Podcasts about Lazard

Dans cet épisode, je reçois Dimitri Fotopoulos, partenaire chez Weinberg Capital Partners, pour une discussion autour des fonds de continuation en private equity : comment fonctionnent-ils, pourquoi sont-ils mal compris, et dans quels cas permettent-ils de prolonger la création de valeur d'un actif Leveraged Buy-Out (LBO) au-delà de la durée classique d'un fonds?Nous avons parlé :Du dilemme central du gestionnaire LBO : devoir céder un actif performant à contre-coeur uniquement parce que le fonds arrive à maturité, même quand la relation avec le management est excellente et que le potentiel de création de valeur n'est pas encore pleinement capturéDu principal préjugé sur les fonds de continuation, perçus comme un outil pour recycler des actifs qui peinent à trouver acheteur, alors que dans les faits, seuls les meilleurs actifs LBO peuvent se prêter à cet exercice sur le marché secondaireDu processus concret de mise en place d'un fonds de continuation : mandat d'une banque conseil spécialisée comme Lazard, due diligence complète avec book de valorisation, trois phases successives avec les lead investors du secondaire, les LPs existants et la syndicationDu double due diligence spécifique au marché secondaire : les investisseurs analysent autant le track record de l'équipe de gestion sur 10 à 20 ans que la qualité intrinsèque de l'actif lui-mêmeDe la structure de frais adaptée au format fonds de continuation, proche du co-investissement : environ 1% de management fees et 10% de carried interest, contre les 2% et 20% d'un fonds LBO classique diversifiéDes chiffres du marché secondaire en France : 12 milliards d'euros de transactions secondaires au total, dont 7 milliards attribués aux seuls fonds de continuation en 2025, selon le premier rapport France Invest publié sur le sujetDe la démocratisation du private equity auprès du wealth management, que Weinberg Capital Partners adresse via une équipe dédiée, avec la conviction que rendre cette classe d'actifs accessible est vertueux à condition de maintenir des garde-fous réglementaires rigoureux conformes aux exigences de l'AMFUn épisode technique mais très accessible, qui démystifie un outil encore mal compris et souvent mal jugé - et qui montre comment la contrainte structurelle d'un fonds peut devenir un levier de création de valeur supplémentaire.Recommandation de Dimitri : “Pour les succès des armes de la France" de Pierre de VilliersLiens utilesDimitri Fotopoulos: https://www.linkedin.com/in/dimitri-fotopoulos-9033583/ Weinberg Capital Partners: http://www.weinbergcapital.comFinscale est aussi disponible sur YouTube: https://www.youtube.com/@finscale.***************************Finscale est bien plus qu'un podcast. Cet épisode est produit et animé par Solenne Niedercorn, fondatrice de Finscale.

RÖDL baut das Team Debt Advisory am Standort Frankfurt am Main / Eschborn aus. Daniel Heinl verstärkt das Team und soll die strategische Weiterentwicklung der interdisziplinären Corporate Finance Services vorantreiben. Er kommt von Lazard. In diesem Spotlight berichten Peter Längle, Partner bei RÖDL, und Daniel Heinl, der als Associate Partner eingestiegen ist, von ihren Zielen und nächsten Schritten.

Supply shocks, inflation risks and AI are reshaping the investment landscape, a theme that Lazard's Chief Investment Officer Eric Van Nostrand discusses with Ira Jersey on this Macro Matters edition of the FICC Focus podcast. Van Nostrand explains why macro matters more to markets now than it did for much of the past two decades, and why investors need to focus more on supply dynamics than traditional demand management. The two examine the inflationary consequences of the conflict in Iran, why Van Nostrand believes the market is underestimating the risk of persistently higher oil prices, and how those pressures complicate the outlook for the Federal Reserve under Chairman Kevin Warsh.  They also discuss how fiscal and local policy affect long-term supply growth, why European equities look more attractive than they have in years, and where Lazard sees opportunities tied to the AI buildout, data-center infrastructure and emerging markets in a weaker-dollar world. The Macro Matters podcast is part of BI's FICC Focus series. 

Dans la "Boîte Noire" du recrutement d'élite : Pourquoi le diplôme ne suffit plus ?

DAMIONCarnival Corporation's data breach exposed personal data of nearly 6 million customers: An April social engineering attack on an employee account compromised names, dates of birth, and government-issued ID numbers. WHO DO YOU BLAMESkills: Technology & Cybersecurity: Experience with information technology and cybersecurity matters is increasingly important to mitigate the risks our business faces, promote innovation and maintain a competitive edge in a rapidly evolving technological ageLeast represented 5/11CEO Josh WeinsteinNO: at Carnival since 2002, started as General CounselSir Johathon BandNO: First Sea Lord and Chief of Naval Staff, the most senior officer position in the British Navy (2006 to 2009, when he retired); Admiral and Commander-in-Chief Fleet (2002 to 2006); Served as a naval officer in increasing positions of authority (1967 to 2002)Jason CahillyNO: CEO Dragon Group LLC, provides capital and business management consulting and advisory services worldwide; The NBA: CFO & Chief Strategic Officer; Goldman Sachs: Partner; Global Co-Head of Media and Telecommunications; Head of Principal Investing for Technology, Media & TelecommunicationsNelda ConnorsNO: CEO/Chair Pine Grove Holdings, a privately held investment company; CEO Atkore International, manufacturer of electrical, safety and infrastructure solutions; VP Eaton Corporation, electrical and automotive supplierLaura WeilNO: Founder Village Lane Advisory LLC, specializes in providing executive and strategic consulting services to retailers COO New York & Company, women's apparel and accessories retailer; CEO Ashley Stewart, women's apparel retailer; CEO Urban Brands, apparel retailer; COO AnnTaylor Stores, women's apparel retailer; CFO American Eagle Outfitters, apparel retailerAudit Committee: Oversee management's risk assessment processes to identify principal and emerging risks, including financial, IT, cybersecurity and non-HESS operational risksLaura Weil*: NOJason Cahilly: NOJeffrey Gearhart: NOWalmart Corporate Secretary and lawyerStuart Subotnick: NOCEO at Metromedia Company, wireless/communications, until 2010; Carnival director since 1987 Health, Environmental, Safety and Security Committee: Oversee management's processes to identify principal and emerging health, environmental, safety, security and sustainability-related risks, including those related to ship operations and cybersecurity, RAAS health, environmental, safety, security audits, IAG and external investigations into significant ship incidents, and health, environmental, safety, security-related hotline complaints, and assess the steps management has taken to minimize such risks.Sir Johathon Band*: NONelda Connors: NOHelen Deeble: NOFormer CEO P&O Ferries Division Holdings, shipping and logistics businessKatie Lahey: NOExecutive Chair Korn Ferry Australasia, leadership and talent firmMicky Arison (75%): Exec Chair and former CEO and 7% stockholderThe CEO Pay Ratio1,063:124 retail CEOs made as much in a day as their typical employee earned in a year — and a big one didn't. WHO DO YOU BLAMEThe separation of CEO and Chair: Hamilton E. James Chair/Ron Vachris MMNot uniqueOnly 50% of the board is men. WTF?uniqueOne share = one voteNot uniqueState of HQ = WashingtonAlso StarbucksState of Inc = WashingtonAlso StarbucksPledge of allegiance to stakeholdersCostco generally has: Higher wages; Better benefits; Lower turnover; Higher sales per employee.Industry-leading employee compensation AND Self-imposed low-margin pricing philosophyWalmart only low-margin pricingOther comps:Todd Vasos of Dollar General, Shane O'Kelly of AutoZone, Gerald Morgan of Texas Roadhouse, Jack Sinclair of Sprouts Farmers Market, William Stengel of Genuine Parts Company, Michael Creedon of Dollar Tree, Ronald Sargent of Kroger, Lauren Hobart of Dick's Sporting Goods, Joshua Kobza of Restaurant Brands Inc., Kecia Steelman of Ulta Beauty, Scott Boatwright of Chipotle, Ted Decker of Home Depot, Bob Eddy of BJ's Wholesale Club, Corie Barry of Best Buy, James Conroy of Ross Stores, Chris Turner and David Gibbs of Yum Brands, Chris Kempczinski of McDonald's, Marvin Ellison of Lowe's, Brian Cornell of Target, Ernie Herrman of TJX Companies, Doug McMillon of Walmart, Brian Niccol of Starbucks, Hal Lawton of Tractor Supply Co, Laura Alber of Williams-SonomaFigma Gets an Activist Investor. Exhibit A on Why Companies Don't Want to Go Public. Figma's first year as a public company hasn't gone well. Findell Capital Management said it needs to take steps to shed its unwarranted reputation as an artificial-intelligence “loser.” WHO DO YOU BLAME?Figma founder and CEO Dylan Field: Owns 10% of shares but 72% of voting power: Class B shares worth 15 votes per shareDylan owns 158 Class A Shares (or 0.00003556% of 444,278,887)And Chair$5B net worth$865M total summary compensation in 2025; $91M in 2024Nominating Agreement:Figma must nominate Dylan Field to be a director and include him in the proxy statementThe company must use its resources to back him up and actively convince other shareholders to vote for him In response to a question about how he was going to change the world, Dylan said he was going to build better software for drones.Bro fest sausage party2 of 9 directors are womenTop 5 NEOs all dudesPeter ThielForced Dylan to drop out of Brown for a dumb fellowshipVC Blowhardiness on the BoardVC dude John Lilly (Greylock): Lead Independent Director2nd longest tenure (2014)Member of the Audit Committee; Member of the Nominating Committee (only Lilly and Rimer)VC dude Andrew Reed (Sequoia)Director at debt-maker Klarna Group (also way down since IPO): down roughly 54% from its initial $40.00 IPO price, and down nearly 68% from its all-time highMember of the Compensation Committee (which modeled Dylan's pay package after Elon Musk)VC dude Danny Rimer (Index Ventures)Director since 2014B.A. in History and Literature from HarvardMember of the Compensation Committee (which modeled Dylan's pay package after Elon Musk)Member of the Nominating Committee (only Lilly and Rimer)Luis von AhnDuolingo co-founder and CEO2025: shared an internal email outlining Duolingo's new "AI-first" strategy where Duolingo would “gradually stop using contractors to do work that AI can handle”Stated that "AI is a better teacher than humans" and that the future role of teachers would be reduced to providing "childcare."Blamed the controversy on a "lack of context" in his original statements"AI-First" memo goes viral: $389; today $118MATTDanone, Starbucks shine in methane-reduction rankingDanone is the only company in the group aligned with the Global Methane Pledge, an initiative backed by 150 countries that targets a 30 percent reduction in global levels of the gas by 2030. The French multinational also leads the pack in progress toward its target, having come close to hitting it five years ahead of schedule.WHO DO YOU CREDIT?Chair of the CSR committee Lise Kingo (9% influence), one of three directors tagged as merit directorsmaster's degree in Responsibility & Business from the University of Bathbachelor degrees in Religions and Ancient Greek Artbachelor's degree in Marketing and Economicscertificate as International Director from INSEADEx Novo Nordisk environmental affairs, internal audit, compliance, human resources, communication, branding and sustainabilityHelped create the UN SDGs and the UN Global CompactSomehow only bats 559 on carbon intensity (career) and 415 for scope 1/2 (career)Also, using deference metrics, the ONLY DIRECTOR tagged as fully independentEmployee rep member of the CSR committee Bettina Theissig (5% influence) and the employees of DanoneThe committee charter mandates employees get a say: At least two thirds of the CSR Committee must be independent, as defined by the AFEP-MEDEF Code. At least one Director representing employees must be a member of the Committee.In France (Danone's domicile), the European Investment Bank found that French employees were the most aware of environmental issues - 82% of French employees said they were highly concerned about environmental issues, highest in EuropeLead Independent Director and chair of the Nom/comp committee who put together the comp plan, Valerie Chapoulaud-Floquet15% influence, second to the 18% influence CEO (democracy!!), got 99.16% shareholder approval in April (even as CEO got 89.73% approval and pay got 93.19% approval)20% of short-term pay and 30% of long-term pay is based on hitting sustainability targetsWhen you pay a CEO to do a thing, they are more likely to do a thingEx-CEO Emmanuel FaberOusted in 2021 by the board of directors and activist investors, he transformed Danone into an “enterprise a mission” (a French version of a B corp)Investors voted 99% in favor of the move and a year later ousted Faber, the board resigned, and the new board and CEO are basically moving back towards being environmental leaders because it paid offShort term share price laggedHe said in 2024 that nature is “at the core” of Danone, It took the stock 3 years from Faber's ousting to return to Faber levels - and in the meantime, they were sued for plastics and emissionsIsn't this HIS win?Current CEO Antoine de Saint-AffriqueBecause CEOGM Board Director Jonathan McNeill Stepping DownCEO of DVx Ventures. Ex COO at Lyft Inc. and ex president, Global Sales, Delivery and Service at Tesla, current director at Lululemon, GM director since 2022, on the Governance and Corporate Responsibility committee and Risk and Cybersecurity committee.We know that half of boards on average think someone on the board should be replaced - did the GM board not like McNeill?WHO/WHAT WOULD WE BLAME FOR PUSHING MCNEILL OUT?Outsider dude bro DRLet's be honest, McNeill worked at much more… modern?... companies than GMThe board is OLD SCHOOL - ex Northrop Grumman, ex Visa, ex Lazard, ex HP, ex eBay, ex Novartis, ex Walmart, other directorships at Goldman, Huntsman, P&G… these are professional, insular boardsMeanwhile, he's investing as a VC in AI, other auto/mobility startups, comes from boards that are bro founder lead (Tesla, Lyft) He's invested in AI, crypto, heavy tech, intertwined with VCs all overNot deferential enoughBarra is connected to 94% - THE ENTIRE - boardMcNeill has the highest network power on the board at $9tn, higher than even Mary Barra (who is super connected), but is NOT a power player in the board community of GM - the dominant board communities for GM are massive blue chip US companies, where McNeill has deeper connections in smaller IT/tech focused companiesHe doesn't need the pay, he gets nothing for the connections really, he has connection to Barra but his network is different - was he too independent?Pissed he doesn't have enough influence McNeill has the LOWEST influence on the GM board at 4%He's relatively new, younger, working as a VC where you have a lot of power of capital allocation“I don't need this shit” effect?Too many womenMcNeill's dvX ventures portfolio team is 6 dudes and 1 womendvX entire operations staff is two woman - guess what they do“Chief of Staff” (ie, HR)Executive Assistant (yes, listed on the team)Board is 2 women, 3 men (McNeill not on board)This one seems unlikely I guess?Too busy, meh, move onOne of dvX portfolio companies is curbee, with GM Ventures' Kurt Baumgarten on the board (and the dvX co-founder is founder of Curbee)McNeill on at least 3 of his portfolio boards or advisory committees, plus LULU and GM…

Dmitry Shevelenko is Chief Business Officer at Perplexity. He previously co-founded Tortoise, a robotics and commerce automation startup and held business development roles at Uber, LinkedIn, and Meta. He also serves on the board of Lazard. In this episode of Summation, Dmitry and Auren discuss:Why CEOs and executives are Perplexity Computer's biggest power users and what that says about who wins the AI eraScaling Perplexity past $500M ARR with only 34% headcount growthThe $34.5B Chrome bid and the TikTok bid before itWhy AI's biggest constraint right now is adoption and not capabilityYou can find Auren Hoffman on X at @auren and Dmitry Shevelenko on X at @dmitry140

David Turver, an Energy Analyst from the UK, stops by the Energy News Beat Podcast.With the spotlight on the world stage around the price of oil, the world is bifurcating into two camps. Those going after Energy Security Starts at home, and the other camp is tripling down on Green Energy and Deindustrialization.I do not know how the Iran conflict will turn out, but I feel that if the Venezuelan-style controls are put in place and the Iranians can set up a government, there is hope. That would cut out billions of dollars annually to the proxy fighters in the Middle East, funded by China's insatiable demand for oil.David's Substack is a great resource for information on the UK grid system. In the article Levelised Cost of Energy Models are Junk, he really outlines how Fake LCOE model results are being used to poison the debate about the cost of renewables.For our Substack subscribers fighting local wind or solar farms, this may help, as we all need to ask the right questions. The thing that struck me most in the article was how the numbers are made up and changed to fit the narrative. It is the same thing that has been done to the United States grid system, as we need to redefine the Levelized Cost of Energy to have wind, solar, and even hydrogen have storage tied to their projects. With recycling and end-of-life projects funded and bonded.1. Levelized Cost of Energy (LCOE) Models & Their FlawsThe core topic of the podcast centers on how LCOE models used by organizations like IRENA, Lazard, and government agencies significantly underestimate the true cost of renewable energy. David Turber argues these models are “junk” because they:Use unrealistically low capital expenditure estimatesAssume artificially high load factors (capacity utilization rates)Ignore grid integration, storage, and decommissioning costsApply lower costs of capital to renewables than to fossil fuelsReal-world example: IRENA estimates onshore wind at £25/MWh, but actual 2024 UK auction prices were £72/MWh—nearly three times higher.2. Renewable Energy Economics & Hidden CostsThe discussion reveals that renewable energy projects rely heavily on subsidies and have significant undisclosed expenses:Decommissioning costs are not properly funded; companies reduce asset values rather than setting aside cash reservesNameplate upgrades in the US use subsidy money to replace turbine components, artificially extending project lifespansLand reclamation liability for wind farms in the US totals ~$89 billion and isn't factored into LCOE calculationsWind farms become uneconomical after ~15 years when subsidies end and maintenance costs rise3. Grid Reliability & Intermittency IssuesThe speakers highlight critical problems with integrating intermittent renewables:Gas plants must constantly “spin up and spin down” to compensate for wind/solar variability, causing extra wear and maintenance costsGrid balancing and curtailment payments (paying generators not to produce) are not included in renewable cost modelsTexas ERCOT has 85 GW peak demand but 180 GW nameplate capacity due to wind/solar overbuilding—requiring expensive grid infrastructure upgradesAI data centers demand dedicated, reliable power, which renewables cannot provide without nuclear backup4. Energy Security & Geopolitical ImplicationsThe conversation shifts to how energy policy affects national security and economic competitiveness:UK/EU deindustrialization: Closing refineries, petrochemical plants, and steel mills due to high energy costsDependency on imports: The UK now imports 50-60% of jet fuel and diesel; refineries in California dropped from 38 to 7, with 6 more slated to closeChina's energy dominance: Building 150 GW of nuclear capacity by 2035 while increasing domestic drillingLiving standards decline: UK GDP per capita has fallen below that of Louisiana (the poorest US state)5. Government Policy FailuresDavid an I have fun while we criticize UK and EU energy policies:Renewable Obligations scheme: Provides indexed subsidies that exceed initial capital costs, making projects profitable only through subsidiesContract for Difference scheme: Early projects are nearly as expensive as older renewable obligationsCarbon pricing: Artificially inflates gas costs through target-consistent pricing, making renewables appear cheaper than they arePolitical resistance to change: Energy Secretary Ed Miliband is criticized for ignoring evidence and pursuing ideological policies that harm the economy6. Alternative Energy Solutions Being IgnoredWe note that other countries are pursuing pragmatic energy strategies:China & Japan: Restarting coal plants and building nuclear capacityGermany: Ironically flooding coal mines after closing nuclear plantsUS shale gas: Provides cheap, abundant energy that the UK refuses to developNuclear power: Presented as the only reliable, carbon-free solution that can support AI data centers and grid stability7. Economic & Political ConsequencesThe discussion concludes with warnings about the long-term impact:Energy costs driving industrial collapse and job lossesReduced competitiveness in manufacturing, steel, fertilizers, and defenseGrowing political awareness of the problem, but only among opposition partiesRisk of energy crisis as aging gas infrastructure cannot be economically replaced while still being essential for grid stabilityThe overarching theme that David has brought to light is that renewable energy policies, driven by flawed cost models and ideological commitment, are economically damaging and strategically dangerous without addressing grid reliability, storage, and the role of nuclear power.Check out https://theenergynewsbeat.substack.com/p/levelised-cost-of-energy-models-areCheck out the Energy News Beat SubStack https://theenergynewsbeat.substack.com/A shout-out to Steve Reese and the Reese Energy Consulting group for sponsoring the Podcast https://reeseenergyconsulting.com/.Data2 if you have any business systems, can you trust A? Well, they have the patent on validation. . https://data2.zoholandingpage.com/energyAnd we have WellDatabase rolling in as a new sponsor. https://welldatabase.com/

Send us Fan MailIs the era of just managing Parkinson's symptoms finally coming to an end?In this clip from our episode “How AI Is Helping The Fight Against Parkinson's”, host David E. Williams and guest Gene Mack, CEO of Gain Therapeutics, share why the early signals from their lead drug candidate are too compelling to ignore.Listen to the full episode here

Send us Fan MailFor decades, Parkinson's patients have been offered only symptom management. No drug has ever slowed the disease itself. A small clinical stage biotech may be about to change that.Gene Mack, CEO, Gain Therapeutics joins host David E. Williams to discuss the science behind a potential first disease modifying therapy for Parkinson's, how AI is accelerating drug discovery, and what it takes to build a biotech in one of the toughest capital markets in years.

The GFC exposed a harsh reality: for investors in or near retirement, large drawdowns aren't just uncomfortable — they can be permanent. Aaron Binsted from Lazard Asset Management saw this firsthand. It shaped the thinking behind a strategy designed to deliver equity returns with lower volatility and a focus on growing income. In this episode, we cover how markets are navigating today's macro backdrop, why “economic diversification” matters more than ever, and the under-appreciated dividend growers Binsted is backing on the ASX.

On parle seconde main premium cette semaine dans tech 45' avec Vestiaire CollectiveC'est l'un des grands noms français de la mode de luxe d'occasion. Fondée en 2009, la boîte s'est imposée avec un positionnement très clair : des pièces désirables, de la confiance, de l'authentification, et un panier moyen loin des plateformes mass market. Son CEO Bernard Osta est avec nous pendant trois quarts d'heure. Banquier chez Lazard et Goldman Sachs durant 15 ans, il rejoint Vestiaire en 2021, d'abord sur la stratégie, puis la finance, avant de prendre la direction générale. Avec lui, on parle rentabilité, discipline, IA, international et avenir de la seconde main premium. Bon épisode

Bernard est le CEO de Vestiaire Collective, qu'il a rejoint en 2021 après quinze ans chez Lazard et Goldman Sachs. Que fait un banquier dans une scale-up ? Qui plus est une marketplace dédiée à la mode

This week, I sat down with James Jacobs, Managing Director and Global Head of Real Assets within the Private Capital Advisory team at Lazard, to explore the topic Real Asset Capital Formation: Who Wins? In this conversation, James opens with a striking assessment of where the market actually stands. Fundraising volumes rose for the first time in four years in 2025, up 27% year on year. But the headline number masks a far more complex story. The market has never been more concentrated, more competitive or more unforgiving for managers who don't understand what investors are really looking for today. James breaks down the three sectors attracting the lion's share of capital, why 1 in 3 dollars raised last year went into a single asset class, and why two sectors that dominated the industry when he started his career over 25 years ago are now considered niche. He also shares a clear and candid view on what distinguishes the managers who are winning capital from those who are not, and why the answer comes back to something surprisingly simple. We then explore three structural trends that James believes will define the industry for years to come. The bifurcation of the market into mega funds and hyper-specialists, the rapid rise of secondaries and continuation vehicles as a portfolio management tool, and the blurring of the lines between real estate and infrastructure that is quietly redirecting billions of dollars across asset class boundaries.

Today we had the honor of welcoming three powerhouse guests from Lazard for an engaging discussion at the intersection of geopolitics, global security, and energy markets. Joining us were Admiral Bill McRaven, Retired Four-Star Admiral in the U.S. Navy and Senior Advisor at Lazard, Theodore Bunzel, Head of Lazard Geopolitical Advisory, and George Bilicic, Vice Chairman and Global Head of Power, Energy and Infrastructure. Bill is a Professor of National Security at the University of Texas Lyndon B. Johnson School of Public Affairs and previously served as Chancellor of the University of Texas System. During his military career, he commanded special operations forces at every level and led U.S. Special Operations Command. He oversaw the missions to capture both Osama bin Laden and Saddam Hussein. He joined Lazard as a Senior Advisor in 2021. Teddy has spent his career at the intersection of international political and economic affairs and financial services. He joined Lazard from BlackRock and also serves as a Non-Resident Fellow at the Center on Global Energy Policy. George Bilicic previously led Lazard's Midwest Advisory Business and has over 20 years of experience at Lazard in the investment banking business. His prior roles include senior positions at Cravath, Merrill Lynch, KKR, and Sempra Energy. Our conversation began with Bill's insights into the situation in Iran and the broader Middle East, including what we are learning four days in, the difference between a more “surgical” campaign and a broader strike strategy, and the ways Tehran may try to expand the conflict and prolong it. Bill shares his assessment of the military operation so far, why Iran's missile and drone response was expected, what surprised him tactically, how decentralizing command and control complicates targeting, and why regime change is far more complex than simply removing leadership. We explore the risks around the Strait of Hormuz, the realities of stockpiles and logistics, the strain of sustained deployments, and what seamless U.S.-Israel military coordination signals to China and Russia as they assess this new geopolitical map. George outlines what this volatility is doing in boardrooms around the world, from capital allocation and cost of capital to supply chain realignment, tariff sensitivity, and the growing premium on reliable 24/7 power. Teddy explains how Lazard integrates real-time geopolitical analysis into client strategy, why regulatory decision-making is becoming more discretionary, how European leaders are grappling with structural energy vulnerability and higher costs, how allies and European boardrooms are reassessing U.S. reliability, and why “trusted supply” is becoming central to LNG contracting and long-term energy security. We end by looking at the uncertain path forward, including the limits of prediction, the sustainability of current operations, and how geopolitics is increasingly embedded in corporate decision-making. Thank you to Bill, Teddy, and George for the insightful and timely discussion. Mike Bradley started off by noting that this week's macro conversation has been dominated by U.S. military strikes against Iran and the potential short- and intermediate-term market fallout. In rates, the 10-year Treasury yield moved up to 4.06% (up 12 bps), while some perceived safe havens like gold and silver were ironically lower on the week. In crude, WTI spiked Tuesday to roughly $78/bbl before pulling back to around $74/bbl, amid reports that the Strait of Hormuz was effectively shut—halting approximately 15 mmbpd of oil shipments. Oil retraced from intraday highs as markets focused on President Trump proposing financial security and military escorts for tankers in and out of the Gulf, rather than an SPR release. Refined products moved sharply higher, with wholesale diesel, gasoline, and heating oil up roughly 20% this week. Globally, Qatari LNG was shut down for the first time in 30+ years, help

Breaking into investment banking from a non-target university isn't easy — especially after 150+ applications, months of rejection, and zero connections. In this student testimonial, Kitty shares how she went from studying politics at the University of Birmingham to landing offers from UBS, Lazard, and Rothschild. From struggling with confidence to facing non-target fears head-on, this is the real story behind breaking into investment banking as a student. Segments  01:19 – Music vs Finance  03:04 – Why University of Birmingham?  03:34 – Switching from Politics to Finance  04:05 – When Banking Became Real  05:27 – Why She Joined Academy  06:55 – Networking Strategy  07:45 – 150+ Applications  08:33 – First Interview Breakthrough  10:44 – Offers from UBS, Lazard & Rothschild  11:58 – Advice to Students Check out WSO Academy — the prep that has helped thousands break into high finance. ------------------------------------------------------------------------------------------------------

Bárbara González Briseño es una líder que ha sabido conectar el mundo financiero con la innovación tecnológica. Estudió Finanzas en la Universidad Iberoamericana y cuenta con un MBA en Harvard Business School. Comenzó su carrera en finanzas y banca de inversión en empresas como Activner Casa de Bolsa y Lazard, donde desarrolló una visión estratégica y global. En 2018 se unió a Bitso como CFO, donde lideró rondas de inversión por más de 250 millones de dólares, llevando a la compañía a convertirse en el primer unicornio cripto de América Latina. En 2022 asumió como CEO de Bitso México, conectando a Bitso con el sistema de pagos del Banco de México (SPEI), convirtiéndola en la primera fintech en lograrlo. Bajo su liderazgo, la plataforma superó los 8 millones de usuarios, consolidando su posición como el jugador más grande de cripto en América Latina. En 2024 inició una nueva etapa como Co-CEO de Fillip, una empresa mexicana que funciona como holding de marcas culturales, enfocada en revitalizar, escalar y monetizar propiedades intelectuales en las industrias del deporte, entretenimiento y contenido. Fillip impulsa proyectos como Lucha Libre AAA y la Kings League, conectando cultura y negocio a través de estrategias modernas de expansión y posicionamiento global. Barbara es mamá de tres, esposa, advisor, y una firme promotora del liderazgo con propósito, la diversidad y la innovación con impacto.

On l'a surnommée "La Louve de Wall Street".Virginie Morgon a passé 17 ans chez Lazard, la banque d'affaires qui conseille les plus grands patrons du monde.Elle a défendu Danone contre l'OPA hostile de PepsiCo, accompagné les privatisations de France Télécom et Renault, et orchestré les deals les plus complexes pour des géants comme Air Liquide ou L'Oréal.Virginie rejoint ensuite Eurazeo pendant 15 ans, qu'elle incarne et transforme en profondeur avant de subir son départ en septembre 2023.Six mois plus tard, elle se lance dans l'entrepreneuriat et fonde Ardabelle, un fonds qui investit 150 millions d'euros dans des entreprises qui relocalisent leur production en Europe et réduisent leur impact sur l'environnement.Dans cet épisode, Virginie nous fait voyager dans ses années de financière et déconstruit mille et une idées reçues :Les coulisses de Lazard : "un zoo dont toutes les portes sont ouvertes"Comment se défendre contre une OPA hostileSes 3 piliers pour la souveraineté européenneComment structurer une opération à partir d'une feuille blancheUn épisode crucial pour comprendre les mécanismes de la finance à grande échelle.Vous pouvez contacter Virginie sur LinkedIn.TIMELINE:00:00:00 : Le paradoxe asiatique du slow moving avec des ambitions fortes00:14:44 : Mettre ses compétences professionnelles au service de ses convictions00:31:03 : Les 3 piliers de Virginie pour une stratégie qui fonctionne00:43:55 : Hyper-spécialisation, une nécessité technologique00:56:23 : La vérité derrière les OPA hostiles01:07:21 : La stratégie de Moncler pour construire une marque forte01:27:34 : La bourse, le poison des dirigeants01:36:03 : Faire sa place dans un monde masculin et misogyne01:45:15 : La finance a besoin de créativité02:01:35 : Financer la souveraineté européenne02:19:37 : Le grand défi de l'entrepreneuriat français02:32:44 : La philosophie derrière le fonds ArdabelleLes anciens épisodes de GDIY mentionnés : #489 - Emmanuel Faber - Danone, ISSB - Sauver la planète : pourquoi l'industrie est le problème et la solution#515 - Pierre de Villiers - Ancien Chef d'État-major des Armées - “Nous ne sommes pas prêts pour la guerre”#461 - Sébastien Bazin - PDG du groupe Accor - Diriger un groupe coté en bourse sans ordinateur#506 - Matthieu Ricard - Moine bouddhiste - Se libérer du chaos extérieur sans se couper du monde#132 Pierre Kosciusko-Morizet - PriceMinister… - Arrêter de vouloir être le premierNous avons parlé de :Women's Forum for the economy and societyHuman Rights WatchLe discours de Trump à Davos 2025La prise de parole de Justin Trudeau à Davos 2025L'État actionnaire de Renault, de la nationalisation au désengagement progressifLes recommandations de lecture :Kiss the Ground, par Josh TickellUn grand MERCI à nos sponsors : Squarespace : https://squarespace.com/doitQonto: https://qonto.com/r/2i7tk9 Brevo: brevo.com/doit eToro: https://bit.ly/3GTSh0k Payfit: payfit.com Club Med : clubmed.frCuure : https://cuure.com/product-onely (réduction en cours avec le code MSTEFANI)Vous souhaitez sponsoriser Génération Do It Yourself ou nous proposer un partenariat ?Contactez mon label Orso Media via ce formulaire.Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

In this episode of Private Markets 360°, we welcome Adam Cady and Klaus H. Hessberger, Global Co‑Heads of Financial Sponsors at Lazard, who discuss the current state of the global financial sponsor market, the impact of geopolitical trends and rising M&A activity. More S&P Global Content:  [Report] Private Equity Outlook 2026 [Survey] 2026 Private Equity and Venture Capital Pulse Survey Credits:  Host/Author: Chris Sparenberg and Jocelyn Lewis Guests: Adam Cady and Klaus H. Hessberger, Lazard Producer: Georgina Lee Published With Assistance From: Feranmi Adeoshun, Kimberly Olvany www.spglobal.com www.spglobal.com/market-intelligence

En Capital Intereconomía, el radar empresarial puso el foco en Anthropic, analizando su impacto en el sector tecnológico y su influencia en los mercados de inteligencia artificial. En el espacio Empresas Cotizadas, entrevistamos a Arvin Abarca, CEO de GrandVoyage, que hizo balance de sus primeros meses como compañía cotizada tras su debut en BME Scaleup. Durante la conversación, explicó las razones que llevaron a la empresa a salir a bolsa, la evolución de su negocio, sus principales líneas de actividad y las áreas que están impulsando el crecimiento. Además, detalló en qué proyectos están centrando sus inversiones, las palancas de expansión a medio plazo y los objetivos de su plan estratégico. Abarca también destacó la importancia de la relación con los accionistas y el compromiso con la transparencia en esta nueva etapa como empresa cotizada. En el Radar empresarial de Capital Intereconomía ponemos el foco en Kering, que, pese a registrar un desplome del 94% en su beneficio en 2025, sorprende al mercado con fuertes subidas en bolsa, reflejando cómo las expectativas y el posicionamiento futuro pesan más que los resultados pasados. Analizamos a fondo el mercado de metales preciosos con Javier López, CEO de SilverGold Patrimonio, tras el fuerte correctivo sufrido por el oro y la plata a finales de enero. López aborda si los metales estaban sobrevalorados, qué factores están frenando su recuperación pese al entorno de incertidumbre, si se mantienen intactos los fundamentos estructurales como activos refugio y si siguen vigentes los objetivos de largo plazo —plata en torno a los 125 dólares y oro cerca de los 6.000—. Además, ofrece claves sobre cómo debe reaccionar el inversor ante caídas de su patrimonio en metales y analiza las diferencias entre la cotización de derivados y el metal físico. En el Foro de la Inversión, conversamos con Domingo Torres, director de Lazard en España, sobre la evolución del negocio de la gestora en el mercado español y las principales ideas de inversión de Lazard AM para 2026, en un contexto marcado por la volatilidad y la búsqueda de valor a largo plazo. Cerramos el programa con el consultorio de fondos, de la mano de Borja Nieto, cofundador de MiCappital, resolviendo dudas de los oyentes sobre fondos de inversión, posicionamiento de carteras y estrategias adaptadas al escenario actual.

“There's no binary differentiation between capital solutions and restructuring anymore,” says Lazard's co-head of Europe Restructuring and Liability Management, Sam Whittaker, when discussing the continuum of solutions available to debtors under stress. Whittaker and Lazard's co-head of European Debt Advisory and Capital Solutions, Tom Howard, joined Bloomberg Intelligence's Noel Hebert on the latest episode of the Credit Crunch podcast to discuss the current stressed and distressed landscape in Europe, sectors of concern, the evolution of balance-sheet solutions and documentation flexibility. The Credit Crunch podcast is part of BI's FICC Focus series.

The Nasdaq falls more than 2% as Microsoft and software move lower. What's driving those declines? We discuss. Then, Meta shares jump after an earnings beat with investors shrugging off concerns about growing capex numbers. Plus, the CEOs of Lazard and Raymond James join the show on the back of earnings with their outlook for M&A and the macro economy. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Ben Freeman is the Co-founder and CEO of Omnea, an AI native procurement and supplier management platform used by companies from the mid-market through to enterprise, including Synthesia, Typeform, Spotify, Monzo, Albertsons, and The Adecco Group.Ben's path to procurement was not obvious. From running a bootstrapped events business in Manchester (and dropping out of uni), to a stint in investment banking at Lazard, to scaling cybersecurity company Tessian in New York, he accidentally discovered just how broken procurement can be inside otherwise world class organisations.In this conversation, Ben breaks down how he found conviction for Omnea through hundreds of user interviews, why procurement is a horizontal problem that touches every employee, and how macro shifts are making procurement a board-level priority.We also go deep on what Omnea is known for internally: talent density. Ben shares how they hired their early team, what “mutual fit” really means, why they are willing to pass on an “8”, and how he thinks about building an enduring company with a flat, player coach org structure.We cover:How to do customer discovery properly (and when to walk away)Why procurement is a huge market hiding in plain sightThe trade off between speed and shipping the right product for enterpriseHiring for traits over skills and what Ben looks for in interviewsFounder paranoia, time management, and staying close to customersBen's dinner party guests and the future unicorn he is backing

On this week's episode of This Is Quick, Lazard CEO Peter Orszag is in the hot seat. Peter shares the best advice he's ever gotten, his biggest learning as CEO, and the one interview question he always asks. To get more leadership insights like these in your inbox, subscribe to the free This Is Working newsletter.

Virginie Morgon, surnommée la « louve de Wall Street », a mené une carrière remarquable dans la finance avant de fonder Ardabelle, une société de capital-investissement axée sur la transition durable. Après des débuts exigeants chez Lazard, où elle devient la plus jeune associée gérante, elle rejoint Eurazeo en 2008, transformant la société en un acteur majeur avec des actifs multipliés par dix. Elle y introduit la RSE comme levier de compétitivité et réalise des investissements stratégiques, notamment dans Moncler.Femme libre et visionnaire, Virginie Morgon a toujours cultivé l'esprit d'équipe, inspirée par son enfance et ses expériences internationales. En 2024, elle lance Ardabelle avec l'ambition de lever 500 millions d'euros pour prouver que durabilité et performance peuvent aller de pair. Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

In this episode of Debtwired! Jayme Goldstein, co-chair of Paul Hastings financial restructuring group, and Tyler Cowan, global head of restructuring and liability management at Lazard, join Debtwire co-managing editor, Madalina Iacob, to discuss how the restructuring landscape has evolved over the past decade and what's shaping the next wave of restructurings. Expect more in-court processes in 2026 with lenders willing to “take the keys” as tight documents hinder further LMEs. The podcast explores the rise of cooperation agreements as a critical tool for creditors, and the surprising wave of non-sponsor private company bankruptcies, including First Brands and Pine Gate Renewables.

Hosts Charman and Chris discuss the state of the Jets after another horrible loss to the Jags . Steve Wilks done as DC Allan Lazard finally cut after 3 years of literally nothing with the Jets Preview each game for Week 16 in the NFL Thank You as always for listening in . the likes and the shares as well Follow the show on X @LiftOffJets Follow Charman @grownfolk1980 Follow Chris @cp7ny

December 16, 2025 - Season 16, Episode 64 of The Terrible Podcast is now in the can. In this Tuesday morning episode, Alex Kozora and I get right into our overarching thoughts on the Pittsburgh Steelers' Week 15 Monday night win against the Miami Dolphins. In our weekly housekeeping portion of this show, which is sponsored by the fine folks at TouringPlans.com, Alex and I talk about the Monday night inactive list and the players that missed the contest due to injuries. We also talk about the several transactions that the team made on Monday afternoon. The Steelers sustained a few injuries Monday night, so we discuss those in addition to the outlook of several players looking to return from injuries. We also go over what Steelers HC Mike Tomlin had to say on Tuesday about OLB T.J. Watt, who missed the Monday night contest with a lung issue. Tomlin held his weekly press conference right before we recorded this episode, so Alex and I make sure to recap all of the main talking points that came out of that media session during this show. After going through the newsy items related to Monday, Alex and I look at what all transpired at Acrisure Stadium against the Dolphins. We first talk about the play of the Steelers' offense and how the Number 11 plays a big part in today's show. We discuss the play of QB Aaron Rodgers on Monday night and how T Dylan Cook represented himself well in his first NFL start. Alex and I mix in quite a few stats related to the Monday night game and we discuss how the offense came alive right before the second half ended. We go over several big plays that the offense made on Monday night and we make sure to spend extra time talking about the season that RB Kenneth Gainwell has had to date. After a lengthy discussion about the play of the Steelers' offense, Alex and then do the same with the team's defense. We discuss that unit controlling the Dolphins' rushing attack and how QB Tua Tagovailoa was made to hold the football way too ,long most of the game. We discuss several individual performances on defense, and we mix in snap counts along the way, in addition to several key stats. Finally, Alex and I give some thoughts on special teams play from Monday night. The New York Jets are reportedly waiving WR Allen Lazard on Tuesday, so we discuss the possibility and plausibility of him landing in Pittsburgh due to his association with Rodgers. Will and should the Steelers go with Cook as their starting left tackle moving forward? Alex and I address that question at length during this show. This 92-minute episode also discusses several other minor topics not noted and we wrap things up by answering several emails we received from listeners. steelersdepot.com Learn more about your ad choices. Visit megaphone.fm/adchoices

The bottleneck holding back AI is a scarcity of power, or so goes the story. That may be true — and plenty of reporting backs it up — but different actors in the space face varying incentives to play up or play down that narrative.  So what incentives are at play, and how do they shape each player's story? In this episode, Shayle talks to Shanu Mathew, senior vice president and portfolio manager-analyst for US sustainable equity at Lazard. Last month on X, he posted a breakdown of the actors — including hyperscalers, chip makers, utilities, and others – and how the different incentives they face shape how they talk about energy and AI. They cover topics like: Hyperscalers' mixed incentives: the benefits of building their own capacity vs encouraging others to overbuild Why equipment makers, chipmakers, and land developers benefit from talking up the bottleneck to boost demand for their services How independent power producers and gas players benefit from high prices How the power-bottleneck narrative has shifted over time Resources: Latitude Media: ERCOT's large load queue has nearly quadrupled in a single year   Latitude Media: The power bottleneck is changing data center financing Latitude Media: Early-stage data centers are driving up US power demand forecasts   Credits: Hosted by Shayle Kann. Produced and edited by Daniel Woldorff. Original music and engineering by Sean Marquand. Stephen Lacey is our executive editor.  Catalyst is brought to you by EnergyHub. EnergyHub helps utilities build next-generation virtual power plants that unlock reliable flexibility at every level of the grid. See how EnergyHub helps unlock the power of flexibility at scale, and deliver more value through cross-DER dispatch with their leading Edge DERMS platform, by visiting energyhub.com. Catalyst is brought to you by Bloom Energy. AI data centers can't wait years for grid power—and with Bloom Energy's fuel cells, they don't have to. Bloom Energy delivers affordable, always-on, ultra-reliable onsite power, built for chipmakers, hyperscalers, and data center leaders looking to power their operations at AI speed. Learn more by visiting BloomEnergy.com. Catalyst is supported by Third Way. Third Way's new PACE study surveyed over 200 clean energy professionals to pinpoint the non-cost barriers delaying clean energy deployment today and offers practical solutions to help get projects over the finish line. Read Third Way's full report, and learn more about their PACE initiative, at ⁠www.thirdway.org/pace⁠.

In this episode, James talks with Shanu Mathew, Senior Vice President at Lazard, where he co-leads a U.S. sustainable equity strategy. With a background in traditional finance and a passion for climate and sustainability, Shanu blends data-driven investing with macro-level insight into energy and technology transitions.They explore how Shanu's career evolved from M&A banking to managing portfolios at the intersection of sustainability, power, and AI. The conversation ranges from the transformation of ESG investing, to the macroeconomic impact of AI on energy demand, and how public markets are trying to keep up with private innovation in data infrastructure. Shanu also unpacks what's real (and what's hype) in the current AI-capex boom.The evolution of ESG investing into a bottom-up, alpha-first approachWhy AI is driving unprecedented power demand and reshaping energy marketsThe "chip to grid" value chain and where public market opportunities liePhysical bottlenecks like land, power, and permitting—and how they impact AI deploymentIf you want a deeply informed view on how capital markets are adapting to the climate-tech and AI megatrends, this episode is a must-listen.Paces helps developers find and evaluate the sites most suitable for renewable development. Interested in a call with James, CEO @ Paces?

C dans l'air l'invitée du 13 novembre 2025 avec Violette Lazard, journaliste d'investigation au Nouvel Obs et co-réalisatrice de la série documentaire "Le Choix de Sonia".Violette Lazard est journaliste d'investigation au Nouvel Obs, elle est la co-autrice, avec David André, de la fiction documentaire "13 novembre, le Choix de Sonia", diffusé ce soir à 21h10 sur France 2. Un Docu-fiction qui retrace l'incroyable destin de Sonia, la femme qui a dénoncé les terroristes du 13 novembre. Aux lendemains des attentats du 13 Novembre, Sonia a permis de localiser deux terroristes. Son récit sidérant, entrelacé avec des scènes de fiction, dans lesquelles elle est incarnée par une comédienne, est le fil rouge de la série documentaire "Le Choix de Sonia".Le 13 novembre 2015, comme des millions de Français, cette mère de famille est choquée devant son écran de télévision face aux images de l'horreur : les attaques terroristes au Stade de France, sur les terrasses parisiennes et au Bataclan. Elle est loin d'imaginer que, deux jours plus tard, sa vie va basculer. Le 15 novembre, Sonia se retrouve malgré elle au cœur de l'enquête : une jeune femme en difficulté qu'elle héberge depuis des années la mène directement vers Abdelhamid Abaaoud, le chef du commando, qui cherche un hébergement. Sonia prend la décision d'alerter la police. Ses informations vont permettre de localiser les terroristes en fuite, et sauver des vies.Violette Lazard, journaliste d'investigation au Nouvel Obs, et co-autrice, avec David André, de la fiction documentaire "13 novembre, le Choix de Sonia", est notre invitée. Elle nous racontera comment s'est déroulée la production de ce documentaire, qui raconte l'acte héroïque de Sonia, la femme qui a dénoncé les terroristes du 13 novembre, et qui vit aujourd'hui sous légende, dans un endroit tenu secret. Elle nous dira aussi comment elle vit aujourd'hui, et quel regard elle porte, dix ans après, sur ces quelques jours qui ont changé à jamais sa vie, et marqué la France. Elle reviendra aussi avec nous sur l'importance de son témoignage, qui a évité de nouveaux attentats.

C dans l'air l'invitée du 13 novembre 2025 avec Violette Lazard, journaliste d'investigation au Nouvel Obs et co-réalisatrice de la série documentaire "Le Choix de Sonia".Violette Lazard est journaliste d'investigation au Nouvel Obs, elle est la co-autrice, avec David André, de la fiction documentaire "13 novembre, le Choix de Sonia", diffusé ce soir à 21h10 sur France 2. Un Docu-fiction qui retrace l'incroyable destin de Sonia, la femme qui a dénoncé les terroristes du 13 novembre. Aux lendemains des attentats du 13 Novembre, Sonia a permis de localiser deux terroristes. Son récit sidérant, entrelacé avec des scènes de fiction, dans lesquelles elle est incarnée par une comédienne, est le fil rouge de la série documentaire "Le Choix de Sonia".Le 13 novembre 2015, comme des millions de Français, cette mère de famille est choquée devant son écran de télévision face aux images de l'horreur : les attaques terroristes au Stade de France, sur les terrasses parisiennes et au Bataclan. Elle est loin d'imaginer que, deux jours plus tard, sa vie va basculer. Le 15 novembre, Sonia se retrouve malgré elle au cœur de l'enquête : une jeune femme en difficulté qu'elle héberge depuis des années la mène directement vers Abdelhamid Abaaoud, le chef du commando, qui cherche un hébergement. Sonia prend la décision d'alerter la police. Ses informations vont permettre de localiser les terroristes en fuite, et sauver des vies.Violette Lazard, journaliste d'investigation au Nouvel Obs, et co-autrice, avec David André, de la fiction documentaire "13 novembre, le Choix de Sonia", est notre invitée. Elle nous racontera comment s'est déroulée la production de ce documentaire, qui raconte l'acte héroïque de Sonia, la femme qui a dénoncé les terroristes du 13 novembre, et qui vit aujourd'hui sous légende, dans un endroit tenu secret. Elle nous dira aussi comment elle vit aujourd'hui, et quel regard elle porte, dix ans après, sur ces quelques jours qui ont changé à jamais sa vie, et marqué la France. Elle reviendra aussi avec nous sur l'importance de son témoignage, qui a évité de nouveaux attentats.

Dans cet épisode de CHEFS D'ENTREPRISE-S, on explore un parcours qui ne ressemble à aucun autre.Celui de Dimitri Alexopoulos, diplômé de l'ESSEC, passé par la finance et les métiers du conseil, passé par la Banque d'affaires Lazard (!)… avant de tout quitter pour ouvrir PLAKA, une enseigne dédiée à une cuisine grecque artisanale, exigeante et profondément personnelle.Dimitri raconte comment on réapprend un métier quand on vient “d'ailleurs”, comment on quitte le confort d'une carrière balisée prestigieuse pour un projet en apparence plus modeste, où tout est à construire : les recettes, les process, l'équipe, le lieu, l'identité.Il partage ses doutes, ses erreurs, les heures passées à refaire, à comprendre, à apprendre — et la manière dont l'héritage familial, les repas grecs de son enfance, et l'envie de créer une maison sincère l'ont guidé dans cette reconversion.On parle aussi de business, de vision, d'opérations, de routine pour tenir le rythme imposé par l'entrepeneurait, on parle de travail manuel retrouvé…Bref : l'histoire d'un entrepreneur qui a choisi la vérité du produit plutôt que la facilité du concept et qui n'a pas hésité à changé radicalement la trajectoire de sa vie pour s'aligner avec lui même, et les siens!!Encore un néo-restaurateur qui incarne cette nouvelle génération qui arrive dans la gastronomie par passion, avec exigence, et une conscience aiguë des réalités du métier pour lui insuffler une vision et de nouvelles pratiques aussi ;)Pour découvrir Plaka, deux adresses désormais:46 rue Legendre (Paris 17) et 19 rue des martyrs (Paris 9)

The CEO of Lazard reacts to results. A boost in dealmaking help to drive record revenue. Then utility company FirstEnergy reporting a beat across the board. Its CEO breaks down how a surge in demand for energy to power AI data centers is impacting business. Plus, a new report says the Trump administration is considering taking stakes in companies in the quantum computing sector. A look at how these investments differ from what took place with Intel and other rare earth companies. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Investing in health and science research isn't just about curing diseases. It has huge impacts across society, from creating jobs to driving economic growth to boosting national competitiveness. Study shows that every $ invested in the life sciences industry generates $3 in GDP globally, whereas every job created in the life sciences industry generates five in the global economy. Life sciences are one of the most powerful engines of prosperity, yet many governments still underestimate their economic return.In this episode of The Ripple Effect: Investing in Life Sciences, host Dan Riskin speaks with Patrick Horber, President of Novartis International, and David Gluckman, Vice Chairman of Investment Banking and Global Head of Healthcare at Lazard. Together, they break down the outsized economic impact of life science innovation, from trillions in US bioscience output to China's meteoric rise as a global R&D hub. The conversation delves into the ways governments can support innovation with not just money, but through policy and regulation; plus, some of the best ways that countries can help the sector secure investment, talent, and long-term growth.This limited series, produced by GZERO's Blue Circle Studios in partnership with Novartis, examines how life science innovation plays a vital role in fulfilling that commitment. Host: Dan RiskinGuests: Patrick Horber, David Gluckman  Subscribe to the GZERO World with Ian Bremmer Podcast on Apple Podcasts, Spotify, or your preferred podcast platform, to receive new episodes as soon as they're published. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Lazard Managing Director Chris Couvelier discusses shareholder activism trends, Exxon's robo-voting program, and M&A-driven campaigns with The Deal's Ron Orol.

Investing in health and science research isn't just about curing diseases. It has huge impacts across society, from creating jobs to driving economic growth to boosting national competitiveness. Study shows that every $ invested in the life sciences industry generates $3 in GDP globally, whereas every job created in the life sciences industry generates five in the global economy. Life sciences are one of the most powerful engines of prosperity, yet many governments still underestimate their economic return.In this episode of The Ripple Effect: Investing in Life Sciences, host Dan Riskin speaks with Patrick Horber, President of Novartis International, and David Gluckman, Vice Chairman of Investment Banking and Global Head of Healthcare at Lazard. Together, they break down the outsized economic impact of life science innovation, from trillions in US bioscience output to China's meteoric rise as a global R&D hub. The conversation delves into the ways governments can support innovation with not just money, but through policy and regulation; plus, some of the best ways that countries can help the sector secure investment, talent, and long-term growth.This limited series, produced by GZERO's Blue Circle Studios in partnership with Novartis, examines how life science innovation plays a vital role in fulfilling that commitment. Host: Dan RiskinGuests: Patrick Horber, David Gluckman  Subscribe to the GZERO World with Ian Bremmer Podcast on Apple Podcasts, Spotify, or your preferred podcast platform, to receive new episodes as soon as they're published. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Eric Van Nostrand, Global Head of Markets and Chief Economist at Lazard Asset Management, shares his perspective on the global economy, highlighting both short-term resilience and long-term structural challenges, and their impact on portfolio construction. He also weighs in on key headlines driving today's markets including the Federal Reserve and U.S. fiscal policy, tariffs and artificial intelligence.

Pour la deuxième année consécutive, le serveur Discord de Silence on Joue fait officiellement sa rentrée. L'occasion pour les animateurs et animatrices de ce lieu communautaire qui ne ressemble à aucun autre de passer en revue les différents rendez-vous et les différentes activités qui rythment chaque saison.Attention, nous avons même le droit à une invitée surprise, la représentante des bots du serveur, la formidable Beep-boop.Chapitres :0:00 Intro7:51 Le tuto12:16 Les rendez-vous hebdomadaires et quotidiens33:53 Des nouvelles du Jiknep42:44 Les rendez-vous mensuels et bimensuels 58:34 Les événements moins réguliers de la Teesee-CorpRetrouvez toutes les chroniques de jérémie dans le podcast dédié Silence on Joue ! La chronique jeux de société (Lien RSS).Pour commenter cette émission, donner votre avis ou simplement discuter avec notre communauté, connectez-vous au serveur Discord de Silence on joue!Retrouvez Silence on Joue sur Twitch : https://www.twitch.tv/silenceonjoueSoutenez Silence on joue en vous abonnant à Libération avec notre offre spéciale à 6€ par mois : https://offre.liberation.fr/soj/Silence on joue ! c'est l'émission hebdo de jeux vidéo de Libération. Avec Erwan Cario et les modérateur·ices et animateur·ices du serveur Discord : Teesee, Cauliflower, Manzazuu, Quinn Jolinar, Lahaarl, Lambinus, Syl, Chicktabba, Ginred, Lazard, et Je Ne Suis Pas Un Robot.CRÉDITSSilence on joue ! est un podcast de Libération animé par Erwan Cario. Cet épisode a été enregistré le 23 septembre 2025 sur Discord. Réalisation : Erwan Cario. Générique : Marc Quatrociocchi. Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

Chinese President Xi Jinping and Indian Prime Minister Narendra Modi held their first meeting since Donald Trump returned to power, with the longstanding Asian rivals pledging deeper cooperation as they deal with the economic fallout from the US trade war. Modi announced the resumption of direct flights between the two countries, and said ties in the past year have stabilized after soldiers pulled back from the friction points on the border. The two met at the port city of Tianjin on the sidelines of the Shanghai Cooperation Organisation summit, a security-focused bloc co-founded by China. Bloomberg's Stephen Engle reports from Tianjin.Meantime, Indonesia President Prabowo Subianto moved to quell widespread protests across the country with parliament removing hefty lawmaker allowances that had sparked public outrage, while warning that firm action will be taken against violent demonstrators. For more, we hear from Faris Mokhtar, Bloomberg's Southeast Asia Global Business Reporter. He speaks with Bloomberg's Shery Ahn and Avril Hong on The Asia Trade.Asian investors may tread cautiously on Monday amid uncertainty following a US federal appeals court ruling that President Donald Trump's sweeping trade tariffs were illegal. Contracts for the S&P 500 rose 0.2% and those for the Nasdaq 100 index advanced 0.3% in early Asian trading after a selloff in technology shares Friday trimmed the gains for the month. Contracts indicated losses for Australian and Japanese shares at the open, and gains in Hong Kong. US bond futures nudged lower, with the cash market closed for the Labor Day holiday. We look at the market landscape with Ron Temple, Chief Market Strategist at Lazard.See omnystudio.com/listener for privacy information.

(0:00) Intro(1:27) About the podcast sponsor: The American College of Governance Counsel(2:13) Start of interview(2:51) Jonathan's origin story(4:23) His Journey into Governance, initially via accounting with PwC and later with Lazard.(6:17) Types of Governance Structures(7:51) About his firm Current Capital Partners (M&A advisory, corporate management services, and PE investing).(8:31) The Inspiration Behind his book On Boards: The Modern Playbook for Corporate Governance.(10:44) Interviews that Shaped the Narrative. His standout: Admiral Michael Mullen.(13:04) Target Audience for the Book(14:48) The importance of "boards [with a roster of] best athletes, not experts in a narrow area."(17:04) His personal journey into boardrooms(19:56) Experience as an Expert Witness (21:41) Evolution of Delaware's Corporate Law. *Reference to Moelis case and Tesla's Elon Musk CEO compensation case. (24:40) AI's Impact on the Boardroom. "[I]t is critical to remember that directors oversee, but management runs the company day to day."(29:50) Navigating Geopolitical Challenges(32:01) The Rise of Shareholder Activism(34:29) Insights on Corporate Restructuring *Reference to E38 on the rise of bankruptcy directors with Jared Ellias (now at HLS)(38:33) Separation of Chair and CEO is preferable(39:00) "I think term-limits are a cop-out" there should be annual individual director evaluations.(39:43) The Need for Corporate Director Licenses.(41:36) Books that have greatly influenced his life:On a Clear Day You Can See General Motors, by Patrick J. Wright (1979)The Right Stuff, by Tom Wolfe (1979)The House of Morgan, by Ron Chernow (1990)(42:30) His mentors(43:18) Quotes that he thinks of often or lives his life by: "You can't get a hit if you don't swing the bat" "I'm dumb enough to make a decision" "It's all about tomorrow" "Have fun, life is too short"(44:24) An unusual habit or an absurd thing that he loves.(45:31) The living person he most admires: the Pope and Lebron James.Jonathan Foster is an experienced corporate director, investment banker, and expert witness in corporate litigation, and the author of the new book On Boards: The Modern Playbook for Corporate Governance. He has served on more than 50 boards, including Fortune 500 companies, private companies and companies involved in restructurings. You can follow Evan on social media at:X: @evanepsteinLinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/__To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/__Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

On today's show: we are going to Books Inc. in Alameda, where host Jeneé Darden interviews author and retired Oakland librarian Dorothy Lazard about her memoir.

Your thoughts on the kiss-cam episodeAndrew Ross Sorkin's note yesterday about Andy Byron, the C.E.O. of a tech start-up caught on camera with a colleague from H.R. at a Coldplay concert, struck a nerve with DealBook readers, who have flooded our inbox with responses: “The moment seems to encapsulate the pervasive schadenfreude within our culture, especially our office culture, and a deep-seated animosity toward bosses and colleagues,” Andrew wrote. “It highlights a zero-sum mentality in which a colleague's success is perceived as your loss, and their failure your gain.” He added that, “The incident also underscores our surveillance state.”Here's what readers had to say:“The surveillance state is a bit aggressive of a take on this. They were lovingly embracing at a concert during a love song while the kiss cam was on the prowl.” — Bob McMurtry“The public is not just reacting to someone else's misfortune, it is reacting to the utter hypocrisy revealed yet again by those in power who dictate rules that others should follow, yet arrogantly disregard following them themselves. Employees endure hours of H.R. training on the impropriety of workplace relationships, especially between manager and subordinate, yet the actual HEAD of H.R. engages in an affair with her married C.E.O. Do you not see the specific irony of this outing?” — Jim Woidat“I don't think we commoners' resentment of C.E.O.s is so much about jealousy as it is about pay inequality (their pay rate today vs. what it was a few decades ago) and stuff like golden parachutes.” — Tom EshbaughWhat nobody is talking about:Before the kisscam: 12 executives (11 men and Chief People Officer Kristin Cabot); 6 directors (all men)They've also disabled their LinkedIn links and yetAstronomer board launches investigation after viral Coldplay 'kiss cam' video appears to show CEO embracing HR chiefDealBook Hot Take: Board members should be licensedJonathan Foster, a consultant and former managing director at Lazard, has served on more than 50 corporate boards. Along the way, he says, he has encountered directors who have stayed too long, or ones whose “knowledge of financial statements and M&A is lacking.” He drew on that experience in “On Board: The Modern Playbook for Corporate Governance,” his new book.One of his big ideas for improving director performance: “a license,” he told DealBook, like the kind required “for investment bankers, doctors, lawyers, even massage therapists.”That, he said, “might increase confidence in corporate directors.”How it would work: Some of the requirements Foster envisions include 10 years of work experience, being at least 35 and passing an exam covering legal standards, basic accounting and finance principles, and ethics. “It doesn't have to be particularly onerous,” he said, comparing it to the Series 7 exam for financial advisers.To issue licenses, he says, the New York Stock Exchange could oversee an organization like Harvard Business School or the National Association of Corporate Directors. He says he sees the arrangement as akin to how the Public Company Accounting Oversight Board operates under the authority of the S.E.C. That independent nonprofit group, he noted, “has commissioners, and they go do their thing, but they're ultimately responsible to and can be pre-empted by the S.E.C.”Is it workable? DealBook asked Edward Rock, a professor of corporate governance at the New York University School of Law. He said he worried that standardized requirements for diverse companies could disqualify board members with otherwise strong attributes. For example, he wrote in an email to DealBook, “Why would anyone want to prevent Mark Zuckerberg (28 at the time of Facebook's I.P.O.) or Larry Page and Sergey Brin” — both in their thirties when Google listed — “from serving on the board of directors of Facebook and Google?”(Foster said exceptions could be created, including for founders.)Shareholders have an incentive to demand the most qualified board members, Rock continued, and they tend to do so.Coca-Cola will roll out cane sugar version of namesake soda in the U.S. this fallPrivate jet sales are poised for takeoff thanks to a revived tax breakA federal tax change now lets companies write off the full cost of buying a private jet in year oneStarbucks' formerly remote CEO has bought a home in Seattle and he's ordering all staff back to the office 4 days a week Jeff Bezos taps former Amazon Alexa head to lead $10 billion Earth fundElon Musk's other companies could soon pour billions into his AI startupSpaceX, the rocket company Musk founded and controls, is reportedly investing $2 billion into xAI, his AI startup best known for the chatbot GrokElon Musk promises Tesla shareholders a vote over buying equity in his Grok startup: ‘If it was up to me, Tesla would have invested in xAI long ago'Musk's xAI faces European scrutiny over Grok's 'horrific' antisemitic postsElon Musk's AI chatbot Grok is now working with the federal governmentElon Musk's Neuralink filed as 'disadvantaged business' before being valued at $9 billionOpenAI warns that its new ChatGPT Agent has the ability to aid dangerous bioweapon developmentA Staggering Proportion of Teens Say Talking to AI Is Better Than Real-Life FriendsElon Musk announces Baby Grok AI chatbot designed specifically for children's learning needsTelegram CEO Pavel Durov on French probe against Elon Musk's Twitter: “at this point, any tech company can be declared a ‘criminal gang' in France". Durov further stated that such investigations can be harmful for attracting investments”Musk's X refuses to hand over data in 'politically-motivated' French investigationWhy Gov. Greg Abbott Won't Release His Emails With Elon MuskWe asked Abbott for his and his staff's emails with Elon Musk and Musk's companies. The governor's office won't turn them over, saying some contain “intimate and embarrassing” information that is “not of legitimate concern to the public.”The anti-wokeMAGA's tantrum over "woke" Superman is nastier than their usual whiningThe MAGA talking heads are big mad that director James Gunn said that Superman is an immigrant. They were also furious that Gunn said Superman stands for “human kindness.”Fox News: wondering if the movie would fail on the assumption that American audiences also hate kindness and immigrants.Superman' Proves "Go Woke, Go Broke" Is a Joke – And That Major $125 Million Opening Weekend Confirms ItDEI-fueled investing is ‘ideological coercion' of shareholders, Missouri AG warns amid new probe"Missourians deserve answers as to why the unseen power brokers, controlling much of corporate America, are pushing a leftist worldview at the expense of millions of honest investors … These proxy advisors have held corporate America hostage with their radical ideologies. We are putting them on notice: Missouri will not tolerate ideological coercion disguised as investment guidance.""Woke Or Not Woke?": Ubisoft's CEO Was Asked A Bizarre Question About Assassin's Creed Shadows In A Shareholder MeetingIn-N-Out billionaire Lynsi Snyder says she is leaving California: 'Doing business is not easy here'Lynsi Snyder is In-N-Out Burger's billionaire owner and president. She inherited control in 2017 and it remains a private, family-owned business. The reclusive heiress has a $6.7 billion net worth.Lufthansa CEO's wife Vivian Spohr allegedly runs down woman in Sardinia, expresses ‘deep sorrow'The victim, Gaia Costa, a resident of nearby Tempio Pausania, died at the scene from severe head injuries, according to local media reports. She had reportedly been crossing at a pedestrian crosswalk when she was hit.The 51-year-old German businesswoman added that she was “at the complete disposal of the Italian judicial authorities for the necessary investigations and, while aware that such a great personal loss cannot be repaired, will take steps to mitigate its consequences.”Mark Cuban says some of NYC mayoral candidate Zohran Mamdani's key policies don't 'have a chance'Mark Cuban says Elon Musk's new political party is 'really smart' in a key wayAre they stealing our thunder POP QUIZ:Did the average S&P 500 CEOs earn in less than two days what their typical worker earned in all of 2023?Fake apologies popping up from CEO allegedly caught cheatingCEOs on boards is a governance blind spot — accepted as normal but long overdue for scrutiny

Comprendre comment la bataille pour les ressources façonne les conflits, les alliances et nos futurs. Écologie ou puissance : faut-il choisir ?Dans cet épisode, Olivia Lazard, chercheuse à Carnegie Europe, décrypte les liens profonds entre géopolitique, extraction minière, dérèglement climatique et transformations systémiques. Une plongée lucide dans la compétition mondiale pour les ressources et les dilemmes qu'elle impose à nos sociétés.Interview enregistrée le 13/05/2025---Retrouvez tous les épisodes et les résumés sur www.sismique.frSismique est un podcast indépendant créé et animé par Julien Devaureix.

Recap the best clips of the week as Shannon Sharpe and Chad “Ochocinco” Johnson react to the Pittsburgh Steelers trading George Pickens to the Dallas Cowboys. They react to Pickens fit in Dallas, what's next for the Steelers, and much more!01:43 - George Pickens found out about trade when everybody else did07:19 - Steelers db Elliot does not want Lazard to play on their team14:32 - Cowboys traded for George Pickens28:37 - Falcons fans upset Walker will wear number 11(Timestamps may vary based on advertisements.)#Volume #ClubSee omnystudio.com/listener for privacy information.

Shannon Sharpe, Chad “Ochocinco” Johnson & Caron Butler react to NFL teams laughing at the idea of adding George Pickens to their team, Steelers DB and Lazard have beef, and veteran players on the Raiders tell Josh Jacobs to “get used to loosing” & much more!01:47 - Teams laughed at adding Pickens to their roster19:27 - Steelers db Elliot does not want Lazard to play on their team26:39 - Vet Raiders players30:39 - Jets35:32 - Draymond soundbite from after the game42:34 - Mom speaks out after son orders dumdums on amazon48:19 - Q & Ayyyy(Timestamps may vary based on advertisements.)#Volume #ClubSee omnystudio.com/listener for privacy information.

Mike Renner and Kyle Long take a look back at all that's transpired in the offseason and grade the results for the teams of the AFC North and South. Intro (0:00) Rams in Hawaii (3:00) Lazard a Pickens Replacement? (6:52) Browns (9:43) Bengals (17:35) Steelers (20:53) Ravens (26:37) Titans (31:08) Jaguars (35:27) Colts (39:48) Texans (43:21) Pushing the Pile is available for free on the Audacy app as well as Apple Podcasts, Spotify and wherever else you listen to podcasts. Subscribe to our YouTube channel: https://www.youtube.com/@NFLonCBS Download and Follow Pushing the Pile on Spotify: https://open.spotify.com/show/2RFkEgdbFxbPBDU5F5xEjJ?si=1062d40c04e24fd5 Follow our PTP team on Twitter: @mikerenner_, @Ky1eLong, @pushingthepile Sign up for the Pick Six Newsletter at https://www.cbssports.com/newsletters For more NFL coverage from CBS Sports, visit https://www.cbssports.com/nfl/ To hear more from the CBS Sports Podcast Network, visit https://www.cbssports.com/podcasts/ Visit the betting arena on CBSSports.com for all the latest sportsbook reviews and sportsbook promos. You can listen to Pushing the Pile on your smart speakers! Simply say "Alexa, play the latest episode of the Pushing the Pile podcast" or "Hey Google, play the latest episode of the Pushing the Pile podcast." To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

The U.S. and China will meet in Switzerland this weekend to negotiate global tariffs. Lazard CEO Peter Orszag discusses the likely outcome of that meeting, including what's at stake for the global and domestic economies. Plus, Uber CEO Dara Khosrowshahi discusses the company's latest bookings results, including shifts in pricing for rides, the FTC's lawsuit over Uber One, Uber's expansion into Turkey, Uber's lawsuit against Doordash, and consumer appetite for Uber Eats. Plus, India escalated tension with Pakistan, an appointment at the FDA has prompted a pharma stock drop, and Comcast's cable spinoff has a name! Megan Cassella - 03:15Dara Khosrowshahi - 16:45Peter Orszag - 35:11 In this episode:Megan Cassella, @mmcassellaBecky Quick, @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie

Marat Gabidullin, born in Siberia and raised in Uzbekistan, served in Soviet airborne forces until 1994, then spent three years in prison for shooting a crime boss. After security work in Russia, he joined the Wagner Group in 2015, rose to lead a reconnaissance company, and was badly wounded near Palmyra in 2016. He later advised the ISIS Hunters Battalion and fought at Khasham, but quit Wagner in 2019, briefly ran a Redut detachment in Syria, and left disillusioned. Gabidullin's 2022 memoir denounced Wagner and Russia's invasion of Ukraine; he now lives in France. Journalist and researcher John Lechner reports from conflict zones and specializes in Russian PMCs. His book Death Is Our Business (Bloomsbury, 2025) charts the rise of Wagner, following earlier work such as Beginner's Chechen and upcoming Circassian and Sango language texts. A former policy analyst for the U.S. Commission on International Religious Freedom and an emerging-markets banker at Deutsche Bank and Lazard, Lechner holds degrees from Harvard (Slavic Languages) and Georgetown (MSFS). Fluent in five languages and conversant in several others, he is a recognized expert on Russian foreign policy and has written for The Washington Post, The New York Times, The Atlantic, and Foreign Policy. He lives in Washington, DC. Shawn Ryan Show Sponsors: ⁠https://www.roka.com⁠ - USE CODE SRS https://www.americanfinancing.net/SRS NMLS 182334, nmlsconsumeraccess.org https://www.expressvpn.com/SRS https://www.shawnlikesgold.com https://www.hillsdale.edu/SRS https://www.shopify.com/SRS https://trueclassic.com/SRS https://www.ziprecruiter.com/SRS Guest Links: Marat Gabidullin FB - https://www.facebook.com/share/15TBVmf2mt/  Book - Moi, Marat, ex-commandant de l'armée Wagner - Les dessous de l'armée secrète de Poutine enfin révélé https://a.co/d/csNMjFH  Book - Ma vérité https://a.co/d/bLZYssf  John Lechner X - https://x.com/JohnLechner1 IG - https://www.instagram.com/johnalechner/ FB - https://www.facebook.com/john.lechner.5 Book - Death Is Our Business: Russian Mercenaries and the New Era of Private Warfare https://a.co/d/7rKXhnI Learn more about your ad choices. Visit podcastchoices.com/adchoices

After a week of market chaos, President Trump pulled back from the brink. But he didn't pull that far back. He left a 10 percent tariff on most of the world and launched a trade war with China. It's unclear what he will do after this 90-day pause or what countries need to do to satisfy him. But one thing that is very clear now is that our economy is subject to one man's whims.How are businesses supposed to adapt to this new reality? What is this new reality?Peter R. Orszag is the chief executive and chairman of Lazard, one of the world's largest asset management and global financial advisory firms. He also served as the director of the Office of Management and Budget under President Barack Obama, so was a policymaker during a financial crisis. And over the past few months, he's been talking to lots of C.E.O.s and corporate board members as they try to process these changing policies. I wanted to ask him what he's been hearing and how he sees the volatility of this moment.Mentioned:“A User's Guide to Restructuring the Global Trading System” by Stephen Miran“Paul Krugman on the ‘Biggest Trade Shock in History'” by The Ezra Klein ShowTrade Wars Are Class Wars by Matthew C. Klein and Michael PettisBook Recommendations:Underground Empire by Henry Farrell and Abraham NewmanChokepoints by Edward FishmanSmart Money by Brunello Rosa and Casey LarsenThe Catalyst by Thomas R. CechKaput by Wolfgang MünchauThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Jack McCordick. Fact-checking by Michelle Harris, with Mary Marge Locker and Kate Sinclair. Mixing by Isaac Jones, with Aman Sahota and Efim Shapiro. Our executive producer is Claire Gordon. The show's production team also includes Marie Cascione, Rollin Hu, Elias Isquith, Marina King, Jan Kobal and Kristin Lin. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Matt Klein. Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.