Podcast appearances and mentions of louis dreyfus

Today we return to the subject of hedge funds in commodities, and metals and mining in particular. How have hedge funds evolved with respect to commodities? What do investors and allocators think about with respect to commodities exposure and the types of investments they want to make? How do hedge funds go about a lasting edge in the commodities sector? And then why commodities and why, in particular, metals and mining? Our guest is Matt Heap, founder and CIO of Forth Fund Management, a sector specialist hedge fund dedicated to metals and mining, launching in Switzerland. Matt has had a phenomenal career in metals trading, both in hedge funds at OrionResource Partners, and then prior to that, as Louis Dreyfus, where he was global head of metals For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

Kyril Louis-Dreyfus' new loan, season ticket prices and Fulham loss

National rubber ducky day. Entertainment from 1983. Oldest meteorite found, Oldest cave painting found, 1st country music tv show aired. Todays birthdays - Robert Stack, Liz Anderson, Frances Sternhagen, Richard Moll, Julia Louis-Drefus, Trace Adkins, Penelope Ann Miller, Patrick Dempsey, Nicole Eggert, Orlando Bloom, Liam Hemsworth. Wyatt Earp died.Intro - God did good - Dianna CorcoranDianna on SpotifyErnies rubber duckie - Sesame streetManeater - Hall & OatesGoing where the lonely go - Merle HaggardBirthdays - In da club - 50 Cent     http://50cent.com/Husband Hunging - Liz AndersonEvery light in the house - Trace AdkinsExit - Lie - Shane Owens  Shane on Facebookcountryundergroundradio.comHistory & Factoids about today webpagecooolmedia.com

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links —Apple PodcastsSpotifyTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.Welcome back! Today we're breaking down export sales, flash deals, China/Brazil soybean news, ethanol margins, and record-setting Black Friday spending.

Louis Dreyfus, président du directoire du groupe Le Monde, était l'invité de François Sorel dans Tech & Co, la quotidienne, spéciale La Nuit de l'IA, ce mardi 18 novembre. Il s'est penché sur le bouleversement de l'information médiatique par l'IA, sur BF

Mardi 18 novembre, François Sorel a reçu Jean-Baptiste Masson, responsable de recherche à l'Institut Pasteur & cofondateur d'Avatar Médical, Rodolphe Gelin, Expert Leader Intelligence Artificielle chez Renault Group, Louis Dreyfus, président du directoire du groupe Le Monde, François Pachet, cofondateur d'Imagine All The People et Ynosound, François Grandjacques, réalisateur, producteur, dirigeant du studio "TaisToiDonc", Frédéric Simottel, journaliste BFM Business, Chafika Chettaoui, directrice transformation Data & IA chez AXA France, Stéphane Roder, président de AI Builders, et Wafaâ Amal, directrice générale de Prisme.ai, dans l'émission Tech & Co, la quotidienne sur BFM Business. Retrouvez l'émission du lundi au jeudi et réécoutez-la en podcast.

Why Legacy Media Still Matter?Recorded at Web Summit Lisbon, this conversation with Louis Dreyfus, CEO of Le Monde, examines the role of legacy media in a digital environment marked by fragmentation and declining trust.We discuss Le Monde's decision to strengthen its newsroom, the importance of transparency about bias, and the responsibilities of established media in defending accuracy and independence. The episode also touches on the BBC–Donald Trump image manipulation controversy and what it reveals about today's information climate.A focused, candid look at the future of journalism.

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.✅ Today's Focus: Trump's $2,000 Tariff Dividend & Inflation Risks

VAR controversy hit Sunderland's 1–1 draw with Everton at the Stadium of Light, with key decisions leaving fans furious. We break down the major calls, the reaction inside the ground, and what it means going forward.Plus, Kyril Louis-Dreyfus delivers a rare interview – here's what he said, why he said it, and the message behind it. Full analysis, fan reaction, talking points and more from the Stadium of Lig

Australian cattle and lamb markets are at a tipping point. Prices have surged to record highs, but according to leading analyst Simon Quilty, we're about to hit what he calls “unsustainable pricing.”    Bringing over 30 years of hard-won market insight to the table, Simon Quilty has worked with top firms including Louis Dreyfus, ConAgra, DR Johnston, and FC Stone. Today, he helps large financial institutions and farmers alike make sense of the complex forces shaping the red meat sector.    In this episode, Simon delivers a no-nonsense forecast: cattle rallying up to 750c/kg before falling back to a new norm around 550… lambs peaking at 1350c/kg before settling at 950. These aren't guesses. They're grounded in global supply shocks, America's herd liquidation, and the structural rebuild now underway in Australia.    We cut straight into the forces driving this market, including:  why America's drought and Trump's tariffs are reshaping global trade in our favour;  how the mass liquidation of the southern Angus herd has set the stage for a desperate chase for quality cattle;  the shift from wool into meat sheep and the rise of self-shedding breeds; and  how new global demand from China shutting out US beef to the Middle East's booming chilled carcass trade is creating both opportunity and protection against future price crashes.    For producers, this conversation is a wake-up call. The highs won't last forever. But there is a clear path forward. One built on understanding the new norms, preparing for volatility, and making confident decisions in a transformed market.    Simon Quilty's analysis has never been more relevant. If you want to know where livestock pricing is really headed and how to position your business, this is essential listening.   

Today we're talking with health and nutrition expert Dr. Stuart Gillespie, author of a new book entitled Food Fight: from Plunder and Profit to People and Planet. Using decades of research and insight gathered from around the world, Dr. Gillespie wants to reimagine our global food system and plot a way forward to a sustainable, equitable, and healthy food future - one where our food system isn't making us sick. Certainly not the case now. Over the course of his career, Dr. Gillespie has worked with the UN Standing Committee on Nutrition in Geneva with UNICEF in India and with the International Food Policy Research Institute, known as IFPRI, where he's led initiatives tackling the double burden of malnutrition and agriculture and health research. He holds a PhD in human nutrition from the London School of Hygiene and Tropical Medicine. Interview Summary So, you've really had a global view of the agriculture system, and this is captured in your book. And to give some context to our listeners, in your book, you describe the history of the global food system, how it's evolved into this system, sort of warped, if you will, into a mechanism that creates harm and it destroys more than it produces. That's a pretty bold statement. That it destroys more than it produces, given how much the agriculture around the world does produce. Tell us a bit more if you would. Yes, that statement actually emerged from recent work by the Food Systems Economic Commission. And they costed out the damage or the downstream harms generated by the global food system at around $15 trillion per year, which is 12% of GDP. And that manifests in various ways. Health harms or chronic disease. It also manifests in terms of climate crisis and risks and environmental harms, but also. Poverty of food system workers at the front line, if you like. And it's largely because we have a system that's anachronistic. It's a system that was built in a different time, in a different century for a different purpose. It was really started to come together after the second World War. To mass produce cheap calories to prevent famine, but also through the Green Revolution, as that was picking up with the overproduction of staples to use that strategically through food aid to buffer the West to certain extent from the spread of communism. And over time and over the last 50 years of neoliberal policies we've got a situation where food is less and less viewed as a human right, or a basic need. It's seen as a commodity and the system has become increasingly financialized. And there's a lot of evidence captured by a handful of transnationals, different ones at different points in the system from production to consumption. But in each case, they wield huge amounts of power. And that manifests in various ways. We have, I think a system that's anachronistic The point about it, and the problem we have, is that it's a system revolves around maximizing profit and the most profitable foods and products of those, which are actually the least healthy for us as individuals. And it's not a system that's designed to nourish us. It's a system designed to maximize profit. And we don't have a system that really aims to produce whole foods for people. We have a system that produces raw ingredients for industrial formulations to end up as ultra processed foods. We have a system that produces cattle feed and, and biofuels, and some whole foods. But it, you know, that it's so skewed now, and we see the evidence all around us that it manifests in all sorts of different ways. One in three people on the planet in some way malnourished. We have around 12 million adult deaths a year due to diet related chronic disease. And I followed that from colonial times that, that evolution and the way it operates and the way it moves across the world. And what is especially frightening, I think, is the speed at which this so-called nutrition transition or dietary transition is happening in lower income or middle income countries. We saw this happening over in the US and we saw it happening in the UK where I am. And then in Latin America, and then more Southeast Asia, then South Asia. Now, very much so in Sub-Saharan Africa where there is no regulation really, apart from perhaps South Africa. So that's long answer to your intro question. Let's dive into a couple of things that you brought up. First, the Green Revolution. So that's a term that many of our listeners will know and they'll understand what the Green Revolution is, but not everybody. Would you explain what that was and how it's had these effects throughout the food systems around the world? Yes, I mean around the, let's see, about 1950s, Norman Borlag, who was a crop breeder and his colleagues in Mexico discovered through crop breeding trials, a high yielding dwarf variety. But over time and working with different partners, including well in India as well, with the Swaminathan Foundation. And Swaminathan, for example, managed to perfect these new strains. High yielding varieties that doubled yields for a given acreage of land in terms of staples. And over time, this started to work with rice, with wheat, maize and corn. Very dependent on fertilizers, very dependent on pesticides, herbicides, which we now realize had significant downstream effects in terms of environmental harms. But also, diminishing returns in as much as, you know, that went through its trajectory in terms of maximizing productivity. So, all the Malthusian predictions of population growth out running our ability to feed the planet were shown to not to be true. But it also generated inequity that the richest farmers got very rich, very quickly, the poorer farmers got slightly richer, but that there was this large gap. So, inequity was never really properly dealt with through the Green Revolution in its early days. And that overproduction and the various institutions that were set in place, the manner in which governments backed off any form of regulation for overproduction. They continued to subsidize over production with these very large subsidies upstream, meant that we are in the situation we are now with regard to different products are being used to deal with that excess over production. So, that idea of using petroleum-based inputs to create the foods in the first place. And the large production of single crops has a lot to do with that Green Revolution that goes way back to the 1950s. It's interesting to see what it's become today. It's sort of that original vision multiplied by a billion. And boy, it really does continue to have impacts. You know, it probably was the forerunner to genetically modified foods as well, which I'd like to ask you about in a little bit. But before I do that, you said that much of the world's food supply is governed by a pretty small number of players. So who are these players? If you look at the downstream retail side, you have Nestle, PepsiCo, Coca-Cola, General Mills, Unilever. Collectively around 70% of retail is governed by those companies. If you look upstream in terms of agricultural and agribusiness, you have Cargill, ADM, Louis Dreyfus, and Bunge. These change to a certain extent. What doesn't change very much are the numbers involved that are very, very small and that the size of these corporations is so large that they have immense power. And, so those are the companies that we could talk about what that power looks like and why it's problematic. But the other side of it's here where I am in the UK, we have a similar thing playing out with regard to store bought. Food or products, supermarkets that control 80% as Tesco in the UK, Asta, Sainsbury's, and Morrisons just control. You have Walmart, you have others, and that gives them immense power to drive down the costs that they will pay to producers and also potentially increase the cost that they charge as prices of the products that are sold in these supermarkets. So that profit markup, profit margins are in increased in their favor. They can also move around their tax liabilities around the world because they're transnational. And that's just the economic market and financial side on top of that. And as you know, there's a whole raft of political ways in which they use this power to infiltrate policy, influence policy through what I've called in Chapter 13, the Dark Arts of Policy Interference. Your previous speaker, Murray Carpenter, talked about that with regard to Coca-Cola and that was a very, yeah, great example. But there are many others. In many ways these companies have been brilliant at adapting to the regulatory landscape, to the financial incentives, to the way the agriculture system has become warped. I mean, in some ways they've done the warping, but in a lot of ways, they're adapting to the conditions that allow warping to occur. And because they've invested so heavily, like in manufacturing plants to make high fructose corn syrup or to make biofuels or things like that. It'd be pretty hard for them to undo things, and that's why they lobby so strongly in favor of keeping the status quo. Let me ask you about the issue of power because you write about this in a very compelling way. And you talk about power imbalances in the food system. What does that look like in your mind, and why is it such a big part of the problem? Well, yes. And power manifests in different ways. It operates sometimes covertly, sometimes overtly. It manifests at different levels from, you know, grassroots level, right up to national and international in terms of international trade. But what I've described is the way markets are captured or hyper concentrated. That power that comes with these companies operating almost like a cartel, can be used to affect political or to dampen down, block governments from regulating them through what I call a five deadly Ds: dispute or dispute or doubt, distort, distract, disguise, and dodge. And you've written very well Kelly, with I think Kenneth Warner about the links between big food and big tobacco and the playbook and the realization on the part of Big Tobacco back in the '50s, I think, that they couldn't compete with the emerging evidence of the harms of smoking. They had to secure the science. And that involved effectively buying research or paying for researchers to generate a raft of study shown that smoking wasn't a big deal or problem. And also, public relations committees, et cetera, et cetera. And we see the same happening with big food. Conflicts of interest is a big deal. It needs to be avoided. It can't be managed. And I think a lot of people think it is just a question of disclosure. Disclosure is never enough of conflict of interest, almost never enough. We have, in the UK, we have nine regulatory bodies. Every one of them has been significantly infiltrated by big food, including the most recent one, which has just been designated to help develop a national food stretch in the UK. We've had a new government here and we thought things were changing, beginning to wonder now because big food is on that board or on that committee. And it shouldn't be, you know. It shouldn't be anywhere near the policy table anyway. That's so it's one side is conflict of interest. Distraction: I talk about corporate social responsibility initiatives and the way that they're designed to distract. On the one hand, if you think of a person on a left hand is doing these wonderful small-scale projects, which are high visibility and they're doing good. In and off themselves they're doing good. But they're small scale. Whereas the right hand is a core business, which is generating harm at a much larger scale. And the left hand is designed to distract you from the right hand. So that distraction, those sort of corporate CSR initiatives are a big part of the problem. And then 'Disguise' is, as you know, with the various trade associations and front groups, which acted almost like Trojan horses, in many ways. Because the big food companies are paying up as members of these committees, but they don't get on the program of these international conferences. But the front groups do and the front groups act on in their interests. So that's former disguise or camouflage. The World Business Council on Sustainable Development is in the last few years, has been very active in the space. And they have Philip Morris on there as members, McDonald's and Nestle, Coke, everybody, you know. And they deliberately actually say It's all fine. That we have an open door, which I, I just can't. I don't buy it. And there are others. So, you know, I think these can be really problematic. The other thing I should mention about power and as what we've learned more about, if you go even upstream from the big food companies, and you look at the hedge funds and the asset management firms like Vanguard, state Capital, BlackRock, and the way they've been buying up shares of big food companies and blocking any moves in annual general meetings to increase or improve the healthiness of portfolios. Because they're so powerful in terms of the number of shares they hold to maximize profit for pension funds. So, we started to see the pressure that is being put on big food upstream by the nature of the system, that being financialized, even beyond the companies themselves, you know? You were mentioning that these companies, either directly themselves or through their front organizations or the trade association block important things that might be done in agriculture. Can you think of an example of that? Yes, well actually I did, with some colleagues here in the UK, the Food Foundation, an investigation into corporate lobbying during the previous conservative government. And basically, in the five years after the pandemic, we logged around 1,400 meetings between government ministers and big food. Then we looked at the public interest NGOs and the number of meetings they had over that same period, and it was 35, so it was a 40-fold difference. Oh goodness. Which I was actually surprised because I thought they didn't have to do much because the Tory government was never going to really regulate them anyway. And you look in the register, there is meant to be transparency. There are rules about disclosure of what these lobbying meetings were meant to be for, with whom, for what purpose, what outcome. That's just simply not followed. You get these crazy things being written into the those logs like, 'oh, we had a meeting to discuss business, and that's it.' And we know that at least what happened in the UK, which I'm more familiar with. We had a situation where constantly any small piecemeal attempt to regulate, for example, having a watershed at 9:00 PM so that kids could not see junk food advertised on their screens before 9:00 PM. That simple regulation was delayed, delayed. So, delay is actually another D you know. It is part of it. And that's an example of that. That's a really good example. And you've reminded me of an example where Marian Nestle and I wrote an op-ed piece in the New York Times, many years ago, on an effort by the WHO, the World Health Organization to establish a quite reasonable guideline for how much added sugar people should have in their diet. And the sugar industry stepped in in the biggest way possible. And there was a congressional caucus on sugar or something like that in our US Congress and the sugar industry and the other players in the food industry started interacting with them. They put big pressure on the highest levels of the US government to pressure the WHO away from this really quite moderate reasonable sugar standard. And the US ultimately threatened the World Health Organization with taking away its funding just on one thing - sugar. Now, thankfully the WHO didn't back down and ultimately came out with some pretty good guidelines on sugar that have been even stronger over the years. But it was pretty disgraceful. That's in the book that, that story is in the book. I think it was 2004 with the strategy on diet, physical activity. And Tommy Thompson was a health secretary and there were all sorts of shenanigans and stories around that. Yes, that is a very powerful example. It was a crazy power play and disgraceful how our government acted and how the companies acted and all the sort of deceitful ways they did things. And of course, that's happened a million times. And you gave the example of all the discussions in the UK between the food industry and the government people. So, let's get on to something more positive. What can be done? You can see these massive corporate influences, revolving doors in government, a lot of things that would argue for keeping the status quo. So how in the world do you turn things around? Yeah, good question. I really believe, I've talked about a lot of people. I've looked a lot of the evidence. I really believe that we need a systemic sort of structural change and understanding that's not going to happen overnight. But ultimately, I think there's a role for a government, citizens civil society, media, academics, food industry, obviously. And again, it's different between the UK and US and elsewhere in terms of the ability and the potential for change. But governments have to step in and govern. They have to set the guardrails and the parameters. And I talk in the book about four key INs. So, the first one is institutions in which, for example, there's a power to procure healthy food for schools, for hospitals, clinics that is being underutilized. And there's some great stories of individuals. One woman from Kenya who did this on her own and managed to get the government to back it and to scale it up, which is an incredible story. That's institutions. The second IN is incentives, and that's whereby sugar taxes, or even potentially junk food taxes as they have in Columbia now. And reforming the upstream subsidies on production is basically downregulating the harmful side, if you like, of the food system, but also using the potential tax dividend from that side to upregulate benefits via subsidies for low-income families. Rebalancing the system. That's the incentive side. The other side is information, and that involves labeling, maybe following the examples from Latin America with regard to black octagons in Chile and Mexico and Brazil. And dietary guidelines not being conflicted, in terms of conflicts of interest. And actually, that's the fourth IN: interests. So ridding government advisory bodies, guideline committees, of conflicts of interests. Cleaning up lobbying. Great examples in a way that can be done are from Canada and Ireland that we found. That's government. Citizens, and civil society, they can be involved in various ways exposing, opposing malpractice if you like, or harmful action on the part of industry or whoever else, or the non-action on the part of the government. Informing, advocating, building social movements. Lots I think can be learned through activist group in other domains or in other disciplines like HIV, climate. I think we need to make those connections much more. Media. I mean, the other thought is that the media have great, I mean in this country at least, you know, politicians tend to follow the media, or they're frightened of the media. And if the media turned and started doing deep dive stories of corporate shenanigans and you know, stuff that is under the radar, that would make a difference, I think. And then ultimately, I think then our industry starts to respond to different signals or should do or would do. So that in innovation is not just purely technological aimed at maximizing profit. It may be actually social. We need social innovation as well. There's a handful of things. But ultimately, I actually don't think the food system is broken because it is doing the wrong thing for the wrong reason. I think we need to change the system, and I'll say that will take time. It needs a real transformation. One, one last thing to say about that word transformation. Where in meetings I've been in over the last 10 years, so many people invoke food system transformation when they're not really talking about it. They're just talking about tweaking the margins or small, piecemeal ad hoc changes or interventions when we need to kind of press all the buttons or pull all the levers to get the kind of change that we need. And again, as I say, it was going to take some time, but we have to start moving that direction. Do you think there's reason to be hopeful and are there success stories you can point to, to make us feel a little bit better? Yeah, and I like that word, hope. I've just been reading a lot of essays from, actually, Rebecca Solnit has been writing a lot about hope as a warrior emotion. Radical hope, which it's different to optimism. Optimism went, oh, you know, things probably will be okay, but hope you make it. It's like a springboard for action. So I, yes, I'm hopeful and I think there are plenty of examples. Actually, a lot of examples from Latin America of things changing, and I think that's because they've been hit so fast, so hard. And I write in the book about what's happened in the US and UK it's happened over a period of, I don't know, 50, 60 years. But what's happened and is happening in Latin America has happened in just like 15 years. You know, it's so rapid that they've had to respond fast or get their act together quickly. And that's an interesting breed of activist scholars. You know, I think there's an interesting group, and again, if we connect across national boundaries across the world, we can learn a lot from that. There are great success stories coming out Chile from the past that we've seen what's happening in Mexico. Mexico was in a terrible situation after Vicente Fox came in, in the early 2000s when he brought all his Coca-Cola pals in, you know, the classic revolving door. And Mexico's obesity and diabetes went off to scale very quickly. But they're the first country with the sugar tax in 2014. And you see the pressure that was used to build the momentum behind that. Chile, Guido Girardi and the Black Octagon labels with other interventions. Rarely is it just one thing. It has to be a comprehensive across the board as far as possible. So, in Brazil, I think we will see things happening more in, in Thailand and Southeast Asia. We see things beginning to happen in India, South Africa. The obesity in Ghana, for example, changed so rapidly. There are some good people working in Ghana. So, you know, I think a good part of this is actually documenting those kind of stories as, and when they happen and publicizing them, you know. The way you portrayed the concept of hope, I think is a really good one. And when I asked you for some examples of success, what I was expecting you, you might say, well, there was this program and this part of a one country in Africa where they did something. But you're talking about entire countries making changes like Chile and Brazil and Mexico. That makes me very hopeful about the future when you get governments casting aside the influence of industry. At least long enough to enact some of these things that are definitely not in the best interest of industry, these traditional food companies. And that's all, I think, a very positive sign about big scale change. And hopefully what happens in these countries will become contagious in other countries will adopt them and then, you know, eventually they'll find their way to countries like yours and mine. Yes, I agree. That's how I see it. I used to do a lot of work on single, small interventions and do their work do they not work in this small environment. The problem we have is large scale, so we have to be large scale as well. BIO Dr. Stuart Gillespie has been fighting to transform our broken food system for the past 40 years. Stuart is a Non-Resident Senior Fellow in Nutrition, Diets and Health at theInternational Food Policy Research Institute (IFPRI). He has been at the helm of the IFPRI's Regional Network on AIDs, Livelihoods and Food Security, has led the flagship Agriculture for Nutrition and Health research program, was director of the Transform Nutrition program, and founded the Stories of Change initiative, amongst a host of other interventions into public food policy. His work – the ‘food fight' he has been waging – has driven change across all frontiers, from the grassroots (mothers in markets, village revolutionaries) to the political (corporate behemoths, governance). He holds a PhD in Human Nutrition from the London School of Hygiene and Tropical Medicine. 

durée : 00:04:13 - Chroniques littorales - par : Jose Manuel Lamarque - Président du conseil de surveillance de Louis-Dreyfus armateur et grande figure du monde maritime, Philippe Louis-Dreyfus avait témoigné du métier d'armateur dans les Chroniques Littorales.

IT'S LE MONDE'S WORLD AND WE'RE JUST LIVING IN IT—Name a major newspaper—anywhere in the world—and you will find a magazine. Or two. Or three. The New York Times is the obvious example of this. The Times of London is another obvious example. And now more and more legacy newspapers from around the world are publishing their magazines in English.La Repubblica in Italy publishes D. And now France's venerable Le Monde is out with M International, a glossy biannual that distills their weekly M magazine for an English-speaking audience.Long called “the newspaper of reference” in France, Le Monde occupies an oversized space in the French media. When the Olympics returned to Paris, Le Monde decided to create an english version of their newspaper for the web. Then they decided to create the magazine—in English—something that not just added an extra piece of land to their media ecosystem, but one that pleased their advertisers as well. We spoke to Louis Dreyfus, the CEO of Le Monde about the business case for English, how the magazines attract new readers to the newspaper, the power of print, and how AI is one of the reasons Le Monde can create in english in the first place.—This episode is made possible by our friends at Freeport Press. A production of Magazeum LLC ©2021–2025

In this episode, we dive deep into the world of commodity trading with Stephane Bernhard, CEO/CIO of CAM Multi-Strat Asset Management. Drawing from his 30+ years of experience starting at Louis Dreyfus through commodity trading house ETG, Stephane shares how commodity trading has evolved from pure fundamental analysis to today's complex intersection of physical, financial, and systematic trading.The conversation explores the world of commodity houses and physical trading of commodities, before diving into CAM's unique approach to building a commodity-focused multi-strategy fund that bridges physical and financial markets. Stephane details their innovative risk management framework that gives commodity traders more flexibility than traditional pod shops while maintaining portfolio stability. You'll hear why VAR doesn't work for commodity risk management and how they've developed an anti-fragile approach to drawdown management.Throughout the discussion, Stephane weaves in fascinating historical perspective - from his early days in the Madrid sovereign debt crisis to parallels between the end of Bretton Woods and today's shifting monetary landscape. Whether you're interested in commodity markets, multi-strategy fund construction, or the intersection of physical and financial trading, this episode offers unique insights into an increasingly important corner of the investment world – SEND IT!00:00-01:06 = Intro01:07-13:42 = Commodity Trading Houses: Bridging Time and Risk in Global Commodity Markets at Louis Dreyfuss and ETG13:43-29:50 = Commodity Trading Dynamics: Navigating Physical Footprints, Basis Risk, and Market Complexity29:51-40:51 = Constructing a Multi-Strategy Commodity Trading Platform: Exploring ETG's Strategic Vision40:52-53:29= Commodity Market Dynamics: Weather, Volatility, and Global Supply Chains53:30-01:13:51 = Risk Management and Trader Psychology: Mastering the Art of Commodity Trading01:13:52-01:18:50 = Trading Psychology and Market Excitement: Navigating High-Stress Moments01:18:51-01:29:34 = Lessons from the 1971 Gold Standard: Adapting to Historical Market ShiftsFrom the episode: The Secret Club That Runs the WorldFollow along with Stephane on X @TCS_Trader and LinkedIn, and be sure to check out ETG and CAM on LinkedIn as well for more information!Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, or⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ , and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠sign-up for our blog digest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠

Julia Louis-Dreyfus has kept us laughing for years in her roles as Elaine Benes in “Seinfeld” and Selina Meyer in “Veep.” But her most recent work has her shifting from comedy to drama. She plays Zora in the film “Tuesday” about a mother battling to accept the impending death of her terminally ill daughter. “I really love being an actor, so even the hard stuff has a grip on me,” she tells podcast host Sam Fragoso. A master interviewer, Fragoso is known for eliciting emotions his guests don't expect. His wide-reaching conversation with Louis-Dreyfus touches on ambition, frustration in showbusiness, Louis-Dreyfus's battle with breast cancer, and much more. This talk was recorded at the 2024 Aspen Ideas Festival. (Explicit language is included.) aspenideas.org

This Indiana Ag Policy Podcast originates from the Fort Wayne Farm Show as we discuss biofuels policy with POET's Aaron Kuhn and Louis Dreyfus Company's Jeremy Mullins. Steve Howell from the Indiana Soybean Alliance and Indiana Corn Growers Association joins us as well to discuss House Bill 1127 & Senate Bill 254 that would provide tax credits to retailers to boost investment in modern fuel pumps and tanks so they can carry more biofuel options for consumers. We also talk about biofuels policy in DC on the Indiana Ag Policy Podcast presented by the Indiana Soybean Alliance and Indiana Corn Growers Association. The podcast is also supported by Indiana Farm Bureau.

National rubber ducky day. Entertainment from 1968. Oldest meteorite found, Oldest cave painting found, 1st country music tv show aired. Todays birthdays - Robert Stack, Liz Anderson, Frances Steinhagen, Richard Moll, Julia Louis-Drefus, Trace Adkins, Penelope Ann Miller, Patrick Dempsey, Nicole Eggert, Orlando Bloom, Liam Hemsworth. Wyatt Earp died.Intro - Pour some sugar on me - Def Leppard http://defleppard.com/Ernies rubber duckie - Sesame streetHello, Goodbye - The BeatlesFor loving you - Bill Anderson Jan HowardBirthdays - In da club - 50 Cent http://50cent.com/Clip from movie Airplane!Husband Hunging - Liz AndersonNight Court TV themeSeinfeld TV themeEvery light in the house - Trace AdkinsCharles in charge TV themeExit - It's not love - Dokken http://dokken.net/

We speak with photographer Ethan James Green about bringing sensuality back to the 2025 edition of the iconic Pirelli calendar. We also celebrate 80 years of France’s leading daily, ‘Le Monde’, speaking with its president and publisher, Louis Dreyfus. See omnystudio.com/listener for privacy information.

Eric Rubenstein is the Managing Partner at New Climate Ventures (NCV). NCV launched in October 2021, holistically tackling climate change by investing in innovative early-stage startups that target carbon removal, reduction, and avoidance ecosystems. NCV has invested in companies across climate tech, recycling, alternative materials, food tech, and energy transition, among other emissions-avoiding technologies Before founding NCV, Eric held roles at Citigroup and Louis Dreyfus in their respective commodities and energy trading divisions. In this episode, we discuss: ●     Why New Climate Ventures decided to invest in early-stage start-ups ●     The different areas they look at when deciding what companies to invest in ●     The importance of the founder and leadership of a start-up Key Takeaways: ●     What's Your Life Thesis? Most Venture Capital (VC) firms have a thesis, which means a guiding framework or set of principles that defines the types of investments the firm will make, and outlines the firm's core beliefs. If you were to create a thesis to identify and evaluate where you spend your time and energy, what would it be? Take a moment to write it out, and then check where you are against your thesis. Are there any shifts you want to make with how you spend your time and energy? ●     Taking a Page Out of the VC Playbook: Three of the filters that New Climate Ventures uses when evaluating potential start-ups to invest in are, 1) alignment with their purpose of carbon reduction, 2) potential for strong financial returns, and 3) New Climate Venture's ability to add value to the start-up beyond just money. These same filters work wonders when evaluating your next career move. First, does the work align with your purpose? Second, does it offer significant growth and return for you, both financially and personally? Finally, are there ways you are excited to contribute and show up beyond the job description? Remember, where you spend your career energy is a huge investment in the future you're helping to create. ●     What Stories Are You Amplifying? The stories we focus our attention on grow. They take up time and space as they're passed from one person to another—entering rooms, heads, and hearts. The next time you share a story, consider if it's a story you want to take up more space. Consider shedding light on the things you want more of. Consider making “good-finding” a habit, where you go out of your way to applaud what someone is doing and tell them to keep up the good work. It's amazing the impact positive reinforcement has, not just to the person we're patting on the back, but in our own brains when we use our attention to amplify the things we love. References: Connect with Eric on LinkedIn New Climate Ventures Listen to the Purpose and Profit episode with AIR COMPANY here CarbiCrete Rheom Materials Dimensional Energy Connect & Share: If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. I also love reading them! If this episode resonated with you, I ask you to send it to a friend. Help bring even more visibility to these leaders that are using business as a force for good! Subscribe to the Purpose and Profit newsletter to make sure you don't miss future episodes. This podcast is for you, the listener. I'd love to hear what resonated with you, or if you have a suggestion on who would be a great guest for this show. Please send me a note at info@KathyVarol.com.

Actor Julia Louis-Dreyfus is most famous for her comedic TV characters Elaine Benes in Seinfeld and Veep's Selina Meyer. But in recent years, Louis-Dreyfus has been showing her dramatic chops, including in her latest film Tuesday, in which she takes on grief, denial and death. She's also been winning awards as the host of her podcast Wiser Than Me. Kara and Julia discuss how in-depth conversations with iconic older women have radicalized her, her concerns about the commercialization of art films and why she thinks comedy is risky - but still very much possible. Questions? Comments? Email us at on@voxmedia.com or find Kara on Instagram/Threads as @karaswisher Learn more about your ad choices. Visit podcastchoices.com/adchoices

In "Tuesday," Julia Louis-Dreyfus plays a mother who, along with her dying teenage daughter, must confront Death when it arrives in the form of an astonishing talking bird. Louis-Dreyfus joins us to talk about her role in the new film, along with director Daina O. Pusić.This segment is guest-hosted by Kousha Navidar

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyGoogleTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.

The ACCC is calling for reform to the consumer guarantee regime to make non-compliance a contravention — similar to unfair contract terms. Currently the guarantees are the top issue for complaints to the ACCC, and they can lead to millions in penalties even though they don't have the force of law. Special Counsel Amelia McKellar takes us through these paradoxes and what the ACCC wants to do about them. Plus the Budget fallout for competition laws and agencies, variations on Louis Dreyfus and cotton, the ACCC's reports on airline competition and data firms, and the evolution of search engines and how to opt out of it … All this and more time travel with co-hosts Moya Dodd and Matt Rubinstein.    Meet the Gilbert + Tobin Competition, Consumer + Market Regulation team  Email us at edge@gtlaw.com.au   See omnystudio.com/listener for privacy information.

Passé par La Provence, Libération, L'Obs et Les Inrocks, Louis Dreyfus, âgé de 53 ans, dirige le Groupe Le Monde depuis 2011. Un management tranchant et agile qui lui a permis de transformer l'entreprise au pas de charge. A la tête de l'un des plus grands groupes de presse européen, l'homme peut notamment se targuer d'avoir réussi la digitalisation de ses différentes marques : Le Monde, bien-sûr, mais aussi Télérama ou Courrier International. Il est aussi à l'origine d'accords importants avec les géants technologiques américains, notamment sur les droits voisins, avec Google. Ou plus récemment avec Open AI, le champion de l'intelligence artificielle générative. Un deal sévèrement critiqué dans l'industrie des médias. Mais qui sécurise, selon lui, la propriété intellectuelle et le business numérique du groupe. Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

durée : 00:04:04 - Chroniques littorales - par : Jose Manuel Lamarque - Président du conseil de surveillance de Louis Dreyfus Armateur, compagnie maritime française depuis plus de 174 ans, fondée par Léopold-Louis Dreyfus, depuis l'Alsace à la frontière suisse, puis à Marseille, Paris dès 1893…

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyGoogleTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.The Biden administration finalizes rule to accelerate transition to zero-emission vehicles

Ex-Sunderland kitman Stephen Aziz talks Louis-Dreyfus, Alex Neil, Charlie Methven and new kits

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyGoogleTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.ADM's nutrition unit aided executives in earning over $70 million, but now faces investigation for accounting practices, despite contributing less than 10% to the company's revenue. Executive bonuses were heavily influenced by the nutrition sector, with stock bonuses tied to its growth between 2020 and 2021. The top seven executives received shares valued at nearly $72 million.The world's first ethanol-to-sustainable aviation fuel (SAF) production facility, Freedom Pines Fuels, opened in Georgia, producing 10 million gallons of SAF and renewable diesel annually. The Biden administration aims to produce 3 billion gallons of SAF annually by 2030. The technology used at the facility will reduce greenhouse gas emissions by more than 70%, providing new economic opportunities for American agricultural producers.

National rubber ducky day. Entertainment from 1968. Oldest meteorite found, Oldest cave painting found, 1st country music tv show aired. Todays birthdays - Robert Stack, Liz Anderson, Frances Steinhagen, Richard Moll, Julia Louis-Drefus, Trace Adkins, Penelope Ann Miller, Patrick Dempsey, Nicole Eggert, Orlando Bloom, Liam Hemsworth. Wyatt Earp died.Intro - Pour some sugar on me - Def Leppard http://defleppard.com/Ernies rubber duckie - Sesame streetHello, Goodbye - The BeatlesFor loving you - Bill Anderson Jan HowardBirthdays - In da club - 50 Cent http://50cent.com/ Clip from movie Airplane!Husband Hunging - Liz AndersonNight Court TV themeSeinfeld TV themeEvery light in the house - Trace AdkinsCharles in charge TV themeExit - It's not love - Dokken http://dokken.net/https://cooolmedia.com/

Happy New Year! For this episode, Katey and Quigley wanted to find something inspiring to ring in the new year. They are sitting down to listen to Julia Louis-Dreyfus' podcast “Wiser Than Me”. Louis-Dreyfus sits down with older women who are always – wiser than her. We chose this episode specifically because Quigley is a Darlene Love super fan, so what better way to kick off 2024 than hearing some badass advice from the Rock and Roll Hall of Fame singer.  Listen to 'Wiser Than Me'

If there's anyone in Hollywood who might be immune to criticism, it's 11-time Emmy-winner and Mark Twain Prize for American Humor recipient Julia Louis-Dreyfus. But as the comedy legend admits in this episode, the rare negative comment about her work still “stings.” That feeling is at the heart of Louis-Dreyfus' latest film ‘You Hurt My Feelings,' in which she delivers the most emotionally raw performance of her career. During our conversation, the actress reflects on her early struggles as a cast member on ‘Saturday Night Live' and the catharsis of returning as host. She also reveals what she really thought about the divisive ‘Seinfeld' finale 25 years later, breaks down the difference between ‘Veep's' Selina Meyer and her own “narcissistic” father and a lot more.This episode was originally published on May 16th, 2023.Follow Julia Louis-Dreyfus on Twitter @OfficialJLD and Instagram @officialjldFollow Matt Wilstein on Threads @mattwilsteinFollow The Last Laugh on Instagram @lastlaughpod and Threads @lastlaughpodHighlights from this episode and others at The Daily Beast Hosted on Acast. See acast.com/privacy for more information.

Toute l'actualité des médias, de la télé à la radio, de la presse écrite aux réseaux sociaux, des shows populaires aux publications les plus pointues, dénuée d'à-priori, mais non de bienveillance. Accompagné de chroniqueurs et de spécialistes, Thomas Isle décrypte chaque jour ce qui fait parler dans les médias.

Dans son émission média, Thomas Isle et sa bande reçoivent chaque jour un invité. Aujourd'hui, Louis Dreyfus, président du directoire du groupe Le Monde.

Dans son émission média, Thomas Isle et sa bande reçoivent chaque jour un invité. Aujourd'hui, Louis Dreyfus, président du directoire du groupe Le Monde.

On this episode of Woody Adjacent, we tackle a listener request for a movie released this very year and dare we say this one really brought some heavy Woody Allen vibes!   We also want to give a massive shoutout to our new patreon supporter PAUL STICKNEY! THANK YOU GOOD SIR...    You Hurt Our Feelings (2023) is a comedy-drama film about a novelist's marriage that is somewhat upended when she overhears her husband's honest reaction to her latest book.   The movie stars Julia Louis-Dreyfus, Tobias Menzies, Michaela Watkins and Arian Moayed to name just a few The film was written and directed by Nicole Holofcener. It received positive reviews from critics, who praised Louis-Dreyfus's performance and Holofcener's sharp writing and direction.   Please check out the links below for the full cast, user reviews, ratings and info you may find interesting   Wikipedia: https://en.wikipedia.org/wiki/You_Hurt_My_Feelings_(2023_film)   IMDb: https://www.imdb.com/title/tt15771916/   Rotten Tomatoes: https://www.rottentomatoes.com/m/you_hurt_my_feelings_2023   ____________________   A VERY Special Thanks to The Woody Allen Pages Website & The Woody Allen Subreddit for the continued support and info – check them out for the latest from the Woody Allen Fan Community!!   https://www.woodyallenpages.com     &    https://www.reddit.com/r/woodyallen   PLEASE LEAVE A COMMENT TO THIS OR ANY OTHER EPISODE USING OUR COMMENT SECTION VIDEO LINK HERE   >>>>>>>  https://bit.ly/warpcom   IF YOU LIKE THE SHOW, PLEASE CONSIDER BUYING US A COFFEE / GIVING US A TIP VIA OUR PATREON CAMPAIGN  >>> https://www.patreon.com/woodyretro   Thanks for listening as always - we would also LOVE a review on iTunes or a 5 star rating via Spotify or whichever podcast platform you are listening on - please find all our connected links below.   >>>   https://linktr.ee/woodyretro

After a tumultuous few weeks with rumors of race cancellations, boardroom negotiations with financial backers, and a press release that promised "positive future developments" to support the FIM World Supercross Championship, SX Global has announced the sale of its business to a new investment group. The organization, led by Kyril Louis-Dreyfus and Juan Sartori, will work alongside longtime WSX principal Adam Bailey, who will maintain his role as CEO of the series as it continues its second year. Kyril is the son of Robert Louis-Dreyfus, who served as CEO of advertising firm Saatchi & Saatchi and sporting giant adidas, while his great-great-grandfather Léopold Louis-Dreyfus established the family's businesses in agriculture, shipping, energy, raw materials, and finance that, according to its 2022 financial report, operates in more than 100 countries with 21.6 billion dollars in total assets. Sartori is known for forming the Union Group immediately after graduating from the University of Lausanne in Switzerland, and through his increasing political influence with the National Party, the oldest active political group in the South American country. Louis-Dreyfus and Sartori have been close friends and business partners for some time. Both are on the board of directors at Sunderland AFC and will join Adam Bailey in similar roles at SX Global.

Louis-Dreyfus stars in the new film You Hurt My Feelings. She spoke with Dave Davies about her first big laugh as a kid, receiving the Mark Twain Prize for American Humor, and her new podcast, Wiser Than Me. Also, John Powers reviews the British crime series Happy Valley, now available in the U.S.

If there's anyone in Hollywood who might be immune to criticism, it's 11-time Emmy-winner and Mark Twain Prize for American Humor recipient Julia Louis-Dreyfus. But as the comedy legend admits in this episode, the rare negative comment about her work still “stings.” That feeling is at the heart of Louis-Dreyfus' new film ‘You Hurt My Feelings,' in which she delivers the most emotionally raw performance of her career. During our conversation, the actress reflects on her early struggles as a cast member on ‘Saturday Night Live' and the catharsis of returning as host. She also reveals what she really thought about the divisive ‘Seinfeld' finale 25 years later, breaks down the difference between ‘Veep's' Selina Meyer and her own “narcissistic” father and a lot more.Listen to Julia Louis-Dreyfus' podcast Wiser Than MeFollow Julia Louis-Dreyfus on Twitter @OfficialJLD and Instagram @officialjldFollow Matt Wilstein on Twitter @mattwilsteinFollow The Last Laugh on Instagram @lastlaughpodHighlights from this episode and others at The Daily Beast Hosted on Acast. See acast.com/privacy for more information.

Simon Pryde, Nick Barnes and Marco Gabbiadini hear from Sunderland chairman Kyril Louis Dreyfus on the season and ‘The Sunderland Story'.

Edouard Louis-Dreyfus, président de Louis-Dreyfus Armateurs, était l'invité de Christophe Jakubyszyn dans Good Morning Business, ce mardi 4 octobre. Ils se sont penché sur la nouvelle stratégie du groupe Louis-Dreyfus, notamment dans la pose de câbles sous-marins, la création de parcs d'éoliens offshores, et le transport de colis encombrants, sur BFM Business. Retrouvez l'émission du lundi au vendredi et réécoutez la en podcast.

It makes my blood boil. Since March I've been screaming about the Fed's total misreading of inflation — believing it's being caused by workers getting wage hikes, when the real cause is powerful corporations raising prices higher than their costs. I'm not so grandiose as to think my screams would have any direct influence on the Fed. My hope was that my argument and data might be picked up by a few voices in the media, which would lead some Democrats in Congress to pick up on it, and that maybe they'd put some pressure on the Fed — such as asking Fed chief Jerome Powell to respond to those arguments when he next testifies. It's not happened yet. Yesterday Powell and the Fed raised interest rates again — another three-quarters of a percent — bringing the official rate from near zero in March to over 3 percent now. Insane. Well, now I get a chance to tell Congress why this is insane. The House Oversight Committee's subcommittee on economic and consumer policy holds a hearing this morning and has asked me to testify. (Thankfully, they're allowing me to do it remotely from my home here in California, although the timing isn't ideal — the hearing starts 9 am Eastern Time, which is 6 am here — and because I'm the lead-off witness they want me to check in remotely at 5:45 am. I'll have to drink plenty of coffee.)When you testify before Congress, you get 5 minutes to summarize your views. You submit your detailed testimony, which is read by the committee's staff, who then give members of Congress questions to ask you based on the submitted testimony (the Democratic staff's questions are usually quite different from Republican staff's). Those questions, hopefully, allow you to get into the details. My aim is to state as clearly as possible that the underlying problem is not wage-price inflation. It's profit-price inflation. And the Fed's continuing rate hikes will hurt average workers by slowing the economy — making it harder for workers to get wage increases and causing many to lose their jobs. I'm going to suggest that Congress consider ways to control inflation that limit corporate profits rather than jobs and wages — such as a windfall profits tax, tougher antitrust enforcement, and even temporary price controls. Will Congress do any of this? Here again, I'm not so full of myself as to think I can sway a single member of Congress, let alone Congress as a whole. But in my experience, policy ideas that are useful and timely often find their way into politics — eventually displacing old ones that are no longer useful and may be damaging. At least that's my hope with “profit-price” inflation replacing the anachronistic “wage-price” inflation.I'm going to add my testimony to this post right after I testify this morning — and fill you in on what happened. ***The hearing was just adjourned. The good news is that the Democrats on the committee got it. They understood that big corporations raising their prices in excess of their costs — to score record profits — is a major reason for the inflation we're now experiencing. And workers are paying for those record profits in two ways — real wage losses (wage gains have been more than offset by price increases, making most workers worse off) and by the higher prices themselves (the result of corporations increasing their profit margins). I was particularly impressed by the chairman of the subcommittee, Representative Raja Krishnamoorthi (from the 8th district of Illinois), who understood the issues and expressed them cogently, and by Cori Bush (from the 1st district of Missouri), who asked terrific questions. Katie Porter did a fabulous job breaking the issue down. There was less discussion of remedies than I'd hoped — only passing reference to tougher antitrust enforcement and no real discussion of a windfall profits tax — and no criticism of the Fed (other than in my remarks and testimony). Not surprisingly, the Republicans on the committee were obstreperous and wildly partisan. All they did was try to blame inflation on the American Rescue Plan, Biden, and the Democrats. They repeatedly quoted Larry Summers's misleading claim that pandemic spending fueled inflation (even at one point asking me if I served with him in the Clinton administration, without giving me the chance to rebut him). They asked the Republican witness, Tyler Goodspeed (briefly chair of Trump's Council of Economic Advisors), to confirm their rhetorical questions but didn't ask me a thing. Like much of the rest of our governing processes, congressional hearings have degenerated into partisan posturing and name-calling. I experienced this starting in 1995 when Newt Gingrich became Speaker. For those of you who might be interested, here's the testimony I submitted this morning:***Mr. Chairman and members of the Committee,My name is Robert Reich. I'm the Carmel P. Friesen Professor of Public Policy at the Goldman School of Public Policy, University of California, Berkeley.Last week's consumer price index report shows annual inflation in the United States still roaring at 8.3 percent annually [1] -- the worst breakout of inflation since the 1980s.In response, the Fed has raised interest rates from near zero in March to over 3 percent yesterday, and has signaled it will keep raising rates until inflation is under control.I believe this strategy is a mistake. It assumes the current inflation is being driven by wage hikes and a tight labor market. But the underlying problem is not wage-price inflation. It is profit-price inflation.The Fed's rate hikes are hurting average working Americans whose real wages are already falling. Congress should consider alternative ways to control inflation that focus on corporate profits rather than jobs and wages.1. What's causing the current inflation?Inflation is not being driven by the usual suspects:Don't blame raw materials. The prices of commodities – wheat, natural gas, oil, and metals -- are falling.[2] That's partly because of a global slowdown, particularly in China, that is reducing worldwide demand.Don't blame intermediate goods. Last Wednesday's Bureau of Labor Statistics report on producer prices was fairly encouraging.[3] Even the prices of semiconductors and electronic components are slowing.[4]Don't blame inflationary expectations. Last week's New York Fed survey of inflationary expectations [5] was very positive. Expectations of continuing inflation have declined across the board.And – importantly -- it's not wages.Jerome Powell worries that “the labor market is extremely tight,”[6] and to “an unhealthy level.”[7] Some economists claim that inflation is “grounded in a red hot labor market.”[8]With due respect, this analysis is wrong. Although pay is still climbing, wage hikes have not kept up with inflation. This means most workers' paychecks are shrinking, in terms of purchasing power. So rather than contributing to inflation, wages are reducing inflationary pressures.As the accompanying graph shows, inflation-adjusted earnings have plunged.[9]2. The underlying problem is profit-price inflationWhat's a major reason prices are rising? Corporations are increasing their profit margins.In the second quarter of this year, U.S. companies raked in profits that were the highest on record or close to levels not seen in over half a century. As a share of GDP, U.S. corporate profits in the second quarter rose to 12.25%, their highest levels since 1950. (See graph below)Notably, corporate profit margins – over and above costs – continue to grow. (See chart below.)The labor market is not “unhealthily” tight, as Jerome Powell asserts. Corporations are unhealthily powerful.In a normally competitive market, corporations would keep their prices down to prevent competitors from grabbing away customers. As the White House National Economic Council put it in a December report: “Businesses that face meaningful competition can't [raise profit margins], because they would lose business to a competitor that did not hike its margins.”[10]The underlying problem is that large American corporations have so much market power they can raise profit margins – and prices -- with impunity.Since the 1980s, two-thirds of all American industries have become more concentrated.[11] This concentration gives corporations the power to raise prices because it makes it easy for them to coordinate price increases with the handful of other companies in their same industry, without risking the possibility of losing customers, who have no other choice.For example, Monsanto now sets the prices for most of the nation's seed corn. Wall Street has consolidated into five giant banks. Airlines have merged from 12 carriers in 1980 to four today, which now control 80 percent of domestic seating capacity. The merger of Boeing and McDonnell Douglas has left the US with just one large producer of civilian aircraft — Boeing. Three giant cable companies dominate broadband: Comcast, AT&T and Verizon. A handful of drug companies control the pharmaceutical industry. Two giant firms dominate consumer staples. A handful of national retailers and food outlets dominate local markets. And so on.Such concentration makes it easy for corporations to raise their prices beyond what is required to offset rising input costs. More than half of the companies surveyed by the business services reviews website Digital.com reported raising prices beyond what was required to offset rising costs.[12]As The New York Times pointed out, “corporate executives have spent recent earnings calls [with Wall Street analysts] bragging about their newfound power to raise prices, often predicting that it will last.”[13]3.    Examples from specific sectorsTake a closer look at specific sectors and you'll see profit-price inflation in action:Grocery prices are through the roof largely because just 4 companies – Archer-Daniels-Midland, Bunge, Cargill, and Louis Dreyfus, known collectively as ABCD – control an estimated 70 to 90 percent of the global grain trade,[14] making grain markets are even more concentrated than energy markets. All have raised their prices and gained record profits. Last year was Cargill's most profitable year in its history, with almost $5 billion in net income.[15]At the same time, just 4 companies control up to 85 percent of meat and poultry processing.[16] They too have raised prices above costs. Tyson's net income soared 47 percent, while it spent $700 million in shareholder buybacks.[17]Consumer packaged goods conglomerates -- such as Coca-Cola, Hershey's, PepsiCo, and Mondelez – are also highly concentrated. And they too are raising prices and reporting record earnings.[18] Coca-Cola has credited its increased net operating revenues to price hikes. Procter and Gamble has boasted of the “biggest annual sales increase in 16 years” with its net earnings soaring to $14.7 billion following price hikes on all of its products. It has paid out over $19 billion to shareholders.[19] Shipping conglomerates are expected to top last year's profits by over 73 percent or $256 billion.[20] Here again, it's because they have the power to raise prices. 80 percent of global merchandise is moved through the Big 3 shipping alliances. You can see a similar pattern in freight railroads. Over the last six years, the five largest railroad freight lines have increased their operating margins by over a third.[21]The ten largest U.S. retailers – all enjoying significant market power – have raised consumer prices while collectively reporting $24.6 billion in increased profits during the last two fiscal years. These same companies also ramped up stock buybacks by nearly $45 billion year-over-year for a total of $79.1 billion.[22]Gas prices are finally declining.[23] But they're still high, and major oil companies continued to have enough pricing power to gain a whopping $46 billion in earnings in the second quarter of this year.[24] It would be one thing if these corporations were investing their profits in additional capacity. At least this would reduce future inflationary pressures. But they have been using their profits to buy back their own shares of stock. This may be good for shareholders -- buybacks reduce a company's shares outstanding, raising its profits-per-share -- but it does nothing for the economy.There is a direct historic analogy. At the end of World War II, when the United States attempted to shift back from war production to civilian production, it experienced bottlenecks similar to those caused by the pandemic. Then, as now, consumers had high pent-up demand for all sorts of products and services. Then, as now, large corporations with market power took advantage of limited supplies and soaring demand to increase their prices and enjoy windfall profits. Then, as now, inflation soared.4.   The Fed's rate hikes are aimed at the wrong culprit  The Fed is using the only tool it possesses to fight inflation – interest rate hikes -- to do the one thing it has done in the past to fight inflation – slow the economy so real wages drop and unemployment rises. But when inflation is being driven by corporate pricing power, the major consequence of Fed interest rate hikes is to further depress wages and limit jobs.Rate hikes eventually diminish corporate profits because consumers have less money to spend on goods and services. But by then, average working people will have taken it on the chin.  As the economy cools due to interest rate hikes, they are less likely to get wage increases that keep up with inflation. In consequence, they will fall further behind. As the economy slows and unemployment rises, average working people and the working poor will be the first to be fired and the last to be hired.On August 26, Powell said the Fed must continue to raise interest rates, even though it will “bring some pain” to households.[25]  How much pain? Researchers at the International Monetary fund estimate that unemployment may need to reach 7.5 percent -- double its current level -- to end the country's outbreak of high inflation. This would entail job losses of about 6 million people.[26]Who will bear this pain? Not corporate executives, not Wall Street, not the wealthy and not the upper-middle class. It will be borne by average working people.5.  Better ways to stop profit-price inflationIn fairness to the Fed, it doesn't have the tools it needs to prevent profit-price inflation. The responsibility falls on Congress and the administration to take on corporate pricing power directly through a windfall profits tax, bolder antitrust enforcement, and, if necessary, price controls.Congress and the Biden administration enacted a 1 percent tax on stock buybacks in the recently enacted Inflation Reduction Act, along with a minimum corporate tax. These measures are important, but they don't go far enough. They still leave most of the burden of fighting inflation on average working people and the poor.A windfall profits tax would help. One way to structure it would be to place a temporarily tax on any price increases that exceed the producer price index – that is, the costs of producing consumer goods. Congress could also direct the Federal Trade Commission to investigate whether prices reasonably reflect additional costs or amount to opportunistic price-gouging. The FTC already has the power to carry out such investigations and impose penalties under existing law.[27]Bold antitrust enforcement is essential. Antitrust litigation is complex and time consuming (I directed the policy planning staff at the Federal Trade Commission in the Carter Administration and saw this firsthand). But the credible threat of aggressive antitrust enforcement can deter corporations from raising prices higher than their costs.Congress must appropriate sufficient funds for the Antitrust Division of the Justice Department and the Bureau of Competition of the Federal Trade Commission to enable both agencies to attack excessive corporate concentration, which continues to harm workers and consumers. Price controls should be a backstop. Price controls have many disadvantages, in terms of distorting markets and deterring investment. They worked well in World War II, less well in the 1970s when they were half-baked and badly executed.  But as I've argued, the current inflation is most directly analogous to what occurred immediately after World War II when supplies were still limited, pent-up demand had soared, and corporations were making windfall profits. At that time and under those circumstances, many of America's most distinguished economists argued that price controls on important goods should continue temporarily, in order to buy the time necessary to overcome supply bottlenecks and prevent corporate profiteering.[28] They should be considered now, for the same reasons.ConclusionCongress and the administration have the power to stop corporations from using their market power to raise prices. It is far better that Congress and the administration take direct against this sort of inflation than relying solely on the Federal Reserve to raise interest rates to slow the economy and risk another recession – putting the entire burden on fighting inflation on average working people, who are not responsible for it.[1] https://www.bls.gov/news.release/cpi.nr0.htm[2] https://www.intellinews.com/commodity-prices-fall-across-the-board-as-the-market-adjusts-to-the-sanctions-realities-256384/[3] https://www.bls.gov/news.release/ppi.nr0.htm[4] https://www.theregister.com/2022/07/14/intel_plans_price_hikes_for/[5] https://www.newyorkfed.org/newsevents/news/research/2022/20220912[6] https://www.federalreserve.gov/newsevents/speech/powell20220321a.htm[7] https://www.federalreserve.gov/newsevents/speech/powell2023221.htm[8] https://www.nytimes.com/2022/09/15/business/economy/inflation-markets-economy.html[9] Refinitiv Datastream/ BLS/ BEA. Reuters Graphic E. Burroughs.[10] https://www.whitehouse.gov/briefing-room/blog/2021/12/10/recent-data-show-dominant-meat-processing-companies-are-taking-advantage-of-market-power-to-raise-prices-and-grow-profit-margins/[11] https://hbr.org/2018/03/is-lack-of-competition-strangling-the-u-s-economy[12] https://digital.com/half-of-retail-businesses-using-inflation-to-price-gouge/[13] https://www.nytimes.com/2022/02/27/business/economy/price-increases-inflation.html[14] https://www.theguardian.com/environment/2022/aug/23/record-profits-grain-firms-food-crisis-calls-windfall-tax?CMP=Share_iOSApp_Other[15] https://accountable.us/meatpacking-profiteers-testifying-today-saw-nearly-13b-in-profits-after-racking-up-384m-in-price-fixing-fines-and-settlements/[16] https://accountable.us/meatpacking-profiteers-testifying-today-saw-nearly-13b-in-profits-after-racking-up-384m-in-price-fixing-fines-and-settlements/[17] https://accountable.us/meatpacking-profiteers-testifying-today-saw-nearly-13b-in-profits-after-racking-up-384m-in-price-fixing-fines-and-settlements/[18] https://www.modernretail.co/retailers/citing-inflation-cpg-conglomerates-are-raising-prices-and-earning-record-profits/[19] https://accountable.us/profiteering-watch-procter-gamble-boasts-biggest-annual-sales-increase-in-16-years-after-excessive-price-hikes/[20] https://www.bloomberg.com/news/articles/2022-08-09/container-lines-to-smash-year-old-profit-record-with-73-surge[21] https://www-wired-com.cdn.ampproject.org/c/s/www.wired.com/story/a-us-freight-rail-crisis-threatens-more-supply-chain-chaos/amp[22] https://accountable.us/wp-content/uploads/2022/06/CPI-Retail-Report-Release.pdf[23] https://www.forbes.com/sites/sergeiklebnikov/2022/09/07/oil-prices-hit-seven-month-low-as-recession-fears-weigh-on-demand[24] https://www.nbcnews.com/business/business-news/oil-companies-record-earnings-sky-high-gas-prices-linge-rcna40622[25] https://www.nytimes.com/2022/08/26/business/economy/jerome-powell-inflation.html?smid=nytcore-ios-share&referringSource=articleShare[26] https://www.brookings.edu/bpea-articles/understanding-u-s-inflation-during-the-covid-era/[27] https://www.congress.gov/bill/117th-congress/house-bill/675/text[28] https://timesmachine.nytimes.com/timesmachine/1946/04/09/93087670.html?pageNumber=23 This is a public episode. 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The Hoosier Ag Today Podcast for Monday, Aug. 22, 2022: 1.) It's all about expanding the usage of soybeans!  Eric Pfeiffer reports from Louis Dreyfus in Claypool about their recent expansion at their facility in Kosciusko County – and how that will help Indiana's soybean farmers and Indiana's ag economy. 2.) Now that the 165th Indiana State Fair has come to a close, Hoosier Ag Today's founder and chairman Gary Truitt has some thoughts and criticisms of this year's fair – and as well as the media's coverage of it. It's all part of his “As I See It” commentary. 3.) Also, Chief Meteorologist Ryan Martin has your forecast and Bob Utterback with Utterback Marketing Services has your grain market analysis. That's straight ahead on your Monday Hoosier Ag Today Podcast!

August 2019: Louis-Dreyfus and Bill discuss being a sports parent, 'SNL' in the '80s, 'Seinfeld,' 'Veep,' working with James Gandolfini, 'Curb Your Enthusiasm,' the 'Curb'-'Seinfeld' reunion, Larry David, future projects, parenting advice, and more. Host: Bill Simmons Guest: Julia Louis-Dreyfus Production Support: Steve Ceruti, Ben Cruz, Tim Angan and Garrett Gonzales Learn more about your ad choices. Visit podcastchoices.com/adchoices