia's new Nemotron 3.5 Lightning open-source model release, Menlo Ventures' Matt Murphy about the VC landscape as Anthropic heads toward an IPO, and we get into the software sector's M&A environment with KeyBanc Capital Markets' Jackson Ader.Articles discussed on this episode: https://www.theinformation.com/articles/onlyfans-new-investor-reveals-financials-ipo-ambitions-rare-interviewhttps://www.theinformation.com/articles/nvidia-trying-develop-worlds-best-open-source-ai-modelsSubscribe: YouTube: https://www.youtube.com/@theinformation The Information: https://www.theinformation.com/subscribe_hSign up for the AI Agenda newsletter: https://www.theinformation.com/features/ai-agendaTITV airs weekdays on YouTube, X and LinkedIn at 10AM PT / 1PM ET. Or check us out wherever you get your podcasts.Follow us:X: https://x.com/theinformationIG: https://www.instagram.com/theinformation/TikTok: https://www.tiktok.com/@titv.theinformationLinkedIn: https://www.linkedin.com/company/theinformation/Chapters:00:00 - Introduction00:01 - Architect Capital Takes 16% Stake in OnlyFans00:29 - Nvidia Debuts Nemotron 3.5 Lightning00:38 - Menlo Ventures Raises $3B for AI00:49 - State of Software: SaaS M&A and Salesforce Shakeup

Market update for August 11, 2026Check out the Public app for incredible investing tools and to support the show (LINK)Follow us on Instagram (@TheRundownDaily) for bonus content and instant reactions.In today's episode, Zaid covers:The U.S. Strategic Petroleum Reserve falls below 300 million barrels for the first time since 1983Nvidia teams up with Wall Street for $500 billion to fund AI infrastructureAnthropic targets a September or early October for IPORiot lands a massive Anthropic data-center deal while Rocket Lab warns of another Neutron delaySpaceX finally climbs back above its IPO price after a massive insider-share unlock fails to trigger a selloff

What happens when your net worth reaches $500 million, but exists almost entirely on paper? For Martin Tobias, watching that concentrated position fall roughly 90% became a lasting lesson about liquidity, risk, and the difference between appearing wealthy and possessing durable wealth.Martin is the founder and managing partner of Incisive Ventures, a pre-seed venture capital firm focused on B2B software companies that reduce friction at scale. A three-time venture-backed CEO, Martin raised more than $500 million across his companies and completed two IPOs. His career also includes Accenture, Microsoft, and a venture partner role at Ignition Partners. He has since invested in eight companies that reached unicorn status.In this conversation, Martin joins Sam Silverman to trace his progression from corporate employee to founder, angel investor, and professional venture manager. He explains how early Microsoft equity created life-changing wealth, why delaying that opportunity carried an enormous cost, and how his experience with concentrated IPO stock shaped the way he protects capital today.Martin and Sam also examine the power-law economics of venture capital. They discuss why most early-stage investments may fail, why a 10x outcome may still be insufficient within a diversified fund, and how a small number of 100x outliers can determine the performance of an entire portfolio.In this conversation:How Microsoft equity created founder-level wealth for a corporate employeeWhy delaying Microsoft's offer by one year carried a $20 million opportunity costWhy a $500 million paper net worth was not the same as accessible cashHow IPO lockups and concentrated stock complicate personal liquidityWhy Martin placed most of a major win into conservative, cash-flowing assetsHow AI is changing entry-level careers and traditional training groundsWhy Martin focuses on capital-efficient, pre-seed B2B softwareWhat he looks for in founding teams and their distribution advantagesWhy his angel portfolio underperformed his professionally managed venture portfolioHow deal flow, selection bias, and adequate runway affect investment outcomesWhy venture funds depend on extreme outliers rather than consistent moderate winsHow aspiring venture managers can build credibility before raising a blind poolTopics covered: Martin Tobias, Incisive Ventures, venture capital, pre-seed investing, B2B software, startup equity, founder liquidity, concentrated stock positions, angel investing, power-law returns, portfolio construction, wealth preservation, AI and careersGuest: Martin Tobias, founder and managing partner of Incisive Ventureshttps://incisive.vc/Newsletter:https://www.mechanicsofmoney.coWebsite:https://silvermancapital.comFollow the Mechanics of Money for weekly conversations on private markets, alternative investments, and the mechanics behind building real wealth.#venturecapital #preseed #startupinvesting #b2bsoftware #angelinvesting #wealthstrategy #privateinvestments #mechanicsofmoney

On Hashtag Trending for Tuesday, August 11, 2026, host Jim Love covers four major technology stories. OpenAI says preliminary testing of its unreleased Astra model shows cybersecurity capabilities strong enough that the company cannot rule out its highest "Critical" capability level. OpenAI has tightened isolation, network and tool access, and monitoring around the model. The company also explicitly says Astra was not involved in the recent Hugging Face intrusion, which involved GPT-5.6 Sol and a separate internal research model. SpaceX stock has rebounded sharply after falling to around $110 last week. Shares were trading around $132 as the show was recorded, after briefly moving back above the $135 IPO price. One major concern failed to materialize: more than 900 million previously restricted shares became eligible for sale, but the feared flood of insider selling did not occur. Investors are also weighing stronger-than-expected revenue and new details about SpaceX's planned $16.8 billion Terafab chip project with Tesla. Mark Zuckerberg is warning that concentrating powerful AI in the hands of a few companies, governments or experts could itself become dangerous. At the same time, Meta appears to be moving back toward open-weight AI with Muse Glimmer and a planned open-weight version of Muse Spark 1.2. There is some irony in hearing one of the world's most powerful technology executives warning about concentrated control, but the underlying question remains important. And finally, one of San Francisco's newest "AI chatbots" has no AI at all. ChatTJB is answered by actual humans, just as public frustration with low-quality AI-generated content is beginning to have an impact on platforms including LinkedIn and Snapchat. It may be evidence of a healthier discussion about where AI helps and where people still want humans involved. 00:00 Top Tech Headlines 00:32 OpenAI Cybersecurity Red Line 03:16 SpaceX Stock Rebound 04:51 Zuckerberg on AI Power 07:07 Chatbot With No AI 08:11 Backlash to AI Slop 09:16 Wrap Up and Outro

Airbnb stock had its best day ever Friday… because of car rentals, luggage storage, & Gigagedon.Robinhood is IPO-ing a VC fund with Y Combinator companies… it's super seedy (in a good way).Boxed wine sales rose 144% in the last 12 months… Luxury labels are slapping-the-bag.Plus, LinkedIn wants you to snitch on your buddies using AI… it's an Anti-Slop Button.$ABNB $HOOD $STZGrab your Tickets to the IPO Tour: Our In-Person OfferingSan Francisco 9/23: https://www.ticketmaster.com/event/1C0064AFB5F688BDBoston 10/14: https://tickets.citywinery.com/event/tboy-the-ipo-tour-in-person-offering-8cdhupSeattle 11/4 (21+): https://www.axs.com/events/1446394/the-best-one-yet-ticketsNEWSLETTER:https://tboypod.com/newsletter OUR 2ND SHOW:Want more business storytelling from us? Check our weekly deepdive show, The Best Idea Yet: The untold origin story of the products you're obsessed with. Listen for free to The Best Idea Yet: https://wondery.com/links/the-best-idea-yet/NEW LISTENERSFill out our 2 minute survey: https://qualtricsxm88y5r986q.qualtrics.com/jfe/form/SV_dp1FDYiJgt6lHy6GET ON THE POD: Submit a shoutout or fact: https://tboypod.com/shoutouts SOCIALS:Instagram: https://www.instagram.com/tboypod TikTok: https://www.tiktok.com/@tboypodYouTube: https://www.youtube.com/@tboypod Linkedin (Nick): https://www.linkedin.com/in/nicolas-martell/Linkedin (Jack): https://www.linkedin.com/in/jack-crivici-kramer/Anything else: https://tboypod.com/ About Us: The daily pop-biz news show making today's top stories your business. Formerly known as Robinhood Snacks, The Best One Yet is hosted by Jack Crivici-Kramer & Nick Martell. Hosted on Acast. See acast.com/privacy for more information.

In 1984, the Walt Disney Company was worth more dead than alive. Disney Animation — the heart of Walt's famous flywheel — had stagnated for years, bleeding away talent while corporate raiders circled, salivating over offers to sell off the film library to MGM and offload the parks to hotel operators. But what followed instead was the greatest turnaround in media history under Michael Eisner and Frank Wells. Beauty and the Beast. The Lion King. Broadway. Bringing the Disney Vault home on VHS and DVD. And the greatest media acquisition of all time — ESPN.And then... it all almost fell apart. Again. Euro Disney turned into a money pit. Boardroom and executive infighting ran rampant. Animation descended into a dumpster fire. (Remember Chicken Little? Us neither.) Comcast — Comcast!! — tried to steal the company via a hostile takeover. Out of the chaos, a new generation of Disney management emerged under Bob Iger to stage yet another epic comeback with Pixar, Marvel and Lucasfilm, creating the defining media empire of the 21st century…until the tech companies came along. Tune in for the ultimate Acquired thrill ride: Disney, Part II.Sponsors:Many thanks to our fantastic Fall '26 Season partners:SierraSentryWorkOSAnthropicLinks:Sign up for email updates, get our takeaways and research photos from each episode, and vote on future topics!The Official Acquired Meetup on Sept 17th with our friends at Sentry. Join us!The Acquired Disney Part II Companion PDFWorldly Partners' Multi-Decade Disney StudyAll episode sourcesCarve Outs:Warby Parker Transitions Extra ActiveMichael Arndt's Toy Story 3 Story PresentationThe Golden State ValkyriesMore Acquired:Get email updates and vote on future episodes!Join the SlackCheck out the latest swag in the ACQ Merch Store!00:00:00 Start00:00:50 Intro00:05:07 Disney in Chaos (1984)00:11:33 Eisner, Wells, Katzenberg Arrive (1984)00:24:30 Animation Renaissance & CAPS Tech (1989)00:37:33 Flywheel Extensions: Home Video, Retail & Broadway00:54:32 Challenges & ABC/ESPN Acquisition (1994-1995)01:05:55 ESPN: Disney's Accidental Goldmine01:21:26 Eisner's Decline & Save Disney Campaign (2001-2004)01:34:53 Comcast Hostile Takeover Bid (2004)01:41:58 Bob Iger's Vision & Pixar Acquisition (2005-2006)01:52:17 Pixar: From Lucasfilm to Steve Jobs (1979-1995)02:03:11 Toy Story, IPO & Eisner Conflict (1995)02:34:30 Disney Acquires Pixar (2006)02:46:37 Marvel & Lucasfilm Acquisitions (2009-2012)02:58:01 Streaming Pivot: Cord Cutting & BAMTech (2015)03:06:30 The Disney+ Strategy & FOX Acquisition (2017-2019)03:19:01 The Disney+ Launch, COVID, & Chapek's Tenure (2019-2022)03:42:15 Iger's Return, Challenges & Parks Revival (2022-2026)03:50:54 The Business Today: Parks & Streaming Focus03:59:22 Analysis: Disney+ Strategy & The New Media Landscape04:10:01 Analysis: Bull/Bear Cases04:21:20 Quintessence04:24:39 Carve-Outs + Outro‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

SpaceX rallies back to its IPO price after Friday's sharp rebound, one portfolio manager explains why the stock has become one of his largest bets. Plus, a top economist makes the case that the Federal Reserve won't raise interest rates this year, even as inflation remains a key concern for investors. And we break down Berkshire Hathaway's latest earnings, including CEO Greg Abel putting more of the company's massive cash pile to work. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A consortium led by businessman Amit Bhatia, including Amazon founder Jeff Bezos and Facebook co-founder Eduardo Saverin are in talks to buy around a 30% stake in Liverpool football club. We find out why so many of the world's richest people keen to invest in the Premier League.Elsewhere rising temperatures are affecting economies across the world and we have been hearing from some of the areas affected on how it is effecting the way they do business. Also, Shein has been given the green light to IPO in Hong Kong. We find out why the valuation pitched to potential investors is low.And we hear one business's reaction to the news that Denmark is preparing to scrap its royal warrant system, ending a centuries-old royal seal of approval.PHOTO CREDIT: PA

Show Notes Clare Scherrer outlines her career journey in three main chapters: 25 years at Goldman Sachs in Investment Banking, a number of years as a public company Chief Financial Officer, and her current role as a director on two public company boards of directors. Clare also shares her life immediately post-graduation, including getting married and completing McKinsey's Business Analyst program in New York City. Love at First Blind Date Clare recounts her initial post Harvard plan to join the Foreign Service and how a blind date led to her getting engaged and pivoting her career path. She describes the decisive nature of her engagement and how it shaped her life and career.   McKinsey, HBS, & the Pivot to Investment Banking Clare reflects on her years at McKinsey, emphasizing the importance of critical thinking and learning from her engagement managers. She also explains how her experience at McKinsey influenced her pivot to investment banking during her time at Harvard Business School. Relationship Building in Investment Banking Clare details her summer internship at Goldman Sachs and how it led to a 25-year career at the firm. She highlights the various roles she held at Goldman Sachs, including managing client relationships, co-leading a global team, and co-chairing the IPO committee.  Clare discusses the skills that contributed to her success, including work ethic, critical thinking, and building trust. She emphasizes the importance of running toward problems and the value of trust in client and colleague relationships. Clare shares her approach to communication, stressing the need for over-communication and the importance of truly understanding how critical business decisions are influenced and taken.   Becoming CFO of Smiths Group Clare recounts how a long time client approached her about the opportunity to become the CFO of Smiths Group, a global engineering company. She initially hesitated but was encouraged by her husband to embrace the opportunity. Clare describes the company's products and services when she was CFO; including energy efficiency, safety, and connectivity solutions. She highlights how much she valued the experience of being both the CFO and a board member, which gave her a deeper understanding of the importance of public company governance. Pursuing a Portfolio of Board Directorships Clare explains her decision to pursue a portfolio of board directorships after her tenure as CFO.  She currently serves on the boards of Legrand, a leading electrical and digital infrastructure company; and Shell, an integrated energy company. Clare also discusses that she sets aside some time to coach next generation finance executives in the US, drawing parallels to her experience developing talent at Goldman Sachs. She emphasizes the importance of developing and retaining talent, even outside of a full-time executive role. Returning to the U.S. Clare describes her typical work week, including the imperative to stay current on relevant financial markets, industry, and company developments. She also shares her current plans to move back to the U.S. after 15 years in London. Clare also reflects on the importance of consciously investing in personal growth and adopting habits that challenge as well as encourage reflection.   Harvard Reflections Clare recalls her most challenging course at Harvard, which was Russian, and how rewarding the class and learning process was, despite it not being directly linked to her career pursuits after Harvard. Clare also shares how energizing she finds her weekly tennis match. She encourages others to find a pursuit outside of work that is energizing and allows you to laugh at yourself and with others. Timestamps: 04:02: First Date and Early Career Decisions 07:03: McKinsey, HBS, & the Pivot to Investment Banking 13:38: Relationship Building in Investment Banking 19:39: Transition to CFO Role 26:06: Board Membership and Coaching 28:45: Personal Growth 36:25: Most Memorable Course and Personal Interests Links: LinkedIn: https://www.linkedin.com/in/clare-scherrer-651396b1/   *AI generated transcript and show notes.    

SUMMARY: In this episode, Aaron and Brandon tackle the provocative critiques of AI by Ed Zitron, a vocal opponent in the tech industry. They delve into the bear case against AI, exploring both the merits and flaws of Zitron's views.SHOW: 1052SHOW TRANSCRIPT: The Enterprise AI Show #1052 TranscriptSHOW VIDEO: https://youtu.be/Fm3T5bT_8CQSHOW SPONSORS:Nasuni - Activate your data for AI and request a demo Topic: The Zitron Bear Case — What's Right, What's Wrong?Why now? Ed Zitron went on CNBC's Squawk on the Street to lay out his bear case against OpenAI and Anthropic, covering questionable finances, AI's lack of ROI, and framing the whole thing as a symptom of the tech industry running out of hypergrowth ideas. CNBCXPast: Every hype cycle gets its designated skeptic — dot-com had its shorts, cloud had its "just a fad" crowd, crypto had its own chorus. Zitron's been running this playbook since the early ZIRP-era "subprime AI crisis" pieces.Present: Zitron's specific claims — OpenAI's burn rate math, the "nobody's making money on inference" argument, the case that Anthropic and OpenAI shouldn't be allowed to IPO with the numbers they'd have to report — stack up against actual usage/revenue data Brian and Aaron are seeing in the market. YouTubeFuture: If Zitron's right about the economics, what's the unwind look like? If he's wrong, what is he missing about where value actually accrues (infra, tooling, harnesses vs. raw model access)?FEEDBACK?Email: show @ the enterprise ai show dot comeBluesky: @TheEntAIShow.bsky.socialTwitter/X: @TheEntAIShowInstagram: @TheEntAIShow

In this episode of The Wrap with Chris Whalen, Chris breaks down the week across mortgages, rates, and precious metals. He opens with United Wholesale Mortgage, explaining why he believes Matt Ishbia should resign after the company hedged the balance sheet of an acquisition target it didn't own and never won — a misstep that produced a six hundred million dollar loss and forced a rescue from Oak Tree on onerous terms that leave common shareholders at the back of the line. Chris contrasts that with Rocket's standout quarter and lays out his broader housing view: investment banks hold this market together until the IPO fees are booked, then step back, setting up a potential correction next year and a general decline in home prices of ten to twenty percent by 2028. From there the conversation turns to the return of financial repression — short-end yields pushed down while the long end reacts to deficits and inflation — and why, with debt approaching forty trillion, he considers Fed independence a fiction and the Treasury the dog to the Fed's tail. Chris also unpacks the Bank of Japan's thirty-day repo with the Fed, why it lit a fire under gold and silver, and David Kotok's idea of using euro-denominated US credit default swaps to benchmark gold. He closes on taxing wealth over income, the erosion of fiscal credibility, and his gold book research into thirteen hundred years of Byzantine monetary stability.Thank you to our sponsor, Monetary Metals. Learn more at https://www.monetary-metals.com/THEWRAP/Links:    The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/  Twitter/X: https://twitter.com/rcwhalen    Seeing Around Corners book: https://www.theinstitutionalriskanalyst.com/product-page/seeing-around-corners-achieving-success-in-business-and-life-hardcoverUse the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricingTimestamps:0:00 — Intro1:08 — Why Matt Ishbia should resign from UWM2:30 — The Oak Tree rescue and what it means for shareholders3:31 — Mortgage earnings: PennyMac, loanDepot, Rocket4:23 — Is UWM going to be sold?5:43 — Health of the broader mortgage industry6:50 — Seven percent rates and where volume is coming from7:30 — What the Fed does next, and the long end8:20 — "Misery on the eights" — is the timeline accelerating?9:20 — Housing correction: 10–20% by 202810:40 — The return of financial repression12:00 — Why the Treasury benefits, and the shift to T-bills13:06 — "The Treasury is the dog, the Fed is the tail"13:40 — The dollar, foreign central banks, and gold reserves14:20 — The Bank of Japan repo transaction explained15:14 — What Warsh does if the FOMC wants a hike16:30 — Inflation, diesel exports, and the energy squeeze17:34 — David Kotok on benchmarking gold with credit default swaps18:40 — Why fiscal fear flows into gold19:30 — How far away is a US debt restructuring?21:04 — Taxing wealth instead of income22:42 — What cutting the deficit would actually do to rates25:15 — Back to the BOJ: why it forced gold and silver higher28:00 — What if Japan doesn't take the bonds back?28:48 — Foreign central banks are selling Treasuries29:47 — Does the US care about gold the way the rest of the world does?32:10 — Bessent and the K-shaped economy33:12 — Housekeeping: viewer question episode33:50 — Parting thoughts

Tickets for our live show in New York are on sale now! Get yours here. Jersey Mike's started as a small sub shop on the Jersey Shore when a 17-year-old stepped in with big ambitions. Along the way, the company grew to several thousand locations before private equity company Blackstone bought it for $8 billion and took it to Wall Street. But its IPO comes amid struggles in the restaurant industry. WSJ's Heather Haddon and Mark Maurer on Jersey Mike's origins and the hurdles it will have to jump through as a public company. Jessica Mendoza hosts. Further Listening: - Can Burger King Regain Its Crown? - How Kraft Lost Its Mac and Cheese Crown Sign up for WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

#906: Bank of America is spending $250M a year on GLP-1 weight loss drugs for its employees. SpaceX's first post-IPO lockup expired Thursday after releasing 912 million restricted shares into the public market. A group of 20 undergraduate students at Indiana University's Kelley School of Business manages a $12 million private real estate investment fund, and AI creates its first synthetic virus.  Submit your password guess! https://forms.gle/4EdBi3X8N4eMnBd56  Come to our August trivia! https://mbdtrivianight-august2026.splashthat.com/  Grab tickets to our Performance Revue show! https://www.morningbrew.com/events/brew-performance-revue-2026?utm_campaign=performance_revue_2026&utm_source=mbd Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠  Learn more about your ad choices. Visit megaphone.fm/adchoices

Is your shirt-folding technique good enough to train a robot how to do it? Could MySpace be creeping back into our browsers? We get into all this on today's “Marketplace Tech Bytes: Week in Review.”But first, the rocket ship/satellite internet/AI company SpaceX reported this week that it spent over $18 billion in capital expenditures in the second quarter. That's six times what it spent the same time last year. Most of that was on AI infrastructure. Marketplace's Stephanie Hughes spoke with Joanna Stern, founder of the media company New Things, to discuss all these topics.Everything we talked about:“Here's the mark a SpaceX rocket crash left on the moon” from CBC“SpaceX posts loss of $541 million in first report since record-setting IPO” from The Washington Post“Train robots and make money” from The New Things“Could Myspace be making a return” from CNN

Is your shirt-folding technique good enough to train a robot how to do it? Could MySpace be creeping back into our browsers? We get into all this on today's “Marketplace Tech Bytes: Week in Review.”But first, the rocket ship/satellite internet/AI company SpaceX reported this week that it spent over $18 billion in capital expenditures in the second quarter. That's six times what it spent the same time last year. Most of that was on AI infrastructure. Marketplace's Stephanie Hughes spoke with Joanna Stern, founder of the media company New Things, to discuss all these topics.Everything we talked about:“Here's the mark a SpaceX rocket crash left on the moon” from CBC“SpaceX posts loss of $541 million in first report since record-setting IPO” from The Washington Post“Train robots and make money” from The New Things“Could Myspace be making a return” from CNN

Stocks rising on an unexpected drop in July payrolls, with the Nasdaq pacing for its best week since late April and S&P 500 hitting a record high to close out the week. The traders break down the markets and momentum and if this rally can last into the coming months. Then, Mercado Libre CFO Martin de los Santos lays out the state of emerging market ecommerce and what he's seeing for the second half of the year. Plus, SpaceX pops and heads toward its IPO price, Airbnb soars after earnings, and the changing tastes of car buyers. Fast Money Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Welcome to another edition of Retail Roundup—your weekly brief helping retail leaders decode the biggest shifts in retail, AI, and commerce. In this week's episode, Jeremy Goldman sits down with industry experts David Polinchock (Co-Founder & President at Unified Brand Experience Lab) and Aidan Mittra (Co-Founder at OrderGrid) to examine the operational and regulatory forces redefining the industry. From the growing divide in grocery retail, the intense regulatory scrutiny surrounding dynamic pricing and electronic shelf labels, to the strategic debate over whether consumer brands should go public or stay private. INSIDE THIS WEEK'S EPISODE: - THE GROCERY DIVIDE: VALUE vs EXPERIENCE: As cost-conscious shoppers trade down and higher-income consumers seek experiences, middle-ground grocers are caught in the squeeze. While tech giants win on speed, experiential grocers thrive through in-person engagement and community. - DEMYSTIFYING SURVEILLANCE PRICING AND ELECTRONIC SHELF LABELS: Growing regulatory scrutiny and consumer mistrust over dynamic pricing and electronic shelf labels are pushing retailers toward transparency. Winning back trust requires bridging the online-offline pricing gap with a clear value exchange. - PUBLIC MARKET PRESSURES vs THE POWER OF STAYING PRIVATE: Faced with a cool IPO market, consumer brands are choosing to stay private longer. Prioritizing long-term brand equity over quarterly earnings pressure proves that rapid expansion doesn't always yield lasting value. As consumer expectations shift and regulatory pressure mounts, retail leaders must balance operational efficiency with clear customer value.

In today's episode on 7th August 2026, we tell you how far Urban Company has come since its IPO, and why it's pouring money into a segment that seems to be dragging down its profitability.Sign up for FREE insurance masterclass by Ditto

Amazon went public three years after it was founded. SpaceX stayed private for 24 years. What changed and why does it matter? The standard story is that companies avoid an IPO because public markets carry too many government rules and too many lawyers looking to sue. Renee Jones, law professor, former SEC official, and author of the new book Untamed Unicorns: Why Startup Finance Is Broken and How to Fix It, makes the opposite case. Jones argues what changed was the deregulation of private markets, driven by decades of industry lobbying. Due to decisions in Washington, companies became able to raise billions privately and there was no reason to go public . You could get the capital and keep total control, without ever having to disclose anything to regulators. If you've never bought a share of a startup, you might assume none of this touches you. But most of the money flowing into these private markets comes from pension funds and retirement accounts, meaning ordinary savers are already invested in companies whose books they'll never see. Connect with us:

After a successful IPO in 2014, GoPro founder and CEO Nick Woodman hopes to lead the company into its next act. In his vision, GoPro won't just be a camera maker anymore; they'll be a full-scale media empire. Woodman hires a Hollywood executive to lead the charge and staffs the new division with 100 people. But changing a company's mission is a slow process, and in the meantime GoPro has one disastrous product launch after another. And within just a couple of years, GoPro is struggling to survive. Audible subscribers can listen to all episodes of Business Wars ad-free right now. Join Audible today by downloading the Audible app.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Market chop got you confused? IPOs have you running home? Trader Greg Morton explains why keeping records could be the surprising antidote investors need to manage unruly markets. Our guest this week for Investor's Business Daily's “Investing with IBD” podcast, he also shares the spreadsheet he uses to track his own portfolio and inform his investing decisions. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Michael Dell's son is selling bear-sized backyard batteries… for 95% cheaper than Elon's.How is Garmin beating the Apple Watch with run clubs?... By rocking Y2K little tech energy.Vita Coco's coconut water stock surged 400% since its IPO… because of peaks vs summits.Plus, we got the secret work schedule of James Bond writer Ian Fleming… it's a work-from-home productivity thriller.$COCO $GRMN $DELL $NUTGrab your Tickets to the IPO Tour: Our In-Person OfferingSan Francisco 9/23: https://www.ticketmaster.com/event/1C0064AFB5F688BDBoston 10/14: https://tickets.citywinery.com/event/tboy-the-ipo-tour-in-person-offering-8cdhupSeattle 11/4 (21+): https://www.axs.com/events/1446394/the-best-one-yet-ticketsNEWSLETTER:https://tboypod.com/newsletter OUR 2ND SHOW:Want more business storytelling from us? Check our weekly deepdive show, The Best Idea Yet: The untold origin story of the products you're obsessed with. Listen for free to The Best Idea Yet: https://wondery.com/links/the-best-idea-yet/NEW LISTENERSFill out our 2 minute survey: https://qualtricsxm88y5r986q.qualtrics.com/jfe/form/SV_dp1FDYiJgt6lHy6GET ON THE POD: Submit a shoutout or fact: https://tboypod.com/shoutouts SOCIALS:Instagram: https://www.instagram.com/tboypod TikTok: https://www.tiktok.com/@tboypodYouTube: https://www.youtube.com/@tboypod Linkedin (Nick): https://www.linkedin.com/in/nicolas-martell/Linkedin (Jack): https://www.linkedin.com/in/jack-crivici-kramer/Anything else: https://tboypod.com/ About Us: The daily pop-biz news show making today's top stories your business. Formerly known as Robinhood Snacks, The Best One Yet is hosted by Jack Crivici-Kramer & Nick Martell. Hosted on Acast. See acast.com/privacy for more information.

P.M. Edition for Aug. 4. Millions of Americans are going without health insurance after the end of federal subsidies that kept their Affordable Care Act premiums down. WSJ reporter Anna Wilde Mathews discusses how that's weighing on hospital profits. Plus, strong earnings and hopes for an Iran deal send markets soaring. McDonald's aims to shake up its U.S. operations with a new boss after the U.S. division fell short in its most recent quarter. And SpaceX's revenue rose 92% in the first quarter since its IPO, while it reported a net loss of $541 million. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Wall Street's transfer agents want issuers, not outside platforms, to control tokenized stock. Securitize's CEO says the alternative invites insider trading. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Securitize took itself public twice this year: once through a direct listing, and once by tokenizing more than $265 million of its own stock via a SPAC with Cantor Equity Partners, testing whether Wall Street lets equities trade onchain. Carlos Domingo, founder and CEO of Securitize, joins Laura Shin to argue that much of crypto's tokenized stock boom is unauthorized, offshore paper exposing investors and issuers to real legal risk, and to make the case that transfer agents, not outside platforms, should control what gets tokenized. They cover Rule 611, the SEC rule locking onchain and offchain share prices together, the Securities Transfer Association's push for issuer authorization, and a Netflix stock split that left an unauthorized derivative trading five times off. Domingo also lays out Securitize's NYSE partnership, launching tokenized trading in the fourth quarter. The SEC is now weighing whether to unwind the rule that keeps those prices identical, with real stakes for how equities trade next. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Carlos Domingo - Founder and CEO of Securitize Timestamps

Elon Musk's SpaceX on Tuesday will report its first quarterly earnings as a public company. In the wake of the company's post-IPO stock drop and Tesla's negative quarterly cashflow, what can investors expect? WSJ reporter Becky Peterson sets the scene. Plus, WSJ's Sharon Terlep on the anti-tech automotive movement, and the extreme measures some are taking to avoid features like driving-assistance technology. Katie Deighton hosts. Were you fooled into thinking an AI-generated post was real? Are you worried AI is looking more and more real? We want to hear from you! Record a voice memo and send it to tnb@wsj.com or leave us a voicemail at (212) 416-2236. Sign up for the WSJ's free Technology newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

OpenAI took Apple's trade-secrets lawsuit to the court of public opinion, receipts and all. Bending Spoons bought Airtable, Anthropic inked a $10B Norway compute deal, the US eyed polysilicon tariffs, and Microsoft told engineers tokenmaxxing was over. Links OpenAI drags Apple's lawsuit into the court of public opinion (The Verge) Bending Spoons agrees to acquire Airtable in an all-cash deal valuing the US software company at $1.285B, set to close by 2026's end, its first post-IPO deal (Reuters) Bending Spoons buys Airtable at an implied equity value of ~$2.25B, five years after a $735M round valued the no-code company at $11.7B; Airtable's ARR is now ~$480M (Silicon Republic) Sources: Anthropic agreed to a $10B deal for computing capacity in Norway from Nvidia-backed AI cloud startup Volta Infra, which says the deal is for six years (Bloomberg) Sources: the US is preparing to set a price floor and impose tariffs on polysilicon, a material critical to chips, later this month, in a bid to counter China (Reuters) Sources: Beijing is growing concerned about the cyber capabilities of Mythos and other US-developed frontier AI models and their potential as offensive weapons (Bloomberg) White House to host AI companies Tuesday to review new model-testing framework (CNBC) Internal email: Microsoft introduces token budget limits for employees' AI use, saying "tokenmaxxing is not what we are optimizing for" (404 Media) Subscribe to the ad-free feed.

SpaceX on the move in after-hours trading on the back of its first earnings report since going public. Can investors expect SpaceX to blast off, or will the aerospace giant sink even further below its IPO price?Then, major Pharma earnings from giants like Pfizer and Merck beating Wall Street estimates with Amgen and Eli Lilly on deck. Founder and CEO of Portal Innovations John Flavin lays out the best trades in the Pharma market, and his reaction to Novo Nordisk's slide after disappointing guidance. Plus, why Morgan Stanley is bearish on AMD, digging into Caterpillar earnings, and can McDonald's make a comeback? Fast Money Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this Suze School, Suze goes over everything that happened in the economy in the last week. She reviews how the market responded to the Fed's rate announcement and why you should not have FOMO about some recent IPOs. Learn more about the Ultimate Scam Protection here: SuzeOrman.com Watch Suze’s YouTube Channel Jumpstart financial wellness for your employees: https://bit.ly/SecureSave Protect your financial future with the Must Have Docs: https://bit.ly/3Vq1V3G Help with the Must Have Docs: Email:support@musthavedocuments.zendesk.com Phone: 888-510-0510 Get your savings going with Alliant Credit Union: https://bit.ly/3rg0Yio Get Suze’s special offers for podcast listeners at suzeorman.com/offer Join Suze’s Women & Money Community for FREE and ASK SUZE your questions which may just end up on the podcast. Download the app by following one of these links: CLICK HERE FOR APPLE: https://apple.co/2KcAHbH CLICK HERE FOR GOOGLE PLAY: https://bit.ly/3curfMISee omnystudio.com/listener for privacy information.

Jersey Mike's had the biggest restaurant IPO in 15 years… because investors are hot for cold cuts.The War in Iran keeps escalating, but oil prices don't... Because China is now DOPEC: OPEC for Demand.1 Nantucket store banned influencers, 1 embraced them… And it's touched a national nerve.Plus, why do Weather Apps say it's raining when it isn't?... Blame “Wet Bias” (it's messing with our economy)$JMKE $XOM $METAGrab your Tickets to the IPO Tour: Our In-Person OfferingSan Francisco 9/23: https://www.ticketmaster.com/event/1C0064AFB5F688BDBoston 10/14: https://tickets.citywinery.com/event/tboy-the-ipo-tour-in-person-offering-8cdhupSeattle 11/4 (21+): https://www.axs.com/events/1446394/the-best-one-yet-ticketsNEWSLETTER:https://tboypod.com/newsletter OUR 2ND SHOW:Want more business storytelling from us? Check our weekly deepdive show, The Best Idea Yet: The untold origin story of the products you're obsessed with. Listen for free to The Best Idea Yet: https://wondery.com/links/the-best-idea-yet/NEW LISTENERSFill out our 2 minute survey: https://qualtricsxm88y5r986q.qualtrics.com/jfe/form/SV_dp1FDYiJgt6lHy6GET ON THE POD: Submit a shoutout or fact: https://tboypod.com/shoutouts SOCIALS:Instagram: https://www.instagram.com/tboypod TikTok: https://www.tiktok.com/@tboypodYouTube: https://www.youtube.com/@tboypod Linkedin (Nick): https://www.linkedin.com/in/nicolas-martell/Linkedin (Jack): https://www.linkedin.com/in/jack-crivici-kramer/Anything else: https://tboypod.com/ About Us: The daily pop-biz news show making today's top stories your business. Formerly known as Robinhood Snacks, The Best One Yet is hosted by Jack Crivici-Kramer & Nick Martell. Hosted on Acast. See acast.com/privacy for more information.