Podcasts about Lehman Brothers

This episode discusses Joseph Wechsberg's 1966 book, The Merchant Bankers. Rather than recounting the histories of families like the Rothschilds, Barings, Hambros, Warburgs, and Lehman Brothers, I wanted to extract the principles they shared. Merchant banking is fascinating. It's a very distinctive form of entrepreneurship. There is an old-school way of doing business that appeals to me. The merchant bankers' profiled in this book have a combination of: personal honor speed of action clear thinking independent judgment seamless webs of deserved trust discretion and willingness to make unconventional decisions. The founder of every merchant banking dynasty was a merchant before he was merchant banker. Once they discovered financing transactions was more profitable than physically trading goods, their real products became credit, judgment, information, advice, access, and—above all—trust. Their greatest asset was not money. Their greatest asset was their reputation. Made possible by: Ramp: ⁠⁠https://ramp.com⁠⁠  Applovin: ⁠⁠https://www.applovin.com Vanta: ⁠⁠https://vanta.com/founders Add your email here and I will send you my top 10 quotes from every episode.

Muy buenos días, cuidado con El Niño, este fenómeno meteorológico que se suma a las preocupaciones para la inflación, las bolsas y los commodities. ¿Por qué Uber compró a Delivery Hero? España Vs. Argentina: quién ganará según los modelos predictivos y por qué Messi podría darle sus buenas ganancias a los casinos. A Netflix ya se le terminaron sus vacaciones mundialistas y no puede quedarse en la cruda. Y un analista muy crítico de Silicon Valley ahora dice que OpenAI podría ser “el Lehman Brothers de la burbuja de la inteligencia artificial".

What happens when the metrics you were taught to chase — title, bonus, prestige — stop adding up to a life that feels good? In this episode, Peter Winick sits down with Rand Selig, a Stanford MBA, former Wall Street investment banker, and founder of The Selig Capital Group, to trace his path from a jarring first job at Lehman Brothers to a self-defined version of success built on peace, gratitude, and deep relationships. The conversation opens with an unusually candid account of what it was like inside a major investment bank in the early days of Rand's career — a place where talent was abundant but the culture rewarded pushing others down to get ahead. That experience became a turning point, eventually leading Rand to launch his own firm, run on his own terms. From there, Peter and Rand dig into the origin of Rand's book, Thriving! — a project that started as decades of collected notes, quotes, and reflections never meant for commercial release, until early readers flatly rejected the "small legacy project" plan and insisted it reach a wider audience. That pivot raised a harder question: how do you promote something meaningful without it feeling like self-promotion? Peter pushes Rand directly on this tension, exploring podcast appearances, AI-assisted content tools (including his use of the platform Inkflare), and a growing circle of "collaborators" as alternatives to traditional marketing — and where that approach still falls short. Listeners get a real-time consulting moment too, as Peter reworks a piece of Rand's speaker bio live, showing how thought leaders can connect their message to concrete value for individuals, teams, and organizations — not just personal transformation. The episode closes with Rand's hard-earned lessons about the business side of publishing: the lack of transparency, the costlier detours, and the operators who prey on first-time authors navigating unfamiliar territory. If you've ever wrestled with putting your ideas out into the world while resisting the instinct to "sell" yourself, this one will resonate. Three Key Takeaways: • Redefining success is a decision, not a discovery. The guest describes consciously rejecting the industry's default definition of success — money, title, bonus size — early in his career, choosing instead to measure his life by peace, gratitude, and the depth of his relationships. • A "legacy project" became a book because trusted readers said no. What began as a private compilation for family and friends turned into a public release only after early readers insisted it had value far beyond his inner circle — a reminder that outside perspective can reveal a bigger opportunity than the one you set out to build. • Avoiding "marketing" and building visibility aren't mutually exclusive. Podcast guesting, AI-assisted content creation, and cultivating collaborator relationships let the guest grow his reach without the traditional playbook — though the conversation also surfaces where that passive approach still needs sharper packaging to convert interest into real opportunities. These two episodes wrestle with the same core question: what happens when conventional markers of success — a title, a bonus, a placement fee — stop being enough? Where Rand Selig found his answer after walking away from Wall Street's zero-sum culture, Gene Rice has spent a career inside executive search watching leaders hit that exact wall. If Rand's story of redefining success resonated with you, Gene's episode gives you the data and the executive-search vantage point behind why so many high achievers feel unfulfilled — and what actually fixes it. Listen to "Purpose Driven Thought Leadership" with Gene Rice.

Is the government really wrong to go after reporters who revealed weaknesses in the defensive mechanisms on the new Air Force One? Host Rosemary Armao and guest Mark Wittman disagree about the Trump administration's latest attacks on news-gathering by the New York Times. Do you think the independent press in the US has too many privileges even considering the First Amendment?Mark Wittman is an Investment banker and capital markets specialist with 20-plus years advising executives and boards on global financing, capital structure, and M&A. His career spans Lehman Brothers, Bank of America Merrill Lynch, and SunTrust. Coverage focused on consumer products companies. He holds an MBA from NYU's Stern School of Business and an undergraduate degree from Trinity University.

Nesta quinta-feira, o economista do organismo de consultoria Novaminds, Pascal de Lima, uma voz conhecida das nossas antenas, publicou um artigo de opinião no jornal português Expresso com um título em forma de interrogação: "Estaremos a caminhar directamente para uma nova crise financeira?". Nesta crónica, Pascal de Lima passa em revista as crises mais recentes a que assistimos, a crise de 2007 / 2008 desencadeada depois da falência do banco americano Lehman Brothers, a crise de 2010-2012 das dívidas públicas de países como a Grécia e Portugal e agora os sinais que surgiram durante a pandemia de Covid 19 e têm vindo a acumular-se cada vez mais com os conflitos na Ucrânia e no Médio Oriente. Nestes últimos dias, desvaneceram as esperanças que poderiam ter existido sobre uma diminuição da tensão no Irão, com o cessar-fogo a ser quebrado por Washington e Teerão. Um dos pontos que continuam a provocar estes choques é o estatuto do Estreito de Ormuz, via comercial estratégica, que o Irão pretende gerir. Isto evidentemente não deixa de ter consequências a nível económico, refere Pascal de Lima que começa por recordar o historial das crises pelas quais passamos nestes últimos vinte anos. RFI: Como poderíamos descrever as três crises que conhecemos desde 2007? Pascal de Lima: As três crises têm naturezas diferentes. A crise de 2007 / 2009 foi sobretudo uma crise do crédito privado e do sistema bancário. Nasceu do excesso de crédito imobiliário e também da titularização e da ilusão de que os riscos tinham sido totalmente dispersos quando, na realidade, tinham sido amplificados. Isto é a primeira característica da crise de 2007 / 2009. Desde a crise de 2010 / 2012 foi diferente. Foi uma crise da dívida soberana. Depois de se salvarem os bancos e apoiarem a economia, os Estados ficaram mais endividados e, na zona Euro, isso revelou uma fragilidade estrutural. É que tínhamos uma moeda comum, mas não uma verdadeira união orçamental. E aqui começaram as divergências entre países do Norte e países do Sul, por exemplo a crise da Grécia. E a última crise, que é uma crise um pouco diferente, que foi uma crise aberta a partir dos anos 2020. Não é uma crise financeira clássica, é uma espécie de vulnerabilidade macrofinanceira híbrida. Começou com a pandemia, continua com a inflação, a guerra na Ucrânia e a subida das taxas de juro, da energia, a dívida pública, a dívida privada também. E, de modo geral, a finança não bancária. Portanto, a grande diferença é esta: que em 2008 o risco estava sobretudo nos bancos e no crédito privado. Em 2010 deslocou-se para o Estado e hoje está mais espalhado, mais difuso e mais difícil de ler. RFI: Depois da crise provocada pela falência em 2007 da Lehman Brothers, houve uma série de países que prometeram e inclusivamente adoptaram dispositivos supostamente para proteger os seus respectivos sistemas económicos da especulação bolsista. Aprendeu-se alguma coisa? Pascal de Lima: Houve muita regulamentação bancária contra os excessos da especulação. A especulação bolsista continua. Mas a regulamentação financeira, particularmente sobre as transacções financeiras, aumentaram muito no mundo, claro, e mais particularmente com a impulsão dos Estados Unidos para a Europa, porque claramente houve excessos no domínio financeiro, excessos da especulação. Portanto, houve muitas regulamentações financeiras e também taxas em certos países, taxas sobre transacções financeiras um pouco excessivas, que pôde criar variações importantes nos mercados financeiros. RFI: Entretanto, há outro aspecto que tem vindo a ter cada vez mais importância, é concentração cada vez maior de grupos que engolem outras empresas que estejam no mesmo ramo. O que significa também que há uma maior fragilidade. Pascal de Lima: Sim, dizemos em inglês 'too big to fail' para dizer que normalmente um grande grupo com fusões e aquisições não pode falhar. Mas, evidentemente, com essas crises constatamos exactamente o contrário. Portanto, observamos que quanto maior é o grupo financeiro, quanto mais internacional é um grupo financeiro, claramente concentra também muitos riscos. E, portanto, se há uma parte do sistema financeiro que sente fraqueza, os grandes bancos claramente vão impactar directamente sobre os consumidores nas taxas de juros. RFI: O que dizer sobre as criptomoedas, que são um 'player' cada vez mais importante? Pascal de Lima: As criptomoedas são outro sinal também desta nova fragilidade financeira. Não são hoje o coração mesmo do sistema, como os bancos em 2008, mas mostram uma financeirização mais dispersa, mais tecnológica e, por vezes menos regulada. Portanto, temos a regular cada vez mais os bancos. Estamos a regular cada vez mais o mercado financeiro, mas aparecem outras tecnologias que vão contornar as regulamentações e, portanto, em caso de stress no mercado, as criptomoedas podem simplificar ainda mais a volatilidade e a perda de confiança. RFI: Outro aspecto que também tem estado a ter cada vez mais importância é tudo o que tem a ver com as novas tecnologias. Pascal de Lima: A contribuição destas empresas é enorme em termos de inovação, produtividade e novos modelos económicos, mas também cria novas dependências, dependências tecnológicas, dependências perante o 'cloud', dependência dos dados, dependências das plataformas que muitas vezes são plataformas americanas com dados europeus. A tecnologia é ao mesmo tempo uma solução, mas também cria novas fontes de vulnerabilidade. RFI: Relativamente à última crise a que se refere no seu artigo no Expresso, a crise vigente desde 2020, como é que tem evoluído nestes últimos seis anos? Pascal de Lima: Desde 2020, o que podemos observar são sinais, sinais fracos. Portanto, o primeiro sinal foi claramente a pandemia. Isso é o ponto inicial. Provocou uma contracção brutal da actividade económica, obrigou todos os Estados, os bancos centrais, a intervir de forma excepcional. Mas houve depois outros sinais que foi também o aumento da dívida pública, que sempre continua e portanto, houve a pandemia com as despesas públicas da amortização da crise económica e das empresas. E agora também o aumento da dívida pública e o crescimento muito significativo do balanço dos bancos centrais. Portanto, evitou-se, de certa forma, uma grande depressão, mas ficou uma economia mais endividada e mais dependente das condições monetárias. Esse é o segundo sinal. Houve dois outros sinais que acabam por chegar em 2026. O sinal apareceu em 2021, com as tensões nas cadeias de abastecimento e os estrangulamentos logísticos e mostrou a fragilidade realmente da globalização, da modernização. E acabamos com a guerra da Ucrânia, que tem impactos até hoje com o choque energético, a inflação e a amplificação do choque energético com a questão do Irão. Portanto, o sinal principal é que entramos num regime económico e financeiro muito mais instável, com muitos critérios, com a dívida aumentando, inflação, taxas de juro, energia aumentando e profundamente ligada com a geopolítica. RFI: Temos estado num conflito 'on / off' entre os Estados Unidos e o Irão. O que é que se pode antever para a economia mundial se este conflito continua? Pascal de Lima: Hoje, não estamos perante um risco político isolado. O problema é que quando há uma tensão no Médio Oriente, rapidamente se transforma num choque económico com um choque energético e depois um choque inflacionista, depois um choque da taxa de juro e finalmente um choque financeiro. É por isso que no artigo falo de uma possível crise financeira. O ponto central é o Estreito de Ormuz. Se houver uma ameaça séria à circulação do petróleo e também do gás nessa zona, os mercados antecipam imediatamente uma subida dos preços da energia. Isso reacende a inflação e obriga outra vez os bancos centrais a manter taxas de juro mais elevadas, enquanto as taxas estavam bastante baixas há pouco tempo. Portanto, isso é muita volatilidade financeira e torna-se mais difícil o refinanciamento dos Estados e das empresas. E, portanto, o Irão mostra bem que o risco financeiro contemporâneo é híbrido. Primeiro, geopolítico, energético, monetário. E esperamos que não seja como 2008. Mas o risco financeiro é também real. RFI: Relativamente ainda a outro conflito que mencionou há pouco o conflito da Ucrânia. O que é que se pode antever para os países europeus, uma vez que tem havido cada vez mais aquele discurso de se virar para uma 'economia de guerra'? Pascal de Lima: A economia de guerra, economia de soberania, de limitar as dependências críticas é exactamente isso o objectivo da Europa, é o objectivo do Ministério da Economia (francês). O conflito na Ucrânia teve também um impacto muito forte na Europa, provocou o choque energético com a subida do gás, do petróleo e dos custos de produção e depois alimentou a inflação. Portanto, obrigou os bancos centrais à subida das taxas de juro e fragilizou o crescimento europeu. Isso é o primeiro aspecto. Depois, antecipando o que se pode passar efectivamente é difícil, mas é possível identificar cenários de dependência energética europeia, de tensões geopolíticas com a Rússia, vulnerabilidade das cadeias de abastecimento e falta de autonomia estratégica da Europa. Não conseguimos antecipar quase nada. E agora pede-se para antecipar outras coisas enquanto não conseguimos fazer com que os políticos antecipem crises geopolíticas de que muitos economistas já falaram já há dez, 20, ou 30 anos. Portanto, isso é o problema número um. RFI: Qual é o seu sentimento precisamente sobre o facto dos dirigentes políticos e nomeadamente os dirigentes europeus, anteciparem ou não estas crises? Acha que efectivamente eles têm estado à altura destes desafios? Pascal de Lima: Nenhum dos políticos tomou em consideração os conselhos dos economistas. Eu acho que é incrível, porque tudo isto são reformas estruturais. É um erro dizer que não foi nada antecipado. Era possível antecipar e, portanto, o problema é que os políticos antecipam muitas vezes demasiado pouco. Vêm os sinais fracos, mas reagem tarde, porque a decisão política é geralmente de curto prazo, enquanto os riscos económicos e geopolíticos se acumulam a longo prazo. Por isso, têm comissões de peritos, economistas internacionais, que falam sempre essas questões. Mas não tomam em consideração a opinião dos peritos no domínio da geopolítica e da antecipação de factos de longo prazo.

Stijn Schmitz welcomes Dr. Nomi Prins back to the show. Dr. Prins is the Founder of Prinsights Global and she’s a regular writer on her Substack. The discussion opened with Dr. Prins identifying the most significant investment opportunities in a market she sees as distorted by exaggerated paper selling. She argued that silver presents the greatest potential due to a historic disconnect between its heavily traded paper price and a persistent six-year physical supply deficit. Despite price volatility driven by algorithmic and ETF trading, demand for physical ounces from industry, particularly from Asia for solar applications, remains insatiable. Pure-play silver miners, which remain highly profitable even at current price levels, are therefore positioned as attractive opportunities. The conversation shifted to uranium, where a different dynamic prevails. Uranium prices have held a new, high platform level due to utility companies securing long-term contracts well above the spot price, a sector lacking a significant futures market. Consequently, uranium miners have underperformed the commodity itself, creating a clear re-rating opportunity for stocks. For gold, Dr. Prins highlighted that its bull case is supported by sustained central bank buying, particularly in Asia and the Middle East, as nations seek independence from dollar-based monetary policy. She noted that over the long term, gold has significantly outperformed inflation, purchasing power, and treasuries. With major producers sitting on large cash reserves and facing their own supply constraints, well-managed junior developers in favorable jurisdictions with high-grade assets are becoming prime targets for acquisition, offering significant upside. On the oil and gas sector, Dr. Prins observed that markets have normalized to a stable trading range after war-related spikes. This stability, combined with the ongoing need to replenish depleted strategic petroleum reserves globally, supports current price levels. She pointed to specific opportunities in regions like South America, where companies are producing the right grade of crude, often offering high dividends to supply U.S. refineries historically reliant on heavier oil. Her firm's strategy focuses on identifying these macro-driven distortions and vetting junior companies through rigorous analysis of management and jurisdictional stability. Timestamps: 00:00:00 – Introduction 00:00:36 – Market Opportunity Overview 00:02:49 – Uranium Investment Opportunities 00:04:25 – Silver Supply Gap Analysis 00:09:18 – Gold Market Dynamics 00:11:34 – Central Banks and Gold 00:13:13 – Gold Performance vs Inflation 00:14:50 – Junior Miner Selection Criteria 00:15:54 – Oil Market Normalization 00:19:22 – Oil Quality and Investments 00:21:03 – Recommendations Guest Links: X: https://x.com/nomiprins Website: https://nomiprins.com Substack: https://prinsights.substack.com Dr. Nomi Prins as a Wall Street insider and outspoken advocate for economic reform, Nomi Prins is a leading authority on how the widespread impact of financial systems continues to affect our daily lives. She has spent decades analyzing and investigating economic and financial events at the ground level and meeting with those that shape the world’s geopolitical-economic framework. She continues to break stories by conducting independent research, writing best-selling books, and traversing the globe to share her knowledge and demystify the world of money. Before becoming a renowned journalist and public speaker, Nomi reached the upper echelons of the financial world where she worked as a managing director at Goldman Sachs, ran the international analytics group as a senior managing director at Bear Stearns in London, was a strategist at Lehman Brothers and an analyst at the Chase Manhattan Bank. During her time on Wall Street, she grew increasingly aware of and discouraged by the unethical practices that permeated the banking industry. Eventually, she decided enough was enough and became an investigative journalist to shed light on the ways that financial systems are manipulated to serve the interests of an elite few at the expense of everyone else.

This episode we are joined by Mr. Adam Rozencwajg - co-founder & managing partner of Goehring & Rozencwajg - a natural resource investment firm with ~$2.5 billion under management. Adam Rozencwajg is a Co-Founder and Managing Partner at Goehring & Rozencwajg (G&R), a premier global natural resource investment firm based in New York. With 17 years of investment management experience in the natural resource sector, Mr. Rozencwajg is recognized as a leading authority on commodities, renowned for his contrarian, deep-value investment philosophy and original research spanning decades of long-term market cycles. His prescient investment themes and industry renowned and widely followed quarterly commentaries have cemented his status as one of the foremost experts in natural resources worldwide. Mr. Rozencwajg's expertise spans the entire commodity spectrum, including oil, natural gas, uranium, precious metals, base metals, and agriculture. His ability to uncover long-term commodity trends and identify undervalued opportunities poised for reversal has delivered exceptional results for investors. An innovator in applying technology to investment research, Mr. Rozencwajg has also successfully integrated proprietary neural network artificial intelligence models into G&R's research process. These enhanced models offer unparalleled predictive capabilities, providing deep insights into recoverable reserves for oil and natural gas deposits and further enhancing the firm's strategic edge. A sought-after speaker, Mr. Rozencwajg frequently presents at prestigious industry conferences globally and is regularly featured in leading financial publications, including The Wall Street Journal, Barron's, and The Financial Times. His thought leadership continues to shape the natural resource investment landscape, influencing both institutional investors and industry operators. Before co-founding G&R, Mr. Rozencwajg served as Vice President at Chilton Investment Company, where he partnered with Leigh Goehring to manage the Chilton Global Natural Resource Fund from 2007 to 2015. Under their leadership, the fund reached peak assets exceeding $5 billion, driven by their disciplined, research-intensive, and deep-value approach to investing. Earlier in his career, Mr. Rozencwajg gained valuable experience in financial markets as part of the Investment Banking division at Lehman Brothers from 2006 to 2007. Mr. Rozencwajg holds a Bachelor of Arts degree with a dual major in Economics and Philosophy from Columbia University and is a CFA Charterholder. Among other things we learned about $70 Oil: Setting Up the Next Bull MarketEnjoy.Newsletter: Subscribe HereThank you to our sponsors.Without their support this episode would not be possible:Connate Water SolutionsATB Capital MarketsBunch Projects-*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.Support the show

From co-managing the Odwalla IPO at Van Kasper & Company to raising $100 million with Lehman Brothers for a Pacific Northwest workers comp captive when insurance was unavailable at any price, David Horwich shares why thinking like a buyer, understanding the three ways to grow a business, and building optionality matter more than chasing any specific exit. In this episode of the DealQuest Podcast, host Corey Kupfer sits down with David Horwich, the founder of Horwich Strategic Advisors (HSA) in Los Angeles. David spent 13 years at Van Kasper & Company before its 1999 sale, retired from banking in 2010, and spent nearly nine years at GHJ before spinning out his own firm about a year ago. Across his four decade career he has been exposed to somewhere between 5,000 and 5,500 companies. WHAT YOU'LL LEARN: Why running a market check with five investment banking firms and five private equity groups produces a real world valuation, how the three ways to grow apply to almost any company, and why selling new stuff to existing customers is by far the easiest path. David also shares how the workers comp captive he raised $100 million for is still operating today. DAVID'S JOURNEY: After economics at UC San Diego and an MBA at Berkeley, David spent five years at a transportation equipment leasing business in San Francisco. He then joined Bruce Emeluth as the first hire at Van Kasper & Company, where he stayed 13 years and chaired the firm's fairness opinion committee. Van Kasper was sold in 1999 to a bank out of Salt Lake City that Wells Fargo later acquired, making the group the first incarnation of Wells Fargo Securities in the fall of 2000. David left in 2003, retired from banking in 2010, spent nearly nine years at GHJ, and spun out Horwich Strategic Advisors about a year ago. KEY INSIGHTS: Not all revenue is created equal. Repeatable revenue beats one-off revenue. Higher margin beats lower margin. Revenue that requires no working capital beats revenue that ties it up. Most owners street fight for the next million dollars of revenue without asking whether it is good revenue or bad. There are three ways to grow a business and the second is easiest by far. Sell what you have to more customers. Sell new stuff to existing customers. Sell new stuff to new customers. David is emphatic that you should almost never attempt the third. Existing customers have already crossed the Rubicon with you, so every cost is lower. Build optionality before you build an exit plan. Before running any analysis for owners unsure what to do, David sends them to their investment advisor to get their financial goals clear first. Then he outlines every alternative. Keep it. Sell it. Recapitalize it. Gift some but not all. The toolkit is small, but choosing well requires clarity first. Perfect for privately held business owners who want to know what their company is actually worth, entrepreneurs weighing whether to buy or build, and leaders in a transition moment who need optionality before an exit. FOR MORE ON THIS EPISODE: https://www.coreykupfer.com/blog/davidhorwich FOR MORE ON DAVID HORWICH: Website: https://horwichadvisors.com LinkedIn: https://www.linkedin.com/in/david-horwich-9317b56/ FOR MORE ON COREY KUPFER https://www.linkedin.com/in/coreykupfer/ https://www.coreykupfer.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today! Episode Highlights with Timestamps [00:00:00] - Introduction and overview [00:02:42] - Chairman's bag carrier and the waste coal project in Hardin, Montana[00:06:22] - Joining Bruce Emeluth as first hire at Van Kasper & Company [00:11:52] - The Odwalla IPO at $8 a share and the E. coli tragedy [00:24:11] - Exposure to somewhere between 5,000 and 5,500 companies [00:35:26] - The market check and the four questions [00:48:00] - The $100 million workers comp captive with Lehman Brothers[00:50:41] - What freedom means to David Guest Bio David Horwich is the founder of Horwich Strategic Advisors (HSA), a Los Angeles based firm focused on maximizing the value of privately held businesses. He runs market checks that produce real world valuations, builds strategic growth plans, and helps owners think like buyers before any transaction. He has been exposed to somewhere between 5,000 and 5,500 companies across his four decade career. After economics at UC San Diego and an MBA at Berkeley, David spent five years at a transportation equipment leasing business in San Francisco before joining Bruce Emeluth as the first hire at Van Kasper & Company, where he stayed 13 years. Van Kasper was sold in 1999 and became the first incarnation of Wells Fargo Securities in the fall of 2000. David retired from banking in 2010, spent nearly nine years at GHJ, and spun out his own practice about a year ago. Host Bio Corey Kupfer is an expert strategist, negotiator, and dealmaker with more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker deeply passionate about deal-driven growth. He is the creator and host of the DealQuest Podcast. Show Description Do you want your business to grow faster? The DealQuest Podcast with Corey Kupfer reveals how successful entrepreneurs and business leaders use strategic deals to accelerate growth. From large mergers and acquisitions to capital raising, joint ventures, strategic alliances, real estate deals, and more, this show discusses the full spectrum of deal-driven growth strategies. Get the confidence to pursue deals that will help your company scale faster. Related Episodes Episode 330 - Pete Mohr: Building an exit-ready business and understanding what your company is actually worth Episode 332 - John Martinka: Exit with style, grace, and more money Episode 293 - Sunny Vanderbeck: Long horizon value creation and building businesses that deserve to last Episode 350 - Tom Dillon: Capital strategy, alternative funding sources, and when not to take venture money Social Media Follow DealQuest Podcast: LinkedIn: https://www.linkedin.com/in/coreykupfer/ Website: https://www.coreykupfer.com/ Follow David Horwich: Website: https://horwichadvisors.com LinkedIn: https://www.linkedin.com/in/david-horwich-9317b56/ Keywords/Tags investment banking, growth consulting, exit planning, market check, three ways to grow a business, think like a buyer, enterprise value, middle market M&A, Van Kasper & Company, Odwalla IPO, private equity, capital raising, business valuation, optionality, strategic growth planning, buy versus build, workers comp captive, privately held businesses, Los Angeles M&A advisor, deal-driven growth

Send us Fan MailIn 1999, while the world was buying tech stocks with both hands, Alex McIntyre's algorithm was telling clients to sell. The dot-com bubble burst anyway. Three decades and a 76.2% hit rate later, Alex is still making the same argument: the biggest threat to an investor's returns isn't the market, it's their own emotion.What You Will LearnHow a purely quantitative, emotion-free model has called major market turns — including the 2008 financial crisis — three to six months ahead of the curve. Why even sophisticated investors get fooled by a "good label," the same way wine critics are swayed by a famous name on the bottle. What separates a hedge fund's agility from a pension fund's caution, and why that difference matters for returns. How Alex identifies balance sheet red flags that traditional P/E-focused analysts miss entirely. Why he shut down his first hedge fund during COVID — and what's different about the relaunch.Timestamps00:00 — Calling the dot-com bubble before it burst 01:14 — Why clients still want the glossy report over the cold data 03:16 — The wine critic theory: how labels fool even experts 06:01 — Spotting balance sheet red flags others miss 06:34 — How the algorithm was built — and how it found its first client 18:00 — Why he's raising a hedge fund now 21:02 — The meeting that triggered the decision to launch 23:03 — What founders get wrong about hedge funds 26:18 — This or That with Alex McIntyre 28:29 — The title of his life story, and whyAbout the GuestAlex McIntyre has spent over three decades in quantitative investing, beginning his career in proprietary trading and market making with SG Warburg's and Lehman Brothers in London and New York. He now runs a stock-picking algorithm — originally built in the late 1980s by a mathematician colleague and launched commercially in 1998 — that has served Tier 1 pension funds and hedge funds for over twenty years with a 76.2% hit rate. Alex is currently raising capital to relaunch his hedge fund.Important LinksConnect with AlexConnect with HinaLinkedIn: linkedin.com/in/hinasiddiquiInstagram: @hinawithwingsYouTube: @thehinasiddiquiCheck out Hina's books: https://amzn.to/3B65Wz7Production Credit: Produced by @the32collective_ / https://www.the32collective.co/

What actually prepares someone to become a CFO? CJ revisits Erin Callan's short, brutal run as Lehman Brothers CFO and pulls lessons from past guests on operational reps, simple communication, fast-moving bad news, budget mistakes, and why great finance leaders can't just report the numbers, they have to shape them.—SPONSORS:Anrok is the sales tax platform that watches your exposure everywhere, automates compliance, and flags risk before it turns into a surprise back-tax letter from a state you've never set foot in. Companies like Anthropic, Notion, and Vanta already trust Anrok to stay ahead of rules that move faster than any spreadsheet can. Talk to a sales tax expert for a personalized exposure estimate at https://www.anrok.com/rtnRightRev is an automated revenue recognition platform that lets your product team ship new pricing without asking finance for permission, and your sales team close deals without creating downstream chaos. Check out their free tool at calculator.rightrev.com It scores your rev rec process, shows what's exposing you to risk, and tells you exactly where to focus before it bites you in the rear end. Check it out at https://calculator.rightrev.comPulley is an equity management platform that lets you issue options, model dilution, and complete 409As without your cap table turning into a spreadsheet disaster. Founders raising, hiring, and scaling use Pulley to keep equity clean and stay focused on building. Learn more or request a demo at https://pulley.com/mostlymetricsRillet is an AI-native ERP built for modern finance teams that want to replace NetSuite and close faster. With revenue recognition, close management, multi-entity support, and native Stripe and Salesforce integrations, Rillet helps scaling companies run their finance stack in one place. Hundreds of teams, including Windsurf and Mercor, use Rillet to make the zero-day close real. Book a demo at https://www.rillet.com/cjMaximor is an autonomous finance platform that runs order-to-cash, procure-to-pay, the close, cash management, and reporting on self-learning agents instead of a dozen disconnected tools. One PE-backed customer cut their close in half, took audit findings from seven to zero, and cut back-office costs by 70% in six months. You pay for outcomes, not seats. See it at https://www.maximor.ai/Brex is an intelligent finance platform with AI-powered agents that capture expenses automatically, enforce policy before the spend happens, and close your books in minutes instead of weeks. 35,000+ companies like OpenAI, Coinbase, Anthropic, and DoorDash already run on Brex. It's time to get Brex AF. Learn more at https://www.brex.com/metrics—LINKS: Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsNCJ: https://www.linkedin.com/in/cj-gustafson-13140948/Slacker Stuff: https://www.slackerstuff.com/Ben on LinkedIn: https://www.linkedin.com/in/slackerstuff/Mostly metrics: https://www.mostlymetrics.com—RELATED EPISODES:Steve Isomhttps://youtu.be/a4lEdrgFW5EJake Kornreichhttps://youtu.be/GKo0B1w4bo4Manu Diwakarhttps://youtu.be/J0J4Rfne54EDan Betteshttps://youtu.be/b4w_OHpSNNwAlan Imbermanhttps://youtu.be/UD9lYhkfA6U—TIMESTAMPS:0:00 Erin Callan: Lehman's CFO Set up to Fail5:48 Steve Isom: broadcaster vs. team captain9:37 Be in rhythm with the business11:15 Sponsors — Anrok | RightRev | Pulley14:07 Jake Kornreich: title vs. impact18:23 Get into the room where decisions are made22:08 Sponsors — Rillet | Maximor | Brex25:23 Dan Betts: don't church it up27:11 The higher up you go, the simpler it gets29:04 Dan Betts: the many faces of EBITDA30:39 Understand what success means to them32:07 Jake Kornreich: the $5M budget bust33:04 Bad news travels fast35:01 Alan Imberman: the $100K coffee tab38:15 ROI on perks40:25 Alan Imberman: long-term vs. short-term investors43:28 Would you take the Lehman job?45:44 Credits#RunTheNumbersPodcast #CFO #FinanceLeadership #StartupGrowth #FinanceHistory

durée : 00:31:48 - Entendez-vous l'éco ? - par : Aliette Hovine - Le 4 juillet 1776, la déclaration de l'indépendance des Etats-Unis est aussi celle de la liberté de commerce et de la lutte contre un mercantilisme imposé par la métropole. Des principes économiques et politiques fondateurs, qui résonnent encore aujourd'hui. - équipe : Tina Iung, François Richer - invités : Hugo Fraslin Professeur d'histoire en classe préparatoire et membre du CENA (Centre d'Etudes Nord-Américaines) à l'EHESS, en préparation d'une thèse intitulée “Lehman Brothers et les mondes financiers new-yorkais. Une histoire sociale des élites bancaires (1918-2008)” Vous aimez ce podcast ? Pour écouter tous les épisodes sans limite, rendez-vous sur Radio France

durée : 00:59:58 - Entendez-vous l'éco ? - par : Aliette Hovine - Pour la dernière émission de la saison, Entendez-vous l'éco fête un double anniversaire : les 250 ans de l'indépendance des Etats-Unis, et donc de la liberté de commerce outre-Atlantique, et ceux de la parution de "La Richesse des Nations" d'Adam Smith, ouvrage autant fondateur que dévoyé. - équipe : Tina Iung, Sorj Leroy - invités : Hugo Fraslin Professeur d'histoire en classe préparatoire et membre du CENA (Centre d'Etudes Nord-Américaines) à l'EHESS, en préparation d'une thèse intitulée “Lehman Brothers et les mondes financiers new-yorkais. Une histoire sociale des élites bancaires (1918-2008)”, Jean Dellemotte Maître de conférence en économie à la Sorbonne Paris 1, Laurie Bréban Maîtresse de conférences et membre du laboratoire Phare à l'Université Paris 1 Panthéon-Sorbonne Vous aimez ce podcast ? Pour écouter tous les épisodes sans limite, rendez-vous sur Radio France

Jason Fertitta – CEO & Partner, Americana Partners Jason Fertitta shares how Americana Partners grew from a $2.6B breakaway team to a $13B+ enterprise by focusing on ownership, enterprise value, strategic acquisitions, and long-term growth. In Summary Many advisors view independence as the ultimate objective: a chance to gain control, improve economics, and build a business on their own terms. For Jason Fertitta, independence was only the beginning. Louis Diamond speaks with the CEO and Founding Partner of Americana Partners about the firm's evolution from a $2.6 billion breakaway team in 2019 to a national enterprise managing more than $13 billion today. The conversation explores the decisions that fueled that growth, the mindset required to build long-term enterprise value, and why Jason believes advisors should evaluate success through the lens of net worth rather than annual income. Along the way, they discuss recruiting, acquisitions, private equity, professional management, and the tradeoffs that come with building something intended to outlast its founders. The Storyline The independent channel has matured. A decade ago, many advisors pursued independence primarily for greater autonomy, higher payouts, and control over the client experience. Today, a growing number are approaching the decision differently—viewing independence as a platform for building enterprise value, attracting capital, completing acquisitions, and creating businesses that can scale beyond the founders themselves. Jason Fertitta's journey reflects that evolution. When he and his partners left Morgan Stanley in 2019, Americana launched with approximately $2.6B in client assets and a vision to build a nationally recognized wealth management firm. Seven years later, the firm oversees more than $13B, employs roughly 100 people, operates across multiple markets, has completed several acquisitions, and brought on Lovell Minnick Partners as its first institutional investor. Throughout the conversation, Jason offers a transparent look at the realities of enterprise building. That includes reinvesting profits rather than maximizing income, hiring professional management long before it feels necessary, embracing acquisitions as a growth strategy, and making decisions based on long-term value creation rather than short-term economics. For advisors considering what comes after independence, the episode provides a practical framework for thinking about ownership, scale, capital, and the future value of their business. About the Build, Grow & Transact Series for Advisors Build, Grow & Transact explores what happens after independence. The series features advisors and firm leaders who viewed independence not as a destination, but as the foundation for building something larger. Some launched firms from scratch. Others scaled through recruiting, acquisitions, or strategic partnerships. Many eventually faced decisions around capital, ownership, succession, or liquidity. While every story is different, they share a common thread: a willingness to think beyond the transition itself and focus on creating long-term enterprise value. Through candid conversations with founders, builders, and industry leaders, the series examines the decisions, tradeoffs, and lessons that come with growing an advisory business into an enduring enterprise. For advisors contemplating independence, actively building a firm, or considering what comes next, Build, Grow & Transact offers a look at the paths others have taken—and what they've learned along the way. > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why did Americana grow from $2.6 billion to more than $13 billion? (06:16)Jason explains how a combination of organic growth, advisor recruiting, acquisitions, and long-term strategic planning helped accelerate the firm's expansion. Why do clients often do more business with independent advisors? (12:17)Jason shares his perspective on why clients frequently deepen relationships after an advisor leaves a wirehouse environment. What role have alternatives played in Americana's growth strategy? (14:40)The discussion explores how differentiated investment access can help advisors stand apart in an increasingly commoditized marketplace. When is it time to build a professional management team? (18:36)Jason explains why Americana invested heavily in leadership, operations, and infrastructure from the very beginning. Why did Americana bring in private equity capital? (25:16)A candid discussion about growth capital, M&A opportunities, and the decision to partner with Lovell Minnick Partners. How do you evaluate enterprise value versus annual income? (20:16)Jason offers one of the episode's most important lessons: building wealth through ownership can look very different than maximizing current compensation. What makes a successful acquisition target? (39:51)Jason outlines how Americana evaluates M&A opportunities and how acquisitions fit into the broader client experience. Is it better to build your own firm or join an existing platform? (45:40)The conversation closes with Jason's perspective on the trade-offs between launching independently and joining a scaled independent enterprise. Topics Covered Enterprise value creation Independence and ownership Organic growth strategies Advisor recruiting RIA acquisitions Private equity partnerships Professional management teams Alternative investments Family office services Building a national wealth management firm Key Takeaways Independence can be a starting point for building an enterprise rather than the final objective. Long-term wealth creation often stems from ownership and equity appreciation, not from maximizing annual income. Reinvesting profits into leadership, infrastructure, and talent can accelerate enterprise value. Organic growth and acquisitions can complement one another when supported by a clear strategy. Outside capital can be a growth catalyst when aligned with management's long-term vision. The most scalable firms are often built around client needs rather than predefined acquisition targets. Advisors have more options than ever before, ranging from building independently to joining established platforms. https://youtu.be/_12jZJFsi4U Quotable Moments “Even to this day, I don't make anywhere near the amount of income that I made when I was on Wall Street. But my net worth is up tenfold.” “If you want to create value for yourself and your partners and grow your balance sheet, you can do it in a much more tax-efficient way in the independent world.” “I've never thought about how much of the company I own. I've thought about what my slice is worth.” “We want to build something our children would be proud to say we helped create.” FAQs Why are more advisors viewing independence as a business-building opportunity? The independent channel increasingly offers opportunities to create enterprise value, pursue acquisitions, attract capital, and build scalable businesses beyond a traditional advisory practice. How can advisors increase the enterprise value of their firms? Enterprise value is often driven by factors such as growth, profitability, leadership depth, recurring revenue, client demographics, infrastructure, and scalability. What role does private equity play in wealth management firms? Private equity can provide capital, strategic guidance, operational expertise, and acquisition support while helping firms accelerate growth initiatives. How do RIAs use acquisitions to grow? Many firms use acquisitions to expand geographically, add specialized capabilities, deepen client services, and accelerate asset growth. Why are professional management teams becoming more common among RIAs? As firms scale, dedicated leadership across operations, finance, compliance, and business management enables advisors to focus more effectively on clients and growth. Is launching an independent firm always the best path? Not necessarily. Some advisors prefer to build their own enterprise, while others may achieve their goals more effectively by joining an established independent platform that already provides scale and infrastructure. The independent channel increasingly offers opportunities to create enterprise value, pursue acquisitions, attract capital, and build scalable businesses beyond a traditional advisory practice. Enterprise value is often driven by factors such as growth, profitability, leadership depth, recurring revenue, client demographics, infrastructure, and scalability. Private equity can provide capital, strategic guidance, operational expertise, and acquisition support while helping firms accelerate growth initiatives. Many firms use acquisitions to expand geographically, add specialized capabilities, deepen client services, and accelerate asset growth. As firms scale, dedicated leadership across operations, finance, compliance, and business management enables advisors to focus more effectively on clients and growth. Not necessarily. Some advisors prefer to build their own enterprise, while others may achieve their goals more effectively by joining an established independent platform that already provides scale and infrastructure. Related Resources From Ex-Morgan Stanley Advisor to One of the Biggest Breakaway Stories of 2019 with Jason Fertitta (Podcast Episode) Intentional Growth: How Top Advisors Build Businesses That Last (Article) M&A Readiness Assessment (Tool) Guest Bio Jason Fertitta Jason is currently Chief Executive Officer / Founding Partner of Americana Partners. Jason was a Managing Director in Morgan Stanley's Private Wealth Division for eleven years. He joined Morgan Stanley in 2008 after six years with Lehman Brothers High Net Worth Division. Prior to joining Lehman Brothers, Jason worked six years for Texas Direct. Jason serves on the Board of The Good Samaritan Foundation and Endowment and the Houston Museum of Natural Science. Jason attended St. Edwards University in Austin. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. View the transcript of this episode… Build, Grow & Transact: Americana's $12B Path from Breakaway to Enterprise A conversation with Louis Diamond and Jason Fertitta, CEO & Partner at Americana Partners.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: Americana's $12B Path from Breakaway to Enterprise. It's a conversation with Jason Fertitta, CEO and partner of Americana Partners. I’m Louis Diamond, and this is the Diamond Podcast for financial advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors, and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven, and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement, and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: Independence is often viewed as the finish line. Break away, gain control, own the business, and enjoy the economics that come with it. But, for some advisors, going independent is just the beginning. That’s the idea behind this new series called Build, Grow, and Transact, featuring advisors who saw independence not as a destination, but as the first chapter of a business building story. And there will be some familiar names along the way, including our first guest who was on our show back in 2020, talking about what was at the time, one of the industry’s breakaway moves. That’s Jason Fertitta, CEO and founding partner of Americana Partners. When Jason and his partners left Morgan Stanley in 2019, they started Americana with approximately 2.6 billion in client assets, and a vision that extended well beyond becoming a successful independent firm. Today, Americana oversees more than 12 billion, has expanded nationally, completed multiple acquisitions, built out a professional management team, and brought on institutional capital to support its next phase of growth. What makes Jason’s perspective valuable that he’s now experienced independence through several different lenses as a breakaway advisor, as a founder, as a builder of enterprise value, and now as the leader of a firm, actively pursuing acquisitions and recruiting talent from across the industry. We talk about the decisions that fueled Americana’s growth, why Jason has always viewed the business through a long-term lens, what changed when private equity entered the picture, and why maximizing enterprise value often requires a very different mindset than maximizing current income. For advisors who think independence is a destination, Jason’s story offers a look at what can happen when it’s treated as a starting point instead, so let’s get to it. Jason, thanks for coming back on our show today. Jason Fertitta: Pleasure to be here. Thanks for inviting me. Louis Diamond: You got it. Yeah, you’re our first guest in our new subseries, so you should feel honored. And I’m honored too, because the last time we had you on the show, Americana was about a year old, you’re navigating COVID, and all those challenges. But, for listeners who may not remember the episode, can you give us a quick version of the origin story of Americana, and what the firm looked like when you first launched it? Jason Fertitta: Yeah, I believe if I’m remembering correctly, I was in Colorado talking to you guys, and it was right after we launched, so that was a fun but stressful time. I think at the time that we launched, it was certainly the road less traveled. Most teams go from one wirehouse to another. We had an entrepreneurial itch. There was 11 of us that started the firm. We actually launched the firm from this exact building that we’re in here, but all of this was under construction. We were in temporary space one floor below on card tables, and pizza boxes, and all the things that you can envision when you think of a startup. But, yeah, we weighed all of our options in terms of going from one firm to another, staying where we were, and had a lot of talks with ourselves, and our spouses, and they were all very supportive. When you do something like this, you’re certainly scratching the entrepreneurial itch that I think is required for somebody that wants to try and build their own company. And I think we’re all satisfying that itch in different ways. We all had a lot of other outside business interests. I’m passionate about the restaurant industry, because it’s what I grew up in as a kid. And so, had opened some restaurants with some chefs that I really admire, and were doing things like that to scratch the itch, but there’s no other way to do it than doing that in your profession. And so, we decided to launch the firm. We also just felt like Texas being such a wealthy state, there really wasn’t a regionally dominant RIA from here. There’s a lot of big RIAs in the Northeast, and the Northwest, and the West Coast. And we just felt like Texas was ready to hopefully be able to support the concept of launching it from the state, and then expanding it out regionally and nationally from here. Those are all thoughts in our heads and dreams and we’ve worked really hard to get to where we are, but I think we’re in a great spot right now for another leg of growth. Louis Diamond: Amazing. I would say that plan has certainly worked out. When you were on our show last in 2019, the firm was at about 2.6 billion at time of launch. And now, I saw in news articles and your ADV, it’s north of 12 billion, but I’m sure it’s even larger now. Can you walk through just what’s the makeup of the firm today? How many partners and advisors? What’s the profile of the end client? What markets are you in, in and around Texas or around the country? Jason Fertitta: Yeah, so today we’re roughly a hundred employees, right at 13 billion in AUM. I would say we have six offices, Houston, Austin, Dallas, Midland, Beverly Hills, and Nashville. We have about 30 advisors, 30 financial advisors, and our average account size I would say is right around $20 million. That’s not a rule, it’s just the way it is. We have some wonderful accounts that are two or three million, and we have some great accounts that are well over a billion. And in terms of the makeup of the firm, since the time we’ve spoken, and we’ll get into this later, but we have run in private equity, we have about nine families that are owners of the firm with us. It’s really families, private equity, and employees. That’s the cap table currently. Louis Diamond: Very cool. As far as building the firm geographically, for the offices of Texas, that makes sense to your earlier comment about wanting to build a Texas dominant or a regionally dominant firm. But, how’d you land in Beverly Hills and Nashville? That’s a little bit different. Jason Fertitta: Yeah, it is. I think so much of where we’re going is secondary to who we’re partnering with. I think we would go anywhere in the country if we had the right partner in that city. We’re not necessarily saying we have to be in Atlanta. Let’s find the right partners in Atlanta. It’s more about, we found the right partners in Atlanta, so we’re going to Atlanta. And you meet these people everywhere. Everyone has their own Rolodex inside of our firm. Sometimes it’s an employee here that has a relationship with someone that wants to break away and be part of an independent firm. Sometimes it’s me. There’s a lot of golf DNA in our firm, so we’ve met a ton of people through the incredible game of golf. In fact, last weekend we just hosted our first Americana Cub Golf Tournament where we took over an entire club, and invited 40 strategic invitations to people that could be helpful to our firm. I would say it’s really just networking, trying to find like-minded advisors that were very big at putting the client at the center of every decision you make. A lot of times you’ll come across of an advisor that financially looks really good on paper, but they’re maybe not always doing what’s right by the client. We run from those situations. We’d rather have a financial advisor that perhaps statistically is inferior to that other one on paper from a P&L perspective, but we feel like it’s doing what’s right by the client in the decisions. And that’s usually the main factor for us in seeking out the right partners. Louis Diamond: I love that. And one of the premises of this new subseries of ours is about growing, and then, of course, recognizing that value through some sort of monetization. To me, the star of your show is your insanely impressive growth, which I would assume comes from both organic means, and also from inorganic, whether through M&A, or recruiting teams from your predecessor firms, or from other wirehouses. Can you talk a little bit about the breakdown of the two growth channels, and how you pursue both, organic and then inorganic growth? Jason Fertitta: Yeah. Well, I think organic growth, the preference for anyone that’s in our sea, because you don’t have to pay for organic growth. It’s just you have to expose your platform to potential clients, and it has to be differentiated enough for them to move assets from another firm to yours. And I would tell you, I think we do a really good job at that. We’ve built an incredible platform that has, and enables a financial advisor to have all the same arrows in the quiver that a big firm has. We’ve got an incredible alts department. We’ve got an incredible CIO that produces great research. We got incredible in-house portfolio managers, both in the core equity space, but then also the municipal bond space. We have an incredible external manager platform that has everything from cash management on steroids, to venture capital investing, to co-investing, to direct investments into companies. We have this really great platform. We also recognize that we want to grow through M&A as well, because there’s only so much time in the day you’re not willing to add more employees and more like-minded advisors to grow. We do both, to your point, we absolutely do both, and they’re both equally as important. On the M&A side, I would say it’s been responsible for half of our AUM growth over the last seven years, and the other half has been organic. And I think as we get bigger and bigger, that number’s going to not stay consistent. I would say that if we could grow our AUM organically by 10% per year, and then do five to seven acquisitions a year, combination of RIAs and Wall Street lift outs, I think those are good goals for us, and we’re off to a good start in trying to achieve those goals. Louis Diamond: I think if you pull off even half of that, I think your private equity sponsors, and investors, and employees would be very happy. Can we double click into the organic growth side? How do you view whether your growth rate changing organically since leaving Morgan to start the RIA? And if it has changed, what do you think are the things that are responsible for the faster growth, or slower growth if it’s slower than when you’re at Morgan? Jason Fertitta: One of the interesting secrets about being independent versus inside of a big bank is I think your clients will actually do more business with you if you’re independent. I didn’t realize that until we went independent. I had heard that before, but I was like, that may or may not be true. But, when we went independent, and every time we recruit a team from a big bank, the same thing happens. It’s like the clients are like, “What took you so long?” They’ve very much, for the most part … Now, that’s not every client, but most clients, I think prefer to be serviced by an advisor that’s conflict bringing the independent channel. There are other clients that might have a big investment banking relationship with a big bank, or something like that, like a business reason for not leaving. But, in terms of just being able to service the client from an independent channel where you’re a legal fiduciary, I think all the interest is aligned from client to service provider, and I just think it’s easier to raise money in this channel than it is at a bank. Louis Diamond: And you really think the types of clients you work with or just clients in general, the difference maker is really the conflict-free advice. Obviously, it sounds good, but I would argue that when you were at Morgan Stanley, your team was one of the top teams in the country, you had an amazing reputation, you’re probably giving similar quality advice then than you were today. How has that really manifested itself? Jason Fertitta: I always say I think you can have a great experience at a firm that is perhaps not the most prestigious, great firm in the country if you’re with the right team. And I think you can also have a horrible experience at a firm with a great reputation if you’re with the wrong team. It is my belief the most important thing from the customer’s perspective is who you’re working with. I appreciate your comments about our team, and we work very hard to deserve the reputation that you’re talking about. But, I also think that when you’re in the independent world, some of the things the banks do very well is they have great investment platforms, and a lot of due diligence in their products. I think when you’re an independent firm, you’re obviously, you don’t immediately have all of those same intangibles that a big bank has. I think it was very important for us to invest heavily into those departments inside of our firm to where we could be on some equal footing with Wall Street firms, and we have been. We have raised a lot of money for alternative managers. I think alternatives are a huge secret sauce that an independent advisor needs to have access to, because in a world where the public markets are getting more efficient and more commoditized, it’s very challenging to grow organically the way that we have without some secret sauce. And I think the secret sauce lies within the alternatives, because it’s very hard to differentiate yourself if you’re just trying to optimize someone’s public equity portfolio, and improve where they sit on the efficient frontier. I think that’s just a tough challenge. But, if you can mix in some truly differentiated alternatives where access is a big component of the value proposition, then all of a sudden, you’re bringing your clients something special, and something that’s unique. Louis Diamond: I really like that perspective. I think you’re completely right. I’ve always heard people say investments are commoditized, and it’s all about advice and planning, but I think the way you framed it about the ALFA essentially being worked out of it, so it’s the access, and it’s what you’re doing different on the investment side outside of the more basic or commoditized stuff that’s a difference maker. When you launched the firm, and I believe still today, Americana hired Dynasty Financial Partners as your infrastructure partner. Now that you’re significantly larger, you’re seven years into your independent journey, how does the relationship with Dynasty change, if at all? What do they do for you that you benefit from differently today than when you first launched? Jason Fertitta: Yeah, it would’ve been impossible for us to do what we did without Dynasty’s help. Dynasty has delivered for us in a meaningful way and they continue to. They’re a great partner. We definitely are developing our own sea legs as well, just because you have to just by virtue of the size that you get to. But, Dynasty, I think, has been incredibly innovative in terms of launching an investment bank and bringing … Dynasty’s brought us deals, which is incredible. Just in addition to being an infrastructure partner, they’ve actually provided us deal flow. They’re also, because they’re working with so many firms, you get in all sorts of situations as an independent firm, and to have someone to pick up the phone and say, “Here’s what we’re dealing with.” And they’ll say, “Oh, here are the three things you need to do. You either need to do it like this or this.” Just a lot of experience within Dynasty. I don’t know if we’re Dynasty’s biggest client or not, but I would say we’re certainly in their top three. We are looking to continue that relationship, and always having a relationship with Dynasty, but I would describe it as evolving, because our revenue is up 6X in the last six years. Louis Diamond: Amazing. That makes complete sense. The needs of the business when you are leaving a big firm is got to get the clients over, got to build the plane before it can fly, and understand how to do X, Y, and Z, to now, it’s enterprise building, and optimizing, and growing inorganically, so that makes complete sense, and very cool to hear that Dynasty has evolved or morphed the relationship to meet you where you are now. And to me, I think a big part of that is hiring professional management. That’s always a question we get. When am I big enough? When’s the right time to hire professional management, whether it’s a full-time CEO, a CFO, a COO, et cetera. I know in your case, fairly early on you hired Ron Thacker who was a regional manager from Morgan Stanley. I saw recently you hired a CFO, so you’re really professionalizing the leadership ranks. When did you know it was the right time to build a professional management team, and how did you think about that evolution? Jason Fertitta: We knew from day one that’s what we wanted to do. I think when you go independent, there’s a couple of different schools of thought. One school of thought is I can go independent. I’m not going to really have a boss. I’ll be my own boss. I may or may not grow the business. I’m going to run it in a way that’s lean. I might be able to have a little bit more of a take home because there’s not a third hand in the cookie jar in terms of the bank, and it’s a great lifestyle. I think that’s one school of thought and I think that’s great. That was not our school of thought. Our school of thought is we had a belief that in this country, there’s going to emerge five to 10 regionally dominant RIAs, and these regionally dominant RIAs were going to enjoy economies of scale, and they were going to compete with Wall Street. And in order to do that, we had to reinvest a lot of our profit into our business through building this management team that you’re referencing. Even to this day, I don’t make anywhere near the amount of income that I made when I was on Wall Street, but I’m not, and it’s because we’re building equity value, and we’re building something that will last, and we reinvest a lot of our cash flow into professionalizing the management team, and then being able to deliver on that promise to the financial advisors that are here that you’re going to have a platform, that when you walk in the room, you’re going to be able to compete with Wall Street. And so, that’s always been our goal, which is not necessarily everybody’s goal when they go independent, because it’s a lifestyle decision really. I work way harder today than I worked when I was at a Wall Street firm. Louis Diamond: It’s so interesting. Two threads I want to tug on from what you said. The first one is I think just the comment you made that you’re making less today when the business is significantly larger than it was when you’re at Morgan Stanley, you’re working harder. I think even that dynamic is going to feel like a shock to a lot of people, right? If you’re working harder, the business is doing six times more revenue than it was at Morgan Stanley, that doesn’t seem like a fair trade. How do you think about that relative to the equity value that you’re amassing? Was that always the plan, or is that just something you’ve leaned into as the firm has grown and scaled? Jason Fertitta: Well, the third component you left out is my net worth is up 10X- Louis Diamond: There you go. Jason Fertitta: … whereas if I would’ve stayed at a Wall Street firm, and so are all the employees here. If it’s about that, I can tell you that we checked that box. Americana is very valuable, and we’re happy about that. It’s really just about how you want to create that, right? If you want to create it through income, and pay a lot of taxes along the way, stay at the Wall Street firm. But, if you want to create value for yourself and your partners, and grow your balance sheet, you can do it in a much more tax efficient way in the independent world. And I’m light years ahead of where I would’ve been if I would’ve stayed at a Wall Street firm. Louis Diamond: I think that’s the coolest realization I think someone can have, right? We always say it’s like, what do you value more? Is it the short-term liquidity, or certainty of getting a big upfront recruiting deal at ordinary income, or staying where you are and keep making your 50% payout, take advantage of your firm’s retire in place program? And for many people, that’s what they value. But, for you, I think you very clearly and transparently articulated that, yeah, I might make less, but what really matters is my net worth. It’s how much I’m actually netting for my family in the long run. For people who want to play the long game, really buy into that concept, it sounds like following your path would be ideal, but it may not be for everyone. Jason Fertitta: It’s a much better path, and I’m living proof of it, and not only am I living proof of it, all of my partners are here, and everybody that owns equity in Americana is living proof of it. Louis Diamond: Amazing. You said you’re working more now than when you’re at Morgan. How has your day-to-day, or day in the life changed? What types of activities are you doing more or less of, and how do you balance everything? Jason Fertitta: Yeah, it’s hard to balance everything, it is. But, I would say that one of the unique things about Americana is the founders are all financial advisors. We aren’t consultants that came out of the consulting world, we’re financial advisors. I’m still a financial advisor. I still cover clients. I would say a third of my time is actually covering the house accounts here with some of my original partners. A third of my time is firm related stuff, and then, a third of my time is M&A, and that’s not only M&A, but helping the advisors that are here grow their business also. And so, I come across a lot of leads and opportunities. I’m not really taking them for the house account book or myself. I’m finding the right advisors that I feel I could service the clients the best, and then I’m flipping them to them and sitting second chair and I’ve seen some amazing growth to their businesses by just being able to send them leads. Louis Diamond: Yeah. I think that’s always like the tug of war for … I think most founders of RIAs in this industry, they were advisors themselves. They were the rainmakers, or they still are, but there’s definitely some folks who, whether because of lack of time, or lose the spark or passion for working with clients, that they pivot to being full-time CEO, or we’ve even seen people go the other way where they say, “I was the CEO. I really just want to be an advisor, or just do M&A, and I’m going to hire a CEO.” It’s really cool to hear how you split up your time, and you’re able to do it all. And I’m sure it’s not perfect. I’m sure your family wishes they saw you more, and et cetera, but it sounds like you’re able to really pursue your different passions. Jason Fertitta: All those three activities are very fun, and they keep everyday interesting, and you don’t necessarily know at what points in the day you’re going to be working on which bucket, and there’s a lot of blend and overlap, but we spend a lot of time here working on behalf of our clients, and the firm, and every day is an adventure, but it's fun. It’s a blast. Louis Diamond: Absolutely. Well, let’s spend some time talking about your fairly recent capital raise. In October of 2024, Americana announced that PE firm Lovell Minnick Partners, the firm’s first outside institutional investor was coming in to take a majority stake in the firm. Can you take us back to that decision? I’m sure it’s still clearly vivid. Maybe talk through it, and when did you first start to think seriously about bringing in capital? Jason Fertitta: Yeah, so probably at the end of ’23, we looked down, and there was $100 million worth of potential M&A that was fairly actionable that we could do. And the other M&A events we did were small deals, 10, $20 million sometimes, but firms with three, 400 in AUM to 600 million in AUM. We were doing deals that size, and we’re just passing the hat, and saying, okay, to the families that were in our cap table and to ourselves, who wants to write a check? The cap table was changing all the time based on people’s buy-in and M&A transaction. But then, when you sit down, and you look at potentially $100 million of M&A, if every deal came through that you’re in conversations around, and we owned at the time 75% of the firm, the families owned 25. If all of that M&A were to have happened, we didn’t have $75 million as employees. We were facing dilution. And then, we went to the families and said, “Hey, we don’t mind being diluted, but we got to know that if all of these came through, you guys want to invest another 100 million into this business.” And that’s when they said, “Well, we can. All the deals that you’ve done so far have been accretive and great. But, our value add to you is not M&A. It’s not underwriting. It’s not how to take this firm from four billion to 12 billion or customers. Why don’t you contemplate bringing in an institutional partner to help you round first base and go to second and third?” And so, I called a good friend, a gentleman by the name of Jimmy Dunne, who’s legendary in the world of golf and business. He’s a vice chair at Piper Sandler. I explained the situation, and he said, “Well, this is going to sound self-serving, but I think you should hire me and my firm to run a process to find your partner.” Louis Diamond: Classic investment banker. Jason Fertitta: And we did, and he worked on a very small retainer, and a contingency fee, and they helped us get ready to show the firm to the institutional world, and that took nine to 12 months of hard work to get ready. They ran the process. I think we had 30 firms sign the NDA in the October of ’24 month that you mentioned. I think we had 20 offers. And during that year, we were getting to know a lot of the people that were going to be bidding on us, and we frankly were incredibly impressed by Lovell Minnick and their success that they have had in investing in the wealth space. We were always pulling for Lovell Minnick to compete and compete well, got to run an honest process and Lovell Minnick was not the high bid, but they were a very good and well-thought-out bid that was easy for us to understand on why they were where they were. And for us, it was about how can we create value from this point forward with the right partner to really grow the firm and scale it to where we wanted it to be? And so, that was the more important driving factor in our decision to sell to Lovell Minnick. Now, of course, we wanted to sell a minority piece, but the reality is, given the activity that we had in our M&A pipeline at the time, they were going to eventually get to majority anyway. And so, I may be skipping ahead a little bit in the podcast, but I know what some of the questions are going to contemplate, and our thought was, you’re in a better position to negotiate minority rights before the transaction than later. And so, we got all of that out on the table in our negotiations with our private equity partner, and then just got married immediately instead of had this weird period of where they ultimately were going to get to majority control through M&A, and then, you have this awkward moment where that shift happens after you’re already partners. Louis Diamond: Very interesting. Was it a hard decision to give up majority control over your baby? Jason Fertitta: Definitely a lot of self-reflecting on behalf of our team and everything, but I think where we came out with it, and I’m a big believer in this, is the people that really control the business are the people that control the relationships with the clients. Lovell Minnick knows that, and we’ve never had a decision in a year and a half that we don’t all arrive at the same place. We negotiate, we study, but they know that it’s not in their best interest to try and force the management team to do something that the management team is not in agreement on, because at the end of the day, we’re servicing all of these accounts. Look, we don’t see eye to eye exactly on everything, no partners do. But, we’re generally in the same zip code on everything, and we talk things through until we all arrive at the same place that this is in the best interest of the company. And I think a big part of why that works so well for us in Lovell Minnick, and I think this is very unique in the industry, it all goes back to we all own the same share class. We’re all in the foxhole together. We all sink or swim together. There’s no way one group can win and another group can lose. We all own the exact same security. Not only do we all own the exact same security, but our employees own it. The families that are in our cap table own it. And so, every decision comes from the standpoint of how do we make decisions to benefit that security? Louis Diamond: Makes sense. It’s still a tough decision, but you lay it out, make it seem like an easy decision with the conviction you have, I think the very pure motivation to make that leap. Aside from capital to fuel M&A, what are the other things that Lovell Minnick is doing for your business to help it? Jason Fertitta: Well, Lovell Minnick, and this is another thing that was impressive to us, they’re always the first institutional capital until what’s otherwise an entrepreneurial family-owned business. They’re not afraid of building the things that you have to build to get ready to scale. They’ve seen it in every investment they’ve made. And so, that was very refreshing to us, because frankly, we wanted the help. We wanted the expertise. We’re financial advisors at heart. Like a lot of private equity firms, LMP has this third party advisory relationships with industry people, and they’ve brought those people into our firm, several sit on the board of the firm today, and they’ve just been fantastic to work with. Some have more experience with FinTech, some have more experience with HR, some have more experience with actual investment platforms and product. Some have more experience in how to help clients optimize from a tax perspective. Some have family office experience. And so, we’ve really benefited from this group of people. And I would tell you that, since they came into our world, which is about 18 months ago, we have been building a lot of things that are about to be unveiled to not only our financial advisors, but our clients. And I think that the experience is just going to continue to get better for both of those segments. Louis Diamond: Very cool. Yeah, it seems like a great fit. And I meant to ask you before, because it’s such a cool, and I think still a fairly novel concept, but what was the thinking behind having nine families, their customers or clients come in, and buy some equity in the firm? Why’d you do that? And then what’s been the outcome of that? Jason Fertitta: It was more their idea than us after we launched the firm. And this goes back to my original comments about the clients want to do more business with you when you’re independent than when you’re inside the bank. And we have a lot of clients that are entrepreneurial. And so, I think when we explained to them the reasons why we were doing this, and the reasons why we’re so excited about it, they got excited about it too, some clients, most clients. And so, what they said was, “Yeah, we’re going to move our money to it, we’re excited about it, but if there’s an opportunity, we’d also like to own a piece of the firm.” And originally, when they said that, I didn’t know if they meant that they wanted us to give them, but they wrote a check. They all wrote checks. We set an arbitrary value of the firm in the first year after we launched it. And that wasn’t a whole lot of science behind the value. It’s basically what we would’ve been paid by walking across the street, and that was the original value. And they bought into the firm, and then, Lovell Minnick really thought it was a nice novel concept that they hadn’t seen before, and they’ve embraced it. When they invested, we brought another round of clients into the firm at that valuation. I think it’s really powerful, because what’s important for us in these families is that they’re all pillars of their respective communities and they’re spread across all over the country and Mexico. We have some incredibly good reputation, great business people in Mexico City, and Monterrey, and Los Angeles, and Midland, and Dallas, and Austin, and Houston. And we’re open to the concept of when we come into new markets, finding that pillar of the community, finding that family who people ask, “Well, what do you do with your money?” We want them to say, “Well, we own our own wealth management firm. He wants to have them call you and they’ll show you what we do with our money.” And that’s a powerful part of the organic growth and the flywheel. Louis Diamond: I absolutely love that. I oftentimes have clients, especially breakaway clients talk about how cool it would be to have a client or set of clients invest in their business. But, the reasons why, I love that as part of a very consistent, repeatable strategy of identifying key influencers essentially in different markets, and then having them come into the cap table. I would assume too, the dynamic of, “Oh, you should call Jason, he’s my financial advisor, he’s great,” to, “Hey, you should come in and meet my firm.” And I feel like clients are probably much more incentivized naturally to refer friends, family, et cetera. And just the power and dynamic of that referral is probably that much better than a referral from another happy customer who’s not an investor. Jason Fertitta: Exactly. When we’re looking at coming into a new city with a new partner, to the extent they have those clients in that community, and when they join us, we have a private equity partner that embraces that strategy and concept. When we’re talking to that Wall Street advisor, and they’re interested in our business model and our plan, I think that particular part of our business model is very differentiated and intriguing to them. Louis Diamond: Amazing. You mentioned in your last answer that you have, it sounds like you have some investors in Mexico, and that you’re serving families in Mexico and Latin America as well. Can you talk about adding that capability or the openness to go international? That’s clearly a big decision. It’s a different risk profile, different client needs. What was the thought process behind taking Americana, I guess, still in the Americas, but outside of America? Jason Fertitta: Yeah. Well, I think a lot of it is growing up in Texas, there’s a lot of wonderful families from Mexico whose kids and grandkids have moved here, and our children are going to school with their children, and they’re part of our community, and I think they’re a great part of our community. And so, I just started to notice how Wall Street treated this community as just one, right? And what we were able to do is cherry-pick a few families that we knew very well that are incredibly good reputations in the cities that they’re from, and their origins are from. And there’s a high desire on behalf of not only those families, but their friends to invest into the United States into our economy. And given that a lot of their children and grandchildren live in the US, these are families that have citizens and their family inside of the US and back home in Mexico. Most of these families, they’ve been going to our colleges. A lot of these families sit on the boards of Fortune 500 companies inside of the United States. These are families that are very easy to do due diligence on, and frankly, we have learned a lot from them. They’re very sophisticated families, and so, they’ve been amazing partners, and we use Bank of New York Pershing to custody a lot of these assets, and I think they’re increasingly becoming more interested in alternatives as part of their portfolios, because I think going back 15, 20 years ago, these families were mostly stocks, bonds, and cash. But, as they continue to build out their own family offices, they’re becoming more sophisticated and interested in alternatives, so it’s really been an exciting part of our firm. Louis Diamond: Did this expansion, does it scratch the itch to go into different Latin American countries in Europe and Asia, or is that not really part of the roadmap? Jason Fertitta: Well, it’s open to the concept. Like I said, the genesis of this for us was the fact that our children go to school with their children, and we got to know several families just through our social circles here in Texas. But, I don’t think that same phenomenon would exist in Europe, other Latin American countries per se, but we’re certainly open to it, and there’s a lot going on in Latin America. There’s a lot going on and a lot of potential, so we’re open to anything that increases the footprint in the right way for Americana. Louis Diamond: Great answer. Let’s go back a little bit to talk a little bit more about your M&A strategy. You merged with or acquired Boulevard Family Wealth, which was Matt Celenza’s firm. I think Matt was the first breakaway guest on our show, and an amazing advisor. You bought Goodpasture Gray in Nashville, and more recently you bought NRT Consulting. I think from my read, three different types of firms, different geographies. How do you think about the M&A strategy? Jason Fertitta: I feel like we’re building out a firm and departments in the firm, and each of those acquisitions goes into a different department of our firm. I think Matt Celenza and Boulevard are fantastic, and they’re really good at tax optimization strategies for families, and they’re really innovative there. That is a very hot topic with all of our clients. More and more families are getting smart about the fact that not only does it matter what your returns look like. What really matters is how much of those returns you get to keep. And so, Matt and his team are incredibly sophisticated and cutting edge on tax optimization, and that's proliferating throughout our firm right now, which is I think making us even better at what we can advise and provide to our clients. I would say that’s more in the family office service and tax planning part of our firm. Goodpasture Gray’s fantastic. WL who runs that firm, or did prior to the merger, I’ve known him for 30 years. He’s a longtime family friend. His clients are in Nashville, Santa Fe, and Texas. He and my father actually used to office together. And then, ironically, he hired Dynasty to represent him to find the right partner. That’s an example where full circle Dynasty brought him back and I hadn’t talked to him for decades, but we shared a bunch of fun stories about how I used to go up in college, and hang out with he and my dad in their office. That was a great full circle experience, but WL’s just a fantastic financial advisor that does what we’ve always done. He’s just a natural fit inside of our firm. And then NRT, Chris Ginsbach and his team, they’re unbelievable. They do bookkeeping services for families. They’re not signing tax returns, but the more sophisticated these families get, some of these families have 35, to 45, to 55 different LLCs that require bookkeeping services. He’s an accountant by training, so is everyone that works there. And I think that there’s a lot of cross-pollinating with our client base that wants bookkeeping services for their needs. With all of these different M&A events, it’s trying to meet or have the ability to meet your client at wherever their pain points are. And some of your client’s pain points are in bookkeeping and accounting. Some are in tax optimization, and some are just good old-fashioned financial advice and access. And all three of those acquisitions that you described are meeting that client in a different pain point, but they’re all pain points, and they’re all important. Louis Diamond: When you’re thinking about M&A, is it like you have, these are the three areas that we want to add to the firm? Next one, making it up, we want to add tax preparation. Are you then going out to find a firm that fits the bill, or is it more so just you’re selective with who you take on, and you look for a new capability, or just like an extreme alignment with how you’re already serving clients, and then, that’s what makes a compelling deal for you? Jason Fertitta: Yeah. Most of the time, we’re getting feedback from our clients on where they need help, and that is usually the spark that starts the fire on, okay, what if we added this? It’s really I would say more based on client feedback. We don’t have estate planning attorneys inside of Americana per se. We don’t have accountants that are signing people’s tax returns inside of Americana. We get a lot of interesting opportunities from accounting firms and estate planning firms. And so, I like how we have this great referral network in place with those industries. And so, I think we’d have to think long and hard about getting into those businesses per se. Louis Diamond: Makes sense. I feel like there’s probably a version of this story, your story, where you break away, you plot along, you’re happy to not have a boss anymore, clients are happy, maybe you get to like four or five billion in assets, and you call it a win, and just throw in coast mode, but clearly you didn’t do that. You went the opposite direction. What do you think drove the ambition to keep building towards something larger? What’s really sparking you and motivating you today maybe differently, or in a more defined way than it was when you first broke? Jason Fertitta: Yeah, I would say it’s not just me, it’s all the founders, and I think all the employees. I share this and not to sound corny about it. I think everyone here wants to try and build something that his or her children would say, “My parent was one of the founders and employees of Americana Partners.” It’s like, I think when you work at a bank, you definitely care about your brand that you’re building, but this is a whole next level of care about your brand. We really care about this brand, and we want it to outlast all of us. Louis Diamond: Love that. For a successful wirehouse advisor or team that’s sitting on a really nice practice maybe similar in size or in the same realm that you had back where you were in that world, and they’re thinking about maximizing their value, what advice would you offer? Do you think your story is an outlier, or do you think it’s doable by others if they follow certain advice or principles? Jason Fertitta: I would have a two-word answer. Call us. I’m kidding. I have a much longer answer. One of the things I really respected about a certain advisor, and if he’s listening to this, he’ll know exactly who he is, but I feel awkward saying his name. When I was contemplating going independent, I talked to an entrepreneur I really admire, and I called him, and I said, “Hey, we’re thinking about doing this.” And he said, “Look, I’m going to try and convince you to join our firm, and if you don’t end up doing that, it’s fine. There’ll be no hard feelings, because we ended up launching our own firm and I would never fault you for the decision if you wanted to do that with your team.” And we thought long and hard, we almost joined his firm. It was in a very different geography so we ended up launching our own firm. I would say that if you want to do it yourself, we would respond the same way. We would give you a high five, and wish you well, and say you’ve made a great decision, and we’d be pulling for you. If you want to spend more time with your clients, and less time in building the firm, we have the firm built, and it’s fantastic, and it wasn’t without blood, sweat and tears for seven years, and we can create a transaction that is economically the same or better as launching your own firm, and you have a voice, and you have a seat at the table, because we’re still small enough to where you can help shape the direction of this firm, and we want your input. The difference is that instead of spending a third of your time interacting with financial advisors the way I do, you could spend 90% of your time interacting with your clients, instead of a third, and be part of a firm that I think has great national prospects. But, I would never fault someone for doing it themselves, because that’s what we did, and that would be hypocritical. But, I really do think that this is a better path, even if you did it yourself, or if you did it with someone like us. I think you’re choosing two better options than what you currently have. Louis Diamond: I think it’s a great perspective, and I think it’s balanced and fair too. There’s plenty of people that I speak to where their passion is building. They want to be the next Americana, right? That’s what’s going to spark them and get them out of bed. They want to do M&A, they want to be the CEO, they want to really make their mark on the industry, and that’s fine. But, I do think there’s probably more advisors out there that would love to be part of something, and they’d love equity, and they’re passionate about different things than you were passionate about when you launched the firm. And the theory of a rising tide lifts all boats, it’s like, you can do this yourself or let’s just build something bigger and better together. And just getting comfortable with the theory of you’ll own a smaller piece of the pie, but the pie is much more valuable than owning 100% or 80% of something that’s less valuable, and is going to take you in a different direction personally. I always say we’re not in the business of making judgments for people. It’s up to them to define their goals, and then, we’ll help them execute on it. But, I really like that perspective. I agree, it’s not for everyone. What you did is extremely hard, it’s a risk, it’s a big swing. But, if you have the stomach for it, and you want to take the swing, to me there’s no better time to pursue that path than today. Jason Fertitta: I agree. And I could totally see a world over the next five years where some of these advisors that join us are bigger shareholders in this firm than me, and that would be great. Louis Diamond: Interesting. Jason Fertitta: I’m with you, not only do I agree with what you’re saying, to me, I’ve never thought about how much of this company do I own? I’ve thought about what is the percentage of the company that I own, and what is it worth? I could care less if it was 25%, 12.5%, 5%. What I care is, what is that slice worth? Louis Diamond: That’s a fun way to look at it. Jason, this has been really fun. This new series Build, Grow, and Transact, this is proof of concept, but we’re going to have to do a ton of these, because the richness of detail, and whenever we have breakaway guests, we’re talking to them in the beginning when they’re still finding their feet, everything’s new and fresh. They haven’t thought about or executed on M&A and taking on capital partners. But, I feel like this is the missing ingredient where it’s a playbook for how others can be better themselves, something to shoot towards. And I really appreciate your candor and transparency, and I’m very serious, we’ll have to do this again when you’re at 25 billion, and you have even more lessons, and I’m sure battle scars to share. Jason Fertitta: No doubt. I’m for sure open to doing that. And maybe in the meantime, I see the pictures behind your head there. I’d love to come visit you in Park City and hang out and ski, or play golf, or- Louis Diamond: You got it. Jason Fertitta: All right. Thanks for your time and thank you for having me. Louis Diamond: Thanks, Jason. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty, and credibility. You are successful, because you take your professional responsibility seriously, and are dedicated to your clients, but are you living your best business life? Are your goals aligned with your firms, or could a better option exist? Should I Stay Or Should I Go is a book written with you in mind. It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions, and think critically and objectively, whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook. Build, Grow & Transact: Americana's $12B Path from Breakaway to Enterprise A conversation with Louis Diamond and Jason Fertitta, CEO & Partner at Americana Partners.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: Americana's $12B Path from Breakaway to Enterprise. It's a conversation with Jason Fertitta, CEO and partner of Americana Partners. I’m Louis Diamond, and this is the Diamond Podcast for financial advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors, and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven, and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement, and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: Independence is often viewed as the finish line. Break away, gain control, own the business, and enjoy the economics that come with it. But, for some advisors, going independent is just the beginning. That’s the idea behind this new series called Build, Grow, and Transact, featuring advisors who saw independence not as a destination, but as the first chapter of a business building story. And there will be some familiar names along the way, including our first guest who was on our show back in 2020, talking about what was at the time, one of the industry’s breakaway moves. That’s Jason Fertitta, CEO and foun

In this episode, Adam Torres interviews Matei Zatreanu, CEO & Founder of System2. Matei shares how System2 helps hedge funds integrate data and AI into investment decisions while exploring the opportunities and risks of emerging technologies, including robotics, automation, and the future role of humans in an AI-driven economy.  About Matei Zatreanu Matei is the founder of System2. He previously started the data initiative of a $20bn hedge fund. Matei started his career in investment banking at Lehman Brothers. Matei holds an M.A. in Mathematics from Columbia University and B.A.s in Psychology, Mathematics, Government, and Economics from Cornell University. About System2 System2 is a data and AI-driven research firm that helps fundamental investors make better investment decisions by combining human expertise with advanced analytics. Founded by Matei Zatreanu, the company partners with hedge funds, asset managers, and institutional investors to uncover insights that traditional research methods may miss. Inspired by Daniel Kahneman's concept of "System 2" thinking—the deliberate, analytical process behind rational decision-making—System2 empowers investment teams to validate hypotheses, explore complex questions, and leverage alternative data and artificial intelligence to gain a deeper understanding of companies, industries, and market trends. For more than a decade, System2 has been helping some of the world's leading investors navigate increasingly complex markets through a blend of technology, data science, and human judgment.  Watch Full Episode on ⁠Youtube⁠. --- Follow Adam on Instagram at ⁠https://www.instagram.com/askadamtorres/⁠ for up to date information on book releases and tour schedule. Apply to be a guest on our podcast: ⁠https://missionmatters.lpages.co/podcastguest/⁠ Visit our website: ⁠https://missionmatters.com/⁠ More FREE content from Mission Matters here: ⁠https://linktr.ee/missionmattersmedia Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this episode, Adam Torres interviews Matei Zatreanu, CEO & Founder of System2. Matei shares how System2 helps hedge funds integrate data and AI into investment decisions while exploring the opportunities and risks of emerging technologies, including robotics, automation, and the future role of humans in an AI-driven economy.  About Matei Zatreanu Matei is the founder of System2. He previously started the data initiative of a $20bn hedge fund. Matei started his career in investment banking at Lehman Brothers. Matei holds an M.A. in Mathematics from Columbia University and B.A.s in Psychology, Mathematics, Government, and Economics from Cornell University. About System2 System2 is a data and AI-driven research firm that helps fundamental investors make better investment decisions by combining human expertise with advanced analytics. Founded by Matei Zatreanu, the company partners with hedge funds, asset managers, and institutional investors to uncover insights that traditional research methods may miss. Inspired by Daniel Kahneman's concept of "System 2" thinking—the deliberate, analytical process behind rational decision-making—System2 empowers investment teams to validate hypotheses, explore complex questions, and leverage alternative data and artificial intelligence to gain a deeper understanding of companies, industries, and market trends. For more than a decade, System2 has been helping some of the world's leading investors navigate increasingly complex markets through a blend of technology, data science, and human judgment.  Watch Full Episode on ⁠Youtube⁠. --- Follow Adam on Instagram at ⁠https://www.instagram.com/askadamtorres/⁠ for up to date information on book releases and tour schedule. Apply to be a guest on our podcast: ⁠https://missionmatters.lpages.co/podcastguest/⁠ Visit our website: ⁠https://missionmatters.com/⁠ More FREE content from Mission Matters here: ⁠https://linktr.ee/missionmattersmedia Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this episode of the Crypto 101 Podcast, Chris Perkins, incoming head of Franklin Crypto and CEO of 250 Digital Asset Management, explains why crypto's long-term opportunity is much bigger than short-term market volatility. He breaks down how tokenization is becoming “electronification 2.0,” why the Clarity Act could unlock institutional adoption, and how clear rules may finally allow traditional finance to scale into digital assets. The conversation also covers stablecoins, market structure, AI, quantum computing, Ethereum staking benchmarks, and why institutions are still hiring and building despite the bear market. Chris argues that crypto is not going away — instead, it is becoming the infrastructure layer for 24/7 global finance.Check Out Scribe: Scribe.how/CRYPTO101Check Out Webroot: https://www.webroot.com/crypto101Check out Quince: https://quince.com/CRYPTO101Check out Shopify: https://shopify.com/crypto101Check out Mars Men: https://mengotomars.comGet my #1 altcoin pick for this month.Get immediate access to my entire crypto portfolio for just $1.00 today! Get your FREE copy of "Crypto Revolution" and start making big profits from buying, selling,Get immediate access to my entire crypto portfolio.. just $1.00 today! Go here to get access: https://www.crypto101insider.com/cryptnation-directm6pypcy1?utm_source=Internal&utm_medium=YouTube&utm_content=Podcast&utm_term=20250916Get your FREE copy of "Crypto Revolution: Your Guide To The Future of Money". In this book, I reveal how to make (and keep) a fortune during this crypto bull run! http://www.cryptorevolution.com/free?utm_source=Internal&utm_medium=YouTube&utm_content=Podcast&utm_term=20250916Chapters00:09 - Chris Perkins joins the Crypto 101 Podcast01:50 - From the Marines to Lehman Brothers and crypto04:00 - Why digital assets put property rights on the internet05:00 - Tokenization as electronification 2.006:55 - Why the Clarity Act matters for institutions11:20 - What's holding the Clarity Act back18:10 - Why crypto and AI are complementary technologies23:20 - Why institutions are still moving into crypto34:00 - Rates, the Fed, and crypto market catalysts42:50 - Ethereum staking rates and institutional benchmarksSubscribe to YouTube for Exclusive Content:https://www.youtube.com/@crypto101podcast?sub_confirmation=1Follow us on social media for leading-edge crypto updates and trade alerts:https://twitter.com/Crypto101Podhttps://instagram.com/crypto_101Guest Linkshttps://x.com/perkinscr97*This is NOT financial, tax, or legal advice*Boardwalk Flock LLC. All Rights Reserved  ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬Fog by DIZARO https://soundcloud.com/dizarofrCreative Commons — Attribution-NoDerivs 3.0 Unported — CC BY-ND 3.0 Free Download / Stream: http://bit.ly/Fog-DIZAROMusic promoted by Audio Library https://youtu.be/lAfbjt_rmE8▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬Our Sponsors:* Check out Mars Men: https://mengotomars.com* Check out NPR: https://npr.org* Check out Quince and use my code quince.com/crypto101 for a great deal: https://www.quince.com* Check out Scribe and use my code Scribe.how/CRYPTO101 for a great deal: https://scribe.com/Crypto101* Check out Shopify and use my code shopify.com/crypto101 for a great deal: https://www.shopify.com* Check out Webroot and use my code webroot.com/crypto101 for a great deal: https://www.webroot.comAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

In this episode of Rethinking Leadership, Roemer Visser speaks with Christopher O.H. Williams, former Fortune 500 executive, advisor, speaker, and author of C.O.U.R.A.G.E.: Seven Choices for Living a Life Without Regret. Williams held senior roles at Nike, Adidas, and VF Corporation, after earlier working at Gap, Goldman Sachs, and Lehman Brothers. By most conventional standards, he had built an exceptionally successful career. And yet, in 2018, he stepped away from the corporate world. That decision becomes the starting point for a thoughtful and personal conversation between Roemer and Christopher about success, freedom, purpose, and courage.

Alice Kao is the CEO, co-founder and driving force behind Sender One, a Southern California climbing gym chain, which she has led over 13 years from a single location in Santa Ana to six gyms—with more on the way. Her path to the climbing industry was anything but conventional: A first-generation immigrant who interned at Lehman Brothers, worked in international toy sales, and discovered climbing while navigating heartbreak in London, Alice launched Sender One from savings, SBA loans, and checks from family and friends—eventually bringing on a marquee investor in pro climber Chris Sharma. She has since become a respected voice in the broader climbing business community, championing women's leadership through her involvement at CWA, and serving on the USA Climbing board of directors before a principled exit. In this conversation with Scott Rennak, Alice opens up about what it really took to build Sender One—the years of not paying herself, the leap from side hustle to full-time commitment, and the management mistakes she had to unlearn. She also discusses an innovative funding model—a partnership with an impact investment firm to purchase her LAX flagship location—as well as her complicated but ultimately collegial departure from the USA Climbing board. With the 2028 Olympics arriving in LA and her gym sitting eight minutes from the competition venue, she's having more fun running the business than ever before. General Topics Covered Turning Passion into a Sustainable Business Taking Calculated Risks as an Entrepreneur Scaling a Climbing Gym Brand Leadership, Growth, and Founder Evolution Creative Approaches to Financing Expansion Navigating Industry Politics and Governance The Future of Climbing and the Olympic Opportunity Show Notes Alice Kao on Linkedin Sender One website Interview discussing Alice's childhood and being a “parachute kid” Details about the Impact Fund that purchased LAX location property Alice's resignation letter from USA Climbing board of directors Thank you Climbing Wall Association, Rúngne, Walltopia, Cascade Specialty, and Rock Gym Pro for your support! And thank you Devin Dabney for your music!

Stijn Schmitz welcomes Dr. Nomi Prins to the show. Dr. Nomi Prins is Founder of Prinsights Global and Substack. The discussion opens with a broad assessment of global economic headwinds, including the ongoing blockage of the Strait of Hormuz and rising bond yields. Dr. Prins explains that even a hypothetical resolution to the strait crisis would not immediately ease supply backlogs, keeping oil prices elevated and contributing to persistent inflation. She notes a significant dislocation between struggling economic confidence and stock markets reaching all-time highs, fueled by large asset funds and cash waiting on the sidelines. The conversation shifts to the beneficiaries of supply disruptions, where Dr. Prins sees value in oil producers outside the Middle East, such as those in Colombia, which can bypass the strait. She then highlights uranium as a critical, underappreciated story, emphasizing that nuclear energy's role in powering data centers and AI creates surging demand against a backdrop of severely constrained supply, with new mines taking up to 18 years to develop. This supply deficit, she argues, makes current uranium prices appear very low. Addressing inflation and central bank policy, Dr. Prins anticipates that while short-term rates will likely remain unchanged, the Federal Reserve may increase long-term bond purchases, effectively reawakening quantitative easing to manage debt servicing costs. She believes this will not significantly stimulate the broader economy but that real growth will come from hard assets and commodities like copper and silver, which are essential for electrification and in structural deficit. On gold, she remains bullish, citing its stability and the fact that central banks now hold it as their top reserve currency, viewing it as a long-term diversifier. She maintains a year-end gold price target of $6,000. The interview concludes with Dr. Prins pointing to significant investment opportunities in junior mining, particularly in copper, uranium, and rare earth elements, for investors who can look past current geopolitical volatility. Timestamps: 00:00:00 – Introduction 00:00:41 – Global Economy Headwinds 00:01:08 – Strait of Hormuz Disruptions 00:03:20 – Oil Price Outlook 00:06:30 – Oil Producer Opportunities 00:09:43 – Uranium Energy Security 00:13:00 – Commodity Supply Shortages 00:18:28 – Fuel Shortages 00:20:40 – Inflation and QE Outlook 00:26:46 – Gold Market Stability 00:31:33 – Mining Sector Investments 00:35:00 – Concluding Thoughts Guest Links: X: https://x.com/nomiprins Website: https://nomiprins.com Substack: https://prinsights.substack.com Dr. Nomi Prins as a Wall Street insider and outspoken advocate for economic reform, Nomi Prins is a leading authority on how the widespread impact of financial systems continues to affect our daily lives. She has spent decades analyzing and investigating economic and financial events at the ground level and meeting with those that shape the world’s geopolitical-economic framework. She continues to break stories by conducting independent research, writing best-selling books, and traversing the globe to share her knowledge and demystify the world of money. Before becoming a renowned journalist and public speaker, Nomi reached the upper echelons of the financial world where she worked as a managing director at Goldman Sachs, ran the international analytics group as a senior managing director at Bear Stearns in London, was a strategist at Lehman Brothers and an analyst at the Chase Manhattan Bank. During her time on Wall Street, she grew increasingly aware of and discouraged by the unethical practices that permeated the banking industry. Eventually, she decided enough was enough and became an investigative journalist to shed light on the ways that financial systems are manipulated to serve the interests of an elite few at the expense of everyone else.

Send us Fan MailWhat if the tools patients use between therapy sessions mattered more than the sessions themselves?In this clip from our episode “Fixing the Access Crisis In Mental Health”, host John Driscoll and Mark Frank, Co-Founder and CEO of SonderMind, break down how a fully integrated platform combining 80 digital interventions with an AI coach is producing outcomes up to 275% better than traditional therapy alone.Listen to the full episode here

Aman Verjee has had one of the more unusual careers in finance. He started on Wall Street at Lehman Brothers, joined PayPal in its earliest days and worked alongside Peter Thiel and Elon Musk, and eventually became a venture capitalist in Silicon Valley. Along the way he developed an obsession with the history of finance, which led to his upcoming book, A Brief History of Financial Bubbles. He joined Coleman to talk about what the biggest bubbles of the last 500 years have in common, what they reveal about the societies that produced them, and what actually caused the 2008 crisis. Then they look at the questions that everyone is asking: Is AI a bubble, and how will it end? Learn more about your ad choices. Visit megaphone.fm/adchoices

Send us Fan MailMore than 160 million Americans live in federally designated mental health provider shortage areas. Even those with insurance often spend months searching for a therapist who takes their plan and has availability.Mark Frank, Co-Founder and CEO of SonderMind, joins host John Driscoll to discuss why fixing the provider infrastructure had to come before solving patient access, and how a fully integrated platform combining measurement-based care with AI-powered tools between sessions is producing outcomes up to 275% better than traditional therapy alone.

In early 2009, Paolo Poma found himself navigating what he recalls as a “really tough” period. At the time, he was helping steer Ducati through a leveraged buyout negotiated before the collapse of Lehman Brothers. Debt obligations had arrived just as markets were “plummeting,” Poma tells us, while lenders closely monitored covenant compliance and private equity owners pressed ahead with the deal.Poma remembers sitting with bankers and shareholders through repeated discussions about liquidity, budgets, and cash generation. “Planning cash was crucial because covenants on cash were really tight,” he tells us. The experience forced him to balance operational performance with financial discipline while uncertainty spread across global markets. Ducati ultimately avoided breaking its covenants, Poma tells us, and the period became one of the defining stretches of his finance career.The challenge also reinforced the leadership style that would later shape his tenure at Lamborghini. Trained originally as an engineer, Poma tells us he built his finance career by combining analytical rigor with business understanding. He later expanded his responsibilities from controlling to investor relations, treasury, and accounting before formally becoming CFO in 2011.Today, that long-view mindset influences how he approaches Lamborghini's growth. The company grew from roughly €200 million in revenue to nearly €2.4 billion over the last decade, Poma tells us, while maintaining a focus on profitability, product discipline, and sustainable expansion.

Michael Glover went from Lehman Brothers to an #entrepreneur of one of Long Island's new showcase #pickleball clubs. He'd  be the first to tell you he had no idea what he was doing when he started.In this episode, we talk about how Michael stumbled into pickleball, why he jumped into a second, bigger facility even as competition was exploding, and what actually keeps people coming back to his club even with a flood of new facilities on Long Island. We also get into why this game caught fire the way it did, what the banger vs. dinker debate says about where pickleball is heading, and why the rating system drives people crazy. Michael has great insights and advice on how to keep Pickleball sane and fun.  For existing and would-be entrepreneurs, the best part of this conversation is what Michael says is the only way you keep customers coming back. Spoiler-alert, it has nothing to do with marketing, sponsors or big events. 

May 19, 2026 – FS Insider interviews John Butler at Amphora Report, former managing director at Deutsche Bank and Lehman Brothers, on the interplay between rising global bond yields, Middle East tensions, and soaring tech sector valuations...

In this episode of The Industrial Real Estate Podcast, Chad Griffiths sits down with Aasif Bade, Founder & CEO of Ambrose — a industrial real estate developer based in Indianapolis — to break down what's really happening in the modern warehouse market in 2026.Aasif shares how he launched Ambrose just 45 days after the collapse of Lehman Brothers, why power availability is now the #1 factor when evaluating industrial sites, and what the record-breaking Q1 2026 leasing numbers mean for developers, investors, and tenants alike.They also dig into the supply shortage coming for entitled industrial land, the rise of automation and robotics driving power demand, and why Ambrose focuses on the "middle 80% of the country" for speculative development.--Connect with Aasif More from the Industrial Real Estate Podcast

Holding a significant portion of your wealth in one or a handful of individual stocks can be both exhilarating and nerve-wracking. While the rewards of watching a single company's meteoric rise can be life-changing, the risks of a lack of diversification are just as great. The problem is that liquidating these positions often means getting hit with daunting tax bills. We walk through practical solutions and the new tools now available to investors seeking diversification without immediate tax consequences.  The Real Risk of Concentration It's tempting to simply hang onto a winning stock, postponing taxes until you're in a lower bracket or retired. But over 90% of stocks underperform the market long term. Individual company fortunes can change abruptly—think Enron, Lehman Brothers, or stock collapses from $50 to $0.50. Banking your whole plan on one company's continued success is a risk that can jeopardize even the soundest of financial plans. Taking calculated steps to shift your assets, even if taxes are due eventually, is often essential for long-term stability. Modern Options for Tackling Concentrated Stock Technology and innovation in the investment industry are opening doors once reserved for the ultra-wealthy. Here are four tax-deferral solutions we discuss: 1. Exchange Funds Exchange funds allow investors to pool their highly appreciated stocks with others, resulting in a diversified basket—often 20–30 stocks. You maintain your original cost basis, and after a 7-year lock-up period, you can access a more diversified portfolio. There are usually high entry minimums ($250,000–$500,000) and the investor must be an accredited. It requires a long holding period and comes with added complexity, costs, and delayed K-1 tax forms. At the end, you still owe taxes if you sell, but you've reduced single-stock risk. 2. Section 351 Funds If you hold several different stocks or even ETFs that no longer fit your strategy, Section 351 exchanges allow you to transfer them into a new, broadly diversified fund with tax deferral. This is similar in spirit to a 1031 real estate exchange but designed for securities. This option gives you flexibility, but it only works with publicly traded investments in taxable (not retirement) accounts 3. Separately Managed Accounts (SMAs) SMAs have become popular for allowing greater customization. In an SMA, instead of owning an index fund, you hold the constituent stocks directly—allowing for tax loss harvesting and the exclusion of specific stocks. This offers personalized values-based investing but creates more complex tax reporting and can create complications for you and your CPA. 4. Tax Aware Long/Short Strategies Recently popular but highly complex, these leverage SMAs and add a long/short overlay, aiming to maximize loss harvesting regardless of overall market conditions. This uses leverage and shorting, increasing risk and management costs. It gives greater potential for tax loss harvesting, but introduces tracking error and liquidity constraints. This is best for specific, high-need scenarios.    Keep Your Broader Plan in Mind Always return to your broader financial plan. Look at that accumulated stock position in the context of your overall financial plan and everything else that's happening in your goals and life. These tactics are tools, not silver bullets. Sometimes, the simplest (if less glamorous) move—selling, paying taxes, and reinvesting—might be your best decision. Concentrated stock positions can be both an opportunity and a source of anxiety. Before chasing the latest "shiny object," evaluate your situation with the help of an advisor. Find the approach that aligns with your risk, liquidity needs, and long-term goals. Sometimes, boring really is better—for both your taxes and your sleep. Outline of This Episode 00:00 Discussing tax deferral options 03:42 Risks of relying on stocks 09:14 Evaluating stock donation options 12:49 Explaining Section 351 funds 14:29 Using ETFs for tax deferral 18:24 Considering life changes for tax planning 21:57 Evaluating investment advice sources   Resources & People Mentioned The Retirement Podcast Network   Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook   Subscribe To This Podcast   Apple Podcasts Stitcher Google Play  

Wall Street banker and public affairs commentator Mark Wittman explains for podcast host Rosemary Armao in layman's terms how rising prices, disputed interest rates, the price of gold and the strength of the dollar are being affected by war, politics and Donald Trump's bullying. Are you limiting how much driving you are doing because of rising gas prices?The most potentially damaging economic problem facing Americans now is: A. Rising national debt B. Increasing energy, food, and health care costs C. War-related market volatility threatening retirement benefits D. Threats to privatize Social SecurityMark Wittman is an Investment banker and capital markets specialist with 20-plus years advising executives and boards on global financing, capital structure, and M&A. His career spans Lehman Brothers, Bank of America Merrill Lynch, and SunTrust. Coverage focused on consumer products companies. He holds an MBA from NYU's Stern School of Business and an undergraduate degree from Trinity University.

Wall Street banker and public affairs commentator Mark Wittman explains for podcast host Rosemary Armao in layman's terms how rising prices, disputed interest rates, the price of gold and the strength of the dollar are being affected by war, politics and Donald Trump's bullying. Are you limiting how much driving you are doing because of rising gas prices?The most potentially damaging economic problem facing Americans now is: A. Rising national debt B. Increasing energy, food, and health care costs C. War-related market volatility threatening retirement benefits D. Threats to privatize Social SecurityMark Wittman is an Investment banker and capital markets specialist with 20-plus years advising executives and boards on global financing, capital structure, and M&A. His career spans Lehman Brothers, Bank of America Merrill Lynch, and SunTrust. Coverage focused on consumer products companies. He holds an MBA from NYU's Stern School of Business and an undergraduate degree from Trinity University.

This one is as action-packed and varied in scene as a James Bond movie.  John Ferrara is founder and CEO of Capstone Partners, the middle market investment bank.  John's story rolls through his upbringing in hardscrabble Brockton, MA to college at liberal arts enclave Wesleyan to an early career stop with Lehman Brothers on Wall Street, to two years of professional baseball in Australia.  Then business school at UCLA, partnership at Arthur Andersen and, in 2002, the founding of Capstone.  John discusses his ambitious early plans for a new investment bank, the buildup of Capstone through a series of acquisitions, and the decision to sell to Huntington Bank in 2022.  John and the hosts wrap up discussing some personal challenges and life philosophy that applies to but transcends the world of finance.   

Start your journey to financial independence. Learn how you can be an Empowered Investor today! Get your tickets to https://empoweredinvestorlive.com/ now! See you all on May 15-17, 2026, Friday to Sunday. This Flashback Friday is from episode 1413 published last Mar 17, 2020.  Can we talk about something else? Jason Hartman invites Michael Ainslie to the show to discuss his book, A Nose For Trouble. As well, Michael shares his business tactics helping to grow Sotheby's in his time with the company. In his stories as Director of Lehman Brothers, Michael talks about SATURDAY MORNING, the weekend that changed Wall Street forever, and some hypotheticals had things gone differently in 2008. And finally, Michael shares a brief story about the beginning of The Posse Foundation.    Websites: www.JasonHartman.com www.ANoseForTrouble.com Jason Hartman PropertyCast (Libsyn) Jason Hartman PropertyCast (iTunes) www.holisticsurvival.com/   #EmpoweredInvestor #RealEstateInvesting #InvestmentMindset #DirectInvesting #SelfManagement #Compounding #InflationInducedDebtDestruction #WealthBuilding #PropertyTracker #IncomeProperty #FinancialFreedom #DataStandardization #WallStreetExit #PassiveIncome #PropertyManagement  _______________________________________________________________ Follow Jason on TWITTER, INSTAGRAM & LINKEDIN Twitter.com/JasonHartmanROI Instagram.com/jasonhartman1/ Linkedin.com/in/jasonhartmaninvestor/ Call our Investment Counselors at: 1-800-HARTMAN (US) or visit: https://www.jasonhartman.com/ Free Class:  Easily get up to $250,000 in funding for real estate, business or anything else: http://JasonHartman.com/Fund CYA Protect Your Assets, Save Taxes & Estate Planning: http://JasonHartman.com/Protect Get wholesale real estate deals for investment or build a great business – Free Course: https://www.jasonhartman.com/deals Special Offer from Ron LeGrand: https://JasonHartman.com/Ron Free Mini-Book on Pandemic Investing: https://www.PandemicInvesting.com

Like other self-help gurus of the time, Norman Vincent Peal targeted the lonely travelling salesman. But his message was also marketed to corporate executives, who were promised that the true power of positive thinking lay in the great dividends it would yield if they could sell it to their workforce. This episode of The Gentle Rebel Podcast builds on the first part of this mini-series, where we saw Peale’s roots in the New Thought movement of the 1800s. In this one, we examine how Peale encouraged a corporate embrace of positive thinking so that individuals would attribute all of their success and failure to the quality of their mindset and attitude. We look at the surprising role of Positive Thinking in the 2008 global financial crash. https://youtu.be/4U0Yk4Zryrw?si=JBLU4f-7VbPA6ZWU The Lonely Travelling Salesman and the Birth of a Corporate Tool In The Power of Positive Thinking, Peale recalls his encounters with travelling salesmen. They were on the road, feeling dejected, struggling to make sales, and lacking confidence. He prescribed visualisation, encouraging followers to “Formulate and stamp indelibly on your mind a mental picture of yourself as succeeding. Hold this picture tenaciously. Never permit it to fade.” Peale treats this lonely reality as an unchangeable and natural state of being. He doesn’t question the corporate culture that has made this a way of life for an increasing number of people. Instead, he offers a hand on the shoulder, with advice to ease the natural despair and unhappiness that accompany it. He quotes psychiatrist Dr. Karl Menninger, who said, “Attitudes are more important than facts.” He adds, “That is worth repeating until its truth grips you… You may permit a fact to overwhelm you mentally before you start to deal with it actually. On the other hand, a confident and optimistic thought pattern can modify or overcome the fact altogether.” In other words, it doesn’t matter what is true. What matters is what you want to be true. Believe wholeheartedly, and it will come to pass. This reminded me of a quote from Ivanka Trump’s self-help book, The Trump Card: Playing to Win in Work and Life, which is a descendant of Peale, with the family attending his church and being greatly influenced by his teaching. Ivanka wrote: “Perception is more important than reality. If someone perceives something to be true, it is more important than if it is in fact true. This doesn’t mean you should be duplicitous or deceitful, but don’t go out of your way to correct a false assumption if it plays to your advantage.” Motivational Downsizing and the Rise of Outplacement Firms Barbara Ehrenreich suggests, “In the hands of employers, positive thinking has been transformed into something its nineteenth-century proponents probably never imagined—not an exhortation to get up and get going but a means of social control in the workplace, a goad to perform at ever-higher levels.” The book also paved the way for “motivational downsizing”. Between 1981 and 2003, about 30 million full-time American workers lost their jobs due to corporate downsizings. Ehrenreich highlights how workplaces deliberately instil a positive outlook. Employers bring in motivational speakers and distribute free copies of self-help books. The 1998 mega–bestseller Who Moved My Cheese? was a big favourite for this, cleverly encouraging an uncomplaining response to layoffs. Shifting Responsibility Onto The Individual Companies were learning to shift responsibility from themselves to individuals. Outplacement firms were employed to groom laid-off workers, limit ill will, head off wrongful-termination suits, and protect against bad-mouthing by former employees. The owner of such a firm said, without irony, that “Losing a job is a step forward in your life.” This double-speak casts redundancy as a growth experience. A self-retreat. A deserved time out. Something for which you should be grateful. Ehrenreich recounts the story of an employee who was compelled to work with an outplacement firm after being laid off. He was advised not to discuss his job loss with anyone for a month. He later recalled, “It was good advice. I was so bitter, I would have said things that would have been bad for me.” This is a shrewd move that not only keeps potentially disgruntled employees quiet but also leads them to believe their greatest enemy is internal. In examples like this, the power of positive thinking really does pay dividends…for organisations. Did The Power of Positive Thinking Cause a Global Financial Crash? Ehrenreich writes that some of those who predicted the 2008 financial crash were warned to change their attitude or risk losing their job. Mike Gelband, who ran the real estate division of Lehman Brothers, expressed fears about what he believed to be a real estate bubble. He suggested to Lehman CEO Richard Fuld during his 2006 bonus review that they needed to rethink their business model. He was promptly fired. Two years later, Lehman went bankrupt. Lehman Brothers went against their own best interests to maintain this strange, superstitious belief in the magic of positive thinking. This mindset encourages us to see the messenger as the problem rather than as a gateway to knowledge and solutions. How Peale Cherry-Picked and Even Invented Bible Verses to Reinforce His Version of Reality Peale cites Job 3:25 from the Bible, “For the thing which I greatly feared is come upon me.” The story of Job is that he is a righteous man who loses his children, health, and wealth when God permits Satan to test his faithfulness. Peale takes liberties with his interpretation, writing, “If you fear something continuously, you tend to create conditions in your mind propitious to the development of that which you fear.” In other words, he blames Job’s attitude for the horrors inflicted on him by an external force (Satan). He then shares another Bible verse, “That which I have greatly believed has come upon me,” which may leave some people scratching their heads, because he has made it up. “It does not make that statement in so many words,” he continues. “And yet again and again and still again, the Bible tells us that if we have faith, ‘nothing is impossible’.” Peale paints fear as negative thinking and belief as positive thinking. So let’s run with this logic and apply it to Mike Gelband at Lehman Brothers. Gelband feared the housing bubble. According to Peale’s superstitious model, Gelband’s fear itself would have been the problem, not the risky loans, deregulation, or greed. That sounds extreme, doesn’t it? But it’s exactly what’s written in The Power of Positive Thinking. What Other Crises Are We Sleepwalking Into? This is a complete disregard for maturity, wisdom, and truth. When we view it this way, the power of positive thinking undermines our capacity to think clearly and critically when it matters most. It silences reason, logic, and insight. That IS powerful.

Markets are often viewed through numbers, charts, and economic data, but there is another layer influencing how they move.  How can advisors better understand these forces and connect them to portfolio performance? And how can they explain those movements in a way that resonates with clients? In this episode, Jeremy Houser interviews Ronnie Sadka, Founder and Managing Partner of MKT MediaStats and Professor at Boston College's Carroll School of Management, about narrative-driven investing. He explains how media data, behavioral finance, and systematic research can help advisors track what is driving market attention. Ronnie also shares how identifying narrative momentum and asset sensitivity can provide clearer explanations for performance and offer a different lens on diversification and long-term strategy. Ronnie discusses: How public narratives can influence markets before they fully appear in asset prices Why slow-moving themes like inflation, AI, and conflict may affect portfolios over time How MKT MediaStats tracks digital media data to quantify market attention Why advisors can use narrative exposure to explain portfolio movement to clients How long-short strategies may add a different source of portfolio diversification And more! Connect with Ronnie Sadka: LinkedIn: Ronnie Sadka Website: MKT MediaStats Website: Boston College Carroll School of Management Connect with Jeremy Houser: jeremy.houser@simplicitygroup.com 713-808-8548 Schedule a Call Our Teams Website Connect with Jeremy @jeremyhouser_amp @jeremyhouserAMP About Our Guest: Ronnie Sadka is the founder and managing partner of MKT MediaStats, senior associate dean for faculty, chairperson and professor in the Seidner Department of Finance, and the Haub Family Professor at the Boston College Carroll School of Management. His research focuses on the liquidity in financial markets. Ronnie is a frequent speaker at academic and practitioner conferences, his work has appeared in various outlets including Journal of Finance, Journal of Financial Economics, Journal of Accounting Research, Journal of Accounting and Economics, Journal of Financial and Quantitative Analysis, and Financial Analysts Journal, and has been covered by New York Times, Wall Street Journal, and CNBC. Prior academic experience includes teaching at the University of Chicago (Booth), New York University (Stern), Northwestern University (Kellogg), and the University of Washington (Foster). Industry experience includes Goldman Sachs Asset Management and Lehman Brothers (quantitative strategies). Sadka recently served on the economic advisory board of NASDAQ OMX. Professor Sadka earned a B.Sc. (Magna Cum Laude) in industrial engineering and a M.Sc. (Summa Cum Laude) in operations research, both from Tel-Aviv University. He received a Ph.D. in finance from Northwestern University (Kellogg). Disclosure #: 5366624 – 0526

Markets aren't just about stocks and bonds anymore; they're about access, structure, and who you're investing alongside. In this episode, Michael Parise sits down with Jeff Coury II and Tom Deutsch of The Coury Firm to unpack how high-net-worth families are navigating public and private markets, and why traditional portfolio strategies may no longer be enough. They share how their multi-family office approach evolved from business advisory into full-scale asset management, as well as why alternative investments are playing a bigger role than ever. Listen in to learn how families transition after a liquidity event, why private markets can offer stronger long-term opportunities, and how The Coury Firm built its P.I. Gateway platform to solve access, diversification, and administrative challenges in alternative investing. What you'll take away: How multi-family offices manage complex family wealth The difference between single-family and multi-family offices What happens after a major liquidity event Why alternative investments are growing in importance How to evaluate private equity and hedge fund opportunities The risks and rewards of illiquid investments How to access institutional-quality investments The role of long-term thinking in portfolio construction And more! Connect with John and Michael Parise: 856-988-8300 Copper Beech Financial Group LinkedIn: John Parise  LinkedIn: Michael Parise  LinkedIn: Copper Beech Financial Group, LLC Facebook: Copper Beech Financial Group, LLC Connect with Jeff and Tom: LinkedIn: Jeff Coury II LinkedIn: Tom Deutsch The Coury Firm About Our Guests:  Jeff Coury II is President & Co-Chief Investment Officer at The Coury Firm, a multi-family office and financial services firm with over 40 years of experience advising business owners and high-net-worth families. He focuses on asset management, strategic capital allocation, and building investment platforms that provide access to institutional opportunities. Tom Deutsch is Co-CIO of The Coury Firm and brings over 20 years of investment experience, including time at Lehman Brothers and Neuberger Berman. He specializes in portfolio construction, manager selection, and aligning investment strategies with long-term client goals. Together, they oversee investment strategy across public and private markets, helping families build and preserve wealth across generations.

En este episodio charlo con Sergio Furió, fundador y CEO de Creditas, una de las fintech más relevantes de Latinoamérica. Sergio acabó dejando una carrera corporativa muy atractiva en NY para mudarse a São Paulo y construir desde cero una compañía centrada en abaratar el crédito en Brasil mediante préstamos con garantía.La conversación recorre su entrada en el mundo financiero, el aprendizaje de ver nacer startups como Olapic y la decisión de emprender en un país donde no tenía red local. Sergio explica con detalle cómo empezó con un proyecto de contenido financiero, comparadores y generación de leads hasta descubrir que la verdadera oportunidad estaba en estructurar crédito garantizado y conectar esa originación con inversores de renta fija.También hablamos de los momentos duros: los primeros años sin tracción suficiente, las 130 negativas de inversores, el pivot que cambió el modelo de negocio, la entrada de grandes inversores internacionales, el crecimiento acelerado entre 2016 y 2021, la subida de tipos de interés en 2022 y la transición hacia una compañía rentable que quiere facturar 1.000 millones y hacer una salida a Bolsa en 2028. Una conversación muy útil para entender cómo piensa un fundador cuando tiene que decidir entre crecer, preservar caja, automatizar, reducir complejidad y seguir reinvirtiendo en un mercado que todavía considera enorme.Episodio patrocinado por FINNK.com, servicio digital respaldado por Kutxabank para invertir desde 1.000€ en carteras diversificadas a largo plazo, con comisiones competitivas y un peso elevado en acciones (mínimo 60%) para quienes buscan crecimiento y aceptan la volatilidad del camino. TEMAS00:00 Introducción01:35 Los inicios: De ESADE al Deutsche Bank04:20 El salto a Boston Consulting Group (BCG) y el enfoque estratégico07:40 Experiencia en Nueva York: Trabajando con los grandes bancos americanos10:20 Quiebra de Lehman Brothers y el caos que provocó13:45 Compra y transformación de Compass Bank por BBVA17:30 Olapic: Su primera inversión en startups y el aprendizaje con Pau Sabriá20:00 El origen de Créditas: dejar el mundo corporativo para emprender en Brasil23:00 La ingenuidad del emprendedor: ¿Existe una edad ideal para emprender?28:00 Los primeros meses de Créditas (Bank Fácil)31:00 La anomalía de Brasil: Tipos de interés al 130%33:00 El mercado inmobiliario brasileño: Casas sin hipoteca y oportunidad de crédito38:10 Estructurando el marketplace: Conectando las hipotecas con los inversores de renta fija48:00 La travesía del desierto: Resiliencia y cultura del esfuerzo57:15 El pivot crítico: Dejar de trabajar con bancos para montar fondos propios01:01:00 ¿Cómo ganar mucho más margen? Apropiándose de la cadena de valor financiera01:03:30 La era del crecimiento masivo: La entrada de Softbank y el Vision Fund01:06:00 El reto de la rentabilidad: De quemar 1M€ al día a ser autosustentable01:12:00 El camino hacia la IPO (salida a Bolsa) en 2028: Pros y contras01:14:35 Gestionar Créditas desde Madrid: El modelo de trabajo 100% remoto01:17:30 Cartera de inversión personalMás info en mi blog en Rankia:https://www.rankia.com/blog/such/7309141-117-dejar-banca-para-reinventar-credito-brasil-sergio-furio-creditas

Мет Меґенс будував фінтех поки інші писали про фінанси. Майже 800 тисяч клієнтів, Lehman Brothers за плечима, і одна з найчесніших книг про особисті гроші, яку я читав.У цьому епізоді:Чому всі говорять про інвестиції і мовчать про витратиБанки, підписки, ретейл, соцмережі: хто і як забирає ваші грошіМаркетинг vs реальність: дрібний шрифт і 7% річнихCPU: чому дорогий одяг може бути дешевшим за дешевийDON: Daily One Number — ваш щоденний фінансовий пульсХороші та погані звички витрат і 4 фази витратДвоє друзів з £5 мільйонами: чому один щасливий, а інший ніSunny-Day Fund і подвійний дофамінПрактика: п'ять кроків з яких почати сьогодніКнига: Mat Megens — 10 Things I Love About Moneyhttps://www.amazon.co.uk/10-Things-Love-About-Money/dp/1399818368HyperJar (Великобританія): https://www.hyperjar.comWiseWallet для українців (безкоштовно + інтеграція з Монобанком): https://wisewallet.ai00:00 Витрати vs Інвестиції: Чому це важливо?02:50 Книга Мет Меганса: 10 речей про гроші05:45 Банки та їхні інтереси09:02 Психологія витрат: Як ми витрачаємо гроші?11:54 Ціна за використання: Практичні поради12:49 Вартість та якість: довгострокові рішення14:16 Daily One Number: усвідомленість у фінансах16:13 Погані та хороші фінансові звички18:36 Чотири фази витрат: усвідомленість у покупках20:55 Гроші та щастя: справжні пріоритети21:54 Практичні поради для фінансового контролюЗворотній зв'язок та реклама: flow@kindgeek.comПідписатися на email-розсилку: http://eepurl.com/iQh5ag Мої соцмережі:Twitter: https://x.com/ygnatyuk_Facebook: https://www.facebook.com/gnatyuk.yuriy/ Telegram: ⁠⁠⁠⁠⁠⁠https://t.me/yuragnatyuk Instagram: https://www.instagram.com/y.gnatyuk/ https://easy-flow.ai ⁠— Якщо вашому бізнесу потрібна AI-автоматизація, звертайтесь — будемо раді допомогтиПідтримати на ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Монобазі⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: https://base.monobank.ua/23jb5xcs3f8yyz#subscriptions

Oil Prices, the Strait of Hormuz, and What It Means for Your Retirement Portfolio When a geopolitical crisis sends oil prices surging, the effects ripple through nearly every corner of the economy — and that includes your retirement savings. On this week’s episode of The Financial Hour of the Tom Dupree Show, Tom Dupree Jr. and Mike Johnson broke down exactly what’s driving elevated oil and gasoline prices right now, what history tells us about these moments, and — most importantly — how Dupree Financial Group is actively managing client portfolios in response. If you’re thinking about retirement or already in retirement, this conversation is one you’ll want to understand. Why Oil Prices Are Surging Right Now The immediate cause is the closure of the Strait of Hormuz, a narrow waterway through which roughly 20–25% of the world’s daily oil traffic passes — approximately 8 to 9 million barrels per day. According to U.S. Energy Information Administration data, 89% of that oil is ultimately destined for Asia, with China receiving around 38% and India approximately 14–15%. This isn’t primarily a U.S. supply problem — but it is absolutely a U.S. pricing problem. As Tom Dupree Jr. explained on the show, American oil — West Texas Intermediate — is priced in a global market. When global supply is disrupted, domestic prices rise regardless of whether the U.S. is importing that oil. “When the world oil market goes up, our oil goes up regardless of whether we are buying it from anywhere else. So it even affects us here in the U.S., even though we are energy independent.” — Tom Dupree Jr. The Strategic Petroleum Reserve: A Band-Aid, Not a Fix A natural question is whether the U.S. Strategic Petroleum Reserve (SPR) can ease the pressure. The short answer: not meaningfully. According to the EIA’s SPR data, the reserve holds oil in 60 salt caverns along the Gulf Coast in Texas and Louisiana, with a maximum capacity of 714 million barrels. As of early March, the SPR held approximately 415 million barrels — representing roughly 125 days of supply — but its maximum release rate is only about 4.5 million barrels per day, a fraction of the daily volume bottlenecked through the strait. It also takes around 13 days for released oil to reach the market. Mike Johnson put it plainly: this is a supply chain bottleneck, not a shortage of oil. “Think about what happened during COVID with supply chain issues. This is the same scenario, maybe worse. It just happens to be with oil.” — Mike Johnson Short-Term Inflation, Long-Term Uncertainty High oil prices touch virtually everything — plastics, fertilizer, transportation, heating, cooling, and even the energy demands of AI computing infrastructure. Fertilizer inputs, including urea and ammonia, also pass through the strait, creating additional upward pressure on food costs that could affect companies like Caterpillar and John Deere further down the supply chain. In the short term, elevated oil prices are inflationary. But if the disruption causes a broader economic slowdown, deflationary forces could eventually follow. The FINRA investor education resources regularly caution that geopolitical shocks create exactly this kind of dual-directional uncertainty — and that reacting impulsively can do more harm than the event itself. The bond market is already reflecting this tension. As Tom noted on the show, the 30-year government bond appears to be heading back toward 5%, as fixed income investors price in the possibility that inflation may not be fully contained — and that the Fed may hold rates steady for the remainder of the year. What History Tells Us About War and Market Volatility Mike Johnson reviewed the historical record during the episode, and the findings may surprise you. Historically, market volatility spikes at the onset of a conflict but tends to recover relatively quickly. More instructive is what happens during extreme volatility clusters — periods when large moves, both up and down, happen on back-to-back days. The 2008–2009 financial crisis is the clearest example. Following the Lehman Brothers bankruptcy on September 15, 2008, the market experienced a sequence of 4–8% swings — up and down — within the same week. As Mike pointed out, those kinds of moves translated to 3,000-point Dow swings, similar to what investors saw on “Liberation Day” earlier this year. “When you have these clusters of volatility, it shakes all investors to their core. It’s ultimate fear and ultimate greed, literally back-to-back days.” — Mike Johnson Trying to trade through that kind of volatility is, in practice, nearly impossible. The window to act is measured in hours, not days — and you don’t know which direction the next move will be. How Dupree Financial Is Managing Portfolios Right Now This is where personalized portfolio management matters most. Rather than riding out the volatility passively or reacting emotionally, the Dupree Financial team made deliberate, research-driven moves this week. Trimmed energy positions: The team took partial profits on two energy holdings — one exploration and production company and one large integrated oil company — that had appreciated 15–25% due to the current bottleneck. They did not sell entirely, recognizing that the situation could persist, but reduced exposure to a scenario they cannot predict. Preserved cash and optionality: The proceeds were partially redeployed into a shorter-term bond position at approximately 3.71% yield, while keeping some in cash to maintain flexibility for future opportunities. Maintained dividend-paying positions: Most holdings in client portfolios continue to pay dividends, providing income regardless of short-term price swings. Positioned for potential buying opportunities: If markets experience a capitulation event — a sharp sell-off where stocks become “stupidly cheap,” as Tom described it — having cash on hand means the ability to act rather than watch. Tom framed the profit-taking this way: trimming energy stocks that had appreciated 15–25% in roughly two and a half months was equivalent to capturing three to four years of dividend income in a single move — a perspective that reframes “selling high” as disciplined income harvesting. “You let the market tell you when it’s time to sell. We’ve had several positions that we bought at reasonable prices, and over time the market got very, very happy about those particular stocks. And finally it became a compelling thing to let the market have it.” — Tom Dupree Jr. This approach — owning things at reasonable valuations, monitoring current yield as a measure of risk, and acting when the market offers the opportunity — reflects the investment philosophy Dupree Financial has built its practice around. It stands in contrast to a set-it-and-forget-it mutual fund approach or the kind of mass-market allocation model offered by large national firms that assign clients to counselors rather than connecting them directly to the people managing their money. Key Takeaways for Investors Thinking About or In Retirement The Strait of Hormuz closure is a supply bottleneck, not a shortage — oil prices are high because delivery is disrupted, not because oil has become scarce. Duration is the key variable. The longer the blockade lasts, the deeper the economic impact. The market is pricing in uncertainty because nobody knows the timeline. Oil companies are not a one-way bet. When the strait reopens, prices could fall sharply — possibly to the $50 range, according to at least one analyst — meaning energy stocks could give back gains quickly. Volatility clusters. During high-uncertainty periods, large market moves — up and down — tend to happen in rapid succession. Trying to trade them is a losing game for most investors. Cash has strategic value. Having liquidity during volatile markets means having the ability to buy quality assets at depressed prices — an advantage a fully-invested, static portfolio doesn’t have. Income-focused investing provides an anchor. When you’re in or approaching retirement, dividends and bond coupons keep cash flowing even when prices are moving unpredictably. For more perspective on how global markets are moving, visit the Market Commentary archive on the Dupree Financial website. Frequently Asked Questions How do rising oil prices affect my retirement portfolio? Higher oil prices can be inflationary in the short term, which may pressure the Federal Reserve to hold interest rates higher for longer. That can create headwinds for both stocks and bonds. For retirees drawing income from their portfolios, sustained inflation also erodes purchasing power. A portfolio built around dividend income, short-duration bonds, and carefully valued equities is generally better positioned to navigate this environment than one relying purely on price appreciation. Should I sell my energy stocks during the Strait of Hormuz crisis? Not necessarily — but taking partial profits after a 15–25% run may be prudent, especially in a retirement portfolio. The uncertainty around how long the blockade lasts cuts both ways: prices could go higher, or the situation could resolve and oil could fall sharply. Trimming rather than selling entirely allows you to capture gains while keeping some exposure to a continued rally. Is the Strategic Petroleum Reserve enough to stabilize oil prices? No. While the SPR currently holds approximately 415 million barrels, it can only release around 4.5 million barrels per day and takes roughly two weeks to reach the market. That’s a fraction of the volume being bottlenecked through the Strait of Hormuz. The SPR is useful as a short-term pressure valve but cannot replace the full flow of international oil traffic. What should retirees do when markets are extremely volatile? Avoid making large moves based on short-term headlines. Volatility tends to cluster — meaning big down days are often followed by big up days, and vice versa. Investors who sell in panic often miss the recovery. Maintaining a clear plan, holding dividend-paying positions for income, and preserving some cash to deploy on attractive opportunities is a more disciplined approach for long-term retirement investors. Why does the price of oil affect Americans even if the U.S. is energy independent? Because oil is priced in a global market. West Texas Intermediate crude, the U.S. benchmark, trades based on worldwide supply and demand dynamics. When global supply is disrupted — regardless of where that oil was originally headed — U.S. prices rise in tandem with international prices. Is Your Portfolio Ready for What Comes Next? Moments like this one — oil supply shocks, bond market volatility, uncertain Fed policy — are exactly when the difference between a personalized investment strategy and a generic one becomes most visible. At Dupree Financial Group, our team does our own in-house research and manages client portfolios directly. You’ll always have access to the people making decisions about your money — not an assigned counselor at a call center. If you’re not certain what you own in your portfolio or why, now is a good time to find out. We offer a complimentary portfolio review with no obligation. Schedule your review online or call us directly at (859) 233-0400. → Request Your Personalized Portfolio Analysis Dupree Financial Group is an SEC-registered investment advisor. The information presented in this podcast and blog post is for educational and informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal. Please consult with a qualified financial professional before making any investment decisions. To learn more, visit SEC.gov/investor. The post Oil Prices, War, and Your Retirement Portfolio appeared first on Dupree Financial.

IN THIS EPISODE: Every organization begins by serving customers. Not all of them get it right — or keep it that way. So where does the customer  relationship break down? In this episode, Denise Silber speaks with HBS MBA Caroline Evans de Gantes, a transformation leader who has spent more than two decades helping companies design strategy, culture, and operations around customer love as an organizing principle. Caroline recalls arriving at Harvard Business School in 2008 just as the Lehman Brothers collapse unfolded — an experience that shaped her leadership perspective: progress comes from experimentation, learning quickly, and working closely with frontline teams. Drawing on transformations across industries known for difficult customer relationships, she shares what it takes to reconnect organizations with the people they serve. From mobile phone insurance and broadband installation to the transformation of leading real-estate marketplace SeLoger within the Aviv Group, the conversation explores how leadership culture, incentives, and technology can be realigned around customers — and how doing so improves business performance. Throughout the discussion, Caroline shows that making customer love an organizing principle starts on Day 1. GUEST BIO: Caroline Evans de Gantès, a 2010 MBA graduate of the Harvard Business School, has over 20 years experience transforming offline industries by placing the client front and center. From insurance to telecommunications  to real estate, Caroline has deployed this approach to transform culture, product, and strategy, and turn profits around. Most recently, Caroline led a transformation at SeLoger (a 30 year old French real estate marketplace) to 2X the growth rate and a great NPS (Net Promoter Score), through redesigning culture, organisation, and business model. She merged SeLoger, and other real estate companies in France, launched new services to take back market share from rivals and championed a customer-centric culture in France, Belgium, and Germany. The resulting business, Aviv, is the leading European real estate marketplace with 50M monthly active users.  Caroline is originally from the State of Mississippi and has fashioned a career as the bridge between people and technology and the US and Europe. 

Alex has 20 years of experience at the intersection of finance and data. He has been a global macro investor at firms like Bridgewater Associates and a proprietary volatility trader at Lehman Brothers. Prior to his career as a data-driven speculator, Alex received an MBA from Stanford Business School, an MPhil in Economics (Game Theory) from the University of Oxford, and a BA (Hons) in Economics from McGill University. In this podcast, we discuss: Fantasy Baseball to Prop Trading Diversification as the "Free Lunch" Gold vs. The Chinese Credit Bubble Silver as the "Money that Generates Electricity" The "Long API, Short Slides" Thesis China's Sceptical Data Copper vs. Iron Divergence The Future of Systematic Investing 

In this episode, Lex chats with Yoshi Yokokawa, CEO of Alpaca — a brokerage infrastructure company that provides API-based trading and custody services to fintechs and developers globally. The conversation begins with their shared experience at Lehman Brothers during the 2008 financial crisis, where Yoshi worked in fixed income securitization and learned that even when market participants sense a bubble, they keep dancing because timing the exit is impossible. After Lehman's collapse, Yoshi pursued entrepreneurship, building a computer vision AI company acquired by Kyocera before founding Alpaca in 2017. Initially inspired by Robinhood, Yoshi pivoted after experiencing firsthand the friction of accessing brokerage infrastructure—realizing the deeper opportunity was building API-first brokerage rails for developers. Today Alpaca powers 9 million accounts through 300+ partners across 45 countries, recently raising $150 million at a unicorn valuation. The discussion explores how Alpaca follows Robinhood's product roadmap to anticipate partner demand, the challenges of adding crypto, and Yoshi's thesis that finance is undergoing a generational shift from digital to on-chain operations. Lex shares examples of legacy infrastructure dysfunction—from faxing PDFs to TD Ameritrade in 2012 to the Synapse collapse caused by manual CSV uploads—illustrating why Alpaca built its own custody and ledger systems as a path to competing in the $350 trillion global securities custody market. NOTABLE DISCUSSION POINTS: Alpaca's biggest breakthrough was not a better investing app idea, but recognizing that the real bottleneck was brokerage infrastructure. Yokokawa and team initially explored B2C product concepts, but pivoted once they experienced firsthand how painful broker-dealer setup, custody, and clearing integrations were. For readers building fintech, this is a huge lesson: the highest-value opportunity is often the “invisible” infrastructure pain, not the user-facing feature set. They found product-market fit by starting with a narrow wedge (API for automated traders) and only then expanding into a broader platform (Broker API for fintech apps). Alpaca did not begin by serving large fintechs; it first attracted power users who urgently needed programmable execution, then used inbound demand (“can I build my own Robinhood?”) as proof to build account opening, reporting, and full brokerage APIs. This is a valuable go-to-market pattern for infrastructure startups: win with a sharp use case, then expand into the system of record. Yokokawa's core strategic edge is full-stack control of licenses, memberships, and ledger technology rather than relying on legacy vendors. He explicitly ties this to lessons from historical fintech fragility (manual workflows, broken reconciliations, middleware failures) and argues that owning the custody/clearing layer is what makes Alpaca defensible long term. For readers, this is the key takeaway on moat-building in financial services: if you don't control the ledger and operational core, your product may scale faster at first but remains structurally fragile. TOPICS Alpaca, Lehman Brothers, Barclays, Nomura, Neuberger Berman, Blackrock, Robinhood, Interactive Brokers, TD Ameritrade, BNY Mellon, Brokerage infrastructure, API, trading, tokenization, embedded finance, fintech, crypto, web3   ABOUT THE FINTECH BLUEPRINT

El colapso de Lehman Brothers en 2008 no fue un accidente aislado, sino la consecuencia de excesos acumulados en el sistema de crédito. Hoy, el crecimiento acelerado del private credit, el uso de estructuras como el Payment in Kind (PIK) y el comportamiento de los Credit Default Swaps (CDS) están generando preguntas similares sobre el ciclo de deuda. En este episodio analizamos: El crecimiento explosivo del mercado de crédito privado. Cómo el PIK puede distorsionar la percepción de morosidad. Qué están señalando los CDS sobre riesgo sistémico. Por qué empresas como Oracle pueden anticipar tensiones en el ciclo tecnológico. Cómo navegar un entorno donde la complacencia puede ser el mayor riesgo. No se trata de generar miedo, se trata de leer el ciclo con criterio. La historia financiera no se repite exactamente, pero rima. Y cuando el crédito empieza a deteriorarse, los efectos pueden amplificarse. Mira el episodio completo y fortalece tu criterio para navegar el ciclo de deuda con visión de largo plazo. 

From Olympic sprinter to trusted advisor helping entrepreneurs save millions in taxes, David Flores Wilson shares proven strategies for QSBS planning, equity compensation design, and preparing business owners for successful exits both financially and personally. In this episode of the DealQuest Podcast, host Corey Kupfer sits down with David Flores Wilson, CFA, CFP, Managing Partner at Sinceres, who advises entrepreneurs and business owners in New York City on personal financial planning from formation to exit and beyond. David is a multiple Investopedia Top 100 Financial Advisor whose guidance has appeared in CNBC, Yahoo Finance, the New York Times, US News and World Report, and Investment News. WHAT YOU'LL LEARN: In this episode, you'll discover how QSBS planning can potentially exclude $10 million to $70 million or more in capital gains from taxes when structured correctly, why LLC to C Corp conversion timing creates dramatic differences in tax outcomes, and how QSBS stacking through non-grantor trusts multiplies exclusions. David shares why equity compensation plans often fail to motivate the specific people they target and what questions to ask before choosing a vehicle. You'll also learn about the personal readiness component of exit planning that determines whether entrepreneurs thrive or struggle after selling their businesses. DAVID'S JOURNEY: David's path to financial planning started with entrepreneurial instincts in an unexpected place. Growing up in Guam, he ran a comic book arbitrage business as a kid, discovering price differences between local stores and mainland mail-order catalogs. His father was a CPA with a home office, and despite wanting nothing to do with accounting, David absorbed financial concepts through osmosis that would later prove invaluable. After college at UC Berkeley, David joined Lehman Brothers and worked through the financial crisis. During that time, colleagues started coming to him with financial planning questions, and he realized helping people with their money was his true passion. He sat on that realization for years before eventually transitioning to financial planning. When Covid hit in 2020, David and his partner Dan Ryan launched Sinceres, and the firm has been growing since. OLYMPICS LESSON: David represented Guam in track and field at the 1996 Atlanta Olympics, competing in the 200 and 400 meters. The experience taught him something crucial about career selection. Unlike running, where pushing harder brings diminishing returns and constant injury risk, financial planning offers the opportunity to improve incrementally every single day. That compounding knowledge approach now drives how he serves clients. KEY INSIGHTS: QSBS planning stands out as potentially the most powerful tax planning tool for qualifying entrepreneurs. C Corps meeting holding period and active business requirements can exclude $10 million in gains, or 10 times basis for older shares, with new legislation increasing that to $15 million. The planning becomes even more powerful with LLC conversions where market value at conversion becomes the QSBS basis. The biggest mistake with equity compensation involves choosing vehicles based on what owners like rather than what motivates specific employees. "Equity" can mean participation in profits, upside potential, a seat at the table, or financial disclosure. Different people value these differently, and the best planning starts with understanding objectives before selecting tools. Exit planning involves three components that David implements from the first meeting with business owners. Getting personally ready addresses what provides purpose after selling. Getting financially ready ensures the numbers work. Getting business ready covers everything from customer concentration to management team development. The recent One Big Beautiful Bill Act has changed QSBS holding periods, SALT deductions, and AMT rules. Business owners should review their planning with advisors rather than assuming previous strategies still apply. Perfect for entrepreneurs considering entity structure decisions, business owners thinking about exit planning, and anyone interested in tax-efficient wealth building strategies. FOR MORE ON THIS EPISODE: https://www.coreykupfer.com/blog/davidfloreswilson FOR MORE ON DAVID FLORES WILSON: https://www.planningtowealth.com https://www.linkedin.com/in/davidfloreswilson/ FOR MORE ON COREY KUPFER https://www.linkedin.com/in/coreykupfer/ https://www.coreykupfer.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today! Episode Highlights with Timestamps: [00:00] - Introduction: David Flores Wilson's credentials and areas of expertise [02:55] - Growing up in Guam with a comic book arbitrage business and CPA father [07:58] - Representing Guam at the 1996 Atlanta Olympics and career lessons from athletics [09:28] - QSBS fundamentals: Exclusions, holding periods, and qualifying business requirements [10:45] - LLC to C Corp conversions and the basis multiplication strategy [11:40] - QSBS stacking through non-grantor trusts and family gifting [19:40] - Equity compensation design: Why attraction, retention, and incentive vehicles often miss the mark[28:37] - Journey from Lehman Brothers through the financial crisis to launching Sinceres [31:59] - Exit planning framework: Personal, financial, and business readiness [41:27] - Recent tax law changes from the One Big Beautiful Bill Act [44:09] - What freedom means: Making impact through continuous improvement Guest Bio David Flores Wilson, CFA, CFP, is Managing Partner at Sinceres, advising entrepreneurs and business owners in New York City on personal financial planning from formation to exit and beyond. His areas of expertise include qualified small business stock planning, business exit planning, and equity compensation planning. David is a multiple Investopedia Top 100 Financial Advisor whose guidance has appeared in CNBC, Yahoo Finance, the New York Times, US News and World Report, and Investment News. He represented Guam in the 1996 Atlanta Olympic Games and sits on the Board of Directors as treasurer of the Lower East Side Girls Club. David is active in Entrepreneurs Organization, the Estate Planning Council of New York City, Advisors in Philanthropy, and the Exit Planning Institute. Host Bio Corey Kupfer is an expert strategist, negotiator, and dealmaker with more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker deeply passionate about deal-driven growth. He is the creator and host of the DealQuest Podcast. Show Description Do you want your business to grow faster? The DealQuest Podcast with Corey Kupfer reveals how successful entrepreneurs and business leaders use strategic deals to accelerate growth. From large mergers and acquisitions to capital raising, joint ventures, strategic alliances, real estate deals, and more, this show discusses the full spectrum of deal-driven growth strategies. Get the confidence to pursue deals that will help your company scale faster. Related Episodes Episode 325 - Kelly Finnell: Using ESOPs in Ownership Succession Planning Episode 350 - Tom Dillon: Understanding Business Valuation and Exit Planning Realities Episode 328 - Richard Manders: Post-Exit Transitions and What Comes After Selling Your Business Episode 339 - Solocast 74: Equitizing Key Employees and Succession Planning Strategies Follow DealQuest Podcast: LinkedIn: https://www.linkedin.com/in/coreykupfer/ Website: https://www.coreykupfer.com/ Follow David Flores Wilson: Website: https://www.planningtowealth.com Keywords/Tags QSBS planning, qualified small business stock, business exit planning, equity compensation, entrepreneur tax strategy, LLC vs C Corp, financial planning for business owners, exit planning institute, tax-efficient wealth building, business succession planning, capital gains exclusion, non-grantor trusts, C corporation conversion, equity incentive plans, entrepreneur financial advisor

Like many Americans, the 2008 financial crisis left Anat Admati furious. A professor at Stanford, she became one of the country's leading voices calling attention to how confusion, complexity and misleading claims allowed major banks to load up on dangerous amounts of debt. Today, she argues that little has changed. In this conversation, we discuss the faulty arguments bankers use to fight oversight, how corporate power has expanded in the years since the crisis, and what can be done to create a fairer and more stable economy.Be the first to know about Wondery's newest podcasts, curated recommendations, and more! Sign up now at https://wondery.fm/wonderynewsletterListen to American Scandal on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App, Apple Podcasts or Spotify. Start your free trial today by visiting wondery.com/links/american-scandal/ now.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stijn Schmitz welcomes Dr. Nomi Prins to the show. Dr. Nomi Prins is Founder of Prinsights Global and Substack. This interview centers on the current state of precious metals markets, particularly gold and silver, highlighting significant market dynamics and future potential. Dr. Prins explains the recent volatility in precious metals, particularly the substantial price drop in silver, as primarily driven by technical trading events rather than fundamental market shifts. Nomi emphasizes that the sell-off was more a result of programmatic trading and margin announcements than actual market valuation changes. A key focus is the growing disconnect between paper and physical silver markets, with Shanghai exchanges showing substantial premiums for physical silver. Dr. Prins attributes this to increased eastern interest in physical metals, driven by geopolitical considerations, store of value concerns, and industrial necessities. She notes that the silver market is experiencing its fifth consecutive year of supply deficits, with the total deficit now equivalent to one year’s demand. Regarding gold, multiple drivers are propelling its momentum, including geopolitical tensions, central bank purchasing, and potential future scarcity. Central banks are increasingly viewing gold as a strategic asset, with some institutions like Morgan Stanley recommending higher gold allocations in investment portfolios. Dr. Prins believes the precious metals market is still in its early stages, comparing it to being in the “first or second innings” of a potential long-term bull market. She highlights the critical minerals landscape, pointing out that 80% of critical minerals are processed outside the West, with China dominating processing capabilities for rare earth elements and other strategic metals. Looking forward, she sees significant investment opportunities in the sector, potentially offering substantial returns for long-term investors who understand the fundamental shifts in global commodity markets. Her analysis suggests that geopolitical tensions, supply chain restructuring, and increasing demand for critical minerals will continue to drive precious metals and related investments. Timestamps: 00:00:00 – Introduction 00:00:47 – Recent Metals Volatility 00:02:51 – Shanghai Silver Premium 00:03:14 – Physical vs Paper Silver 00:06:22 – Silver Supply Deficits 00:08:05 – Incentivizing New Supply 00:09:38 – Industrial Demand Pain Points 00:11:07 – Gold Bull Market Drivers 00:14:15 – Central Bank Gold Buying 00:17:28 – Long-term Investment Strategy 00:19:49 – Global Debt Levels 00:22:07 – Demographics and Economic Growth 00:25:19 – Critical Minerals Supply Chains 00:28:58 – Concluding Thoughts Guest Links: X: https://x.com/nomiprins Website: https://nomiprins.com Substack: https://prinsights.substack.com Dr. Nomi Prins as a Wall Street insider and outspoken advocate for economic reform, Nomi Prins is a leading authority on how the widespread impact of financial systems continues to affect our daily lives. She has spent decades analyzing and investigating economic and financial events at the ground level and meeting with those that shape the world’s geopolitical-economic framework. She continues to break stories by conducting independent research, writing best-selling books, and traversing the globe to share her knowledge and demystify the world of money. Before becoming a renowned journalist and public speaker, Nomi reached the upper echelons of the financial world where she worked as a managing director at Goldman Sachs, ran the international analytics group as a senior managing director at Bear Stearns in London, was a strategist at Lehman Brothers and an analyst at the Chase Manhattan Bank. During her time on Wall Street, she grew increasingly aware of and discouraged by the unethical practices that permeated the banking industry. Eventually, she decided enough was enough and became an investigative journalist to shed light on the ways that financial systems are manipulated to serve the interests of an elite few at the expense of everyone else.

After Lehman Brothers declares bankruptcy, U.S. Treasury Secretary Hank Paulson is thrust into a financial war, knowing every decision he makes could tip the nation even deeper into chaos. Be the first to know about Wondery's newest podcasts, curated recommendations, and more! Sign up now at https://wondery.fm/wonderynewsletterListen to American Scandal on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App, Apple Podcasts or Spotify. Start your free trial today by visiting wondery.com/links/american-scandal/ now.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

As Lehman Brothers teeters on the edge of bankruptcy, Treasury Secretary Hank Paulson summons Wall Street's most powerful figures for one fateful weekend—their last chance to save Lehman and prevent the collapse of the global financial system.Be the first to know about Wondery's newest podcasts, curated recommendations, and more! Sign up now at https://wondery.fm/wonderynewsletterListen to American Scandal on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App, Apple Podcasts or Spotify. Start your free trial today by visiting wondery.com/links/american-scandal/ now.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

After the collapse of top Wall Street investment bank Bear Stearns, Lehman Brothers scrambles to convince the world it won't be next, but dirty truths about the firm's finances threaten to destroy what credibility it has left.Be the first to know about Wondery's newest podcasts, curated recommendations, and more! Sign up now at https://wondery.fm/wonderynewsletterListen to American Scandal on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App, Apple Podcasts or Spotify. Start your free trial today by visiting wondery.com/links/american-scandal/ now.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Spencer and Jamie break down the 10 core principles of Bogleheads investing and show how military service members can apply this simple, low-cost approach to build wealth through the TSP and other accounts. If you're overwhelmed by investing advice or tempted by day trading and crypto, this episode cuts through the noise with a proven strategy that's worked for decades. Hosts: Spencer Reese (former Air Force pilot, 12 years active duty) and Jamie (active duty officer) The 10 Bogleheads Principles Develop a workable plan - Create an investment policy statement (even informal) to guide decisions during market volatility Invest early and often - Automate contributions to remove decision fatigue; increase TSP allocation today Never bear too much or too little risk - Age-appropriate asset allocation; avoid the old G Fund default trap Diversify - Don't put all eggs in one basket; TSP funds cover entire US market plus international exposure Never try to time the market - Time IN the market beats timing the market; market dropped 19% in April 2025, now up 38% from that low Use index funds when possible - TSP offers five low-cost index funds; 90% of active managers can't beat index funds over 20 years Keep costs low - TSP expense ratios under 0.1%; avoid predatory companies charging 1-2%+ fees Minimize taxes - Leverage Roth TSP and Roth IRA; military tax advantages (BAH, BAS, combat zone exclusion) Invest with simplicity - LADS approach (Low-cost, Automated, Diversified, Simple); Warren Buffett's S&P 500 bet crushed hedge funds Stay the course - Measure performance in decades, not days/weeks; don't panic sell during downturns Key Takeaways Why Bogleheads Philosophy Works for Military: Takes power back from financial advisors and complex products Simple enough anyone can succeed with minimal effort Perfect match for TSP's low-cost index fund structure Removes emotion from investing decisions TSP Advantages: Five index funds (C, S, I, G, F) cover nearly entire investable market Lifecycle funds automatically balance risk by retirement year Expense ratios under 0.1% (incredibly low) Now defaults to lifecycle funds instead of G Fund (huge improvement with Blended Retirement System) Common Military Investing Mistakes: Old G Fund default trap - cost retirees millions in missed gains Trying to time the market or day trade Paying high fees to predatory companies Not automating contributions Measuring performance over days/weeks instead of decades The Math That Matters: First $100K took Spencer 4+ years; second $100K took 2 years (compound growth accelerates) Market will drop 30% in next 10 years (guaranteed) - but timing it is impossible S&P 500 gained 125% over 10 years vs. best hedge fund's 87% in Warren Buffett's famous bet April 2025 market drop: 19% down, then 38% up from that low within months Diversification Made Easy: C Fund: 500 largest US companies (S&P 500) S Fund: ~2,000 smaller US companies I Fund: 5,000+ international companies (20+ developed + emerging markets, excludes China/Hong Kong) Combined: Total US and international market exposure Add VXUS in Roth IRA for China/Hong Kong exposure if desired Automation is Your Friend: Log into MyPay once, increase TSP allocation, never think about it again Every promotion or time-in-grade raise = bump allocation by 1% One decision removes 100 future decisions Eliminate decision fatigue and emotional reactions Fee Impact Example: Predatory companies charge 1-2%+ fees TSP: Under 0.1% Fidelity FZROX: 0% expense ratio Vanguard funds: 0.03% Rule of thumb: Stay under 0.25%, ideally under 0.10% Resources Mentioned Books: "The Little Book of Common Sense Investing" by Jack Bogle "The Military Money Manual" by Spencer Reese (available at MWR Library, Libby app, Amazon) Investment Accounts: TSP (Thrift Savings Plan) - Military 401k Roth TSP and Roth IRA (tax-advantaged accounts) Recommended brokerages: Fidelity, Vanguard, Schwab Key Terms: LADS: Low-cost, Automated, Diversified, Simple Index fund vs. active management Expense ratio and basis points Asset location strategy Investment Policy Statement Previous Episodes Referenced: TSP deep dives (search podcast) Roth TSP vs. Roth IRA explanations "Do Better" episode on predatory companies Real-World Examples Lieutenant with $50K in checking account - proves military pay allows saving, just need to invest it Service member paid off all auto and student loans in 3 months of deployment Retirees with $250-500K in G Fund who missed out on millions Enron, WorldCom, Lehman Brothers - why diversification matters MicroStrategy (MSTR) - current example of concentrated risk Who This Episode Is For Military service members at any rank TSP participants unsure how to invest Anyone tempted by day trading, crypto, or "get rich quick" schemes New investors overwhelmed by options Service members paying high fees to financial advisors Anyone who wants a simple, proven wealth-building strategy Quick Action Steps Log into MyPay and increase TSP allocation (even 1% helps) Verify you're in appropriate Lifecycle Fund (birth year + 60-65 years) NOT in G Fund unless near retirement Set automatic annual increases (1% per year) Open Roth IRA at Fidelity, Vanguard, or Schwab Read "The Military Money Manual" (free at base library) Stop checking account daily - check quarterly at most Contact Website: MilitaryMoneyManual.com Instagram: @MilitaryMoneyManual Book: "The Military Money Manual" (Amazon, $3 Kindle, free at MWR libraries) The Bogleheads philosophy has helped millions become millionaires through simple, low-cost index fund investing. As a military service member, you have access to one of the best low-cost investment vehicles in the world - the TSP. Stop overthinking it, automate your investments, and stay the course.  

Rising from humble summer intern to the formidable CEO of Lehman Brothers, Dick Fuld is determined to make the investment bank succeed, even if that means making risky bets that could set the stage for disaster.Be the first to know about Wondery's newest podcasts, curated recommendations, and more! Sign up now at https://wondery.fm/wonderynewsletterListen to American Scandal on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App, Apple Podcasts or Spotify. Start your free trial today by visiting wondery.com/links/american-scandal/ now.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.