Podcast appearances and mentions of Jackson Hole

What if your home has been speaking to you all along?In this episode, I sit down with transformational coach and feng shui practitioner Elizabeth Armistead to explore how the spaces we live in often mirror what's happening beneath the surface. While many people think feng shui is simply about furniture placement or decluttering, Elizabeth shares a much deeper perspective. Our homes can reveal where we're holding onto old stories, where energy has become stagnant, and where we're being invited into our next chapter.We also talk about navigating life transitions, honoring grief instead of rushing through it, and how creating intentional spaces can help us reconnect with ourselves. Whether you're moving into a new home, considering a major life change, or simply feeling called to create more peace in your everyday environment, this conversation offers a beautiful reminder that transformation often begins much closer than we think.In this episode, we explore:What feng shui really means beyond organizing or decoratingHow your home reflects your emotional and spiritual lifeWhy your entryway matters more than you might realizeThe connection between clutter, identity, and personal transformationHow intentional spaces support healing during life transitionsElizabeth's approach to combining feng shui, coaching, and Gestalt psychologyWhy grief deserves space, dignity, and time instead of being rushedSimple ways to become more aware of the energy in your own homeLinks and Resources:Visit Elizabeth's Website: https://elizabetharmistead.comFollow Elizabeth on Instagram: https://www.instagram.com/iamelizabetharmistead/Follow Elizabeth on Substack: https://elizabetharmistead.substack.com/Get Mystic Angel White Sage & Rose Smudge Spray: https://a.co/d/0eZ8POTqSometimes the changes we're searching for don't begin with a new plan. They begin with paying attention. Our homes, our habits, and even the things we've been holding onto may be quietly inviting us to let go, make space, and step into the next version of ourselves with greater intention.Adventure on!Send us Fan Mail Support the show✨ Join the Spiritual Horse Seeker Summit

Our Global Head of Macro Strategy Matthew Hornbach joins our Chief U.S. Economist Michael Gapen to discuss the Fed's potential next moves and how energy prices are influencing market expectations.Read more insights from Morgan Stanley.----- Transcript -----Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy at Morgan Stanley.Michael Gapen: And I'm Michael Gapen, Morgan Stanley's Chief U.S. Economist.Matthew Hornbach: Today, what the Federal Reserve decided at its September meeting and what it could mean for rates through the end of the year.It's Wednesday, September 16th at 4pm in New York.So, Mike, the Fed raised rates by 25 basis points at this week's meeting. What stood out to you the most in the decision? And when it comes to inflation, how do you think this 25-basis point rate hike is actually going to affect the inflation outlook?Michael Gapen: Yeah, so certainly the decision was in line with expectations. You know, obviously what we've learned in the very broad sense is that inflation isn't moving fast enough in the direction that the Fed wants. So, it's responding by tighter monetary policy. And that does set up a very interesting question which you just asked, which is: Well, is it going to work? Is this the right response to the inflation that we're seeing?So, if you do go back and reread that Jackson Hole speech, there's not a lot in there about the drivers of inflation, what's causing higher inflation. But it's clear the only response to above target inflation from the point of view of the chair was tighter monetary policy. So, the Fed is in a bit of a pickle.Most of us believe the majority of the inflation we're seeing is supply side driven from tariffs, from energy. At least in the past, let's call it supply chain disruptions, a de-globalization narrative. Some of it is demand side driven through AI. But I think we're all looking at that thinking modestly tighter rates isn't necessarily going to bring down that AI-related inflation.So, we're left to conclude that the Fed's in this uncomfortable position of saying, "Well, a lot of the inflation that we're seeing is supply side driven and from the structural AI story that we're not convinced higher rates can maybe address."So I think the answer would be, if inflation's going to come down, then higher rates will be weighing on the parts of the economy that are more interest rate sensitive and generally soft already.Matthew Hornbach: Is this a one and done? Or do you think that when the Fed actually goes ahead and hikes rates after a long pause, they are thinking about delivering more than just one rate hike?Michael Gapen: Yeah, I strongly believe the committee as a whole is thinking in terms of more than one move. Monetary policy doesn't, say, hyper-react. It reacts with a bit of a delay. So, to your point, they've been on hold for a while. When they think about changing policy, then they're thinking about a series of moves.So, I think in their mind, if they're raising rates, there's a strong probability that they will do at least one more or two more. They're never going to think that a 25-basis-point move in the funds rate will fundamentally change the macro-outlook. So, I don't think they'd ever walk into this thinking one and done.Now, it is possible we get an ex-post one and done. So, how could that come about? If it is true indeed that we're right that a lot of this inflation is supply-side driven. It is coming down. It's clear that the three- and six-month annualized rates are pointing to disinflation into year-end. We can debate whether it's fast enough or not.But if disinflation continues to happen, then the Fed will have hiked, expect to maybe do another one. But by the time we get there, inflation has improved enough, and they end up not doing it.So, they would sound like, "Oh, we're still ready. We still think we've got more work to do." But in the moment, the data just arrives in a way that they stay where they are. So you would look back and say it was a one and done, but I don't think they go into this thinking one rate hike is going to fundamentally change the story.Matthew Hornbach: Now, of course, the data that we'll get between today and the December meeting will likely have an impact on their decision-making – as well as any revisions that we end up getting.And I think one of the stories that investors have been talking about are some of the methodological changes that the Bureau of Economic Analysis is implementing into the PCE inflation data. Do you see any scope for those types of revisions to lend itself to a one and done type of a policy for this year?Michael Gapen: It is possible. There's uncertainty about what actually those revisions are going to bring. But quality adjustments to software, for example, will over time likely bring inflation lower. Some of the revisions to the other categories. So, we do think it will on average lower year-on-year rate of inflation by about 1/10 or so, maybe a little more.So, it could show up on the high side. And then you've got what looks to be a different path.So yes, I think one of the reasons to maybe go slower, think about perhaps a quarterly pace of hikes, as opposed to, "Oh, we're just going to ramp up three, four meetings in a row," is to let some of this play out. See what those revisions look like.So yes, it could contribute to a world where revisions plus softness in the incoming data mean they hike, say, in September, don't do another one after that. Or those revisions are part of the reason why they think a slower-moving cycle rather than a more aggressive one is appropriate.Matthew Hornbach: Does the labor market play any role today in monetary policy?Michael Gapen: I think it's certainly secondary, if not tertiary. I don't want to say that the committee as a whole sees the labor market just fine and we don't have any concerns there.What's super helpful from the rate hike perspective is labor income, wage income out of the labor market is still decelerating and pretty modest. It doesn't suggest that the economy's overheating and the labor market is a source of upward pressure on inflation. So, I think that's beneficial in terms of thinking of the rate hike cycle.In the other direction, I'd say we've had a number of months now of, kind of, you know, let's call it 50,000 to 70,000 jobs a month on average if you kind of smooth through some of the volatility. That's not amazing, but it's not awful either.So Matt, I'd like to turn it back to you. This is of course the economist's perspective. When we translate this into the rates market; rates market clients may have a very different view. But I would be interested to hear your thoughts on how you think the rates market is dealing with the inflation. I don't want to say impulse, but let's call it the sticky disinflation we're getting, the sources of that inflation, and how it sees monetary policy reacting.How is the rates market digesting all of this?Matthew Hornbach: So, I think actually investors are reasonably nonplussed about what's happening in the underlying rate of inflation in the country. But what has inserted itself into the conversation is the price of energy and how impulsively energy prices have risen over recent months.When we look at how market prices evolve with respect to the path for monetary policy, what we observe empirically is that if energy prices are going up in a given week or in a given month, the market reprices to a more hawkish path for Fed policy. And if energy prices come down in a given week or a given month, and we see the market pricing towards a less hawkish path for monetary policy.So, the primary driver of how the markets are pricing the future of Fed policy is, in fact, the changes in the price of energy commodities. So, Brent crude oil, WTI crude oil, gasoline prices. And so, this is something that we just can't get away from.There are, of course, other things that do influence the level of Treasury yields, but I would suggest that they are more secondary or tertiary themselves in terms of… Similar to the labor market. I would say they have less of an impact on the overall level of yields.So, with a market-implied hiking cycle from the Fed at about three hikes or so from here, given that the Fed just delivered one rate hike, you know, the 10-year treasury yield is around 5 percent. It was much lower earlier this year, and we were pricing in two rate cuts at that point in time.So, you get the sense that if the market's moving from pricing in two rate cuts to pricing in four rate hikes, and the 10-year yield goes from 4.25 percent to 5 percent, obviously there's a relationship there.One factor that investors are certainly interested in is – how does the debt stock play a role in the level of yields? And one of the things that I've been telling people to consider is that it's not the level of the debt, the amount of debt in the economy that matters most for the level of interest rates – as odd as that may be to hear for listeners. It's how quickly that debt stock grows.So, if the debt stock is going up at a certain pace, and that pace is within the bounds of investor expectations, then it typically doesn't have that big of an impact on the bond market. So, one of the factoids that may surprise people is: about four years ago, the news media was very interested in the fact that the amount of debt in the United States had breached $31 trillion. And, the 10-year treasury yield at that time had peaked at about 4.25 percent, somewhere around there.Well, earlier this year, before the conflict in Iran began, the 10-year treasury yield was also around 4.25 percent. But this is four years later, and over these four years, the U.S. has added $9 trillion to the debt.So, here again, this is a good example, I think, of this idea that you can have a dramatic expansion in the debt from [$]31 trillion to [$]40 trillion, and yet the 10-year treasury yield itself is broadly unchanged.And so that just, I think, should tell investors that it's not the size of the debt that matters per se. Lots of other factors can influence the level of treasury yields. And how the market thinks about the Fed is certainly among the more important of those.So, Mike, just want to say thanks again for taking the time to talk after another FOMC meeting.Michael Gapen: Great speaking with you, Matt.Matthew Hornbach: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

The Federal Reserve faces a major decision this week: raise interest rates or hold them steady as energy prices push inflation higher. Markets are pricing in a strong chance of a quarter-point rate hike, but PhD economist Orphe Divounguy argues the Fed should hold. His concern: the current inflation increase is being driven largely by a supply shock in energy, while the underlying economy is showing signs of weakness. Core inflation is around 2.4%, wage growth is easing, hiring remains near a decade low and recent economic growth has been heavily concentrated in AI investment. Divounguy argues that raising interest rates can cool demand — but it cannot produce more oil or directly fix an energy supply shock. Chris Krug and Orphe Divounguy also examine the growing divide inside the Federal Reserve, inflation expectations, the labor market and whether Chairman Kevin Warsh's hawkish comments at Jackson Hole have created a credibility problem heading into Wednesday's decision. The key question: Is another rate hike necessary to fight inflation, or could it risk over-tightening an already fragile economy? Everyday Economics is hosted by Chris Krug and PhD economist Orphe Divounguy and is brought to you by The Center Square. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

[Recorded:  09-15-2026]  Sean Brodrick, Editor of Wealth Megatrends, Supercycle Investor, Resource Trader, and contributing analyst to Weiss Ratings Daily, joins me for a wide-ranging discussion diving into the market volatility across multiple resource and general equity sectors in the current macroeconomic and geopolitical environment. He shares how he is managing his portfolio as it relates to oil and oil stocks, AI stocks, cybersecurity stocks, and gold stocks.     We start off discussing the potential macro and market impacts of the first Fed funds rate hike by the US central bank in a few years. While the market had ascribed over a 90% chance of a 25-basis-point hike, through yesterday (when we talked), Sean looks ahead to what that actually means or may achieve for fighting persistently high inflation into the future. Higher rates could negatively affect the housing industry, auto loans, business loans, and slow growth to some degree. Market participants have already been selling bonds, and driving interest rates higher in anticipation of a higher Fed funds rate, along with pushing back on US fiscal policies. There is a “family feud” going on between Kevin Warsh and the Fed working to hike rates on the short end of the yield curve, and Scott Bessent and the US Treasury actively working lower rates on the long end of the yield curve. Sean makes the point that even if the Fed hikes interest rates once, or even a few times, it is not really going to change the fundamental oil supply from the Middle East or tame that inflation input as a result of rising energy prices.   We then shifted our focus over to the surge higher to triple-digit oil prices, on the back of deepening conflict across the Middle East. Sean outlined how technical price projections on longer-term charts could allow for a brief spike in WTI up to $150 a barrel. Sean is very comfortable holding onto his oil stocks for now, as they should have a very profitable Q3 on the back of solid Q2 earnings.   Next, we unpacked some of the recent slowdown in AI stocks and the pace of advancement, as a few vocal industry participants expressed concerns of losing control of artificial intelligence. Sean highlights that while these concerns are valid, that it has ballooned up into a bigger deal than many were expecting over the last couple weeks. It may be that real motivation to pump the breaks on the pace of A.I. is because the industry would like to see more government regulation that would discourage cheaper open-source foreign platforms from being adopted domestically. He highlights the potential opportunity that restricting or securing against AI threats may present to cybersecurity companies like Palo Alto Networks (Nasdaq: PANW) or CrowdStrike Holdings (Nasdaq: CRWD)   Wrapping up, Sean shared his outlook on what fundamentals are driving gold, silver, and the PM stocks down over the last few weeks. In addition to more hawkish statements from Kevin Warsh during the Jackson Hole banking symposium a few weeks ago, Sean points out that it was really the higher inflation readings recently that back-stopped the decision for the Fed raise rates. He remains cautious that short-term economic data around inflation and a stronger US dollar could still trigger some more near-term selling pressure, but he also shares the reasons why he believes this move in the precious metals complex could have legs to begin the next run higher in the medium term.  Sean is still mostly animated by revenue-generating gold and silver producers, and will be scanning across the field of companies at the upcoming Beaver Creek Precious Metals Summit for new ideas to report on moving forwards.     Click here to follow along with Sean's work at Weiss Ratings Daily and Wealth Megatrends . Click here to learn more about Resource Trader       For more market commentary & interview summaries, subscribe to our Substack reports:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.  

The Storm Skiing Journal and Podcast is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Welcome to the Storm's short-form, news-focused podcast. Don't worry, I still write long-form newsletters. Paid subscribers can leave a comment in the article below, or by joining The Storm's chat (also below). I'll respond to some comments in the next episode, which is scheduled for Wednesday, Sept. 16.Transcript updateFollowing up on yesterday's feedback, there are now two transcripts available for each podcast:* Substack's transcript: This transcript is auto-generated when I upload the podcast file to Substack, which is the platform that hosts stormskiing.com. This one is cool because you can click on any block of text and the audio will jump to that point in the conversation. Click the “transcript” button above to access. * Zoom's transcript: Zoom automatically generates this transcript as I record. It should be more or less identical to Substack's transcript, but with names attached to each quote block. The downside of this transcript is that you can't teleport to that point in the pod by clicking on the text block, as you can with Substack's. Another downside: the timestamps are off, since I typically start recording prior to the start of the podcast. I'll work on cleaning this up.So until the robots get smarter, we're stuck with two different transcripts. Both are auto-generated, and I don't proofread either one, as that would be the fastest way to make sure my quick-turnaround, up-to-date podcast turns into a slow-turnaround, out-of-date one. My hope is that Substack will soon hire or invent or weld from raw iron a robot that's smart enough to know who's speaking when. I'll just keep following the robots around and using their hyper-intelligence until they decide to kill me.The Zoom transcript (click “transcript” above for the Substack transcript, which will zoom to any point in the video when you click on the associated text block; timestamps below DO NOT MATCH THE VIDEO)Stuart Winchester: Welcome to The Storm! I'm your host, Stuart Winchester. It is Tuesday, September 15th, 2026, and I am very excited today to bring you a conversation with the General Manager of Monarch Mountain, Colorado, Chris Haggerty. Now, I've never featured Monarch either on the long-form pod or on the short-form pod.00:09:57.000 --> 00:10:11.000Stuart Winchester: There's never really a reason behind that, other than this is just kind of when it happened. If you run an area, a ski area anywhere in America, I do want to talk to you. I've just never had the opportunity to feature Monarch before, so we will talk about Monarch in just a little bit here.00:10:11.000 --> 00:10:27.000Stuart Winchester: Part of the reason why we're talking about Monarch is because they were one of two Western Mountains to this year join Snow Operating's Snow Pass. Now, the Snow Pass, if you missed the news, it works a lot like the Indy Pass or the Mountain Collective Pass, where you get two days each.00:10:27.000 --> 00:10:37.000Stuart Winchester: at a set number of ski areas. In this case, it's planned to be 14 ski areas for the 2026-27 ski season. And…00:10:37.000 --> 00:10:45.000Stuart Winchester: That product went on sale last Tuesday. I had Snow Operating CEO Joe Heschen on the podcast to talk through it with us.00:10:45.000 --> 00:11:01.000Stuart Winchester: Couple days later, I got an email from Snow Operating saying, Hey, guess what? Our first round of Snow Operating and Snow Triple Play, which are two different products, and I'll explain the difference in a moment, sold out. So we're taking it off sale. We're putting it back on sale next Monday, September 21st.00:11:01.000 --> 00:11:13.000Stuart Winchester: at 10 a.m. Eastern. It will be $349.99 for Snowpass, and $184.99 for Snow Triple Play. Still a pretty good deal. Those products at full price.00:11:13.000 --> 00:11:24.000Stuart Winchester: the prices that Snow Partners gave me, and they anticipate selling both products through Christmas Eve, December 24th, just like they did last year with the first season of the Triple Play.00:11:24.000 --> 00:11:40.000Stuart Winchester: They, the final prices they anticipate will be 3 99 99 for snow pass and 1 99 99 for snow triple play. So you get a nice little discount, particularly with the snow pass, $50 off if you buy it in the next round. So let's talk a little bit about the snow pass because.00:11:40.000 --> 00:11:43.000Stuart Winchester: When this product debuted.00:11:43.000 --> 00:11:53.000Stuart Winchester: I… I've been saying for years, there's 4 national ski passes, right? There's obviously Epic and Icon, and those have some season pass unlimited tiers at certain mountains.00:11:53.000 --> 00:12:08.000Stuart Winchester: And a limited number of days at other partner mountains. And then you have Indian Mountain Collective, which essentially worked the same way, 2 days at each ski area that is on their roster. Uh, Mountain Collective is more expensive, tends to be your bigger, more high-end resorts, Snowbird, Jackson Hole.00:12:08.000 --> 00:12:23.000Stuart Winchester: Uh, Sun Peaks up in Canada. And Indy tended to be the lesser-known ski areas, but still some really dynamite stuff there, and a lot more ski areas. Mountain Collective always has around 30, and Indy is more like 250, not counting their cross-country.00:12:23.000 --> 00:12:36.000Stuart Winchester: ski areas. So, I always thought there was probably room for a fifth national pass, but I wasn't sure, and as time went on, and more and more mountains joined multi-mountain passes.00:12:36.000 --> 00:12:37.000Stuart Winchester: I…00:12:37.000 --> 00:12:41.000Stuart Winchester: I thought, okay, maybe there's not room for a fifth national pass. Maybe everyone who's…00:12:41.000 --> 00:12:44.000Stuart Winchester: who wants to join a pass has, because I know Indy, uh.00:12:44.000 --> 00:12:58.000Stuart Winchester: Now, I'm not saying they don't have standards, but they'll let just about anybody on the pass just to help them get that exposure and that national marketing. But Snow Operating, the outfit that owns Mountain Creek in New Jersey and the indoor big snow ski area in New Jersey, they launched.00:12:58.000 --> 00:13:15.000Stuart Winchester: their Snow Pass, and it's a pretty good roster. Here, I'm gonna share my screen for those of you watching on video, and if you're not watching on video, don't worry, I'm gonna talk through it. So, here's the Snow Triple Play East roster, and here's the Snow Pass roster. Now, the Snow Pass has 14 ski areas on it.00:13:15.000 --> 00:13:18.000Stuart Winchester: And you get 2 days at each ski area.00:13:18.000 --> 00:13:22.000Stuart Winchester: The Snow Triple Play has…00:13:22.000 --> 00:13:27.000Stuart Winchester: 23 total ski areas on it, and you get 3 days total.00:13:27.000 --> 00:13:43.000Stuart Winchester: across all 23 ski areas. That's why it's so much less expensive. The most days you can use at any ski area is 2, so you can't buy this as a 3-pack Force A Gore Mountain, alright? So, that's the first important.00:13:43.000 --> 00:13:59.000Stuart Winchester: distinction is that Snow Triple Play is a much more limited basket of days. You also don't want to assume that they have the same roster. Just because something's on Snow Pass doesn't mean it's on Snow Triple Play, and vice versa. Snow Triple Play right now has a pretty…00:13:59.000 --> 00:14:15.000Stuart Winchester: Big roster that I wish was on the, uh, Snow Pass, because it has Jiminy Peak in, uh, Massachusetts, and also Cranmore in New Hampshire, which is jointly owned. It has Platykill up in the New York Catskills.00:14:15.000 --> 00:14:30.000Stuart Winchester: It has all these summit ski areas around Quebec. It has Bromont, one of the great eastern townships ski areas. Uh, so that's Snow Triple Play. Snow Triple Play does not have anything in the west. It's all east. It's all east coast, either eastern Canada or eastern New York.00:14:30.000 --> 00:14:45.000Stuart Winchester: Uh, Snow Pass has… it's a pretty interesting roster, and it's a great roster for a very particular type of skier. Now, it does have two ski areas in the West, uh, Snow King, which has been controversial, I'm gonna set that aside, and Monarch, which we'll talk about in a moment.00:14:45.000 --> 00:15:00.000Stuart Winchester: The core of the Snow Pass, and the reason why it makes sense, is because of the south to north line of ski areas that it offers. So if you buy the Snow Pass, again, goes back on sale for $349.99 next Monday, September 21st.00:15:00.000 --> 00:15:05.000Stuart Winchester: You would get two days each at Bel Air, which is in New York's Catskills.00:15:05.000 --> 00:15:07.000Stuart Winchester: Gore.00:15:07.000 --> 00:15:16.000Stuart Winchester: higher up in the Adirondacks, and Whiteface, which are all owned and run and operated by the state, all fantastic ski areas. So it's 2 days at each of those, that alone would be worth $350.00:15:16.000 --> 00:15:33.000Stuart Winchester: Then you add in the fact that you get two days at Mountain Creek, which is right there in New Jersey, uh, two days at the indoor snow dome, big snow American dream. Uh, if you have kids, two days at Butternut and two days at Mount Southington in Connecticut. Uh, Butternut is in Massachusetts. They're both day drive distance from New York City.00:15:33.000 --> 00:15:42.000Stuart Winchester: Let them wander around, let them explore. They're both, uh, especially Butternut. It's very up-to-date, very modern lifts, very, very well-run ski area. So…00:15:42.000 --> 00:15:45.000Stuart Winchester: You have a really great little, you know.00:15:46.000 --> 00:16:03.000Stuart Winchester: 5, 6, 7 ski areas that really make sense. Now, Ski Martok doesn't really make sense. It's all the way up in the middle of nowhere in the, in the Atlantic provinces in, in Canada. Uh, and, and Pleasant Mountain makes less sense. It's, it's up in Maine and, uh, harder to get to from, from the folks who would likely buy this as.00:16:03.000 --> 00:16:13.000Stuart Winchester: But what you have to ask yourself is, okay, the snow pass, that's a pretty good deal, right? It's $349.99 for 2 days each of 14 mountains. Then you look at Indy.00:16:13.000 --> 00:16:16.000Stuart Winchester: And Indy Pass is 254.00:16:16.000 --> 00:16:34.000Stuart Winchester: uh, alpine ski areas, and it just went off sale for $429 for the base pass. So, it would be 2 days each at all of these, and the… the plus pass, the ND plus pass, was $469. It had no blackouts. Now, the other thing to know about Snow Triple Play.00:16:34.000 --> 00:16:50.000Stuart Winchester: and snow passes, there are a lot of blackouts, okay? So, a lot of these are holidays, you probably expect that. Uh, you know, here I see Big Snow, Oak Mountain, Plattekill, a lot of holiday blackouts, Butternut holiday blackouts, Gore, uh, Bel Air. Bel Air, though, you want to stop.00:16:50.000 --> 00:17:06.000Stuart Winchester: Bel Air is blacked out every Saturday and Sunday. That's a big deal, because when do you probably want to go to Bel Air if you're someone skiing around with your little kids? Probably on a Saturday or Sunday. So, you want to be really careful and really look at these, uh, these blackout dates before you pull the trigger.00:17:06.000 --> 00:17:09.000Stuart Winchester: on the snow pass. So…00:17:09.000 --> 00:17:14.000Stuart Winchester: So if you have a snow pass, I I'm calling it.00:17:14.000 --> 00:17:18.000Stuart Winchester: A national pass, kind of, uh…00:17:18.000 --> 00:17:24.000Stuart Winchester: out of anticipation, right? It's more of a, I think they'll get there, sort of designation, because right now.00:17:24.000 --> 00:17:40.000Stuart Winchester: it's not really a national pass, right? You have one small skier in Wyoming, one small skier in Colorado. Is someone who lives in New York's metro really going to travel to Colorado just to ski that because they have a snow pass, right? Because it's not cheap to get up to Colorado.00:17:40.000 --> 00:17:56.000Stuart Winchester: And there's a lot of much bigger mountains out there. So… so I think that Snow Pass, much like Indy did when it started in 2019, will grow into a national… a true national pass. Uh, for now, just based on the reputation of the operators, uh, the fact that I think that they will be able to grow this thing, the fact that I…00:17:56.000 --> 00:18:11.000Stuart Winchester: know their relationships with folks all around the country, and how much folks like working with them, I am assuming that this pass will grow up, and if it does, Monarch will be the OG Western partner. So, let's talk more about Monarch now, and I'm gonna bring.00:18:11.000 --> 00:18:13.000Stuart Winchester: Chris Haggerty in.00:18:14.000 --> 00:18:17.000Stuart Winchester: And we will, uh… Chris, how you doing?00:18:17.000 --> 00:18:20.000Chris Haggerty: I'm doing well today, Stuart. How are you?00:18:19.000 --> 00:18:37.000Stuart Winchester: I'm doing great. All right, you passed the sound check, so I'm going to give you an intro here. Joining us now is the general manager of Monarch Mountain, Colorado. Monarch has six chairlifts serving 1,017 acres of terrain, including the 377-acre no-name expansion that opened last winter.00:18:37.000 --> 00:18:44.000Stuart Winchester: Monarch's 10,727-foot base elevation is the third highest in American skiing.00:18:44.000 --> 00:18:59.000Stuart Winchester: Prior to taking the top job at Monarch in 2024, he spent 21 years as general manager of Mountain Creek, New Jersey. Chris Haggerty is my guest. Chris, welcome to The Storm. Awesome to connect with you. I've really been wanting to spotlight Monarch for a long time now, and I'm so hyped we get to.00:19:00.000 --> 00:19:10.000Chris Haggerty: Yeah. Thanks for having me, and I'm excited to be here and chat Monarch. It's a special place, so excited to share some discussion about it.00:19:10.000 --> 00:19:23.000Stuart Winchester: So, the New Jersey to Colorado pipeline is maybe not necessarily a well-trod one, although there are a surprising amount of IntraWest vets working in the ski industry because of its relationship with IntraWest, but talk to us about…00:19:24.000 --> 00:19:40.000Stuart Winchester: Getting to Monarch, and you were taking over for Randy Stroud, super experienced guy, he was retiring, uh, he'd been there 23 years, a decade as GM, and he stayed on, I believe, for, for a year. So, talk to us about going from New Jersey, where they have a lot of snowmaking, because they have to.00:19:39.000 --> 00:19:41.000Chris Haggerty: Mmhm.00:19:40.000 --> 00:19:47.000Stuart Winchester: to Monarch, where they have no snowmaking, and just what that adjustment period was like, and how you settled into the role.00:19:48.000 --> 00:20:07.000Chris Haggerty: Yeah, just a quick story is that, you know, as you mentioned, I was at Mountain Creek for a long time, and, you know, really where I found my love for the ski industry, and after college, I had taken a trip out to Colorado and got my first taste of, like.00:20:07.000 --> 00:20:12.000Chris Haggerty: the Rockies, right? So it's always been something in the back of my mind. Um…00:20:12.000 --> 00:20:28.000Chris Haggerty: And I ended up stumbling upon Monarch. I hadn't been to Monarch before, and I was like, oh, this place looks pretty cool. It definitely screamed the ski independent. I definitely wanted to.00:20:28.000 --> 00:20:50.000Chris Haggerty: you know, if I was going to relocate, wanted to find an area where the resort and the local community both had that kind of just feeling of community and stuff. So a monarch was it. And I was blessed to step in after Randy Stroud, and we shared a season together. So I got to learn a lot of institutional knowledge from him.00:20:50.000 --> 00:20:58.000Chris Haggerty: Um, but also bring my viewpoints coming from New Jersey in an area where, you know, we're not…00:20:58.000 --> 00:21:15.000Chris Haggerty: maybe blessed with natural snow. Um, so last year was, like, a challenging winter, and, um, I was ready for it, because I was like, man, 120 inches, like, if you gave me that in New Jersey, we'd be celebrating for years, right? So, um, you know, just kind of a unique perspective, but…00:21:15.000 --> 00:21:21.000Chris Haggerty: um, definitely happy to be here, and just pumped to keep the Monarch kind of spirit going forward.00:21:21.000 --> 00:21:37.000Stuart Winchester: So you've been there for a couple years, one full year as GM, and one of the… there's been tons of stuff coming out of Monarch, it's amazing for a small ski area, which is why I wanted to get you on. So you recently joined the Snow Pass, one of two Western partners to join the Snow Pass, which gives pass holders.00:21:32.000 --> 00:21:34.000Chris Haggerty: Thank you.00:21:37.000 --> 00:21:54.000Stuart Winchester: Two days at Monarch. I don't think there's blackouts on that, but correct me if I'm wrong now. Now, Multimon Pass has been around for years and almost everybody in Colorado is on either Epic or Icon if they're large and if they're small, a lot of them have joined Indy. So the option has been there for years.00:21:54.000 --> 00:22:00.000Stuart Winchester: Why was it finally time for Monarch to join a multi-mountain pass, and why the snow pass?00:22:02.000 --> 00:22:15.000Chris Haggerty: Yeah, two parts there. I think on the, I mentioned it before, we're ski independent as our tagline, right? Part of independence is like the definition is freedom.00:22:10.000 --> 00:22:11.000Stuart Winchester: Mmhm.00:22:15.000 --> 00:22:19.000Chris Haggerty: Right? Like, you make your own choices. You do what you wanna do.00:22:19.000 --> 00:22:31.000Chris Haggerty: we've been approached in the past for IndyPass, and, you know, it wasn't right for us because it kind of went against our spirit of being independent. Like, we want to be able to work with who we…00:22:31.000 --> 00:22:43.000Chris Haggerty: who we choose at any given moment, um, and that just isn't something that, um, is available through the Unipass, so… so we've passed on that. Um, we were even approached about it this year. Um…00:22:43.000 --> 00:23:00.000Chris Haggerty: As far as Snowpass goes, they respect that. They're all about, hey, you want to work with XYZ Pass, go for it. And obviously, I've spent some time working with the Snow Partners group.00:23:00.000 --> 00:23:05.000Chris Haggerty: You know, from my perspective, that group is all about, um…00:23:05.000 --> 00:23:17.000Chris Haggerty: you know, rising tides lifts all boats, right? And, um, you know, for me personally, they've opened doors for me, right? And helped me throughout growing in my career, so, um…00:23:39.000 --> 00:23:40.000Chris Haggerty: We're down.00:23:40.000 --> 00:23:52.000Stuart Winchester: I want to share, because you've sort of created your own… I'm sharing my screen now, if you can see that, and hopefully the folks watching can as well, and if you're listening, I'll talk through it. So, Monarch has…00:23:45.000 --> 00:23:46.000Chris Haggerty: Thank you.00:23:52.000 --> 00:24:07.000Stuart Winchester: not joined a pass, necessarily, but you've kind of built your own pass, and what I have on the screen right now is a list of Monarch's reciprocals, and it's a pretty amazing pass all in and of itself, so if you buy a Monarch season pass, which I believe now is, what, $6.59, less if you renew.00:24:07.000 --> 00:24:24.000Stuart Winchester: It comes with a lot of reciprocal days. Some of the big ones that people probably are really attracted to, 3 days at A-Basin, 3 days at Copper. Now there's blackouts on that, but still, it's freaking Copper Mountain. Uh, 3 days at Purgatory. And then, uh, 3 days each at all of the Mountain Capital Partners-owned skiers, which Purgatory.00:24:07.000 --> 00:24:08.000Chris Haggerty: Mm-hmm.00:24:14.000 --> 00:24:16.000Chris Haggerty: I'll do that.00:24:24.000 --> 00:24:25.000Chris Haggerty: Yes.00:24:24.000 --> 00:24:39.000Stuart Winchester: Also, Arizona Snowball. And there's a bunch more. I don't want to list them all, given our time constraints here today. But talk about this reciprocal program, because essentially, you're saying you're going to give pass holders of all these mountains.00:24:33.000 --> 00:24:34.000Chris Haggerty: Yes.00:24:37.000 --> 00:24:38.000Chris Haggerty: Sure.00:24:39.000 --> 00:24:46.000Stuart Winchester: free visits to Monarch in exchange for your pass holders getting free visits there, so…00:24:41.000 --> 00:24:42.000Chris Haggerty: Oh.00:24:43.000 --> 00:24:44.000Chris Haggerty: Yes.00:24:46.000 --> 00:24:52.000Stuart Winchester: whatever you did or didn't like about IndyPass, it does pay per visit, so what was attractive about.00:24:47.000 --> 00:24:49.000Chris Haggerty: Just a second.00:24:52.000 --> 00:24:57.000Stuart Winchester: this, and why did it make sense to do these free visit exchanges with other ski areas?00:24:57.000 --> 00:25:15.000Chris Haggerty: We look at it as other skiers are not our competition, right? There's 350 million people roughly in the United States. Less than 5% actually ski or snowboard, right? So there's a lot of people out there that just need to be introduced into the sport.00:25:15.000 --> 00:25:17.000Chris Haggerty: Um…00:25:17.000 --> 00:25:23.000Chris Haggerty: rather than trying to fight for visits between resorts. So… so one of the things is just…00:25:23.000 --> 00:25:39.000Chris Haggerty: How do we get more people skiing and snowboarding, which is obviously a huge conversation you could talk about forever. But with this one, it's just like, hey, these are other resorts that are interested in also giving their pass holders as well as ours.00:25:55.000 --> 00:26:10.000Chris Haggerty: allow our pass holders to try each out while still knowing that, like most people that have a copper pass, they're not migrating to Monarch because they came here for two days.00:26:10.000 --> 00:26:28.000Chris Haggerty: they're bought a Copper Pass for a reason, they love that, and they're like, yeah, if I could get two days over at Monarch, cool. Same thing with our Monarch guests, like, they… they… they love Monarch, they want most of their days to be here, and if we could break it up for them, um, you know, a couple times a year, or they could go to A-Basin and Copper, then.00:26:16.000 --> 00:26:17.000Stuart Winchester: Yeah. Okay.00:26:28.000 --> 00:26:37.000Chris Haggerty: That adds a lot of value to them and gives them that flexibility to move around and go where it works for them.00:26:37.000 --> 00:26:52.000Stuart Winchester: You know, Monarch is small by Colorado standards, but it always surprised me to see that it actually does have a pseudo national following. And I get emails from people all over the country that say they buy the Monarch Pass because it gives them all those reciprocals and they come out and they like to support the small ski area.00:26:52.000 --> 00:26:59.000Stuart Winchester: I want to get your take on something here, Chris. I'm going to share my screen again, and I want to share a chart that I made.00:26:59.000 --> 00:27:14.000Stuart Winchester: Uh, so, so this is a chart of Monarch's skier visits since 1997, up to 2024 to 25, right? And I've compiled these from all kinds of different places, and I have a little bit of a gap there. But as you, as you see right here, they've been going steadily up, right?00:27:14.000 --> 00:27:29.000Stuart Winchester: So, so you were averaging below $200,000 for most of the, of the 2010s, you know, much lower some years, and now you're pretty steadily adding, averaging over $200,000. Now, last year, I don't have your numbers, I'm, I'm sure that they were, uh, pretty bad, but.00:27:29.000 --> 00:27:33.000Stuart Winchester: You know, in relation to what your past numbers were.00:27:33.000 --> 00:27:35.000Stuart Winchester: So here's my question.00:27:35.000 --> 00:27:48.000Stuart Winchester: Monarch was supposed to be one of the ski areas that got squeezed out by Epic, squeezed out by Icon. That was one of the big worries. Uh, independent ski areas can't compete. We're seeing the opposite, because I've put some things on this timeline.00:27:48.000 --> 00:28:04.000Stuart Winchester: So, for example, 2007, IntraWest buys Steamboat. Uh, 2008, the Epic Pass launches. 2009, Powder buys Copper. Uh, the Mountain Collective launched in 2012. Uh, Mountain Capital Partners bought Purgatory in 2015. Powder bought Eldora the following year.00:28:04.000 --> 00:28:21.000Stuart Winchester: Uh In 2017, Alterra combined Steamboat and Winter Park in 2018, they launched the icon pass. Uh And then we had the 20% epic price cut in 2022. So all these things you think, ok, Vale and Alterra putting their mountains on sale. These are big world famous mountains, Steamboat Vale Mountain.00:28:21.000 --> 00:28:25.000Stuart Winchester: Monarch must be getting crushed. No, it's not. Why?00:28:27.000 --> 00:28:45.000Chris Haggerty: I think it's a couple of reasons. Number one is we've just stayed true to who we are. And as the population has grown in the front range, like since 2010, Denver and Colorado Springs have grown by about 20%.00:28:45.000 --> 00:29:00.000Chris Haggerty: Right? So there's just more people, um, that are finding Monarch, and they're, they're like, wow, we like this, this is what we want. You know, you also throw in the fact that, um, I-70, for those in Colorado, are pretty familiar with, like, the traffic that is.00:28:49.000 --> 00:28:50.000Stuart Winchester: Mmhm.00:29:00.000 --> 00:29:17.000Chris Haggerty: created there on the weekends and it's not for everybody. So thankfully the drive to Monarch currently is a pretty attractive one, a lot less traffic. And I give credit to our ownership group, our current ownership group. They bought the resort in.00:29:17.000 --> 00:29:33.000Chris Haggerty: 2002. And part of it was, you know, a little bit of a passion project. Right? Like, they had come here and just really liked the vibe at Monarch and and wanted to protect that. And what they've been able to do is, number one, protect it.00:29:33.000 --> 00:29:53.000Chris Haggerty: Um, by not selling, you know, to, to one of the larger players, um, to just investing into our, our core, um, like deferred maintenance projects and those types of things, and then being really committed to the no name project, which we talked about and, and making sure timing was right on that and.00:29:53.000 --> 00:30:11.000Chris Haggerty: Um, that we were a healthy company before we jumped into that, so we didn't need a lifeline from, you know, someone else. So, um, there's kind of a lot of pieces that go into it. Um, and it's also worth noting that, like, our pass holders, like, and I think this goes to the growth, like, once people find us.00:30:11.000 --> 00:30:25.000Chris Haggerty: Um, our pass holder, uh, renewal rate is about 85% every year. Um, and the industry standard, depending on where you, you know, who you ask, it's somewhere between, like, 55% and 62%.00:30:25.000 --> 00:30:42.000Chris Haggerty: Um, and, and most of the 15% that we lose as we've dug into it is because of, uh, we have a lot of season pass holders from Fort Carson, um, military base outside of Colorado Springs, and they've just moved out of the area, right? So, um, I think our growth is partly due to, like.00:30:34.000 --> 00:30:35.000Stuart Winchester: Mmhm.00:30:42.000 --> 00:30:49.000Chris Haggerty: Once people come here and they discover it and they love it and they just keep coming back and we're just building upon that.00:30:49.000 --> 00:31:06.000Stuart Winchester: So you have owners that are willing to invest and that's really important. And Randy Stroud, I interviewed him, not on the podcast, but just for an article a couple of years ago. And he told me, and I'm not sure if this ended up being true, but their intention was to pay for the entire no name expansion in cash, including a brand new SkyTrak.00:31:06.000 --> 00:31:22.000Stuart Winchester: triple chair, or Doppelmayr, I can't remember what it was offhand, but regardless, it spoke to a very stable operation. Now, meanwhile, you still have some pretty old lifts, some pretty old infrastructure on the front side of the mountain, and recently Monarch's.00:31:22.000 --> 00:31:36.000Stuart Winchester: Master Development Plan was accepted by the U.S. Forest Service, which, for the listeners, just means that they said, okay, we'll let you consider doing these things on a project-by-project basis in the future. I have a lot of questions about the Master Plan, but first.00:31:36.000 --> 00:31:52.000Stuart Winchester: I want to focus on one that you called out, that Monarch Mountain called out in its first blog post announcing acceptance of the Master Plan, and it was about snowmaking. And Dan Torsell, the longtime GM of Ski Cooper, told me a long time ago when he came on this pod that.00:31:52.000 --> 00:32:04.000Stuart Winchester: that Ski Cooper and Monarch were the only big lift-surf ski areas in Colorado that don't have snowmaking. I think Silverton is too, but that sometimes gets lost in the shuffle. So, uh, you have it in your master development plan.00:32:04.000 --> 00:32:19.000Stuart Winchester: to a sort of rudimentary snowmaking system that would allow you to open early. But, this is a quote from your blog, quote, Before anyone panics when they read about snowmaking, let me assure you that Monarch is committed to remaining 100% all natural.00:32:19.000 --> 00:32:37.000Stuart Winchester: Snowmaking has been a part of our previous MDPs, Master Development Plan, and we have chosen not to implement it as we truly believe that natural snow provides the best skiing experience. This continues to be the case as snowmaking is in the plan to cover all bases, but we will not implement anything unless Mother Nature gives us no other choice.00:32:37.000 --> 00:32:40.000Stuart Winchester: Care to expand upon that at all?00:32:41.000 --> 00:32:53.000Chris Haggerty: Definitely. And yeah, and we are committed to that. And I actually, last summer, I spoke in front of some of the locals and pass holders, and when I let them know that we were committed to.00:32:41.000 --> 00:32:43.000Stuart Winchester: Or elaborate.00:32:53.000 --> 00:33:09.000Chris Haggerty: 100% all natural. That was the loudest cheer we got all day. So, like, that's what our, that's what our guests want. That's what we want. Um, as far that, you know, snowmaking has come a long way, and, and it is a necessity for a bunch of resorts.00:33:09.000 --> 00:33:19.000Chris Haggerty: Um, we're not at that point, um, and we're gonna push as far as we can, um, leaning into, like, snow farming and everything else before we ever, um.00:33:19.000 --> 00:33:35.000Chris Haggerty: have snow… have snowmaking. But, you know, in the Master Development Plan, it's in there because, like, part of putting things into that document is because it's a conceptual document. It's, like, it's designed to be a 15-year document. If it's not in there.00:33:35.000 --> 00:33:51.000Chris Haggerty: The Forest Service really doesn't even consider something. So if 15 years from now we're like, we need to put snowmaking in and it's not in there, we'd have some challenges. I will say our base elevation being basically 10,800 feet.00:33:51.000 --> 00:34:02.000Chris Haggerty: has helped us out, right? Like, as weather patterns has changed, and temperatures have rised, and winters are, you know, different every year, um…00:34:02.000 --> 00:34:13.000Chris Haggerty: we've been pretty lucky because of that base elevation, where we're… we are seeing snow, where other resorts are seeing some of that other precipitation falling, right? So, um…00:34:13.000 --> 00:34:30.000Chris Haggerty: you know, and then I mentioned the snow farming, like, we're… we're gonna do everything we can, like, on that side of things, right? And that's all the way from, like, fences strategically placed throughout the mountain, whether they're permanent or temporary, to catch the snow when the winds are coming from whatever direction.00:34:30.000 --> 00:34:47.000Chris Haggerty: And we do early season, we take the snow in the parking lots and we plow it all up and get it into one of the corners and then our groomers take it from there and start to build our base in the base area. So we have some different techniques to try to insulate us as much as possible.00:34:47.000 --> 00:34:53.000Chris Haggerty: And we're going to keep going that way as long as Mother Nature allows us to.00:34:53.000 --> 00:35:09.000Stuart Winchester: So snowmaking, it sounds like, is Monarch's emergency parachute. Meanwhile, there are a lot of big chairlift upgrades outlined on the master development plan. So Monarch has had substantially the same footprint for decades until last season's snowmaking upgrade.00:35:09.000 --> 00:35:24.000Stuart Winchester: And like I said before, more and more skier visits, and you were still running, with the exception of the 1999 Pioneer lift, the quad that was put in, with a lot of older double chairs. So Breezeway is a 1968 hall, Garfield is a 1969 hall, Panorama is a 1980 hall.00:35:24.000 --> 00:35:40.000Stuart Winchester: Tumbling as a 1981 hall. Those are all doubles. Now they've all gotten new drive terminals. So I understand they're, they're more modern in their actual functioning than, than in their look. However, the capacity is probably not a whole lot more than maybe it would have been. The master development plan proposes.00:35:40.000 --> 00:35:43.000Stuart Winchester: Replacing all of these with.00:35:43.000 --> 00:35:54.000Stuart Winchester: is advanced of a lift as a high-speed quad. Now, I realize you wanna… maybe the same reason as somebody… you say high-speed quad because you can always take it down, easier to go down than up, but talk us through…00:35:54.000 --> 00:36:05.000Stuart Winchester: your lift upgrade plan, and whether you think that high speed would be good for Monarch, or if you think that maybe fixed grip is the way you want to stay.00:36:06.000 --> 00:36:09.000Chris Haggerty: Yeah, fixed script is, you know.00:36:09.000 --> 00:36:24.000Chris Haggerty: Well, let me back up. A lot of that is in there because it's got to be in there if we choose to do that. And with no name opening, there's a lot of unknowns as far as, like, how is that going to change skier traffic around the mountain, right?00:36:14.000 --> 00:36:15.000Stuart Winchester: Mmhm.00:36:24.000 --> 00:36:41.000Chris Haggerty: One of the things we worked with the SE group, so they're, you know, a company that helps ski areas, right, with all sorts of development projects, big and small. And one of the things that they do is they do this density analysis, right? And it's a complicated, you know.00:36:41.000 --> 00:36:57.000Chris Haggerty: Analysis that takes on a lot of different data, but basically it's like they look at your uphill capacity based on the speed of the lift, the size of the lift, the length of the trip up, the time, and then what terrain it accesses from that lift.00:36:57.000 --> 00:37:14.000Chris Haggerty: And, like, an optimal score where, like, you have, like, perfect harmony from uphill and downhill is, like, a hundred percent. If you're below that, you're actually putting fewer people up the hill, that the downhill terrain can handle.00:37:14.000 --> 00:37:34.000Chris Haggerty: Monarch, in our current state, sits at a 56%. So basically, like, when you ski the runs at Monarch, even on our busiest day, because of the capacity that we have at our lifts, like, you have, like, semi-private runs, right? If we were to do all of our lift upgrades in the 2025 MDP.00:37:34.000 --> 00:37:49.000Chris Haggerty: we would actually get to an 84% density analysis. So even still, you wouldn't feel overcrowded on the runs. So knowing that, we're like, wow, well, we don't need to right away push for any kind of high speed lifts.00:37:49.000 --> 00:37:58.000Chris Haggerty: Um, and in fact, again, things that our guests like about them is twofold. Number one, it's like…00:37:58.000 --> 00:38:11.000Chris Haggerty: that slow metering from a fixed grip lift just adds, like, this extra time, right? Like, part of why we ski and snowboard is because we like to just disconnect, right, from reality for a little while and, like, be out in nature and, like.00:38:11.000 --> 00:38:21.000Chris Haggerty: you know, our guests like taking a step back and slowing things down here, and it feels like things are just moving a little slower. And second, one thing that we feel is like a…00:38:21.000 --> 00:38:36.000Chris Haggerty: a strong differentiator for us is, um, having a fixed grip lift. Our lift operators have to be at, like, the load point, and, um, you know, bumping the chairs and helping our guests on, and.00:38:36.000 --> 00:38:40.000Chris Haggerty: It's this, like, human interaction piece that, like.00:38:40.000 --> 00:38:56.000Chris Haggerty: You don't get everywhere else, especially with some of the newer lifts where, you know, it's everything's so automated, um, which has its value, but for us, again, with who Monarch is and taking that step back in time a little bit like that, that face-to-face interaction.00:38:56.000 --> 00:39:14.000Chris Haggerty: like, so many of our reviews are constantly calling out our lift operators, like, oh, yeah, I remember so-and-so, like, he's awesome, he helped me on, or he just said hello, or he remembered what kind of skis I'm wearing, or told me about this secret powder stash, which… another benefit of a slower uphill capacity is, like.00:39:14.000 --> 00:39:23.000Chris Haggerty: Monarch, even though it's smaller in size, doesn't get tracked out. Like, you get powder turns at the end of the day on a powder day.00:39:23.000 --> 00:39:34.000Stuart Winchester: So the, I'm gonna share my screen to, to talk about this next bit. So those are the lift upgrades that you're proposing. There's also two, and I'm, I, so for those watching.00:39:34.000 --> 00:39:49.000Stuart Winchester: On YouTube or stormskiing.com, I have the master development plan, conceptual plan up. There's also two infill lifts. Okay, so there would be this planned NNB lift, which is a redundant lift in the No Name Basin expansion. This is the new lift that opened last year. And then there's this…00:39:49.000 --> 00:40:04.000Stuart Winchester: Plan, divide, express. So, again, it's two more lifts on the same footprint. And I didn't see in the master plan, maybe I missed it, that you do have all this cat skiing terrain over here, so…00:40:04.000 --> 00:40:10.000Stuart Winchester: So, talk us through the logic of putting in more lists to serve the same amount of terrain, and if you've considered.00:40:10.000 --> 00:40:18.000Stuart Winchester: moving lift surf skiing into the cat skiing, as Targi did with its peaked mountain expansion a couple of years ago.00:40:19.000 --> 00:40:37.000Chris Haggerty: Yeah, so no name is actually was a part of our cat skiing terrain. So we did take a little bit of that. That redundant lift out there is just because we'll see what happens, how many people just access the terrain and no name. And if we ever need a second lift there, then.00:40:23.000 --> 00:40:24.000Stuart Winchester: Hmm. Okay.00:40:37.000 --> 00:40:55.000Chris Haggerty: um, we'll consider it. As far as further into cat skiing terrain, um, you know, our current MDP outlines our next 15 years, so we're not looking to push any further into that. Um, we also have, um, the Mirkwood terrain, which is a little bit of a hike-to terrain.00:40:55.000 --> 00:41:04.000Chris Haggerty: Um, between, like, the front side and no name, and we get… that's… that's the area we most commonly get asked about a lift, and uh…00:41:04.000 --> 00:41:12.000Chris Haggerty: I will tell you from my, uh, initial conversations with owners, it's… it's not a, um…00:41:12.000 --> 00:41:27.000Chris Haggerty: the answer isn't no, we're not putting a lift there, it's a expletive no, we're not putting a lift there. Um, we take pride in having, like, being a small mountain, but still offering, like, all these other things, right? Which one being hike to terrain, um, which is pretty cool for…00:41:27.000 --> 00:41:31.000Chris Haggerty: a small mountain like this. And then that, um…00:41:31.000 --> 00:41:41.000Chris Haggerty: the Divide Express, right, that would get us all the way from the base area to the summit on the front side. Um, that… that is one that we've, you know, had some…00:41:41.000 --> 00:41:55.000Chris Haggerty: serious discussions about, and, um, you know, it probably… number one, it would just, you know, allow guests to not have to take two lifts to get to the… to the summit on the front side. Um, but also, if we…00:41:55.000 --> 00:42:06.000Chris Haggerty: explore, um, summer operations in the future. You know, having a high-speed, you know, detachable lift gives you more flexibility to do that.00:42:06.000 --> 00:42:13.000Chris Haggerty: So that kind of, you know, would add into that if we get to that point.00:42:12.000 --> 00:42:24.000Stuart Winchester: So let me ask a stupid question, because that's what I'm here for. So Garfield Lyft, as I said, was built in the 60s. Pioneer Lyft came along in 1999. So I would have thought, okay, they cross over each other.00:42:24.000 --> 00:42:41.000Stuart Winchester: Because they, they retroactively built Pioneer and didn't realize it. Uh, I would have thought, hey, the master plan is an opportunity to straighten those out so they don't have to cross over each other. Maybe I'm overthinking it and it's not that complicated, but, but talk about this interesting crisscross pattern you have here and, and why that's where Garfield and Pioneer are slated.00:42:24.000 --> 00:42:25.000Chris Haggerty: Mm-hmm.00:42:41.000 --> 00:42:45.000Stuart Winchester: to continue to exist, even if you were to upgrade their lifts.00:42:47.000 --> 00:43:05.000Chris Haggerty: Yeah, I mean, I don't know that I have the best answer. We do have a proposal to shift the base of the bottom terminal of Pioneer uphill a little bit, just because the terrain is a little more desirable there. And obviously, if we needed to add the Divide Express, we need to open that area up.00:43:05.000 --> 00:43:06.000Chris Haggerty: um…00:43:06.000 --> 00:43:21.000Chris Haggerty: but other than that, right, we just kind of… we like the terrain that they serve right now, we don't really have a better spot, so the lifts crisscrossing wasn't like a, oh man, we need to change this. It wasn't something that we were focused on solving, um, in a way.00:43:21.000 --> 00:43:24.000Chris Haggerty: I think it's kind of a little cool, I guess.00:43:24.000 --> 00:43:40.000Stuart Winchester: I do like criss-crossing lifts, so I'm glad we're doing this one a video, because every time I bring this up, I get tomatoes thrown at me. Uh, Monarch skier visits have gone up and up, as we said. However, as they've gone up and up, there's still nowhere to stay on the mountain. There never has been. Uh.00:43:40.000 --> 00:43:51.000Stuart Winchester: a philosophical choice? Is that just a practical matter of, hey, the Forest Service owns the land at the base? Is it both? Talk us through why there's nowhere to stay at Monarch as a drive ski area only.00:43:52.000 --> 00:43:55.000Chris Haggerty: Yeah, there's a couple of reasons.00:43:56.000 --> 00:44:02.000Chris Haggerty: And, you know, one of them, again, I'll say our pass holders and our guests, like…00:44:02.000 --> 00:44:18.000Chris Haggerty: are pretty vocal about not wanting that, right? Like that's what separates Monarch. We're not that resort that has the big base village. And again, that's not to knock those resorts. I think that that's, you know, I've gone to those resorts as a guest. I think it's awesome.00:44:18.000 --> 00:44:38.000Chris Haggerty: I think another side of it for us is we're really focused on our community, right? We're a small mountain ski area and there's a small mountain community 15 miles from where we are that has a really cool, the town of Salida has a really cool downtown, a main street.00:44:38.000 --> 00:44:52.000Chris Haggerty: Um, with a ton of restaurants, a ton of mom-and-pop-owned shops, right? And, um, you know, we're our largest, uh, driver for winter visits, and, and, you know, um…00:44:52.000 --> 00:45:01.000Chris Haggerty: in the wintertime, and we want to make sure we embrace that community. If we moved a village up onto the mountain, like.00:45:01.000 --> 00:45:16.000Chris Haggerty: Salida is going to suffer. All those guests now are going to stay in the lodging up at Monarch versus in town. And we want to be good community partners and be like, no, here, you guys should be the ones to have lodging. And we live.00:45:16.000 --> 00:45:35.000Chris Haggerty: all of us live in the community as well, and we want to see those restaurants, you know, stay active all year round, the mom-and-pop shops, like, you know, thrive. So part of it is just, like, wanting to be a part of something bigger, right, in that larger community, rather than.00:45:35.000 --> 00:45:38.000Chris Haggerty: moving everything up to… to Monarch.00:45:38.000 --> 00:45:53.000Stuart Winchester: So if Snowpass skiers do decide to come out and visit Monarch, they'll stay in Salida, most likely, and drive up that day. So leave us with this, Chris, because Joe Heschen, the CEO of Snow Partners.00:45:53.000 --> 00:45:58.000Stuart Winchester: Said we get so caught up on stats, but stats aren't aren't always the thing and and.00:45:58.000 --> 00:46:04.000Stuart Winchester: when you look statistically at Monarch, it's 1,100 vertical feet.00:46:04.000 --> 00:46:21.000Stuart Winchester: Lift serve drop. That's 25th in Colorado. Uh, 1017 acres that ranks 17th in Colorado is bigger than Aspen Mountain. I'll point, I'll point out, uh, it's 308 inch average annual snowfall is good, but it's, it's good for ninth best. It has the third highest base, as I said, but the 12th highest summ.00:46:21.000 --> 00:46:28.000Stuart Winchester: It has those older lifts in a state that has 120 high-speed lifts, and there's nowhere to stay on the mountain, so…00:46:28.000 --> 00:46:34.000Stuart Winchester: I'm just stating those facts, right? So what's your pitch to someone to come.00:46:34.000 --> 00:46:37.000Stuart Winchester: use that snow pass, and try out Monarch.00:46:39.000 --> 00:46:44.000Chris Haggerty: Yeah, the big one is to start with, we're 100% natural, right?00:46:44.000 --> 00:46:59.000Chris Haggerty: you want natural snow, it is a definitely a different feel, even as good as snowmaking is these days, like, come check it out. And this, and the second part is, um, the people that are at Monarch are a unique group, right? Like, we're, we're.00:46:59.000 --> 00:47:18.000Chris Haggerty: past the characters, whether you work here or you're a guest here. And, um, we're looking out for each other, right? Like, it's not, um, it's not judgmental, like, no matter what you show up wearing or what your ability is, like, we just want everyone here to have a fun day on the mountain.00:47:18.000 --> 00:47:37.000Chris Haggerty: whether you're the extreme person out in the cat skiing terrain, hiking Mirkwood, the Never Ever, or the SnowTuber, which I love SnowTubers, you know, I think that's who we all are at our core. Um, you know, it's just… it's just a cool vibe that you gotta just come check it out, and our track record's saying that.00:47:29.000 --> 00:47:31.000Stuart Winchester: Yeah.00:47:37.000 --> 00:47:40.000Chris Haggerty: People love it once they find it. So give it a shot.00:47:40.000 --> 00:47:51.000Stuart Winchester: I'm always telling my readers that these old lifts, these hauls, these riblets, they're not gonna be around for a whole lot longer, right? There's still hundreds in operation, but they don't last forever.00:47:51.000 --> 00:48:08.000Stuart Winchester: And the best thing you can do to memorialize them, you can't really preserve them forever because they're functional machines, right? But go ride them. And right now, Monarch, along with Lost Trail, is probably the best place in the West to go and ride all Old Hall Liftley. And I understand, again, they've been updated.00:48:08.000 --> 00:48:23.000Stuart Winchester: But the aesthetic is similar. So, alright, Chris, look, I gotta take my own advice and get out there and ride those hauls with you this winter. It was really great to talk to you. I really appreciate you coming on. I can't wait to catch up and hopefully make some turns together this winter.00:48:23.000 --> 00:48:27.000Chris Haggerty: Yeah, thanks a lot for the time and look forward to seeing you out here at Monarch.00:48:26.000 --> 00:48:29.000Stuart Winchester: All right. Talk to you soon. Thanks so much, Chris.00:48:28.000 --> 00:48:30.000Chris Haggerty: Thank you. Bye.00:48:31.000 --> 00:48:47.000Stuart Winchester: Alright, that was Chris Haggerty, the General Manager of Monarch Mountain. That was really fun, I'm really glad that he came on. Uh, Randy Stroud, just to be clear, the former GM, it's not that he ever didn't want to come on the podcast, it's just that.00:48:47.000 --> 00:49:00.000Stuart Winchester: I covered Monarch in a different way for the story about the expansion. So he was very good to the storm as well. I do want to tell you that today's podcast is brought to you by Profile Search International.00:49:00.000 --> 00:49:08.000Stuart Winchester: If you want to find a great leader for your mountain team, I want to introduce you to the pros at Profile Search International.00:49:08.000 --> 00:49:18.000Stuart Winchester: They are the ski industry talent acquisition experts, and they are the only executive search and recruitment firm in the entire world that is 100% focused on the ski industry.00:49:18.000 --> 00:49:31.000Stuart Winchester: ProfileSearch has used their intimate understanding of skiing and related industries, and of available candidates worldwide, to place hundreds of transformational leaders at the best and most progressive ski areas over the past 30 years.00:49:31.000 --> 00:49:44.000Stuart Winchester: Profile Search has offices in the US and Canada. They find and negotiate with the right leaders for your team, which sometimes you don't even know that you need in this era of online everything and big data. You can reach Profile Search.00:49:44.000 --> 00:49:59.000Stuart Winchester: Directly at ProfileSearch.com, where you will find their email or phone number. You can also send me a note. I will be happy to connect you directly with this expert team. My email address is skiing at substack.com. Alright, we are going to wrap up today.00:49:59.000 --> 00:50:05.000Stuart Winchester: With some reader reaction to yesterday's podcast on…00:50:06.000 --> 00:50:22.000Stuart Winchester: with Midwest skiers, Matt Zabranski, and there wasn't a lot of feedback. I think, number one, because the Midwest doesn't get as much feedback in general, but also because I published this one pretty late, I think I put it out at 8 or 9 at night, and so folks may just have not had a chance.00:50:24.000 --> 00:50:27.000Stuart Winchester: really process it yet. So…00:50:28.000 --> 00:50:30.000Stuart Winchester: Nell says…00:50:30.000 --> 00:50:41.000Stuart Winchester: Midwest Skiers, meaning MidwestSkiers.com, Matthew Zbrensky's site, is a regional treasure. The ride-throughs are so thorough, and what Nell means by that is.00:50:41.000 --> 00:50:52.000Stuart Winchester: Uh, Midwest Skiers puts up on their YouTube channel a, hey, look, here's the trail map at, say, Trollhagen, Wisconsin. Here's all 32 trails, whatever it is.00:50:52.000 --> 00:51:03.000Stuart Winchester: and then it rides the reach for the GoPro, and tells you about them, and gives you a really specific breakdown, uh, with some great graphs. So the production quality is really, really good. So, I second that now. Really good.00:51:03.000 --> 00:51:15.000Stuart Winchester: breakdowns of the ski areas from Midwest Skiers. Eric Morris says, great Midwest content, it'd be great to talk to the Dean of Southern Skiing, Randy Johnson, who wrote Southern Snow, the new guide to winter sports.00:51:15.000 --> 00:51:31.000Stuart Winchester: Couldn't agree more, Eric. If you know him, I would love an introduction. I am not acquainted with Mr. Randy Johnson, but I would love to meet him, as the South has certainly been an undercovered region from my point of view, and not on purpose, just because there's…00:51:31.000 --> 00:51:44.000Stuart Winchester: a little different culturally than the rest of the United States from a ski point of view, and I have not sunk as far of roots in there as I would like to, especially since I'm not too far from those ski areas. There was also…00:51:44.000 --> 00:51:47.000Stuart Winchester: We're not getting as much action on the chat, but here's one.00:51:47.000 --> 00:51:57.000Stuart Winchester: question on the chat, and this is not to do with the podcast from yesterday, but I want to talk about it a little. What will it take for Vail Resorts to turn around? That's from Saurabh Jain.00:51:57.000 --> 00:52:06.000Stuart Winchester: And commenter Slappy said, redefine what success looks like and suspend the dividend and stock buyback. Of course, those last two may be non-negotiable.00:52:06.000 --> 00:52:24.000Stuart Winchester: I'm not going to get out of my lane and talk too much about dividends and stock buybacks, though I do like stocks and follow that world nominally. It's certainly nothing that I'm an expert to speak on. What Vail needs to do to turn around, I think, is very simple, and I've said this many, many times.00:52:24.000 --> 00:52:25.000Stuart Winchester: And I've written about it.00:52:25.000 --> 00:52:37.000Stuart Winchester: many times, and we've talked about it on the podcast many times, is they need to treat every single ski resort like it's Vail Mountain, and every single guest like they're the President of the United States. They…00:52:37.000 --> 00:52:40.000Stuart Winchester: They need to make sure that.00:52:41.000 --> 00:52:48.000Stuart Winchester: the experience of a lifetime ethos is transferred to any Skiera, whether it's Beaver Creek.00:52:48.000 --> 00:53:03.000Stuart Winchester: or it's Mad River, Ohio. And that has not always seemed to be the case since Vail Resorts purchased Peak Resorts in 2019 and sort of doubled the size of its owned resort portfolio within a year's span. Now.00:53:03.000 --> 00:53:08.000Stuart Winchester: Certainly, Vail has recently recommitted to.00:53:08.000 --> 00:53:11.000Stuart Winchester: To that sort of quality, and we'll see how that plays out.00:53:11.000 --> 00:53:13.000Stuart Winchester: I think…00:53:13.000 --> 00:53:19.000Stuart Winchester: maybe a little more shuffling with the Epic Pass, uh, maybe a higher-priced.00:53:19.000 --> 00:53:22.000Stuart Winchester: Full pass to to.00:53:22.000 --> 00:53:37.000Stuart Winchester: help traffic some of the more popular ski areas, and maybe some more options. They do a really good job, actually, with the Epic Regionals, with the Tahoe Local, the Northeast Local, and the Summit County Local. So, I think Vail's done a nice job with that. And I think…00:53:38.000 --> 00:53:45.000Stuart Winchester: From my experience, Vail executives, and I've hosted many of them on this podcast. They're very receptive to criticism.00:53:45.000 --> 00:53:47.000Stuart Winchester: Uh, and they are…00:53:48.000 --> 00:53:53.000Stuart Winchester: Willing to listen and change and evolve. I'm not sure.00:53:53.000 --> 00:53:57.000Stuart Winchester: If that always comes through.00:53:57.000 --> 00:54:04.000Stuart Winchester: Outside of direct lines of questioning, if that makes sense. So, so the, the owning of mistakes and saying, okay, you know what?00:54:04.000 --> 00:54:19.000Stuart Winchester: we messed up because Paley Peaks was only open 25 days a year in 2021, or whatever it was. There was a year when a lot of its Midwest ski areas were extremely restricted, or the COVID restrictions and everyone else, but the local ski area operators there.00:54:19.000 --> 00:54:24.000Stuart Winchester: we're out competing them. Uh, you know, when Vail first bought Wilmot, Wisconsin.00:54:24.000 --> 00:54:27.000Stuart Winchester: In 2016, there…00:54:27.000 --> 00:54:38.000Stuart Winchester: their… or maybe that was 2012. They bought Afton Alps, Wilmot, and Mount Brighton in some order, two of them in 2012 and one in 2016. Anyway, there was a great article I read that said.00:54:38.000 --> 00:54:49.000Stuart Winchester: what Wilmot skiers can expect, and Wilmot's a small ski area outside of, well, it's broad, it has a lot of lifts, outside of Wisconsin and Chicago, uh, Milwaukee and Chicago.00:54:49.000 --> 00:54:56.000Stuart Winchester: And what they said was, we're gonna bring Western standards to the Midwest, right? And that was very out front. Dale spokespeople were saying that.00:54:56.000 --> 00:55:11.000Stuart Winchester: You never hear them say that anymore, and it's not clear that that is the standard, and I had a very nice time at Wilmot when I went two years ago, and super friendly staff, and all the lifts were running, even though clearly they didn't need to be, because it was a Monday, and hardly anyone was there, so I'm certain they were.00:55:11.000 --> 00:55:19.000Stuart Winchester: losing money on that day, and yet they still did their best to provide an experience. I'm just not…00:55:19.000 --> 00:55:21.000Stuart Winchester: It's just not always…00:55:21.000 --> 00:55:31.000Stuart Winchester: super clear throughout the portfolio, particularly in the Lower Midwest, Indiana, Missouri, Ohio, uh, in some of the Pennsylvania ski areas, Mid-Atlantic.00:55:31.000 --> 00:55:36.000Stuart Winchester: that that this is their operating philosophy. So I think that.00:55:36.000 --> 00:55:38.000Stuart Winchester: I think Vail's better than most…00:55:38.000 --> 00:55:49.000Stuart Winchester: than you would think, scrolling through social media. Uh, in general, I've been to pretty much every Vail resort in North America, other than, I think, the two in Missouri and Paoli Peaks.00:55:49.000 --> 00:56:07.000Stuart Winchester: And I generally have a really good time and a positive experience, and I find the staff friendly, and that's a super important thing to me. I love that Vail puts bars on all the lifts. I love that they're focused on safety in general, that they help police speed. As someone who skis with my kids, that's important to me.00:56:07.000 --> 00:56:13.000Stuart Winchester: So I generally have a pretty good experience. I think…00:56:14.000 --> 00:56:29.000Stuart Winchester: there's a little too much gum in the machine, maybe, when it comes to communicating these things and owning and correcting mistakes. So, anyway, with that, I will leave Vel alone for today, and you're probably wondering why I haven't yet covered the new Slate.00:56:29.000 --> 00:56:44.000Stuart Winchester: of proposed board members by Oasis Capital for Vail Resorts. I don't want to get too into the weeds on stock stuff, but I do have some thoughts on that. I want to wait till I have a little bit more time to break it down.00:56:45.000 --> 00:56:50.000Stuart Winchester: So I thank you for coming today. I hope you enjoyed that podcast episode.00:56:50.000 --> 00:56:58.000Stuart Winchester: If you are not already subscribed to the Storm Skiing newsletter, please click over to stormskiing.com and subscribe.00:56:58.000 --> 00:57:14.000Stuart Winchester: That will come right to your inbox. It is not only podcasts, I do a ton of writing. And if you want to upgrade to a paid subscription to the Storm Skiing Journal and Podcast, that will give you everything below the paywall, which is a lot of really deep analysis.00:57:14.000 --> 00:57:29.000Stuart Winchester: that I do on the lift service ski industry, particularly in North America, and especially in the United States. Also, if you're a paid subscriber to The Storm at stormskiing.com, that is the only way to interact with the podcast, because I'm only reading comments from the.00:57:29.000 --> 00:57:30.000Stuart Winchester: Previous.00:57:31.000 --> 00:57:47.000Stuart Winchester: Day's podcast and only paid subscribers can comment. Only paid subscribers can join the chat, which is the second way that they can interact with the podcast. If you want to rep the storm, we have a swag store. You can buy shirts, hats, et cetera, at stormskiing.myshopify.com.00:57:47.000 --> 00:57:48.000Stuart Winchester: Okay.00:57:48.000 --> 00:57:52.000Stuart Winchester: Please follow me on YouTube. YouTube is…00:57:52.000 --> 00:57:55.000Stuart Winchester: Where we will increasingly.00:57:55.000 --> 00:58:02.000Stuart Winchester: It'll be increasingly important to us, and right now, we don't have that many subscribers there. Uh, everything is going there, but it's just not…00:58:02.000 --> 00:58:12.000Stuart Winchester: made it into the cultural fabric of that site just yet, so please follow me at Storm Ski Journal on YouTube. Also, Instagram, which I post on more during the winter season.00:58:12.000 --> 00:58:27.000Stuart Winchester: I will be back tomorrow, or I'm scheduled to be back tomorrow, with, and this is one a lot of people have asked me for, a conversation with the general manager of what I think was perhaps the most improved ski area in the country last year, Camelback.00:58:27.000 --> 00:58:38.000Stuart Winchester: Pennsylvania. If you're rolling your eyes, if you live out west, I encourage you to tune in anyway, because the story of Camelback is a really good story of how do we do things wrong?Stuff referenced in the pod:Monarch's amazing season pass reciprocal network:A full breakdown of Monarch's U.S. Forest Service masterplan:Conversation with Snow Partners' CEO Joe Hession: Get full access to The Storm Skiing Journal and Podcast at www.stormskiing.com/subscribe

Most transportation companies talk about technology, efficiency, and growth. But after more than 50 years in the industry, the lesson is simpler: people, relationships, and the ability to adapt are what keep a business moving forward. Scott Luton speaks with Marcia Taylor, owner and CEO of Bennett Family of Companies, about resilience, leadership, entrepreneurship, and the evolution of transportation. They explore how Bennett grew from 15 trucks and 30 trailers into a diversified transportation and logistics organization, why listening to customers shaped its expansion, how the company has preserved its family culture through decades of growth, and where AI and emerging technology fit into the future of trucking.Marcia explains why diversification helped Bennett navigate changing markets, why AI should support people rather than replace customer and driver relationships, and why leaders must always be developing the next generation. She also shares why professional drivers deserve more recognition, how strong values guide difficult decisions, and why staying close to customers remains one of the best ways to understand what comes next. Jump into the conversation:(00:00) Introduction(03:00) Marcia Taylor on ranch life in Jackson Hole, Wyoming(06:27) Inside Bennett Family of Companies: 14 businesses, from freight to aerospace(09:31) Why professional drivers are close to Marcia's heart(12:58) Taking the helm in 1981 after her husband's sudden passing(16:25) The deliberate strategy behind Bennett's diversification(24:00) Protecting a family culture built on faith and shared values(28:23) Embracing AI without losing the human touch(38:58) Leadership lessons: grooming the next generation at Bennett(42:54) What people have to understand about truckers Additional Links & Resources:Connect with Marcia Taylor: https://www.linkedin.com/in/marcia-taylor-3b750a13/ Learn more about Bennett Family of Companies: https://www.bennettig.com/ Learn more about our hosts: https://supplychainnow.com/about Learn more about Supply Chain Now: https://supplychainnow.com Watch and listen to more Supply Chain Now episodes here: https://supplychainnow.com/program/supply-chain-now Subscribe to Supply Chain Now on your favorite platform: https://supplychainnow.com/join Work with us! Download Supply Chain Now's NEW Media Kit: https://supplychainnow.com/media-kit/ Learn more about Blue Yonder Cognitive Solutions: http://blueyonder.com/cognitiveWEBINAR- Labor Is a Margin Decision: How Reyes Coca-Cola Bottling Spent a Decade Making It Stick: https://bit.ly/4d4FauGWEBINAR- Operational AI in the Supply Chain: How context empowers agents and humans to operate side by side: https://bit.ly/4x7Vd2ZWEBINAR- Demand Volatility Isn't a Forecasting Problem: How One FMCG Distributor Released Capacity Without Capital: https://bit.ly/4r94YM6WEBINAR- You Can't Manage What You Can't See: Using Visibility, KPIs, and AI to Optimize Logistics Operations: https://bit.ly/4ql6iem This episode was hosted by Scott Luton and produced by Trisha Cordes, Joshua Miranda, and Amanda Luton. For additional information, please visit our dedicated show page at: https://supplychainnow.com/lessons-learned-50-years-leadership-transportation-world-1634 The content in this episode, including all audio, videos, visuals, and graphics, is the property of Supply Chain Now and is protected by copyright law. Unauthorized use, reproduction, distribution, modification, or re-uploading of this content in any form is strictly prohibited without explicit written permission from Supply Chain Now.For licensing inquiries or permissions, please contact us at production@supplychainnow.com© 2026 Supply Chain Now. All rights reserved. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of the Financial Survival Network, host Kerry Lutz is joined by Matthew Tuttle of Tuttle Capital Management to break down the latest troubling economic indicators. Opening with a personal story about soaring everyday prices, Lutz sets the stage for a discussion on stubborn inflation, highlighted by recent PCE numbers rising at 3.7% against the Fed's 2% target. With GDP slowing to 1.5%, Tuttle outlines the sticky position this creates for the Federal Reserve and incoming Chair Kevin Warsh as they head into Jackson Hole and upcoming FOMC meetings. The duo explores the political pressure on the Fed to cut rates, the treasury market interventions by the Treasury Department, and why the long-dormant "bond vigilantes" may force interest rates higher regardless of central bank policy. Turning toward actionable investment strategies, Tuttle argues that traditional 60/40 portfolios and long-duration bonds are currently uninvestable in an inflationary environment. Instead, he shares Tuttle Capital's unique approach to modern portfolio construction: balancing high-upside AI "bottleneck" stocks with "Halo" (heavy asset, low obsolescence) value companies and century-old "Lindy" stocks. He highlights tactile assets like gold and silver—noting key technical signals for silver at $70 and $75—alongside cryptocurrency and property and casualty (P&C) insurance stocks, which he utilizes as higher-upside, zero-benchmark bond substitutes. Find Matthew here: https://www.tuttlecap.com/ Find Kerry here:  https://khlfsn.substack.com and here: https://inflation.cafe    All Kerry's books are available here:  Amazon Bookstore    

"The Federal Reserve Bank cannot fix the economy without causing pain somewhere."   This episode breaks down the decision the Federal Reserve faces on September 16th, caught between President Trump's demand for lower interest rates and a growing inflation problem. He explains why the average American is effectively poorer today than 12 months ago, even after factoring in raises.   Jaspreet Singh walks through how quantitative easing and quantitative tightening have shaped the economy since 2020, why new Fed chair Kevin Warsh's comments at Jackson Hole point toward rates staying higher for longer, and why this economic moment echoes the inflation crisis of the 1970s. He also explains why the Fed deliberately targets 2% inflation and how that policy affects investors differently than workers.   In this episode, you'll learn: The difference between the inflation rate falling and prices actually coming down How quantitative easing and quantitative tightening work, and how the Fed has used both since 2020 Why Kevin Warsh's comments at the Jackson Hole meeting signaled the Fed may keep rates higher or raise them The 1970s parallel: leaving the gold standard, an oil crisis, and interest rates that reached nearly 20% Why $40 trillion in national debt makes lower interest rates so appealing to the Trump administration Why this cycle is unusual, since inflation is a problem even though the economy is not in a recession Why the Federal Reserve deliberately targets 2% inflation instead of 0% How inflation benefits investors over workers, and why that makes becoming an investor matter   Keywords: Federal Reserve, interest rates, inflation, quantitative tightening, national debt, Kevin Warsh, monetary policy, investing, Jackson Hole, dollar devaluation   ✅ Register for my investing Workshop & get Market Briefs as a bonus:   Please note: Yes, these are our sponsors & advertisers. However, these are companies that I trust and use (or have used). The compensation doesn't affect my recommendations or advice. That being said, you should always do your own research & never blindly listen to a random guy on YouTube (or podcast). ---------- ➤ Invest In Stocks Passively 1) M1 Finance - Buy stocks & ETFs automatically: https://theminoritymindset.com/m1 ---------- ➤ Life Insurance 2) Policygenius - Get a free life insurance quote: https://theminoritymindset.com/policygenius ---------- ➤ Real Estate Investing Online 3) Fundrise - Invest in real estate with as little as $10! https://theminoritymindset.com/fundrise ----------

The Storm Skiing Journal and Podcast supports bears, quadrangles, and liberal interpretations of The Iliad. Sign up for the free or paid newsletter to get updates on none of these things. Thank you for supporting independent ski journalism.Welcome to the Storm's short-form, news-focused podcast. Don't worry, I will still write newsletters too. Paid subscribers can leave a comment in the article below, or by joining The Storm's chat (also below). I'll respond to some comments in the next episode, which is scheduled for Monday, Sept. 14.The Zoom transcript (click “transcript” above for the Substack transcript, which will zoom to any point in the video when you click on the associated text block; timestamps below DO NOT MATCH THE VIDEO)Stuart Winchester: Welcome to The Storm! I'm your host, Stuart Winchester. It is September 10th, 2026, and we have some big, big news in Ski World today.00:06:07.000 --> 00:06:14.000Stuart Winchester: So one of the things that I focused on since launching the storm in 2019 is the rapid.00:06:14.000 --> 00:06:30.000Stuart Winchester: Exponential growth in US based multi mountain ski passes and one of the biggest icon pass today released five new partners for the 2026 to 27 season. So I'm gonna break those down for you.00:06:30.000 --> 00:06:46.000Stuart Winchester: I am going to talk a little bit more about IndyPass and some of their partner shuffles. Then we are going to be joined by IndyPass owner, Eric Mogenson, who will give us a breakdown on all things happening with Indy, Black Mountain, and Entebeni Systems.00:06:46.000 --> 00:07:01.000Stuart Winchester: reader reaction, but I want to jump right into Icon Pass. Icon hits us today with, as I said, 5 new ski areas, 3 are full partners, and those… which means 7 days on the Icon Pass.00:07:01.000 --> 00:07:06.000Stuart Winchester: 5 days on the Icon Base Pass. All 3 are in Asia.00:07:06.000 --> 00:07:13.000Stuart Winchester: The first is Matarau, Japan. That will be ICON's 10th ski resort in Japan.00:07:13.000 --> 00:07:28.000Stuart Winchester: And then, Icon, last year, was the first U.S.-based pass to add a ski area in China, and Icon adds two more today, though they're nowhere near the ski area that it added last year. They are sort of close.00:07:28.000 --> 00:07:47.000Stuart Winchester: to each other. So, we're gonna break those down first, and then ICON added two mountains to its two-day tier, uh, which it calls Bonus Mountains, which ICON insists are not ICON Pass members, uh, but I insist they are, because you can access them with your ICON Pass. Therefore, they are on.00:07:47.000 --> 00:07:53.000Stuart Winchester: the Icon Pass, no matter what Altera tells us. So, let's start with Montreal, Japan, and if you're on…00:07:53.000 --> 00:07:55.000Stuart Winchester: The…00:07:56.000 --> 00:08:04.000Stuart Winchester: If you're on the video, I'm going to share my screen here because we're going to do a little visual helping.00:08:04.000 --> 00:08:10.000Stuart Winchester: All right, so let's take this away. All right, so the first one I want to break down.00:08:10.000 --> 00:08:12.000Stuart Winchester: is…00:08:12.000 --> 00:08:26.000Stuart Winchester: Madarao, Japan, and I've actually written about this ski area before, because they were an IndiePass member, and this is the article that I wrote back in 2023, when Madarao joined IndiePass, and Indie's been a big leader in.00:08:26.000 --> 00:08:27.000Stuart Winchester: Bye.00:08:28.000 --> 00:08:40.000Stuart Winchester: building out a network in Japan. So, the ski resorts in Japan are interesting. I've not skied there, but I've been there in the summer and ridden the lifts around.00:08:40.000 --> 00:08:45.000Stuart Winchester: And the skiing is very much like a mix of…00:08:46.000 --> 00:08:58.000Stuart Winchester: The Cottonwoods and New England. And what I mean by that is, if you're looking at the screen here, you can see the stats on Mattarau. 512 inches of average annual snowfall.00:08:58.000 --> 00:09:12.000Stuart Winchester: Uh, but not a lot of vert, 1,444 feet, and as you can see from the trail map, if you're looking here, it's not a big trail footprint. So, what I mean when I say Cottonwoods is the snowfall, and when I say…00:09:12.000 --> 00:09:29.000Stuart Winchester: New England, I mean the size. They tend to be not huge vert, sort of compact. If they do have a lot of vert, like the Jacuba Valley ski resorts that are on Vail, they tend to go, uh, kind of straight up and be side by side. You don't have a lot of the mega resorts as you would have.00:09:29.000 --> 00:09:40.000Stuart Winchester: in North America, or especially in Europe. So, it's good that the passes are all building density in Japan, because the ski areas are not…00:09:40.000 --> 00:09:43.000Stuart Winchester: This is not a place that you would go to necessarily.00:09:43.000 --> 00:10:02.000Stuart Winchester: like Vail Mountain and spend a week, or like Whistler. Another thing I want to note about Japan, you can see here that Matarau has some glade zones marked. In a lot of cases, skiing off-piste or in the trees, even though that's what Japan is known for, in a lot of cases, my understanding is that that's pretty heavily policed and forbidden.00:10:02.000 --> 00:10:17.000Stuart Winchester: So you really have to research your ski areas before you go over to figure out which ones will actually allow you to go off-piste, which is what most of us want to do, right? If we're coming from North America, we're going there for the big powder. Japan is a little more of an on-piste tradition.00:10:17.000 --> 00:10:21.000Stuart Winchester: a little bit more like Europe. So, I…00:10:21.000 --> 00:10:33.000Stuart Winchester: there's… to underscore the scope of what we have now available to us in Japan as U.S.-based pass holders. So, with the addition of Madarao today.00:10:33.000 --> 00:10:49.000Stuart Winchester: Now, 53 ski areas in Japan have joined the Epic, Icon, Indy, or Mountain Collective Passes. And I actually, I want to show you something I have that's really cool. So, I have this gigantic chart, and it's kind of…00:10:49.000 --> 00:11:04.000Stuart Winchester: it's kind of hard to navigate, but I'm slowly making it a little bit better. And so this is a chart that's variously called a bunch of different things. Right now, I'm calling it the Encyclopedia Britannica. Sometimes it's been the Passmaster.00:11:04.000 --> 00:11:17.000Stuart Winchester: 5,000. And I just kind of change the name whenever I want, but the link is always the same. And what I've… it's a really slow Google Sheet, and I definitely need a better platform, but if you go, there's all these tabs.00:11:17.000 --> 00:11:33.000Stuart Winchester: Down at the bottom, and again, this is where it's nice to have the video, so you can see what I'm showing you here. So I have all these tabs. One of the tabs is all MegaPass ski areas. So I have this divided up, and these are just little tables that pivot off the main table, so all the stats are up to date.00:11:33.000 --> 00:11:35.000Stuart Winchester: So first, I have this…00:11:35.000 --> 00:11:42.000Stuart Winchester: chart here with all ski areas that are on any U.S.-based pass, and we'll talk about that a little bit more in a second.00:11:42.000 --> 00:11:43.000Stuart Winchester: Then I have…00:11:43.000 --> 00:11:59.000Stuart Winchester: all U.S. ski areas, then I have New England, I have Japan, so let's pause on Japan for a moment. 53 ski areas, 11 Epic, 10 Icon, 32 Indy, 1 Mountain Collective. You can see all the stats down here. Again, not big.00:12:00.000 --> 00:12:16.000Stuart Winchester: skiable acre footprints, and really, Japan measures things differently than North America. They tend to measure snowpack rather than inches of snowfall. I did find a good average annual snowfall chart on Powderhounds, which is a great site that I'll talk more about.00:12:16.000 --> 00:12:25.000Stuart Winchester: for international research of ski areas. But if you see these acreage totals, you know, there's really nothing much.00:12:25.000 --> 00:12:35.000Stuart Winchester: Here's Niseko United, it's 2,100 acres, that's 5 ski resorts combined, right next to each other. Rasutsu is, uh, is 2,000, but most of these are under…00:12:35.000 --> 00:12:51.000Stuart Winchester: 500, so you really prepare yourself for that. It's one place, I think, Japan, where it would help to get a guide. Everything tends to be pretty cheap once you get on the ground. In Japan, the lift tickets are nothing, so having someone to show you around and show you where you can go under the ropes.00:12:51.000 --> 00:12:57.000Stuart Winchester: is a good idea. And, you know, I want to jump ahead to reader feedback for a moment. So I had…00:12:58.000 --> 00:13:14.000Stuart Winchester: this comment from Allison Wood. She said, I look forward to seeing your future efforts. I know there's enough in American skiing to discuss, but I'd be curious if you would further discuss European Alps destinations. It seems to be growing in popularity due to competitive pricing versus U.S.00:13:14.000 --> 00:13:28.000Stuart Winchester: Western resorts. A week at Big Sky appears to be the same price as a week in Switzerland for those in the Eastern USA. The answer is absolutely yes. I do want to cover the Alps and Japan and all of these international destinations more.00:13:28.000 --> 00:13:43.000Stuart Winchester: I don't have the personal on-the-ground knowledge base with those ski areas that I do with the U.S. ski areas, so I'm reaching out to my contacts in Europe, in Japan, who know these resorts intimately, and I'm gonna bring them on the show to try to help us make sense, because if you go back.00:13:43.000 --> 00:13:47.000Stuart Winchester: We go back to the Encyclopedia Britannica for a second.00:13:47.000 --> 00:13:49.000Stuart Winchester: You'll see that…00:13:49.000 --> 00:13:52.000Stuart Winchester: The, uh… if I can get to it…00:13:52.000 --> 00:14:05.000Stuart Winchester: Okay, so Japan has 53 ski areas, Canada has another 55, and most of us can sort those out easily enough. The harder ones is Europe. I mean, Europe, there's 61 ski areas, and sometimes a ski area in Europe is, you know.00:14:05.000 --> 00:14:21.000Stuart Winchester: 10 ski areas that put together are as big as all the ski areas in Utah. So I really need some help to break those down. But that's the great thing about this new format is that it will allow me to bring in more voices more frequently since there's more frequent shows. All right.00:14:21.000 --> 00:14:38.000Stuart Winchester: Icon also today added two ski areas in China, and the best site to just get the basics of any ski area in the world is, I've found, skiresort.com. They have a profile of every ski area. They tend to keep it up to date. I don't know who runs the site.00:14:38.000 --> 00:14:54.000Stuart Winchester: I would like to connect with them at some point, but this is really my go-to for… so this is Betahu, I'm sure I'm pronouncing that wrong, one of the ski areas that ICON added in China, and they have all the basic information, the elevation, which is not high, it's all in meters, obviously, out of the U.S.00:14:54.000 --> 00:15:01.000Stuart Winchester: Uh, what I really like is the lift breakdown and the trail map. So, the… the thing about the ski areas in China.00:15:01.000 --> 00:15:07.000Stuart Winchester: is just like everything else in China, they're pretty much brand new. I read this really interesting.00:15:07.000 --> 00:15:13.000Stuart Winchester: quote in the New York Times several years ago, and the notion.00:15:13.000 --> 00:15:16.000Stuart Winchester: was basically China…00:15:16.000 --> 00:15:31.000Stuart Winchester: stayed pretty much in the 19th century for all of the 20th century, and then it got to the 21st century in about 10 years. So, you go there, there's high-speed rail, everything's new, there's new buildings. The ski resorts are new as well, and you can see this in their lift fleet. I mean, this…00:15:31.000 --> 00:15:34.000Stuart Winchester: You know, they have a…00:15:34.000 --> 00:15:49.000Stuart Winchester: six eight-person gondolas, one six-person gondola, two high-speed six-packs, three high-speed detached quads, no fixed grip lifts at all, and then you take a look at the trail map, and again, this is probably a little more like Japan, where these are.00:15:49.000 --> 00:16:03.000Stuart Winchester: a little bit smaller ski areas than what we're used to, uh, as far as the Mountain West. But, you know, it's all very well interconnected. I would expect a lot of on-piste skiing. You know, with a… with a immature ski culture, I wouldn't expect a lot of glade stuff.00:16:03.000 --> 00:16:19.000Stuart Winchester: to be developed. Kind of talking on my rear end, to be honest, because I've not skied in China or even been to China, but these are my perceptions with the different ski cultures I know. I'll try to track down someone who knows better. Here's the other Icon Pass resort, Lake Songwa Resort, and I want to make…00:16:19.000 --> 00:16:30.000Stuart Winchester: that we kind of have an Aspen-Crested Butte situation going on here, so Sangua and, uh, this other one they added, uh…00:16:30.000 --> 00:16:49.000Stuart Winchester: Beidou, there, as you can see on this Google map, they're 24 miles apart in the mountains, but it looks like about a 4-hour drive, so there's not really a road through the city. It's the same kind of deal with Aspen and Crested Butte, where they're pretty close, but it's a long drive around. These are seasonal roads that Google doesn't know about, so it's about a 5-hour drive in the winter.00:16:49.000 --> 00:16:51.000Stuart Winchester: I believe. So…00:16:51.000 --> 00:17:03.000Stuart Winchester: We have these, and then, if you want to go to China to experience skiing, Icon gives you the means to do so. And then, Icon added…00:17:04.000 --> 00:17:16.000Stuart Winchester: to their 2-day tier, which again, they're saying is not IconPass. I want to talk about the 2-day tier a little bit in general. So, Icon started this 2-day tier.00:17:16.000 --> 00:17:23.000Stuart Winchester: last year, and I think what they were trying to do is mirror what Vail did.00:17:23.000 --> 00:17:37.000Stuart Winchester: with its feeder ski areas and all these little places that are bought all over the country, Mount Brighton in Michigan, and Afton Alps in Minnesota, and Wilmot in Wisconsin, and all the resorts around Cleveland.00:17:37.000 --> 00:17:49.000Stuart Winchester: and you know, Alpine Valley. And then there's the names escaping me. Boston Mills, Brandywine. I just skied there and did a write-up on it. So so yeah, they're.00:17:49.000 --> 00:18:04.000Stuart Winchester: Vail bought up all these ski areas. Well, Icon, instead of doing that and buying, has added two days only on the full Icon Pass, which is currently $1,449, uh, two days to 11 different ski areas around the country.00:18:04.000 --> 00:18:19.000Stuart Winchester: It's been growing that list. Silver Star was one last year, and it converted to full Icon, but right now, if you're on the screen share, you can see the 11 that are currently on the Icon Pass two-day roster. So we…00:18:19.000 --> 00:18:23.000Stuart Winchester: had today the additions of Cabarfay Peaks in Michigan.00:18:23.000 --> 00:18:25.000Stuart Winchester: And…00:18:26.000 --> 00:18:37.000Stuart Winchester: In Wyoming, we had snowy range. So Caberfay Peaks is actually, it's an awesome ski area. It's one of my favorite ski areas. I grew up about an hour and 15 minutes from there.00:18:37.000 --> 00:18:40.000Stuart Winchester: And with Cabot Fay, it…00:18:40.000 --> 00:18:55.000Stuart Winchester: It's a really fun place. They're constantly building it up. And what the cabaret you see today is very different than the cabaret that existed a long time ago. It basically used to be a two mile sprawl of rope tows and starting in the 1980s.00:18:55.000 --> 00:18:59.000Stuart Winchester: Uh, the families that owned it dug up from the bottom here.00:18:59.000 --> 00:19:07.000Stuart Winchester: and added to the top. So they went from a couple hundred vertical feet to 485 vertical feet, and it continued to…00:19:07.000 --> 00:19:18.000Stuart Winchester: expand, and they have another expansion in the works over here on Green Mountain. Should be coming 27-28, and I'm gonna have Tim and Pete Meyer from Calgary Fay Peaks on next week to talk about that a little more.00:19:18.000 --> 00:19:20.000Stuart Winchester: And then we have…00:19:20.000 --> 00:19:36.000Stuart Winchester: Uh, it's Snowy Range, Wyoming, and Snowy Range might seem like a little bit of a weird one, but Snowy Range is actually very logical. They've had a long-standing relationship that's in southern Wyoming. It's not, it's only a couple hours from Steamboat. They have a long-standing relationship with Steamboat.00:19:36.000 --> 00:19:51.000Stuart Winchester: to a snowy range season pass for 300 and some dollars this year. They changed that to half off in a 3 day icon session pass, which is good at Steamboat and several other mountains. And now, if you have a full icon, you would also get 2 more days at Steamboat.00:19:51.000 --> 00:19:54.000Stuart Winchester: Uh, or you would actually get 2 days at Snowy Range.00:19:54.000 --> 00:20:00.000Stuart Winchester: if you were, you know, wanted to escape the crowds at Steamboat one day. So, we are gonna…00:20:00.000 --> 00:20:03.000Stuart Winchester: Come back to…00:20:04.000 --> 00:20:16.000Stuart Winchester: IndyPass in a moment. Actually, I have one more IndyPass update, then I'm gonna go to Eric. So, Mission Ridge and Blacktail in Washington have left IndyPass.00:20:16.000 --> 00:20:17.000Stuart Winchester: And…00:20:18.000 --> 00:20:19.000Stuart Winchester: Hold on, let me just…00:20:23.000 --> 00:20:25.000Stuart Winchester: So Eric, I'll be right there.00:20:26.000 --> 00:20:30.000Stuart Winchester: We'll get to Mission to Blacktail in a minute. I'm gonna bring Eric in.00:20:30.000 --> 00:20:34.000Stuart Winchester: And I'm going to stop my screen share.00:20:40.000 --> 00:20:42.000Stuart Winchester: Uh, Eric?00:20:42.000 --> 00:20:43.000Erik Mogensen: What's up, man?00:20:43.000 --> 00:20:57.000Stuart Winchester: How you doing? Joining us now is the director of IndyPass, the founder of Entebeni Systems, and the operator of Black Mountain, New Hampshire. Eric Mogenson is a good friend of the storm, and he joins us now from where? Where are you, Eric?00:20:57.000 --> 00:21:05.000Erik Mogensen: I am, uh, calling in from Black Mountain, New Hampshire, our new home, and I'm up at the Alpine Cabin.00:21:04.000 --> 00:21:18.000Stuart Winchester: I want to start on the Alpine Cabin. Tell us what the Alpine Cabin was when you arrived at Black Mountain and what it has turned into from what it is and from a revenue standpoint.00:21:06.000 --> 00:21:07.000Erik Mogensen: Yep.00:21:19.000 --> 00:21:34.000Erik Mogensen: Yeah, so, um, I spend the first 8 to 10 hours of my day working with our engineering and product teams, and most of it is in front of a computer or on the phone, but by 5 PM I try to be up here on the mountain every.00:21:34.000 --> 00:21:52.000Erik Mogensen: night. Like, doing trail work, on the excavator, snowmaking, lift work. But I keep a desk up here in the summer. Couldn't keep a desk here in the winter. Um, but I do keep a desk up here so that when I have an idea, or I want to come write something down, or I want to watch a YouTube video, or do something, this place is super productive for me.00:21:53.000 --> 00:22:11.000Erik Mogensen: It's like my peaceful, happy place in the summer. In the winter, there is nothing peaceful about this place. This, this place rages, uh, European style. So, when we took over Black Mountain, the Alpine cabin, the credit card receipts from the Alpine cabin the year before.00:22:11.000 --> 00:22:22.000Erik Mogensen: were $38,000, uh, for the season in sales. Um, and the year after, our first year that we took it over, it was over $300,000.00:22:22.000 --> 00:22:29.000Erik Mogensen: Um, and then our second year, it was over $600,000, and most of that comes down to champagne.00:22:29.000 --> 00:22:38.000Erik Mogensen: But don't look at champagne as something you drink. Champagne is something that you use to celebrate. And so I think.00:22:38.000 --> 00:22:50.000Erik Mogensen: The long-winded answer to your question is, is the Alpine cabin is truly a place to celebrate the sport and culture of skiing, and people are definitely holding on to that.00:22:50.000 --> 00:23:03.000Stuart Winchester: It's an amazing space, and if folks aren't familiar with Black Mountain, that's the main double chair to the summit right behind you, and it goes right over the alpine cabin. It's a party scene, and it's a lot of fun.00:22:59.000 --> 00:23:00.000Erik Mogensen: Oh, yeah.00:23:03.000 --> 00:23:20.000Stuart Winchester: Going from $38,000 to $600,000, 20X in revenue, I mean, Eric, that's the kind of revenue stream that could change the path of a lot of small ski areas. Is that replicable, do you think, at some of these smaller family-owned ski areas around the country that.00:23:20.000 --> 00:23:25.000Stuart Winchester: are really tied to old revenue models and just need a little spark.00:23:24.000 --> 00:23:32.000Erik Mogensen: Yeah, I don't know if you can scale the champagne necessarily, but you can definitely scale.00:23:32.000 --> 00:23:51.000Erik Mogensen: the focus on the culture of skiing. And I think that's really what the independents do so well, is that, you know, the wood fireplaces smell authentic, the people are very authentic, the ski trails are authentic, they're weird, they're quirky, the lifts are slow, right?00:23:51.000 --> 00:24:06.000Erik Mogensen: Those a lot of people look at those things. We've been programed as skiers to see those things as liabilities. They're actually our biggest assets. And so, yeah, the Alpine, you know, the Alpine cabin was a little 200 square foot patrol shack.00:24:06.000 --> 00:24:11.000Erik Mogensen: that sold some, you know, beer and hot dogs.00:24:11.000 --> 00:24:21.000Erik Mogensen: But we never looked at that as a liability. We never looked at that as, hey, we need to go build a 20,000 square foot mid-mountain lodge, take on a ton of debt.00:24:21.000 --> 00:24:32.000Erik Mogensen: Um, we really looked at it as an opportunity, and I think every single small ski area has that exact same opportunity to focus on the authenticity of the product that they deliver.00:24:32.000 --> 00:24:48.000Stuart Winchester: There's been a ripple effect, too. I mean, what can you tell us about skier visits before and after you purchased it? Because Black, for background, for people who are not familiar with Black, the reason you own Black is because they announced they were closing on Facebook. They said, we're done. The skier has been open since 1930, whatever.00:24:48.000 --> 00:24:57.000Stuart Winchester: said, we're done, this was 3 years ago, and you said, no. And you tried to find a buyer, looked for a year, uh, and decided to buy it yourself. So, so…00:24:57.000 --> 00:25:03.000Stuart Winchester: You took a dying skier, what did the skier visits revenue look like when you got it, and what do they look like today?00:25:03.000 --> 00:25:15.000Erik Mogensen: It was about $700,000, $750,000 in top line revenue when we bought the whole ski area. Yeah, including the $32,000 in hot dogs and beer at this cabin.00:25:08.000 --> 00:25:11.000Stuart Winchester: That's the whole ski area.00:25:11.000 --> 00:25:12.000Stuart Winchester: Okay.00:25:15.000 --> 00:25:16.000Stuart Winchester: Mmhm.00:25:15.000 --> 00:25:27.000Erik Mogensen: Um, so it was the entire ski area. I don't quite know what the skier visits were. Um, we know what the ticketed visits were, but I would guesstimate that the skier visits were somewhere between, you know, 10 and 15,000.00:25:19.000 --> 00:25:20.000Stuart Winchester: Mm-hmm.00:25:27.000 --> 00:25:43.000Erik Mogensen: Um, in our second year, we took it to $2.5 million in top line revenue. Um, we've surpassed $5 million, uh, here in our 25th or 26th month. And skier visits, you know, all in, including employees and the whole thing, right about 55,000.00:25:43.000 --> 00:25:48.000Erik Mogensen: So it's been a big turnaround. It's been interesting, learned a lot.00:25:48.000 --> 00:25:50.000Erik Mogensen: And.00:25:50.000 --> 00:25:56.000Erik Mogensen: I think this is 100% doable by most of the smallest areas on the planet.00:25:56.000 --> 00:26:02.000Erik Mogensen: You just have to realize that if you want a different and better result, you have to take different and better action.00:26:02.000 --> 00:26:05.000Stuart Winchester: Yeah, I mean, you proved me wrong, because I, you know…00:26:05.000 --> 00:26:16.000Stuart Winchester: I thought Black had maybe just had its time, because it's surrounded by two Vail Own Mountains and Cranmore, which is a high-speed lift. Sunday River is right down the road. Uh, you have intense competition from Epic.00:26:16.000 --> 00:26:26.000Stuart Winchester: and… and Black Mountain is not an especially snowy mountain, like, say, Smuggler's Notch, we'll talk about in a minute. I… I didn't know if… if it had enough aura.00:26:26.000 --> 00:26:38.000Stuart Winchester: But it seems like you've either tapped the aura or created it, and really turned it around, and really given me a lot of hope that a lot of the ski areas that we see around the country, that…00:26:38.000 --> 00:26:45.000Stuart Winchester: Seem to be up against this modernization curve, they can't quite get ahead, might be able to take other routes to get there.00:26:45.000 --> 00:27:00.000Erik Mogensen: Yeah, and I think, too, Stu, it's worth noting, like, yeah, I'm proud of what we've done here, but there's a lot of really good operators out there that have done this, too. You know, having grown up in Buffalo, which I'll call, like, the Eastern Midwest of the Midwest.00:26:59.000 --> 00:27:00.000Stuart Winchester: Yeah.00:27:00.000 --> 00:27:10.000Erik Mogensen: Right? There's really well-managed ski areas that focus on the food and beverage, that focus on the authenticity, um, that drive a ton of other revenue.00:27:10.000 --> 00:27:23.000Erik Mogensen: Um, that are creative, uh, in that way, and I think we just have to be accepting of those things. We have to be accepting of them, we have to share what works, uh, share what doesn't work, and collaborate, um.00:27:23.000 --> 00:27:29.000Erik Mogensen: And and then we'll be fine. We'll be fine. These little skier is have a huge advantage.00:27:29.000 --> 00:27:39.000Erik Mogensen: in the fact that they are… they are run by authentic and passionate people. That… they… they are… they are run…00:27:39.000 --> 00:27:46.000Erik Mogensen: not as a profit center. Um, and yes, they need to be profitable to be sustainable and have reinvestment, right? But…00:27:46.000 --> 00:27:51.000Erik Mogensen: These little ski areas have such a remarkable advantage over some of the big areas.00:27:51.000 --> 00:27:57.000Erik Mogensen: and and how they're managed and what their direction looks like. We just have to take advantage of it and talk about it more.00:27:57.000 --> 00:28:06.000Stuart Winchester: this is just the beginning of the story, too. All right, let's switch over to Andy Pass, and, you know, my questions around Black, when you were initially taking it over, were…00:28:06.000 --> 00:28:24.000Stuart Winchester: how many retro ski areas does New England have room for in a market? Like, Mad River Glen has crafted its whole image around being this retro ski area. You know, they groom, they make snow up to 2,000 whatever feet, the single chair is a 1940 whatever, but they rebuilt it in 2007, so…00:28:24.000 --> 00:28:27.000Stuart Winchester: It is a well-maintained place.00:28:27.000 --> 00:28:42.000Stuart Winchester: as sort of like a museum. It's… it's… it's… the facade is old school, and it skis that way, but really, it's… it's been well tended to. Smuggler's Notch is another one of those that feels like 1960s, around 1960s haul lifts, including.00:28:42.000 --> 00:28:57.000Stuart Winchester: One of the longest in the country, the Madonna lift. Uh, and I saw black in that same mold and said, okay, how many of these do we have room for? But Smuggs is, at the end of the day, a awesome ski area, and you added it to IndyPass. I mean, how big of a victory is that for New England skiers?00:28:57.000 --> 00:29:03.000Stuart Winchester: to now have Smuggs, Jay, Waterville, all these ski areas on the one pass.00:29:02.000 --> 00:29:11.000Erik Mogensen: I mean, look, you've got… you've got Smogs, you've got Jay, you've got Bolton, you've got Cannon, you've got Waterville, um.00:29:11.000 --> 00:29:28.000Erik Mogensen: we've really leveled the playing field in the East, and it's exactly what we intend to do in other places of the country, and also around the world. Uh, and I think what we're proving here in New England, there's been a lot of focus with IndyPass in New England over the last two years, and a lot of that has to do.00:29:28.000 --> 00:29:44.000Erik Mogensen: With Black Mountain and our move and our things there. But what we're proving we can do here, we are going to replicate in other markets. There's no question in my mind. And I think what we're going to replicate is the fact that you don't have to be epic. You don't have to be iconic.00:29:44.000 --> 00:29:50.000Erik Mogensen: to be a really stable, well-earning business. You can be part of an independent group.00:29:50.000 --> 00:30:09.000Erik Mogensen: and still push and plow forward, and compete. So, you know, and I… look, I don't judge a ski area by its vertical. Don't judge a ski area by how many high-speed lifts it has. I think that's the mistake that we keep getting pulled into in skiing. And our… it's the mistake that we make as well as operators, and we…00:29:53.000 --> 00:29:54.000Stuart Winchester: Yeah. Okay.00:30:09.000 --> 00:30:16.000Erik Mogensen: we pass that mistake on to the consumers, right? Bigger is not better, it's just bigger.00:30:16.000 --> 00:30:33.000Erik Mogensen: Faster is not better. It's just faster, right? More lifts. Sure, that sounds great, but you have to pay for those lifts as well. And so that is going to there's that money doesn't just come from the sky that that money is going to be passed on to the consumer.00:30:33.000 --> 00:30:41.000Erik Mogensen: And the more and more we continue to do that, the more and more expensive and exclusive skiing's gonna become. So, again, I'll bring it back to…00:30:42.000 --> 00:30:51.000Erik Mogensen: One of the greatest advantages these places have are being small, are having slow lifts, are being independent, are being authentic. And that's exactly what Smugs is.00:30:51.000 --> 00:31:01.000Stuart Winchester: However, SMUGS also has 2,600 feet of vertical, 1,000 acres of skiing, and 322 inches of average snowfall. The numbers do help.00:31:01.000 --> 00:31:08.000Erik Mogensen: They do, but I'll leave the numbers to your spreadsheets that I can barely understand at this point.00:31:01.000 --> 00:31:03.000Stuart Winchester: The numbers do help, though, it's offline.00:31:06.000 --> 00:31:10.000Stuart Winchester: Well, that makes two of us and probably everyone else.00:31:08.000 --> 00:31:11.000Erik Mogensen: Those will speak for themselves.00:31:10.000 --> 00:31:16.000Stuart Winchester: Yeah, so having Jay and Smugs on there is an awesome combo. You know, I think that…00:31:16.000 --> 00:31:28.000Stuart Winchester: Indy and Doug before you, when Doug… I know Doug's still heavily involved, but the founder of the Indy Pass, Doug Fish. I think you have done a great job of building these little nodes of skiing.00:31:28.000 --> 00:31:44.000Stuart Winchester: around the country, and now around the world. So the… the donut hole has always kind of been Colorado, Utah, Tahoe, and that's because that's where Epic and Icon logically went. Those are the three biggest ski markets. But I want to talk a little bit first about the Midwest, where.00:31:44.000 --> 00:31:59.000Stuart Winchester: Indy built a really nice network, and you have a lot of ski areas in the Midwest. You have… 37. Uh, you've had some big departures this year. Lutzen, Granite Peak, and Snow River, run by Midwest Family Ski Resorts.00:31:59.000 --> 00:32:16.000Stuart Winchester: Went over to Icon, and Lutzen is, for the listeners, biggest ski area in Minnesota. It skis like a New England ski area. Granite Peak, you know, lots of high-speed lifts. Charles Skinner really turned that place from a dump into something nice. And the Snow River's on the come up. It's in a nice snow belt in Michigan.00:32:16.000 --> 00:32:19.000Stuart Winchester: Uh, you know, how much…00:32:19.000 --> 00:32:27.000Stuart Winchester: Did you see those as drivers of IndyPass sales in the Midwest? And how concerned, if at all, are you that they departed?00:32:26.000 --> 00:32:41.000Erik Mogensen: Well, look, let's… let's talk… I mean, the moose in the room here is that that… that loss sucks for us. Like, there's no way around it. Um, it… it… it's a bummer. It stings. Uh, I really like Charles Skinner. I really like Charlotte. I think they're both.00:32:32.000 --> 00:32:34.000Stuart Winchester: Yeah. Okay.00:32:41.000 --> 00:32:57.000Erik Mogensen: really great operators. They're very, very smart. They're very, very sharp. We had a we had a great call around when we kind of showed them what the revenue was in their last season, and we talked through it, and very, very amicable. I've always relied. Have some great, you know, dinner conversations with Charles.00:32:57.000 --> 00:33:12.000Erik Mogensen: And and I think they're great. They they have to make a move. They made a business decision to go to Icon and Icon makes that very, very, very attractive. You know whether or not that initial sales pitch.00:33:12.000 --> 00:33:29.000Erik Mogensen: translates into the long-term vision? I don't know. I firmly believe that, you know, Midwest skiers are some of the most authentic and purposeful, you know, skiers on the continent, and they'll figure it out. I think we have lots of options, there's no question.00:33:29.000 --> 00:33:38.000Erik Mogensen: But none of them are going to be quite like those Midwest family resorts. And so we'll have to see what happens. It stings, but I don't.00:33:38.000 --> 00:33:42.000Erik Mogensen: What I've really learned about Indy is that.00:33:42.000 --> 00:33:47.000Erik Mogensen: Our our strength is in the diversity of of.00:33:47.000 --> 00:33:56.000Erik Mogensen: the resorts that we've put together. It's not on a… it's not on a single one resort, or a single resort operator. Um, so…00:33:56.000 --> 00:34:01.000Erik Mogensen: I hate losing resorts, but I'm never afraid to lose them and/or replace them if necessary.00:34:01.000 --> 00:34:12.000Stuart Winchester: So, when they go to ICON, there's a couple different tiers for ICON. So, Midwest family went to the traditional 7-5 tier of 7 on full ICON, 5 on ICON base. Today.00:34:12.000 --> 00:34:19.000Stuart Winchester: I kind of announced that Cabaret, a former IndyPass partner that actually just left Indy, was a founding member in 2019.00:34:19.000 --> 00:34:32.000Stuart Winchester: left for Icon. That news just broke. I don't know if you have any thoughts on that. Buck Hill similarly left Indy for Icon today, a couple of years ago. Is that too new to process, or what are your thoughts on Cabra Fact?00:34:31.000 --> 00:34:48.000Erik Mogensen: Yeah, I think it's exactly the same where, you know, we, we, you know, Cabrifay is a great ski area. Um, we're sad to see them go. We, you know, look, they're independent for a reason. They get to make their choice. They've made their choice. They're going to go to Icon. The consumers can make their choice of where they go and where they want to.00:34:48.000 --> 00:35:05.000Erik Mogensen: they want to spend their time and money. You know, we're going to fight as hard as we can to drive as much value for the operators and the consumers as possible. I can tell you, we had some people that had left for that icon two day product that now want to come back because of the payout.00:35:02.000 --> 00:35:04.000Stuart Winchester: Okay.00:35:05.000 --> 00:35:22.000Erik Mogensen: Or lack thereof. So, look, none of this is static. One thing I can absolutely guarantee everybody on the pass and everyone listening to this is, is this is going to happen every single year forever. You're going to have people come, you're going to have people go. And we're all going to think it's way more consequential.00:35:10.000 --> 00:35:11.000Stuart Winchester: Mmhm.00:35:22.000 --> 00:35:33.000Erik Mogensen: than it actually is. The reality is, is that indie sales for the last 7 seasons continue to go like this, and we're directing more and more.00:35:33.000 --> 00:35:39.000Erik Mogensen: revenue, meaningful revenue to these independent resorts. And that's not going to stop.00:35:39.000 --> 00:35:43.000Stuart Winchester: Yeah. The, uh… another place you have…00:35:43.000 --> 00:35:45.000Stuart Winchester: Good.00:35:46.000 --> 00:35:55.000Stuart Winchester: cluster is the Pacific Northwest. Mission Ridge and Blacktail, which are jointly owned, recently announced that they left, and I reached out.00:35:55.000 --> 00:35:57.000Stuart Winchester: to…00:35:57.000 --> 00:35:59.000Stuart Winchester: Mission Ridge.00:35:59.000 --> 00:36:06.000Stuart Winchester: COO and GM Matt Neubauer, and I just asked him, you know, what's going on, and this was his email, this is a quote.00:36:06.000 --> 00:36:15.000Stuart Winchester: Mission Ridge's agreement ran through the end of the 25-26 season, and we declined to seek a new one. Being independent means making the calls we think are right for the mountain long term.00:36:15.000 --> 00:36:32.000Stuart Winchester: So, that's basically echoing what you just said, the mountains will make the right decision. Uh, Blacktail's situation is different. This is a continuation of the email. Uh, they reached out to establish a new agreement before the old one ended and did not get engagement on it. Indy did reach out after passes, went back on sale September 1st, but by then, Blacktail had moved on.00:36:32.000 --> 00:36:42.000Stuart Winchester: and was preparing for the season ahead. So that was the rationale that I have for Matt. He didn't want to talk about it further publicly, but that was his on-the-record statement.00:36:43.000 --> 00:36:59.000Erik Mogensen: Yeah, I, I, you know, look, Stu, I, I think as good as it is for your ratings, you know, I, we're not gonna hang out every, every scary as, you know, laundry and every single conversation. Um, I would disagree with how that was had. I think, I think one of the greatest things about India is we have.00:36:53.000 --> 00:36:55.000Stuart Winchester: Mmhm.00:36:59.000 --> 00:37:09.000Erik Mogensen: 300-plus resorts around the world. One of the hard things about Indy is that we have 300-plus resorts around the world. It's a lot of contracts to manage, it's a lot of things.00:37:06.000 --> 00:37:07.000Stuart Winchester: Okay.00:37:09.000 --> 00:37:19.000Erik Mogensen: I could, like, tell you from the ski area operating, um, perspective, like, I feel everything's nice and chill all summer, and we're doing really good, and then all of a sudden it's, you know.00:37:19.000 --> 00:37:35.000Erik Mogensen: September 1st, and it's like, wow, we got a lot to do in the next 60 days before we make snow. And I think every single ski area operator runs through that. Uh, and there's a lot going back. Stu, sometimes I have to go look at your spreadsheets to understand who's on the pass.00:37:35.000 --> 00:37:52.000Erik Mogensen: That's why we usually give everything to you ahead of time so that you can, like, count them up and do the math and do everything. So it's hard. But I would say, that team at Blacktail is world class. Jesse is and is incredible. We've I've always had a great relationship with Jesse.00:37:52.000 --> 00:38:08.000Erik Mogensen: We'd welcome them on the pass. I don't think that that's changed. And I think that Blacktail and Mission Ridge are two very different ski areas. And I'm really fascinated and hopeful that they figure out a way.00:38:08.000 --> 00:38:10.000Erik Mogensen: how to make the whole thing work between the two of them.00:38:10.000 --> 00:38:28.000Stuart Winchester: Yeah, you still have a really nice set of resorts out there with White Pass, and 49 Degrees North, and Mount Hood Meadows, and Bluewood, and Brundage, and Tamarack. And Tamarack's interesting, because so Tamarack, and I want to clarify this, I've actually gotten a lot of inquiries about this, people emailing me telling me my charts are wrong.00:38:28.000 --> 00:38:43.000Stuart Winchester: Uh, which… which happens, you know, they're… they're big and… and, uh, unwieldy, so I get things wrong, but that's… they're always a work in progress. But, uh, they're telling me Tamarack's not in the past because they joined Icon today, which… which obviously they did. Uh…00:38:43.000 --> 00:38:46.000Stuart Winchester: So what's going on with Tamarack? Are they on Indy?00:38:46.000 --> 00:38:59.000Erik Mogensen: Tamarack's on Indy, um, you know, we're excited about Tamarack, we've always been excited about Tamarack. Again, Scott, really great operator, um, super smart guy, great ownership group.00:38:59.000 --> 00:39:13.000Erik Mogensen: You know, I think we could probably comment on that a little bit further. But you know my job is not to speak for these resorts, Stu. My my job is to support them, and there's a difference between supporting them and speaking for them.00:39:07.000 --> 00:39:08.000Stuart Winchester: Yeah. Okay.00:39:13.000 --> 00:39:20.000Erik Mogensen: So, I'll always support them, and what Tamarack decides to do and where they decide to sit is good, but.00:39:20.000 --> 00:39:23.000Erik Mogensen: I'm comfortable saying that Tamarack's on Indy.00:39:23.000 --> 00:39:37.000Stuart Winchester: Yeah, in general, you know, when Buck Hill joined the Icon 2 Day last year, you said adios. I think that's what was my understanding from a distance, correct me if I'm wrong. What was different about the Tamarack situation? Why are you making the exception for Tamarack?00:39:37.000 --> 00:39:52.000Erik Mogensen: Look, I think, look, Icon's aggressive. They're aggressive. They're trying to add as many people as they possibly can to that two-day pass. You know, I think that there's a lot of promises on that, and I think they have a very aggressive sales team.00:39:52.000 --> 00:40:08.000Erik Mogensen: Which is which is good. They're they're, you know, trying to replicate what Indy has done. So we'll just have to see what happens. But I would say that I would I would say that, you know, I have a I have a good relationship with a couple people over in that organization.00:40:08.000 --> 00:40:15.000Erik Mogensen: And I think they're trying to figure out what they're going to do. But there's no question that we're in, you know, pretty intense competition right now.00:40:08.000 --> 00:40:09.000Stuart Winchester: Mmhm.00:40:16.000 --> 00:40:18.000Stuart Winchester: All right, let's…00:40:18.000 --> 00:40:32.000Stuart Winchester: wrap up on that. Let's talk about Snow King, because the Indy Pass, you know, part of the reason the Indy Pass is able to grow so fast, from my point of view, was Doug had this great insight that the ski areas that Epic and Icon were overlooking.00:40:32.000 --> 00:40:38.000Stuart Winchester: Did have value collected onto a pass, and when you put them all together as a dynamite product.00:40:38.000 --> 00:40:47.000Stuart Winchester: and now I think, as you said, ICON's going for that, and then you have the Snow Pass, and the Snow Pass, uh…00:40:47.000 --> 00:41:02.000Stuart Winchester: has signed Snow King as a partner, and that's a long-time Indy Pass partner, and I can read these emails if you'd like, or you can just talk through it yourself on how you see the Snow King.00:41:02.000 --> 00:41:03.000Stuart Winchester: um…00:41:03.000 --> 00:41:05.000Stuart Winchester: conflict here.00:41:05.000 --> 00:41:20.000Erik Mogensen: Yeah, look, I wouldn't really say that there is any controversy here. I think Snow King is staying on Indy. Um, you know, Ryan and I never discussed any sort of litigation, and I connected him directly with you so that he could, you know, explain the situation for himself.00:41:21.000 --> 00:41:36.000Erik Mogensen: Look, again, it's not my job to get out in front and speak for these resorts. These are really great resorts with phenomenal and sophisticated operators, and they can speak for themselves. So, what I can do, Stu, is, you know, say, hey, Ryan.00:41:36.000 --> 00:41:43.000Erik Mogensen: you know, you're on Indy, and you're not on the snow pass, copy you on that email, and then you can read the email to the group.00:41:43.000 --> 00:41:46.000Stuart Winchester: Yeah, the email…00:41:47.000 --> 00:41:50.000Stuart Winchester: from Ryan said.00:41:51.000 --> 00:42:06.000Stuart Winchester: Stuart, hi Stuart, this is Ryan Stanley, General Manager of Snow King. That is correct, we're going to remain on the Indy Pass this upcoming season and also offer two free tickets to the Snow Pass holders without receiving compensation, meaning Snow King will not receive compensation.00:42:06.000 --> 00:42:16.000Stuart Winchester: We are fairly desperate for some skier visits and are working on an offer for free and or $20 tickets to other pass holders as well. You know, I…00:42:16.000 --> 00:42:18.000Stuart Winchester: Ran this…00:42:18.000 --> 00:42:20.000Stuart Winchester: Bye.00:42:20.000 --> 00:42:22.000Stuart Winchester: Snow pass and.00:42:22.000 --> 00:42:26.000Stuart Winchester: I can read this email from Joe Heschen that he sent me today.00:42:26.000 --> 00:42:33.000Stuart Winchester: Uh, he said, Hi Stuart, I'm a bit confused by how this has become so complex. As stated, we have signed a signed agreement with Snow King.00:42:33.000 --> 00:42:43.000Stuart Winchester: While I would like to keep their details confidential, you are welcome to share ours. Our goal with this is not to profit, but rather to gather a group to work together for the betterment of the industry.00:42:43.000 --> 00:42:56.000Stuart Winchester: And then, it sounds like Snow King will be working with Indy and Snow Pass this season, which is great news for them. Thank you. Go Hessian. So, from Snow Pass's point of view, Snow King is still on both passes.00:42:57.000 --> 00:43:16.000Erik Mogensen: I don't know, Stu's starting to sound like a big old, you know, fun high school group text message here. I don't, I, you know, I don't know what to tell you. Um, again, I think Ryan's email's pretty clear. I'm not gonna speak for Ryan, not gonna speak for Joe. Um, they're definitely, you know, Snow King is definitely on the Indy Pass. We're definitely gonna pay them, just like we have.00:43:16.000 --> 00:43:21.000Erik Mogensen: every year. We're definitely gonna push a lot of visits to them. Um, you know, I'm not…00:43:21.000 --> 00:43:33.000Erik Mogensen: entirely sure, uh, beyond that. Uh, and, and, you know, Ryan, again, Ryan's a really smart guy. I've enjoyed talking to him. Um, I've spent a…00:43:33.000 --> 00:43:49.000Erik Mogensen: few, you know, longer phone calls, and he is desperate for skier visits, and I get that. He's a small skier area in the shadow of Jackson Hole, and doesn't have a ton of population to pull from. Most of the population that's coming through is destination visits.00:43:49.000 --> 00:43:57.000Erik Mogensen: And he needs more skier visits. We… we want Snow King to get skier visits. We… we… and if Ryan wants to comp…00:43:57.000 --> 00:44:07.000Erik Mogensen: you know, snow pass holders, or icon pass holders, or epic pass holders, then that's fine. I think that's great. But just because Ryan is going to comp.00:44:03.000 --> 00:44:04.000Stuart Winchester: Mmhm.00:44:07.000 --> 00:44:18.000Erik Mogensen: the Snow Pass doesn't mean that he's on the Snow Pass, and just because Ryan is going to comp Icon Pass holders, that doesn't mean that he's joined the Icon Pass. Um, all I can come down to, again.00:44:18.000 --> 00:44:27.000Erik Mogensen: is that Snow King's on the Indy Pass, um, and from our perspective, they're giving some free tickets to some of the other passes.00:44:27.000 --> 00:44:35.000Erik Mogensen: Hopefully, that checks everyone's box for early September ski area drama.00:44:35.000 --> 00:44:43.000Stuart Winchester: All right, it is an ongoing story. I just have a lot of conflicting information from…00:44:42.000 --> 00:44:56.000Erik Mogensen: What we should do is just, you know, get Uncle Joe on the call, and get Ryan on the call, and you on the call, and we all talk about it, right? Like, I think it's… I don't think it's that complicated, and frankly, it's not that big of a deal.00:44:56.000 --> 00:45:12.000Erik Mogensen: And I question the intentions behind making it a big deal. I think that, you know, Snowpass is definitely looking for us to bite into a controversy, and we're just not going to.00:45:12.000 --> 00:45:22.000Erik Mogensen: We're just not going to. We… our job is to focus on the independent resorts and make sure that we drive more visits to more independent resorts.00:45:22.000 --> 00:45:23.000Erik Mogensen: more often.00:45:23.000 --> 00:45:31.000Erik Mogensen: It's really simple, you know, and I think, I think in general too, Stu, like, you know.00:45:24.000 --> 00:45:26.000Stuart Winchester: Do you? Yeah.00:45:31.000 --> 00:45:46.000Erik Mogensen: What I've gotten from a lot of our operators and partners and people in skiing is they're just very confused by this. And again, it might be good for ratings or listeners, but there is no litigation here.00:45:46.000 --> 00:45:56.000Erik Mogensen: there is no problem with Snow King. They're a great, valued partner. You know, this comment, you know, an idea around democratizing skiing, right? Like.00:45:56.000 --> 00:46:08.000Erik Mogensen: you know, let's let every resort build their own reciprocal deal with, you know, Jersey Joe's commission-based software pitch, right? That's cute, that sounds nice, but in practice, IndiePass exists for a reason.00:46:08.000 --> 00:46:12.000Erik Mogensen: It's a lot more work for skier is and most importantly.00:46:12.000 --> 00:46:20.000Erik Mogensen: It's much more fragmented and a confusing product for the consumer. A single pass with a single price point.00:46:20.000 --> 00:46:22.000Erik Mogensen: And a lot of partners.00:46:22.000 --> 00:46:28.000Erik Mogensen: you know, mitigates the patchwork of one-off deals, and that's the whole reason IndyPass exists.00:46:28.000 --> 00:46:37.000Erik Mogensen: More people skiing more often at independent resorts, right? Like, we redirect tens of millions of dollars a year to independent operators.00:46:38.000 --> 00:46:48.000Erik Mogensen: Arguing that somehow the absence of the IndyPass is better for the industry is nonsensical at best. It would just give Icon and Epic a more…00:46:48.000 --> 00:46:51.000Erik Mogensen: More opportunity to eat our lunch. So…00:46:51.000 --> 00:47:02.000Erik Mogensen: you know, we can… we can dive into all the muddy details all day long, but I don't see any controversy here. We're super excited to have snowpack… I mean…00:47:02.000 --> 00:47:04.000Erik Mogensen: Snow King.00:47:04.000 --> 00:47:15.000Erik Mogensen: on the Indy Pass. Um, and, you know, maybe you just have to come up with a different color for it on your spreadsheet, like some sort of gradient between the two. Whatever you want to do, we trust you.00:47:15.000 --> 00:47:32.000Stuart Winchester: Let me zoom out a little and make this a little more conceptual, because you've told me before that IndyPass doesn't make money, and I believe you're still sticking to Doug's original ratio of 15% for admin, which I doubt covers admin. So 85% traditionally was paid out to the resorts, correct?00:47:33.000 --> 00:47:49.000Erik Mogensen: Correct. Oh, yeah. Still the case. Yeah. No, I mean, look, we, we, you know, 85% of every passport just goes back to the independents. And remember, look, we, we take 100% of our money in on credit cards. We pay the ski resorts in check cash. Right. So we're also eating that credit card fee.00:47:33.000 --> 00:47:36.000Stuart Winchester: Is that still it? Okay.00:47:40.000 --> 00:47:41.000Stuart Winchester: Mmhm.00:47:49.000 --> 00:47:59.000Erik Mogensen: So now you're down to, you know, 12% in change. Running a pass like this, it's not profitable. We never looked at this as being profitable.00:47:52.000 --> 00:47:53.000Stuart Winchester: Right.00:47:59.000 --> 00:48:10.000Erik Mogensen: I really bought IndyPass because I knew that Doug was going to exit and needed to exit, and I thought some of the other people that would buy the pass.00:48:10.000 --> 00:48:21.000Erik Mogensen: would view it more as a media company or a marketing opportunity, and less of something that I think is very important for the independents. So…00:48:21.000 --> 00:48:39.000Erik Mogensen: Uh, you know, Snowpass has committed to giving 80% back, um, to the resorts in their first year, and then something else beyond that, right? And the difference between 80% and 5%, right? You know, it sounds like 5%, but if you actually do the math, that's a 25% difference.00:48:39.000 --> 00:48:49.000Erik Mogensen: Uh, and so we pay every resort the same percentage back of their, you know, top ticket price. We've always done that, um, so…00:48:50.000 --> 00:48:55.000Erik Mogensen: That's what we do, that's what we've done, that's what worked, and that's what we.00:48:54.000 --> 00:48:59.000Stuart Winchester: So to zoom out to the conceptual level a little bit here, I want to look at…00:48:59.000 --> 00:49:09.000Stuart Winchester: Snow King's neighbor, Jackson Hole. Okay, so Jackson Hole is on Icon. They're also on Mountain Collective. You've taken a pretty firm stand that Indy.00:49:09.000 --> 00:49:16.000Stuart Winchester: partners should be exclusive with Indy. If you're looking at a ski area like Snow King that is desperate for.00:49:16.000 --> 00:49:18.000Stuart Winchester: for visits.00:49:18.000 --> 00:49:24.000Stuart Winchester: why cut that pathway off? Why is it important to make indie exclusive and not say, okay.00:49:24.000 --> 00:49:39.000Stuart Winchester: case by case, if you're, uh, you know, certain resorts, if we don't have an exclusivity agreement with you, like, maybe you want to give, you know, Brundage a higher payout because they're a destination and… and to be exclusive, but maybe some of these other ones, you give them all the tools in the toolbox. What…00:49:39.000 --> 00:49:42.000Stuart Winchester: Why is that not an option? Or is it an option?00:49:40.000 --> 00:49:48.000Erik Mogensen: Yeah, I just, I think it complicates things, number one. Number two, I just don't find it very equitable. The great thing about IndyPass, look, I get…00:49:48.000 --> 00:49:58.000Erik Mogensen: There's a lot of conversations all the time when we have a larger resort wanting to join, or has joined, or wants to renew about getting a bigger payout.00:49:58.000 --> 00:50:08.000Erik Mogensen: What I can tell you for as long as I own and run IndyPass, I'm going to treat every single resort the same. I'm not going to make special side deals.00:50:08.000 --> 00:50:14.000Erik Mogensen: That's just what we're going to do. I think it's a mistake to do that.00:50:14.000 --> 00:50:20.000Erik Mogensen: Everyone's going to get the same. Everyone's going to be the same. Everyone's going to get the same percentage payout.00:50:14.000 --> 00:50:15.000Stuart Winchester: It.00:50:15.000 --> 00:50:17.000Stuart Winchester: Mmhm.00:50:20.000 --> 00:50:23.000Erik Mogensen: No special deals.00:50:23.000 --> 00:50:37.000Stuart Winchester: So let me wrap on that point. So you added Smugs, your New England network is lights out. You know, like I said, Jay, Smugs, Cannon, Waterville, Saddleback, and a bunch of smaller places, including Black Mountain. Doug was concerned when he started the pass.00:50:37.000 --> 00:50:48.000Stuart Winchester: About dilution in the marketplace, and if you put too many ski areas in a market, you would both cannibalize their season pass, and drive down their yield, or their eventual payout.00:50:49.000 --> 00:51:04.000Stuart Winchester: you have filled in a lot more density, and when I've asked you about it in the past, you said that's a data-driven decision, so can you break that down for us, and what gives you confidence that adding smugs is not going to take away from.00:51:04.000 --> 00:51:08.000Stuart Winchester: Fulton Valley, or Jay Peak, or Cannon, or Titus.00:51:08.000 --> 00:51:23.000Erik Mogensen: Well, we know exactly how many pass holders we're adding every single year, right? We, we have a unique control over how many passes we sell, right? So we have, we know the data that comes in on one lever and we 100% control the amount.00:51:11.000 --> 00:51:12.000Stuart Winchester: Yeah.00:51:23.000 --> 00:51:43.000Erik Mogensen: of passes in that lever that we sell. So it's just simple math, right? It isn't even that complex of a spreadsheet. Uh, you wouldn't even have to have it in a spreadsheet. So we need to add enough customers to make sure that we don't over dilute Bolton's payout or those things. And what's remarkable is the data shows us this is, I think now our fourth season.00:51:43.000 --> 00:51:49.000Erik Mogensen: of owning and operating the IndyPass is that we just keep going in the right direction.00:51:49.000 --> 00:52:04.000Erik Mogensen: And that's the reality. Like, JPEAK and Bolton's payout, the check that they get from IndyPass and take to the bank to pay their bills and buy more chairlifts and more snowmaking pipe and pay their employees, is only getting bigger and bigger.00:52:04.000 --> 00:52:08.000Erik Mogensen: With smugs on the pass. And again, I cannot.00:52:08.000 --> 00:52:23.000Erik Mogensen: reiterate enough how sophisticated of an operator these guys are. Like, the DeLauriers are smart. They see the numbers, you know? Christian Knapp at PGRI, he sees the numbers. Steve Wright, these are smart guys. John Schaefer, the…00:52:23.000 --> 00:52:27.000Erik Mogensen: Really smart. You know, if they figure it out.00:52:27.000 --> 00:52:30.000Erik Mogensen: I think that that itself.00:52:29.000 --> 00:52:38.000Stuart Winchester: Yeah, Jay has been, uh, has recommitted to Indy several times, uh, through one-year contracts. All right, Eric, IndyPass is still on sale?00:52:38.000 --> 00:52:56.000Erik Mogensen: Uh, 80 Pass is on sale right now, yes. I think what we've announced is we've said tomorrow's the day. I think we could go into midday Saturday. Um, it's… it's hard to tell, right? We look at a couple numbers, we look at people that have put things in their cart, and what the potential conversion rate is, and where things go, and…00:52:56.000 --> 00:53:01.000Erik Mogensen: the geography around them. We definitely have a very firm ceiling on what we're gonna sell.00:53:02.000 --> 00:53:10.000Erik Mogensen: When we're going to sell that through, that's the hard part. But yeah, we've identified that tomorrow's the day.00:53:08.000 --> 00:53:16.000Stuart Winchester: And this will be the end of 26-27 IndyPass sales guaranteed, or is there a chance for a flash December sale or something?00:53:15.000 --> 00:53:30.000Erik Mogensen: There is never a guarantee of anything in this thing. We are talking to some pretty major additions as well that I think would be meaningful, and we'll have to decide if that's a this year thing or a next year thing with them.00:53:19.000 --> 00:53:20.000Stuart Winchester: Okay.00:53:30.000 --> 00:53:46.000Stuart Winchester: I mean, you've already added over 40 new partners. India has more partners than Epic, Icon, Mountain Collective, Snowpass, and Mountain Collective Capital's Powerpass combined around the world. So you're saying we should expect or could expect more partners?00:53:31.000 --> 00:53:32.000Erik Mogensen: Alright.00:53:46.000 --> 00:53:49.000Stuart Winchester: In advance of the 26-27 winter?00:53:48.000 --> 00:54:02.000Erik Mogensen: Yeah, for sure. I mean, I can tell you that there will definitely be some more. And I think, Stu, it's actually about 60 new additions. And I know you don't like to count the cross-country ski areas, but we should maybe find a separate tab for them on the spreadsheet.00:54:02.000 --> 00:54:04.000Stuart Winchester: Yeah.00:54:02.000 --> 00:54:12.000Erik Mogensen: Every ski area matters to us here, whether it's cross country or downhill or big or small. I think that's what makes us different.00:54:11.000 --> 00:54:27.000Stuart Winchester: Yeah, you know, I didn't start stop counting them out of malice. I stopped because I couldn't really understand them, and the maps kind of looked like a brain scan, and some would leave, and it was just a lot. I was already trying to track too much.00:54:27.000 --> 00:54:44.000Stuart Winchester: I will take that piece of advice, though, and I will see if I can find a place where they make sense. Eric, really appreciate everything today, appreciate everything you're doing with Indy and Black Mountain, and look forward to catching up with you again really soon.00:54:44.000 --> 00:54:49.000Erik Mogensen: Yeah. Thanks so much, Stu. Keep those spreadsheets going, dude.00:54:46.000 --> 00:54:47.000Stuart Winchester: Alright.00:54:48.000 --> 00:54:51.000Stuart Winchester: That's all I do.00:54:49.000 --> 00:54:52.000Erik Mogensen: Yeah, I know. See ya.00:54:51.000 --> 00:54:53.000Stuart Winchester: All right, take care.00:54:52.000 --> 00:54:53.000Erik Mogensen: Bye.00:54:55.000 --> 00:55:05.000Stuart Winchester: All right, that was Eric Mogensen, director of IndyPass, owner of Black Mountain, responding to some of the questions.00:55:06.000 --> 00:55:21.000Stuart Winchester: initial conversation I had with Joe Heschen the other day. So, uh, that's great. We have no more clarity on Snow King, and this episode went a little off the rails, because I need to… there's gonna be a lot of experimentation here, guys.00:55:21.000 --> 00:55:35.000Stuart Winchester: Uh, the… the opening take, I'm realizing, I don't know if I should be recording that before the guest. I think maybe I need to start with the guest, because otherwise, I end up having to cut myself short. So…00:55:35.000 --> 00:55:39.000Stuart Winchester: I want to get to some reader reaction.00:55:39.000 --> 00:55:42.000Stuart Winchester: To close us out today.00:55:42.000 --> 00:55:44.000Stuart Winchester: And…00:55:44.000 --> 00:55:47.000Stuart Winchester: The first comes from…00:55:47.000 --> 00:55:49.000Stuart Winchester: Matt Hart.00:55:49.000 --> 00:56:03.000Stuart Winchester: He said, really, this is in reaction to Brian Norton's interview yesterday about Loon Mountain's expansion. Matt Hart, really good, loved Brian's description of the expansion and how they will make it work from an operations point of view.00:56:03.000 --> 00:56:06.000Stuart Winchester: Catcher's mitt for snow, love it.00:56:06.000 --> 00:56:21.000Stuart Winchester: And then, and then Matt asks, did he give you grief for calling the Timbertown expansion that little one LOL? I, no, he didn't, but, but it is, I mean, it was a 30 acre expansion on a huge ski area. So, uh, I don't know, maybe, I think they, uh.00:56:22.000 --> 00:56:36.000Stuart Winchester: you know, I'm always the tourist, so anytime I'm asking these guys anything, they… I think that it sounds a little ridiculous, because they live it every day of their life. It would be like them asking me a question about my cats, you know, it's something that I'm around every day.00:56:36.000 --> 00:56:46.000Stuart Winchester: All right, this is a comment from Robert, a paid subscriber, which is the way you can interact with the show is to be a paid subscriber to the Storm Skiing Podcast.00:56:46.000 --> 00:57:00.000Stuart Winchester: Robert says, again, of the Brian Norton pod yesterday, great second effort. Are you planning to stick to a drop time of about 4 p.m. Eastern time? What is your anticipated schedule? Daily, four days a week, three?00:57:00.000 --> 00:57:07.000Stuart Winchester: 4pm drop makes for a nice way to wrap up the day, at least for those in a compatible time zone.00:57:07.000 --> 00:57:22.000Stuart Winchester: And then Brian Bench, paid subscriber, says, ditto on sharing the anticipated schedule. We humans are creatures of habit, and so would be great to know when we can generally expect these to land. Excited for your chat with Eric today. Well…00:57:22.000 --> 00:57:23.000Stuart Winchester: Brian.00:57:23.000 --> 00:57:26.000Stuart Winchester: I have an amazing guest.00:57:26.000 --> 00:57:29.000Stuart Winchester: scheduled for…00:57:29.000 --> 00:57:46.000Stuart Winchester: Sep

Phil Rosen joins Inside The ICE House to unpack Bitcoin's 30% surge, tying most of the gain to the Treasury's buyback announcement and noting the pullback after Jackson Hole. He stays structurally bullish on Bitcoin, pointing to currency debasement as the real long-term driver regardless of Fed noise. On small caps, he flags the Russell 2000's 25% rally as less impressive against a flat five-year stretch and favors rotating into large caps here. Rosen doubts Warsh will hike in September despite market odds suggesting otherwise, arguing the AI CapEx cycle matters more than a quarter-point move. He closes by noting a surprise hike would sting near-term, but strong earnings give the market room to absorb it.

What if getting organized isn't really about having a perfectly tidy home? What if it's about creating space for the life you're growing into? In this thoughtful conversation, Cat sits down with Lisa Woodruff, founder and CEO of Organize 365, to explore how organization can help us move through life's transitions with more clarity, ease, and intention.Together, they talk about why organization is a skill anyone can learn, how clutter often reflects the seasons we're still holding onto, and why letting go doesn't have to be rushed. Lisa also shares practical ways to build systems that work for your unique life, whether you're managing a busy household, navigating ADHD, or simply looking to reduce the mental load of everyday living.If you've ever felt overwhelmed by your home, your schedule, or all the things you're carrying, this conversation is a reminder that you don't have to do it perfectly. Sometimes, creating a little more space is the first step toward your next adventure.In this episode, we discuss:Why organization is a skill anyone can learnHow clutter often reflects seasons of life we're still holding ontoThe emotional side of letting go after loss or major life changesWhy functional systems matter more than picture-perfect spacesHow organization can reduce mental load and support everyday lifeThe connection between executive function, ADHD, and organizingSimple ways to create systems that actually work for your familyWhy you don't have to be naturally organized to become organizedConnect with LisaWebsite: https://organize365.com/all-about-lisa-woodruff/Podcast: https://organize365.com/podcast-landing-page/Instagram: https://www.instagram.com/organize365/Facebook: https://www.facebook.com/Organize365LinkedIn: https://www.linkedin.com/in/lisawoodruff/YouTube: https://www.youtube.com/@Organize365Organization isn't about perfection. It's about creating enough space for the life you're living today while making room for the life that's still unfolding.Adventure on!Send us Fan Mail Support the show✨ Join the Spiritual Horse Seeker Summit

Agosto foi marcado por novos desdobramentos no cenário global, com energia, inflação e juros no centro das atenções em meio ao conflito entre Estados Unidos e Irã. Ao mesmo tempo, o discurso de Kevin Warsh no Simpósio de Jackson Hole trouxe novos elementos para as expectativas em torno da política monetária.Nesta edição do Mercados e Fundos em Foco, Fernando Cavallete, head do time de Portfolio Specialists da Itaú Asset, analisa esse cenário e comenta seus principais impactos sobre os mercados.Além disso, ele apresenta o fundo destaque do mês: o Itaú Optimus Extreme Multimercado.Antes de investir, verifique seu perfil de investidor.

Our Global Head of Fixed Income Research Andrew Sheets discusses when markets may not adequately compensate investors for uncertainty around themes like Fed policy, AI financing and energy supply.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Today, what American football can teach us about the value of ambiguity.It's Thursday, September 10th at 2p.m. in London.I really like this time of year. It's a little cooler outside. There's the excitement in the air of a start of a million new school years. And of course, it's finally American football season. Of the top one hundred US television telecasts in 2025, ninety were football games. In an increasingly divided world with an increasingly fragmented ecosystem for content, this unanimity is stunning. And while many factors explain football's popularity, one that I've come to appreciate more with time is its strategic complexity, especially the value of ambiguity.Not tipping whether the play is a run or a pass, disguising whether and where you're going to blitz. Coaches work hard to keep their options open until the last possible moment. And as we enter September, this strategy is not just confined to football.Take the Fed. Markets are pricing a roughly two-thirds chance of a rate hike next week, about the same chance that an NFL team passes on second and seven. Part of that uncertainty comes from exactly how you parse Fed Chair Warsh's comments at Jackson Hole. Chair Warsh said the Fed needs to be confident that underlying inflation is moving towards its objective, “clearly and at sufficient speed.” Otherwise, it has, "work to do." This was generally interpreted as a move closer to raising rates. But was it? What is sufficient speed? What counts as underlying inflation? And what does “work to do” actually mean? After all, if inflation is better in the second half of the year, as our economists expect, this framing could just as easily justify no action. We forecast the Fed to stay on hold next week. It is admittedly a close call.Then there's ambiguity in AI financing. The numbers here are enormous. Morgan Stanley analysts forecast more than 1.3 trillion dollars of spending among the six largest hyperscalers in 2027, a sixty percent increase from the record-setting levels of this year. But how all this gets financed, that's less certain. There's an increasingly rich menu of options for financing across public and private markets, from investment-grade bonds to asset-backed securities, from direct financing to guarantees. The spending seems likely, but what form it takes and how much it impacts other markets is more ambiguous. My colleagues Matthew Hornbach and Vichy Tirupattur discussed some of these ambiguities and their potential effect on Treasury yields earlier this week.Finally, ambiguity clouds the energy market. Some analysts are optimistic that oil flows are finally normalizing in the Strait of Hormuz. We are not. Coupled with major disruptions to Russian refining capacity, we've now raised our fourth quarter forecast to one hundred dollars per barrel for Brent oil and eighty-eight euros per megawatt hour for European natural gas.Across these three themes, some of this ambiguity is intentional. Some simply reflects a wide range of possible outcomes. In football and in markets, keeping your options open can be valuable when you're calling the plays, but it's less attractive when you're being asked to price them. And that, for us, is the issue. There is plenty of uncertainty. We're not sure investors are being paid enough for it. A close call September Fed meeting, adverse seasonality, and very low levels of expected volatility leave us positioned for higher volatility across macro markets and cautious on mortgage-backed securities.In credit, we think all of this issuance is a question of price, not capacity. We continue to expect record investment-grade supply this year with wider spreads as a release valve and prefer collateral-backed assets over unsecured corporates. And with oil a risk to both stocks and bonds, our US equity strategists think that energy equities offer an attractive hedge.Ambiguity has value, but when the range of outcomes is wide and the price of uncertainty is low, we think investors should demand more compensation for it.Thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

Episode 179 of the Destination Angler Fly Fishing Podcast – September 10, 2026.  Our destination is pristine trout waters of Northern Patagonia in Argentina and joining me is fly fishing pioneer, lodge owner, and conservationist, Jorge Trucco.  Jorge is credited with putting Patagonia on the map as a world class fly fishing destination more than 40 years ago.   Today, we hear the story of the Patagonia of yesteryear—before the guides, the lodges, and the drift boats, where enormous trout ate just about anything you threw at them, along with 60-pound Chinook Salmon, how Robert Duvall saved the day, and a trip to Jackson Hole that changed everything.  In this episode: ·        How Jorge Trucco became one of the pioneers of fly fishing in Patagonia ·        What Patagonia fishing looked like before guides, lodges, and drift boats ·        Joe Brooks and the early history of fly fishing in Argentina ·        How trout and salmon were originally introduced to Patagonia ·        Exploring and floating rivers that had rarely—or never—been commercially fished ·        The legendary Chimehuin, Traful, Malleo, Aluminé, and Collón Curá rivers ·        Learning to row and the beginnings of guided float fishing in Patagonia ·        Huge Patagonian brown trout, landlocked salmon, and spring-creek fishing ·        Jorge's role in introducing and promoting catch-and-release ·        The fight to protect Patagonia's rivers from proposed hydroelectric dams ·        Founding Argentina's first fly shop and helping build the guiding industry ·        Guiding famous anglers and actors ·        Jorge's perspective on how Patagonia has changed over nearly 50 years ·        The conservation legacy he hopes the next generation will carry forward With host Steve Haigh | Destination Angler Podcast — THE podcast for anglers who travel. Connect with Jorge Trucco:   https://www.patagonia-outfitters.com/ Be the first to know about new episodes.  Become a subscriber  Destination Angler Podcast:   Website  |  YouTube  |  Instagram & Facebook  @DestinationAnglerPodcast  Check Out Our Sponsors: High N Dry Fishing Where science and performance meet.  Check out the full lineup of floatants, line dressings, and sighter waxes at www.highndryfishingproducts.com    Facebook @highndryfishingproducts  Instagram @highndryfishing Redd's Flies Premium flies, tied with purpose. Redd's is a family-run company built around premium hand-tied flies — including exclusive patterns you'll only find at Redd's Flies. Delivered to your doorstep in days, not weeks. A portion of every order goes directly to organizations protecting trout habitat and restoring rivers. Use this link and discount code DESTINATION to save on your next order.  Facebook: @ReddsFlies Instagram: @ReddsFlies TroutRoutes  The #1 Mapping Resource for Trout Anglers.  Podcast listeners can try one month of TroutRoutes PRO for FREE by clicking the link in the episode description. Explore 50,000 trout streams with TroutRoutes today.   Get 1 Month Free   Facebook @troutinsights Instagram @TroutRoutes    Frontiers Travel THE one-stop outdoor travel company that's been helping anglers experience the world's greatest fisheries for more than 55 years.   Your Experts in Fly Fishing & Wing Shooting.  info@frontierstravel.com | 1-800-245-1950 | info@frontierstrvl.co.uk | +44 (0)1285 700 940 Facebook | Instagram | Vimeo *** Comments & Suggestions:  host, Steve Haigh, email shaigh@DestinationAnglerPodcast.com Available on Apple, Spotify, or wherever you get your podcasts. Recorded Aug 13, 2026

In this episode, we discuss the most recent PCE release and Fed Chair Kevin Warsh's speech at Jackson Hole. PCE came in higher than anticipated keeping the Federal Reserve on their toes. In addition, Warsh indicated in his Jackson Hole speech that the Fed needs to be more attentive to it's inflation mandate.

Alan Dunne is joined by Matt Klein to discuss whether the excitement around AI is getting ahead of the economic reality. Matt explains why the parallels with the 1990s productivity boom may be misleading and why stronger productivity could actually push interest rates higher rather than lower. They explore the surge in AI investment, what rising bond yields really tell us about the economy, and whether US debt levels are as worrying as they appear. The conversation also turns to China's enormous trade surplus, growing global imbalances, the prospect of European tariffs, currency intervention and what Kevin Warsh's new Fed task forces could mean for monetary policy.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Alan on LinkedIn.Follow Matt on X.Episode TimeStamps: 00:00 - Introduction and Matt Klein's return to Top Traders Unplugged01:57 - Kevin Warsh, Jackson Hole and the outlook for the Fed05:15 - Why the AI boom may not look like the 1990s11:39 - How quickly could AI actually boost productivity?15:47 - Are we seeing an AI productivity boom in the data?18:56 - Does AI change how we should think about the economy?21:41 - AI spending, data centers and the risk of a capex bust26:18 - Why bond yields could have further to rise31:13 - When higher interest rates might actually be good news33:17 - US debt sustainability and the risk of a bad equilibrium37:04 - China and the return of global economic imbalances42:11 - How China's massive trade surplus is affecting the world48:50 - Tariffs, Europe and how countries might respond to China52:01 - Why the US intervened in the Japanese yen58:33 - Kevin Warsh's Fed task forces and what could change nextCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

It's very rare for us to see yields spike on the long end of the Treasury curve without some sort of headline event or shock. However, the bear steepener has been creeping higher all summer, and with outstanding U.S. debt surpassing $40 trillion, apparently that was the benchmark the bond market needed to wake up with one hell of a hangover. Other things happened too like jobs reports, Jackson Hole, and supply driven inflation, but we'll drink to all those eventually too. Find us on Twitter, Instagram, & Facebook @DRUNKENOMICALMerch: drunkenomics.myspreadshop.comPatreon: patreon.com/drunkenomicsStay Drunkenomical y'all!

Only 8% of home sellers think a combined 6% buyer agent commission is fair, and 59% didn't even know they could opt out of paying it.In this week's market trends episode, Matt Lombardi and Steve Kaempf break down a new survey on how confused sellers still are about commissions, and why 93% who actually negotiated got a lower rate. Plus: Fed Chair Kevin Warsh signals inflation isn't fully tamed at Jackson Hole, with markets now pricing in a 64-65% chance of a September rate hike; Compass settles its three-year lawsuit with Northwest MLS; an AI startup called Ridley claims it's saved home sellers an average of $43,000 per transaction; and new data shows Americans are moving less than ever, choosing to renovate and "stay put" instead.New episodes of Market Trends drop every week — subscribe so you don't miss the next one.#RealEstateCommission #HousingMarket2026 #RealEstateNews #MarketTrends #FederalReserve #RealEstateInvesting #ChicagoRealEstate #HomeSellers #RealtorLife #AIRealEstate #peoplenottitles #markettrends Full episodes available at www.peoplenottitles.comPeople, Not Titles podcast is hosted by Steve Kaempf and is dedicated to lifting up professionals in the real estate and business community. Our inspiration is to highlight success principles of our colleagues.Our Success Series covers principles of success to help your thrive!Website: http://peoplenottitles.com/ YouTube: https://www.youtube.com/@peoplenottitles/videosInstagram: https://www.instagram.com/peoplenottitles/ Linkedin: https://www.linkedin.com/in/stephen-kaempf-b66a8013/ X: https://x.com/sjkaempfSpotify : https://open.spotify.com/show/1uu5kTvBhxsbgjskQS1SXK

This week we talk about money policies, yield curves, and government bonds.We also discuss the Fed, the Treasury Department, and a WWII accord between them.Recommended Book: Paved Paradise by Henry GrabarTranscriptIn April of 1942, a few months after the United States entered World War 2, the US Treasury Department asked the Federal Reserve to help it borrow a truly staggering amount of money, and as cheaply as possible. The Fed agreed, committing itself to holding short-term Treasury bill rates at three-eighths of 1%, while also capping the yield on long-term government bonds at 2.5%.This was a type of yield curve control. Rather than allowing the market to decide how much interest the government would pay, the Fed decided that price and promised to enforce it.That helped finance the war, because the Treasury knew its borrowing costs wouldn't spiral out of control at a moment when it needed to spend unprecedented sums on ships, planes, weapons, soldiers, and all the other machinery of an ongoing global conflict.The downside was that the Fed lost control of an important monetary policy lever.Bond prices and yields move in opposite directions, so keeping yields below a certain level meant the Fed had to stand ready to buy bonds whenever their prices dropped. It couldn't decide in advance how many it would buy, or how much money it would create in the process. The market would thus forth decide that, instead.Consequently, the Fed became, in some ways, an extension of the Treasury's debt-management operation, its inflation-related responsibilities made secondary to the government's need for cheap financing.That arrangement persisted after the war ended, despite the return of inflation, and President Harry Truman's administration pushed to maintain it during the Korean War, as well.Fed officials resisted, though, with inflation running at more than 8%, and after a very public, very contentious standoff, on March 4, 1951, the Treasury and the Fed announced that they had reached what became known as the Treasury-Fed Accord.That agreement did not make the Fed independent all at once, but it established the principle underlying the modern relationship between these institutions: the Treasury manages government borrowing, while the Fed sets monetary policy based on inflation and employment, not on how much that policy costs the government.The market, in other words, would once again be allowed to decide the price of long-term US debt.What I'd like to talk about today is what happens when that price goes up, what's pushing long-term US borrowing costs toward levels we haven't seen in decades, and why two people appointed by the same president are pulling in opposite directions on this issue.—The Federal Reserve's primary interest-rate lever is the federal funds rate, which is the overnight rate banks charge each other to borrow money. The Fed currently targets a range of 3.5 to 3.75 percent for that rate, and while it has other tools, this is the number people are usually talking about when they say the Fed raised, cut, or held rates.The Fed does not directly set the yield on 10- or 30-year Treasuries, though.Those securities are sold at auction and then traded in a huge secondary market, and their yields reflect a combination of what investors expect inflation to look like, where they think short-term rates will go over the life of the bond, and what's called the term premium.The term premium is basically extra compensation for uncertainty. If you lock up your money for 30 years instead of rolling over short-term debt, you accept the risk that inflation, growth, government policy, and other variables will change in ways that make your bond less valuable over that thirty year period. The more uncertain the future seems, the more compensation you're likely to demand.And again, when demand for a bond falls, its price falls and its yield rises. When we say yields are rising, that means borrowers have to offer investors, the people and institutions giving them the money they want to borrow, more money, more interest, to convince them to buy those bonds.That doesn't only affect the government. The 10-year Treasury serves as something like a reference rate for the entire economy, influencing mortgages, business loans, and the value of long-lived assets.As of September 3 of 2026, the average US 30-year fixed mortgage rate was 6.71%, up from 6.5% a year earlier. That increase is the result of yield increases in the bond market.Long-term Treasury yields have been climbing for much of 2026, and that climb accelerated over the summer.The 30-year yield reached about 5.31 percent on August 17, its highest level since 2007. A few days earlier, the Treasury sold 30-year bonds at a yield of 5.216%, the highest borrowing cost at one of those auctions since 2001.The 10-year yield briefly hit about 4.81% this past week, its highest level since early 2025, and ended Friday at about 4.78%. The two-year yield, which tends to track expectations about contemporary Fed policy more closely, ended at about 4.37%.There isn't one clean cut reason for these yield bumps. Instead, there are a bunch of forces pushing in roughly the same direction.The first is government borrowing. The Congressional Budget Office now expects a roughly 2.1 trillion dollar federal deficit this fiscal year, which is 200 billion dollars more than it projected in February. Covering that gap means issuing more debt, and more supply generally means the Treasury has to offer a better return to attract enough buyers.The second is competition from corporations, especially technology companies borrowing to build AI infrastructure and data centers.The Dallas Fed estimates that AI-related investment-grade bond issuance—these companies borrowing money, in the form of bonds, to help build more data centers and other AI-enabling stuff—could total around $300 billion this year, creating long-duration debt equivalent to about an eighth of what the Treasury is expected to issue. Some of the companies selling this debt have extremely strong balance sheets and high credit ratings, so investors who want safe-ish, long-term bonds suddenly have a lot more options, and the US government has to compete with that for a finite pool of investor resources.Third, oil prices have surged following renewed strikes and attacks around the Strait of Hormuz, with US benchmark prices recently climbing above $90 a barrel. More expensive energy can goose inflation across the economy, which makes locking in a fixed return for 10 or 30 years less appealing, because those yields might not keep up with the practical devaluation of the dollar.Fourth, that aforementioned term premium has risen as investors ask to be paid more for uncertainty related to inflation, deficits, geopolitics, and future Treasury issuance.And fifth, the pool of buyers is changing. Foreign investors still own trillions of dollars in Treasuries, but private foreign demand for notes and bonds fell sharply in June, even as corporate bonds attracted more of that finite sum of money.A big shift we seem to be seeing here is that some investors seem to be judging Treasuries less as a bet on the next Fed meeting, and more as a long-term bet on whether the US political system can manage its finances. And that shift is showing up at an awkward moment for the two institutions involved in the 1951 Accord.Kevin Warsh, who became Fed chair in May, used his August 28 speech at Jackson Hole to say that although inflation expectations remain anchored, the Fed still has work to do if underlying inflation is not moving toward its target quickly enough.Markets read that as a warning that a rate hike could be coming, and the unexpectedly strong August jobs report reinforced that interpretation: employers added 162,000 jobs, far more than economists anticipated, while estimates for June and July were revised upward.The Treasury Department, meanwhile, is moving in the opposite direction.On August 19, Treasury Secretary Scott Bessent announced that the government would at least double the size of its long-term bond buybacks, from a maximum of 2 billion dollars to at least 4 billion dollars per operation, beginning September 9 and continuing through November 4.The stated purpose is to improve liquidity, buying older, less frequently traded 10- to 30-year securities. But buying long-term bonds also reduces the supply available to investors, boosting prices and putting downward pressure on yields, which is why Bessent has referred to the approach as a “Treasury twist.”The scale is small in the context of a $40 trillion national debt, and analysts have described it as more signal than substance. It is nonetheless a striking signal: one Trump appointee is telling markets that higher short-term rates may be necessary to control inflation, while another is using the Treasury's balance sheet to push long-term rates in the other direction.These jobs, which again, were separated in 1951, are working against each other. And this matters, first, because long-term government debt is the foundation upon which a lot of other prices are built.When a 30-year Treasury yields more than 5%, companies refinancing debt have to pay more, commercial real estate becomes harder to finance, mortgages become more expensive, and investors have less reason to pay extremely high prices for stocks based on profits those companies might earn many years from now.It also matters because interest on the federal debt has become one of the government's largest expenses. Gross interest expense reached about $1.17 trillion during the first ten months of fiscal 2026, up about 15% from the same period last year. The somewhat narrower CBO measure of net interest reached $963 billion over that span, roughly level with Medicare spending and greater than defense spending.This creates a potentially self-reinforcing loop: higher yields increase the cost of servicing the debt, higher interest costs expand the deficit, larger deficits require more borrowing, and more borrowing can put further upward pressure on yields.Economists use the term fiscal dominance to describe the point at which government financing needs start to constrain monetary policy, pushing the central bank to keep rates lower than it otherwise would, or to buy government debt, even if doing so undermines its effort to control inflation.The US is not necessarily at that point, but this is exactly the kind of pressure the 1951 Accord was meant to prevent.As with everything government money-related, there's also a global dimension to this shift.For decades, Japanese banks, insurers, pension funds, and other institutions bought foreign bonds in part because yields at home were so low. On September 1, though, Japan's 10-year government bond yield touched 3% for the first time since 1996.Japan's government has more debt relative to the size of its economy than any other wealthy country, and it assumed a 3% long-term rate when calculating debt-service costs for its current budget. Rising above that level would strain its finances, but those higher yields also give Japanese investors more reason to keep their money at home.That doesn't mean Japanese institutions will dump all their Treasuries. Currency-hedging costs and the specific needs of different investors complicate that calculation. But when a major source of relatively steady demand becomes more price-sensitive, the marginal buyer of US debt has to be paid more to invest.Finally, the Treasury market itself has become somewhat more fragile.The amount of debt in circulation has grown far faster than the balance sheets of the dealers that traditionally absorb buying and selling. Hedge funds have filled some of that gap using highly leveraged strategies, including something called the cash-futures basis trade.Fed researchers estimate that these positions reached about $830 billion by September 2025, representing 35% of hedge funds' long Treasury exposure. These trades can provide useful liquidity when markets are calm, but because they rely on enormous amounts of borrowed money to capture tiny price differences, they can also unwind pretty quickly when volatility spikes.That sort of unwind contributed to the Treasury-market seizure in March of 2020, and a different leveraged hedge-fund strategy added to turbulence in April of 2025.The assets treated as the world's safest and most liquid can still become difficult to sell when everyone needs cash at the same time, in other words.The next few weeks should partially clarify what's actually driving this unusual market.The expanded Treasury buybacks begin the day after this episode goes live, September 9. Producer-price inflation data arrives on September 10, consumer-price data on September 11, and the Fed meets on September 15 and 16. The Bank of Japan follows on September 17 and 18, when it may increase its policy rate from 1% to around 1.25%.If the Fed hikes and long-term yields fall, that could indicate investors view the move as credible inflation-fighting: short-term borrowing becomes more expensive, but the term premium shrinks because the distant future seems less inflationary.If the Fed holds after a soft inflation report and short-term yields fall while the 30-year barely moves, that would suggest the long end is being driven by deficits, debt supply, oil prices, corporate competition, and global demand more than Fed policy.And if the buybacks begin but long-term yields continue to climb, that would demonstrate the limits of debt-management policy in a market this large. The Treasury could respond by issuing more short-term and less long-term debt, reducing immediate borrowing costs, though that would also mean refinancing more frequently and taking on the risk that rates remain high.It could also draw down some of the around $950 billion in its account at the Fed to fund larger buybacks, but that cash also serves as a buffer against the debt ceiling, which the government is currently expected to reach sometime in 2027. Spending the buffer now would mean rebuilding it later, and rebuilding it would require issuing even more debt.Back in 1951, the Treasury and the Fed reached an agreement that the central bank should not be required to make government borrowing cheap, and that the price of long-term debt should be allowed to reflect what the market believed that debt was worth.Right now, the market is rendering its verdict, and that verdict is that lending the United States money for 30 years has become substantially more expensive. Now we wait to see what Washington decides to do about it.Show Noteshttps://www.federalreservehistory.org/essays/treasury-fed-accordhttps://www.brookings.edu/articles/what-is-the-treasury-fed-accord-of-1951-and-why-is-it-important/https://www.federalreserve.gov/data/three-factor-nominal-term-structure-model.htmhttps://www.freddiemac.com/pmmshttps://www.cbo.gov/publication/61983https://fiscaldata.treasury.gov/datasets/interest-expense-on-the-public-debt-outstanding/interest-expense-on-the-public-debt-outstandinghttps://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-pennyhttps://www.dallasfed.org/research/economics/2026/0210-searls-aifinancinghttps://home.treasury.gov/news/press-releases/sb0606https://home.treasury.gov/news/press-releases/sb0607https://www.federalreserve.gov/newsevents/speech/warsh20260828a.htmhttps://www.bls.gov/news.release/empsit.htmhttps://apnews.com/article/1af16359af43eb8abc66445465f633c8https://apnews.com/article/775d7cf741349c7c8e689c0beb57f074https://apnews.com/article/a27a8d3651ff810b25c610d3e1b6259dhttps://www.federalreserve.gov/econres/notes/feds-notes/decomposing-hedge-funds-u-s-treasury-exposures-20260622.htmlhttps://www.imf.org/en/publications/fandd/issues/2026/03/safeguarding-the-treasury-market-jeremy-steinhttps://www.investing.com/news/economy-news/japans-benchmark-bond-yield-rises-to-3-for-first-time-in-30-years-4883532https://www.boj.or.jp/en/mopo/mpmsche_minu/index.htmhttps://bipartisanpolicy.org/article/when-will-we-reach-the-debt-limit-again/https://home.treasury.gov/policy-issues/financing-the-government/quarterly-refunding/most-recent-quarterly-refunding-documents/https://www.federalreserve.gov/monetarypolicy/fomccalendars.htmhttps://www.bls.gov/schedule/2026/09_sched.htmhttps://www.axios.com/newsletters/axios-markets-a975877a-ddce-4ea0-a735-4b460d37af90.htmlhttps://www.ft.com/content/c96c25c1-b27c-4c08-a2ba-21821b39dd78https://www.axios.com/2026/08/19/rates-treasury-borrowing-bessent This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit letsknowthings.substack.com/subscribe

Welcome to the Storm's short-form, news-focused podcast. Don't worry, I will still write newsletters too. To browse a podcast transcript, click the “transcript” button above - click on any block of text and the audio will jump to that point in the conversation. Paid subscribers can leave a comment below - I'll respond to some in the next episode. Thank you for supporting independent ski journalism./:The Zoom transcript (click “transcript” above for the Substack transcript, which will zoom to any point in the video when you click on the associated text block; timestamps below DO NOT MATCH THE VIDEO)00:01:51.000 --> 00:02:02.000Stuart Winchester: Welcome to the Storm! It is September 8th, 2026, and if you are a Storm regular, you are probably wondering what in the heck is going on here.00:02:02.000 --> 00:02:09.000Stuart Winchester: Today, we are launching an all-new format for the Storm Skiing Podcast.00:02:09.000 --> 00:02:22.000Stuart Winchester: It is shorter, it is news-focused, it will be more frequent, and it will publish the same day that I record it in just about every instance.00:02:22.000 --> 00:02:23.000Stuart Winchester: So.00:02:24.000 --> 00:02:28.000Stuart Winchester: It's gonna have a lot of different elements. Uh, takes just…00:02:28.000 --> 00:02:31.000Stuart Winchester: on whatever's happening in the news.00:02:32.000 --> 00:02:34.000Stuart Winchester: Okay, let's scrap that and let's start again.00:02:38.000 --> 00:02:41.000Stuart Winchester: Okay, starting from the top.00:02:41.000 --> 00:02:42.000Stuart Winchester: 3.00:02:42.000 --> 00:02:44.000Stuart Winchester: Q.00:02:44.000 --> 00:02:45.000Stuart Winchester: One.00:02:45.000 --> 00:02:59.000Stuart Winchester: Welcome to the Storm! I'm your host, Stuart Winchester. It is September 8th, 2026, and I would like to welcome you all to a brand new version of the Storm Skiing Podcast.00:02:59.000 --> 00:03:02.000Stuart Winchester: So, the long-form podcast…00:03:02.000 --> 00:03:09.000Stuart Winchester: has been the default of the Storm Skiing Podcast since I launched in 2019.00:03:09.000 --> 00:03:12.000Stuart Winchester: Very proud of the Storm Skiing podcast.00:03:12.000 --> 00:03:16.000Stuart Winchester: We're at episode 227.00:03:16.000 --> 00:03:26.000Stuart Winchester: I have interviewed the leaders of nearly every large ski area in America, and the leaders of most of the large ski companies in America.00:03:26.000 --> 00:03:29.000Stuart Winchester: But something started to feel a little bit off.00:03:29.000 --> 00:03:35.000Stuart Winchester: And, you know, I started to think about the kind of podcasts that I consume.00:03:35.000 --> 00:03:44.000Stuart Winchester: And those are mostly, frankly, around Michigan football, uh, which is my other obsession besides ski-ski-ski-ski-ski-ski-ski-ski-s.00:03:44.000 --> 00:04:02.000Stuart Winchester: tend to be much more news-focused. They tend to be much shorter than the Storm Skiing Podcast. They tend to publish the same day that they record them, and they tend to break down current events. For example, I just went to a Michigan football game.00:04:02.000 --> 00:04:21.000Stuart Winchester: on Saturday in Ann Arbor. If you're even remotely a sports fan, you probably saw the controversial ending to that game when Michigan got an extra second added on, and Bryce Underwood, the quarterback, tossed a Hail Mary to win the game when JJ Buchanan, our transfer receiver, came down with the ball.00:04:21.000 --> 00:04:36.000Stuart Winchester: That's never happened in the history of Michigan football, to have a Hail Mary ending that Michigan wins. So, on the way home, it's a 10-hour drive back to New York, my wife and I listened to all the different Michigan podcasts that were breaking down that moment. And I realized that…00:04:36.000 --> 00:04:54.000Stuart Winchester: as much as I like the Storm Skiing Podcast, and as much as a lot of other people like it, I was not really making the kind of podcast that I actually listen to. And that's a problem, because in our current media environment, people have a lot of choice.00:04:54.000 --> 00:04:58.000Stuart Winchester: They have a lot of of.00:04:58.000 --> 00:05:13.000Stuart Winchester: different things they can give their attention to, and it's hard to get and keep their attention. So, I want to say right off, I am not killing the long-form storm skiing podcast. It will not end with episode 227. In fact, I have about 5 or 6 in the can that I've been sitting on.00:05:13.000 --> 00:05:30.000Stuart Winchester: for this news, and I will release those soon, and my thanks to the folks who participated in those podcasts for their everlasting patience as I got this together. So, I'm still gonna make the Storm Skiing Podcast. The frequency will go from about 45 a year at its peak.00:05:30.000 --> 00:05:47.000Stuart Winchester: It's probably about a dozen a year or so, and sometimes there will just be a time when the long form is the more appropriate form for telling the story of a mountain. If I have someone new on, for example, so for example, I've never had.00:05:47.000 --> 00:06:02.000Stuart Winchester: Uh, the GM or owner of Sierra at Tahoe in California, an important mountain on the podcast. Never had Wolf Creek on the podcast, never had Mount Baker. If I were to get one of those folks, I would want to do a long form, tell the story of the ski area. But it's not always necessary to.00:06:02.000 --> 00:06:18.000Stuart Winchester: Tell the entire story of the ski area and its history and its culture when you just want to talk about a new lift or you just want to talk about the fact that it joined a new pass. So this shorter podcast will be more frequent.00:06:18.000 --> 00:06:35.000Stuart Winchester: It will have different segments, segments with takes when I just talk about what's going on. It will still have interviews, much shorter interviews. Today we have an interview with an awesome guest, Snow Partner CEO Joe Heschen, one of the smartest guys in skiing.00:06:35.000 --> 00:06:45.000Stuart Winchester: But before, Joe and I went on for two hours. This time, we'll be able to condense it down. And then at the end of each episode, my intent.00:06:45.000 --> 00:07:02.000Stuart Winchester: and hope is to have reader interaction, and this will be a feature available only to paid supporters of the Storm Skiing Journal and Podcast, and you can upgrade to a paid subscription at stormskiing.com anytime. The podcast will be for everyone, as it's always been.00:07:02.000 --> 00:07:18.000Stuart Winchester: But only paid subscribers will be able to interact with the podcast. And the way that they will be able to do that is that they will be able to write a comment on the article that accompanies the newsletter on stormskiing.com.00:07:18.000 --> 00:07:32.000Stuart Winchester: And the next day, I will read some of those comments and react to them as appropriate. And I'll talk a little bit more about that later and why I'm doing it that way. But for now, I want to assure you.00:07:32.000 --> 00:07:48.000Stuart Winchester: This podcast is going to come to you the same way your podcasts always have. Now, there is a video version. You can watch that on YouTube, will be our primary channel, as well as Substack, which is where the newsletter is published. There will always, always, always be an audio version.00:07:48.000 --> 00:07:58.000Stuart Winchester: And it will always come to the same places that you have always gotten the podcast. If that's Apple, if that's Spotify, there's some that I don't even know.00:07:58.000 --> 00:08:11.000Stuart Winchester: how the podcast got on there, or why it's on there. There's an RSS feed that spits this out from Substack. That will not change. The storm will be… when you go looking for it, you're going to find the storm.00:08:12.000 --> 00:08:13.000Stuart Winchester: So.00:08:13.000 --> 00:08:24.000Stuart Winchester: This is something I'm super excited about because I think it will allow me to have a lot more guests a lot more often.00:08:24.000 --> 00:08:35.000Stuart Winchester: there are so many great minds in skiing right now, and I feel like there's a lot of negative sentiment around skiing and the way it's evolving. There's a lot of talk of a duopoly.00:08:35.000 --> 00:08:39.000Stuart Winchester: But from my point of view.00:08:39.000 --> 00:08:54.000Stuart Winchester: there's not a duopoly in a way that is dominating all consumer choice. And the reason I have that point of view is I'm having conversations every single day with smart people.00:08:54.000 --> 00:09:10.000Stuart Winchester: thinking far ahead and doing great things to change skiing in ways that make skiing better, that make skiing access better. People like Joe Hesham, my guest today, people like Eric Mogenson, who runs the Indy Pass, people like John Schaefer, who runs a handful of mountains.00:09:10.000 --> 00:09:28.000Stuart Winchester: in the East, people like Rick Schmitz, who runs three ski areas in the Midwest. Small ski area operators like Tim Meyer at Caber Fay in Michigan, who we'll talk about a little bit later. So, I'm talking to these people all the time, and I'm seeing the independent ski areas are really, for the most part, doing fine. I'm seeing.00:09:28.000 --> 00:09:33.000Stuart Winchester: Huge investment. I'm seeing huge innovation and.00:09:33.000 --> 00:09:43.000Stuart Winchester: Because of the frequency of the podcast, and because of the laborious nature of turning interviews into written content.00:09:43.000 --> 00:10:00.000Stuart Winchester: I don't think that I'm getting that to you in the way that I would like, in, in, in the way that you deserve. I want you to be part of this conversation. I want you to see why I'm so optimistic about skiing right now. I want you to know why I feel that skiing is in its best.00:10:00.000 --> 00:10:05.000Stuart Winchester: place, historically, that it has ever been, at least in America.00:10:05.000 --> 00:10:10.000Stuart Winchester: Now, it certainly has problems, and we will get into those as well.00:10:10.000 --> 00:10:21.000Stuart Winchester: I don't answer to anyone. I don't answer to the operators. I don't have a boss. I answer to my subscribers, and that's it. The only thing I care about is the truth.00:10:21.000 --> 00:10:28.000Stuart Winchester: Uh, and my optimism does not come from any desire to have access or anything else. My… my…00:10:28.000 --> 00:10:31.000Stuart Winchester: My content and my commitment to the truth.00:10:31.000 --> 00:10:50.000Stuart Winchester: comes from wanting to deliver a great journalistic product. Uh, and there's gonna be opinion and analysis. You're not always going to agree with what I say, and that's good! I wanna remind people that. That's good. If you agree with everything I say, I have no value. I can tell you that all of my guests.00:10:50.000 --> 00:10:54.000Stuart Winchester: disagree with things I say, but the reason they keep coming back.00:10:54.000 --> 00:11:03.000Stuart Winchester: And the reason that I hope they will keep coming back is because I'm trying to be fair, I'm trying to work within the bounds of the truth, and I'm not…00:11:03.000 --> 00:11:08.000Stuart Winchester: Jumping to these huge accusatory.00:11:08.000 --> 00:11:25.000Stuart Winchester: narratives that we see so often with the Mega Passes and with the big consolidators, Vale and Altera. So, I want to give a different perspective, I want to give it more frequently. The newsletter, one more point, the newsletter will stay the same. There will always be written content.00:11:25.000 --> 00:11:34.000Stuart Winchester: I am still a writer with a podcast, not a podcaster with a newsletter, though I kind of have to admit at this point that I am.00:11:34.000 --> 00:11:42.000Stuart Winchester: a podcaster, even though that sounds… I don't know, it sounds a little… pretentious, or juvenile, or uh… like I'm…00:11:42.000 --> 00:11:58.000Stuart Winchester: you know, doing this as a side hustle while I drive for Uber, but… but no, this is my full-time job. The Storm is and has been my full-time job for a couple of years. Now, the reason I want to switch to a news-based podcast is for days like today, because today we have.00:11:58.000 --> 00:12:00.000Stuart Winchester: Huge news.00:12:00.000 --> 00:12:04.000Stuart Winchester: One of my favorite ski areas.00:12:04.000 --> 00:12:09.000Stuart Winchester: One of the best ski areas in the eastern United States.00:12:09.000 --> 00:12:14.000Stuart Winchester: Uh, depending on your point of view, maybe one of the best ski areas in the United States.00:12:15.000 --> 00:12:20.000Stuart Winchester: is joining a Malta Mountain Pass for the first time.00:12:20.000 --> 00:12:27.000Stuart Winchester: That is Smuggler's Notch, Vermont. Smuggs is an incredible place.00:12:27.000 --> 00:12:40.000Stuart Winchester: For a lot of reasons. Number one, if you don't live in the East, and you're under the impression that the East is an ice ball, and the vertical drops are short, and the mountains are small.00:12:41.000 --> 00:12:56.000Stuart Winchester: You're wrong. You're just wrong. And there is a snow. There's plenty of big mountains in the east. First of all, there's plenty of good snow pockets in the east. One of the best snow pockets is in northern Vermont, and you have a line of resorts.00:12:56.000 --> 00:13:12.000Stuart Winchester: We call it the spine of the Green Mountains. Starts at Killington Pico, goes up to Sugarbush, which is in Alterra Mountain. Right next door is Mad River Glen, the famous Indy with the single chair. North of that is Bolton Valley, which is on Indy Pass. North of that is Stowe, which is owned by V.00:13:12.000 --> 00:13:23.000Stuart Winchester: On the backside of Stowe is Smuggler's Notch, and then north of that is Jay Peak. Smuggler's Notch joins IndyPass today, and here are the stats.00:13:23.000 --> 00:13:39.000Stuart Winchester: It is a 2610 foot vertical drop that is the fourth tallest in the east. It has one smug says 1060 skiable acres that they claim there's actually more in the woods. If you count the back bowls and some of the secret stashes.00:13:39.000 --> 00:13:54.000Stuart Winchester: Off of the Sterling lift. So that makes it the fourth largest ski area in the east. It is the second snowiest ski area in the east after Jay Peak, which is also an IndyPass partner with 322in of snowfall.00:13:54.000 --> 00:14:10.000Stuart Winchester: On average per winter. Yes, that's a lot. That's those are Vail numbers. Those are Colorado numbers. No, it's not Cottonwoods, but it's deep enough that those ski areas almost always have tree skiing from the beginning.00:14:10.000 --> 00:14:22.000Stuart Winchester: from around Christmas through the end of the season. I've skied Glades at Stowe in April many times. I've done the same at Jay Peak. So, the snow coverage really.00:14:22.000 --> 00:14:38.000Stuart Winchester: comes and it really falls. Mount Mansfield, which is where Stowe is, right next to Smuggs, is the tallest mountain in Vermont, and they have a snow stake there that consistently builds up to around 60 inches or so for the season. So, Smuggs joins Indy Pass.00:14:38.000 --> 00:14:56.000Stuart Winchester: today. It is the… and, and, and, and… No Blackouts on Indie Bass Pass, which goes on sale today to the general public, or actually maybe tomorrow it goes on sale, for… $419.00:14:56.000 --> 00:14:57.000Stuart Winchester: The ND…00:14:57.000 --> 00:15:13.000Stuart Winchester: Plus is 469. So I'll give you a few stats here. So Indy with adding smugs, that is the 43rd Alpine lift serve ski area that Indy has added for the 2026 to 2027.00:15:13.000 --> 00:15:14.000Stuart Winchester: Winter.00:15:14.000 --> 00:15:30.000Stuart Winchester: That gives them a total. Now, my totals are going to be a little different than Indy's because they're counting cross-country ski areas. And I'm leaving those off. And I also count sometimes two ski areas, as one when they're when they're separate entities. But but they share days.00:15:30.000 --> 00:15:45.000Stuart Winchester: So Indy now has 256 ski areas, lift-served alpine downhill ski areas, which get two days each. So they have more than you could possibly use. That includes 148 ski areas in the United States.00:15:45.000 --> 00:15:57.000Stuart Winchester: 32 in Canada, 39 in Europe, and 32 in Japan. You can ski 30% of all ski areas in America on Indy.00:15:57.000 --> 00:16:14.000Stuart Winchester: Now, on the flip side, Indy also had some important losses this winter. They lost, and they're all in the Midwest, and Indy's lost mountains before, and with a roster that big, you're gonna have some turnover. Uh, but the first wave of losses came back.00:16:14.000 --> 00:16:24.000Stuart Winchester: in past release season in March, when the three areas owned by Midwest Family Ski Resorts, some of the best operators in the country, uh, they own Lutzen Mountain in Minnesota.00:16:24.000 --> 00:16:39.000Stuart Winchester: one of the largest ski areas in the Midwest, uh, Granite Peak in Wisconsin, which has 3 high-speed lifts, and Snow River, which is really 2 side-by-side ski areas and a nice snow belt in Michigan's Upper Peninsula. They left for Icon Pass.00:16:39.000 --> 00:16:53.000Stuart Winchester: Now, there's a little bit of a historical precedent there, because those three ski areas had been on the Max Pass, which had been the immediate predecessor, along with the Rocky Mountain Super Pass, to the Icon Pass. Uh, the…00:16:53.000 --> 00:17:10.000Stuart Winchester: Icon Pass, when it debuted in 2018, left off Snow River, Granite Peak, and Lutzen. And I always thought, well, Snow River wasn't a part of Midwest Family at the time, but I always thought that was a mistake. So I'm not surprised to see them go, but those were big drivers of Indy Pass sales.00:17:10.000 --> 00:17:16.000Stuart Winchester: Because those are marquee mountains in the Midwest. They also recently lost…00:17:16.000 --> 00:17:34.000Stuart Winchester: Another three mountains run by another great operator in Wisconsin, Little Switzerland, Crystal Ridge, and Nordic Mountain. Now, these are small ski areas. They're feeder ski areas, but they're important ski areas because Rick is a very smart guy. He's very influential.00:17:34.000 --> 00:17:50.000Stuart Winchester: And he has a lot of influence in the ski business, including being part of the board of directors of the National Skiers Association. Everyone respects him. They also lost Cabar Fay, one of my favorite mountains in Michigan. It was my pseudo-home mountain when I lived in Michigan as a teenager.00:17:50.000 --> 00:17:57.000Stuart Winchester: I have a lot of respect for Tim and Pete Meyer, who run that over there. So, I'll talk a little bit more…00:17:57.000 --> 00:18:10.000Stuart Winchester: about that with Joe, because I think there's going to be some crossover with the snow pass. So, quickly, before we get to our guest, I want to tell you about Profile Search International.00:18:10.000 --> 00:18:15.000Stuart Winchester: A lot of you come to this podcast to hear from the best minds in skiing.00:18:15.000 --> 00:18:20.000Stuart Winchester: But what if you want to find one of these great leaders for your own mountain team?00:18:20.000 --> 00:18:35.000Stuart Winchester: Well, let me introduce you to the folks at Profile Search International. They are the ski industry talent acquisition experts, and are the only executive search and recruitment firm in the world that is 100% focused on the ski industry.00:18:35.000 --> 00:18:48.000Stuart Winchester: They have used their intimate understanding of skiing and related industries and available candidates worldwide to place hundreds of transformational leaders at the best and most progressive ski areas over the past 30 years.00:18:48.000 --> 00:19:04.000Stuart Winchester: With offices in the US and Canada, Profile Search finds and negotiates with the right leaders for your team. You can reach out to them directly at profilesearch.com or contact them by email or phone, or send me a note and I will connect you directly with their expert team.00:19:06.000 --> 00:19:08.000Stuart Winchester: Okay.00:19:08.000 --> 00:19:11.000Stuart Winchester: We are joined.00:19:11.000 --> 00:19:13.000Stuart Winchester: As soon as we get a video.00:19:13.000 --> 00:19:33.000Stuart Winchester: We are joined today by the founder and CEO of Snow Partners, which owns and operates the Mountain Creek Outdoor Ski Area and the Big Snow American Dream Indoor Ski Areas in New Jersey. Snow Partners' terrain-based learning program has been used by more than 80 ski resorts worldwide.00:19:33.000 --> 00:19:50.000Stuart Winchester: And the company has rolled out its SnowCloud all-in-one resort management software with at least 15 clients, including Jackson Hole, Wyoming. Last year, the company launched the Snow Triple Play Pass, which was good for 3 days, total across 16 ski areas in eastern North America.00:19:50.000 --> 00:20:01.000Stuart Winchester: Ahead of Winter 2026-27, Triple Play adds 7 additional mountains, for a total of 23, at a price of $179.00:20:01.000 --> 00:20:18.000Stuart Winchester: Snow Partners has also launched the Snow Pass, which is loaded with two days each at 14 ski areas for $339.99. My guest to break all this down for us today is a good friend of the Storm Skiing Podcast, Joe Heschen. Joe, welcome back to the storm. Always good to track you down.00:20:17.000 --> 00:20:18.000Joe Hession: Thanks.00:20:18.000 --> 00:20:21.000Stuart Winchester: How are you feeling on Snow Pass launch day?00:20:21.000 --> 00:20:36.000Joe Hession: You know, it's launch day for Snow Pass. It's launch day for Mountain Creek Seasons Passes. So winter's in the air. Things are happening. It's really exciting. This is probably my favorite time of year. So thanks for having me on such a special day. Winter's coming.00:20:34.000 --> 00:20:36.000Stuart Winchester: I'll do it.00:20:36.000 --> 00:20:53.000Stuart Winchester: Yeah, and it's the first day of the new platform for the Storm. So I wanted to get you on first. I'll admit, I want to do a little bit of a flex because I know you're a hard guy to track down and you're doing a lot of cool, interesting things. I want to start with the Snowpass, Joe, because you came on the podcast last year to talk about Snow Triple Play.00:20:53.000 --> 00:20:56.000Stuart Winchester: And your launch, and you were pretty…00:20:54.000 --> 00:20:55.000Joe Hession: Mm-hmm.00:20:56.000 --> 00:21:09.000Stuart Winchester: adamant, you know, this is not a pass. I don't want to do a pass. And, you know, we talked about it a lot, and I probably harassed you about it a little bit, and now we have a pass!00:21:00.000 --> 00:21:01.000Joe Hession: Yep.00:21:03.000 --> 00:21:05.000Joe Hession: Mm-hmm.00:21:09.000 --> 00:21:17.000Stuart Winchester: So, so tell us about that journey. How did, how did we get from TriplePlay to SnowPass, and, and why do you have the two different products?00:21:09.000 --> 00:21:10.000Joe Hession: Yep.00:21:17.000 --> 00:21:32.000Joe Hession: Yeah. And, and, you know, you might be very responsible for it because you, you pushed it early on of, you know, why, why would this not be a pass? And, you know, originally we were really following the data and the data we were really focused on was 73% of people ski between one and five days.00:21:32.000 --> 00:21:50.000Joe Hession: the price point for that, and we were looking at the data for Mountain Creek with our triple play, and saying, you know, there's really not a lot of triple plays for multi-resort. That's kind of a cool, unique concept. So we were really stuck on the data. Obviously, we heard feedback from folks like yourself, and also your other… all your listeners and subscribers, and…00:21:42.000 --> 00:21:43.000Stuart Winchester: Mm-hmm.00:21:50.000 --> 00:22:05.000Joe Hession: And… but then, it was really our past partners. The people that bought the Triple Play were like, if we had this option, we'd be really happy. They hit us that in our post-survey, they said, we really would like this. Um, and then the resorts. We had great partners on the Triple Play program, and…00:22:05.000 --> 00:22:13.000Joe Hession: they came in and said, we would like this as well. So, you know, the model's been done, and we made the leap to do it. So we're really excited about it.00:22:13.000 --> 00:22:28.000Stuart Winchester: You have a great network to launch, and I think especially if you live in New York Metro, and I want to talk about — I do want to talk about Triple Play, but let's focus on Snowpass for a minute. The three key mountains here are Bel Air, Gore, and Whiteface.00:22:28.000 --> 00:22:43.000Stuart Winchester: These mountains, for those of us who are in the area, we know they're state subsidized. They've gotten a half billion dollars in investment. That's a whole different subject. We're going to leave that alone because the result of that for your pass holders is these are awesome ski areas. Bel Air is essentially a brand new ski area.00:22:43.000 --> 00:22:58.000Stuart Winchester: And if you're in New York Metro, you get two days at Mountain Creek, and you get two days at Big Snow, then there's some little ones. You get up in Connecticut, you have Mount Southington. So you have a really nice network of.00:22:58.000 --> 00:23:10.000Stuart Winchester: 14 ski areas, 12 of them are in the east. Talk about that network, Joe, and how deliberate it was that they kind of worked together to create a compelling pass product.00:23:10.000 --> 00:23:27.000Joe Hession: Yeah, that's a great question because that is, you know, we probably look at the world a little differently than people looking at different passes and different programs. And I think you nailed it. Like, you know, with the news last week, you know, sometimes people from Colorado chirp and they, this pass doesn't make sense for me. I'm like, yeah.00:23:27.000 --> 00:23:44.000Joe Hession: Yeah, congratulations. You can read and understand basic logic. So we love our friends in Colorado, we love our friends out west, but this is a pass that's very regional. It makes so much sense if you live in this area and you're planning to have those trips and, and, and you might remember this, but years ago.00:23:31.000 --> 00:23:32.000Stuart Winchester: Right.00:23:44.000 --> 00:24:00.000Joe Hession: at the NSA show, which is the National Ski Association. I was on stage with a bunch of different groups, talking about Epic Pass and ICOM Pass, and this is before we had a Pass product. And I was saying, and I was a little critical too.00:24:00.000 --> 00:24:18.000Joe Hession: you know, listen, I think the high-level past products that exist, which just throw out big numbers, like, you know, 40 of these resorts, these resorts, or 300 resorts, like, it's cool, but the reality is, is I'm really focused on how does someone actually use it? So if we go back to the skier.00:24:18.000 --> 00:24:35.000Joe Hession: and the snowboarder, and how do they actually use this pass? And, you know, back in the day, and I love, you know, the industry is much smaller than people, especially your listeners might realize, like, I have a ton of respect for almost everybody. If anyone's in this business, I respect them, because it's a really hard business.00:24:35.000 --> 00:24:36.000Stuart Winchester: Mmhm.00:24:35.000 --> 00:24:51.000Joe Hession: And so for us, I've always looked at it and said these big pass products that are kind of like overwhelming with the options, like how do people actually use them and where does it drive traffic and traffic to the right places at the right time and stuff like that. So we're very deliberate.00:24:51.000 --> 00:25:02.000Joe Hession: very deliberate in, if you live in New Jersey, New York, Connecticut, Long Island, um, upstate New York, parts of Pennsylvania, this is a very compelling pass that not only takes you from the city.00:25:02.000 --> 00:25:18.000Joe Hession: Because for us, what's really critical is that kind of warm handshake from, we're teaching a hundred thousand new people a year to ski at Big Snow. Where do they then go to? And obviously we want them to come to Mountain Creek, but I also want them to go to Whiteface and Bel Air and Gore and Platic Hill.00:25:16.000 --> 00:25:17.000Stuart Winchester: Mmhm.00:25:18.000 --> 00:25:34.000Joe Hession: Um, because things like that, that's kind of how this industry can work together to take people who are new to the sport, or people who are, maybe have never gone. Maybe they always go to Vermont, and we love Vermont, but maybe this is their chance to go up to Whiteface and realize, oh, wow.00:25:34.000 --> 00:25:41.000Joe Hession: That's, you know, you can see JP from there, right? So it's kind of it's people don't realize how far north Whiteface is.00:25:36.000 --> 00:25:37.000Stuart Winchester: Mm-hmm.00:25:41.000 --> 00:25:49.000Stuart Winchester: Yeah, so you have a really nice network, and I think it's gonna sell really well. I mean, just even if… even if you just launched.00:25:49.000 --> 00:26:05.000Stuart Winchester: a Bel Air Gore Whiteface pass at that price point, I think it would probably sell really well. Uh, but the reality is you're going up against a very competitive market. So, uh, you look at Epic Pass, not maybe so competitive, you're doing something different, they don't have as many mountains in the market. Indy Pass.00:26:05.000 --> 00:26:20.000Stuart Winchester: I'm not even sure if you know this yet, because the embargo literally lifted when we started this at 10 a.m. eastern. A smuggler's notch today announced they are joining the Indy Pass. So the Indy Pass gives you a really nice network of resorts in your neighborhood.00:26:12.000 --> 00:26:14.000Joe Hession: Yep.00:26:20.000 --> 00:26:34.000Stuart Winchester: In New England, it has Waterville Valley, Cannon, Jay Peak, Saddleback, and now Smug, some of the best ski areas in the region. It has ski areas all over New York. That goes on sale to the public.00:26:34.000 --> 00:26:50.000Stuart Winchester: Today or tomorrow, the Indy Pass, they do a fall sale for $419. They have 256 alpine ski areas as of today, including 61 in the western US. They have a big head start, right? They started in 2019, so.00:26:50.000 --> 00:27:04.000Stuart Winchester: you're offering a different product, but it works in the same way, right? SnowPass. Uh, little lower price point, $340 as opposed to $419. What's your pitch for someone considering SnowPass or IndyPass?00:27:05.000 --> 00:27:20.000Joe Hession: Yeah, so, well, well, first let me hit that because it's, it's, what's interesting is, and, and it's important to kind of explain our background and where we come from. I probably see the world differently than almost everyone involved in this past world. I, I kind of look at it as.00:27:17.000 --> 00:27:18.000Stuart Winchester: Mmhm.00:27:20.000 --> 00:27:35.000Joe Hession: you know, the pitch is, if you live in this area and you want to visit the resorts on our pass, it's a no-brainer. Not only that, I don't think we're going to live in a world where there's Epic, Icon, Indy, Snow Pass, Mountain Collective.00:27:35.000 --> 00:27:53.000Joe Hession: I think we should be trying to live in a world where we democratize skiing back to the skiers and snowboarders, and allow them to make choices in their price points where they want to go, vastly different than it is today. I think these programs, um, really exist because lack of good technology.00:27:53.000 --> 00:28:08.000Joe Hession: Like, like, basically, we would have reciprocal programs back years ago with, uh, like, Mound Creek and Killington. And to get that to actually make sense to the guests, where they show up, and it's seamless, and the money's able to be traded the right way, wasn't possible years ago.00:28:00.000 --> 00:28:02.000Stuart Winchester: Mmhm.00:28:08.000 --> 00:28:24.000Joe Hession: So, for us, you know, and I'll get to the question of what the pitch directly to Indy, but I see the world so dramatically different than IndyPass. I see a world where independent ski resorts should be working with each other.00:28:15.000 --> 00:28:16.000Stuart Winchester: Mm-hmm.00:28:24.000 --> 00:28:43.000Joe Hession: for the betterment of their guests to share people to different locations that people find interesting. A real-life example is Martok in Nova Scotia and Cape Smoky have a reciprocal program that they're actually allowed to have… they have one pass that's able to work at both places and can split the revenue and funding between it.00:28:43.000 --> 00:29:00.000Joe Hession: between them. They have common ownership. But they're both on SnowCloud. So really, you know, our software platform, SnowCloud, which really operates all the things that is involved with Snowpass and Snow TriplePlay, our real pitch long-term, our real pitch of what we're trying to do with Snowpass.00:28:45.000 --> 00:28:46.000Stuart Winchester: Mm-hmm.00:29:00.000 --> 00:29:17.000Joe Hession: is open up the door to give resort leaders and operators tools where they take out the middleman. And what I mean by the middleman is Wachusett and a resort up in Vermont doesn't need a third party to organize their pass benefits.00:29:17.000 --> 00:29:33.000Joe Hession: They should be doing it directly themselves, using better technology. So, I am calling for a shift, a big shift, in the way that people think of this, of, let's get away from these big, pillar, clunky things that are these big, like.00:29:33.000 --> 00:29:46.000Joe Hession: big, like, kind of ego plays of passes, and let's take skiing back to the skiers and snowboarders, and let them have direct relationships with the resorts they love, and give these operators great tools to allow that to happen.00:29:37.000 --> 00:29:38.000Stuart Winchester: Mm-hmm.00:29:46.000 --> 00:29:50.000Joe Hession: Um, so that that's our long term pitch. Yeah.00:29:46.000 --> 00:29:56.000Stuart Winchester: So let me jump in there. I just want to ask now, I want to follow up on that. So are you saying this snow pass, your goal is to…00:29:56.000 --> 00:30:01.000Stuart Winchester: make it extinct at some point? It's a building block to the next level, is that what you're saying?00:29:58.000 --> 00:29:59.000Joe Hession: Yeah.00:29:59.000 --> 00:30:01.000Joe Hession: You…00:30:01.000 --> 00:30:17.000Joe Hession: Yeah, what's interesting is Snowpass, we have no upside in Snowpass. So we've been very open and clear about this. And I just want to make sure the goal of Snowpass is secure. We share all of our books openly with all of our resort partners. They can see every transaction, every dollar flow.00:30:17.000 --> 00:30:18.000Stuart Winchester: Mmhm.00:30:17.000 --> 00:30:33.000Joe Hession: There's overhead in some of the expenses. They get a clear, like, this is the piece that we do that. We originally said it was estimated at 5%. If it ends up becoming 3%, we'll distribute the rest of that to the resorts. We have no profit margin built into our plan for Snowpass.00:30:33.000 --> 00:30:43.000Joe Hession: Snowpass to us is the first step in trying to prove the theory of could we remove the middleman from the equation?00:30:43.000 --> 00:30:58.000Joe Hession: And we applaud the idea that if you're on Snowpass, and let's say that Whiteface wants to now work with Platykill directly, we would celebrate that and see that as a huge win.00:30:58.000 --> 00:30:59.000Stuart Winchester: Mm-hmm.00:30:58.000 --> 00:31:14.000Joe Hession: Because we want resorts to collaborate. If people are real fans of skiing and snowboarding, and they've been buying passes for years, and part of it, they know that the beauty of the ski industry is when the ski industry, skiers, snowboarders, the people that operate these resorts, work together.00:31:14.000 --> 00:31:26.000Joe Hession: they create beautiful things. So we need to give them tools to work together, and also the ability to work together, because some companies restrict people from being able to work with each other, which goes against the spirit of the whole ski industry in the first place.00:31:26.000 --> 00:31:32.000Stuart Winchester: So if you were… So let's think of… Let's do a thought experiment here. So let's take some…00:31:31.000 --> 00:31:32.000Joe Hession: Okay.00:31:32.000 --> 00:31:53.000Stuart Winchester: some resorts that share your operating software, right? So you have Mountain Creek, so you can do whatever you want with it, and you have big snow. I know that, for example, Greek Peak up in upstate New York uses, it's up near Cornell, sort of central New York for folks who aren't familiar. It would be a great feeder from Mountain Creek because it has.00:31:39.000 --> 00:31:40.000Joe Hession: Yep.00:31:44.000 --> 00:31:45.000Joe Hession: Mm-hmm.00:31:53.000 --> 00:32:09.000Stuart Winchester: a resort feel, and it's a big mountain, and it has a nice hotel across the street with a water park and everything. So you have, uh, Greek Beak, and then you signed Jackson Hole, right? So would an example be that if you were a…00:32:04.000 --> 00:32:05.000Joe Hession: Yeah.00:32:09.000 --> 00:32:13.000Stuart Winchester: Mountain Creek Passholder, you could somehow…00:32:13.000 --> 00:32:25.000Stuart Winchester: Mountain Creek could sign a deal with Greek Peak for shorter-term visits and Jackson Hole for longer-term. Is that the goal, and how would that be different from a pass we have now?00:32:23.000 --> 00:32:40.000Joe Hession: Yeah, so, yeah, well, because it could be priced exactly to the price, it would make sense to the consumer. Because right now, and remember, when people buy an IndiePass or a pass like that, there's an idea that all these resorts, like, I'm a big fan of IndiePass.00:32:40.000 --> 00:32:57.000Joe Hession: Pareto charts, the 80/20 rule. I will guess, not knowing anything about their business, that 80% of the revenue is made up of 20% of the resorts and the visits. I will almost guarantee it because that's how statistics works. So when you have huge numbers, it starts to cloud the efficiency of it, right?00:32:51.000 --> 00:32:53.000Stuart Winchester: Yeah.00:32:57.000 --> 00:33:17.000Joe Hession: So to me, I look at and say, yeah, so a program where it's like if Mountain Creek went to Greek Peak and said, we want to have a reciprocal program where if someone uses this, it seamlessly just works at the lift. So imagine someone took their Mountain Creek pass, went and rode the lift at Greek Peak and boom, the transaction happened. The guests never even knew it happened.00:33:11.000 --> 00:33:12.000Stuart Winchester: Mm-hmm.00:33:16.000 --> 00:33:18.000Stuart Winchester: Mmhm.00:33:17.000 --> 00:33:32.000Joe Hession: the business relationship worked, and then we shared data to basically say, oh, this is a Mountain Creek and Greek Peak guest. Now you guys can market directly to them and hopefully get them to come for a longer stay next time. That's where I… that's where I would love to have it, and Greek Peak's a great example.00:33:32.000 --> 00:33:40.000Joe Hession: We're great partners with them. We love that resort. They've been great early adopters of SnowCloud. We're not allowed to have a reciprocal program with them at Mountain Creek or Big.00:33:40.000 --> 00:33:58.000Joe Hession: They're, they're contractly obligated not to work with anyone other than who they work with, which is, which to me is just wild. And I think most people don't realize that that's how it works. And, you know, the last thing we need is, is the middleman kind of inserting themselves into controlling how people operate. It's just.00:33:58.000 --> 00:34:10.000Joe Hession: So… so I would love… I see a future like that. Currently, unfortunately, with a place like Repeat, we're not allowed to work with them. We're… we're… and… and I mean not on Snowpass. We can't have a reciprocal…00:34:10.000 --> 00:34:16.000Joe Hession: We can't give someone a discount if they're a Mountain Creek holder to go to Greek Peak. It's.00:34:16.000 --> 00:34:18.000Stuart Winchester: Yeah, and great.00:34:16.000 --> 00:34:18.000Joe Hession: Less rules. We need less rules.00:34:18.000 --> 00:34:29.000Stuart Winchester: Yeah, Greek Peak has worked with IndiePass since 2019. They've been an original partner over there. I want to get to that in a second. You know, I…00:34:19.000 --> 00:34:20.000Joe Hession: Okay.00:34:29.000 --> 00:34:44.000Stuart Winchester: I don't know if I see a post-pass world, because I like a menu, I like the big passes. However, what I think you're describing could solve is the free visit problem.00:34:44.000 --> 00:35:02.000Stuart Winchester: because I know Indian Ski Cooper, for example, had a dust-up a few years ago because Ski Cooper was essentially… India accused him of essentially creating a national pass, and that was probably my fault because I wrote an article that said, hey, look at this secret national pass for 300 bucks in Colorado. Nonetheless, it's a lot of…00:34:55.000 --> 00:34:56.000Joe Hession: Mm-hmm.00:35:02.000 --> 00:35:19.000Stuart Winchester: Free visits and you have mountains like Bogus Basin in, in Idaho that are still giving away a lot of free visits. Now, Bogus is a great business and, and it's doing well and they have a surplus and, and they've evolved great in the past decade or so. Uh, but, but it seems like that could really solve that.00:35:11.000 --> 00:35:13.000Joe Hession: Yep.00:35:20.000 --> 00:35:26.000Stuart Winchester: free visits problem, where there is some revenue sharing. Is that part of what you're trying to solve here?00:35:26.000 --> 00:35:41.000Joe Hession: 100%. And you see the big players do it, right? Like a big thing about us too is I'm not against anything. I think Indie is fantastic. And it's very important to point this out. I think that is, but I also think Epic and Icon are great.00:35:34.000 --> 00:35:35.000Stuart Winchester: Okay.00:35:41.000 --> 00:35:42.000Stuart Winchester: Mmhm.00:35:41.000 --> 00:35:57.000Joe Hession: Like, I'll put it this way, operating a small resort here in New Jersey, Mountain Creek, or Big Snow, there are things that Vail does so much better than us that we wish we had the resources they have. Now, with that said, we do things way better than Vail does, and they wish they had the resources.00:35:50.000 --> 00:35:51.000Stuart Winchester: Mmhm.00:35:57.000 --> 00:36:14.000Joe Hession: Or the ability to do what we can do, right? And, you know, there's an old commercial years ago that there was, like, a big boardroom, and the boardroom, they're like, I wonder what the little guys are doing. And then all of a sudden, it showed the people in, like, the startup, and they're like, I wonder what the big guys are doing. So, we're all in the same business, and we're.00:35:59.000 --> 00:36:00.000Stuart Winchester: Mmhm.00:36:05.000 --> 00:36:06.000Stuart Winchester: Yeah.00:36:14.000 --> 00:36:32.000Joe Hession: some of the things they've done to try to cure their own things. They own most of their resorts on their program, so they're gonna do things the way that benefits them, because they own all those resorts together. And they've tried to solve these problems in similar ways, and I think learning from them on that stuff, same thing with Icon is doing similar stuff to that.00:36:32.000 --> 00:36:35.000Joe Hession: Um, but yeah, I think…00:36:35.000 --> 00:36:44.000Joe Hession: that's exactly what we're trying to solve. We're trying to solve… we want resorts to have relationships that make sense to the consumer. Like, for example.00:36:44.000 --> 00:37:00.000Joe Hession: Who is going to go, and I'll, I'll, I'll, I'll, I'll, I'll, I'll focus on someone else for a minute. Who's gonna, who's gonna go to 40 resorts in a year on a certain pass? Nobody. Nobody. Skiers are smarter than that. No one's doing that. What they're doing, if you buy an Epic or Icon.00:36:56.000 --> 00:36:57.000Stuart Winchester: Right.00:37:00.000 --> 00:37:08.000Joe Hession: in the real world, the conversation goes, um, oh, I live in New York? Great. What pass are my friends buying?00:37:08.000 --> 00:37:24.000Joe Hession: Because where are they going to go this year? Where do we want to take our family trip? Oh, and it just happened. My wife and I, our family, we have a place in Snowmass. So every year, we have some friends who are like, I want to come out to Snowmass. Well, they buy an IconPass. Their decision is made based on, oh.00:37:10.000 --> 00:37:11.000Stuart Winchester: Mm-hmm.00:37:17.000 --> 00:37:18.000Stuart Winchester: Mm-hmm.00:37:24.000 --> 00:37:43.000Joe Hession: your condo's available, I can go, I'm gonna lock in an Icon Pass. That's how consumers actually work. So, to me, it's like, I agree with you, I love the big passes, I don't think they should go away. I think there's a great place for India, I think there's a great place for Icon, I think there's a great place for Epic Pass. There might be a great place for Snowpass.00:37:43.000 --> 00:37:59.000Joe Hession: But I also get really excited about other options. And I feel like we're at this disruptive time where we're seeing the results of these passes and kind of the rubs that are rubbing people the wrong way. And I think it might be time with technology that we can kind of.00:37:56.000 --> 00:37:57.000Stuart Winchester: Mmhm.00:37:59.000 --> 00:38:06.000Joe Hession: take it to the next level. Like, you know, we're talking about the evolution of, you know, major.00:38:06.000 --> 00:38:21.000Joe Hession: uh, success has been done, and there's been some learnings, right? Like… like, the pictures of the long lines and stuff, uh, that we see every holiday or powder day, like, is a result of the PASS program. It's a result of this, it's an output of that, and I think there's ways we can maybe.00:38:21.000 --> 00:38:37.000Joe Hession: Make it better where the skier gets a better choice, a better experience, and then the resorts get to share in different ways. So really, at the end of the day, I think it's a technology driven way to better collaborate for the betterment of the ski experience to democratize.00:38:34.000 --> 00:38:35.000Stuart Winchester: Mmhm.00:38:37.000 --> 00:38:42.000Joe Hession: It's kind of the price and take out the middleman is really, is really my pitch.00:38:41.000 --> 00:38:44.000Stuart Winchester: So, Joy, I appreciate…00:38:42.000 --> 00:38:45.000Joe Hession: I'd like to remove myself from the equation eventually.00:38:44.000 --> 00:39:01.000Stuart Winchester: You know, the problem with you removing yourself from the equation, Joe, is that everyone I talk to really likes working with Snow Partners, your team. They like the train-based learning, they like your operating software.00:38:54.000 --> 00:38:55.000Joe Hession: Yeah.00:39:01.000 --> 00:39:16.000Stuart Winchester: And I appreciate that spirit of Bonhomie, and you're right, the ski industry is small, and it was smaller than I would have imagined, and it was more welcoming than I would have imagined. I'm not sure if you read the lawsuit.00:39:16.000 --> 00:39:25.000Stuart Winchester: The most recent one filed against Veil Altera, Boyne Powder, the National Skier Association and and RRC. And it's built.00:39:20.000 --> 00:39:21.000Joe Hession: Yep.00:39:25.000 --> 00:39:34.000Stuart Winchester: the case for the lawsuit is built on accusations of collusion. Using a lot of.00:39:31.000 --> 00:39:33.000Joe Hession: Yep.00:39:35.000 --> 00:39:50.000Stuart Winchester: kind of fluffy evidence of people getting together at NSAA shows and basically sharing data and sharing best practices. I think all industries do this. Now, I'm going somewhere with this.00:39:50.000 --> 00:40:07.000Stuart Winchester: I appreciate that, and I think IndyPass, a lot of people love working with them. However, maybe a little more conflict would be good for the ski industry, because one thing I've seen as I've been reading old newspaper clippings is ski operators used to talk a lot more junk to each other, like, oh, Summit County, Colorado does.00:40:07.000 --> 00:40:17.000Stuart Winchester: more skier visits to the whole state of Utah. Obviously, those days are over, but there used to be a little more smack talk. So let me get into a little controversy here, and you can address this as you want.00:40:11.000 --> 00:40:13.000Joe Hession: Yep.00:40:15.000 --> 00:40:17.000Joe Hession: Yeah.00:40:17.000 --> 00:40:34.000Stuart Winchester: As you said, Indy Pass does not share. You have been willing to share and and the snow triple or snow pass shares two mountains, Bromance in Quebec and Whiteface with Mountain Collective and three.00:40:34.000 --> 00:40:45.000Stuart Winchester: Uh, Butternut, Jiminy Peak, and Cranmore with the Icon today. You and Indy are both claiming Snow King, you're both telling me it's locked in, uh, and…00:40:45.000 --> 00:40:55.000Stuart Winchester: Indy's telling me it's only gonna be on Indy, so… there's a little conflict for ya. Uh, how are you approaching that, and what do you think about the scenario?00:40:50.000 --> 00:40:52.000Joe Hession: Yeah, yeah.00:40:56.000 --> 00:41:00.000Joe Hession: Yeah, so we're talking about Snow King specifically?00:40:59.000 --> 00:41:02.000Stuart Winchester: Yes, Snow King specifically.00:41:00.000 --> 00:41:10.000Joe Hession: Yeah, so specifically Snow King, we have a signed agreement with Snow King. We're very excited to work with Snow King.00:41:07.000 --> 00:41:08.000Stuart Winchester: Mmhm.00:41:10.000 --> 00:41:23.000Joe Hession: Uh, Snow King would love to have visits, uh, come from us, and they are on our website, and we launched with Snow King. Um, that's where we're at. Um, you know, as far as what's going on with them in Indy.00:41:23.000 --> 00:41:39.000Joe Hession: Um, I'll kind of let them speak to that to themselves, but from what I understand, which I'll take some liberties and say what I think is going on, is there is a clause in an IndyPass that if someone leaves the IndyPass program.00:41:40.000 --> 00:41:55.000Joe Hession: They have to not work with anyone for another year. And it's kind of buried in the fine details. So I think what happened is I think they were off that pass, planned to be off that pass, maybe wasn't familiar with that clause, and then signed an agreement with us.00:41:55.000 --> 00:42:10.000Joe Hession: So for me, so the big question is, hey, so here's the choices as we sit today. We have a signed agreement. We've told Snow King, if this is going to hurt you, we never want to hurt you. So we are 100% willing to do whatever that takes.00:42:10.000 --> 00:42:12.000Joe Hession: to do it.00:42:12.000 --> 00:42:17.000Joe Hession: But, you know, we're not gonna just, like, bow down, because at the end of the day.00:42:17.000 --> 00:42:31.000Joe Hession: It's also on Indy, and maybe they… maybe they signed an agreement that wasn't… that was not the right thing to do. We have a signed agreement. They're on our paths, right? Um, at the end of the day, there's one person who can make a big choice here.00:42:25.000 --> 00:42:27.000Stuart Winchester: Mm-hmm.00:42:31.000 --> 00:42:32.000Stuart Winchester: Mmhm.00:42:31.000 --> 00:42:37.000Joe Hession: Is Indy gonna sue Snow King because of this clause in the piece?00:42:37.000 --> 00:42:54.000Joe Hession: I read in the Boston Globe that Eric Mogensen is going to, like, change and save skiing. Is he going to sue a small ski resort? Like, and I know that's blunt, but I would put the ball right back in his court. I would love to, you know, if he sues Snow King.00:42:44.000 --> 00:42:45.000Stuart Winchester: Mmhm.00:42:54.000 --> 00:43:12.000Joe Hession: That would be an insane thing. And I think he should go out to everyone and say, you know what, we're not going to litigate. You know, I know he hasn't been operating a ski resort long, and I have a ton of respect because of the fact that the fact that he's a GM of a ski resort, the fact that he's operating a ski resort, there's not a single person. And I respect him.00:43:12.000 --> 00:43:27.000Joe Hession: I really do. I really do. There's just one piece that we don't see eye to eye on. And it's… he's told me he's the anti-collaborator, and I am the ultimate collaborator. So when you get us in the ring together, it's one is super collaboration and one isn't. And so to me.00:43:27.000 --> 00:43:39.000Joe Hession: I think, you know, the more he operates a ski resort, he's gonna realize that litigation is one of the hardest things we have to deal with in the ski business. We have realities of things that happen at ski resorts that involve litigation.00:43:39.000 --> 00:43:49.000Joe Hession: suing each other is just a waste of time. Like, what are we doing? Like, we should be, like, we need… we should be talking about skiing and snowboarding, and we should be thinking.00:43:42.000 --> 00:43:43.000Stuart Winchester: Mmhm.00:43:49.000 --> 00:44:09.000Joe Hession: how many visits can Indy give Snow King? I would love for them to get a ton of visits. How many visits can Snow Pass give Snow King? Let's get Snow King visits. Let's give people options. And just because of, like, some, uh, you know, red tape in a contract, we're then gonna threaten and clause, like.00:43:52.000 --> 00:43:53.000Stuart Winchester: Mmhm.00:44:09.000 --> 00:44:28.000Joe Hession: So that's… so here's… so I gave you probably more than I should have, but… and I'm sure Hugh is no longer looking at me, so he… but he didn't give me the hook, so I'm still talking, right, Hugh? We're good? So, I'm sure… you know, but you'll definitely… you wanted to have, you know, for this inaugural session, you wanted to have some stories. This is a story.00:44:28.000 --> 00:44:39.000Joe Hession: The story is, the reality is, the truth is, that they were under contract, Indy, from what I understand, which they've told me, they wrote they are no longer to work, they gave them the right.00:44:39.000 --> 00:44:53.000Joe Hession: I'm out. This is the time you're supposed to be out. They were unaware of this one clause, which we were also unaware of. We signed, we moved forward, we announced. After announcement, it was, no, you can't do that. So, really, right now, I think Snow King would gladly take visits from both.00:44:53.000 --> 00:44:54.000Stuart Winchester: Mm-hmm.00:44:53.000 --> 00:44:56.000Joe Hession: We would gladly take visits from both.00:44:56.000 --> 00:45:02.000Joe Hession: Ball's in Mogensen's court, we'll see what he does. I guess the best way to approach this is publicly. So, here.00:44:58.000 --> 00:45:00.000Stuart Winchester: And he…00:45:00.000 --> 00:45:16.000Stuart Winchester: I agree, and Eric is scheduled to be on this podcast on Thursday, so he will have his chance to respond. And you know what, Joe, you're welcome back anytime to respond. But before you go out the door, I do want… I did promise to keep these short, and I know for you and I.00:45:06.000 --> 00:45:07.000Joe Hession: Perfect!00:45:10.000 --> 00:45:12.000Joe Hession: Yep.00:45:15.000 --> 00:45:16.000Joe Hession: Yep.00:45:16.000 --> 00:45:31.000Stuart Winchester: Both, that's a challenge. I do want to call out some of these awesome new triple play partners, uh, Jiminy Peak and Cramore, especially. I have a ton of respect for the Fairbanks and, and, uh, what, and what they do. Uh, Bromont is, is an excellent.00:45:27.000 --> 00:45:28.000Joe Hession: Yeah.00:45:31.000 --> 00:45:51.000Stuart Winchester: edition, and Hallamont. Actually, Hallamont is on Snow Pass as well, which is a terrific skier. I never realized until I went there this year. It's just because it's private on the weekends and in public during the week. What do you have to do to convince some of these folks, especially Jiminy Cranmore Bromont, to jump over to Snow Pass? Do you think there's a path there?00:45:52.000 --> 00:46:10.000Joe Hession: Yeah, you know, I do. I think it's kind of proving it out over time, but also making, you know, going back to what I said earlier, maybe the right product for them is a relationship with different resorts, right? Maybe it's a whole new version of what happens, but I think we're very lucky to have them on the program.00:46:10.000 --> 00:46:25.000Joe Hession: Both operators are fantastic. Brian and Tyler Fairbank, we go back really far. Like, they were early adopters of us with snow operating and train-based learning. Brian Fairbank, if people don't know, is one of the godfathers of snowmaking in the industry.00:46:15.000 --> 00:46:16.000Stuart Winchester: Mmhm.00:46:25.000 --> 00:46:40.000Joe Hession: He's still at it. He's in his 80s. He's out there making snow. I mean, he's an absolute legend. So anytime we get to work with him and his resort partners, we're really happy. Tyler, we've obviously known for well over a decade and a half as well.00:46:40.000 --> 00:47:00.000Joe Hession: great resorts, we've loved visiting them, and I think they're great operators, so I think people are going to love discovering them. And that's, you know, one thing I'll give a lot of credit to Indy for, which has opened our eyes, is the fact that there's so many passes on the program, there's the fact that there's all these different options. People learn new places they've never learned before, right? And I think Epic and I kind of have done the same.00:46:54.000 --> 00:46:55.000Stuart Winchester: Mmhm.00:47:00.000 --> 00:47:15.000Joe Hession: You know, I never thought of going to Crested Butte, but because it's on the Epic Pass, I'm going to go to Crested Butte, or I never thought of going to this resort, but because of it. And I think that's been a huge success. And it's great to hear you say, like, Hollymont, like, oh, I didn't know that much about the.00:47:04.000 --> 00:47:05.000Stuart Winchester: Yep.00:47:15.000 --> 00:47:29.000Joe Hession: I think that's the spirit. The spirit is, how do you take skiers from different regions and inspire them to want to go to somewhere else and make that transaction seamless and easy for the operators to navigate, is really our goal.00:47:28.000 --> 00:47:49.000Stuart Winchester: It's such a rich world, and I love how you're helping folks explore it. Leave us with this, Joe. Where can we buy Snowpass? And I believe you said you're selling a limited number. You probably won't tell me that number, but how soon should folks go to where you're going to tell us to go before they're going to lose this special price of, I believe, 340 for Snowpass and 179?00:47:49.000 --> 00:47:52.000Stuart Winchester: For the triple play.00:47:52.000 --> 00:48:05.000Joe Hession: Correct. So, so 4pm today, mysnowpass.com, uh, it's gonna be a limited release. Uh, if you know the Mound Creek world, and you know how we do it, it's actually Mound Creek's on the clock right now.00:48:05.000 --> 00:48:22.000Joe Hession: Um, we've been selling for 31 minutes, so I'm gonna get an update when we get off the call here, but at 4 o'clock, we will have our watch party with our group in the kind of war room. We're watching the transactions live. We have a number that we have promised ourselves we will not exceed, and it'll shut itself down at that number.00:48:08.000 --> 00:48:09.000Stuart Winchester: Okay.00:48:22.000 --> 00:48:40.000Joe Hession: Um, so 4PM today will be, uh… will be the birth of a new product in the industry, which hopefully will inspire other new products down the road, and… and hopefully start to change the relationship between resorts and… and the skiers, because that's what it's about. It's about getting skiers the best price for the best mountains, new… doing new things, and working together.00:48:40.000 --> 00:49:00.000Joe Hession: And we have a beautiful industry of resorts, but we have great customers. People who are skiers and snowboarders are so passionate. Like, I read everything they post on your stuff. You know, the comments have been just amazing. And, you know, we're looking forward to, over time, I want to make that person in Colorado that keeps saying, this pass stinks, has nothing to do for me.00:48:50.000 --> 00:48:51.000Stuart Winchester: Yeah, thank you.00:49:00.000 --> 00:49:09.000Joe Hession: I want to eventually win them over by giving them a product that does make sense for them or allowing resorts there to find a product that works for them. So it's really exciting day.00:49:06.000 --> 00:49:17.000Stuart Winchester: Colorado bro is very proud of Colorado. Uh, last year, Joe, you sold Snow Triple Play, I believe, until Christmas Eve. You have a similar schedule in mind for these two passes this year?00:49:10.000 --> 00:49:11.000Joe Hession: Yes.00:49:17.000 --> 00:49:32.000Joe Hession: Yeah, exactly the same schedule. So they'll be… the best price will be the launches. So today will be the lowest possible price, it'll scale up in another drop, and then it'll be on sale for a little bit at its full retail price, and then it'll turn off at that time. Exactly.00:49:19.000 --> 00:49:20.000Stuart Winchester: Okay.00:49:31.000 --> 00:49:51.000Stuart Winchester: Joe, so good to run you down. Good luck with the launch. I can't wait to see how it goes, and how this thing grows, and frankly, how this little controversy between Snowpass and Indypass resolves itself, because I'm sure that you will find a way through it. So, thank you so much for being my first guest on the new platform. I really appreciate it.00:49:34.000 --> 00:49:35.000Joe Hession: Yes.00:49:50.000 --> 00:49:51.000Joe Hession: Okay.00:49:51.000 --> 00:49:54.000Stuart Winchester: You're welcome on anytime. We'll talk to you really soon.00:49:54.000 --> 00:49:56.000Joe Hession: Great. Thanks for having me.00:49:55.000 --> 00:49:57.000Stuart Winchester: All right, take care, Joe. Bye now.00:49:58.000 --> 00:50:00.000Stuart Winchester: Alright, so…00:50:01.000 --> 00:50:03.000Stuart Winchester: Uh, what do you…00:50:03.000 --> 00:50:23.000Stuart Winchester: Okay, so that was Joe Heschen, the CEO of Snow Partners and the founder. Quick update from another partner before I wrap up the show today. If you run a ski area or outdoor brand, I want to tell you about my friends at Bonfire Collective.00:50:23.000 --> 00:50:35.000Stuart Winchester: They are a fractional marketing team that collaborates with ski areas and outdoor brands, and they will give your marketing a fresh perspective and better storytelling to supercharge your rebranding or advertising.00:50:35.000 --> 00:50:41.000Stuart Winchester: Bonfire can help you rethink your approach in ways that can turbocharge your business.00:50:41.000 --> 00:50:49.000Stuart Winchester: For example, Bonfire took on the marketing at one New Hampshire ski area and doubled revenue in just three years.00:50:49.000 --> 00:51:04.000Stuart Winchester: When the storm was ready to invest in its first ever digital marketing campaign last year, I worked with Bonfire to make it happen. I could not be happier with the results, and I think you will love working with them as well. To get started, you'll want to talk to Eric.00:51:04.000 --> 00:51:21.000Stuart Winchester: over at Bonfire Collective. He was a co-founder of Bluebird Backcountry Colorado, the first human-powered ski area, so he knows the ski business. You can actually listen to his podcast episode on the Storm Skiing Podcast, long form. Visit bonfirecollective.com.00:51:21.000 --> 00:51:25.000Stuart Winchester: Or I will be happy to make that connection for you.00:51:26.000 --> 00:51:28.000Stuart Winchester: All right, how great was Joe?00:51:28.000 --> 00:51:45.000Stuart Winchester: This is why I love the new pod, because I can have guys like that on all the time. I have dozens of relationships like that throughout the ski industry. Anytime you've listened to a podcast and you've heard someone on there and you enjoyed the conversation.00:51:45.000 --> 00:52:01.000Stuart Winchester: Whether it was Carl Kapczynski, who runs California Mountain Resorts, or… and owns Mountain High, and Bear Valley, and China Peak, and Dodge Ridge out in California. Or if it was…00:52:01.000 --> 00:52:15.000Stuart Winchester: Dustin, who… the president at Copper Mountain, uh, or it was Rob Katz, you know, the Vale CEO. I'm interacting with these people, or… or the folks who represent them, all the time.00:52:15.000 --> 00:52:31.000Stuart Winchester: I talk to Carl Kabasinski all the time, but I haven't had him on the podcast in four years. He's already agreed to come on the new shorter form to talk about all the things going on in his mountains. And that's what's great about it. And, you know, one of the concerns that I heard from people when I announced a shorter form pod was.00:52:31.000 --> 00:52:47.000Stuart Winchester: Oh, well, I really like when you covered small mountains. Well, this will allow me to do that much more, because I don't have to commit an entire hour and a half long episode to it, and it doesn't have to be the whole history of the area. I can just, for example, ask.00:52:47.000 --> 00:53:02.000Stuart Winchester: Rick Schmitz from Little Switzerland in Wisconsin to come onto the show and talk about the new quad chairlift that he's putting up or two new quads put

As we honor Labor Day and all the hard work and dedication it takes for each of us to show up to work, as individuals, as workers, and as members of our respective countries, we want to take a moment to honor one lady who shed light on "working 9 to 5" and so much more. Here's to Dolly, may she R.I.P.Sometimes the people who touch our lives most deeply leave us with something that has nothing to do with what they accomplished, and everything to do with how they made us feel.In this episode, I reflect on Dolly Parton's light, humor, generosity, and the beautiful paradox of becoming someone so much bigger than the persona the world sees. We explore authenticity, self expression, trusting our inner knowing, and what it means to keep showing up and sharing our light.In this episode:The gap between who we are and who others think we areWhat Dolly teaches us about authenticity and self expressionTrusting our intuition and inner knowingWhy our energy and what we leave behind matterLetting go of the small stuff and focusing on the bigger lightWhat it means to keep showing up, creating, and shiningA reflection to take with you:What would it look like to stop making yourself smaller and start showing up more fully as the person you know yourself to be?And maybe, when you're not sure what to do next, ask yourself: What would Dolly do?The world needs the light that only you can bring.Adventure on.Send us Fan Mail Support the show✨ Join the Spiritual Horse Seeker Summit

Jason England of Simplify believes the Fed's hawkish tone at Jackson Hole and the latest jobs report have put a September rate hike back on the table. He warns that if the Fed hikes, it will likely be the start of a hiking cycle rather than a one-and-done scenario, and favors front-end to intermediate duration in the current environment.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

As markets return from the summer with a series of surprises, investors are grappling with a changing economic landscape. In this episode of Current Account, Clay is joined by Marcello Estevão, Chief Economist and Managing Director at the IIF, to unpack three of the biggest stories shaping global markets: rising long-term bond yields, the joint U.S.-Japan intervention to support the yen, and the key messages emerging from this year's Jackson Hole conference. They explore what these developments reveal about the evolving cost of capital, why higher borrowing costs matter beyond financial markets, and how central banks, governments, and investors are adapting to a world of stronger investment demand and growing competition for resources. This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

Keith breaks down the "baseline trap" in investor psychology, showing how rising income and lifestyle creep can quietly undermine the feeling of financial freedom.  He then shares a grounded outlook for U.S. home prices, outlining how inflation, AI-driven job growth, limited inventory, and strong homeowner equity are shaping the market.  He closes with a data-driven look at where population growth is heading through 2040, especially in Texas and Florida, and what that could mean for long-term real estate demand and investing strategy. Episode Page: GetRichEducation.com/622 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  FAMILY to 66866  Join Mid South Home Buyers' one-time, free live webinar featuring Keith Weinhold on September 30 at GetRichEducation.com/MidSouth to learn how Memphis' economic expansion could create new real estate investment opportunities, and have your questions answered in real time. Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review"  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com  Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Welcome to GRE. I'm your host Keith Weinhold. Investor psychology often falls into the baseline trap. Learn what's going to happen to home prices over the next year. Then more than half of America's population growth until 2040 will occur in just these two states. All today on Get Rich Education. What if I told you that one of America's strongest cash flow real estate markets is also becoming the new brains and brawn behind AI? That city is Memphis, believe it or not. In September 30th, we're going to show you why the smart money is paying attention now, along with an investing opportunity you won't want to miss. Join me, Terry Kerr and Matthew Van Horn of Mid South Homebuyers, the largest turnkey company in Memphis with more than 6000 homes under management, for a free live webinar the likes of which I've never done before. We're going to look at what billions in new investment could mean for jobs, housing demand, neighborhood appreciation, and your portfolio. Everyone who attends live will also get exclusive access to the best deal terms Mid South has ever offered. Reserve your free seat at getricheducation.com/midsouth again. that september 30. Don't say we didn't tell you. Save your spot at getricheducation.com/midsouth   Speaker 1  1:34   You're listening to the show that has created more financial freedom than nearly any show in the world. This is Get Rich Education.   Keith Weinhold  1:50   Welcome to GRE from Jackson Hole, Wyoming, to Jackson, Mississippi, and across 188 nations worldwide. I'm Keith Weinhold. This is Get Rich Education, and Happy Labor Day. Let's talk about your investor psychology, because as you grow your wealth and your portfolio size, there is a trap that you will almost certainly fall into, and I'm not infallible. I've fallen into this trap to some extent too. That is the baseline trap. It's the tendency for every improvement in your income, your wealth, or your lifestyle to become your new normal. Once this happens, the improvement stops feeling like progress, and you need even more just to feel equally successful, if you get used to flying first class and then you have to drop back to coach again, it feels less like flying and more like being deported. Psychologically, we fall into the baseline trap because the human mind evaluates Life relatively, not absolutely. We don't simply ask ourselves how good is my life, how good is my situation. Instead, we ask how does this compare with what I've recently experienced, what I expected, and what others have, and there are a number of forces that drive the baseline trap. One is hedonic adaptation. Hedonic means pleasure seeking. People rapidly adjust to improvements. The first month of receiving a new $5,000 in passive income that feels transformative. After two years, it feels completely ordinary. The income didn't become less valuable. Your nervous system simply stopped registering it as new. Yesterday's luxury became today's wallpaper. A force driving the baseline trap is a shifting reference point. Gains and losses are measured against a mental baseline. Once your portfolio reaches, say, a $2 million net worth, well, your mind soon begins treating the $2 million as mine. You're like, hey, this is mine now, even if much of it came from recent appreciation. A decline to 1.8 million, therefore, feels like losing 200k rather than still having substantially more wealth than you did just a few years ago. Well, instead, you're only focused on the 200k paper loss. Then there's loss aversion psychologically. Losses generally hurt more than equivalent gains feel good. After a higher standard becomes normal, surrendering and. Any part of it feels like some blood-curdling loss. That's why reducing spending from 20k to 15k per month that can feel painful, even if 15k once felt luxurious to you.   Keith Weinhold  5:16   There's also the lifestyle creep component. People convert variable gains into fixed commitments. What do I mean? I mean like a strong income year. Oh, pretty soon that becomes a larger mortgage. Rental cash flow that becomes a vehicle payment. A bonus that becomes private school tuition, portfolio appreciation. Well, that supports new borrowing. See, pleasures that were once optional have now become obligations. And you got to ask, wait, how did that happen to you? You're supposed to have a life of options and not obligations. That's what financial freedom is supposed to be. The baseline then is no longer merely psychological; it becomes embedded in real monthly expenses. Then there's also the dangerous driver of the baseline trap that's called, oh no, social comparison. We commonly measure success against our peers, but instead, what you should do is measure it against your former self. Because as you become wealthier, see your comparison group changes too. If you've got five rentals, you soon stop comparing yourself with someone that owns none, you might even begin comparing yourself with people who own 50 of them, and why not? It's natural, after all. That is where you want to go, despite enormous progress. See, that's how you can feel left further behind. Then there's the recency bias. Your mind gives enormously disproportionate weight to recent experience. A few years of 15% returns, like what happened in 2021 and 2022 in real estate. Oh, you could begin expecting 15% after rapidly appreciating real estate, continued appreciation feels normal. A favorable cycle gets mistaken for the natural baseline, and then when conditions normalize, ordinary performance feels rather defective. Then there's identity inflation. That's a trap. This is when accomplishments become woven into your very identity, like I'm a multi-million-dollar entrepreneur, or I own 20 properties, or my income always grows. Okay, once success becomes identity, maintaining the baseline feels necessary just to preserve your self worth. Now, with this condition, see a temporary setback. It doesn't merely affect the numbers.   Keith Weinhold  8:08   It feels like evidence that you're becoming a lesser person, and the brain rewards progress more than possession. Humans are energized by movement toward a goal, reaching the goal often produces less lasting satisfaction than you expect. Buying the 10th rental creates a dopamine hit, and owning it three years later does not. The investor therefore creates another target, not always because another property is even needed, but because continued pursuit restores the feeling of progress, success erases the memory of constraint. As your wealth grows, it becomes difficult to remember emotionally what financial insecurity even felt like I mean you might intellectually remember earning 60k, but you no longer experience today's 300k income in comparison with it. Your comparison point quietly changes from your former life to your best recent year. The paradox is that your circumstances improve faster than your experience of them? The goal is not to stop growing; it is to prevent every improvement from becoming a new psychological necessity. Keep growing your means, but don't let success redefine enough every time you achieve it, don't let it redefine enough. Let's say you acquire rentals and you do generate another 5k per month. The trap is that your spending and expectations gradually rise by 5k. You're wealthier, but you don't. Don't feel freer. Instead of investments buying freedom, they merely finance a more expensive baseline, and it can distort how you view your portfolio. 10 properties once felt like an extraordinary accomplishment, and soon 10 feels ordinary, and 20 becomes necessary. You keep moving the finish line, and this is closely related to hedonic adaptation and lifestyle creep. But it extends beyond spending because your definition of enough keeps on rising. So the antidote certainly is not living small forever-it's deliberately separating the growth rates of your assets and your lifestyle. What you want to do is grow your means faster than you grow your baseline. Really, that's the key. You're gonna be more satisfied. Instead of simply living below your means, you sure do want to grow your means, but don't let every gain become a permanent new obligation. Let some additional cash flow purchase you things like time, resilience, and optionality-not merely nicer recurring expenses. If your lifestyle rises as fast as your passive income, you're wealthier, but no freer.   Keith Weinhold  11:28   So here's what you do: when your income rises, let your lifestyle rise about half that much. Otherwise, if you upgrade your lifestyle too much, say that you receive an extra $3,000 in monthly rental income, then you add in a luxury car payment, better vacations, and more expensive restaurants. Pretty soon, that extra 3k that feels necessary instead of liberating, and then there's also the record income comparison part of the trap. Say your business earns $1 million during an exceptional year. The next year, it earns a still impressive 850k, but you experience it as failure because the unusually strong year became your new baseline. Don't let that happen. You can compare yourself to others that can be motivating, but the more important comparison is to the former you. Now, another way that investors fall into the baseline trap in real estate is how an exceptional market becomes the standard. Say that you bought rental properties in 2012. Well, 2012 was perhaps the best time to buy real estate in generations. This was shortly after the global financial crisis, so there was this confluence of low prices, low interest rates, strong cash flow, and you had little competition as well. I mean, you had it all in 2012, and those deals performed spectacularly in today's market. Available properties produce lower initial cash flow, but they could still deliver respectable total returns through appreciation, rent income, principal paydown, tax benefits, and inflation profiting. But a losing investor rejects all of those things because they aren't as attractive as the once-in-a-generation deals of 2012, or even the rock-bottom low-rate days of 2020, they fell into the baseline trap. The trap here is that an unusually favorable period for real estate became the new benchmark. It's sort of like how last week I told you about how the deal structure always changes over time from the Reagan administration until today. Today the deal is with Burr properties, and it's also with buying new builds with rate buydowns. But see, in 2012 there were almost zero available new build properties that were created for investors to rent to others.   Keith Weinhold  14:25   Over time, with these new builds that you're adding now, you're going to have fewer maintenance and repair expenses. Tenants tend to stay in new builds longer, and new builds appreciate better over the long run. See, I wasn't getting any of those benefits in 2012, and I bought rental real estate in 2012, and I bought real estate recently as well. Not falling into the baseline trap, because today it's still difficult to find any investment bet. Than residential real estate with a loan, it is a scarce asset that people are going to continue to need. So here we are today, about 15 years on from 2012. Water market conditions like now. Let's talk about that and what can we expect for the next year? National home prices keep rising, but they're only about one half of 1% higher than they were a year ago. I mean, that's an appreciation level with the enthusiasm of someone attending a seven a.m. meeting. I do expect national home prices to keep rising modestly over the next year. Let me tell you about why, and then what the drivers are. And to be clear, we're talking about single-family homes up to fourplexes here. I'll discuss apartments later today. Well, the drivers for continued price growth are many of the same reasons that home prices are up just a little since last year. There are four of them. These four are inflation, the AI boom, short inventory, and a lack of distressed sellers. So let's unpack all of these four factors that I've identified for putting a floor underneath home prices, inflationary pressure is poised to raise replacement cost, energy, wages, and tariffs make those inputs more expensive, and the more war we have, the more inflation we have. A home is a bundle of land, labor, lumber, concrete, copper, and all sorts of energy inputs, plus 14 trips to Home Depot because someone forgot the correct nails and screws. That's what a home is. Recent home price growth it has lagged today's 3.4% CPI inflation rate. So again, we're not even talking about inflation-adjusted gains here. AI that creates local housing heat. It's not so much a nationwide driver of home prices. And in a moment, I'll tell you the top five housing markets for AI-led home price growth, but how does AI investment push up home prices anyway? How does that happen? People are getting high salaries, signing bonuses, and stock options that produces well-funded buyers. They make big down payments, or they even pay all cash for homes, and when a buyer pays all cash for a home, they can pay absolutely any price because they don't have to get an appraisal that comes along with a loan for a financed property.   Keith Weinhold  17:53   That's how all cash buyers can really push up prices. The growth in AI companies that has really helped push the S and P 500 higher that fuels a wealth effect nationwide that makes everybody feel wealthier regardless of where you live as long as you're invested in the stock market but the localized effects with those higher AI wages and signing bonuses in order they are most potent in San Francisco, San Jose, Seattle, New York City, and Boston, and none of those are good cash flow investor markets. Still, short housing inventory is contributing to higher prices, and hey, it's time that we check on this again. Ever since the inventory crunch started to plummet in 2021 and reached its lowest point in 2022, I've been updating you on the housing supply, and I always keep it same same. I cite the same data source, the Federal Reserve Economic Data's active listing count, Fred's active listing count, which counts single-family and townhomes and condos, all wrapped up in this number. And the figure it still hasn't recovered at 1.1 million homes. Now it is 2% higher than last year, 2% more supply than last year, but overall housing supply is still 9% below pre-pandemic levels. And there's one important thing to keep in mind that most don't think about when you hear that figure that housing supply is 9% below pre-pandemic times in 2019, that does not mean we're 9% short. That is because even in 2019 there was a housing shortage, and we are 9% below that yet, keeping. Upward pressure on prices and the most supply-constrained markets today. It includes both good and poor cash-flowing investor markets.   Keith Weinhold  20:10   They are New York City, Chicago, San Francisco, Hartford, Providence, Milwaukee, Boston, Cleveland, Virginia Beach, and Kansas City. All of those places remain especially tight with housing inventory, and then finally, this fourth of four reasons I've cited for continued upward pressure on home prices are the fact that distressed sellers-they are few and far between-and you need a lot of those in order to have a serious down cycle, after the 2008 housing crash, millions of owners were underwater. They owed more on their homes than they were worth. Lending standards were irresponsibly loose. Adjustable rate mortgages were resetting higher. I mean, a lot of people had little choice but to sell or to hand the keys back to the bank. Distress, distress, distress. Today is almost the mirror image. Here's what's really happening with homeowners having this record equity position today-an average of over $300,000. Many also locked in at fixed mortgage rates below 5% it means that they're enjoying perhaps the cheapest long-term debt that they are ever going to have. Lending standards have been strong, foreclosure rates remain low, and virtually nobody is being forced to sell. That matters more than most people think because housing crashes need a lot of forced sellers, owners who must accept almost any price in order to escape the property. But today, most homeowners they can simply either stay put, or if they're going to move out of the home, keep it and rent out the home, or they can wait for a better offer. No distress. In other words, buyers might be frustrated, but sellers-they're just not desperate. And without desperation, it is difficult for home prices to fall sharply. So the bottom line here with today's home prices and looking into next year, home price growth is apparent, but it's weak. The ingredients for a national price collapse are nowhere to be found, so this does not spell boom or crash. Home prices appear poised to keep slowly grinding higher, but with this low affordability, that keeps them from soaring, say 10 or 12% higher. I don't see that happening. And of course, each December, I make my home price forecast to the exact percentage point for the year ahead, so you can look forward to that soon. The Get Rich Education home price appreciation forecast that I made late last year for this year. It looks like it's going to be almost spot on. Of course, unlike a lot of analysts, transparently, I also give you the result of how closely the forecast hit the target every year, so you can look forward to that too. Hey, if you like this show, there's more content where this comes from. Sign up for our complimentary newsletter. That way, you can see the graphs and charts and maps that I break down. If you like what you hear on Get Rich Education, every week I show you what's really happening with real estate rents, inflation, interest rates, and the economy, and more importantly, what you can do about it. You'll get sharp insights, useful opportunities, and a few laughs along the way. Yeah, a couple knee slappers sprinkled in there with actionable strategies, like the savviest way to get rent increases. Get smarter in just a three to four minute read every week. Join 1000s of smart investors right now at greletter.com because your inbox could use fewer coupons and more financial freedom. That is greletter.com. More straight ahead.   Keith Weinhold  24:20   I'm Keith Weinhold. You're listening to Get Rich Education. What if you got your mortgage loans the same place I get mine? You sure can at Ridge Lending Group NMLS 42056. They provided GRE listeners with more loans than anyone because Ridge specializes in investment property. They'll help you build a long-term plan for growing your real estate empire with leverage. Start your prequal and even chat directly with President Chaley Ridge. While it's on your mind, start at ridgelendinggroup.com. That's ridgelendinggroup.com. Let me ask you something. If you've worked hard to build wealth, is your. Money positioned to actually support your goals. A lot of accredited investors leave capital sitting in cash because it feels safe, but inflation and missed income opportunities can quietly erode its value. Freedom Family Investments offers freedom notes for investors seeking structured income backed by real estate. It's a straightforward approach built on real assets, not speculation. In full disclosure, I'm an investor myself. What I like is that their team walks you through how it all works, so you can decide if it aligns with your portfolio and income goals. Every investment carries risk, and nothing is guaranteed. But with a track record of consistent, on-time investor payouts. They built real credibility. Go to freedomfamilyinvestments.com to book a clarity call, or text family to 66866. That's family to 66866.    Dana Dunford  25:59   This is Hemline's co-founder Dana Dunford. Listen to Get Rich Education with Keith Weinhold, and don't quit your daydream.   Keith Weinhold  26:15   Welcome back to Get Rich Education. I'm your host Keith Weinhold. There will only ever be one episode 622, and you're listening to it. I hope you're enjoying the late summer. I'm wringing every bit of time and enjoyment out of it that I can. I don't know if this part was enjoyable, but I ran an all-out mile on a track. I wanted to see how fast I could run a mile. I had a friend pace me, and I got a 631. I was happy with that since I hadn't done any specific training. Yes, a mile is more than four laps on a track as well. Did you know that? Yes, this detail-oriented shaved mammal here diligently measured off that extra nine point something meters. Ah, I'll tell you that fourth lap hurt so badly that if my buddy weren't there, I might have just quit and not finished the mile. But summer's days are numbered, and that's too bad because it is my favorite season of the year. The NFL season kicks off in just two days on the ninth, with Seattle hosting the New England Patriots in a rematch of last year's Super Bowl. So then, I guess it looks like your productivity for the week will end with a respectable two-day run as you tune in to that game. Where is the future demand for real estate going to come from? It comes from a growing population. The U.S. is expected to add 21 and a half million people from 2025 to 2040. 21 and a half million more people. The overall population it's expected to grow from about 341 million up to 363 million. That is where we're going. That's per the Census Bureau and the University of Virginia, projecting 341 up to 363 by the year 2040, which is just a little over 13 years away. Okay, so that part is not so surprising, but here is what is absolutely staggering: more than half of this entire increase is projected to occur in just two states, just two of the 50 states, more than half of the increase. Do you know what they are? In fact, I showed you a map of this in a recent newsletter, but I can talk about it and expand on it more here.   Keith Weinhold  28:52   The two states that are expected to account for more than half of the nation's overall population growth through 2040 are Texas and Florida. They're already the second and third most populous states, respectively. It's kind of like America looked at the map, checked their weather app, and started packing sunscreen. Texas is expected to add 6.6 million residents. Florida welcoming another 4.6 million during this span. So that is over 11 million new people between them. This is like taking the entire population of Georgia and dropping it into those two already booming states, that much growth in this fairly short period of time, for real estate investors, more people that generally means more demand for our housing product, and I'll get back to the staggering Texas and Florida imbalance in just a moment. Because there are big gains in other investor-friendly southeastern states like Georgia and Tennessee, the Mountain West should swell alone. The South, okay, the region that the Census Bureau delineates as the South, which sort of runs from Maryland all the way down south and then west out toward Texas, the South just until 2040 is expected to account for 78 percent of the growth. That is just staggering. Cash flow hotbed Indiana that should grow by nearly a quarter million residents as well. The Carolinas are ballooning. Already the most densely populated state in the nation, New Jersey, that will get more dense with some pretty healthy population growth. Its residents have not discovered elbow room, but not every state is adding population. 14 states are expected to shrink, led by Illinois losing 650,000 people and New York down 457k. Again, this is all through 2040. In fact, a small loss cluster actually runs through the South, though West Virginia, Mississippi, and Louisiana-they're projected to lose 440,000 people combined. You know that whole theory that sometimes you hear people talk about, like with Earth warming and drying, you're going to have people stampeding toward the freshwater Great Lakes states. That is probably farcical. That just has not shown up in the data. That people are moving in droves to say cooler Michigan and Wisconsin for those reasons.   Keith Weinhold  31:46   It's just not happening now. Of course, population projections are not delivered from Mount Sinai on stone tablets. Besides births and deaths, the level of future immigration, of course, that's the real wild card here. After the Trump presidency ends by 2029, the next administration that could tighten or loosen the immigration spigot, that could materially reshape the map. But they're probably not going to tighten immigration. I mean, they couldn't because the flow really couldn't be crimped much more than it already is. People love to poke fun at California, but even in 2040, it is expected to barely retain its crown and edge out Texas to still be the most populous state: 39 million versus 38 million, respectively, for California and Texas by 2040. But yeah, Texas and Florida-they are the real stories here, and why droves of people are attracted there for cheaper housing, jobs, warm weather, a business-friendly environment, and Texas and Florida are also places where builders can still build without completing some side quest worthy of a video game with all their permits and regulations and roadblocks. You're largely free of those things in Texas and Florida. Now there are two more important factors to keep in mind here. Some bigger picture context. I've talked before about how the overall American mobility rate is down, and this is a long, long trend. Decade after decade, fewer people move and more people stay put, which is contrary to popular belief. This lower mobility rate, and another factor that gives you perspective is that as real estate investors, we know all this stuff I've been talking about here. These population changes-they only look at the demand side. The supply side matters just as much, despite their slower population growth. Northeast and Midwest states build less new inventory, and that is why Northeastern and Midwestern housing prices and rents are still growing faster today than they are in the Sun Belt, despite all of those Sun Belt construction cranes. You know, too many construction cranes. It looks bullish, and it actually is, but it spikes supply and it suppresses prices. And really, the bottom line here with American population growth from now until 2040 is follow the people, but count the rooftops. Population growth creates housing demand, while limited construction creates scarcity.   Keith Weinhold  34:46   The best opportunities often emerge where those two forces collide. That's what you really want to look for: demand and scarcity. Now, the apartment space. We all know that's been beleaguered for about three or four years, ever since higher mortgage rates set in and high construction levels conspired to keep apartment rents suppressed. In fact, multifamily construction had a peak in this cycle during 2024. That's when 600,000 units were built back in 2024. That was the most new apartment supply since 1986. That is when Cheers, MacGyver, and Miami Vice were on television. Run DMC was on urban radio. MTV was a dominant cultural force, the most new apartment supply since 1986. That's when kids were playing with GI Joe's, He-Man, and My Little Pony. For adults, fashion-wise, they were wearing enough shoulder padding to survive a minor collision. So, lots of new apartment supply to get absorbed. It is getting more and more absorbed. There are more signs there now because the national median apartment rent has now increased for seven months in a row. That's according to Apartment List. Also, the apartment vacancy rate has dropped for six straight months, and do you have any idea what the national apartment vacancy rate is? It has dropped down to now 7.1% Inevitably, overbuilt apartments will be absorbed with a growing population. Lots of great episodes coming up here on the show, where you might be in for a surprise next week. A renowned macro economist will be here on the show with us. I think we all know that in 1971, the U.S. had a lot of economic changes. That's when Nixon completely eliminated us from the gold standard, and the economic system shifted from capitalism to creditism back then. Well, now we appear to be leaving creditism and entering a new economic phase. This could be seismic. Next week here on the show, he'll reveal what the new era is called and how you need to prepare for it, that's next week here on episode 623. If you haven't yet, be sure to hit the follow button or subscribe button on your podcatcher so that you don't miss it.   Keith Weinhold  37:31   Again, if you like what you hear here each week, the GRE "Don't Quit Your Daydream" letter gives you the sharpest ideas of the week in about three or four quick hitting minutes, you'll get surprising housing data, wealth building strategies, timely opportunities, news that a lot of times you can't get anywhere else, and maps and charts that make you say, "Wait, what? It's smart, useful, entertaining, and completely free. Thousands of investors read it every week, and believe it or not, I'm actually more of a writer than a talker. Don't just listen to Get Rich Education, get the letter at greletter.com. That's greletter.com. Until next week, I'm your host Keith Weinhold. Don't quit your daydream.   Speaker 2  38:23   Nothing on this show should be considered specific, personal, or professional advice. Please consult an appropriate tax, legal, real estate, financial, or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Get Rich Education LLC exclusively.    Keith Weinhold  38:51   The preceding program was brought to you by your home for wealth building, getricheducation.com

Federal Reserve Chair Kevin Warsh rocked markets at Jackson Hole by declaring that inflation is not slowing and reaffirming a commitment to hitting the 2% target. With Gulf stock markets already falling on rising rate-hike bets, investors need to understand what a more hawkish Fed means for stocks, bonds, and their wallets.Today's Stocks & Topics: Pelagos Insurance Capital Limited (PLGO), Market Wrap, Tyson Foods, Inc. (TSN), Tariffs, Alternative to Money Market Accounts, Fed Rate Hike September 2026: Is Warsh's Inflation Warning a Game-Changer?, HDFC Bank Limited (HDB), Palantir Technologies Inc. (PLTR), PROCEPT BioRobotics Corporation (PRCT), Corn Contracts and Food Inflation.Our Sponsors:* Check out Anthropic and use my code claud.ai/invest for a great deal: https://www.anthropic.com* Check out Quince and use my code quince.com/INVEST for a great deal: https://www.quince.comAdvertising Inquiries: https://redcircle.com/brands

Book a call: https://remnantfinance.com/calendarEmail us at info@remnantfinance.com or visit https://remnantfinance.com for more informationFOLLOW REMNANT FINANCEYoutube: @RemnantFinance (https://www.youtube.com/@RemnantFinance)Facebook: @remnantfinance (https://www.facebook.com/profile.php?id=61560694316588)Twitter: @remnantfinance (https://x.com/remnantfinance)TikTok: @RemnantFinanceDon't forget to hit LIKE and SUBSCRIBEHans joins Sean King's podcast for a long-form conversation covering his background, the collapse of his Navy aviation career, and how a contract fight with the Department of Defense led him to Infinite Banking. The episode opens with a macro segment on Jackson Hole, Kevin Warsh's dismantling of forward guidance, and the Treasury's expanded buyback of off-the-run bonds, plus rising bond yields across Japan, the US, the UK, and Germany. Hans and Sean cover the criticisms of whole life that are worth engaging and the ones that are factually wrong, why he financed a car through a dealer instead of taking a policy loan, where he departs from the purist position on loan repayment, how he sizes an emergency fund using a daily burn rate and a 365-day runway, and why every dollar should be evaluated against the job it is actually doing. They close on low stress options trading as an income strategy, and on Remnant Frontier, the asset management arm Hans is building to bridge the gap between the IBC world and the CFP world.Chapters00:00 – Opening Segment 00:36 – Macro: Jackson Hole and the end of forward guidance 08:16 – The Treasury put and the September 9th buyback 12:03 – Global bond yields and the yen carry trade 13:54 – Hormuz, oil, and gold 15:15 – Labor market softening and the Fed's split mandate 17:10 – Remnant Finance and meeting Brian

What if life's hardest transitions are not interruptions… but invitations?In this episode, I sit down with my longtime friend, Jenny Cornejo, founder of Wildflower Transformation, for a conversation that feels both grounding and expansive.Jenny's work began through organizing physical spaces, but over time she discovered that true transformation often starts beneath the surface. Together, we explore what happens when we stop trying to control the unknown and begin trusting ourselves through change.We talk about life transitions, grief, community, nervous system awareness, ritual, women gathering in circle, and the quiet wisdom that lives in our bodies.Jenny also shares stories from her recent visit to Teton Valley, including riding horses through snow, blessing the land, and reflecting on loss, ancestry, and what it means to stay open to mystery.If you are standing in a threshold season of life, this conversation is a reminder that you do not need to rush through it.In this episode, we explore:Why external organization can reveal internal truthMoving through divorce, grief, and identity shiftsThe role of community and being witnessed in transitionSomatic awareness and reconnecting with your bodyLessons horses can teach us about trust and presenceRitual, circles, and creating belongingWomen, cycles, slowing down, and honoring seasons of lifeFinding magic in the unknownConnect with Jenny: Website: Wildflower Transformation Instagram: @wildflower.transformation Facebook: Wildflower Transformation Facebook Digital Card: Jenny Cornejo Digital CardIf this episode spoke to you, share it with someone walking through change and remind them they do not have to navigate it alone.Adventure on!Send us Fan Mail Support the show✨ Join the Spiritual Horse Seeker Summit

This week on Fed Watch, ITR Economist and Speaker Connor Lokar examines why expectations for a September Federal Reserve rate hike shifted following Chair Kevin Warsh's Jackson Hole speech. For business leaders navigating uncertain borrowing costs and weakness in housing and agriculture, Connor breaks down the Fed's 2 percent inflation target, elevated PCE inflation, and the difference between headline inflation and underlying price pressures. One phrase in the speech may leave the Fed more room than markets expect. Do you think the Fed will raise rates in September?

Today, a look at markets pausing to take a breath after the recent brutal rise in bond yields. The biggest mover Wednesday and Thursday was the Japanese yen on an apparent fresh round of intervention, although some interesting dynamics are at play in the Japanese government bond market as well. Elsewhere, a look at extreme bifurcation in AI stories for single names after earnings reports. A big focus on macro and FX and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Breathlessly enthusiastic Silicon Valley types talk up the most optimistic outlook for AI I have heard anywhere. Who am I to say they won't be right, but it was a bit nauseating listening, nonetheless with interesting details here and there. Gil Duran wrote the ingeniously titled Nerd Reich, a book charging that a tech oligarchy is undermining our democratic institutions and trying to establish a techno-authoritarian state. He traces the intellectual backdrop of its adherents like Peter Thiel, etc. A long form youtube video of the author himself talking about the book. An exchange on X about China's huge debt load and its implications depending on how it is unwound - Japanese-style or otherwise. The deepest of dives on "what really happened at Jackson Hole" - not the ramblings of Fed Chair Warsh, but rather on the actual theme of Jackson Hole this year, which was Financial Innovation: Implications for Payments and Policy. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

On today's episode, Editor in Chief Sarah Wheeler talks with Lead Analyst Logan Mohtashami about how oil prices and jobs data are affecting mortgage rates right now. Related to this episode: How long can mortgage rates stay below 7%? HousingWire | YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ HousingWire Mortgage Banking Summit – October 1 More info about HousingWire Top 5 Trending: NEXA Lending launches new model, touts 100% revenue split for LOs House Republicans outline plan to overhaul CFPB Mortgage rates jump after Warsh's Jackson Hole remarks Jay Bray on how Rocket plans to win brokers in a tough market Announcing the 2026 HousingWire Vanguards Want more from Sarah? Don't forget to subscribe! The HousingWire Daily podcast brings the full picture of the most compelling stories in the housing market reported across HousingWire. Each morning, listen to editor in chief Sarah Wheeler talk to leading industry voices and get a deeper look behind the scenes of the top mortgage and real estate.

A.M. Edition for Sept. 2. Bonds are selling off again with investors left unimpressed by Treasury Secretary Scott Bessent's seeming indifference to the recent rise in yields. Economics editor Paul Hannon and WSJ reporter Chelsey Dulaney explain how the bond rout is impacting markets, consumers and businesses and what it will take to calm investors. Plus, Open AI restricts its latest AI model, rating it a 'critical' cyber risk. And Google tries to challenge the frontrunners in agentic coding. 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.

This episode breaks down the immediate market reactions to Kevin Warsh's hawkish Jackson Hole speech regarding persistent inflation. With economic data remaining elevated and geopolitical tensions causing unexpected oil spikes, the likelihood of rate cuts continues to fluctuate, creating unique challenges for both commercial and residential lending environments.The discussion also explores the approaching "silver tsunami" in the US housing market, examining how the demographic shift of baby boomers selling their homes will impact supply and pricing over the next decade. Finally, the episode outlines three critical benchmarks to measure true financial health and shares a highly effective, unconventional relationship-building strategy previously utilized by Bill Clinton.KEY TOPICS DISCUSSEDKevin Warsh's hawkish inflation warning at the Jackson Hole summitS&P 500 earnings growth and ongoing corporate profitabilityGeopolitical conflicts and their direct impact on global oil pricesFederal Reserve interest rate policy and shifting rate cut probabilitiesThe demographic silver tsunami preparing to hit the US housing marketMedian household net worth benchmarks broken down by age groupThe significant financial advantage of maintaining zero credit card debtBill Clinton's "one at a time" networking and relationship-building secretKEY TAKEAWAYSDespite elevated interest rates, corporate earnings in the S&P 500 continue to rise, showing underlying resilience in the broader stock market.The cost of capital remains the primary headwind for real estate, making both commercial and residential lending exceptionally difficult for institutions to navigate profitably.As baby boomers age out of homeownership, the housing market will see an influx of supply that younger, smaller demographic generations may struggle to financially absorb.Actively investing in the stock market puts you ahead of 38% of Americans, emphasizing the long-term importance of consistent financial participation.Carrying zero credit card debt is one of the most accurate indicators of long-term financial stability and wealth-building potential.CONNECT & TAKE ACTIONVisit skylineocresidences.com to discover luxury homeownership and exceptional value at Skyline OC.Invest in the Imagos Income Fund for steady passive returns targeting 10%. Text INCOME to 844-447-1555.Get a free financial portfolio X-Ray to audit your current investments. Text XRAY to 844-447-1555.Partner with the team on commercial real estate equity deals. Text DEALS to 844-447-1555.

J-Hole jolted the markets, only to have Warsh's J-Hole narrative jolted right back with JOLTS. Caught in between are interest rates which nobody seems to have a handle on even though the answers are right there in Treasury Secretary Bessent's words and the latest European inflation. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------Eurodollar University Live 2October 9-12, West Palm Beach, Florida40 seats exist. Application only.https://eurodollar-university.com/edu-conference-2026----------------------------------------------------------------------------------I'll also be active on Bravais Social - a new AI-centered social network designed for professionals and knowledge workers. The platform aims to bring together a wider range of tools and functionalities tailored specifically for professional interaction, research, and knowledge exchange in one place. You can find me here: https://bravais.social/profile/edu

September – here we are and the volatility starts. Bear Invasions – is this something we should pay attention to? Target is in the hotseat, Good-Good too. Bombing Iran again. PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env:'production', hosted_button_id:'JJJHP2GDEJC7J', image: { src:'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt:'Donate with PayPal button', title:'PayPal - The safer, easier way to pay online!', } }).render('#donate-button'); Follow John S. Dvorak on X Follow Andrew Horowitz on X Warm-Up - September - here we are and the volatility starts - Bear Invasions - is this something we should pay attention to? - Target is in the hotseat, Good-Good too - Bombing Iran again - and again. Markets - Bonds - moving higher - Warsh and Bessent challenged - NVDA earnings - price hikes - Employment Report coming this Friday - Dell earnings - WOWWWW! DHU MAILING LIST! - Go to DHUnplugged.com LAKE AMERICA - Google Maps now shows "Lake America" to U.S. users after the federal naming change. - Canadian users still see "Lake Ontario"; users elsewhere see both names. - Canada did not adopt the change, setting up an easy cross-border naming fight. OIL / IRAN - Last week - Oil dropped more than 3% as traders viewed tougher Iran sanctions as less disruptive than renewed military escalation. - Brent fell to roughly $88.58 and WTI to about $82.36. - Washington stopped short of immediately targeting major Chinese banks buying Iranian oil. - Markets also reacted to hopes for improved navigation through the Strait of Hormuz. ----  OH WAIT>>>> IRAN - FIGHT IS ON - We are back bombing and they are retaliating - We retaliate, they bomb - Threat: President Trump in phone interview with Fox News reporter repeats that if Iran retaliates, they will be hit harder, but he adds that if Iran retaliates for a third time "they will be totally wiped out as a country"; says any deal with Iran will not be "worth the paper it is printed on" - Oil Up ... DICK'S / FOOT LOCKER - Dick's shares plunged about 30% after earnings and guidance disappointed. - Core Dick's comps rose 4.9%, but Foot Locker comps fell 3.6%. - Management blamed weak sneaker launches, stale inventory and a highly promotional footwear market. - Dick's has already taken more than $500 million in charges tied to the Foot Locker turnaround. BASEBALL CARDS GO CASINO - Online "repack" platforms let customers buy randomized graded cards and immediately sell them back. - Prices can range from roughly $25 to thousands of dollars per pack. - The model increasingly resembles gambling: randomized payoff, instant resale value and repeat play. - Arena Club, Fanatics and others are pushing deeper into a market already generating billions in transactions. GOVERNMENT-OWNED STOCKS - Stocks with U.S. government backing face new legal and political risk around Washington taking equity stakes. - Intel surged after government investment plans surfaced; MP Materials also jumped after a Pentagon stake. - Trilogy Metals soared after a government deal, then gave back much of the move. - A lawsuit challenging the Intel arrangement could have implications for similar federal equity deals. CHINA INDUSTRIAL PROFITS - China's industrial profits rose 11.2% year over year in July. - Profit growth slowed from 15.1% in June but remained strong. - Manufacturing profits rose nearly 19%, while mining profits jumped roughly 35%. - Strong factory profits continue to contrast with weak property and domestic-demand signals. DELL EARNINGS GUIDANCE - Earnings we great - Guidance out of control - Dell sees Q3 mid-point EPS of $6.50 vs $4.46 FactSet Consensus; sees mid-point of revs at $49.00 bln vs $41.36 bln FactSet Consensus - Dell sees FY27 mid-point EPS of $25.50 vs $18.99 FactSet Consensus; sees revs mid-point of $192 bln vs $174.05 bln FactSet Consensus TARGET HALLOWEEN BACKLASH - Target pulled a children's clown costume after complaints that it resembled blackface imagery. - The company apologized and said it was reviewing how the product cleared internal approval. - The controversy adds another brand-management problem after several politically charged merchandise fights. LEGO BOOM - Lego first-half revenue jumped 21% to about $6.5 billion. - Net profit rose 32%, while consumer sales increased 22%. - More than 330 new products helped drive demand across Star Wars, Formula 1, Botanicals and other franchises. - Lego continues gaining share while expanding stores and manufacturing capacity. WAIT - WE'RE BOMBING IRAN AGAIN - U.S. forces struck Iranian rocket launchers on Larak Island near the Strait of Hormuz, the first U.S. attack on Iran in several weeks. - Iran retaliated with missile attacks targeting U.S. bases in Jordan, restarting direct military exchanges. - Oil jumped more than 2%; Brent moved back above $90 and WTI above $85. - The Strait remains the key issue: roughly 20% of global oil shipments pass through it, so actual disruption to tanker traffic matters more than the headlines. IRAN SANCTIONS - Treasury warned countries doing business with Iran could face secondary sanctions and loss of access to the dollar system. - Scott Bessent described the campaign as an "economic D-Day." - Treasury sanctioned dozens of people, companies and vessels but initially avoided major Chinese financial institutions. - The expanded sanctions reach oil, shipping, gold, aviation, technology and digital assets. JOBS REPORT / FED TEST - August payrolls hit Friday after July shocked with a 23,000 job decline. - Expectations are for only modest job growth, making revisions and the unemployment rate especially important. - Fed rate-hike odds jumped after Kevin Warsh's hawkish Jackson Hole comments; a strong jobs number could push them higher. - JOLTS, ADP and ISM data provide several previews before Friday.   Love the Show? Then how about a Donation? PayPal.Donation.Button({ env: 'production', hosted_button_id: 'JJJHP2GDEJC7J', image: { src: 'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt: 'Donate with PayPal button', title: 'PayPal - The safer, easier way to pay online!' } }).render('#donate-button-2'); THE CLOSEST TO THE PIN for SpaceX (SPCX) Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!   FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter

The Federal Reserve just released one of the most overlooked—and potentially revealing—reports on the U.S. economy. It's called the Beige Book. No, it's probably not going to make anyone's bestseller list.

In this week's LPL Market Signals, Chief Fixed Income Strategist Lawrence Gillum and Chief Economist Jeff Roach talk key takeaways from last week's Jackson Hole Symposium. After weeks of market doubt, Chair Kevin Warsh used Jackson Hole to put inflation first, retire regular forward guidance, and say the Fed still “has work to do.” Traders took it as a credibility reset: September hike odds jumped from the mid-30s toward a coin flip or better, two-year yields rose, the dollar firmed, and gold slipped, while the long end stayed relatively contained. The strategists unpack whether that reaction was justified, what the next jobs and inflation prints must show, and how advisors should talk with clients about cash, duration, and rate volatility from here. Tracking: #1167923

The Treasury declared economic D-Day on Iran the same week traffic through the Strait of Hormuz jumped 400% and Trump announced a deal for 65 billion barrels of Venezuelan oil. None of that is a coincidence.

Guy Adami and Dan Nathan open by recounting a fan's Guy-themed T-shirt sighting on CNBC's Fast Money, then discuss Fed Chair Kevin Warsh's Jackson Hole remarks as largely status quo, with the S&P 500 near all-time highs and the VIX around 14 despite potential catalysts like the August jobs report. They argue markets appear complacent ahead of midterms and cite historical midterm drawdowns, while noting election-related tensions, Canada trade friction, and Russia/NATO risks as possible volatility drivers. The hosts highlight a widening disconnect between strong equities and weakening consumer signals seen in recent retail earnings, alongside rising delinquency rates and persistent inflation pressures. They review key earnings and themes: Nvidia's extraordinary growth but complex circular AI financing relationships and competitive chip efforts, Salesforce's sharp rally and software rebound, and previews of Dell and Broadcom amid hardware and TPU demand dynamics, before plugging an interview with Imran Khan. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal MediaThe financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Today's Post - https://bahnsen.co/4cPVI9C David Bahnsen recaps Monday market action (Dow -374, S&P -0.33%, Nasdaq -0.12%; 10-year yield 4.76% up 3 bps), with energy leading on oil up 3% to about $86 and communication services lagging. He briefly shares midterm Senate race dynamics based on conversations with analysts, noting multiple paths for Democrats to win or lose the majority and warning against overconfidence in political predictions. Housing data showed August national median rent up 0.1% and down 0.8% year-over-year. He reviews Fed Chair Kevin Warsh's Jackson Hole speech emphasizing price stability over employment, asserting a healthy labor market, concern about inflation, and a firm 2% target; markets raised implied September hike odds from ~38% to ~60% and to ~88% for a hike by year-end. Warsh discussed productivity questions (including AI), tight credit spreads, repudiated forward guidance with a “hall of mirrors” analogy, and delivered a cordial, potentially consensus-building tone. Bahnsen also notes a reported 35% U.S. government stake in a Venezuela oil venture with no short-term price impact, and that since 1950 September midterm years were evenly split between up and down markets. 00:00 Welcome and Agenda 01:05 Market Snapshot 02:13 Midterm Election Outlook 05:32 Housing and Rent Update 05:47 Jackson Hole Fed Takeaways 07:02 Rate Hike Odds and Targets 09:00 Forward Guidance and Consensus 11:25 Oil Moves and Venezuela Deal 12:06 September Midterm Seasonality 12:39 Closing and Next Episode Tease Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Andreas Steno and Mikkel Rosenvold are back to unpack Kevin Warsh's surprisingly hawkish message at Jackson Hole and what it could mean for markets. They also turn to the latest escalation in the Middle East following U.S. attacks on Larka Island. Is the war restarting, and could renewed geopolitical risk disrupt the market setup just as investors were beginning to embrace the bull case?

Can Nvidia keep propping up the AI trade? And will Callaway's controversial ad cost the brand customers? Plus, why are footwear and sneaker stocks getting marked down? Host Imani Moise discusses the biggest stock moves of the week and the news that drove them. Sign up for the WSJ's free Markets A.M. newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Can Nvidia keep propping up the AI trade? And will Callaway's controversial ad cost the brand customers? Plus, why are footwear and sneaker stocks getting marked down? Host Imani Moise discusses the biggest stock moves of the week and the news that drove them. Sign up for the WSJ's free Markets A.M. newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Episode 5623: Kevin Warsh Addresses Jackson Hole Economic Forum

It's been more than a year since the Trump administration intensified ICE raids in immigrant communities across the U.S. Latino entreprenuers say the toll on their businesses has been worse than the pandemic. In this episode, the ongoing economic harm caused by Trump's relentless deportation agenda. Plus: Small businesses grapple with more tariff uncertainty, Canada posts strong GDP growth, and we break down Fed Chair Kevin Warsh's first Jackson Hole speech.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Read the stories in today's episode:Was that forward guidance we just heard from the Fed Chair?Canada's economy is growing as it heads to a trade war with the U.S.Tariff uncertainty means halted production for this camping chair companyImmigration enforcement leaves Latino businesses struggling for monthsHow a 21-foot-tall space cowboy has revitalized a strip of Route 66

A.M. Edition for Aug. 28. A federal judge finds the Trump administration violated Anthropic's first amendment rights by deeming it a supply-chain risk. Plus, prosecutors scale up their crackdown on insider trading on prediction markets. And as more young people opt out of even searching for entry-level roles, WSJ reporter Natasha Dangoor details the rising interest in apprenticeships on both sides of the Atlantic. 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.

P.M. Edition for Aug. 28. Economics correspondent Nick Timiraos reports from Jackson Hole on how investors are interpreting Federal Reserve Chairman Kevin Warsh's speech. Plus, some of President Trump's biggest corporate donors are now cutting checks to Democrats, too. WSJ's White House reporter Annie Linskey explains how American companies are preparing for a potential Democratic comeback in November. And WSJ's global energy reporter Collin Eaton unpacks how Chevron and other U.S. energy companies are closing in on deals worth billions to expand in Venezuela's oil fields. Sabrina Siddiqui 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.

#921: The economic world prepares for Jackson Hole and all eyes are on Kevin Warsh to deliver a clearer message on the state of inflation in the US. Shein, once valued at $100B, is now aiming for a $27B valuation as it makes its stock market debut. A new drug can lengthen the life of those with pancreatic cancer. American Airlines and United are hoping direct flights to far flung places will attract new customers.  Learn more at https://go.amex/morningbrew  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

The economy is strong, prices are still too high, and the job market is sending mixed signals. The Federal Reserve is navigating all of it while fending off the most overt political pressure in its modern history. Austan Goolsbee, President of the Chicago Fed, joins Rapid Response ahead of the Central Bank's highly-watched meeting in Jackson Hole, to give his most candid read on what's actually going on. He explains why tariffs, war in the Middle East, and six years above the 2% inflation target make this the most dangerous inflation environment he's seen, what Kevin Warsh's new leadership means for how the Fed operates, and why he's a "grim optimist" on AI even as the hype keeps outrunning the results. Plus, what business leaders should actually be watching to get ahead of the Fed's next move.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. 26. A bullish AI forecast from Nvidia lifts markets. And despite blockbuster growth and revenue forecasts, IG Markets' Chris Beauchamp says Nvidia still has more room to run. Plus, Fed chairman Kevin Warsh has so far kept his views on interest rates to himself. But investors hope that's about to change. And, WSJ's Tripti Lahiri brings us the latest from the devastating floods in Nepal and China. 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.

P.M. Edition for Aug. 26. Tech reporter Meghan Bobrowsky tells us why the Meta settlement could change how teenagers use some of the world's most popular apps. Plus, the FDA approves a milestone therapy for pancreatic cancer. WSJ reporter Xavier Martinez discusses how the nearly $40,000-a-month drug from Revolution Medicines could change patient outcomes of one the deadliest cancers. And the FBI shuts down a sprawling hacking network linked to China that targeted NASA, the Federal Reserve and critical infrastructure. Sabrina Siddiqui 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.