Podcasts about kkr

Dan Nathan sits down with Rick Heitzmann, co-founder and partner at FirstMark Capital, to kick off a new Okay, Computer. series on AI investing. They dig into the circular financing behind the AI infrastructure boom — from Nvidia backstopping Apollo's private credit for xAI to Meta's off-balance-sheet data center deals with KKR and Blue Owl — plus the shift from "tokenmaxxing" to an efficiency era, the rise of Chinese open-source models, memory stock froth, and what's next for the IPO market after SpaceX. Show Notes Big Tech Is Hiding $1.65 Trillion in Debt. How Worried Should Investors Be? (Yahoo Finance) SpaceXAI Explores Major Data Center Expansion in Texas (The Information) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media The 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.

Victoria is undertaking one of Australia's most ambitious electricity transitions. The state is aiming for 65% renewable electricity by 2030 and 95% by 2035, replacing ageing coal-fired power stations with renewable electricity, batteries and offshore wind while keeping the lights on and consumers' bills down. This week on Cleaning Up's Deep Dive Australia, Michael Liebreich is joined by Lily D'Ambrosio, Victoria's Minister for Climate Action, Energy and the State Electricity Commission, who has overseen the state's energy transition for more than a decade. Together Minister D'Ambrosio and Michael examine the policies driving the transition, from renewable energy auctions and large-scale batteries, to offshore wind and transmission planning. Michael also challenges the Minister on some of the most controversial aspects of Victoria's strategy, including unpublished modelling, coal closure agreements, and the politics of moving households away from gas. Topics: Victoria's energy transition and the role of state governments Replacing coal with renewables Batteries, electricity markets and falling wholesale prices Coal plant closures and investor certainty Transparency, modelling and political accountability Transmission, community opposition and Renewable Energy Zones Offshore wind and the future generation mix Gas, household electrification and cost of living Leadership, public confidence and delivering the transition Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links: Lily D'Ambrosio's bio: https://www.victorianchamber.com.au/profile/lily-dambrosio Sign up to our newsletter: https://cleaninguppod.substack.com EnergyAustralia: https://www.energyaustralia.com.au/ AGL: https://www.agl.com.au/  VicGrid: https://www.vicgrid.com.au/ Western Renewable Link: https://www.westernrenewableslink.com.au/ Offshore wind: https://www.energy.vic.gov.au/renewable-energy/offshore-wind-energy/offshore-wind-energy-victoria Gas substitution roadmap: https://www.energy.vic.gov.au/renewable-energy/victorias-gas-substitution-roadmap Open Electricity: https://openelectricity.org.au/ Acronyms: CSIRO: Commonwealth Science and Industrial Research Organisation

China transformed solar from one of the world's most expensive energy technologies into the cheapest source of electricity in just a couple of decades. And now it's doing the same with batteries, with prices plummeting around the world. This week on Cleaning Up, Bryony Worthington is joined by Alex Shoer, Managing Director of GridVest, who spent almost a decade building renewable energy businesses in China before bringing those lessons back to the United States. They discuss the lessons behind China's clean energy success, the evolution of solar subsidies, and why battery storage is becoming essential for everything from renewable energy to AI data centres. They explore whether collaboration rather than competition will shape the next phase of the global energy transition, and in which technologies the U.S. still holds a competitive advantage. Topics covered: China's blueprint for scaling clean energy The impact of ending solar subsidies Why batteries are becoming more valuable than solar alone Can AI and data centres accelerate the battery boom? Ford, CATL and the future of global partnerships Competing vs partnering with China Financing the next generation of energy infrastructure The future of battery tech and U.S. innovation Leadership Circle Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links Alex Shoer's bio: Alex Shoer Sign up to our newsletter: cleaninguppod.substack.com GridVest: https://gridvest.com/ Seeder Clean Energy: https://seederenergy.com/   Acronyms RE100: Renewable Energy 100% Commitment PPA: Power Purchase Agreement S-REC: Solar Renewable Energy Credits I-REC: International Renewable Energy Certificate IRR: Internal Rate of Return ITC: Investment Tax Credit FEOC: Foreign Entity Of Concern CPUC: California Public Utility Commission NMC: Nickel Manganese Cobalt LFP: Lithium Iron Phosphate AHJ: Authorities Having Jurisdiction

The ASX 200 finished unchanged at 8809, fighting back from earlier losses as resources found a footing. US futures helped, as did steady markets across Asia. Banks eased back, with CBA down %, leaving the Big Bank Basket at $281.76 (-0.6%). Other financials also weakened, NWL fell 2.2% and SOL dropped 0.8%. REITs were easier too, with GMG down 2.7% and CHC falling 1.3%. WOW and COL slid 1% as defensives were sold down. Healthcare picked up a little, with CSL rising 1.3% and COH up 1.6%. Industrials generally eased, WES flat and TCL dropped 0.8%, with SGH off 1.4%. Tech stocks were mixed, XRO and WTC found buyers, TNE fell 1.3% and NXT was 3.2% easier. All-Tech Index fell 0.3%. Resources staged a good turnaround, with BHP up 0.6% and FMG up 1.3%, while the gold miners recovered after early losses. Bullion pushed back above US$4,000. EVN rose 3.2% and VAU gained 1.4%. S32 also had a better session, while lithium stocks posted small gains. Oil and gas stocks rose as crude pushed higher, with WDS up 3.0% and STO rallying %. Coal stocks were firm, WHC up %, while uranium stocks were whacked again. PDN fell 6.0% and NXG lost 3.2%.In corporate news, KKR joined the consortium bidding for SDF. LNW powered 8.0% higher on a guidance update. CTD remains suspended as it tries to negotiate terms with the UK Government to stave off a liquidation event. GMD and VAU agreed terms for their merger.On the economic front, the ANZ-Roy Morgan Consumer Confidence Index rose slightly. The Westpac-Melbourne Institute Consumer Sentiment Index rose 4.1% to 83.9 in July from 80.6 in June.Asian markets were better, Japan up 0.5%, HK up 0.3% and China up 1.2%, Kospi up 1.2%.US futures slightly positive. Oil up 1.7%.Marcus Today – Daily Market InsightsMarcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.If you'd like to go further:Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcastJoin Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offerMT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcastPrinciples – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast—Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

Australia's electricity networks are entering a new era. As rooftop solar, battery storage and electric vehicles demand reshape the grid, the role of distribution networks is changing from simply delivering electricity to actively enabling a smarter, more resilient and affordable energy system.  For the third episode of our Deep Dive Australia series, Michael sits down with Marc England, CEO of Ausgrid, one of Australia's largest electricity distribution businesses, to explore what that transformation looks like in practice. Ausgrid is responsible for supplying electricity to millions of customers across Sydney, the Central Coast and the Hunter Region in New South Wales. Marc reflects on how networks have to become intelligent, flexible and community-focused while balancing commercial realities with public service. He shares how distribution companies like his are adapting to an increasingly decentralised electricity system, where balancing reliability, affordability and customer expectations has never been more complex. From the growing role of battery storage and managing unpredictable energy flows, to supporting the rapid rise of data centres and preparing for extreme weather events, he explains why networks will play a critical role in delivering a successful net zero future.  Also, Michael travels inside the electricity tunnels beneath Sydney, to see how Ausgrid has built a resilient electricity system for Australia's financial capital. Topics Include: The evolving role of electricity distribution networks Balancing commercial success with community responsibility Battery storage and building a more flexible grid Managing the rise of rooftop solar and distributed energy resources Preparing for growing electricity demand and data centres Building resilience for extreme weather and changing energy patterns Leading innovation through Australia's energy transition Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links: Watch our full Deep Dive Australia Series: https://youtube.com/playlist?list=PLc8cNKXCII70&si=GmXz-zQe3yK42V3o Sign up to our newsletter: cleaninguppod.substack.com Marc England's bio: https://www.linkedin.com/in/marc-england-9147711/ Ausgrid: https://www.ausgrid.com.au/ Transgrid:  https://www.transgrid.com.au/ PLUS ES: https://www.pluses.com.au/ John Pettigrew on Cleaning Up: https://www.youtube.com/watch?v=S7Lg1A958aA Tim Meyerjürgens on Cleaning Up: https://www.youtube.com/watch?v=PQgUuJ-dx78 Acronyms: SES - State Emergency Service CBD - Central Business District DNSP - Distribution Network Service Provider C&I - Commercial & Industrial AEMO - the Australian Energy Market Operator CIS - Capacity Investment Scheme

Kencan Dengan Tuhan - Sabtu, 11 Juli 2026Bacaan: "Janganlah kamu menghakimi, maka kamu pun tidak akan dihakimi. Dan janganlah kamu menghukum, maka kamu pun tidak akan dihukum; ampunilah dan kamu akan diampuni." (Lukas 6:37)Renungan: Pada tahun 1947, Corrie ten Boom baru bebas dari kamp konsentrasi Nazi. Keluarganya dibunuh karena menyembunyikan orang Yahudi. Suatu hari setelah perang, ada seorang pria datang ke KKR yang dia pimpin. Pria itu dulu adalah penjaga kamp tempat adik Corrie meninggal. Dia ulurkan tangan dan berkata: "Bisakah anda mengampuni saya?" Sekujur tubuh Corrie kaku. Ingatan tentang adiknya, tentang kamar gas, semua kembali. Dalam hati dia berteriak: "Tuhan, aku tidak bisa!" Lalu dia berdoa singkat: "Yesus, tolong aku." Dan dengan kekuatan dari Tuhan, dia menjabat tangan pria itu. Air matanya jatuh. Beberapa tahun kemudian Corrie menulis: "Pengampunan adalah tindakan kehendak, bukan perasaan. Begitu kita mau mengampuni, Tuhan yang memberi rasa damainya." Ada tiga perintah yang saling terkait dalam bacaan Injil di atas. Pertama, "Janganlah kamu menghakimi" Berhentilah menjadi hakim atas hidup orang lain. Kita tidak tahu semua cerita di balik kesalahan orang tersebut. Kedua, "Janganlah kamu menghukum". Berhentilah membalas. Jangan memenjarakan orang dengan perkataan dan sikap dingin kita. Ketiga, "Ampunilah dan kamu akan diampuni". Inilah kuncinya. Ukuran pengampunan kita ke orang sama dengan ukuran pengampunan Tuhan ke kita. Yesus tidak berkata "lupakan kejahatan". Dia berkata "ampunilah". Orang yang terus menghakimi dan tidak mengampuni, dia yang paling tersiksa duluan. Corrie bisa menjabat tangan musuhnya bukan karena dia kuat. Tapi karena dia memilih taat dulu pada Tuhan, baru kemudian Tuhan memberinya kekuatan. Hari ini Yesus bertanya ke kita: "Ada nama siapa yang masih kau tahan di hatimu untuk diampuni?" Tuhan Yesus memberkati. Doa:Tuhan Yesus, ampunilah aku karena sering cepat menghakimi dan lambat mengampuni. Hari ini aku mau taat pada firman-Mu. Aku memilih mengampuni (sebutkan nama orang).... Isilah hatiku dengan kasih-Mu supaya aku bisa membebaskan orang lain, dan aku pun dibebaskan. Amin. (Dod).

South and Southeast Asia face a different challenge to many developed economies. As the regions continue to grow, so too does demand for energy, transport and industry. The question is whether that growth can be powered by cleaner technologies from the start. In the second of our episodes recorded from Singapore, Michael meets Marie Cheong, founding partner at 100x100, a climate tech venture builder and VC for South and Southeast Asia. Previously, Marie co-founded WaveMaker Impact, where she helped launch climate startups addressing some of the region's biggest opportunities for decarbonisation. Marie explains why climate innovation in emerging South Asian markets requires a different approach. They discuss investing across the region, growing energy demand, using AI to decarbonise manufacturing, and why there are no "silver bullet" solutions to climate change. Marie also takes Michael to the People Bee Hoon noodle factory, which makes rice vermicelli noodles to see how Desmond Goh, the factory's director is using AI to improve his operations. Michael meets to Desmond and Muun AI founder Kathryn Knight about how better use of data can help cut emissions and waste. And at the end of the episode, a very special announcement… stay tuned. Topics Include Building climate startups across South and Southeast Asia Why climate investing needs more than "silver bullet" technologies The biggest opportunities for climate innovation in emerging Asian markets Solving regional pain points as the key to success Can Southeast Asia grow without burning more coal? Investing in emerging markets and navigating regional diversity How AI can help manufacturers cut emissions, costs and energy use The next generation of climate technology in Asia Leadership Circle Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links Marie Cheong's bio: https://www.linkedin.com/in/marie-cheong-06141b36/ Wavemaker Impact https://wavemakerpartners.com/ 100x100 https://www.100x100.com/ Muun AI https://muun-ai.com/ Watch our previous episode from Singapore, with Ravi Menon: https://www.youtube.com/watch?v=Xvhd34i6YMk Harish Hande on Cleaning Up https://www.youtube.com/watch?v=jUxdaHFJI68 South Asia Includes: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan,and Sri Lanka. South East Asia Includes:  Brunei, Burma (Myanmar), Cambodia, Timor-Leste, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Acronyms FESIA - Future Energy Storage and System Integration Alliance ASEAN - Alliance for Southeast Asian Nations CPTPP -  Comprehensive and Progressive agreement for Trans-Pacific Partnership MT - Megatonne SAF - Sustainable Aviation Fuel SME - Small/Medium-sized Enterprises

GE Vernova pumps $1 billion into LM Wind Power, and KKR buys EDF’s US and Canada renewables arm. Plus CIP sweeps South Korea’s offshore auction and the CME plans wind derivatives across three continents. Sign up now for Uptime Tech News, our weekly newsletter on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard’s StrikeTape Wind Turbine LPS retrofit. Follow the show on YouTube, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary’s “Engineering with Rosie” YouTube channel here. Have a question we can answer on the show? Email us! The Uptime Wind Energy podcast, brought to you by StrikeTape. Protecting thousands of wind turbines from lightning damage worldwide. Visit striketape.com. And now, your hosts. Allen Hall: Welcome to the Uptime Wind Energy podcast. I’m your host, Allen Hall, and I’m here with Matthew Stead and Yolanda Padron. Rosemary is at GWO training this week. And we have an announcement about Wind Energy O&M Australia 2027. Matthew, you wanna give all the details?  Matthew Stead: Drum roll Um, very pleased to announce that WOMA 2027 will be at the East Pullman Hotel in Melbourne’s east, uh, not the other one, and, uh, 3rd to 5th of March. Um, the first two days will be two days of wind O&M, uh, conferences, [00:01:00] uh, and then the Friday will be a half-day, uh, training session. More information to come.  Allen Hall: Well, she’s not here, so we can probably just announce it, that Rosemary will be giving a terrific four-hour-long seminar on blades and blade repair, so you sign up now. Matthew, where do you go if you wanna just check out what’s happening at WOMA  Matthew Stead: 2027? Uh, well, actually, it’s woma2027.com.  Allen Hall: Uh, over at GE Vernova and LM Wind Power, there’s been a whole bunch of turmoil over the last couple of years if you haven’t been paying attention. Well, GE Vernova just injected about a billion dollars into that company. So although LM recently has shown very little in terms of revenue, it definitely had needed some capital injection in, uh, at least according to the Danish press, the number of employees at the Danish site is about 20 to 30. So it’s really a fraction of what it once was. But [00:02:00] it does seem like GE is paying off all its existing debt and then giving it a little bit of a cash infusion to keep it rolling. The question really is, is what is GE Vernova gonna do with that business now? Are they planning on keeping it? Are they trying to get s- to get it back to health where they can service the other, uh, OEMs that they manufacture blades for? Or is there a larger action that will happen in the near future? What do we think?  Matthew Stead: Yeah, I’m really confused by this one. I mean, a cash injection just so that you’re not bankrupt on paper is, um, that’s just playing with money as far as I’m concerned. Or I’m not sure if it’s a US term, but, you know, shuffling deckchairs on the Titanic. It doesn’t– Does it change anything? Allen Hall: Well, uh, th- they made no announcements about closing facilities. The LM blade facility in North Dakota still appears to be making blades. There’s the TPI factories, which are going through a transition r- right now, appear to be making GE [00:03:00] blades. I, I assume Gaspé up in Canada is still making blades, at least that’s the story. If GE’s gonna rely upon LM to make blades, they’re gonna need to keep them open. Is, is this more of just keeping the factories open with a skeleton engineering crew and possibly moving the blade design group into the States? Is that– Or India or, or somewhere?  Yolanda Padron: And they’re still selling, right? They’re still selling blades. It seems like they’re still planning on manufacturing blades. Do we think that maybe- They’re just trying to avoid that whole TPI bankruptcy deal to not have to kind of scrap for parts?  Allen Hall: Yeah, it’s a great question. I think TPI has been producing parts at high quantity, and some of the Things I’ve heard from the industry folk is that TPI is really busy in producing quality blades, and it’s like the bankruptcy transaction is not happening, which is great to hear because the [00:04:00]industry needs blades, and there’s a lot of repowering going on in the United States and a lot of activity in general, so they need blades. But does LM continue to be a part of that?  Matthew Stead: Yeah, I mean, presumably the TPI, um, whole story only makes LM more important, you know, more important to have, uh, an additional manufacturer and, you know, providing, you know, options for the OEMs.  Allen Hall: It does seem like, though, the GE offshore, GE Vernova offshore is not a thing. Although I’ve heard a couple of rumors that, yeah, GE Vernova is offering some products for offshore, it doesn’t seem like their heart is in it. I can see that happening. So are they just trying to focus on onshore business, and that’s it for the time being? Just let it play out and, uh, wait until the elections in 2028? I know that’s gonna get me blocked on YouTube, but that, that does feel like what’s happening at the moment.  Matthew Stead: Yeah, I reckon it looks completely like that.  Yolanda Padron: I mean, it also looks like they’re [00:05:00] just kind of trying to play everything a little bit more safe, right? So they are scaling up, but not as fast as they used to, so scaling the blade sizes. And then they’re– it seems like they’re, they’re having their FSAs cut quite a bit shorter than they used to, right? So are they maybe just trying to focus on, like, cash up front and just trying to play it safe until they can get their, their footing right again?  Allen Hall: Or is it focus on key customers? I could see GE Vernova actually doing that, that they have a history with certain operators worldwide, and they’re just gonna focus on producing and delivering for those customers. Because you don’t see a lot of announced orders for GE turbines. Vestas is announcing things practically every week. Nordex is doing something similar. Siemens once in a while. But what you really don’t hear anything from in any quantity at [00:06:00] all at the moment is from GE Vernova. When a company needs cash badly enough, even the crown jewels go on the block. And EDF, the French state-owned utility, has to fund the upkeep of 57 aging nuclear reactors and build six new ones, so it is selling. EDF has agreed to hand its US and Canada renewables business, EDF Power Solutions, to the private equity firm KKR. The business runs 5.6 gigawatts of renewable assets across the two countries. Late last year, EDF’s chief executive floated selling anywhere from half to all of the unit in a deal that could be, well, it’s reported to be about $4.2 billion. That’s the latest news I’ve heard. This is a big transaction. KKR is Canadian, right? And is a massive investment firm Uh, which I, I don’t think have a lot of wind at the moment. Uh, what is the [00:07:00] KKR play here?  Matthew Stead: I, I love this because this is, uh… So obviously I’m Australian, and Macquarie is a big Australian. So, um, Macquarie own a whole lot of wind farm, a whole lot of wind infrastructure. So I just see this as a wonderful g- you know, fight between KKR and Macquarie. And so KKR has a whole lot of, um, they o- they’ve got some, you know, stake in Australian wind farms. They’ve got some work, you know, through Europe with wind farms. So I, I, I think this is a good thing, just a bit more global competition and a bit more global growth. And I think it’s all coming from the data centers and, you know, the future increase in growth of, um, demand.  Allen Hall: Yolanda, EDF’s wind fleet is a variety of turbines, right? They have some GE, some Siemens. Anything else in their portfolio?  Yolanda Padron: I think they have a bit of Vestas there too, right? Is it something that we were saying? It’s– I think this is really interesting. Um, I know that there’s not– I mean, of course EDF is the latest, but there’s some [00:08:00] operators that seem to be, um, consolidating into a bit more of those just higher private equity firms, and it’s– Do we think that maybe this is the way that the US is going to lean towards? I know we talked a lot about leaning towards funding the data centers and maybe a bit more the behind the meter things. Uh, but do we think that maybe that’s the future of the US? There’s a couple of companies that kind of just own all the major infrastructures and then- A  Allen Hall: couple Canadian companies.  Yolanda Padron: And what does it mean for, like, asset management and stuff, like, that’s really, really different from what they’re seeing in their desks in New York and stuff, and just the larger financial models versus what’s happening on the ground, and how will they connect everything? Allen Hall: It’s a great question.  Matthew Stead: NextEra and Dominion, you know, things are only getting bigger. Scale’s, scale’s coming.  Allen Hall: Yeah. I wonder how much, uh, this transaction will have to go through regulators in the US, uh, because it scares me when you have a, a– such a [00:09:00] large foreign national company. There’s actually two involved in here, right? So you, you have a, a French company and a Canadian company trying to transact on, in the United States on a lot of assets. Uh, it probably won’t be that quick if there’s any oversight at all. I, I’m guessing that we’ll hear noise about it. So we’re, we’ll have to keep listening to all the news sources about it and, and telling our valued listeners what’s going on. Because there’s, uh, we know a whole bunch of people that work at EDF and like, love those people and are really concerned about what the future holds for them. I, at least it sounds like upfront that KKR is just gonna continue with operations, but I know, uh, uh, it’s a turbulent time, and if you work there, you, you hopefully things continue the way they’re, they’re supposed to because One of the things about EDF historically has been is that they’re really talented people, that they have hired well over time and that they know what they’re doing. And every time we, Weather Guard and [00:10:00] Yolanda and I’m sure Matthew have dealt with EDF quite a bit They are on top of what they’re operating. They know how their assets work, and they know how to manage them, and so you’d hate to lose those people in a transaction like this. It would decrease the value of the assets, I would say. Very interesting transaction.  Matthew Stead: Yeah. But, I mean, what if the counter, what if, um, this is all part of a, a growth strategy? You know, a growth strategy with wind, solar, and battery, you know, providing more power. So it might actually be an opportunity. So, you know, opportunity to do more and some more exciting work across all three disciplines. Allen Hall: Definitely so. Uh, but it’s a little early. The ink hasn’t dried yet on the contract. So while offshore market pulls back in general, in a lot of places like the United States, another one is racing ahead. In, in South Korea’s latest offshore wind auction, one name walked away with the lion’s share, Copenhagen Infrastructure Partners, CIP. The Danish fund [00:11:00] secured more than one gigawatt of the 1.8 gigawatts on offer, including the single largest project and the only floating wind winner. And the appetite was record-breaking. They had a whole bunch of developers trying to bid on this. You had about 3.7 gigawatts being bid in, more than twice of the capacity available. So for a country that only began competitive offshore bidding in 2022, that’s a few short years ago, that market is coming of age. This is a huge announcement by CIP, right? That, uh, they have bid into the system. They’re, they’re winning, and they’re bringing Siemens Gamesa to the table, which we haven’t heard a lot of Siemens Gamesa’s turbines being selected, but this is a massive order and really gonna help secure at least some portion of, of the Siemens Gamesa business. Matthew, you’re closer to it. In, in South Korea, are you seeing the South Korean industry being built within [00:12:00] the country, or are you seeing, uh, partnerships with surrounding countries like Japan? ‘Cause it doesn’t seem like when– and I’ve looked at some of the South Korea, uh, efforts. It does seem like they’re trying to stand up their own offshore built-in country plan. Is, is that the goal? You think Siemens is gonna end up building a, a factory in, in South Korea for some of these projects?  Matthew Stead: Maybe a couple of things. First of all, I have to apologize. I think, uh, we were talking the other week, and I, I, I sort of implied that floating offshore wind was dead, and I think we copped a bit of flack from that. But, uh, anyway, wrong, wrong on, uh,  Allen Hall: floating offshore is dead.  Matthew Stead: Um, but um, you know, I’ve had a fair bit of interaction with, uh, South Korean, um, you know, Philippines, Japan, obviously. I think they’re all trying to get their industries up, but I, I don’t think they’ve got the scale So, you know, I think they, they really need like the Siemens Gamesas, the Vestas’s, um, to come in and, and partner with them. I just don’t think they’ve got the scale, you know, the, the [00:13:00] installed fleet, the industry to really promote it. And, you know, to get the economies of scale, they’re gonna have to pull in the big existing incumbents. So, you know, good on CIP for, for pulling this off.  Allen Hall: In terms of South Korea industry, I think steel is one of their strongest, uh, industries at the moment, and obviously shipbuilding. Those are the, that go hand in hand, so to speak. There’s a lot of steel in wind turbines, and particularly in floating offshore wind turbines. It would seem ripe for South Korea to get into that marketplace.  Matthew Stead: I’m not sure the intellectual property is in steel tubes. Um, I, I guess what I’m trying to say is the intellectual property is in the turbine nacelle and the blades and, um, you know, I, you know, correct what I said that, you know, obviously the steel and the steel manufacturing in South Korea is, is pretty amazing. Um, but yeah, they’re clarifying what I said before.  Allen Hall: So is this gonna turn into the leading floating project in the world? You know, Greenvolt’s gonna happen in the [00:14:00] UK. There’s some talk of things up in Scandinavia. But in terms of speed, will this be one of the leading candidates in t- in getting things in the water just because of the capability of South Korea to, to build at scale? I  Matthew Stead: think it’s really exciting. Yeah, I, I’m, I’m gonna watch very closely.  Allen Hall: I think this is gonna be amazing. I really do.  Yolanda Padron: I was gonna say, could you imagine, like, a, a turbine and a blade where everything is just perfectly manufactured or close to perfectly manufactured? I g- I went to one farm last week, and there were… I mean, it was in the States, and there were so many patches on new blades. I was just talking to the people in operations like, “What’s, what’s going on here?” You know? Uh, so it’s just really… I don’t know. This is exciting.  Matthew Stead: Do you think, um, they’ll build a blade factory, Yolanda? Do you think they’ll actually take on the blades? Yolanda Padron: I don’t know. Uh, I, I mean, it’d, it’d be great for them, I think, right? It’s a new area of business that they’re diving [00:15:00] into.  Allen Hall: If they don’t have to build the building at the port, I think Siemens would be willing to erect something near the shoreline. And in Korea, there’s a lot of major industry right on the shoreline. It would be relatively easy, I think. You know, ev- it sounds easy now because you’re not actually doing it. But in terms of, you know, building a blade factory on the coastline of United States versus doing it in South Korea, South Korea’s gonna be way easier to do that and at scale quickly. That, that one seems like a win-win. I d- if there’s any place on the planet that could do it quick besides the UK or, you know, Denmark, someone like Netherlands, someplace like that, Germany, it’s gonna be South Korea.  Matthew Stead: Maybe that’s a bet, you know. So prove me wrong again. My money at the moment is that Nacelles blades won’t be coming from South Korea. Allen Hall: Well, if they don’t come from South Korea, they’re gonna be on a South Korea-built ship. We’ll be bringing th- those [00:16:00] blades in country. That’s what will happen. So wind is getting its own set of financial instruments, which sounds weird, right? Wind is wind. It’s in a very legacy style industry. The Chicago Mercantile Exchange is planning to launch wind derivatives across three continents, which are contracts that are tied to the grid in Texas, the markets in the UK and Germany, and just the Victoria state in Australia. So today, most weather hedging happens through one-off over-the-counter deals that are sort of hard to trade and thin on liquidity, so it’s not a commodity you can pass around. A standardized exchange-listed contract changes all that. A utility or a wind farm owner could lock in a hedge in about 15 minutes. The contracts would settle against independent data that models how much power the wind should have produced in a given place, likely supplied by [00:17:00] the Finnish firm, drum roll, Vaisala. Plans are not final, but they could go live within months. So they’re hedging on the wind. Does this sound like a smart move, or w- what are some of the consequences of this? Matthew Stead: I think it goes back to that volatility. W- when there’s volatility, people can make money. Um, you know, and a side note, that’s where, that’s where offshore wind comes in because it’s much more predictable. Um, you don’t get the same lulls with offshore wind. Yeah. So I, I, I love all these, these creative ways of, um, generating, generating demand, financial demand. Allen Hall: It can be played though, right? I mean, that’s one of the things about wind, ’cause each turbine is its own separate little power plant that all connect to a substation, so if you have bought a hedge and the substation goes kaput for 24 hours, you could lose your shirt. It does seem kind of risky, depending on what the scale is here. If you’re doing all of Texas or all of [00:18:00] Victoria, maybe that makes a little more sense, but yikes. That’s gonna be a rough market.  Yolanda Padron: Yeah, the market’s already open, right? Like, you can bid day ahead, um, instead of just real-time prices. But so this, this would be really interesting for owners, right? To be able to track that a lot better than just that gut feeling, which obviously I know people working in trading aren’t just going off of their gut feeling. I know it’s a very, very intense thing. Nobody go against me, please. This is very intense, and it’s better– They do a better job than I could ever do. They do great, 10 out of 10. But this– I think this is really interesting for those of us especially who maybe aren’t super in tune with what, uh, all goes into it. So being able to have something that helps you plan it a bit more for, you know, people like you mentioned earlier, the people that have their home batteries in Australia and are just working on the market itself and maybe [00:19:00] not– don’t have those 10, 20 years of experience of, of actually working on the market. So this is, this is exciting.  Allen Hall: Does that explain all the weather sources and the weather companies when we go to a wind, a larger wind or solar event that there does seem to be a lot of people offering weather insights? Is that what that’s about, is they can hedge? If you have a slightly better weather model, that would give you an advantage in this kind, kind– really kind of market? Is that the, the goal of all those weather firms?  Matthew Stead: Uh, absolutely. And, you know, we’re, we’re part of that because, um, ice, ice, um, you know, reduces power output, and ice forecasting and weather forecasting is, uh, really important in, you know, the Nordics, where you don’t want to be promising certain power and find you can’t deliver ’cause everything’s iced up. So, you know, we, we do work with forecasting companies to improve the, [00:20:00] uh, the quality, and it does have a mer-material difference on, on the financial markets.  Allen Hall: So is that something that we can all get paid for? by these weather companies and these, uh, forecast companies if we provide insights on lightning, so to speak, and icing, uh, is that a revenue chain for at least one of us? Matthew Stead: Absolutely.  Allen Hall: Maybe I like this more and more. I was, I was very hesitant of this exchange, thinking like, “Oh man, not a, not another highly leveraged situation with energy. That doesn’t sound smart.” But, yeah, if we can make a small fortune, Matthew, I think we should do it.  Matthew Stead: Fun fact, there was a flight from, um, yeah, from London to Australia the other week, um, and it’s a direct flight, you know, so 17 hours, and, uh, there was a change in the weather. So there was a change in the weather, and that aircraft didn’t have enough fuel to fly to Perth anymore, so it had to land in the outback of Australia.  Allen Hall: No. Did that happen?  Matthew Stead: Yep, because there was a [00:21:00] change in the weather.  Allen Hall: Are there just, like, kangaroos lined up in a runway shape to get the airplane on the ground? Or how do they– Is there a runway out in the outback that would accommodate a large… That’s a large airplane that’s making a London to Australia trip. Triple 7380? It  Matthew Stead: was a Dreamliner. Um, but, um, it, yeah, it landed in Kalgoorlie. So Kalgoorlie’s a mining town. Yeah, they’ve got, they’ve got big stuff in Kalgoorlie. Allen Hall: In this quarter’s PES Wind magazine, in which there is a whole bunch of great articles, a interesting article about grease. Grease not the country, although I would love to go visit Greece. Grease the lubricant that’s in all our bearings and keeps the world moving at any one particular time. Uh, Sh-Shell was talking about doing a lot of research on grease, and when poor lubrication, uh, happens, it’s one of the leading causes of bearing failure. And so when you see a bearing all tore up, usually the first indication is, is there’s something wrong with the grease. Uh, [00:22:00] so Sh-Shell and bearing maker SKF and the University of, uh, Twente joined forces to answer a deceptively simple question: How do you predict when grease inside a bearing will let go? Well, their answer comes down to film thickness. The microscopic layers of grease that keeps the steel from grinding on each other is the magic variable. The work won a major tribology award and is already feeding into, uh, some of the tools that operators use to schedule relubrication before a bearing fails. And It all comes down to lubrication. That’s the lifetime of a wind turbine. There’s so many pieces that are rotating and are heavily loaded with really complicated bearing surfaces. If you don’t have the grease right, it’s just not gonna work. And what’s happening at Shell is one of those pieces, and we’re [00:23:00] learning so much more. And as we, uh, evolve in the technology and become smarter about the molecules we use and how we use them, uh, this is gonna have a big impact. And I know, Yolanda, you’ve been up to– Well, you’ve been to a couple of wind farms recently. Do you s- see– still see huge grease problems that I usually see when I’m on site? Matthew Stead: Mm-hmm.  Yolanda Padron: I didn’t think that was an issue that was gonna go away anytime soon. But it’s good to know that, that there’s something being done about it that’s more revolutionary than just paying someone to clean the turbine every once in a while.  Allen Hall: And the contaminants that get into the greases are a huge problem, particularly where there’s any sort of sand, dust that climbs in. So keeping those joints clear and those rolling surfaces clear is a major effort. And knowing when to relubricate. And, and Matthew, you guys see pitch bearings and all kinds of problems up on blades that are lubricated that have run out of their lifetime early. It does seem like the first thing you see on particularly pitch bearings [00:24:00] is grease on the side of the turbine from them. Matthew Stead: Yeah. I think that’s– uh, there’s even a special code that the, the visual drone inspection companies have. They’ve got codes for, um, grease and so, yeah, exactly, that’s an early flag. But also dust. You know, sometimes dust from the inserts and from the bolts. Yeah. So it’s, yeah, interesting topic.  Allen Hall: Well, I, I think it’s one of the key pieces to keeping the turbines running. And I know if you travel a lot around wind turbines, the, the grease is the thing that the technicians always talk about, and there’s so many different tools to go out and look at these things. But lubrication, we gotta get to it. And, and Shell, and SKF, and a number of others are, are working at it to make, hopefully, our lives a little bit easier. So if you wanna go check out this article by Shell, go visit peswind.com and download a copy today. That wraps up another episode of the Uptime Wind Energy podcast. If today’s discussion sparked any questions or ideas, we’d love to hear from you. Reach out to us on [00:25:00] LinkedIn, and don’t forget to subscribe so you never miss an episode. So for Yolanda, and Matthew, and an absent Rosie, I’m Allen Hall, and we’ll see you here next week on the Uptime Wind Energy podcast.

Australia is navigating an extraordinarily complex energy transition. It is both a major exporter of fossil fuels and a global leader in rooftop solar, while recent disruption to fuel supplies has reinforced the importance of energy security alongside decarbonisation. As the country prepares to co-host COP31 alongside Türkiye, the choices it makes will have implications well beyond its borders. This week on Cleaning Up, Michael Liebreich sits down with Chris Bowen, Australia's Minister for Climate Change and Energy. Chris explains how Australia responded to the recent fuel crisis, why he believes the road to net-zero starts with households, and how the government is balancing affordability, reliability and emissions reduction. Chris and Michael explore Australia's rapid growth in rooftop solar and home batteries, why electric vehicles have been slower to take off, the challenges of expanding the electricity grid, and what Australia's joint leadership of COP31 means for its role on the global stage. Throughout, Chris explains how he sees the challenge of making the energy transition practical, affordable and politically achievable. Topics include: How Australia avoided fuel shortages during the global energy crisis Why Minister Bowen believes the path to net zero starts with households How to make rooftop solar and home batteries work at scale The challenge of electrifying transport in Australia Building the grid needed for a renewable energy future Balancing climate ambition with political and community support What Australia's energy transition can teach the rest of the world Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links: Chris Bowen's bio: https://minister.dcceew.gov.au/bowen/biography Fatih Birol on Cleaning Up: https://www.youtube.com/watch?v=hmHIrtBZIAg Bill McKibben on Cleaning Up: https://www.youtube.com/watch?v=7W9uR6eTe94 Acronyms: IPCC - The Intergovernmental Panel on Climate Change UNFCCC - United Nations Framework Convention on Climate Change SRES - Small Scale Renewable Energy Scheme DNSP - Distribution Network Service Provide AER - Australian Energy Regulator DMO - Default Market Offer CIS - Capacity Investment Scheme EMO - Energy Market Operator ISP - Integrated Systems Plan

A Special Industry Update, With Jason Diamond and Mindy Diamond Jason and Mindy Diamond revisit how advisor due diligence is evolving—from AI and enterprise value to firm stability, ownership, and optionality—and why those questions matter more than ever. In Summary Due diligence has always been about finding the right fit. But what advisors are evaluating has expanded considerably. In this replay of an Industry Update, Jason Diamond and Mindy Diamond revisit The Advisor Transition Playbook to explore how advisor priorities continue to evolve. Beyond the traditional reasons advisors consider change, they discuss newer factors shaping decisions today—from artificial intelligence and enterprise value to ownership structure, firm stability, and long-term optionality. The conversation reinforces that while every advisor's motivations are personal, the evaluation process has become far more strategic. Today's advisors aren't simply comparing recruiting deals or platforms. They're considering how today's decisions may influence the value, flexibility, and future of the businesses they're building. The Storyline For years, advisor movement was largely driven by familiar themes: bureaucracy, management changes, technology frustrations, and the desire for greater independence. Those factors remain important. But the conversations Diamond Consultants has with advisors today increasingly include questions that rarely surfaced just a few years ago. How should AI factor into firm selection? What is the long-term value of building enterprise value instead of simply maximizing a recruiting package? How important is a firm's ownership structure? And how should advisors think about stability in a marketplace where acquisitions, recapitalizations, and private equity investment have become commonplace? Jason and Mindy revisit the transition framework introduced in Part 1, focusing less on the mechanics of making a move and more on the evolving criteria advisors are using to evaluate their options. The result is a broader discussion about due diligence—not simply as a transition exercise, but as an ongoing strategic process for advisors seeking to build their best business life. Topics Covered Advisor due diligence Traditional vs. emerging drivers of advisor movement Artificial intelligence in wealth management Enterprise value and advisor ownership Recruiting deals versus long-term economics Reverse due diligence Firm ownership and stability Private equity in wealth management Advisor optionality Building a long-term advisory business Blubrry Player > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why are the traditional drivers of advisor movement still relevant? (4:00) Jason and Mindy revisit the longstanding push-and-pull factors that continue to influence advisor decisions, from bureaucracy and management frustrations to the desire for greater ownership and control. How has AI become part of the due diligence process? (13:50) The discussion explores why advisors increasingly expect firms to demonstrate a clear AI strategy—and why investment, integration, and vision may become meaningful competitive advantages. Why should advisors care about enterprise value, even if they don't technically own their business? (24:30) Jason and Mindy explain why more advisors are evaluating decisions through the lens of long-term business value rather than solely short-term economics. What does reverse due diligence really involve? (37:15) The conversation highlights why advisors should evaluate prospective firms with the same rigor firms use when evaluating advisors. How does firm ownership affect advisor optionality? (38:00) Private equity, acquisitions, and changing ownership structures have made it increasingly important to understand what happens if a firm's strategy changes after an advisor joins. Why has due diligence become more strategic than ever? (45:30) The episode concludes with a broader discussion about defining one's “best business life” and making decisions that align with long-term goals rather than reacting to short-term frustrations. Key Takeaways The reasons advisors evaluate change have expanded well beyond traditional frustrations such as bureaucracy and compensation. AI has become an increasingly important component of firm evaluation, not because it replaces advisors, but because it can enhance productivity and client service. Enterprise value is becoming a consideration even for advisors who currently work within employee models. Reverse due diligence is just as important as a firm's evaluation of an advisor, particularly when assessing ownership structure, capitalization, and long-term stability. The most effective transition decisions balance immediate economics with long-term flexibility, ownership, and optionality. Every advisor's definition of success is different, making clarity around personal goals the foundation of any due diligence process. https://youtu.be/WZbUZJZK1yc Quotable Moments “Every advisor deserves to live their best business life.” “Just because you're frustrated doesn't mean you should move. You need something worth moving toward.” “The question isn't simply what you're paid today. It's what you're building over time.” “Knowledge is power. Understanding what your business is worth should be part of every advisor's decision-making process.” FAQs Why are more advisors expanding their due diligence beyond compensation? While transition economics remain important, advisors are increasingly evaluating technology, AI capabilities, enterprise value, ownership opportunities, and long-term flexibility as part of the decision-making process. How should advisors evaluate a firm's AI strategy? Rather than looking for finished products, advisors should assess whether a firm has a clear vision, meaningful investment, and an integrated approach to using AI to improve advisor productivity and client experience. What is reverse due diligence? Reverse due diligence is the process of evaluating a prospective firm as thoroughly as the firm evaluates the advisor. It includes understanding ownership structure, financial stability, culture, technology, leadership, and long-term strategy. Why does enterprise value matter for employee advisors? Even advisors who do not currently own their businesses may benefit from understanding how different business models create opportunities for ownership, long-term value creation, and future monetization. How has private equity changed advisor due diligence? Private equity has introduced new opportunities for growth and capital, but it has also made it more important for advisors to understand ownership structures, investment horizons, and what future transactions could mean for their business. What does Diamond Consultants mean by an advisor's “best business life”? It refers to aligning an advisor's business model, goals, client experience, compensation, flexibility, and long-term vision in a way that best supports both the advisor and the clients they serve. While transition economics remain important, advisors are increasingly evaluating technology, AI capabilities, enterprise value, ownership opportunities, and long-term flexibility as part of the decision-making process. Rather than looking for finished products, advisors should assess whether a firm has a clear vision, meaningful investment, and an integrated approach to using AI to improve advisor productivity and client experience. Reverse due diligence is the process of evaluating a prospective firm as thoroughly as the firm evaluates the advisor. It includes understanding ownership structure, financial stability, culture, technology, leadership, and long-term strategy. Even advisors who do not currently own their businesses may benefit from understanding how different business models create opportunities for ownership, long-term value creation, and future monetization. Private equity has introduced new opportunities for growth and capital, but it has also made it more important for advisors to understand ownership structures, investment horizons, and what future transactions could mean for their business. It refers to aligning an advisor's business model, goals, client experience, compensation, flexibility, and long-term vision in a way that best supports both the advisor and the clients they serve. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. Related Resources The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 1 Annual Advisor Transition Report Top 10 Tips for a Strategic Due Diligence Process Should I Stay or Should I Go? View the transcript of this episode… The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 2 A Special Industry Update with Jason Diamond and Mindy Diamond. Jason Diamond: Welcome to a replay of one of the most popular episodes from our podcast series for financial advisors, The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between. It's Part 2 of a 2-Part Industry Update with Mindy Diamond. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner, well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our Annual Advisor Transition Report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Jason Diamond: There’s been a noticeable shift in how advisors are approaching decisions about their business, not necessarily in whether they’re exploring change, but in what they’re focused on when they do. Mindy is back with me for a continuation of our earlier conversation on the Advisor Transition Playbook. Last time, we spent time on the mechanics, how due diligence works, what a move actually entails, and how to think through the process. What’s become more apparent since then is that the inputs into that process are evolving. The traditional drivers are still there, but layered on top are a set of considerations that didn’t carry the same weight before. AI is one of them, and not just as a tool, but as a differentiator that advisors are starting to diligence more seriously. Enterprise value is another. Showing up in conversations, even for advisors who don’t technically own their business, but are thinking more critically about what they’re building over time. And then there are questions around stability, ownership, and flexibility. What happens to the firm itself and whether advisors retain the ability to adapt again if circumstances change. None of this is theoretical. It’s showing up in real time conversations. What we want to do here is unpack those new triggers of advisor movement and what they suggest about how decisions are being made today. So let’s get to it. Mindy, the legend, thank you for joining me. So glad to have you on. Mindy Diamond: Thank you. I’m so happy to be here. Jason Diamond: Great. Let’s dive right in. I’ll set the stage really quickly one more time. When we spoke about this topic last, we talked about the drivers of movement, what we’ll call in this conversation as the old or the legacy drivers of movement, and we spoke about the mechanics of the move. Before we get into the new drivers of movement, which I want to be the meat of the conversation, remind us, when we talk about the legacy drivers of movement …. And by the way, by saying legacy, I by no means want to suggest that they’re not valid today, because they’re equally valid, if not more so today than they were then. But when you think of the classic drivers of movement in our industry, what are they? Mindy Diamond: Yeah. So I would say, first of all, let’s start by saying that for every advisor, they’ve got a unique set of needs. So the first thing to say is that while you and I can talk about the categories of frustrations or things that might bother an advisor, they show up differently in each advisor’s life. So it’s important to note that everyone is unique. But generally speaking, if I had to package them, I’d say it’s number one that shows up most of the time is too much bureaucracy. A feeling that a firm or a model is just too hypervigilant in terms of compliance and it’s too bureaucratic and too hard to get things done. Number two would be some sort of change in or frustration with management. Something is going on that the person or persons that are responsible for managing the business are just not … They’re not the wind at their back. They’re obstreperous. They’re causing difficulty and frustration. And probably the third one would be less about a pain point and more about the desire to be something that they couldn’t where they were. The notion that they want to be more independent, they want to be a business owner and they just can’t do that. That doesn’t exist within the model where they work. Those probably have been the three ones top of mind, but I bet you’ll have some … You’ll add to that. Jason Diamond: I’ll add a couple. But before I do, I’ve heard you talk about this topic, maybe said another way as pushes and pulls. Can you explain what you mean by that? Mindy Diamond: Yeah. So I think that we think about the pushes, the frustrations, the things pushing somebody out the door, the factors that make it less easy or less fluid to do business. And there’s almost always pushes that exist when somebody comes to us, where they’re frustrated to some degree or another about certain things. But we tell people all the time that just to be frustrated should never be enough, because if all you’re doing is running from one set of problems, you’re very likely to run into maybe a different set, but still problems elsewhere. So a move needs to be driven in equal part, if not more, by pulls. Being pulled toward an opportunity that can be needle moving enough or better enough than where you are now. Pushes and pull. Jason Diamond: I love it. So let me ask you a little bit of a pointed question. Is a recruiting deal a valid pull factor? Mindy Diamond: So look, it’s different for every person. We’ve had advisors come and say, “I just went through a divorce and the most important thing to me is to recapitalize. And so a recruiting deal is really important.” And while I would never be one to say that’s not valid, it can be … And by the way, any advisor should want to and expect to better their financial situation. There should be economic gain. But it shouldn’t be the only or the primary reason for the move. So you want to monetize. The notion of wanting to monetize in the short term should be a factor in what model you pick, but it shouldn’t be the primary driver for a move. Jason Diamond: I agree with that wholeheartedly. I was going to say something I think maybe would’ve surprised you a little, which is like, yeah, I think recruiting deal is a very valid pull factor because what we’re saying is, it shouldn’t be the only pull factor. And sometimes it is and it makes us a little bit sad, I think, when that’s the case. But all of these factors you mentioned, and the ones I would add, I think that maybe technology would be another kind of factor that drives movement, all of these factors are not one specific reason. If you did the exit interview, either actually conducted the exit interview with advisors or thought exercise exit interview, I think they would point to a confluence of all of these factors. Compliance was a headache. I wanted to launch a podcast. I wanted to be able to send a timely communication to my clients. We used to hear that one during COVID a lot, right? By the time compliance approved something to send to clients, it was already stale. So do you agree with that, that it’s generally a confluence or a combination of these? Or in your experience, is it advisors are like, “No, compliance or the tech is so bad, I’m out”? Mindy Diamond: Yeah. So most often there’s a straw that breaks the camel’s back incident or thing where they’re willing to put up with a series of minor paper cuts, if you will. And then almost always there’s something that happens. You and I got a call the other day from a team that said that they had split from their partner and the management of the firm was favoring the ex-partner, making it harder for them to stay or making it less fun or feel good for them to stay. So while they gave me a laundry list of things that were imperfect, I don’t know that any one of the things that were imperfect up until then would’ve been enough to drive them out. But when that one thing, that feeling that they were a second class citizen came up, that was the straw that breaks the camel’s back and went from a minorly frustrated to, “I’m out of here.” Jason Diamond: Yeah. And there’s probably a hundred examples you could walk us through. And I wanted to just highlight too, this concept is not limited to the wirehouse or employee or captive firm world, this is equally relevant for independent advisors. Granted, some of the pushes and pull factors, some of the triggers are not necessarily the same, but the idea that advisors outgrow a broker dealer or an RIA or either need or want or desire in some way, shape or form, greater autonomy, flexibility, freedom, control is certainly not limited to the employee space. I just wanted to make that point. Mindy Diamond: And I think that’s absolutely right. I think the notion of that frustrations or limitations or bureaucracy only existed if you were a W2 employee at a bulge bracket firm. That went out the window. As the industry landscape has expanded and there’s more and more valid ways to be a financial advisor, there’s more and more ways for a firm or a model or an infrastructure to frustrate an advisor. And that’s not being overly negative. It’s just to say there is no perfection anywhere. Jason Diamond: Yeah, 100%. And by the way, to play a little bit of devil’s advocate on that, and then we’ll move on, I would just say there are pain points that might come from a firm being small and subscale as well. My firm doesn’t have efficient technology. They don’t invest enough in the business. They don’t provide a lead mechanism. They don’t have a robust banking and lending or investment solutions platform. So this stuff cuts both ways. An advisor can be frustrated or limited and an advisor can be excited. Pushes and pulls I think touch on, we’ve heard from advisors in every single pocket of the market, this is a relevant concept. Mindy Diamond: The theme of this is that every advisor deserves to live their best business life. That’s what people are in search of when they reach out to us or when they engage with us. What they’re looking for more than anything, and this is irrespective of where they work or how long they’ve worked or how much they manage, every advisor is in search of their best business life. And what defines their best business life is having the best quality of work life, but also the best ability to do what they want to do with their business, to serve their clients without limitations, to grow the way they want, to be paid a fair wage, and ultimately set up to maximize the value of the business they’ve built. Those are the definitions of one’s best business life. Jason Diamond: I used an even simpler definition of best business life and I stole it from you, which is the true north concept, which is if your true north is maximizing enterprise value and chasing the dollar and trying to build something that’s scalable and saleable, then great. If your true north is to build a lifestyle practice, there’s plenty of advisors who are successful and happy and content in that regard as well. And I think that’s what we’re talking about, is finding your true north and then it’s possible. I mean, that’s the beauty of the landscape. We’re talking about this, a lot of this is pain points or things that advisors experience. The exciting part of this is there’s never been a better time to be an advisor because of the breadth of choice they have and the ecosystem that’s been born to support advisors, to your point, across the spectrum. Mindy Diamond: Yeah. And it’s also, I think, worth saying that it starts with really good crystal clear clarity around not only what’s frustrating you, but what you want ideal to look like. Because I can’t tell you, or I can tell you because … I can’t tell our listeners, I can’t stress enough how often we get calls from advisors that tell us where they think they want to be or tell us they want to move. They have clarity about what’s frustrating them or what they want to change, but they don’t really have clarity about what they want it to look like. And the less clarity you have, the less likely you are to be successful in finding the exact right solution. So our work, the thing we probably do best is really work with advisors to help them. It doesn’t take long. In an hour conversation, we can help them to really get crystal clear on what they’re looking to solve for. Jason Diamond: Absolutely. All right. Great appetizer. We set the table. Let’s dive into the main course now. I want to talk now about what I’m calling the 2.0 triggers or the new triggers of movement. And to be clear, it’s not that these are more important or better or more significant drivers of movement. In fact, you could argue they’re probably at present less significant than the ones we just listed. But I think what we’re saying is these are triggers that are starting to come up more and more in conversations and we expect them to only proliferate further. And in that regard, they’re noteworthy and important for advisors because advisors should be reconciling not just what are the things I need to be worrying about today, but also what are the things I need to be potentially worrying about five years from now. So with that in mind, let’s dive in. I think the first one we have to start with is AI. And I always chuckle a tiny bit when we mention AI, we used to have to specify what are we talking about. Are we talking about artificial intelligence or alternative investments? And now it’s very clear. Everybody knows we’re talking about artificial intelligence. So the direction of the industry, no over-dramatization to say is at stake here. It’s that important of a topic. Let me ask you just very simply first, is this coming up in conversations with advisors? Mindy Diamond: Oh, all the time, but it’s almost table stakes. So I think the way it comes up is that people assume, advisors assume, and by the way, have the right to assume that AI is part of the tech stack. The notion that if I’m evaluating a firm and part of what frustrates me or part of what’s really important to me is cutting edge, really robust technology, part of what I am expecting is that a new firm is going to have really robust technology. And part of that is really robust access to AI. And has honed the AI in a way that’s user-friendly, that really answers or delivers on making me a better … Not replacing me as an advisor, but making me a better, more efficient advisor. Jason Diamond: 100%. And I would also add, so as I think about this AI topic, I don’t want this to become a conversation around, is AI going to replace advisors, because I think we both agree that’s not going to be the case. Especially at the top end of the market for quality advisors, I think they’re not going anywhere. But in my view, when we think about the trigger of movement, AI has the potential to be transformative because a couple kind of use cases or trigger cases come to mind, and I’d love to hear your thoughts. One is, do you think advisors will potentially consider a move because they’re worried about this? So in other words, play this logic out with me. I’m 55 years old and I’m like, “Oh man, AI might be coming from my job.” And there’s firms offering 400% of revenue to move my book. Maybe I should take that check and kind of de-risk and monetize while I can. What are your thoughts on that? Mindy Diamond: I absolutely think we’re already working with that fall into that category, but to say that is the only reason for the move would be wrong. I’m grateful that people trust us enough to be transparent with us. So they let us know that underneath the notion that they want to better serve clients, they ultimately want better access to A, B, and C, they want to be able to do D, E and F with less restriction, is really the main reason for the move. But underneath it, the notion that my book, I want to protect myself. My book may well be the biggest it’s ever going to be. It is going to be worth more today than it could be in the future if things don’t go my way. And if I know I’m going to move and one of my goals is to monetize, I might want to do that now. Jason Diamond: I agree. And that’s where the top deal story comes in also. Firms paying a top deal is a part of that story. It’s what you just said, plus advisors know firms are willing to pay incredible multiples. I mean, as we speak, UBS is in market with one of the largest deals in history. So those two narratives side by side, I agree. I think this becomes more of a kind of catalyst or driver movement. It’s come up in my conversations on both sides of the spectrum. It’s the tech savvy, AI savvy advisors who are excited about this, who are like, “I want to be the most AI enabled version of myself I can be. It’s going to make me a rockstar and it’s going to widen the gap with my peers,” but it’s also come up with the people who are, I think, rightly scared and fearful about what this might mean for their job. Mindy Diamond: Let me ask you, what are examples of the way you’ve seen some of the best firms who have embraced AI? What is their narrative? What is it that they’re saying to advisors that if you come here from a tech or AI perspective, you’ll be better because we’re able to do … Fill in the blank. Jason Diamond: Yeah. So a couple that come up. First of all, I want to make the important point. Advisors do not expect that firms, either their current firm or firms that they are diligencing prospectively, have this figured out or solved. Everybody understands this is a fairly new area that firms are still very much kind of developing their strategies in. What advisors want to see is a few things. They want to see though leadership, they want to see investment, and they want to see a strategy, right? Effectively, they want to see a step in the right direction, really. So I’ll give you a couple examples. There are a number of tech savvy RIAs, very tech-enabled, AI-focused RIAs, because I think this is easier to be nimble. I think where you’ll see this quicker probably is in the independent space. That what they’re doing is things like this. An advisor logs on to their workstation in the morning and their system queues them proactively, Mr. and Mrs. Smith may be good candidates for a Roth IRA conversion. And then if the advisor decides to contact the client in some way about it, the system will of course help them draft the communication, but then it’ll take it a step further and actually help them to process and transact that conversion. So soup to nuts, ultimately driving efficiency. That’s the name of the game. That’s why firms, I think, are excited about AI, at least the good firms. Because what I think they realize it will do is, the stuff that’s a waste of time that could be automated that advisors, and probably even more so their associates, client associates are spending time on, that should be a massive time saver for advisors. And I think if you play that story out, what does that mean? It should mean bigger books of business and therefore more productive advisors because they have more time to prospect and focus on their clients. Thoughts? Mindy Diamond: Yeah. So I think you said it perfectly, but it raises the question then. You say that the RIAs can be more nimble. You’re right. I mean, the big story around the biggest firms was like moving a battleship, it takes a long time to turn it. It’s not as nimble. So what and how are the bigger firms competing against the RIAs with respect to AI? And second question, we still always get questions, and rightly so, about Morgan Stanley has more money to invest… Jason Diamond: That was going to be part of my answer. Mindy Diamond: … than fill in the blank RIA. So how does that all work? Jason Diamond: That is absolutely going to be part of my answer, is that I have heard this question posed almost presumptively both ways. “Oh, it’s got to be that the RIAs are going to be the clear winners in this.” And I’ve also heard, “Oh, it’s got to be that the wirehouses are going to be the clear winners in this.” I don’t think it’s going to be channel specific like that. I think it is going to be firm specific. I think there’s going to be firms that are going to do this well and firms that are going to not do this well. But there’s going to be winners in the wirehouse space. There’s going to be winners in the regional firm space, with firms like Raymond James who are clearly trying to be on the cutting edge of this. There’s certainly going to be winners in the broker-dealer space. LPL is investing heavily in this, as are many of their broker-dealer competitors. And then of course the RIA space, where sometimes they may not have the budgets, but they have a couple things. They have private equity backing, sometimes. They have the custodians that they’re built on, right, or the tech vendors that they’re built on. So Schwab and Fidelity or Orion and Addepar. They have other ways to access these innovations. One of the things that comes up with this that your question I think gets at is, a similar question that was raised around technology stacks, which is strength of offering versus integration. And that’s where I think a firm like Morgan Stanley really will shine, is they should … Because they don’t put anything out that’s not well integrated. The big firms have generally done a pretty good job of that. Versus the RIAs. Sometimes we’ve heard feedback where, yes, you have access to you name it, right? You dream it up, you can go and buy it. But the left hand may not speak to the right hand quite as well. Mindy Diamond: Yeah, that’s actually a really good point. And integration is probably one of the biggest … If you ask an advisor when they talk about technology as either being one of their pushes or pulls, probably what they’re referring to more than anything is not only having the capability, but having the integrated capability. So that’s a great point. And I think your point is right, that the final chapter on this has not been written. Nobody thinks that it has. And so whatever answers you and I can talk about today about who’s winning this race, or this tech race or this AI race, will be totally different tomorrow. We all know that. But I think for purposes of this conversation, to say that an advisor having an expectation that their technology be outstanding and that AI be on the table, that a firm is embracing it and heading in the right direction, if you will, has the right thought leadership and the right willingness to invest in it is what advisors are really looking for right now. Jason Diamond: Absolutely. And this is a question too from the firm’s perspective, if you are a firm of any size, you must be able to answer that. This has become question 1A. And again, I don’t mean to suggest that I think AI is the number one most important factor driving advisor movement today. It very well might be at some point down the road. I don’t think we’re there yet. But I do think it’s the topic du jour or the hot topic, where every advisor is asking about this. So that means if you’re a firm, you need to be prepared to tell the story or at least have the vision. And I think what we’re hearing from both advisors and from firms is this, AI is going to … What is right now a gap between the good and the bad, the quality and the non, is going to become an absolute chasm, right? An absolutely mountainous gap between the best firms and the firms who are able to adapt this technology or this AI. And the same thing at the advisor level, between the AI-enabled superpowered advisor versus those who are in the dinosaur ages, for lack of a better term. Mindy Diamond: Yeah. And we’ll move on, but it is worth saying that the day of the standalone independent, the one man or one woman band who hangs out a shingle, and to use your term, running a lifestyle practice, nothing wrong with that, but it would be near impossible to imagine a world where a standalone independent can compete with a private-equity-backed RIA or an RIA that has a big pool of capital behind them or to compete with the major firms. And our point is the ability to compete is probably more important with respect to this topic than just about any other. Jason Diamond: Totally agree. Thank you for tying a bow on that because I think that’s a good place to leave the AI topic, at least for now. I’m certain we’ll have more to say on this one. By the time we release this episode, we’ll probably have more to say on it. So we’ll have to do a follow-up again. But I want to talk now about enterprise value. And this is one where if you’re an RIA or if you’re an advisor at an independent firm, this might sound like a duh, but hear me out on this one. The idea is as follows, if I’m a wirehouse advisor or any sort of captive advisor, I don’t technically own anything. Agree? Mindy Diamond: Agreed. Jason Diamond: Okay. So if that’s true, that I don’t technically own anything, I technically don’t have any sort of enterprise value or ability to monetize. But my premise here and why I would argue that enterprise value has become a driver of movement is even wirehouse advisors know … They see teams like OpenArc, a massive RIA that launched last year. They see their corner office peers breaking away, starting independent firms. They see them selling to asset managers, private-equity-backed RIAs, private equity firms in their own right for these massive multiples. And what I guess I’m getting at, and I’m curious if you agree is, if a wirehouse advisor, let’s say, sees their colleagues sell to a private equity firm for 20X, doesn’t that have to become a little bit of a catalyst for movement in its own right? Mindy Diamond: Without a doubt. Historically … Actually, let me date myself. When I started this business now 32 years ago, there was zero way for an advisor who was a captive employee of a firm, of any firm, to monetize their business. It’s why there was so much movement, because the only way they could monetize was to get paid a big fat transition deal to move from one firm to the other. Jason Diamond: Yep. Mindy Diamond: Obviously, we all know that first it started with the big firms, and then just about every brokerage firm on the street began to offer a retire-in-place program. And that is the big firms or a traditional brokerage firm’s way of allowing advisor to monetize in place from their perspective to stave off attrition. And for an advisor that believes that the status quo serves them well, that finishing their career, that leaving their legacy, that leaving their team at their firm is the best thing to do, then those retire-in-place programs, like Merrill’s CTP or Morgan’s FAP or UBS’s Alpha or a name at every firm has them, is the best gift to advisors there is. But the problem is that the next generation at those firms are buying an asset they don’t own. And so when we talk about enterprise value or the desire to build enterprise value as a real driver of movement, what we’re talking about is not only that advisors want ownership of an asset, because ownership translates into more control and autonomy and agency over building it the way you want to, but it also translates into maximizing the value of the business that you’ve built. So that’s a long-winded way of saying that the OpenArc deal you are referencing, for anybody not familiar, is a Merrill Lynch team, a legacy Merrill Lynch team in Atlanta that was managing more than 120 billion in assets, part retail, ultra high net worth client assets, and part institutional consulting assets. And believe me, I don’t want to make it sound like it was a snap that one day they’re happy and the next day they’re going independent. Over a 10-year period became more and more aware, driven by the pushes and more aware of the pulse. But ultimately, while there was a long list of things they wanted to be able to do that they couldn’t to best serve clients and grow the business, the real driver at the end of the day, or I shouldn’t say the real driver, but a major driver was the notion of building and owning enterprise value. Yes, they could have all gotten very attractive deals and retired with your Merrill CTP, but they wanted to own the business, they wanted cap gains treatment. And so they went through the sweat equity big time of building what they’re calling OpenArc for the ability for probably five, 10, 20 years, because there’s partners with all different ages, so at all different times, to be able to really maximize the value of the business they’ve built. Jason Diamond: Can I push back on that for … It’s a super helpful example, but my one thought is, okay, yeah, of course, 130 billion in assets, they should be concerned with enterprise value at that size. And the delta between caring about enterprise value and not is too great because those guys have, by all accounts, a phenomenal business that is rivaled by very few in the industry. Most of our audience does not fit into that stratosphere. So what about advisors in, let’s call it the million to $10 million space? Should they still care about this concept? Mindy Diamond: Again, it’s an inside job. It’s a personal thing. Some don’t. But the answer is yes. And if I were them, I would. Why? Because whether I am generating a million a year in revenue or $10 million a year in revenue, at the end of the day, I’ve got an asset. I’ve built a valuable asset. And I have the choice at the end of the day or the middle of the day to decide a million things about that asset. How do I want to live my business life? How do I want to serve my clients? Where do I want to work? But one of the biggest factors to determining where and how they want to work is, ultimately, do I want to be able to maximize the value of the business that I’ve built? And while there are few things that are really definitive in this industry, the one thing that is absolutely indisputably definitive is that if you build an independent practice like the ex-Merrill Lynch churned RIA OpenArc team did, you will ultimately build enterprise value exponential multiples greater than any way you could monetize the business as a traditional employee. Jason Diamond: And that math absolutely still holds up even at numbers smaller than we’ve mentioned. I totally agree with that. I’ll give you one other reason why I think you should care. And I’d love your thoughts on this one. I’ll ask it two ways maybe. I’ll tell you my take and then I’ll ask you yours. Morgan Stanley, let’s use as an example. Who are Morgan Stanley’s competitors? In my opinion, the legacy answer to that is, well, of course the wirehouses are Morgan Stanley’s competitors. Merrill, UBS, Wells Fargo, what maybe used to be a longer list, but today those four. I don’t think that’s the answer anymore. I think those are the direct competitors. But because of this enterprise value conversation, I think Morgan Stanley’s competitors are anyone and everyone who recruits financial advisors with books of business. Because if you think about it, an advisor who has a $3 million business at a wirehouse, even if they’re not actually going to do this, they don’t have any entrepreneurial spirit, no desire to go independent, they still know that they could. This is an option and a viable option. And firms are even figuring out ways to cut out the middle step, right? Because this was historically a two-step process. You’re a wirehouse advisor or a W2 advisor. You break away, launch an independent business to establish your enterprise value, begin building it, and then you monetize it. If you could cut out the middle step, or even if you couldn’t, I still think it’s pretty clear that if you’re an advisor, this is important because the firms know … Like when Morgan Stanley’s writing a recruiting deal, they’re kept honest by RIAs and acquirers just the same as their direct peer set. Do you agree with that or do you think I’m reading too far into this? Mindy Diamond: Oh no, I agree a thousand percent. I think that it is naive for anyone recruiting for or on behalf of a traditional firm to think that the only competition is another traditional firm. The days of pomposity for a senior leader at a traditional firm to say, “We’ve got the best technology, the best everything fill in the blank. We have no competitors.” That’s just naive. Because even if it’s true, you’ve got the best platform infrastructure fill in the blank, there is a multitude of advisors that value things different than what you can provide. Beauty is in the eye of beholder is probably a good way to say that. But at the end of the day, what we’re really talking about is when I started the business, because there was no way, no really good way for an advisor to really monetize their life’s work, the only thing they could or were focused on from a personal financial gain perspective was the short-term deal. What are they paying? What’s the transition deal? Now, of course they’re concerned about that. But almost to a person, they’re equally concerned about what I can build and what will this allow me to build in terms of the value of the business I’m building in the long term. So let me ask you, if we’re talking about an advisor that has the ability to monetize in the short term for what could be 4X and in some cases more than that these days, and we’re talking about the ability to maximize enterprise value, and we talk about the concept of moving once and monetizing twice, what kind of numbers are we talking about? Fill in the blanks there. Jason Diamond: It’s such a hard question to answer because I do genuinely believe recruiting deals, when you talk about 300 to 400% revenue deals in the recruiting space, they vary a little bit, but I feel pretty comfortable quoting those types of numbers that most firms are somewhere in the 300 to 400% of T12 realm. There are some outliers, we mentioned UBS. But the multiple or EBITDA based or enterprise value M&A market where we’re doing these legitimate buyout transactions, the valuations do vary quite a bit. But here’s how I think about it. First of all, most firms are not purchased or sold at top line revenue. Most are sold at some sort of adjusted EBITDA number, which factors in local expenses, platform expenses, but also advisor compensation. And then that adjusted number is typically multipled. The multiples are anywhere from 8X for small kind of, let’s say, million dollar revenue businesses up to, we’ve seen deals struck at north of 20X for some of these mega cap RIAs. Typically, just back of the envelope, if I had to quote, I typically estimate around 5X top line at capital gains is a good kind of ballpark valuation. But there is quite a bit of nuance to it, more so than the traditional recruiting space. And I do think, shameless plug, part of the value in working with somebody who’s an expert on the entirety of the industry landscape is just that. It’s the idea that you need to run the horse race across multiple verticals. The good advisors who work with us typically are looking at a wire like a Morgan Stanley or a Merrill. They’re looking at a boutique firm like a Rockefeller, or they’re looking at a regional like an RBC or a Ray J. They’re looking at an independent firm like an LPL or a Sanctuary. They’re looking all across the spectrum. Mindy Diamond: I think that’s exactly right. But the topic of enterprise value, you can see how powerful it is and how wise it is. For an advisor today, when considering their personal economics to consider not just the short term, but to weigh in or add in or factor in, what could I be building and what ultimately will that business be worth at the end of the day? Jason Diamond: Yeah, 100%. Short of going out and selling your business, what can advisors do then? So I’m an advisor, okay, I’m curious about this. Or is it just as simple as, “Yeah, you should know what your business is worth if you’re an advisor”? Mindy Diamond: Definitively yes, because I mean, we always believe that knowledge is power. And just like it’s important for you to understand what your options are within your own firm, how can I ultimately retire out and monetize my business where I am, I think it’s really hard to make a decision in a vacuum without having other perspective. And getting other perspective doesn’t have to be that you have to go out and take 20 meetings. It’s not that hard for you to figure out what your business is worth to make it a data point for whether or not you’re ultimately best to retire in place or go elsewhere. Jason Diamond: Yeah, that I think is the main takeaway. And the education point is so important. I think because these are relatively new concepts for a lot of advisors that haven’t formally shopped a business before, there’s a lot of resources available. And we’ll certainly link some as well on the page for the episode. Let’s shift gears now, our kind of final trigger 2.0, which is stability and ownership structure of the firm. And this has been a little bit of a hot topic. It’s honestly been a hot topic every year because it seems like things pop up every year. And a lot of times advisors don’t reconcile the question of who owns the firm or how stable is the firm until something happens. The firm gets bought, the firm goes bankrupt, like the First Republic scenario. What should a good advisor do proactively about the idea that if you’re a W2 employee or even an employee who’s affiliated with a broker dealer, you saw this with Commonwealth, you just don’t really have control over what the firm decides to do. Give me your thoughts on this. I know it’s a big topic. Mindy Diamond: Yeah. First of all, using Commonwealth an example, it’s a good one. Because for those unfamiliar, Commonwealth is a boutique broker dealer that was privately owned and whose tagline was, “We love our privately owned status and we are never going to sell,” until one day they did. And not only did they sell, but they sold to the biggest independent broker dealer in the country, ala LPL. That’s not good nor bad, it’s just a fact. So if Commonwealth, who had definitively said we’re never up for sale, suddenly sells, any time you’re an employee of a firm, you never know what tomorrow brings in. You’re not in control over whether it’s sold. So that’s one example. But as you’re talking about this, I’m thinking about, I’m probably going back 20 years, so I’m 10 years into my career and I talked to someone who had been a very successful Merrill advisor. So I’m going to say he was probably generating around $5 million in revenue at the time. Going back 20 years, that’s a pretty significant book of business. He was courted for years by what he thought was a top RIA. And in those days, remember 20 years ago, the RIA space wasn’t nearly as mainstream as it is now. But the story the RIA told him was that ultimately, one, he was going to be a partner in the firm, that was very appealing to him. So he was going to have equity in the firm and much more freedom and control. And locally, by the way, the RIA was a really high quality brand. He worked on a lot of the economics, the short term and the long term with them. They did a ton of due diligence on his book of business. But he failed to ask … And I didn’t represent him. I just know this story. He failed to ask or do enough due diligence about the stability of the firm. What we think is really important, we talk about this expanded landscape. If you’re looking at Morgan Stanley, I don’t think you necessarily need to see Morgan Stanley’s balance sheet. If you are talking to a firm that is anything but a bulge bracket or anything but a large firm, it’s really important to do what we call reverse due diligence and to really understand if a firm expects you to open your kimono and show everything about your business to prove your worth, it is equally important that you do the same for them. In this new world order where private equity has come in and there are so many different ways for a firm to be owned and to be capitalized, it’s very important that an advisor understand what’s going on behind the scenes. And one of the questions around stability, if a firm is private equity backed, is it permanent capital? Is it patient capital? Is the private equity firm going to look to sell and monetize in five years? And then who would the likely buyer be and what does that mean for you? So the question is a big question and it’s really important. Jason Diamond: I love everything you just said, except I do think even the wirehouses, wirehouse advisors, honestly, as much as anybody should be asking these questions. And I’ll give you an example right now, UBS. And UBS, it’s not a story of balance sheet stability. I don’t think anybody has concerns that UBS is going to fail. But UBS management has been very publicly, “Oh, we’re cutting costs.” There’s been some rumors, I think for years, probably dating back 30 years to when you started the business about UBS’s commitment to the US wealth management business. I think those questions about stability and ownership structure are still valid. And to me, the implication of it is twofold. One, what you said, reverse due diligence, ask the questions, plan B. But also the concept of the exits or the off-ramps or how many bites of the apple do you get. So if you’re an advisor and you sell your business to somebody and you sign garden leave and non-competes and non-solicits, the question of ownership structure of that firm becomes less relevant because you have no off-ramps and no ability to exit that business anyway. A lot of times that’s how advisors get comfortable with this concept. And that’s what firms will tell them too, frankly, and we’re living through the middle of this, by the way, with Commonwealth and LPL, is vote with your feet, right? To the extent advisors can, the offer … And this is like, you used the example of private-equity-backed firms. This is how Rockefeller addresses the question of their private equity ownership. If we sell to UBS, all of our advisors will leave. They have that built-in put option. So knowing where the off-ramps are or how many bites of the apple an advisor gets, I think is a big concept that ties into that. But we’re absolutely seeing this pop up, probably largely because of those two examples, Commonwealth and UBS this year, more so Commonwealth, to your point. Janney’s another example last year or two years ago now where KKR comes in and buys Janney. So when these examples happen, it seems like it triggers advisors to say, “Is this something that could happen to me and should I be thinking about this?” Mindy Diamond: Yeah. So let me ask you a question. You’re talking, you’ve mentioned UBS offering this outsized deal. So how does the notion of stability and ownership factor in? If an advisor is considering an unprecedented deal from UBS, what are the caveats or concerns with respect to stability and ownership? Jason Diamond: It’s the same list of considerations you should and would ask of any other firm you’re diligencing, except I think amplified even more in the case … If I was counseling an advisor who was looking at UBS, that would be what I would say, is exactly that. You’re seeing all of these departures and defections, and I would want to have conversations with those advisors and understand exactly why and have guarantees or assurances that I’m not going to suffer from those same pain points that force them to leave. Or, and I say this a little bit flippantly, but it’s a little bit true, I understand the devil that I’m getting into bed with, but for 550%, or whatever the deal might be, I can suck it up. And that’s something that some advisors might well say as well. Mindy Diamond: Yeah. Jason Diamond: I don’t want to end on the negative note of overly large transition, not there’s anything wrong with large transition deals, but as you look out, is there anything that’s coming up in your conversation with advisors that you view as the next wave of this? I’ll give you one that maybe you could touch on, and if you have another one, feel free to offer it in conclusion, but do you think age or advisors starting to succeed out of the business will become more of a driver of movement, even though to your point, advisors can access sunset deals? Mindy Diamond: I do actually, because I think the more the average advisor age increases, the more likely that those advisors are going to want to move on to do something else to monetize the business. And so much of the wave of movement we see is driven not so much by the senior advisor, because many seed advisors are happy enough with the ability to monetize their business in place. Even though it may not maximize the value of the business, it’s a close enough approximation and it means I don’t have to disrupt the apple cart. So we support that 100%. But where we get the calls is from the next generation that says, “Yeah, but hold on a minute. It’s a good way for me to take on a book of assets that I not otherwise have access to. And it’s great for my senior partner, my father, my mother, my whatever to monetize the business. But I’m buying an asset again that I don’t own and I ultimately don’t have control over all these things we’re talking about, the AI investment, the ability to create enterprise value, the stability, the cost cutting, all of it.” So I think it’s all of the above. You say, “What else is there?” I think that’s it. It’s all of the above. It’s anything and everything that drives movement. One, it’s personal, it’s highly unique, it’s different for every advisor. There are certainly themes, and we’re talking about them, but there’s a million different things. It’s personal. And while there are an awful lot of pushes, things that can frustrate an advisor, it is the most exciting time in our view to be an advisor, particularly a high quality one, because the options abound, the ecosystem is big, because the ability to monetize both in the short term and the long term is big, mammoth, exponentially bigger than it ever was before. And the true ability to really build an enterprise has never been greater. And I think all of those things, the desire for an advisor to be the best that they can be and live their best business life is probably the biggest driver of all. Jason Diamond: It’s really true these days, if you can dream it, you can probably build it. And we’ve said in the past, if you build it, they will buy it. It’s a great place to end. This was a really fun topic. I think that’s a spot on kind of fourth trigger, by the way, too. This sort of next gen is almost like the force multiplier or the amplifier of like they see all this other stuff and they’re asking these questions even more so. Because if I’m 60 years old, none of this matters all that much. It matters, but I’m out of the business in five to 10 years. Versus the next gen advisors are the ones who often bear the brunt of this. So I think a lot of really smart stuff. Thank you for sharing your wisdom and expertise. In the episode page, we’ll be sure we have our Industry Transition Report. And we’ve also created a tool, the top 10 tips for a strategic due diligence process, which is a great kind of practical hand-in-hand companion for this topic for advisors looking for more pointed tips on the due diligence process. So Mindy, thank you again. This has been a blast. Mindy Diamond: My pleasure. Thank you. Jason Diamond: Thank you for joining us. We'll be back with a new episode next week, so be sure to listen in. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty, and credibility. You are successful because you take your professional responsibility seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I Stay or Should I Go? is a book written with you in mind. It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively, whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook. The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 2 A Special Industry Update with Jason Diamond and Mindy Diamond. Jason Diamond: Welcome to a replay of one of the most popular episodes from our podcast series for financial advisors, The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between. It's Part 2 of a 2-Part Industry Update with Mindy Diamond. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner, well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our Annual Advisor Transition Report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Jason Diamond: There’s been a noticeable shift in how advisors are approaching decisions about their business, not necessarily in whether they’re exploring change, but in what they’re focused on when they do. Mindy is back with me for a continuation of our earlier conversation on the Advisor Transition Playbook. Last time, we spent time on the mechanics, how due diligence works, what a move actually entails, and how to think through the process. What’s become more apparent since then is that the inputs into that process are evolving. The traditional drivers are still there, but layered on top are a set of considerations that didn’t carry the same weight before. AI is one of them, and not just as a tool, but as a differentiator that advisors are starting to diligence more seriously. Enterprise value is another. Showing up in conversations, even for advisors who don’t technically own their business, but are thinking more critically about what they’re building over time. And then there are questions around stability, ownership, and flexibility. What happens to the firm itself and whether advisors retain the ability to adapt again if circumstances change. None of this is theoretical. It’s showing up in real time conversations. What we want to do here is unpack those new triggers of advisor movement and what they suggest about how decisions are being made today. So let’s get to it. Mindy, the legend, thank you for joining me. So glad to have you on. Mindy Diamond: Thank you. I’m so happy to be here. Jason Diamond: Great. Let’s dive right in. I’ll set the stage really quickly one more time. When we spoke about this topic last, we talked about the drivers of movement, what we’ll call in this conversation as the old or the legacy drivers of movement, and we spoke about the mechanics of the move. Before we get into the new drivers of movement, which I want to be the meat of the conversation, remind us, when we talk about the legacy drivers of movement …. And by the way, by saying legacy, I by no means want to suggest that they’re not valid today, because they’re equally valid, if not more so today than they were then. But when you think of the classic drivers of movement in our industry, what are they? Mindy Diamond: Yeah. So I would say, first of all, let’s start by saying that for every advisor, they’ve got a unique set of needs. So the first thing to say is that while you and I can talk about the categories of frustrations or things that might bother an advisor, they show up differently in each advisor’s life. So it’s important to note that everyone is unique. But generally speaking, if I had to package them, I’d say it’s number one that shows up most of the time is too much bureaucracy. A feeling that a firm or a model is just too hypervigilant in terms of compliance and it’s too bureaucratic and too hard to get things done.

Zehn Jahre nach der Gründung von Moonfare blickt Steffen Pauls auf die Entwicklung der Private Markets – und vor allem auf ihre Zukunft. Im Gespräch erklärt er, warum die Performance-Unterschiede zwischen Private-Equity-Fonds heute größer sind denn je, weshalb professionelle Selektion für Wealth Manager und Family Offices unverzichtbar wird und wie Moonfare jährlich hunderte Investmentmöglichkeiten prüft. Ein weiterer Schwerpunkt ist Künstliche Intelligenz. Pauls erläutert, warum KI für ihn weit mehr als ein kurzfristiger Hype ist, wie Moonfare das gesamte Unternehmen AI-ready macht und weshalb Daten künftig über den Erfolg von Finanzunternehmen entscheiden werden. Ein Gespräch über Private Equity, Technologie und die Zukunft des Wealth Managements.

In part two of our interview series, Pete Stavros shares how KKR has scaled employee ownership to 85 companies and 200,000 frontline workers — and why it can be a powerful performance lever when done right.

US equity futures are weaker, Asian markets are mixed, while European equities are also mixed after recent record highs. Markets are consolidating after recent strength, with attention on a mixed AI trade following strong performance in the semiconductor space and some rotation across regions. Geopolitics remain in focus, with US-Iran talks showing limited progress despite broadly constructive signals, while central bank uncertainty continues to weigh following limited forward guidance from the Fed. At the same time, lower oil prices are helping ease tightening expectations in Europe, though policymakers remain cautious on inflation dynamics, keeping overall sentiment balanced but slightly defensive.Companies Mentioned: Apple, Microsoft, KKR & Co.

Singapore is one of the smallest countries in the world, yet plays a unique role as one of Asia's main financial and oil refining hubs. So how is it using its influence to help or hinder the transition? Ravi Menon has spent his career at the heart of Singapore's economic and financial strategy, serving as Managing Director of the Monetary Authority of Singapore (the country's central bank) before becoming the country's Ambassador for Climate Action. In this conversation with Michael Liebreich, Menon explains why Asia's energy transition will follow a different path from the West. With growing energy demand, dependence on coal and the need for affordable and reliable power, the challenge is not just building clean energy but replacing the systems already in place. They discuss Singapore's role in shaping Asia's future energy system, from cross-border electricity trade and new financing models to carbon markets, electric vehicles and the growing link between energy security and the move away from fossil fuels. Topics include: Why Asia's path to net zero will look different from the West Singapore's unique challenges with decarbonization How growing economies can move past coal How to fund Asia's enormous climate transition The future role of carbon markets in climate action The link between energy security and the shift to clean energy Singapore's role as a catalyst for regional decarbonisation Newsletter: Sign up to the Cleaning Up newsletter at cleaninguppod.substack.com, for all the latest from the show, including new episodes of our Deep Dive Australia series.  Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links: Ravi Menon's bio: https://www.impactsg.org/board/ravi-menon Fast-P Fund: https://www.fast-partnership.com/ Dr Ma Jun on Cleaning Up: https://www.youtube.com/watch?v=Fu6giWzTxAY Mark Carney on Cleaning Up: https://www.youtube.com/watch?v=HtA5ufMzKAU Pierre Wunsch on Cleaning Up: https://www.youtube.com/watch?v=r2xS5e5EGEg Rachel Kyte on Cleaning Up: https://www.youtube.com/watch?v=V1m2lm2n_EE The Asian Development Bank: https://www.adb.org/what-we-do/topics/climate-change/overview CDM - Clean Development Mechanism: https://unfccc.int/process-and-meetings/the-kyoto-protocol/mechanisms-under-the-kyoto-protocol/the-clean-development-mechanism •GFANZ - Glasgow Financial Alliance for Net Zero https://www.gfanzero.com/ 

Today, Cleaning Up launches its Deep Dive Australia series. Featuring conversations with nine leaders of the climate and clean energy scene, the series explores where Australia is leading the world, where it is not, and how it got there. This is an important moment for Australia. The country was extraordinarily exposed to the closure of the Strait of Hormuz, being the largest per capita importer of diesel in the world. It's also uniquely dependent on China as the destination of its mineral exports and the source of a lot of its technology imports. And in November, Australia will be co-president with Turkiye of the COP Climate Summit in Antalya.  In the first of Cleaning Up's Deep Dive Australia series, Michael Liebreich speaks with Darren Miller, the CEO of ARENA (the Australian Renewable Energy Agency), the federal body responsible for deploying over $14 billion AUD in grants to clean energy projects across Australia. Michael Liebreich speaks with Darren about where Australia is leading the world, and where it still has ground to make up. They explore how ARENA funds innovation into pioneering clean tech, why Australia has quietly become the world's third largest battery market, and what it will take to turn the Pilbara's iron ore into green steel. They also discuss the Hydrogen Headstart Fund, the slow uptake of EVs, vehicle-to-grid, community batteries, and the moment the Hormuz crisis exposed Australia as the world's largest per capita importer of diesel. Topics include: How ARENA's funding model works and what makes it different from a typical government agency Australia's green iron and steel opportunity The Pilbara ore challenge Where Australia could achieve solar at $20 per megawatt hour How Australia became the world's third largest consumer battery market Transport electrification: vehicle-to-grid, EV charging, and the plug-in hybrid problem Sustainable Aviation Fuel: ARENA's newest frontier and the cost challenge ahead Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Newsletter: Sign up to the Cleaning Up newsletter at cleaninguppod.substack.com, for all the latest from the show, including new episodes of our Deep Dive Australia series.  Links: Darren Miller's bio: https://www.linkedin.com/in/darrenhmiller/ ARENA https://arena.gov.au/ Liebreich: The Pragmatic Climate Reset - Part I | BloombergNEF Mariana Mazzucato on Cleaning Up: https://www.youtube.com/watch?v=nX7mhh53GOw Acronyms: AMGC - Australian Manufacturing Growth Centre ACAP - Australian Centre for Advanced Photovoltaics DNSP - Distribution Network Service Provider OEM -  Original Equipment Manufacturer UNSW - University of New South Wales SAF - Sustainable Aviation Fuel DRI - Direct Reduced Iron CEFC - Clean Energy Finance Corporation PERC - Passivated Emitter Rear Conductor Cell, HEFA - Hydroprocessed Esters and Fatty Acids

From a childhood dream of becoming an inventor like Louis Pasteur to leading commercial due diligence for private equity funds like KKR and HIG, Josh Emington shares how his team sizes markets, calls real customers, and spots the growth opportunities other investors miss. In this episode of the DealQuest Podcast, host Corey Kupfer sits down with Josh Emington, a partner at The Martec Group, a boutique strategic consulting and market research firm. Josh leads Martec's value creation team, working with lower middle market and middle market private equity funds including KKR, HIG, Granite, Rotunda Capital, and Everglades Equity. WHAT YOU'LL LEARN How commercial due diligence tests whether a deal's growth story actually holds up, why customer concentration can erase a company overnight, and what a free pre-diligence memo can flag before a client spends real money. Josh also explains why his team still picks up the phone to call a target's real customers, and how AI has compressed Martec's research timelines from seven days to two. JOSH'S JOURNEY Josh's path into research started at a scholastic book sale, where his parents picked up a chemistry kit and a book about Louis Pasteur. He decided he wanted to be an inventor who saved lives the way Pasteur had. His first real deal came as an Eagle Scout, selling popcorn door to door to earn a trip. The professional turning point came on a customer journey project for a top manufacturer of toilet seats. When his team learned that customers had no idea who to call when a seat broke, they recommended putting the brand name on the back. Two years later Josh saw the brand on a hotel toilet seat and, as he told Corey, "just making an impact in a business like that doesn't get any better." Over the past decade Josh has executed hundreds of global research and consulting engagements at Martec, focused on commercial due diligence, M&A funnel support, target identification, and customer due diligence anchored in primary research. KEY INSIGHTS Commercial due diligence looks at both the risks that could blow up a deal and the opportunities a buyer might be paying for without realizing it. Josh shared a southern Florida example where his team helped a client acquire a lawn care installation business alongside a separate maintenance company, turning one time jobs into recurring revenue. Skipping pre-diligence is a common mistake. At least three times a year, Josh's team will deliver a short, free memo that sometimes recommends an investor not proceed at all because a technology is about to obsolesce or a competitor is far more advanced than the marketing suggests. Customer concentration is the biggest single risk Josh's team flags. As he put it, if 10 customers or even one customer accounts for 70 percent of revenue and that relationship ends, you do not have a company anymore. Corey pushed back from his seller side perspective, arguing buyers should consider structural protections tied to retention rather than discounting valuation outright. About 10 percent of Josh's M&A work happens on the sell side through exit planning. In one engagement, his team interviewed 2,000 rug buyers for an upper middle market online rug company to give a skeptical buyer the confidence that the brand really commanded its prices. AI has also compressed Martec's research timelines from seven days to two, and Josh's team now applies a triple AI lens to every deal, assessing how AI will affect the target's market, its workforce, and its own customers. Perfect for private equity investors, business owners preparing for sale, and dealmakers who want to understand what really gets tested before a deal closes. FOR MORE ON THIS EPISODE: https://www.coreykupfer.com/blog/joshemington FOR MORE ON JOSH EMINGTON: Website: https://martecgroup.com/ LinkedIn: https://www.linkedin.com/in/joshemington/ FOR MORE ON COREY KUPFER https://www.linkedin.com/in/coreykupfer/ https://www.coreykupfer.com/ Episode Highlights with Timestamps [00:00:02] - Introduction and Josh's background at The Martec Group [00:03:21] - The toilet seat project that made Josh fall in love with research [00:09:01] - The southern Florida lawn care deal that turned one time jobs into recurring revenue [00:13:39] - The free pre-diligence memo that can stop a bad deal before it starts [00:16:04] - The last bastion of human value and how customer due diligence really works [00:23:13] - Sizing the prize and spotting customer concentration risk [00:38:46] - How AI has compressed research timelines from seven days to two [00:46:56] - What freedom means to Josh Guest Bio Josh Emington is a partner at The Martec Group, a boutique strategic consulting and market research firm serving private equity funds and Fortune 1000 leaders. Over the past decade he has led hundreds of global research and consulting engagements focused on commercial due diligence, M&A funnel support, target identification, and customer due diligence anchored in primary research. He leads Martec's value creation team, supporting clients from thesis validation through pre-LOI and into post close growth strategy. Publicly known clients include KKR, HIG, Granite, Rotunda Capital, and Everglades Equity. Host Bio Corey Kupfer is an expert strategist, negotiator, and dealmaker with more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker deeply passionate about deal-driven growth. He is the creator and host of the DealQuest Podcast. Show Description Do you want your business to grow faster? The DealQuest Podcast with Corey Kupfer reveals how successful entrepreneurs and business leaders use strategic deals to accelerate growth. From large mergers and acquisitions to capital raising, joint ventures, strategic alliances, real estate deals, and more, this show discusses the full spectrum of deal-driven growth strategies. Get the confidence to pursue deals that will help your company scale faster. Related Episodes Episode 332 - John Martinka. Financial due diligence and why messy financial statements can kill a deal or cost a seller real money on valuation. Episode 324 - Sejal Lakhani-Bhatt. Technical and cybersecurity due diligence, and how a company's IT history follows it into a sale. Episode 351 - Corey Kupfer Solocast. A breakdown of the different types of due diligence that apply across every kind of deal. Keywords/Tags commercial due diligence, private equity due diligence, customer due diligence, voice of customer research, market sizing, TAM and SAM analysis, customer concentration risk, exit planning, M&A due diligence, value creation, buy side due diligence, sell side due diligence, AI in market research, deal thesis validation, competitive market mapping, business combination strategy, recurring revenue acquisition, pre-LOI diligence, lower middle market private equity, Martec Group

Since Donald Trump returned to the Presidency in 2025, the US has become increasingly isolationist. It has pulled out of the Paris climate agreement and the IPCC, left the World Health Organisation, as well as a whole host of other international organisations and agencies. So, when President Trump leaves the White House, will the US be able to rebuild trust on the international stage? This week on Cleaning Up, former US Secretary of State and Special Presidential Envoy for Climate John Kerry sits down with Michael Liebreich and reflects on some of the defining diplomatic efforts of his career, from negotiating the Iran nuclear deal to helping secure the Paris Climate Agreement. Secretary Kerry explains how years of relationship-building and behind the scenes diplomacy helped bring Iran to the negotiating table and why he believes the original nuclear agreement succeeded in limiting Iran's nuclear programme. He also shares his frustration at what he sees as the dismantling of agreements and relationships that took years to build, and the challenge of restoring trust in US leadership on the global stage.  Secretary Kerry also shares his perspective on working with China, the importance of international cooperation, and the role diplomacy still has to play. They also discuss rebuilding trust in US leadership, and the shifting balance between the US and China in clean energy. Topics Include: How the Obama administration negotiated limits on Iran's nuclear programme The diplomacy behind the Paris Climate Agreement The meaning of "common but differentiated" in climate diplomacy Lessons from Kyoto, Paris and Dubai on international climate agreements Why engaging adversaries matters more than isolating them How can the U.S. rebuild trust on a global stage? Petrostate vs electrostate: the shifting US-China dynamic Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links: John Kerry's bio: https://galvanizeclimate.com/team/secretary-john-kerry Galvanize https://galvanizeclimate.com/ Our Ocean Conference https://www.ouroceanconference.org/ Todd Stern on Cleaning Up https://www.youtube.com/watch?v=ffnZzO6CMI8 Ernie Moniz on Cleaning Up https://www.youtube.com/watch?v=0shzlRv4MTY Acronyms: ADNOC - Abu Dhabi National Oil Company LNG - Liquified Natural Gas OPCW - Organisation for the Prevention of Chemical Weapons ESG - Environment, Social and Governance IRGC - Islamic Revolutionary Guard Corps

KKR's Co-Head of Global Private Equity and Partner reveals the rigorous, long-term discipline required to drive real operational improvements.

In der heutigen Folge sprechen die Finanzjournalisten Daniel Eckert und Lea Oetjen über die Vorschläge der Rentenkommission, den 130-Prozent-Sprung von Getty Images und den Tod des Maestros der Märkte. Außerdem geht es um Infineon Technologies, Samsung Electronics, Elmos Semiconductor, Siltronic, Suss MicroTec, Carl Zeiss Meditec, OHB, KKR, Alphabet, SpaceX, Amazon, Apple, TSMC (Taiwan Semiconductor Manufacturing), SPDR Gold Shares (WKN: A0Q27V), IncomeShares Gold+ Yield ETP (WKN: A4AH1M), Euwax Gold II (WKN: EWG2LD), Global X Nasdaq 100 Covered Call ETF (WKN: A2QR39), Invesco EQQQ Nasdaq-100 ETF (WKN: A2N6RV). Und mit dem Code „AAAFRIENDS“ spart ihr jetzt 50 Prozent auf Eure Tickets beim Finance Summit am 2. Oktober – aber nur unter diesem Link: https://veranstaltung.businessinsider.de/event/financesummit26/summary?rp=c6dc55d6-6f4f-4fb4-b75f-3f3501d84859 Wir freuen uns an Feedback über aaa@welt.de. Noch mehr "Alles auf Aktien" findet Ihr bei WELTplus und Apple Podcasts – inklusive aller Artikel der Hosts. Hier bei WELT: https://www.welt.de/podcasts/alles-auf-aktien/plus247399208/Boersen-Podcast-AAA-Bonus-Folgen-Jede-Woche-noch-mehr-Antworten-auf-Eure-Boersen-Fragen.html. Hier könnt ihr den AAA-Newsletter abonnieren: https://www.welt.de/newsletter/article232797673/Alles-auf-Aktien-Der-taegliche-Boersen-Newsletter-fuer-WELTplus-Abonnenten.html Und – ganz neu: AAA gibt es jetzt auch auf Instagram: https://www.instagram.com/alles_auf_aktien/ Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Hörtipps: Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. +++ Werbung +++ Du möchtest mehr über unsere Werbepartner erfahren? Hier findest du alle Infos & Rabatte! https://linktr.ee/alles_auf_aktien Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

Professor Ning Li has spent decades at the intersection of energy, technology and industrial strategy. A nuclear engineer, complexity scientist and founding Dean of the School of Energy at Xiamen University, he is also credited with coining the term "Small Modular Reactor" nearly 20 years ago. In this wide-ranging conversation with Bryony Worthington, Ning Li explains why China has weathered recent global energy shocks better than many expected, how electrification is transforming economic resilience, and why solar panels, batteries and electric vehicles have become China's most important exports. They explore whether the world is really swapping dependence on fossil fuels for dependence on Chinese electrotech, why modularity has become the defining feature of successful modern technologies, and what lessons other countries can learn from China's rapid industrial scaling. The discussion also covers the future of nuclear power, the role of coal in supporting China's grid, the untapped potential of heat pumps, and why the energy transition should be framed not as a burden, but as an opportunity for growth. Topics include: Why China has been relatively resilient to oil and gas disruptions The rise of the "electrostate" China's new energy exports: EVs, batteries and solar Why modular technologies scale faster The origins of the Small Modular Reactor concept The changing role of coal in China's power system Heat pumps and industrial electrification Nuclear power's future in China Climate action as economic development Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links: Ning Li bio: https://thebreakthrough.org/people/ning-li Octopus' Fiona Howarth on the EV partnership with BYD: https://www.youtube.com/watch?v=YL64XW5ZRBA

HEADLINES:• Al Habtoor Group will not go for IPO for now • Gulf backed Paramount just won approval for its $111 billion Warner Bros takeover• Kuwait's sovereign wealth fund just launched a $10 billion AI company with Nvidia and KKR Newsletter: https://aug.us/4jqModrWhatsApp: https://aug.us/40FdYLUInstagram: https://aug.us/4ihltzQTiktok: https://aug.us/4lnV0D8Smashi Business Show (Mon-Friday): https://aug.us/3BTU2MY

US equity futures are modestly weaker, Asian markets are higher, while European equities are also advancing. Markets are being supported by improving risk sentiment tied to growing optimism around a potential US-Iran agreement, with reports pointing to a 60-day ceasefire extension, reopening of the Strait of Hormuz, and a framework to address key nuclear issues. The pullback in oil prices and easing in yields have helped drive a rebound in equities, particularly in the tech sector, alongside reduced expectations for further central bank tightening. While optimism has improved, sentiment remains cautious given the need for formal agreement sign-off and MoU could be signed over weekend in Europe with press sources saying two sides narrowed gaps.Companies mentioned: Alibaba Group, KKR & Co., Amazon

Aktien hören ist gut. Aktien kaufen ist besser. Bei unserem Partner Scalable Capital geht's unbegrenzt per Trading-Flatrate und auf der hauseigenen European Investor Exchange, die genau auf Privatanleger zugeschnitten ist. Alle weiteren Infos gibt's hier: scalable.capital/oaws. Oracle verliert 10% nach hohen Rechenzentrumskosten. KKR gründet mit NVIDIA neue Rechenzentrumsfirma. Samsung verhandelt mit Google über Chipproduktion. Hugo Boss hat Angebot. Jeff Bezos hat Startup. SpaceX hat Nachfrage. EZB hat höheren Zins. Coloplast (WKN: A1KAGC) war jahrelang ein Dauerläufer. Dann kam ein teurer Zukauf, ein Erstattungswechsel in den USA und ein Kursverlust von 70%. Jetzt lockt ein KGV von 15. Turnaround oder fallendes Messer? Fastenal (WKN: 887891) kommt mit Schrauben auf 50 Mrd. $ Börsenwert. Seit 1987 im Schnitt 22% Rendite pro Jahr. Besser als Berkshire Hathaway. Was machen sie anders als Würth? Mehr zu Würth im Carrytale-Podcast: https://open.spotify.com/show/7vtyXbsQUzRp2kPDWyryVC?si=Me-13K4KRraLDuenawfSqw&nd=1&dlsi=42a248ad68fc413c Diesen Podcast vom 12.06.2026, 3:00 Uhr stellt dir die Podstars GmbH (Noah Leidinger) zur Verfügung. Learn more about your ad choices. Visit megaphone.fm/adchoices

Carl Quintanilla, Jim Cramer and David Faber discussed a report from Iranian state media, which said Iran will consider all of Elon Musk's companies in the Middle East as military targets as it retaliates against the U.S. This comes one day before Musk's SpaceX is set to go public with a historic and massive IPO. The anchors reacted to Oracle shares taking a hit: The company's AI spending plans overshadowed a Q4 beat. In San Francisco, David previewed his interview with Jeff Bezos and Vik Bajaj, Co-CEOs and Co-Founders of AI startup Prometheus. KKR, Nvidia, Vistra and Kuwait Investment Authority have launched a new AI infrastructure company, Helix Digital Infrastructure. The CEO of Helix and a top executive at KKR joined the program to talk about it. Also in focus: Stocks try to rebound from Wednesday's sell-off, hotter-than-expected May PPI, a look back at SpaceX through the years.  Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Sponsored By:→ Neuro | Go to ⁠https://getneuro.com⁠ and use code ONEDAY at checkout for 15% OFF your entire order.Every single grocery store aisle has been disrupted by better-for-you brands. Every one — except the aisle where the fastest-growing demographic in America shops for nutrition.Jon Bier sits down with Jess Haghani — founder and CEO of Lucille Health — for a conversation about what happens when you spot a gap so obvious it feels impossible that no one has filled it yet. Jess watched her grandmother, Lucille, come home from heart surgery and get handed the same ultra-processed nutrition shakes that haven't meaningfully changed since the 1970s. Products people hide in their basements. Products they're embarrassed to let their grandkids see. A $6 billion category with zero dignity, zero innovation, and no real competition.So she left KKR, went to Harvard Business School, and built the brand she knew had to exist.This episode is a little different. Jess hasn't built a nine-figure business yet. But Jon believes she will and this conversation is why.In this episode:• Why less than 1% of food and beverage innovation is happening for older adults, despite them being the fastest-growing consumer demographic in the world — and why that gap is finally closing• The real story behind Lucille: how watching her 92-year-old grandmother hide a nutrition shake in her basement became the founding moment of a brand built around dignity• What it looks like to take on Abbott and Nestlé with no money, no formulation experience, and no playbook and why that might actually be the advantageFind Jess & Lucille:• Jess on Instagram: https://www.instagram.com/jesshaghani/• Lucille Health: https://www.lucillehealth.com• Lucille on Instagram: https://www.instagram.com/lucillehealth/Timestamps:0:00 - Intro1:21 - Jon's personal experience with his dad's hospital nutrition2:04 - Why do hospitals still serve such poor nutrition products?7:43 - The corruption of big incumbents like Abbott and Nestle9:59 - How big is the older adult nutrition market?11:01 - Why has this category never been disrupted?11:38 - The shame and stigma around products like Ensure and Boost15:25 - Jess's background: London, real estate, KKR, HBS17:02 - The story of Lucille, Jess's 92-year-old grandmother19:51 - Assembling the team and figuring it out step by step25:00 - Should founders pay themselves a salary?31:04 - The broader vision: beyond beverages, full category disruption37:23 - The 70+ demographic has the highest retention rate43:18 - Jon's confidence in Lucille Health's future

Today, wind power accounts for just under 10% of all electricity globally, around the same as solar, recently overtaking nuclear power. 20 years ago, the figure was under 1%. In that time, the sector's leadership has moved around from Europe to the US to Asia, but one specialist European manufacturer has stayed in the leading group throughout: Vestas — a member of the global wind energy aristocracy. This week on Cleaning Up, Michael Liebreich is joined by Henrik Andersen, CEO of Vestas, to discuss the extraordinary growth in the wind energy industry, the challenges it faces with rising interest rates and political hostility, and where the best place to build turbines is in 2026.  Together they do some myth-busting and answer: If wind is so great, why does it need subsidies?  Is wind pointless because it's intermittent? Are turbines killing all the birds? What happens to the turbines at the end of their lives? Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links: Vestas' website: https://www.vestas.com/en/pages/campaigns/sustainability/200-gw Henrik Andersen's LinkedIn: https://www.linkedin.com/in/henrik-andersen-/ WindEurope 2026: From crisis to confidence — https://windeurope.org/news/windeurope-2026-from-crisis-to-confidence/

The Information's Cory Weinberg breaks down Goldman Sachs' exclusive financial models for the SpaceX IPO, detailing a massive $350 billion cash burn projection through 2030 and the S&P 500's decision to block a fast-tracked index entry. Co-executive editor Martin Peers exposes the internal engineering friction at xAI, including Elon Musk's habit of firing researchers over unrealistic deadlines and how staff used personal accounts to access Anthropic's models. Finally, San Francisco Bureau Chief Jason Dean unpacks the exclusive scoop that data center developer Switch is in talks with KKR and Brookfield to raise capital at a valuation of at least $50 billion.Articles discussed on this episode: https://www.theinformation.com/articles/wall-street-expects-spacex-burn-350-billion-cash-2030https://www.theinformation.com/articles/xai-went-chasing-anthropic-poweringhttps://www.theinformation.com/articles/data-center-developer-switch-talks-raise-billions-50-billion-plus-valuationSubscribe: YouTube: https://www.youtube.com/@theinformation The Information: https://www.theinformation.com/subscribe_hSign up for the AI Agenda newsletter: https://www.theinformation.com/features/ai-agendaTITV airs weekdays on YouTube, X and LinkedIn at 10AM PT / 1PM ET. Or check us out wherever you get your podcasts.Follow us:X: https://x.com/theinformationIG: https://www.instagram.com/theinformation/TikTok: https://www.tiktok.com/@titv.theinformationLinkedIn: https://www.linkedin.com/company/theinformation/Chapters:00:00 - Introduction01:13 - SpaceX Models Slated to Burn $350 Billion09:41 - Why S&P Refused to Fast-Track SpaceX 13:32 - The xAI and Anthropic Cat and Mouse Game19:50 - The AI Paradox for Cybersecurity Stocks23:01 - Data Center Giant Switch Eyes $50B+ Valuation

El crédito privado vuelve a generar inquietud en los mercados financieros. Blackstone ha decidido restringir la recompra de participaciones de su principal fondo, Blackstone Private Credit Fund, hasta el 5%, tras recibir peticiones de reembolso cercanas al 10%. Durante el primer trimestre, el vehículo había podido satisfacer todas las solicitudes sin dificultades. Internamente, la firma ya había considerado elevar ese límite hasta el 7%, que suele ser el umbral habitual en este tipo de productos. A este movimiento se suma lo realizado por Cliffwater, que también optó por limitar los reembolsos al 5% en su Corporate Lending Fund, con un patrimonio de unos 31.000 millones de dólares. En este caso, las solicitudes alcanzaron aproximadamente el 17%, superando ampliamente los niveles previstos. Su consejero delegado, Stephen Nesbitt, explicó en una carta a los inversores que la medida busca mantener una liquidez periódica coherente con la estrategia a largo plazo y con la naturaleza de los activos subyacentes. Esta tendencia no es aislada, ya que en los últimos meses varias gestoras han aplicado restricciones similares en sus fondos más relevantes. La situación comenzó a preocupar a figuras destacadas del ámbito económico. En octubre de 2025, Jamie Dimon popularizó la expresión “cucarachas negras” para advertir de riesgos ocultos, señalando que cuando aparece un problema es probable que existan más. Posteriormente, en abril, avisó de que en un futuro ciclo crediticio las pérdidas en préstamos apalancados podrían ser superiores a lo anticipado. Otros expertos, como Jeffrey Gundlach de DoubleLine Capital, han descrito el sector como un “salvaje oeste”, llegando a compararlo con la crisis financiera de 2008. Grandes firmas como Apollo, Ares o KKR también han adoptado medidas de contención. Entre las más afectadas destaca Blue Owl Capital, cuyas acciones han caído con fuerza desde 2025. en 2026 ha perdido cerca del 40% de su valor, en un contexto de fuertes solicitudes de retirada que obligaron a imponer límites estrictos.

Mostly talked about No Man’s Sky, wanting to write a better book instead of just the next one. Also remembered KKR’s name once I stopped trying to think of it.

In der heutigen Folge sprechen die Finanzjournalisten Daniel Eckert und Holger Zschäpitz über das jähe Ende einer Gewinn-Serie, den Dax-Aufstieg von Hochtief und wie Ihr steuerschonend Euer Depot weitergeben könnt. Außerdem geht es um OHB, SpaceX, Broadcom, CrowdStrike, SAP, Nemetschek, Atoss, Partners Group, Blue Owl, Apollo, Ares, EQT, Blackstone, KKR, RWE, E.on, Porsche Holding SE, Elmos Semiconductor, Siltronic, Süss Microtec SE, Saudi Aramco, OpenAI, Anthropic, Alphabet, Meta, Amazon, Tesla, Nvidia, Boeing, Jefferies, Partners Group Global Value (WKN: A2N9U7), Invesco Solar Energy ETF (WKN: A2QQ9R). Wir freuen uns an Feedback über aaa@welt.de. Noch mehr "Alles auf Aktien" findet Ihr bei WELTplus und Apple Podcasts – inklusive aller Artikel der Hosts. Hier bei WELT: https://www.welt.de/podcasts/alles-auf-aktien/plus247399208/Boersen-Podcast-AAA-Bonus-Folgen-Jede-Woche-noch-mehr-Antworten-auf-Eure-Boersen-Fragen.html. Hier könnt ihr den AAA-Newsletter abonnieren: https://www.welt.de/newsletter/article232797673/Alles-auf-Aktien-Der-taegliche-Boersen-Newsletter-fuer-WELTplus-Abonnenten.html Und - ganz neu: AAA gibt es jetzt auch auf Instagram: https://www.instagram.com/alles_auf_aktien/ Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Hörtipps: Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. +++ Werbung +++ Du möchtest mehr über unsere Werbepartner erfahren? Hier findest du alle Infos & Rabatte! https://linktr.ee/alles_auf_aktien Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

For more than 15 years, the RCP8.5 climate scenario has shaped headlines, policy decisions, financial stress tests and public understanding of climate risk. Now, the scientific community has declared it implausible. So what comes next? This week on Cleaning Up, Michael Liebreich welcomes Professor Roger Pielke Jr. back to explore why RCP 8.5 became the dominant "business as usual" climate scenario, and what its demise means for climate research, policymaking and public debate. They discuss the origins of the scenario, how assumptions about coal consumption drove projections beyond plausible futures and ask whether fear-based climate communication has ultimately helped or hindered public support for climate action. They tackle tipping points, extreme weather, climate policy, scientific self-correction, and the crucial question of how societies should respond to climate risk in a world that is still warming. Until recently, Roger was a tenured professor at the University of Colorado at Boulder. He is now senior fellow at the American Enterprise Institute and publishes an influential Substack called The Honest Broker. He last made an appearance on Cleaning Up in June 2022. If you want to know the background to the RCP8.5 controversy you should listen to that episode, linked below. Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links: Van Vuuren's 2026 paper on RCP8.5 becoming implausible: https://gmd.copernicus.org/articles/19/2627/2026/ Van Vuuren's 2011 paper on the development of the Representative Concentration Pathways (RCPs): https://link.springer.com/article/10.1007/s10584-011-0148-z The Honest Broker Substack: https://rogerpielkejr.substack.com/ Michael's writeup on RCP8.5: https://mliebreich.substack.com/p/rcp-85-is-officially-bollox Roger Pielke Jr's past appearance on Cleaning Up: https://www.youtube.com/watch?v=K2LpMpkrP1w Johan Rockström on Cleaning Up: https://youtu.be/eIJkt_mY12s Jim Skea on Cleaning Up: https://youtu.be/oAWUdL5ZKsk

The federal budget has investors asking whether the old wealth-building playbook still works. Charlie Viola joins Bryce and Ren to unpack what proposed tax changes mean for trusts, super, property, private credit and portfolio construction and why the fundamentals still matter more than the tax noise.In this episode: 00:00 — Why tax changes shouldn't derail good investing00:55 — Budget changes and the pressure on family trusts05:14 — Capital gains tax: overreaction or real risk?09:01 — How accumulators should think about structures15:31 — Has the case for investment property changed?17:22 — Property, leverage and negative gearing19:23 — Global equities, AI and portfolio positioning23:14 — Why Australian equities look less compelling25:01 — Private credit and understanding the risks28:14 — Infrastructure's role in portfolios32:49 — Charlie's key actions for investors this yearIf you would like to speak to Charlie or any of his team head to equitymates.com/advice and we will put you in touch.Stocks & ETFs mentioned: Commonwealth Bank of Australia (ASX: CBA), BHP Group (ASX: BHP), ANZ Group (ASX: ANZ), Telstra Group (ASX: TLS), Woolworths Group (ASX: WOW), CSL (ASX: CSL), Cochlear (ASX: COH), Brambles (ASX: BXB), Macquarie Group (ASX: MQG), Hamilton Lane (NASDAQ: HLNE), KKR & Co (NYSE: KKR), Qualitas (ASX: QAL).———Want to get involved in the podcast? Record a voice note or send us a messageAnd come and join the conversation in the Equity Mates Facebook Discussion Group.———Want more Equity Mates? Across books, podcasts, video and email, however you want to learn about investing – we've got you covered.Keep up with the news moving markets with our daily newsletter and podcast (Apple | Spotify)We're particularly excited to share our latest show: Basis PointsListen to the podcast (Apple | Spotify)Watch on YouTubeRead the monthly email———Looking for some of our favourite research tools?Download our free Basics of ETF handbookOr our free 4-step stock checklistFind company information on TIKRResearch reports from Good ResearchTrack your portfolio with Sharesight———Equity Mates Investing is a product of Equity Mates Media. Hosted on Acast. See acast.com/privacy for more information.

Her off of Loose Women was there. So was Jane McDonald. And so, four ownership layers up, were the financiers. Graeme is joined by Loud Brown Gays host and Outcast alumnus Nick Charles to talk about the contradiction at the heart of the best weekend of the queer calendar. Mighty Hoopla is owned by Superstruct, owned in turn by the US private equity giant KKR, a firm that backs weapons manufacturers and holds stakes in Israeli corporations tied to the occupation. We waved Free Palestine flags at a festival whose money flows straight up to it. This is not a call to boycott and it is not a pile-on. It's a confession, because we were all there, and an honest look at why our anger lands on the rainbow logo while the people with the actual power stay invisible. Plus: queer club night DILF was deleted from Instagram overnight. Who will be silenced next? #OutcastWorld #MightyHoopla #QueerNightlife #LGBTQ #Palestine

As electricity demand rises and renewable generation continues to expand, the same question keeps arising: how do we keep power systems reliable, affordable and resilient? This week, Michael Liebreich is joined by Håkan Agnevall, CEO of Wärtsilä, to discuss the changing role of flexible generation in modern electricity systems, the growing importance of grid stability, and why balancing technologies will be critical as renewables become an ever-larger share of the global energy mix. They explore how rapidly growing electricity demand, including from data centres, is reshaping investment decisions, why flexible gas generation may play an important transitional role, and how batteries, renewables and thermal assets can work together to build a more resilient power system. The conversation also examines the future of shipping decarbonisation following delays to the International Maritime Organisation's proposed global carbon-pricing mechanism, the importance of fuel flexibility for vessel owners, and how digital technologies and AI are improving efficiency across industry. Håkan and Michael cover a wide variety of topics, including: Why flexible generation remains essential in renewable-heavy grids How growing electricity demand is changing energy infrastructure planning The role of gas engines, batteries and storage in maintaining grid stability What data centres mean for future power systems Shipping decarbonisation and the IMO's delayed carbon-pricing vote Fuel flexibility and efficiency in maritime transport How industrial companies are using AI to improve performance and reliability Energy security, competitiveness and the changing geopolitical landscape Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links: Wärtsilä's website: https://www.wartsila.com/ Episode 208 with Anders Lindberg, Wärtsilä's head of energy: https://www.youtube.com/watch?v=UtsCCJ4o1WA Episode 229 with Professor Tristan Smith of UCL, on the delayed IMO agreement: https://www.youtube.com/watch?v=HdUCidkeDto Episode 235 with Rob Dunn, inside the Start Campus data centre: https://www.youtube.com/watch?v=juAyLAUmU3w

This week we break down five real estate investment trustswe like for dividend growth investors — from the Las Vegas strip to German retail parks. VICI Properties (VICI), Big Yellow Group (BYG.L), Healthpeak Properties (DOC), Defama (DEF.DE), and Agree Realty (ADC) each offer a different flavour of income and growth. We also talk about NVIDIA's (NVDA) staggering $870 million annual dividend payout to Jensen Huang, Evolution Gaming's (EVO.ST) $2 billion buyback, and Chubb's (CB) 33rd consecutive dividend hike. Plus, May dividends are rolling in and it feels good. Listener questions cover anticyclical investing, German industrial job losses and what it means for your portfolio, falling in love with stocks, portfolio complexity, Intuit's (INTU) AI risk, asset managers like KKR and Blackstone, and the hidden cost of inflation erosion on slow dividend growers.Episode 300 is just weeks away — sign up for the live showvia https://docs.google.com/forms/d/e/1FAIpQLScSyGjwjj1cl1iAIIp87bJb5u3pq3Ez6yynchPzmxaz0sSLWw/viewform?usp=header More at dividendtalk.eu Follow us @dividendtalk and @europeandgiDisclaimer: We are not financial advisors. All opinions expressed are for entertainment and educational purposes only. Always do your own research before making investment decisions.

- Get NordVPN with a special discount - https://www.nordvpn.com/goodareas - Get an exclusive 15% discount on Saily data plans! Use code 'goodareas' at checkout. Download Saily app or go to: https://saily.com/goodareas - Behram Qazi and Akshay Kumaraswamy review KKR's win over MI. - - To support the podcast please go to our Patreon page -  https://www.patreon.com/c/goodareaspodcast  - Head over to commbox.tv to learn more about our network. - This podcast is edited and mixed by Ishit Kuberkar,    he's at https://instagram.com/ishitk86   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In der heutigen Folge sprechen die Finanzjournalisten Lea Oetjen und Philipp Vetter über einen Dämpfer für Hasbro, Rückenwind für die Rüstungsbranche und die RE-IPO-Fantasie bei OHB. Außerdem geht es um Springer Nature, Renk, Rheinmetall, Hensoldt, Infineon, Aixtron, Nvidia, Arm Holdings, Marvell, AMD, Lam Research, ASML, Intel, Target, Analog Devices, KKR, Alphabet, Amazon, Microsoft und Meta. Wir freuen uns an Feedback über aaa@welt.de. Noch mehr "Alles auf Aktien" findet Ihr bei WELTplus und Apple Podcasts – inklusive aller Artikel der Hosts. Hier bei WELT: https://www.welt.de/podcasts/alles-auf-aktien/plus247399208/Boersen-Podcast-AAA-Bonus-Folgen-Jede-Woche-noch-mehr-Antworten-auf-Eure-Boersen-Fragen.html. Hier könnt ihr den AAA-Newsletter abonnieren: https://www.welt.de/newsletter/article232797673/Alles-auf-Aktien-Der-taegliche-Boersen-Newsletter-fuer-WELTplus-Abonnenten.html Und - ganz neu: AAA gibt es jetzt auch auf Instagram: https://www.instagram.com/alles_auf_aktien/ Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Hörtipps: Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. +++ Werbung +++ Du möchtest mehr über unsere Werbepartner erfahren? Hier findest du alle Infos & Rabatte! https://linktr.ee/alles_auf_aktien Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

What does it take to launch a truly standout career while your peers are just getting started? In this galvanizing episode, Steve Acorn sits down with private equity rising star Blake Winkley to unravel how student leaders can leapfrog the status quo by stacking bold experiences and embracing brutal discomfort.  From hustling side gigs in high school to running a six-figure business as a college sophomore, Blake Winkley reveals the mindset shifts and tactical moves that turned relentless rejection into career rocket fuel. Don't settle for an average trajectory. Listen now to discover why your "story" matters more than ever, what hiring managers are secretly looking for, and how the way you handle this summer could radically change your life. You'll miss out on proven, exclusive frameworks you won't hear anywhere else if you let this episode slip by.     Timestamped Highlights 00:42 – The unexpected truth behind private equity's allure 04:03 – Why missing the "ideal" internship was the best thing that happened 07:00 – The strategic move that turned rejection into opportunity 12:03 – The inside story that made hiring managers say "yes" 16:08 – Unlocking the hidden ecosystem of million-dollar deals 20:19 – Fresh eyes, real impact, and how to outgrow your comfort zone 27:23 – Why brutal honesty and relentless discomfort are career multipliers 41:43 – Crushing imposter syndrome and trusting the process for success     About the Guest Blake Winkley is a Capital Raising Associate at KKR, one of the world's largest private equity firms. With a track record spanning institutional sales on Wall Street to unlocking high-value real estate funds, Blake's career showcases what's possible when student entrepreneurs apply relentless grit, strategic networking, and the right leadership mindset.

In this special episode of Cleaning Up from San Francisco Climate Week, Michael Liebreich and Bryony Worthington unpack the geopolitical shocks reshaping the global energy transition. From escalating tensions in the Gulf and their impact on oil and LNG markets, to China's accelerating electrification revolution, the conversation explores how energy security, industrial strategy and climate ambition are colliding in real time. Bryony and Michael debate whether the West can realistically compete with China's manufacturing dominance, why electrification is becoming the defining energy strategy across Europe and Asia, and whether hydrogen has any meaningful role left to play. They also examine California's energy paradox, the future of AI-driven electricity demand, and whether nuclear power can help meet the coming compute boom. Along the way, they tackle the politics of trade, the economics of resilience, the rise of clean tech nationalism, and the uncomfortable societal questions posed by artificial intelligence and automation. This episode covers: The energy implications of instability in the Middle East Why electrification is accelerating globally China's EV and battery dominance The future of LNG, coal and renewables in Asia  Why Michael thinks hydrogen is dead policy walking AI, data centres and the coming electricity crunch California's clean energy transformation Whether nuclear power can support the AI revolution Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links: Absolutely Electrifying - Ep158: Saul Griffith: https://www.youtube.com/watch?v=238XVTF4ang How Nvidia Made Chips 100,000x More Efficient | Ep215: Josh Parker: https://www.youtube.com/watch?v=k0KtA9WKZ3U The Future of Clean Tech Under Trump — Ep198: Jigar Shah: https://www.youtube.com/watch?v=PCOaF-qQ_TU

In this episode, Chris sits down with Bryan Perkins, Founder & CEO of Novaria Group, a Fort Worth-based aerospace manufacturer he started in 2011 and sold to Arcline last November for $2.2 billion. Bryan didn't set out to be in aerospace. He needed a job. But once he was in, he saw a niche nobody else wanted - high-mix, low-volume, esoteric parts that go under the radar - and spent 15 years rolling up 27 companies into one of the biggest businesses most people have never heard of. His North Star from the start was TransDigm, a company he'd been studying since his 20s. Chris and Bryan unpack the full operator's playbook behind that arc, how his thinking has evolved across a family office, KKR, and now Arcline, and where the entire aerospace ecosystem is headed by 2030. They discuss: Why you can't outmanage a bad capital structure - and what most lower middle market PE gets wrong about underwriting How Bryan built a roll-up that produces 80-90% proprietary deal flow, and the patience it takes to do that Why commoditization is an immediate no, and how the "layer cake" of process IP, material science, and unit economics creates moats most people can't see What an arranged marriage with private equity actually looks like, across three different capital partners Why he thinks the world still won't have enough airplanes by 2030, and how the new space economy is reshaping demand The decadal-thinking, "win the day" mindset behind a 15-year compounding machine Timestamps:00:00 Intro01:22 "You Can't Outmanage a Bad Capital Structure"05:00 Underwriting Deals12:17 Novaria's Strategy in Plain English15:04 IP Moats Over Commoditization17:04 Why Making an Aerospace Washer Is Harder Than You Think21:56 Business Model Business vs. Single-Product Business27:07 Patience and Decadal Thinking as a Proprietary Deal Flow Strategy30:49 How Unglamorous Early Jobs Build Real Credibility38:01 Centralized Controls, Decentralized Operations44:44 Leveling Up: Founders Who Start with the End in Mind55:11 What Is an Institutional Compounder?1:03:05 TransDigm as North Star - Carving a Differentiated Strategy1:08:41 Why Aerospace and Automotive Factory Playbooks Don't Transfer1:14:10 The Road to 2030: Demand Surge, Space Economy & New Aircraft Design ----- Presented by Airshare: Trusted across the country for fractional ownership, jet cards, charter, and aircraft management, Airshare gives you a smarter way to fly private - a days-based fractional model that delivers 20 days a year of unlimited flight time on the Phenom 300 or Challenger 3500. Go to flyairshare.com to learn more. ----- Sponsored by Collateral Partners: Collateral Partners builds institutional-grade investor materials for private credit, private equity, real estate, and family office firms - the kind of marketing collateral that helps you close capital. Learn more at collateral.com/fort. ----- Chris on Social Media: X: https://x.com/fortworthchris Instagram: https://www.instagram.com/thepowerspodcast LinkedIn: https://www.linkedin.com/in/chrispowersjr/ Visit our website: https://www.powerspod.com/Leave a review on Apple: https://bit.ly/45crFD0Leave a review on Spotify: https://bit.ly/3Krl9jO

We talk about how difficult this IPL has been to watch, KKR's misfortunes, GT's bowling, the return of Bhuvi, bouncers from Krunal, a possible Klaasen Orange Cap(?), a lot about Mumbai Indians, what are bowlers?, who is Vaibhav Suryavanshi, how will Punjab be remembered?Sarthak wrote a piece earlier today talking about how IPL became inert. Read it here.

The energy system is not about supply and exports and generation and distribution. It's about how we use energy in our daily lives and workplaces. The so-called energy trilemma, affordability versus reliability versus environmental performance looks very theoretical in the boardrooms of an NGO or a consulting company. But it's not theoretical at all for someone struggling to run their life, do their job and pay their bills. What we need is a system focused on usage, not on supply. Joining Michael on Cleaning Up this week is Harish Hande, a Bangalore-based social entrepreneur, co-founder and CEO of the Selco Foundation, which focuses on decentralized solar energy solutions for underserved communities. A graduate of IIT Kharagpur with a master's and PhD in energy engineering from the University of Massachusetts, Harish has over three decades of grassroots experience using sustainable energy to drive poverty reduction in rural India. In 2011, he received the Ramon Magsaysay Award for his efforts to make solar power accessible and affordable for the poor through innovative, livelihood‑linked energy services. Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live Links: The Selco Foundation: https://selcofoundation.org/ Impact Investing Has it Backward: https://nextbillion.net/impact-investing-backward-time-prioritize-needs-social-enterprises-not-just-investors/ How Solar is Saving 100s of Lives in Sierra Leone — Ep204: Project Bo: https://www.youtube.com/watch?v=z-5QjSfy2SM A Life of Energy Access and Inclusion - Ep20: Richenda Van Leeuwen: https://www.youtube.com/watch?v=8tyk1xcf7nQ What India Gets Right About The Energy Transition | Ep226: Dr Arunabha Ghosh: https://www.youtube.com/watch?v=qMrn-JewoCo  

What happens when a $6.4 billion PE buyout becomes a cautionary tale for every SaaS operator, investor, and board member? In this episode, Dave "CAC" Kellogg and Ray "Growth" Rike break down Private Credit: what it is, how it works, and why it is showing up everywhere from venture rounds to leveraged buyouts. Then they walk through the Medallia deal step by step to show exactly how the model breaks.What we covered:Private credit 101: from venture debt to leveraged buyoutsPrivate credit is non-bank lending done by funds instead of banks, with a repayment-first mindset rather than a returns mindset. Capital deployment hit nearly $600 billion in 2024, up 78% from 2023, with 22 to 25% of that concentration in SaaS companies. Ray and Dave explain the difference between venture debt (lending to startups post-round) and direct lending (providing the "L" in LBO transactions), and why these structures have moved from niche to standard in software finance.How debt is priced and why it costs what it costsPrivate credit loans are floating-rate instruments priced at SOFR plus 500 to 800 basis points. In the zero-rate era that meant 6 to 9% all-in. Today it means 10 to 13%. Dave explains warrants as the "sweetener" (typically 5 to 15% of the loan amount, translating to under 2% equity ownership) and why the real economic driver is repayment, not upside. Ray frames the contrast with VC math: a lender who loses principal on one deal has no portfolio-level offset.The terms that matter: PIK, bullets, and covenantsPay-in-kind interest defers cash pain today by adding to the principal balance tomorrow. A $100M loan PIK-ing at 10% annually becomes $121M in two years and $133M in three. Bullet loans put the entire principal due at maturity, which for most companies means refinancing or a sale event. Dave's strongest language is reserved for covenants, which he calls the "third rail": liquidity, EBITDA, ARR growth, and coverage ratio thresholds that give lenders the right to call the loan if tripped. He argues these belong on page one of every board dashboard, every time.The Medallia case study: when all the assumptions move against youThoma Bravo acquired Medallia in 2021 for $6.4 billion at 9x revenue, with roughly $1.8 billion of debt backed by Blackstone, Apollo, and KKR. The deal was underwritten on continued growth and margin expansion toward 25% free cash flow. Instead, growth slowed, base rates rose more than 400 basis points, PIK interest compounded the balance from $1.8B to $2.2B, and EBITDA of $200M fell below annual interest expense of $300M. Interest coverage dropped below 1x. Thoma Bravo's $5 billion equity investment went to zero. Lenders took the keys via debt-for-equity conversion.Why these structures can look stable and then break fastThe Medallia deal was not unusual at entry. The problem was that PIK, rising rates, and slowing growth are individually manageable and jointly lethal. By March 2026, Blackstone was marking its first-lien Medallia debt at 60 cents on the dollar. Ray notes that between 2015 and 2025, more than 1,900 software companies were acquired by PE in deals worth over $440 billion, and 20 to 25% of all private credit went to SaaS. The exposure across the sector is large.The lesson Rory O'Driscoll would underlineDave closes with a line from Rory O'Driscoll: as soon as something becomes a formula, the play is probably over. Private credit for SaaS worked reliably for nearly a decade. The combination of higher rates, compressed multiples, and closed IPO and M&A windows revealed that the formula was underwriting a world that no longer existed. Senior debt gets paid first. When the debt is impaired, the equity is gone. The math does not negotiate.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, Scott Becker examines the contrasting performances of Intel, Palantir, and major private equity firms like KKR.

In this episode, hosts David Millili and Steve Carran sit down with Roman Pedan, the founder and CEO of Kasa, to discuss the future of hospitality, the role of AI in hotel operations, and how technology is reshaping the guest experience.Roman shares his journey from immigrating to the United States from Ukraine to studying at the University of Pennsylvania and Stanford University, before building one of the hospitality industry's most innovative tech-enabled brands. He dives into the inspiration behind Kasa, lessons learned from private equity at KKR and Walton Street Capital, and why he believes hospitality operators need tighter integration between technology and operations.The conversation explores:How AI is transforming hospitality operations and guest communicationThe future of apartment hotels and flexible real estateWhy traditional hotel tech stacks are brokenThe importance of balancing automation with human hospitalityKasa's acquisition of Mint House and the company's rapid growthIf you're interested in hospitality innovation, hotel operations, real estate, or the future of travel technology, this is an episode you won't want to miss.Watch the FULL EPISODE on YouTube: https://youtu.be/n-j4XSvUyLALinks:Roman on LinkedIn: https://www.linkedin.com/in/roman-pedan/Kasa: https://kasa.com/ For full show notes head to: https://themodernhotelier.com/episode/276Follow on LinkedIn: https://www.linkedin.com/company/the-..Join the conversation on today's episode on The Modern Hotelier LinkedIn pageConnect with Steve and David:Steve: https://www.linkedin.com/in/%F0%9F%8E...David: https://www.linkedin.com/in/david-mil.

In this episode, Scott Becker discusses the sharp market rebound, rising oil prices, President Trump's rejection of Iran's negotiation response, Intel's massive year-to-date surge, and the continued challenges facing private equity stocks like KKR.

Special Edition: The Future of MLS Next Pro Jason is on the road to Pawtucket, Rhode Island for a live Morning Kick Around at Centreville Bank Stadium — so rather than leave you hanging, he's crossing the streams. This episode features the full Morning Kick Around interview with Eben Novy-Williams, deputy editor at Sportico, on KKR's blockbuster investment in MLS Next Pro through the newly formed Hometown Soccer Holdings. Jason and co-host Rob Kerr dig into what it all means for the soccer wars, lower-division soccer in America, MLS valuations, the Vancouver Whitecaps crisis, and what the World Cup might — or might not — do for the game's long-term trajectory. TIMESTAMPS: [0:00:28] — Welcome & road trip intro: Jason heads to Pawtucket for Morning Kick Around live at Centreville Bank Stadium, Rhode Island FC vs. Tampa Bay Rowdies, May 9th [0:01:02] — Check out Morning Kick Around on YouTube: youtube.com/@MorningKickAround [0:03:35] — Support the show at patreon.com/thebestsoccershow — World Cup content incoming for Besties, plus Wednesday office hours and the Bestie Slack [0:05:00] — Interview begins: Eben Novy-Williams, deputy editor at Sportico, joins Jason and Rob Kerr [0:05:46] — Why KKR? MLS launched Next Pro in 2022 with a minor league baseball vision — teams in non-MLS cities building a full pyramid. Four years in, most clubs treated it as a sunk cost, not a business. KKR changes that calculus. [0:07:12] — The moat strategy: MLS wants to control the entire pro soccer pyramid in the U.S. — and this deal widens the moat against USL considerably. [0:09:03] — KKR's timeline is likely five years. They want to build the commercial structure, prove the concept, grow the league, then find a successor. From MLS's side, this is Next Pro 2.0. [0:11:25] — The real estate angle: soccer stadium investment in mid-sized cities is as much about surrounding land development as the sport itself — just like minor league baseball. [0:19:33] — A quiet rule change: US Soccer dropped the required controlling ownership stake from 35% to 15%, opening the door to bigger consortiums and more institutional investment across all pro divisions. [0:22:18] — World Cup reality check: hotel bookings are flat, the ticketing process has been a mess, and once the tournament ends, MLS loses its biggest sales pitch. What does the league look like in the rearview mirror? [0:25:44] — Valuation tension: every MLS team is roughly in the top 50 most valuable soccer clubs globally. No pro/rel and a salary cap create cost certainty investors love — but fans see a ceiling on quality. [0:27:00] — The two-tier ownership problem: some owners paid under a million dollars for their clubs. New owners paid $500M. Those groups see the league's future very differently. [0:28:00] — Grant Gustafson and the Vancouver situation: Eben confirms the Gustafson family (Public Storage heirs, Kentucky thoroughbred farm) are the main Vegas-connected group in talks. Phoenix and Indianapolis also mentioned as relocation candidates. [0:34:45] — Find Eben's work at sportico.com and on X at @Novi_Williams Support the Show Join the Bestie community at patreon.com/thebestsoccershow for Wednesday office hours with Jason, bonus podcast feeds, World Cup content, and the Bestie Slack. Or just share the show with a friend — it all helps. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this inspiring episode, host Ashish Kothari sits down with Meghan French Dunbar, a "business anthropologist," entrepreneur, and author of This Isn't Working. Meghan shares her powerful "metamorphosis" journey—from a high-achieving CEO burnt out by age 34 to a leader who centers flourishing as the primary driver of success. They explore why the current model of leadership is fundamentally broken and how shifting the focus from productivity to the "quality of being" can transform organizational performance. This episode is a roadmap for leaders and high achievers who want to achieve high impact without destroying their well-being in the process.Main Topics CoveredThe Flourishing Transformation: Why replacing traditional markers of success with "flourishing" improves quality of work and life.The "Messy Middle": Meghan's personal story of losing her identity during the pandemic and finding a new version of herself beyond achievement.The Opportunity Company Model: A deep dive into Torani, a company achieving 20% annual growth for 34 years by prioritizing people over profits.The Immorality of "Market Rate": Why paying a living wage is a baseline requirement for a high-performance, ethical culture.Autonomy and Dignity: How treating employees like "valuable adults" rather than toddlers unlocks massive discretionary effort and joy.Quality of Life as a Metric: Lessons from Sharon Rowe and Erin Wade on building businesses that support an "ideal life."Mainstreaming Conscious Business: How even giant firms like KKR are moving toward employee ownership models.Key TakeawaysLeading Indicators vs. Lagging Indicators: Financial performance is a lagging indicator; the growth, resilience, and well-being of your people are the true leading indicators.The Financial Cost of Insecurity: Distraction from financial stress reduces productivity by an average of seven hours per week.Schedule Joy: Joy isn't a byproduct of success; it's a prerequisite. If joy isn't on your calendar (like surfing or dancing), it likely won't happen.Define "Enough": Breaking the internalized narrative of "more for the sake of more" allows you to maximize time for what truly matters.The Ideal Life Statement: Draft a clear vision of your priorities to act as a shield against ego-driven overachievement.Episode Chapters0:00 - 3:50 Introduction and the Conscious Capitalism Movement in Boulder3:51 - 6:20 Flourishing: Replacing "Quantity of Doing" with "Quality of Being"6:21 - 10:11 The Bob Chapman Philosophy: Measuring Success in Lives Touched10:12 - 15:20 Meghan's Story: From High-Achiever Burnout to the "Messy Middle"15:21 - 18:55 The Framework: Purpose, Expansion, and Quality of Life18:56 - 23:03 Why Meaning at Work is Essential for Flourishing in Life23:04 - 27:40 Case Study: How Torani Achieved Billion-Dollar Growth27:41 - 31:26 Autonomy: The Antidote to Disenfranchisement31:27 - 37:45 Financial Resilience: Redoing Compensation Structures37:46 - 43:11 Quality of Life: Choosing Greatness Over Size43:12 - 48:36 The Evergreen Model: Moving Beyond Corrupted Venture Capital48:37 - 52:45 Micro-Action 1: Identifying and Scheduling Joy52:46 - 55:36 Micro-Action 2: Defining Your "Enough" Number55:37 - 58:19 Micro-Action 3: Drafting Your Ideal Life StatementConnect with the GuestConnect with Meghan French DunbarBook: This Isn't Workinghttps://bookshop.org/a/2344/9781541704862Substack: What's Workinghttps://meghanfrenchdunbar.substack.com/Podcast: Better Than Thishttps://www.meghanfrenchdunbar.com/podcastPersonal Website:https://www.meghanfrenchdunbar.comConnect with the HostHappiness Squad Website: https://happinesssquad.com/Ashish Kothari: https://www.linkedin.com/in/ashishkothari1/LinkedIn: https://www.linkedin.com/happiness-squadFacebook: https://www.facebook.com/myhappinesssquad/Instagram: https://www.instagram.com/myhappinesssquadCall to Action: Is your current leadership model working? Follow The Flourishing Edge, like this episode, and share it with a fellow overachiever who is ready to step off the hamster wheel and start flourishing.

In this episode, Scott Becker examines how Blackstone and KKR are evolving into fee-driven giants with massive inflows and diversified revenue streams, while lower and middle market private equity firms remain heavily dependent on deal exits for returns.

Jason goes live on a Thursday night to cover two of the biggest stories in American soccer right now: the ongoing saga around the future of the Vancouver Whitecaps — including a wild "liar liar pants on fire" tweet from someone on Don Garber's account — and the breaking news that private equity giant KKR is investing in MLS Next Pro through a new entity called Hometown Soccer Holdings. He also reacts to comments from USMNT head coach Mauricio Pochettino about American soccer culture that are, let's just say, bothering him a little. Save the Caps: savethecaps.com Jason's Newsletter: Jason Davis Soccer Eagle (search it, sign up) Morning Kickaround "Stick to Football" podcast: The Overlap with Gary Neville — Pochettino interview Jeff Rueter's writeup of Pochettino's comments: The Guardian The Athletic reporting on the Whitecaps: Tom Bogert, Paul Tenorio, Jeff Carlisle Hometown Soccer Holdings / KKR x MLS Next Pro: mlssoccer.com / Business Wire Simon Evans' Soccer Business Newsletter — recommended by Jason for MLS Next Pro coverage Love the show? Want more Jason Davis in your life? Join the Best Soccer Show Patreon at patreon.com/thebestsoccershow and become a Bestie. Perks include: