Podcasts about Lehman

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Latest podcast episodes about Lehman

America Emboldened with Greg Boulden
The Great Constitution Debate – Paul Engel vs. Lefty Lehman

America Emboldened with Greg Boulden

Play Episode Listen Later Jan 27, 2023 83:17


America Emboldened with Greg Boulden – This is a microcosm on display of our country - Progressive Left versus the Constitution, and how we host civil and productive conversations. The conversation and show today should be a great reminder to our listeners of the ability to think differently and engage in respectful dialogue that...

Badass Women at Any Age
Power Through with Maria Lehman

Badass Women at Any Age

Play Episode Listen Later Jan 24, 2023 36:56


As a young girl  Maria Lehman chose to leave her Girl Scouts troop and join the Boy Scouts because their projects interested her more.  Organizing and leading a stand-in outside the principal's office when she was in 3rd grade, it is evident that since childhood Maria has owned her badass power, trailblazing and following her own path every step of the way.  A civil engineer, Maria was recently named 2023 President of the American Society of Civil Engineers, the nation's preeminent civil engineering society. It was this organization that created the framework for the $1.2 trillion bipartisan infrastructure law, which Maria was directly involved in.  She also serves as director of the US infrastructure for G H D, an international professional services firm, and vice chair of the President's National Infrastructure Advisory Council. Maria was elected to the National Academy of Construction just this past year. She attended New York State University at Buffalo where she was one of only six women out of 600 undergraduate engineers. She has served as the lead on more than 700 civil engineering projects, ranging from $10,000 to $3.9 billion in scope.  She has worked as a civil engineer for 41 years. What You Will Hear in This Episode:  2:46 Maria's personal story 10:37 Being a Keynote Speaker at the International Conference on Water Resources 13:07 ASCE's JEDI Initiative 14:00 Maria's Inauguration highlights 14:42 Australia's futuristic workplace mentality 16:21 Working on a Bipartisan Infrastructure Law 21:19 Navigating past gender bias experiences 24:47 Being Disruptor in Chief 30:30 Being a Commissioner for Public Works 32:14 Maria reflecting on discovering herself Quotes “You have to be the change you wanna see.” “It's really important that in the beginning of whatever career you have, and especially if it's male dominated, that you get the best basis of technical expertise that you can. Because you have to be as good or better, so that when you are attacked, you can speak from authority.” “I don't care if you don't learn calculus, but you need to promise me to live the class motto, which is cogitation and tenacity.” “Get comfortable with being uncomfortable. Because when you're comfortable, standing in place, you're repeating, you're not learning, you're not growing, and you're not stretching.” “If you set small goals, you might attain them, but you're not going to be revolutionary.” “There are times you really have to hold back, and there are times that you really have to stand your ground.” “When people know you're willing to walk a mile in their shoes, they're very willing to row together, to help the whole group do better.” “Every experience that is a problem, a mistake, a challenge, you learn something from. What you learn is patience and being much more retrospective about your next steps.” “You take those uncomfortable moments and you set them off to the side and you power through.” “Every time you drive by that project or see that project in a picture, you have this warm feeling in your heart. It's a great profession for feeling like you're doing something for people and the planet.” Mentioned: International Conference on Water Resources Future World Vision ASCE JEDI Initiative - Justice, Equity, Diversity, Inclusion - www.asce.org Shirley Clark - Head of Environment, Water, Resources Institute  Mega-City Anticipating www.GHD.com Connect with Bonnie https://bonniemarcusleadership.com/ https://web.facebook.com/bonnie.marcus/  https://www.linkedin.com/in/bonniemarcus https://twitter.com/selfpromote https://www.instagram.com/self_promote_/ Gendered Ageism Survey Results Forbes article 5 Tips to own the superpower of your age IAMMusicGroup Purchase my book Not Done Yet on Amazon:  If you enjoyed this episode of Badass Women Podcast, then make sure to subscribe to the podcast and drop us a five-star review.

Star Wars Music Minute
ESB 11: Free-Floating Motivic Particles (Minutes 51-55 with Frank Lehman)

Star Wars Music Minute

Play Episode Listen Later Jan 23, 2023 158:45


In The Empire Strikes Back minutes 51-55, Han and Leia share their first kiss and we meet the Emperor for the first time. Joining me (for the 4th time!) is music theorist/film musicologist Frank Lehman. We discuss the lineage of musical love themes, John Williams's distinctive Lydian signature, the strange proto-Emperor cue, and he gives us a sneak peek of the major updates he's making to the Star Wars Thematic Catalogue. This episode is also on YouTube (with visuals): https://youtu.be/N_jXuEWiaLY  Timestamps: 0:00 - Hello there! 3:20 - Teasing the Emperor scene. 8:17 - Augmented hexatonic collection of pitches (characteristic chord type in ESB, 4-20). 11:26 - Yanked out portion of the cue, R5P3 "End Fix" (orchestrated by Angela Morley). 15:05 - Instrumental introduction to Han & Leia's theme. A distinctive treatment of Lydian mode (descending pentachords -- the 5th down to the tonic). 18:50 - The descending Lydian figure is a Williams hallmark of his 80s-ish scores. Examples from E.T. (1993) and ALWAYS (1989). 25:05 - On Han being a "scoundrel." 29:01 - What do you think of the comparisons to Tchaikovsky's Violin Concerto? 38:35 - Listening to other love themes: El Cid (Miklós Rózsa), Adagio from Spartacus (Khachaturian) 51:48 - First truly functional chord in a while. Enharmonicism. 57:27 - Throwing down the gauntlet. 58:23 - John Williams holding back on the low bass note until a beat or two after the onset of a theme. 1:00:11 - Proud lineage of musical love scenes that are interrupted. 1:08:50 - Han Solo and the Princess concert arrangements (there are at least 3!) 1:14:56 - Sneak peek of changes to the thematic catalogue. 1:29:36 - Dom shoutout 1. 1:38:21 - Brittle, rocky xylophone. 1:45:39 - 90's Emperor/Energizer Bunny commercial. 1:46:26 - Fascinating musical sequence during the Emperor's first appearance. 1:55:44 - Dom shoutout 2. 1:58:09 - ESB editor Paul Hirsch on temp tracking this scene with Bartók. 2:06:28 - Comparing Ian McDiarmid to the original emperor's voice from 1980 (Clive Revell) 2:13:19 - Dark Side motif. 2:25:00 - SWMM Questionnaire Things to Check Out: Dominic Sewell's analysis of cue 5M4/6M1 "Solo and the Princess" - https://youtu.be/Nxe_rd2GVPY Pitch Class Set Calculator: https://www.mta.ca/pc-set/calculator/pc_calculate.html E.T. excerpt (queued up to the descending Lydian line)- https://youtube.com/watch?v=P7CyzH6R7f4&t=721 "Pete in Heaven" from Always (John Williams) - https://youtu.be/z8v1OEIkp3U Predatory Romance in Harrison Ford Movies (Pop Culture Detective on YouTube) - https://youtu.be/wWoP8VpbpYI Tchaikovsky's Violin Concerto - https://youtu.be/QCKL95HAdQ8 Tchaikovsky's Romeo and Juliet - https://youtu.be/finYYXkdYmA "Fossils" from Carnival of the Animals (Saint-Saens) - https://youtu.be/bcAJpsWWuIY Béla Bartók Music for Strings, Percussion and Celesta - https://youtu.be/ymqRNY4K4NA?t=1016 Andrew Norman "Play" - Detroit Symphony Orchestra, Cristian Măcelaru https://youtu.be/Dc9rYygfwNI?t=1316 Love Scene from El Cid (by Miklós Rózsa)- https://youtu.be/91SunNLBDoI?t=303 Emperor Palpatine Energizer Bunny commercial - https://www.youtube.com/watch?v=QxafIhYFOr0 Adagio from Spartacus (by Khachaturian) - https://youtu.be/LZLMKkEGFRo?t=133 The Red Violin OST (by John Corigliano) - https://youtube.com/playlist?list=PL6Oa6vj9pJz7IPAC5yVw666aU-OReTM1K The Empire Strikes Back - the original Emperor scene from 1980 - https://youtu.be/rKtciRCVpFE Cues: Tail end of 5M3 "Yoda's Entrance" 5M4/6M1 "Solo And The Princess" Musical Themes: 11a. Han & Leia (A Section) 11b. Han & Leia (B Section) 10a. Imperial March (Theme) 24) Imperial March Vamp 16a. Dark Side (Motif) Where are we in the soundtrack(s)?: "Luke's Nocturnal Visitor" "Han Solo and the Princess" --------------- STAR WARS MUSIC MINUTE QUESTIONNAIRE: 1. In exactly 3 words, what does Star Wars sound like? New answer: My lifelong obsession. Solo season: Vaguely remembered music. ANH season: Dissonant pedal notes. Minor planing triads. 2. What's something related to Star Wars music or sound that you want to learn more about? New answer: What was going on in the scoring of Obi-Wan Kenobi? Solo season: Who will be main composer for the Kenobi series? ANH season: What are we musically in store for as Star Wars moves onto the next chapters of its development? What was the actual score to Episode IX supposed to be (before changes)? 3. What's a score or soundtrack you're fond of besides anything Star Wars? New answer: White Lotus (series) (composed by Cristobal Tapia de Veer) Solo season: Severance (series) (composed by Theodore Shapiro) ANH season: Star Trek: The Motion Picture (1979) (composed by Jerry Goldsmith) --------------- Guest: Frank Lehman Website: https://franklehman.com/ Complete Catalogue of the Musical Themes of Star Wars: https://franklehman.com/starwars/ A Guide to the Musical Themes of Indiana Jones: https://franklehman.com/indiana-jones-themes/ Book: Hollywood Harmony: Musical Wonder and the Sound of Cinema - https://www.amazon.com/Hollywood-Harmony-Musical-Wonder-Cinema/dp/0190606401 Frank's previous episodes: Solo 7: Powell's Fresh Take (Minutes 31-35 with Frank Lehman) - https://youtu.be/x_dF58geISQ ANH 6: Binary Sunset Breakdown (Minutes 26-30 with Frank Lehman) - https://youtu.be/JrCg4KLk054 TLJ 30: Musical DNA of The Last Jedi (Minutes 146-150 with Frank Lehman) - https://youtu.be/NZwIpV3igBo   ------------------ If you want to support the show and join the Discord server, consider becoming a patron!  https://patreon.com/chrysanthetan Leave a voice message, and I might play it on the show...   https://starwarsmusicminute.com/comlink Where else to find SWMM: Twitter: https://twitter.com/StarWarsMusMin Apple Podcasts: https://smarturl.it/swmm-apple YouTube: https://youtube.com/starwarsmusicminute TikTok: https://www.tiktok.com/@starwarsmusicminute? Instagram: https://instagram.com/starwarsmusicminute Email: podcast@starwarsmusicminute.com Buy Me A Coffee: https://buymeacoffee.com/starwarsmusmin

Artificial Intelligence and You
135 - Guests: Kenneth Stanley and Joel Lehman, Researcher/authors, part 1

Artificial Intelligence and You

Play Episode Listen Later Jan 16, 2023 33:52


This and all episodes at: https://aiandyou.net/ .   The book Why Greatness Cannot Be Planned: The Myth of the Objective, is not just a management/leadership motivational book. Its authors, Kenneth Stanley and Joel Lehman, are AI researchers who stumbled upon a life truth while conducting experiments in genetic algorithms. With the help of the PicBreeder program, they demonstrated that what we think we know about achieving goals is wrong. That pursuing an ambitious goal by following the direction that seems to make the most progress towards it is counterproductive. AI proved to them that all that conventional wisdom about OKRs is harmful. And sent them on a mission to convey that learning to the rest of the world. Hear how AI achieved such a startling change of heart in part 1 of our interview, the first time both of them have been interviewed together. Ken was previously Charles Millican Professor of Computer Science at the University of Central Florida; Joel is a machine learning researcher interested in algorithmic creativity, AI safety, and artificial life. Both were at Uber AI Labs, where Ken was head of Core AI research and Joel was a founding member, and they were both again at OpenAI, co-leading the Open-Endedness team (studying algorithms that can innovate endlessly). All this plus our usual look at today's AI headlines. Transcript and URLs referenced at HumanCusp Blog.        

Capital Allocators
[REPLAY] Anthony Scaramucci – It's Called a Mooch (Capital Allocators, EP.60)

Capital Allocators

Play Episode Listen Later Jan 16, 2023 60:30


The name Anthony Scaramucci currently has 55% name recognition in the U.S. according to Politico. Anthony has been an entrepreneur in the hedge fund industry for 23 years, growing to prominence within the industry through his oversight of fund of funds Skybridge Capital, creation of the popular SALT conference, regular television appearances, and rejuvenation of the iconic television show Wall Street Week.  He grew to prominence worldwide when his longtime political interests led to a brief tenure as White House Communications Director in 2017. Our conversation starts off with a bang and turns to the ups and downs in Anthony's career, including getting fired and rehired at Goldman Sachs, starting and selling his first hedge fund, creating Skybridge and watching it almost fail, and thriving after the financial crisis. We discuss Anthony's thoughts on hedge funds, lessons from his stint in Washington, and books he has written about his experiences. Along the way, he shares life lessons about managing people, building relationships, resiliency, laughing at yourself, greed, ego, and fame. Anyone who has only known Anthony from his recent public profile might be surprised to hear the depth of his insight, self-effacing honesty and caring of others, alongside his irrepressible salesmanship. Those who have known him longer will recognize the same Mooch as always in all his splendor.   Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership    Show Notes 2:48 – Anthony's professional history 8:03 – Time at Oscar Capital/Neuberger Berman 9:25 – Neuberger sells to Lehman 10:13 – Leaving Lehman to start Skybridge 13:13 – Getting through the financial crisis 14:04 – Launching SALT conference 15:35 – Buying Citigroup's fund of funds business 17:34 – Anthony's approach to the hedge fund business 20:28 – How he handles the relationships with managers 22:15 – Environment for the hedge fund space             24:12 – After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead 26:02 – Hedge fund space moving forward 28:03 – What he learned from being fired 31:22 – Handling public adversity 32:40 – Selling the business to serve the country 35:35 – Life lessons learned throughout his career and shared in his books             35:40 – Goodbye Gordon Gekko: How to Find Your Fortune Without Losing Your Soul             38:40 – The Little Book of Hedge Funds             38:44 – Hopping over the Rabbit Hole: How Entrepreneurs Turn Failure into Success 39:20 – The key principles that Anthony tries to impart on his team 41:47 – Lessons in launching a hedge fund business 45:00 – What changed upon his return to Skybridge 46:33 – How does it feel to be famous 48:10 – Closing questions             56:06– The China Mission: George Marshall's Unfinished War, 1945-1947

Freedom Cage Podcast
Episode 50 | Big Business

Freedom Cage Podcast

Play Episode Listen Later Jan 15, 2023 86:33


This week Shawn & Kenny are back after the holiday break to celebrate their 50th episode by getting the pleasure to speak with the Director of Experiential Learning, Mr. Lawrence Fauntleroy from the new School of Business at Lehman College located in the Bronx. They discuss one of the most important types of capital needed to move ahead, the pros, cons & key advantages of shifting your career path, adapting to how the youth of today prefer to educate themselves through learning based programs and what he is doing to ensure that they are on the best road possible to become successful and socially responsible leaders in the near future. A ton of educational gems were dropped throughout this episode but he also lets the FCP crew know who to route for in New York when it comes to basketball. FCP Shop - https://the-fcp-shop.myshopify.com/ Come visit The FCP Shop for all your merchandise needs but don't forget to follow the handles below and give us your thoughts, feedback & any questions you may have; Freedom Cage Podcast @FreedomCagePod on Twitter & @FreedomCagePodcast on IG Kenny @KenKapnik on Twitter and IG Shawn @SenorLee_FCP on Twitter & @SenorLee on IG

Ellie 2.0 Radio - AM950 The Progressive Voice of Minnesota
Ellie 2.0 Radio – January 14, 2023

Ellie 2.0 Radio - AM950 The Progressive Voice of Minnesota

Play Episode Listen Later Jan 15, 2023 43:21


It's a live show! We begin with an interview of Lehman Riley, the author of the Papa Lemon children's books series—stories that seek to teach children the basics about respect, equality, allyship and how not to bully. Lehman is a magnetic personality who goes into the classrooms to help children get excited about learning and…

Trinity Community Church
How to Be Happy in the New Year (Part 2) - Pastor Jim Lehman

Trinity Community Church

Play Episode Listen Later Jan 12, 2023 18:27


Scoops with Danny Mac
Inside the Lines with Dr. Rich Lehman – January 12, 2023

Scoops with Danny Mac

Play Episode Listen Later Jan 12, 2023 19:10


In this week's edition of the Inside the Lines High School Sports Podcast with Jim Powers, we chat with Dr. Rich Lehman about what happened with Damar Hamlin and his injury and what he has seen in his office when it comes to sports-related injuries.

Live at the Bop Stop
Tommy Lehman and The Squad-Tet Part 1

Live at the Bop Stop

Play Episode Listen Later Jan 9, 2023 67:02


All music used with permission by Tommy Lehman and the Squad-Tet.       Sonic Shrine - Lehman To Be Alive - Lehman Under the Rug - Lehman Goodbye Pork Pie Hat - Mingus Focus on the Rainbow - Coles     Northeast Ohio based Tommy Lehman is one of the hardest working performers on the local jazz scene. Between his work with JT's Electric Blackout, Alla Boara, Alba Trio, Nathan Paul and the Admirables and Dan Wilson and Voices among others, Tommy leads several additional groups, not the least of which is the Squad-Tet. The Squad-Tet itself is a collection of accomplished artists in their own right. Featuring Tommy Lehman on Trumpet, Theron Brown on Piano, Chris Coles on Saxophone, Jordan McBride on Bass, Zaire Darden on Drums and Patrick Graney on Percussion, and from a September 22nd, 2022 performance it's Tommy Lehman's Squad Tet, Live at the Bop Stop. Live at the Bop Stop is made possible by the Music Settlement – serving Northeast Ohio by offering music instruction – music therapy and early childhood education since 1912. The Music Settlement's mission is to welcome all to our music and arts community to learn – create – inspire – and heal.   This program is recorded at the Robert Conrad Studios at the Bop Stop in Cleveland, Ohio and the studios of KUNV in Las Vegas, Nevada. Additional production at the Bop Stop is provided by Graham Rosen. Editing for WOBC,WNPA and the Public Radio Exchange is provided by Dr. Pete Naegele - and for our podcast and other radio affiliates by Shawn Gilbert at Gilazar Media.     The executive producer is Daniel Peck – with additional consulting production by Bryan Kennard and Gabe Pollack.   For extended versions of all of our shows –our Live at the Bop Stop podcast can be found on your favorite podcast app or visit our website at www.themusicsettlement.org and click the Bop Stop link.   Want to Support The Bop Stop?  Donate here!   Contact us here

Trinity Community Church
Boasting in the Cross of Christ - Pastor Jim Lehman

Trinity Community Church

Play Episode Listen Later Jan 8, 2023 44:55


Trinity Community Church
How to Be Happy in the New Year (Pt. 1) - Pastor Jim Lehman

Trinity Community Church

Play Episode Listen Later Jan 5, 2023 22:48


Palisade Radio
Lobo Tiggre: The Fed Led Monetary Tightening and Will Lead Easing

Palisade Radio

Play Episode Listen Later Jan 4, 2023 46:23


Tom welcomes back Lobo Tiggre founder and CEO of Louis James LLC. He is the principal analyst and editor of IndependentSpeculator.com and his speciality is in evaluating resource companies. Lobo starts out by explaining the dangers of believing theories that fit one's worldview, but cannot be proven. Tiggre's article "Rationalism versus Empiricism in Securities Analysis" warns against buying into theories peddled by salespeople. He uses the example of central banks buying gold to show how theories can be wrong and hurt investors. He then discusses the example of supply side deficits, and cautions against believing theories of scarcity. He explains why the cost of production does not always act as a floor for commodities, such as copper, during a recession. He cautions against succumbing to theories that sound too good to be true. Lobo discusses the IMF's prediction of a third of the world's economies entering recession in the upcoming year. He voices that there are more negatives associated with the recession than positives in the form of China reopening. The world economy is fragile and there is potential for something to break and cause a new Lehman moment. He also mentions that gold and silver are a good form of insurance during this time of uncertainty and that the ECB may be more hawkish than the Fed in the near future, which could lead to a bearish dollar and bullish gold and silver. Lobo is also bullish on uranium and is of the opinion that the nuclear renaissance is inevitable and that the green agenda cannot be achieved without it. He warns gold bugs to not be discouraged by the lack of performance in 2022 and encourages them to pay attention to inflation rates and the DXY. Time Stamp References:0:00 - Introduction0:32 - Untestable Theories4:54 - C.B. Gold Buying & Price8:26 - Supply Side Deficits11:52 - Deficient Markets15:27 - Recession Implications20:54 - ECB Hawkishness & Fed28:03 - DXY & Gold Benchmarks31:46 - Magic Wands & Fairy Dust33:33 - Politics & Power37:36 - Energy, Gold, & 202344:00 - 2022 Thoughts & Wrap Up Talking Points From This Episode: Investors should be wary of theories peddled by salespeople and make sure they can be proven before investing.Gold and silver are a good form of insurance during this time of economic uncertainty.The nuclear renaissance is inevitable and the green agenda cannot be achieved without it. Guest Links:Website: https://independentspeculator.comTwitter: https://twitter.com/duediligenceguyFacebook: https://www.facebook.com/louis.james.965580/Linkedin: https://www.linkedin.com/in/lobotiggre/ Lobo Tiggre, aka Louis James, is the founder and CEO of Louis James LLC, and the principal analyst and editor of IndependentSpeculator.com. He researched and recommended speculative opportunities in Casey Research publications from 2004 to 2018, writing under the name "Louis James." While with Casey Research, he learned the ins and outs of resource speculation from the legendary speculator Doug Casey. Although frequently mistaken for one, Mr. Tiggre is not a professional geologist. However, his long tutelage under world-class geologists, writers, and investors resulted in an exceptional track record. A fully transparent, documented, and verifiable track record is a central feature of the IndependentSpeculator. Mr. Tiggre will put his own money into the speculations he writes about, so his readers will always know he has "skin in the game" with them.

AMERICA OUT LOUD PODCAST NETWORK
2022 Recapped with the Liberal Lefty Lehman

AMERICA OUT LOUD PODCAST NETWORK

Play Episode Listen Later Dec 31, 2022 84:39


America Emboldened with Greg Boulden – Everyone's least favorite liberal and Marxist commie is back on America Emboldened, just as we end one year and begin another, Lefty Lehman. Never afraid to espouse his leftist views, who better to recap the top stories of the past year to provide insight from the left and balance?

America Emboldened with Greg Boulden
2022 Recapped with the Liberal Lefty Lehman

America Emboldened with Greg Boulden

Play Episode Listen Later Dec 31, 2022 84:39


America Emboldened with Greg Boulden – Everyone's least favorite liberal and Marxist commie is back on America Emboldened, just as we end one year and begin another, Lefty Lehman. Never afraid to espouse his leftist views, who better to recap the top stories of the past year to provide insight from the left and balance?

Trinity Community Church
What Child Is This? - Pastor Jim Lehman

Trinity Community Church

Play Episode Listen Later Dec 25, 2022 28:49


Luke 2:11 12/25/22

Kingdom Culture Conversations
[The 12 Days of Christmas] Bob Lehman of Palmcroft Church

Kingdom Culture Conversations

Play Episode Listen Later Dec 20, 2022 12:43


Started as a Kingdom Culture Conversation tradition during the Christmas of 2021, the 12 Days of Christmas 2022 will virtually drop KCC listeners into the midst of Christmas-themed church services and sermons, allowing for a special sampling of the various Phoenix-area (mostly) churches that serve the families of Northwest Christian School and Frameworks.Consider it a KCC gift to you and your family!"Kingdom Culture Conversations" is a podcast created through Frameworks, a Biblical worldview initiative of Northwest Christian School.For more information on Frameworks, please visit:  https://frameworks.ncsaz.org/For more information on Northwest Christian School, visit:  https://www.ncsaz.org/To reach out to Geoff Brown, please email gbrown@ncsaz.org or you can reach him by cell phone:  (623)225-5573.

A StoneWall's Perspective Podcast
REUPLOAD: Let's Go RINO Hunting - With Joshua Lehman & General Flynn!

A StoneWall's Perspective Podcast

Play Episode Listen Later Dec 20, 2022 23:08


In this episode of A StoneWall's Perspective Podcast, Alex talks with Joshua Lehman from Missouri RINO Watch and I have a special message from General Michael Flynn. In this episode, Josh and Alex talk about getting involved at the local level. General Flynn often says, "Local action leads to a national impact." If we want to save our country, it means that we NEED to get involved locally.The reason that we are where we are today is because conservatives and Christians have sat back and done nothing. It is no longer acceptable that we are silent. We need to stand up, speak out, and get involved. If we get involved, it will change the trajectory of our country!I hope that you enjoy this episode!If you go to mypillow.com/stonewall, you can get a discount of UP TO 66% off of your order!

Trinity Community Church
Walking by the Spirit - Pastor Jim Lehman

Trinity Community Church

Play Episode Listen Later Dec 18, 2022 50:37


DonnaLonna Kitchen Show
036: Fairness for Farmers with Aaron Lehman

DonnaLonna Kitchen Show

Play Episode Listen Later Dec 15, 2022 53:13


Food prices keep rising. Ag business seems to grow larger every day. Where does the farmer fit into this puzzle?   In this episode, Donna and Lonna talk to Aaron Lehman, Iowa farmer and president of the Iowa Farmers Union. They talk about the Farm Bill, the price of groceries, the politics of food policy and the farmer's voice at the table.   We find out that 'politics is the way we allocate resources'. Perhaps now is a good time to define a better vision for agriculture.

Internationaal Theater Amsterdam
Inleiding: Lehman Trilogy / Guy Cassiers - ITA-ensemble

Internationaal Theater Amsterdam

Play Episode Listen Later Dec 15, 2022 47:33


Programmamaker Carolien Borgers gaat in het kader van de nieuwe ITA-ensemblevoorstelling Lehman Trilogy in gesprek met acteur Gijs Scholten van Aschat en onderzoeksjournalist Jeroen Smit. Ze bespreken onder meer hoe de acties van de Lehman Brothers nog steeds doorsijpelen in ons dagelijks leven. En gaan ze in op hoe regisseur Guy Cassiers deze bijzondere familiegeschiedenis, aan de hand van het boek van Stefano Massini, heeft vertaald naar het theater. Lees meer over Lehman Trilogy op ITA.nl Deze podcast is opgenomen in De Amsterdamse Podcast Studio.

SEVENTEENx - SDG Convos with Mick Hase
Empowering farmers around the world with David Davies

SEVENTEENx - SDG Convos with Mick Hase

Play Episode Listen Later Dec 12, 2022 41:19


David has spent over 30-years in technology in senior management roles at global investment banks such as Goldman Sachs, Lehman, Nomura & Standard Chartered Bank. David has also been the Founder and CEO of several successful FinTech, SaaS, and mobile start-ups. David was named by Future Agro Challenge (FAC) as Global Agripreneur of the Year 2018 for his work as CEO of AgUnity helping lift low-income farmers out of poverty. In 2021, David co-created the AgriUT Foundation, which aims to address the impacts of digital and financial exclusion on Last Mile communities by creating a global, peer-to-peer, non-cash payment ecosystem that connects benefactors, communities, markets, investments and sustainable development opportunities with Last Mile farmers. Connect with David via these links LinkedIn - https://www.linkedin.com/in/daviesdavid/ Website - https://www.agunity.com/

A StoneWall's Perspective Podcast
Let's Go RINO Hunting - With Joshua Lehman & General Flynn!

A StoneWall's Perspective Podcast

Play Episode Listen Later Dec 12, 2022 23:10


In this episode of A StoneWall's Perspective Podcast, Alex talks with Joshua Lehman from Missouri RINO Watch and I have a special message from General Michael Flynn. In this episode, Josh and Alex talk about getting involved at the local level. General Flynn often says, "Local action leads to a national impact." If we want to save our country, it means that we NEED to get involved locally.The reason that we are where we are today is because conservatives and Christians have sat back and done nothing. It is no longer acceptable that we are silent. We need to stand up, speak out, and get involved. If we get involved, it will change the trajectory of our country!I hope that you enjoy this episode!If you go to mypillow.com/stonewall, you can get a discount of UP TO 66% off of your order!

Trinity Community Church
The Freedom of the Gospel - Pastor Jim Lehman

Trinity Community Church

Play Episode Listen Later Dec 11, 2022 46:43


FICC Focus
Mark Shapiro on FTX, After Living Lehman & Distress Round-Up: State of Distressed Debt

FICC Focus

Play Episode Listen Later Dec 9, 2022 62:36


“End of the day, there was a 45-cent recovery to unsecured creditors of Lehman. Do you think that's going to happen here [with FTX]?...It's apples and oranges. Because Lehman had a real asset base,” Mark J. Shapiro, Shearman & Sterling Partner and Chairman of the Financial Restructuring & Insolvency group, says on this episode of Bloomberg Intelligence's FICC Focus Podcast. FICC Focus offers the latest market views on interest rates, corporate bonds, emerging-market debt, commodities and currencies by Bloomberg Intelligence analysts. In this State of Distressed Debt edition, Global Credit Strategy head Noel Hebert and BI distressed credit analyst Philip Brendel discuss distressed debt's poor performance year-to-date. BI bankruptcy litigation analyst Negisa Balluku has an in-depth feature interview with Shapiro on FTX's sharp fall, having witnessed Lehman's collapse as its Head of Restructuring in 2008 (8:18). Hebert, Brendel and Balluku review their latest observations of crypto, Endo International, 3M, Diamond Sports Group, Talen Energy and Cineworld (27:49). Bloomberg Intelligence will host a webinar on Cineworld's Bankruptcy & Wider Industry Implications on Dec. 16 at 10:30 am ET. Click here to register: https://bloomberg.zoom.us/webinar/register/WN_1pvGba9SRRqKQewVpB0v1w

A Rational Fear
Hey Alexa, play Nish Kumar's comedy specials — Nish Kumar, Alice Fraser, Lewis Hobba, Dan Ilic

A Rational Fear

Play Episode Listen Later Dec 8, 2022 42:39


JPO Podcast
Lit. Update with Dustin Greenhill

JPO Podcast

Play Episode Listen Later Dec 8, 2022 47:57


Dustin Greenhill from St. Luke's in Pennsylvania discusses femur fractures, subspecialty consultation before high-risk spine surgery, forearm fractures in obese children, and a variety of hip-related issues from recent publications. Your hosts are Julia Sanders from Children's Hospital Colorado, Carter Clement from Children's Hospital of New Orleans, Craig Louer from Vanderbilt, and Josh Holt from University of Iowa. This episode is sponsored by OrthoFix. Music by A. A. Aalto.   Papers discussed:   Greenhill, Allred, Feldman, Herman. Vascular Safe Zone During Percutaneous Pinning of the Distal Femur. JPO 2022.   Greenhill, Herman. Treatment of Pediatric Femoral Shaft Fractures. JAAOS 2022.   Bauer, Sienko, Roy, et al. The incidence of avascular necrosis in children with cerebral palsy after hip containment surgery. JCO 2022.   Visser, Lehman, Armstrong. Does Routine Subspecialty Consultation Before High-Risk Pediatric Spine Surgery Decrease the Incidence of Complications? JPO 2022.   Murphy, Howells, Gallagher, et al. Children's Hip Predictive (CHiP) Score: A Triage Tool for Hip Dislocation in Children Referred With Suspected Hip Dysplasia. JPO 2022.   Lyons, McGregor, Hoyt, et al. Do Forearm Fracture Characteristics and Outcomes Differ Between Obese and Non-Obese Children? Original Research. JPOSNA 2022.   Smith, Block, Eisenberg, Shoenecker, Clohisy, Nepple. Characterizing the Residual SCFE Deformity: Utility of the 45-degree Dunn View. JPO 2022.

Broken Law
Episode 79: What the Crypto?

Broken Law

Play Episode Listen Later Dec 6, 2022 74:59


Recent weeks witnessed the complete collapse of FTX, a cryptocurrency exchange. Treasury Secretary Janet Yellen referred to FTX's downfall as a “Lehman moment” for cryptocurrency, referring to Lehman Brothers' collapse in the 2008 financial crisis. On this episode, Jeanne Hruska speaks with Professor Yesha Yadav of Vanderbilt University and Aaron Klein of the Brookings Institution to discuss this “Lehman moment,” its consequences for crypto more broadly, and whether FTX's downfall could push crypto-specific regulations across the finish line. Join the Progressive Legal Movement Today: ACSLaw.org Today's Host: Jeanne Hruska, Sr. Advisor for Communications and Strategy Guest: Yesha Yadav, Professor of Law, Vanderbilt University Law School Guest: Aaron Klein, Senior Fellow, Brookings Institution Link: "Don't Let FTX Executives Off the Hook Like Bankers in 2008," by Aaron Klein Link: "It's Time to Regulate Crypto," The Weeds Podcast Link: Transcript of Sam Bankman-Fried's Interview at the NYT DealBook Summit Visit the Podcast Website: Broken Law Podcast Email the Show: Podcast@ACSLaw.org Follow ACS on Social Media: Facebook | Instagram | Twitter | LinkedIn | YouTube ----------------- Production House: Flint Stone Media Copyright of American Constitution Society 2022.

Interchain.FM
Erik Voorhees, Sunny Aggarwal, Chjango, Haseeb discuss Web3's Lehman Moment w/ CoinDesk

Interchain.FM

Play Episode Listen Later Dec 5, 2022 74:18


The following is recorded from a twitter spaces co-hosted by CoinDesk and Interchain.fm. The conversation was moderated by Sam Kessler, a CoinDesk journalist, and Chjango Unchained spoke alongside Erik Voorhees, Haseeb Qureshi, and Sunny Aggarwal on the ongoing topic of FTX and our latest main character, Sam Bankman Fried. We discussed the failings of centralized financial institutions and how DeFi already fixes a lot of those failures. Is there a role for crypto regulation, or is there a future where we as crypto natives can build solutions to self-regulate?

World Socialist Web Site Daily Podcast

What took them so long? New York Times, Guardian finally call for Assange's freedom / Biden calls on Congress to impose rail contract, in a major assault on workers' democratic rights / Transcript from hearing in Lehman v. UAW details arguments for extending UAW election deadlines

The Nonlinear Library
EA - How VCs can avoid being tricked by obvious frauds: Rohit Krishnan on Noahpinion (linkpost) by HaydnBelfield

The Nonlinear Library

Play Episode Listen Later Nov 27, 2022 5:40


Welcome to The Nonlinear Library, where we use Text-to-Speech software to convert the best writing from the Rationalist and EA communities into audio. This is: How VCs can avoid being tricked by obvious frauds: Rohit Krishnan on Noahpinion (linkpost), published by HaydnBelfield on November 27, 2022 on The Effective Altruism Forum. Rohit Krishnan is a former hedge fund manager. Both he and Noah Smith are now mainly-economics commentators, and have been good guides to the FTX crash on Twitter. I found this short piece very helpful in getting a sense of how big the screw-up was by the investors in FTX. It opens like this: We live in the golden age of technology fraud. When Theranos exploded, there was much hemming and hawing amongst the investing circles, mostly to note that the smart money on Sand Hill Road were not amongst those who lost their shirts. When WeWork put out its absolute sham of an IPO prospectus before getting cut by 80%, most folks said hey, it's only the vision fund that was lacking vision. But now there's a third head on that mountain, and it's the biggest. Theranos only burned $700 million of investors' money. Neumann at WeWork supposedly burned around $4 Billion, but that was mostly from Softbank. FTX puts these to shame, incinerating at least $2 Billion of investors' money and another $6-8 Billion of customers' money in mere hours. Soon to be legendary, worse than Enron and faster than Lehman, there is the singular fraud of FTX and its CEO Sam Bankman-Fried. But unlike those other crashes, this seems like it might take down multiple other firms, and create a 2008 moment for crypto, which used to be a $2 Trillion asset class. More importantly, to figure out how we can stop something like this from happening. Not fraud, since that's part of the human OS, but at least having the smartest money around the table getting bamboozled by tousled hair and cargo shorts. The part that I found the most illuminating was this section on 'Dumb Enron' and some of the specific mistakes made by big investors like Temasek and Sequoia. I. The problem: this is Dumb Enron Temasek, not known to be a gunslinger in the venture world, released a statement after they lost $275 million with FTX. It's carefully written and well worded, and is rather circumspect about what actually went wrong. They mention how their exposure was tiny (0.09% of AUM) and that they did extensive due diligence which took approximately 8 months, audited financial statements, and undertook regulatory risk assessments. But the most interesting part is here: As we only had a ~1% stake in FTX, we did not have a board seat. However, we take corporate governance seriously, engage the boards and management of our investee companies regularly and hold them accountable for the activities of their companies. Sequoia, when it lost $214 million across a couple of funds, also mentioned in their letter to LPs they did “extensive research and thorough due diligence”. A week later they apologized to the LPs on a call and said they'll do better, by maybe using the Big 4 to audit all startups. I suspect this is hyperbole because otherwise this is medicine sillier than the disease. These are not isolated errors in judgement though. The list of investors in FTX is a who's who of the investing world - Sequoia, Paradigm, Thoma Bravo, Multicoin, Softbank, Temasek, Lux, Insight, Tiger Global. Doug Leone made the reasonable point that I made above, that VCs don't really do forensic accounting. They got some audited financials, and it looked good, but it's a snapshot at the end of a quarter, so why would they know shenanigans had taken place! But honestly, if VCs had been snookered by Theranos, that would make more sense. Like what do VCs know about how much blood is needed to test something? Sure it doesn't quite sound right (100s of tests from a single drop of blood!) and there were people saying this is impossible, but they say that kind of thing about everything! And Holmes' pro...

Trinity Community Church
The Concern of the Gospel - Pastor Jim Lehman

Trinity Community Church

Play Episode Listen Later Nov 27, 2022 42:00


Everything Financial Radio
2022-11-27 Retirement Lifestyle Advocates Radio w/ Simon Popple

Everything Financial Radio

Play Episode Listen Later Nov 25, 2022 43:12


Many exchange-traded funds, ETFs, are issued by big investment banks, where the level of derivative exposure to counterparty risk is exponentially greater than at the time of the Lehman failure. Our guest this week on Retirement Lifestyle Advocates radio is Simon Popple. Your host, Dennis Tubbergen talks with Popple about the risks in the market…

Long Story Short
Bonus: FTX, DeFi and the Future of Finance

Long Story Short

Play Episode Listen Later Nov 24, 2022 59:15


What does the fall of FTX mean for the wider decentralised finance industry? Is this a ‘Lehman moment' as so many commentators have called it or a necessary correction away from centralised, offshore exchanges? And what regulation needs to be in place for the future to give investors confidence in this emerging space? Joining the podcast again for a bonus episode of our Trend Setters series is Campbell Harvey, Professor of Finance at Duke University and author of DeFi and the Future of Finance and co-author of An Investor's Guide to Crypto.

PitchIt
PitchIt Podcast 73: Perry Rahbar, Founder and CEO, dv01

PitchIt

Play Episode Listen Later Nov 22, 2022 46:30


Thanks again for tuning into this week's episode of PitchIt. I recently sat down with Perry Rahbar, Founder & CEO of dv01.dv01 is a leading data intelligence platform with integrated loan-level consumer credit data and analytics that drives transparency in lending markets.Perry talks about his time in banking and some of the lessons learned from the Global Financial Crisis; dv01 helps to solve some of the structural issues that plagued market participants back then. The insight you get from data, and its transparency allows potential issues to be caught early before they blow into a Lehman-type crisis.Perry and I talk about his time in banking, why he decided to start dv01, the meaning behind the name, the evolution of fintech lending since starting the firm, what a recession might do to the lending markets, the acquisition by Fitch, adventures on the fundraising trail, visiting Iran, and much more.Before you begin the episode, please take a minute to rate the show and provide feedback; I take listener comments very seriously. And don't forget to join us in Miami on December 13 - 14 for Fintech Nexus LatAm; this is LatAm's premier fintech event.Without further ado, I present dv01's Founder & CEO, Perry Rahbar. I hope you enjoy our conversation.Episode Discussion points include:Perry's journey to dv01When he got the entrepreneurial itchThe asset classes they cover and report onAcquisition by FitchHow the acquisition impacts dv01's futureHow fintech lending has evolvedThe impact of Covid on lendersHow lenders can adjust for the impending recessionThe importance of transparency Recommended reading - The Divine Matrix by Gregg Braden and The Shah by Abbas MilaniVisiting IranRaising CapitalAnd much more…Connect with Perry on LinkedInConnect with PitchIt: Tweet me @ToddFintech Connect with me on LinkedIn Find previous PitchIt episodes Email me at todd@fintechnexus.com Until next time.

The Modern CFO
Cryptocurrency's Road to Resilience with Brett Royer of Fidelity Digital Assets

The Modern CFO

Play Episode Listen Later Nov 21, 2022 42:24


Crypto investors have seen their fair share of sudden market meltdowns this year. This week, all eyes were on FTX, formerly one of the world's largest cryptocurrency derivative exchange platforms.This latest turmoil has sent shockwaves throughout the industry. Yet historically, cryptocurrencies have rebounded following each crisis. What doesn't wipe out the blockchain becomes a hard lesson for crypto ventures, turning them into fortified iterations of themselves.For Brett Royer, CFO of Fidelity Digital Assets, the recent unraveling of FTX underscored hard lessons that are not unique to crypto. An expert in high-level financial planning, Brett says those lessons point to fundamental business principles that have long existed.In this episode of The Modern CFO, Brett talks with host Andrew Seski about decentralized finance, the role of trust within the increasingly digital world of finance, how he thinks about risk, and more.Show Links Explore crypto careers at Fidelity! Browse Open Positions Check out Fidelity Digital Assets Connect with Brett Royer on LinkedIn Check out Nth Round Connect with Andrew Seski on LinkedIn TranscriptPlease note that the transcript is AI-generated and may contain errors. The content in the podcast is not intended as investment advice, and is meant for informational and entertainment purposes only.‍[00:00:00] Andrew Seski: Hello everyone and welcome back to The Modern CFO Podcast. As always, I'm your host, Andrew Seski. I'm thrilled for the episode today because we are joined by Brett Royer, who's head of finance at Fidelity Digital Assets. Brett, thank you so much for being here today. [00:00:19] Brett Royer: Andrew, thank you for having me. [00:00:21] Andrew Seski: So, we're going to dive right in. The world of crypto and the world of digital assets has evolved in a unique way, down to literally the hour, especially this week. So, I want to kick off not just on the current event side, but we're going to have plenty of time to go through those current events, I want to start today actually with your career and then kind of the history of Fidelity Digital Assets, which I know spans back farther than most institutional groups had even considered labs themselves. So, we'd love to kick off with maybe some of your educational background, sort of the rise to this position, and then we'll segue in and out of how Fidelity Digital Assets is positioned today and what you're thinking about today. So, we have a lot to cover. [00:01:08] Brett Royer: Yeah, sure. Great. So, I'll start with a little bit of career history. Prior to business school, I'd say one of my more substantial roles was working in the Merrill Lynch Private Banking and Investment Group. So, there I was working with a former Chicago Board of Trade trader who had sold a business, a trading business, for a substantial sum, thought he was going to retire and ride off into the sunset. I spent some time doing some personal things and then realized that he got bored. And so, went back into business as a wealth manager and he ran his own proprietary trading strategy for a lot of the clients that he served. And so, I joined his team as sort of a mini fund analyst of sorts that supported the portfolio analysis and trading decisions behind the proprietary strategy that he used on behalf of his clients. And so, that was a really great experience. I think there, I kind of developed my first set of background and skills in capital markets, gained a pretty good understanding of how the markets work, traded in some illiquid securities and got a sense for what that was like. And had a pretty interest, I was there at a relatively interesting time. [00:02:33] So, I was probably in my second or third year, I can't remember exactly which, when things started to go wrong in Wall Street in financial services, right? So, the history is Lehman goes bankrupt and then Bear Stearns comes about as close as you can get to bankruptcy. And then I remember distinctly going into the weekend, Merrill Lynch was next up as a potential firm that was looking at having liquidity challenges and potentially could go under. And I'm sitting there as a junior analyst and just sort of watching this from an interested perspective, but also from the perspective of like, my job was on the line. But at that point in time, I didn't have as much to lose. Obviously pretty early in my career. But nonetheless, I think it was a strenuous time for everybody. And I distinctly remember sort of being glued to the TV all weekend just waiting to see what would happen. And then, sure enough, Bank of America, acquires Merrill Lynch on Sunday and I was really lucky to have a team that supported me, and I was able to maintain my role throughout then. But learned a lot of hard lessons around what bear markets feel like and look like. And I think that's in part educated some of what I've seen and felt in crypto markets as well. And I think just giving me a little bit of perspective on not getting too lost in the moment, either up or down, right, and having an understanding that these things tend to be cyclical, right? And there are going to be ups and downs and you don't want to get too over indexed on either side of the equation while you're in the moment, which is really hard.[00:04:08] But from there, I decided I didn't want to be a financial advisor. I think that would've been the next move if I stayed there. And that group worked with $10 billion clients and above. And so particularly difficult prospecting or particularly difficult segment to prospect in a serious way if you're a 25-year-old. So decided anyway that I wanted to be on more of an analytical track and more of a CFO track anyway, so made sense to go back to business school and sort of pivot. And so, I went to the University of North Carolina, got my MBA there. And around that time, Fidelity had just started recruiting at the University of North Carolina for a financial leadership rotational program. And I'm from Massachusetts originally, so familiar with Fidelity. Really wanted the chance to get back to the Northeast and so jumped at the opportunity to join a program that is tagging itself as developing the next future CFOs of Fidelity business units. [00:05:05] So did that. And the idea is you get broad exposure to the firm in relatively short order, right? You do six-month rotations in four different parts of the firm. And then you graduate, and you come out and Fidelity really has a sort of continuous career rotational program aspect to it, even after you're out of that traditional rotational program as well. So after I graduated, I spent the majority of my time, five years or so, in a role in our Fidelity institutional business. So, it's a really interesting business for Fidelity. They provide custody for registered investment advisors and then clearing for correspondent broker-dealers as well. And I worked on the broker-dealer side of the business. And up until 2008 or so, Fidelity was the clearing provider for a couple of large firms, JPMorgan and Bank of America. And around that time, they lost both in a year as a result of JP Morgan buying Bear Stearns and then Merrill, Bank of America buying Merrill Lynch. And so, both had self-clearing capabilities that sort of made them take away the need for a clearing provider like Fidelity. So, I don't know what percentage of the business those two represented. But needless to say, they were pretty considerable at that point in time. And I think there were a lot of hard discussions around whether the business could even survive. But kudos to the leadership at the time. They continued to invest in that business and grew it back even larger than it was prior to having those two big clearing firms. [00:06:45] And so I had an interesting experience there. Went through an acquisition of a smaller clearing firm. So, JP Morgan Clearing exited the business and we sort of did a non-typical acquisition, which was a purchase of the client book versus the purchase of the actual business itself. And then went through the process of trying to renegotiate those deals anyway and how that impacts sort of the valuation of that deal was challenging and unique. So really great experience there. And then also experiencing sort of waves of regulation. Around the time that I was in that group, we had DOL was coming in with a new set of rules that were really going to force a convergence of sort of the advisory model and bring together sort of the broker-dealer and RIA models under something that looked more like across the board fiduciary standard. And that was just a massive change for anybody who was running a broker-dealer business at the time. So a ton of strategic discussions and preparations for what the impact of that could be. And then, sure enough, we changed administrations and all that goes away anyway. So this is the nature of different administrations is you've got ebbs and flows in terms of regulatory tightness and ethos around what's important. And you got to adjust to those over time and find ways to still meet client demands.[00:08:15] Andrew Seski: Just a quick comment before we continue on to your segmentation and move into the Digital Assets arm. And another, there's some really interesting projects that were incubated there, too. But before we hop in there, do you think that there was an aspect of your personal risk aversion or how you think about risk? With your first foray into the world of finance being the global recession, not just the global recession but one that had a lot of dominoes stacked that people are still studying today. The over securitization, how we think about collateral, how you think about personal risk. You think that guided some of your career? I know that you moved kind of away from being a financial advisor just because it's a challenging role to go, like you mentioned, go prospect those types of potential clients as a 25-year-old. So, I mean, it sounds like that was a big piece of it. But how do you think that shaped how you thought about your career and risk in the world of finance? [00:09:17] Brett Royer: Yeah, I mean, it certainly had a big impact looking back, right? I think what brought down some of those large financial services institutions were risk management practices that were not fully up to par or sort of interconnectedness of exposure across the financial ecosystem that wasn't fully understood. And I think there are a lot of corollaries to be drawn to some of the things that have happened in the crypto market now, right? I think there are lessons that traditional capital markets and financial services have learned the hard way over time. Not to say that it's ever fully solved, right, even though the broker-dealer and capital markets business have been around for a long time, but we were still learning hard lessons all the way through 2008, right? [00:10:08] But I think the interesting thing from the perspective of the crypto ecosystem is just the acceleration of that learning curve of the hard lessons that have been learned, right? I think there's a lot of similar stories that you could draw parallels to that have happened in the past and financial services around under-collateralized loans and contagion effect from exposure cascading across multiple counterparties and people not really understanding the true risk profile of the firms that they're interacting with. I think those are all things that are not unique to crypto. I think they're fundamental business principles that have existed and caused problems for financial services for a long time. I just think that what we've seen unfold is just a really accelerated learning curve again for crypto, which has been hard because it's happened all at once and it's been painful. And that's how these things tend to work. But I would hope that in the backside, right, that we get some better business practices. Perhaps we get some more comprehensive regulation that looks at this in a thoughtful way from a consumer protection perspective but also from the perspective of not stifling innovation and not putting the US in a position where we're behind other countries in terms of having the ability to use crypto in ways that can benefit consumers over time. So that's the balance.[00:11:42] But I think one of the things that strikes me as pretty clear from this, there have been lots of folks in the crypto industry who I think are hesitant to have any sort of regulation come into play. And I think the thought is we can figure it out on our own or these things can be handled via the blockchain or there's lots of different thoughts on how or why regulation is bad or good. My perspective is that I think unfortunately what we've seen play out is that when you combine sort of relatively nascent ecosystem and business models with greed, that it tends to err on a path where you get these problems where there's a mismatch in sort of risk-reward philosophies. And then in some cases, that risk has been passed along to consumers who are just unknowing of the type of risk that they're taking on for a given situation, right? And so, you look at all that and you say that's where regulation is good. Because I think everybody in the ecosystem would agree that we don't want to put consumers at risk of holding the bag on some of these scenarios where things go wrong. And so, I think that's where you look, and you say that regulation has been pretty good over time of finding ways to ensure consumer protection. [00:13:02] Andrew Seski: It's a little tricky. I mean, I feel like the SEC actually gets kind of a bad rap, but they can't really regulate proactively so they have to then retroactively. And you're seeing a lot of this, DOJ, too. I mean, there's tons of money flowing into the government to start going back through some of these issues that have been kind of plaguing this system for a while. But it's not that well received either because of the sort of libertarian tint that a lot of this started in. If you go all the way back to reading the Bitcoin Whitepaper, you can realize that decentralized finance was that first iteration using the tech. And then, yeah, it's just interesting to think about, especially going back through time and how these different winters have sort of formed the next waves of all the projects and all the exchanges that have come out and kind of what those goals are. [00:13:57] I think Adam Draper, Tim Draper's son, put out kind of an interesting article where he said he had met Brian Armstrong from Coinbase and had discussed kind of what one global financial infrastructure would look like and that it would probably be built in these next few iterations. But in that article he put out or just blog, he also listed a couple of events that, not sure if you remember each of them, but in 11 Silk Road crashes, 13 Mt. Gox, 17 was the big ICO bubble, and I think we could probably cement FTX as a major crash that may drive another winter or at least some really maybe necessary introspection for maybe some of the venture dollars flowing into the projects just in terms of diligence. You could probably say that across a lot of the sectors, to be honest. But I think it's not just a result of the ecosystem but also in the financing of the ecosystem. [00:15:00] So those incentives are really important to remember because as purely sort of this libertarian sort of idealistic thing was promulgated, now all of a sudden, we've got a lot of mixed incentives going through how scaling the ecosystem's going to look. And maybe that's a natural segue into how you got interested in and how Fidelity Digital Assets started because that was back in 14, which I think was probably one of the earliest at least in kind of the institutional world. So would love to hear the history of that.[00:15:37] Brett Royer: Yeah, sure. Yeah. Fidelity's got a pretty good history here. Some of the initial blockchain research started in 2014 in our Fidelity Center for Applied Technology. And then soon after that, we launched that into a fully-fledged blockchain incubator in that group. And they were tasked with developing blockchain capabilities that Fidelity could use for future products and services. 2015, we started accepting donations in Bitcoin to our Fidelity Charitable unit. And then in 2018, Fidelity Digital Assets, which is the business that I'm a part of now, was born to offer custody and trading solutions for Bitcoin. And the thinking was really twofold at that point in time. One is we had done a lot of experimentation in some of those applied technology groups. And you can learn a ton from experimentation, but you really can accelerate your understanding of what will and will not work for customers when you are in the market trying to sell your service. Launching a business around these capabilities that we developed in-house really made sense. And then two, we believed that the institutional marketplace was really underserved by existing crypto providers at that point in time, right? Fidelity's got a really long history of providing services to institutions of all kind. We know the market well. We serve something like 4,000 institutions today through various. We understand what they demand on the traditional finance side of the house. And so, we believed we were in really good position to build a crypto platform that met the high standards of institutional rigor that those types of traditional financial services institutions would have.[00:17:26] Andrew Seski: Does Fidelity manage custody as well? I mean, I think that's probably one of the biggest issues across space still that kind of, I mean, maybe it gets talked about, maybe it doesn't. But yeah, I feel like custody solutions are one of the key aspects of being really successful as a provider in this space right now still.[00:17:44] Brett Royer: Yeah, it's a good lead-in because we really believe that everything starts with custody. So we really, we started the foundation of the entire set of capabilities that we developed in crypto, starting with ultra-high security custody. And what we utilize offline voltage storage for the cryptographic key material and then add our own sort of special Fidelity additional layers of securities and controls that you'd expect from an institution that provides custody for $10 trillion in customer assets across the enterprise. And then from there, we built some of our other capabilities, right? So started with custody, but then we said it makes a lot of sense to layer on a trading capability that settles directly to that cold storage custody solution. And so, we developed our own multivenue, smart order routing trade platform that again automatically connects and settles to that custody solution. And then, we wrapped it all up with a white-glove service model, with trading and transfers available 20/7 and service availability 24/7 to provide really that high touch that institutions expect. And then on top of that we try to seek all the assurances we can from both a regulatory standpoint and a control standpoint. So we went out and we received Limited Purpose Trust Company Charter from New York, which is really essentially the highest standard for a crypto service provider that we have in the US. [00:19:24] Andrew Seski: I can only think of one other. And if people are really conscious, they'll go back through the podcast and realize that was the only other person or only other representative of a group who can call themselves a trust company and some of these white-labeled solutions. So we'll see how savvy some of our listeners are if they can figure out that there's only, I think there may only be one other trust company, technically. But yeah, I love the fact that Fidelity's taken all of the actual steps to, I mean, that doesn't sound like there's a single beat missed from starting. [00:19:56] And I also love at some point in the conversation, we don't have to spend too long on it, but the role of trust I think is really an interesting one because I think in the institutional-grade solutions that we're talking about, no one's going to manage their own private keys. No one's going to do their cold storage. Yet it's a little bit, I don't think it detracts at all personally from the environment, but to rely on a major institution as an intermediary while discussing blockchain, smart contracts, all of this intermediating technology, it's interesting that we in this time and age are still dealing with trust issues and security issues. And a lot of it's still complex. Personally, I don't think it again detracts from the ecosystem, especially in the institutional side, to have these solutions. I actually think it's generally positive for the time being. 'Cause like you said, the early iterations of the Digital Assets arm was, we got to be able to feel it, understand it, to be able to grow it, to be able to iterate on top of it, to be able to build new products to service the environment. But kind of curious as to how you feel about all of that. And again, we probably should step back into how you got interested in the space. And you've been with the Digital Assets group for a long time now, too, right? [00:21:19] Brett Royer: Yeah, since 2019 I've been with the group. So I'll start there and then I'll go to the sort of philosophy and some of the things you talked about in terms of self-custody. Yeah. So I guess I got interested in a similar way to a lot of others. On the personal side, sort of exploration of trading and starting to mess around with some crypto assets in my personal account, I had the benefit of, at the time that I was happening to look for the next role, we had sort of just spun up this Fidelity Digital Assets unit, and I got to see Tom Jessop, who currently is the head of the unit, present out on some of the thoughts in the direction that we wanted to go with it. And at that point in time, they had a part-time CFO who was supporting the unit like as 25% of their role. The unit was only 70 people at that point in time, but it was at the point where I think there was a recognition that it was going to be an area of growth and needed the full-time attention of a full-time CFO. So things sort of lined up well in that way. I expressed interest both from a crypto standpoint as well as stepping into this role, I had to be willing to sign up for being an army of one for some period of time. And that I think that's probably familiar and true for a lot of startup CFOs. But I guess a little bit unique from the perspective of working in a really large company like Fidelity going from managing a decent size group to wanting to take on this role and needing to sign up for the idea that I was going to be an army of one for a while and that was going to be a very different sort of set of responsibilities. But in my mind why it was really attractive to me and it has played out fantastically for my career development, just staying engaged and interested in what I do every day is the breadth that you're able to get from stepping into that role is again sort of a growth business CFO within a much broader organization, right? That manifested itself in a couple of ways. I think one, probably a lot of your CFOs don't even think twice about this because it's the standard way you operate if you're a standalone business unit. [00:23:33] But coming into Fidelity, a lot of business unit finance folks don't spend a lot of time at the legal entity financial level, right? So thinking about a big corporation, you don't need to set up a new legal entity every time you set up a new product line or business unit, right? So a lot of times there's just a disaggregation of how you think about finance within your unit versus how things are done at the legal entity level. But what this role presented me an opportunity to do was to care about both because crypto's unique in its regulatory structuring, so we needed to set up a separate legal entity to be the service provider for crypto services to our institutional customers. And so, we did set up that separate legal entity and then in fact, over time, grew that into two legal entities. So we now have a legal entity in the US and we've got a UK-based legal entity that services non-US customers. And so, from a career development standpoint, right, that was important to me to be able to have that sort of full end-to-end ownership of the finance function, which included caring about audits and signing off on the financial statements, caring about balance sheet and capitalization, caring about regulatory capital and how you handle planning for what can be a pretty volatile environment in terms of customer interactions that impact your regulatory capital on a day-to-day basis.[00:24:56] So all that was really interesting and exciting to me when I looked at the opportunity. And it's played out really well. So I appreciate all the experiences that I've been able to get. And that's the risk that I was taking up front, banking on the idea that I'd get that broad exposure starting off with an army of one. Obviously, now the business has progressed. We're gonna be north of 500 people at the end of the year. So it's been a great evolution. [00:25:25] Andrew Seski: So and the idea, it's interesting, I was actually, when I was asking the question around trust, I was actually rereading a quote from Abigail Johnson talking about kind of the earlier stages of her kind of obsession with trying to figure out the full tech stack, which I thought was really, really cool. And kind of her first, one of her comments was starting with custody solutions seemed to tie antithetical to the technology, which I thought was a great comment on, I just love the approach. She basically came out to say Fidelity's had this long, privately owned success for generations due to in part contrarian thinking. And when people are running for the door, being able to have the wherewithal, the confidence, and the kind of long-term approach to nascent technologies and industries to be able to double down and really learn and feel all of that. So that's kind of where that trust question was coming from.[00:26:24] So I mean, it's nice to have somebody who's kind of leading the charge with so much thoughtful consideration in the space and where it makes sense for Fidelity to provide support versus how to push the industry forward and kind of just a nice patient approach. Especially as you said in terms of kind of the volatility of the space where all of these winters and kind of crashes are happening at so much faster of a clip. It takes a ton of patience and a ton of maturity to go through the volatility and be able to express what your priorities are maybe in a time where there's a lot of value loss at the time. So yeah, that's kind of where that was stemming from. But I do think it's super interesting that the group has continued to expand so rapidly. I think there was a comment in that article, too, that one of the first offerings was just Bitcoin and 401ks. Is that right? Does that sound? Yeah. I'm not sure how long ago that was, but I think that probably spurred a ton of interest, too.[00:27:29] Brett Royer: Yeah. Yeah, that's recent. So yeah, definitely a little bit of a response to sort of marketplace demand there. I think that the 401K unit just continued to hear a lot of interest from planned sponsors and having a product that could gain their participants' exposure to digital assets. And so, this was really in response to that and we think a relatively innovative product that gives those who are seeking a way to allocate a certain proportion of their retirement assets to digital assets. So yeah, certainly, that was a great example of a way that we think about the capabilities that are being developed within my Fidelity Digital Assets unit, potentially being used in other ways over time, right? [00:28:25] So I think from a long-term philosophy perspective, we started this unit and wanted to build the core set of capabilities. We went direct to the institutional market. But I think part of the vision always entailed the idea that over time, we expect the digital assets will begin to look and feel like any other asset class to investors. And so, we wanted to build those set of capabilities and then when the time is right and when the demand is there and when the regulatory environment is right we fully expect that we'll be able to provide digital asset services to an increasing number of customers that we touch again in the fullness of time.[00:29:08] Andrew Seski: Sweet. Well, I'd love to take a quick step back and run through a few of the questions that I really like to indulge in most of the podcast for continuity's sake. But would love to hear your perspective on just a personal definition on what you'd consider a modern CFO today. Maybe some of the characteristics that embody a modern CFO or maybe some things that modern CFOs should have on their radar that they don't today. Maybe we just start there. [00:29:39] Brett Royer: Yeah. When I think about the CFO role now, I think about the CFO role really broadening in the context of the organization, right? So I always like to aim to be viewed as a business person first who happens to know a lot about the finance of the business versus a finance person who happens to know a little bit about how the business is run. And what I mean by that is it's not okay for the modern CFO to be a passive observer to business activities and just report out on how things are going or how they went, right? The days of business leaders making decisions on gut and experience are largely gone, right? Virtually every company in the world now has a data-driven decision-making mindset. And so, the modern CFO really needs to be deeply engaged in the decision-making activities of the business, both in traditional finance terms, so P&L, NPV, IRR, return on capital, but also the nontraditional finance terms, right? They need to understand both financial and non-financial data. They need to understand how those interplay between each other and then how all of your data can be used to derive insights and make better decisions.[00:30:51] And then lastly, I guess one of the things I think a lot about is how I think the CFO role probably needs to be more willing to step outside of the traditional CFO swim lane when necessary to help the business in new and unique ways. So at my very first job out of undergrad, they taught all the incoming analysts that you are literally not allowed to say "That's not my job." Like that's a phrase you are not allowed to say. So I've carried that kind of philosophy with me throughout the rest of my career, right? And I think some of the most meaningful experiences that I've had were not handed to me in a job description or given to me by a manager. But they were formed by me raising my hand or asking a question or, in some case, just starting to do something in an area where there was a gap or an opportunity that wasn't being addressed. And I found that there are very few managers who will take issue with someone taking the initiative to just go ahead and solve a problem without asking, as long as it's not too far outside of the realm of your role. So that's another piece of the mindset that I think is important is willingness to sort of adapt and evolve around the edges some of the things that the CFO can be involved in and help the business improve upon. [00:32:06] Andrew Seski: I really appreciate that. And I typically ask people to hit that back 30-second button a few times when I hear really great advice. And I think anybody who's aspiring to the CFO role or is in their first time CFO role should really consider that advice and take it to heart. I think that was really well articulated. I appreciate that, Brett. I want to talk a little bit about 2023, the next 12 months. What's on the horizon for you and for the Digital Assets group? What's top of mind? What are you most focused on trying to build right now? [00:32:39] Brett Royer: Yeah. So certainly in general, focused on new opportunities to serve the rest of the Fidelity enterprise in terms of crypto capabilities where appropriate. From a finance team perspective, one of the things I've been spending a fair amount of time on is actually preparing for crypto tax regulations. So maybe a little bit esoteric in nature but I think this is an area where crypto is going to catch up to traditional financial services and there's obviously already been some indications of some rules to come. But this is sort of one of those areas where I talk about having the opportunity to raise your hand and take on some new responsibility sets. So as we anticipated that there was going to be some new requirements around crypto tax reporting in the not too distant future we started to work on what that would look like. And I've actually started to build out a team that's going to help us in Fidelity Digital Assets, prepare for any requirements which are going to be defined and we expect that this'll look a little bit more like a traditional set of brokerage reporting requirements, right? So I think in the future, you should expect to get something that looks like a 1099, multiple different kinds of 1099s from your crypto services provider. And that's a big initiative for the government and the IRS is I think starting to bring some of these things back under the existing frameworks and umbrellas where they make sense. And certainly the expectation is that crypto is not a tax-free realm. And so, this is just going to be one step in the direction of bringing crypto up to par with the rest of financial services. And that's an area where I think we'll spend a lot of time and focus on getting ready for that over the next 12 months.[00:34:23] Andrew Seski: Yeah. And for those listeners who don't know, the IRS received an $80 billion budget over the course of last summer. So this is not an "if" but "when." So I think Brett makes a really good point just to highlight the fact that this taxable ecosystem it's already here. So having the foresight and wherewithal to understand that the IRS is going to be pretty active in the crypto space I think is just good practice. And we've seen these iterations through the idea, and we're still going through this. I think that there's, we're going to see what happens with how securities law interacts with the crypto space. And there are some ongoing conversations with the SEC. And it's just, I think it's just part of the space and how early we, it's just good representation of how early we are still. So I think it's smart to have a good sense of the regulatory environment, but then also likely seek out counsel where appropriate to ensure that you're maintaining compliance because the worst part of some of these crashes is that they're riddled with some of the greed that we talked about earlier. And there are some consumers who aren't well protected against some close to two or considered fraud or financial crime, which really sets back the interest in the space and the participants. So wanna do the best we can to have thoughtful conversations and have thoughtful regulations around all of this. So I think that's a great initiative for the year to come. I think it'll continue to drive the space forward, so I really appreciate that. [00:35:54] I'd love to drive into one of my favorite parts of the podcast and talk about one of the things that you feel may be underestimated in the world today, and if there's anyone currently addressing that that topic or space. But love to drive into this 'cause it's always really interesting given the unique vantage points of the people we talk to on this show.[00:36:14] Brett Royer: Yeah. I'll give you a quick hit. I don't have the background to fully understand all the implications of this. But one thing that I look out at now, especially in a post-pandemic world and how globalization of the workforce and the virtual environment, it will sort of impact staffing and how we build out teams. I think about what globalization has already done for an economy like the Indian workforce, right? And you think, you look forward and you say, do you see things like that continuing to evolve and emerge? Can you imagine what that looks like for the Chinese workforce over time, right? [00:36:52] I think there's already been pockets of the ecosystem where there have been movements and certainly traditional product manufacturing and those types of roles. But even if you look at the service economy over time, right, you think about the amount of people that could be utilized and globalized in terms of the workforce for any company in the world now. One, I think it really just expands your access to talent and it can go anywhere. And then two, I think it really potentially changes the opportunity set for people in some emerging market countries, right, where normally, prior to the world sort of going in this totally virtualized environment, I think people's opportunity set for work was more limited to the localized opportunities. And I think one of the things we're going to continue to see emerge is that just that globalization of opportunity set. And I think that can have really, really massive implications for what teams look like in the future and what workforces look like in the future, right? Even thinking back to pre-pandemic, I think Fidelity has had a large set of teams in India and other parts of the world. And I think there was a little bit more of a mindset of like passing things along over time zones, right, and not having that true end-to-end connection. But now, you look at the way that teams work. And there's no concept of passing off. It's sort of a continuous like evolution and discussion of teams that work across the globe together on the same things at the same time with a connected mindset. And I think that's gonna be just a massive change that will continue to evolve over time. I see huge opportunities for certain parts of the world to start to really step in and have more of their workforce contribute to sort of that globalized service economy. [00:38:44] Andrew Seski: Yeah, absolutely. A bold case on productivity and innovation for sure. Do you see that happening at all internally with your groups or is the Digital Asset group global and partially remote? Have you had to deal with that as an army of one to 500? [00:38:59] Brett Royer: Yeah, definitely. I mean, the good news is that our unit was sort of al already global, even pre-pandemic. The nature of crypto is that the expectation was over time that we were going to get closer and closer to sort of 24/7 availability because the crypto market doesn't sleep, right? And in order to do that successfully, you need to have a geographically distributed workforce. And so, we had already made a lot of efforts to do that even pre-pandemic and. So I guess in some ways, we were somewhat uniquely prepared for this sort of scenario because if you're used to working in virtual teams anyway before you're required to, it's just sort of more of the same. It's just an extra dose of it. So yeah, I'd say we were somewhat uniquely prepared for this evolution. But I think even still, it's going to continue to evolve over time and we're going to see more and more of it, even where I think still predominantly US-based but I think you could see that change in the next 10, 15 years where teams could look a lot more like the distribution of the population of the world over time.[00:40:11] Andrew Seski: Yeah, that's great. That's a really interesting comment. I really appreciate you sharing that perspective. I was thinking, this is kind of a random thought here, but as I was preparing for our conversation today, I went through a bunch of the kind of my go-to resources for preparing for interviews and thinking about crypto and thinking about the global marketplace, and I stumbled across a really great interview with David Rubenstein and Abigail Johnson that I highly recommend people check out if they're interested in Fidelity's history in general. And it just made me think to ask in a world with so much information, and we were chatting about FTX prior and the world of Twitter being where a lot of people are getting information from, I was just kind of curious. I know Fidelity puts out really high-quality research and reports and there's a lot of marketing and media that goes into trying to educate participants. But I was kind of curious as to where you go or if you've read anything maybe even outside of financial news or crypto news. Just how you're receiving your information and if you're reading anything or listening to any podcast that listeners would value from. [00:41:19] Brett Royer: Yeah, it's funny. I don't have a whole lot to add. I use all the same sources I think that you mentioned. I think there's a lot of great resources and people who are willing to give away their opinions for free on crypto Twitter. At the same time, I like to stay away from that to stay in the echo chamber sometimes because I do think that it's always good to have perspective. And I think if you go too deep down the rabbit hole sometimes and you're really embedded in some of those echo chambers, you lose sight of what's sort of going on in the broader world around you in financial services. And so, I always try to take, I love learning new things about crypto and I love going deep and understanding things at a pretty fundamental level. But at the same time, I want to make sure that I'm balanced enough to not get too focused on crypto as the end-all be-all and always bring it back. I'm sort of pragmatic in how I think about how crypto services can be used for our customers over time. And I tend to take the approach of, I think these things are going to happen more, a little bit more gradually and we're going to find better and better use cases for customers to interact with digital assets versus the extreme perspective that crypto's going to eat the world and be the only thing that's left from a finance perspective so.[00:42:43] Andrew Seski: I think that's probably a pretty nuanced and balanced approach to learning. I think anyone who oversimplifies is sort of missing it still. It's still a pretty complicated scenario with, again, as I mentioned, a lot of kind of new and emerging incentive structures as to how products are being built.[00:43:01] So I did want to take this opportunity also to give you a chance, and it sounds like the team is probably still expanding. Would love for you to share how people can learn more about Fidelity Digital Assets or maybe even get in contact with your team to learn more, maybe check out some of the Fidelity careers and just make sure that people have an opportunity to continue to see Fidelity Digital Assets as one of the market leaders having been in the space for a good amount of time here.[00:43:30] Brett Royer: Yeah, absolutely. Our human resources and talent acquisition teams have done a terrific job. I can provide you separately with a link. But I think we now have within our sort of Fidelity jobs portal, there's the ability to click in and see the roles that are dedicated to Digital Assets within Fidelity because it's been such an area of growth for us. We really wanted to focus on reaching out to those people who are interested in it, not only from the perspective of those who are experienced or have crypto experience from prior roles but also those who are interested in learning and want to sort of come in and take the opportunity to have a place like Fidelity to take their first shot at crypto. So yeah, happy to share that. It's definitely been a huge area of focus for us in what's been a competitive talent environment. We've seen some backing off and some other firms have some challenges from the personnel perspective. But I think it's still an environment where it is a challenge and it's something that we focused a lot on to get the right talent with the right mindset to combine sort of that crypto curiosity with some of the Fidelity philosophies that we think are still really important in any of our businesses, even on the crypto side, which is customer-first mindset, customer obsession, doing things the right way.[00:44:57] Andrew Seski: Well, in my opinion, that's a very organic and really, really high value marriage of Fidelity values and a nascent emerging technology like the blockchain space. Brett, I hate the fact that we have to start wrapping up, but I wanted to say thank you so much for being on The Modern CFO today. I really hope we have the opportunity to stay in touch as your group continues to grow. And just wanted to just say thank you one more time so. [00:45:24] Brett Royer: Appreciate it, Andrew. Nice to talk to you as well. [00:45:26] Andrew Seski: Thanks

The tastytrade network
Engineering The Trade - November 21, 2022 - Is The Bear Market Finally Over

The tastytrade network

Play Episode Listen Later Nov 21, 2022 26:59


Options volume explodes in November. Despite layoff headlines, job market remains tight. The 2- and 10-yr curve is the most inverted since 1981. Existing home sales crashing at the fastest pace since Lehman. Leftovers - Why Can't We Be Friends.

The tastytrade network
Engineering The Trade - November 21, 2022 - Is The Bear Market Finally Over

The tastytrade network

Play Episode Listen Later Nov 21, 2022 26:09


Options volume explodes in November. Despite layoff headlines, job market remains tight. The 2- and 10-yr curve is the most inverted since 1981. Existing home sales crashing at the fastest pace since Lehman. Leftovers - Why Can't We Be Friends.

Degenerate Business School
FTX and the Crypto Winter

Degenerate Business School

Play Episode Listen Later Nov 21, 2022 30:41


The lurid collapse of FTX and with it Crytpo sentiment the world over bring to mind an old adage in high Finance. When the tide goes out, we find out who was really swimming naked. And it turns out, in the far off Bahamas, Sam Bankman-Fried was not only swimming naked. He was riding a jet ski that you paid for. What do we really mean? That in the end, the recent mania surrounding Crypto was only sustained by central bank policy. Put that much liquidity in the system, and the frontier of the risk curve, say a token like FTT, or any other crypto project with dubious innovation to recommend it, will rally. But drain liquidity, raise interest rates, crush institutional appetite, and an exchange collateralized only by the belief that Crypto was the future was bound to go bust. Say what you will about potential criminality. Bear and Lehman made the same mistake. Excessive leverage built on lofty valuations will always form dry grass for the next brushfire to carry out. In times like these, though, it is too easy to write off the whole space as trivial or deserving of its inevitable comeuppance. Every innovation is left for dead more than once. Even the internet was disparaged as little more than a cute version of the Fax machine. Until it became evident only in hindsight that it was just as consequential as the industrial revolution. In the end, it does force us to re-examine what projects actually have use cases, far off as they might seem. As ever, we discuss. 

Life on Planet Earth
How Global Economic Chaos Is the Future of Crypto Despite Collapse of Sam Bankman-Friend & FTX. Analysis by Pat La Vecchia, Oasis Pro; Jess Brown, Himalaya Exchange & financial writer Jeffrey Robinson

Life on Planet Earth

Play Episode Listen Later Nov 20, 2022 25:50


It's a collapse that some have called crypto's "Lehman moment," according to a stirring account of the fall of the FTX Crypto exchange, the darling of the digital currency jet set. Once valued at multiple billions of dollars, the surprise destruction of Bahamas-based FTX caught many investors, regulators and media mavens completely off-guard. How could this be? Founder Sam Bankman-Friend was the poster boy of the industry, a friend of regulators, lawmakers and celebrities. Sure, he had a strange attraction, a funky hairdo and a stare and look that could melt butter. But this made him all the more special in some -- he was the rockabilly of crypto and he would change the world. That's for sure and the rest is history. On this episode, we will offer our analysis of the future. Then we will play you three significant interviews with crypto experts and pundits: Pat LaVecchia, CEO of Oasis Pro; Jesse Brown, CEO of Himalaya Exchange and finally best selling author, Jeffrey Robinson who has investigated crypto. The trio have been around the block (chain). You be the judge of what comes next. --- Support this podcast: https://anchor.fm/john-aidan-byrne0/support

Lead-Lag Live
Fraud, FTX, And 2008 Lehman Redux With Marc Cohodes

Lead-Lag Live

Play Episode Listen Later Nov 18, 2022 58:24


He's never afraid to speak the truth.Check The Lead-Lag Report on your favorite social networks.Twitter: https://twitter.com/leadlagreportYouTube: https://www.youtube.com/c/theleadlagreportFacebook: https://www.facebook.com/leadlagreportInstagram: https://instagram.com/leadlagreport                       Sign up for The Lead-Lag Report at www.leadlagreport.com and use promo code PODCAST30 for 2 weeks free and 30% off.                        Nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities.                        The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions.See disclosures for The Lead-Lag Report here: The Lead-Lag Report (leadlagreport.com)Venture Europepersonal conversations with the entrepreneurs and investors reshaping our futureListen on: Apple Podcasts Spotify

Late Confirmation by CoinDesk
COINDESK TWITTER SPACES: Crypto's Lehman Moment, What FTX Means for DeFi

Late Confirmation by CoinDesk

Play Episode Listen Later Nov 18, 2022 57:34


CoinDesk speaks with Erik Voorhees, Sunny Aggarwal, Chjango Unchained, and Haseeb Qureshi to discuss DeFi, regulation and decentralized exchanges in the wake of FTX's collapse.The executive producer for CoinDesk Podcasts is Jared Schwartz. Nia Freeman edited this episode.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Snacks Daily
⚽ “The Anti-Ted Lasso” — Qatar's World Cup. Starbucks' biggest day. FTX's Madoff moment.

Snacks Daily

Play Episode Listen Later Nov 18, 2022 20:50


The World Cup begins Sunday in Qatar, a nation of just 300k citizens (half of Vermont) — but it's dropped $200B for 8 new stadiums. Starbucks' busiest day of the year was yesterday's “Red Cup Day”, because holidays beat habits. And FTX Founder Sam Bankman-Fried just admitted he's a fraud, so we're gonna play a little game: Lehman, Enron, or Madoff? $SBUX $BTC $COIN Follow The Best One Yet on Instagram, Twitter, and Tiktok: @tboypod And now watch us on Youtube Want a Shoutout on the pod? Fill out this form Got the Best Fact Yet? We got a form for that too Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Razor's Edge
Compound248 on Twitter's New Era and the SBF/FTX Meltdown

The Razor's Edge

Play Episode Listen Later Nov 15, 2022 102:47


All-star guest Compound248 joins us to follow up on a wild week in the markets. We talk Elon Musk's high volume start as owner of Twitter and the SBF, FTX, crypto crisis. Akram's Razor and Compound go back and forth on the import for the cryptosphere, why Elon and team could have taken easier shots on goal, and break down what breaking the buck means, among other topics.  It's a story of the Hindenburg and the Titanic, and we see how things got to where they are and what might change. 5:00 minute mark – Twitter – the Twitter turmoil in the Musk era, and what Twitter could/should be doing now, the power of direct messages, Elon's core thesis and the voices in his ear, the timing; Twitter's data business and a SaaS digression 44:00 minute mark – FTX – the building blocks that lead to FTX's and SBF's rise; where things went wrong; the importance of staying silent as a levered brokerage business; the Lehman and other parallels; SBF's use of Twitter; Binance's checkmate move and whether it was proximate or definitive; breaking the buck; the final takeaways for crypto and for bitcoin – bull or bear?

Our Daily Bread Podcast | Our Daily Bread

In 1917, Frederick Lehman, a California businessman beset by financial setbacks, wrote the lyrics to the hymn, “The Love of God.” His inspiration led him quickly to pen the first two stanzas, but he got stuck on the third. He recalled a poem that had been discovered years earlier, written on the walls of a prison. No one knows the prisoner who scratched it there into the stone, but it expressed a deep awareness of God’s love. The poem happened to be in the same meter as Lehman’s hymn. He made it his third stanza. There are times when we face difficult setbacks as did Lehman and the unknown poet in the prison cell. In times of despair, we do well to echo the psalmist David’s words and “take refuge in the shadow of [God’s] wings” (Psalm 57:1). It’s okay to “cry out to God” with our troubles, to speak to Him of our current ordeal and the fears we have when “in the midst of lions” (v. 4). We’re soon reminded of the reality of God’s provision in times past, and join David who says, “I will sing and make music. . . . I will awaken the dawn” (vv. 7–8). “The love of God is greater far,” this hymn proclaims, adding “it goes beyond the highest star.” It’s precisely in our time of greatest need when we’re to embrace how great God’s love really is—indeed “reaching to the heavens” (v. 10).

Inside The War Room
Hollywood Ending: Harvey Weinstein and the Culture of Silence

Inside The War Room

Play Episode Listen Later Nov 11, 2022 40:34


On today's show, we bring on Ken Auletta to talk about the Harvey Weinstein scandal. Links from the show:* Hollywood Ending: Harvey Weinstein and the Culture of Silence* Ken's website* Subscribe to the newsletterAbout my guest:Ken Auletta launched the Annals of Communications column for The New Yorker magazine in 1992. He is the author of twelve books, including five national bestsellers—Three blind Mice: How the TV Networks Lost Their Way; Greed and Glory On Wall Street: The Fall of the House of Lehman; The Highwaymen: Warriors of the Information Super Highway; World War 3.0: Microsoft and Its Enemies; and Googled: The End Of The World As We Know It. His twelfth book, Frenemies: The Epic Disruption of the Ad Business (And Everything Else), was published in June 2018. His thirteenth book, Hollywood Ending: Harvey Weinstein and the Culture of Silence, was published in July 2022. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit dispatchesfromthewarroom.substack.com/subscribe

The Decrypting Crypto Podcast
Off Chain 11/10/22: Crypto's Lehman Moment.

The Decrypting Crypto Podcast

Play Episode Listen Later Nov 10, 2022 51:52


In this week's episode of Off Chain, we cover the following stories: The implosion of FTX & Alameda Research. The market is testing Tether's peg (USDT).

Blue View by the Fraternal Order of Police (FOP)
Tearing Down Walls: How America's Police Officers Can Bridge the Divide with Jason Lehman

Blue View by the Fraternal Order of Police (FOP)

Play Episode Listen Later Nov 8, 2022 45:24


In life, it’s often important to understand and empathize with those who you may have disagreements with. Within law enforcement, this lack of understanding can have life or death consequences. On this episode of the Blue View, National FOP President Patrick Yoes sits down with Jason Lehman, Founder and Executive Director of Why’d You Stop Me (WYSM). His organization, rather uniquely, gives speaking presentations to both law enforcement agencies and within the schools and communities that these agencies protect and serve. By focusing on trust, respect, and transparency, Why’d You Stop Me aims to bridge any divides between these two groups. National FOP President Patrick Yoes and WYSM Founder Jason Lehman discuss the ways in which officer wellness has changed in years since Jason first joined the force. Jason shares a particular incident that led him to develop the "Twelve Tools." 00:00 – Intro 00:46 – About Jason Lehman 03:15 – How Officer Wellness has Changed 10:15 – Tearing Down Walls 17:20 – The Twelve Tools 30:20 – Other Initiatives and Programs 39:25 – Jason’s Proudest Moment 44:18 – Final Thoughts

Snacks Daily
☠️ “Chug the Nookie Seltzer” — Liquid Death's $700M water. Elon (finally) buys Twitter. Credit Suisse's Lehman moment.

Snacks Daily

Play Episode Listen Later Oct 5, 2022 19:22 Very Popular


Remember yesterday when we said Elon Musk is always in the news 3 days in a row? Now the Tesla CEO has changed his mind and offered to buy Twitter for his original price of $44B. Liquid Death just hit a $700M valuation for canned water that tastes like an Iron Maiden tattoo (but is it their Macarena Moment?). And Credit Suisse is getting all the attention this week, but for the wrong reason: Investors are getting Lehman Brothers vibes. $TWTR $CS $KO Follow The Best One Yet on Instagram, Twitter, and Tiktok: @tboypod And now watch us on Youtube Want a Shoutout on the pod? Fill out this form Got the Best Fact Yet? We got a form for that too Learn more about your ad choices. Visit podcastchoices.com/adchoices