Podcasts about lps

Days after Clarity failed, the SEC granted a major exemption for tokenized stocks. The Digital Chamber's Cody Carbone explains whether agencies can replace the law. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you're buying - swap it at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ======================================================== The Clarity Act failed its cloture vote this week, with every Senate Democrat voting no and sinking crypto's biggest legislative shot in years. Cody Carbone, CEO of the Digital Chamber, joins Laura Shin to unpack what killed the bill: an ethics fight over Trump's blind trust and digital-asset dealings, stablecoin-reward limits the banks wouldn't accept, and a Blockchain Regulatory Certainty Act rewrite that stripped noncustodial developers of criminal-liability protection. Carbone argues Democrats rejected 80% of their own ethics demands rather than hand Republicans a win, and traces how crypto PAC money and the threat of Maxine Waters chairing House Financial Services shape what happens next. Two days after Clarity died, the SEC granted an innovation exemption for tokenized stock trading, and Carbone says the SEC and CFTC are about to unleash years of rulemaking with or without Congress. The question now is whether that agency-driven momentum outlasts the next hostile administration, or gets undone with a single signature. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guest: Cody Carbone - CEO of The Digital Chamber Timestamps

Days after Clarity failed, the SEC granted a major exemption for tokenized stocks. The Digital Chamber's Cody Carbone explains whether agencies can replace the law. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you're buying - swap it at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ======================================================== The Clarity Act failed its cloture vote this week, with every Senate Democrat voting no and sinking crypto's biggest legislative shot in years. Cody Carbone, CEO of the Digital Chamber, joins Laura Shin to unpack what killed the bill: an ethics fight over Trump's blind trust and digital-asset dealings, stablecoin-reward limits the banks wouldn't accept, and a Blockchain Regulatory Certainty Act rewrite that stripped noncustodial developers of criminal-liability protection. Carbone argues Democrats rejected 80% of their own ethics demands rather than hand Republicans a win, and traces how crypto PAC money and the threat of Maxine Waters chairing House Financial Services shape what happens next. Two days after Clarity died, the SEC granted an innovation exemption for tokenized stock trading, and Carbone says the SEC and CFTC are about to unleash years of rulemaking with or without Congress. The question now is whether that agency-driven momentum outlasts the next hostile administration, or gets undone with a single signature. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guest: Cody Carbone - CEO of The Digital Chamber Timestamps

In this episode of Tank Talks, host Matt Cohen sits down with Anthony Mouchantaf, co-founder and CEO of Biossil, a biotech company on a mission to resurrect orphaned drugs using AI and a hedge fund–inspired operating model. Anthony takes us through his unconventional journey: from a law school student obsessed with Alexander Hamilton, to founding his first startup, Rthm (acquired), to investing at OMERS and RBC, and finally returning to the founder seat with Biossil.They dive into the mindset shift required to leave a stable legal career for the uncertainty of startups, why Anthony views entrepreneurship as a “drug,” and how his time as an LP shaped his view of what separates great VCs from mediocre ones. Anthony opens up about the early days of Biossil, the “too cute” capital-efficient strategy, and how a serendipitous dinner intro to Founders Fund changed everything.He also breaks down the real-world mechanics of acquiring off-the-shelf drugs, the brutal reality of biotech timelines, and why regulatory reform is the hidden bottleneck to AI-driven medicine. From the partnership with OpenAI to the company's operating philosophy (hedging beta, maximizing catalyst density, and isolating alpha), Anthony offers a blueprint for building a resilient, mission-driven biotech for the AI era.Whether you're a founder, investor, or just someone curious about the intersection of AI and life sciences, this episode is packed with hard-earned wisdom on risk, identity, and the art of controlling what you can control.From Law School to Startup Life (02:24)* Growing up in Toronto as the child of immigrant parents, chasing constitutional law* The Alexander Hamilton obsession that started in high school* Teaching a course at U of T law without ever practicing* How a late-night conversation at Massey College with co-founder Alex led to RthmWhat Founding Rthm Taught Him About Himself (06:14)* Getting comfortable with structural uncertainty as almost “a drug”* Why you can take the individual out of the startup, but never the startup out of the individual* The itch that never fully goes away after founding somethingFrom Founder to Investor: OMERS and RBCX (07:11)* What separates great investors from destructive ones* “Extremely hard to kill”: what he saw early in Matt and Ripple Ventures* Why most VCs cluster around mediocrity, and what the outliers do differently* The poker-chip analogy: how capital position shapes VC risk appetite* Why good LPs need to “thumb the scale” for good VCs, just as good VCs do for foundersThe Idea Behind Biossil (15:05)* Reuniting with Alex, an MD-PhD, after years on separate paths* The core problem: drug development should be recursive, but biotechs can't afford to make it so* Why promising drugs get stranded in “regulatory limbo” when the data is equivocal, not failed* The insight: using technology to systematize what was historically a relationship-driven, human-scale rescue effortBiossil 1.0 vs. the Bigger Vision (20:43)* Launching in 2023 on a lean seed round with no capital to acquire drugs outright* Getting “too cute” trying to solve the problem at a fraction of the necessary cost* Why most VCs evaluate founders cross-sectionally instead of longitudinallyHunting for Orphaned Drugs (26:03)* Why data is a cost of admission in biotech, not a moat like in tech* How Biossil structures deals to share economics with original rights holders* Why inbound interest rarely meets their barRunning Biossil Like an Operating Hedge Fund (30:50)* Isolating alpha, or execution, from beta, or market and biotech cycle risk* Why traditional biotech investing is “binary risk you can't underwrite” without a portfolio* Building resilience through catalyst density instead of just runway* The “epsilon” factor: surviving long enough for unexplained outcomes to work in your favorBuilding Lean with AI (34:12)* Running a hyper-efficient, eight-person core team* Why Biossil takes on regulatory and commercial risk, not manufacturing risk* The pipeline today: $70M raised, 11 drugs, 5 open clinical trials across the US, Canada, and Europe* What makes manufacturing the most underestimated cost in biotechThe Next 5-10 Years for Biossil (49:47)* The long-term vision: an approved-drug pipeline, deeper trials, more disease areas* Bringing new mechanisms of action to market as a category-defining goalAdvice to His Past Self (51:15)* Why he's hesitant to just tell people to “go do entrepreneurship”* Motivation matters more than the identity of being a founder* The Steve Jobs commencement speech that reframed how he thinks about riskAbout Anthony MouchantafAnthony Mouchantaf is the co-founder and CEO of Biossil, a biotech company that uses AI to systematically identify, acquire, and advance orphaned drugs left behind by failed clinical trials. With a background in law (U of T), startup founding (Rthm, acquired), and venture investing (OMERS, RBC), Anthony brings a rare blend of legal, financial, and operational discipline to the high-stakes world of drug development. Biossil is backed by Founders Fund and OpenAI, and is on a mission to turn industrial-scale drug resurrection into a new category of biotech innovation.Connect with Anthony Mouchantaf: https://www.linkedin.com/in/anthony-mouchantaf-508442113/Learn more about Biossil: https://www.biossil.co/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Ethena's Guy Young explains why the companybuilt a neobank that pays 6% in yield, 5% cash back, and never tells users they're holding self-custodial stablecoins instead of dollars. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you're buying - swap it at⁠⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠⁠ ======================================================== DeFi's total value locked never reclaimed its 2021 peak, even four years and a full bull market later. That data point convinced Ethena Labs founder Guy Young the onchain dream needed a backup plan. Young joins Laura Shin days after launching Ethena Pay, a neobank paying 6% on dollar deposits and 5% cashback in AVAX while hiding from users that their balance sits in a self-custodial stablecoin wallet, not a bank account. He argues yield, not brand loyalty, is what pulls the next hundred million users onto crypto rails. They cover why Young shrugs off Tether-backed Plasma as a rival, how USDe's backing shifted from a basis trade toward AAA-rated real-world-asset lending, why a Revolut-style KYC breach is a risk Ethena can't fully control, and why card spend and FX fees, not USDe's own yield, are the revenue line he is actually chasing. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Guy Young - Founder and CEO of Ethena Labs Timestamps

Ethena's Guy Young explains why the companybuilt a neobank that pays 6% in yield, 5% cash back, and never tells users they're holding self-custodial stablecoins instead of dollars. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you're buying - swap it at⁠⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠⁠ ======================================================== DeFi's total value locked never reclaimed its 2021 peak, even four years and a full bull market later. That data point convinced Ethena Labs founder Guy Young the onchain dream needed a backup plan. Young joins Laura Shin days after launching Ethena Pay, a neobank paying 6% on dollar deposits and 5% cashback in AVAX while hiding from users that their balance sits in a self-custodial stablecoin wallet, not a bank account. He argues yield, not brand loyalty, is what pulls the next hundred million users onto crypto rails. They cover why Young shrugs off Tether-backed Plasma as a rival, how USDe's backing shifted from a basis trade toward AAA-rated real-world-asset lending, why a Revolut-style KYC breach is a risk Ethena can't fully control, and why card spend and FX fees, not USDe's own yield, are the revenue line he is actually chasing. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Guy Young - Founder and CEO of Ethena Labs Timestamps

Patrick & Marco sprechen über die Band „Trio“, die im Zuge der Neuen Deutschen Welle für Furore gesorgt hat, sich aber nach drei LPs aufgelöst hat. Sie gehen der Frage nach, wie ergiebig und tragfähig das minimalistische Konzept war.#NDW #Trio #New_Wave

Sorcha Richardson's Draw The Outline is an album you need on your radar. She tells about early years discovering her voice, working at record labels, a chance advert sync and her seasonal way of existing. Order Draw The Outline: https://sorcharichardson.bandcamp.com/album/draw-the-outline Sign up to our newsletter to win gig tickets & signed LPs: https://www.101ptj.fyi/ Thanks The Miller in London Bridge. Get in touch giles@mightymoonmedia.com Get yourself some top class Shure microphone gear: https://shu.re/3YhV7p2 Set up Your Band's merch store, for free at Distrokid Direct: https://distrokid.com/direct/ Learn more about your ad choices. Visit megaphone.fm/adchoices

LPS

This panel session featuring Burma Christian diaspora oral history fellows Bawi Tin Par, Van Sui, Ma May Si, and Ciin Kham was recorded on August 7, 2026, as part of the Our Stories, Our Faith conference "Burma Christian Diaspora in Indianapolis: Celebrating Our Stories, Embracing Our Challenges." More information about the conference can be found at https://ourstoriesourfaith.org/.Meet the Oral History FellowsBawitin Par currently works as a home-based case manager, supporting individuals and families through compassionate care and advocacy. She is pursuing a Master's degree in Biblical Counseling and Clinical Counseling in Mental Health, integrating faith-based principles with professional counseling practices. In addition to academic and professional responsibilities, Bawitin serves as a Ministry Assistant for the High School Ministry, where she is passionate about mentoring and encouraging young people in their spiritual growth. Through her work, studies, and ministry involvement, she is committed to serving others with empathy, integrity, and Christ-centered guidance.Ciin Kham is a Licensed Minister and LMFTA (Licensed Marriage and Family Therapist Associate) serving the southside community of Indianapolis. With a deep passion for supporting the Burmese diaspora facing mental health challenges, Ciin offers holistic care that integrates clinical expertise with faith-based counseling. Their work fosters emotional healing and spiritual growth through culturally sensitive support, practical teaching, and accessible resources. Rooted in compassion, clarity, and hope, Ciin equips individuals and communities to thrive in both faith and life.Ma May Si, also known as Maysi, is a passionate Matu Chin leader in the community. She obtained her Master's in Public Health from the University of Missouri-Columbia, with an emphasis in Promotion and Policy, and recently moved to Indiana to reunite with family and to better serve the Burmese community. Maysi currently serves as the Vice President for the Matu Affairs Organization USA, volunteers at the Chin Center, and is a youth leader at her church in Indianapolis. Through the OSOF Fellows Program, she hopes to amplify the stories of the Burmese Christian diaspora and highlight the profound role God has played in the lives of community members.Van Sui is the founder of JeSui Strategies, a Kingdom-focused public affairs, political, and government affairs consulting firm. She is a civic leader who demonstrates leadership through government and community services. Van has participated in competitive leadership programs such as the Global Young Diplomats Forum, Global Leadership Series, and National Leadership Academy of Congressional Studies in Washington, D.C. She earned a master's in leadership and public service (LPS) and a bachelor's in political science, philosophy, and economics (PPE), both from private Christian universities. As a pastor's kid, Van grew up in a church-centered environment in Burma/Myanmar. She came to the U.S. in 2013 and has called Indiana home since then.Photo credit (thumbnail): Jacob Him, Svolta Film This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit caacptsem.substack.com

260909PC Video killed the Radio Star Mensch Mahler am 09.09.2026Ich hab dich '52 im Radio gehört habe wachgelegen, weil ich unbedingt deine Sendung hören wollte wenn ich auch jung war, das hat dich nicht davon abgehalten, durchzukommen Hook1952 war ich noch gar nicht auf der Welt. Ich bin 1953 geboren. Aber: Ich habe die ganze Entwicklung durch. Von Magnetbändern bis zu Streaming. Ich bin 16 Jahre im Medienrat der Landesanstalt gesessen. Wir haben uns die Köpfe heiß geredet über DAB und Internetradio. Ich habe gesagt: UKW wird niemals sterben. Das heißt: Handgemachtes Radio. Beim Chinesen muss ich mich unter 300 Gerichten entscheiden. Warum um alles in der Welt sollte ich mir mein eigenes Nachrichten- und Musikprogramm zusammenstellen lassen? Ich freu mich immer noch über gutes, handgemachtes Radio. Und mache es bis heute auch selbst. 46 Jahre bin ich jetzt schon dabei …. Hook Jetzt stehe ich wieder mal vor der Wahl: Meine Tonbandmaschine, meine Compact-Musikcassetten, meine CDs und LPs, meine VHS Bänder, meine DVDs nehmen Unmengen von Platz weg. Das meiste schaue ich heute über Streamingdienste, die meiste Musik höre ich über Apple Music. Und doch: Ich lese richtige Bücher, ich höre UKW und lege Vinyl auf, spule meine Magnetbänder vor und zurück. Vielleicht bin ich ein ewig gestriges Reptil. Aber: so langsam werden LPs und Bänder wieder Kult. Vielleicht bin ich ja auch ein Trendsetter …. Hosted on Acast. See acast.com/privacy for more information.

Episode 443 of The VentureFizz Podcast features Allison Byers, Founder & CEO of Scroobious. There is a lot that goes into raising venture capital. You have to have the right idea, market size, traction, and it's incredibly helpful to be networked with VCs ahead of your fundraise. Plus, it's very important that entrepreneurs are aligned with an investor's expectations and motivations for funding a business because they are ultimately trying to provide returns for LPs. However, venture capital isn't the only option for financing a company. There are lots of other avenues and some are non-dilutive like bootstrapping, revenue-based financing, traditional loans, and more. It was Allison's own experience of leading a medical device company that was trying to raise its Series B round of funding after hitting every milestone, paying customers, and an FDA registration that opened her eyes to the challenges of raising capital. It led her to start a company and author a book to demystify the fundraising process and build a more equitable innovation economy. Through her company, Scroobious, she's building a capital access platform where founders, investors, mentors, and advisors meet to build real relationships that unlock opportunity, innovation, and growth. Her recently published book, Fundraising for the Rest of Us, is a practical guide for raising capital on your own terms. In this episode, we cover: * Allison's background growing up and how she got her career started. * Her personal story of being forced out of her job after returning from maternity leave, which ultimately led her down the entrepreneurial path. * The story of Digital Cognition Technologies, a neurodiagnostics product, and its attempted Series B fundraise and ultimate asset sale. * The inspiration behind Scroobious and how its platform helps founders. * The details of the Core 10 Pitch Deck Framework. * Her experience writing the book and what it was like recording the audiobook. * And so much more! Podcast Sponsor: This podcast is brought to you by one of the strongest longtime supporters of the local startup ecosystem, Silicon Valley Bank, a division of First Citizens Bank. With more than 1,500 bankers and relationship advisors and $44B in loans as of Q4 2025 – SVB delivers expert guidance, specialized products and a team that knows the innovation economy inside and out. Learn more at SVB.com.

While over for their London documentary screening, the Manly-Australia band joined on starting as teenagers and booking local shows, developing an understanding on how to operate as a sustainable band, how their inclusive message allows people to feel involved and Dec from Amyl and The Sniffers producing their new album Out in Oslo - which you can order at https://www.coffinband.com/ Sign up to our newsletter to win gig tickets & signed LPs: https://www.101ptj.fyi/ Thanks The Miller in London Bridge. Get in touch giles@mightymoonmedia.com Get yourself some top class Shure microphone gear: https://shu.re/3YhV7p2 Set up Your Band's merch store, for free at Distrokid Direct: https://distrokid.com/direct/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Richard McGirr talks to August Biniaz, Chief Investment Officer and co-founder of CPI Capital, who has spent the last six years building a real estate private equity firm while navigating the brutal realities of entrepreneurship, capital preservation, and cycle risk. He breaks down why Canada's lower yields pushed him toward U.S. multifamily, why the current pricing reset has changed the opportunity set, and why the operators who survive this environment will be the ones who protect LPs first. August Biniaz Co-Founder and CIO of CPI Capital Based in: Naples, Florida Where to find them: https://www.linkedin.com/in/augustbiniaz https://cpicapital.ca/ For more information, visit https://superhuman.com/. Podcast production done by⁠ ⁠Outlier Audio⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Liam Shortall, who's just released his mind melting new record Some Small Fortune, joins on going to music university at 16, playing in wedding bands and his parents running his merch. Order the new album from Ninja Tune: https://ninjatune.net/release/corto-alto/some-small-fortune Sign up to our newsletter to win gig tickets & signed LPs: https://www.101ptj.fyi/ Thanks The Miller in London Bridge. Get in touch giles@mightymoonmedia.com Get yourself some top class Shure microphone gear: https://shu.re/3YhV7p2 Set up Your Band's merch store, for free at Distrokid Direct: https://distrokid.com/direct/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Eugene Trufkin talks with Zach Cline Find Zach Cline here ---------------------------------------------------- Instagram: Instagram Facebook: Facebook Find Eugene Trufkin Here ---------------------------------------------------- Website: https://www.trufkinathletics.com/ Facebook: https://www.facebook.com/evgeny.trufkin/ Instagram: https://www.instagram.com/eugene_trufkin/?hl=en TikTok :https://www.tiktok.com/discover/eugene-trufkin YouTube: https://www.youtube.com/@EugeneTrufkin Book - http://trufkin.link/affsg_yt Ready to make a change? Book a call @ https://trufkinathletics.com/connect In this episode, Zach Cline explores the growing research on how pesticides, artificial sweeteners, dietary emulsifiers, and environmental chemicals can disrupt the gut microbiome. Despite being chemically different, these substances appear to create a remarkably similar pattern of gut dysbiosis—reducing beneficial butyrate-producing bacteria while increasing pro-inflammatory species such as E. coli and other proteobacteria. We discuss how these microbial shifts may contribute to increased endotoxin (LPS) production, leaky gut, endotoxemia, chronic inflammation, metabolic dysfunction, digestive issues, and a wide range of modern health concerns. If you're interested in gut health, nutrition, microbiome science, inflammation, longevity, and evidence-based wellness, this episode offers valuable insights into how everyday exposures may be affecting your health. #Pesticides #EnvironmentalToxins #Longevity #FunctionalMedicine #ZachCline #HealthEducation #Wellness

In this episode, Dr. Sanda Moldovan interviews Dr. Eddie Romo, discussing the intricate connections between gut health, oral health, and neurological conditions such as Alzheimer's disease. They explore the role of microbiology and genetics in health, the impact of nutritional interventions on systemic inflammation, and the importance of personalized testing for microbiome health. The conversation emphasizes the need for a holistic approach in dentistry and healthcare, integrating oral health with overall wellness. Want to see more of The Holistic Dentistry Show? Watch our episodes on YouTube! Do you have a mouth- or body-related question for Dr. Sanda? Send her a message on Instagram! Remember, you're not healthy until your mouth is healthy. So take care of it in the most natural way.  Key Takeaways: (03:46) The Connection Between Gut Health and Alzheimer's (14:12)  Nutritional Interventions and Systemic Inflammation (22:24) Testing for Microbiome and LPS (29:50) Genetics and Alzheimer's Disease (36:19) The Future of Dentistry and Holistic Health   Connect with Dr. Eddie Romo Website: https://www.phbio.ai/ Instagram: https://www.instagram.com/dr.eddieromo/   Connect With Us:  AskDrSanda | YouTube BeverlyHillsDentalHealth.com | Instagram  DrSandaMoldovan.com | Instagram  Orasana.com | Instagram Integrative Dental Health Institute  | Ozone in Dentistry Course

Bitcoin rallied 23% after Bessent's debt-buyback comments and settled near $80K. Swan's Cory Klippsten weighs in on what ETF inflows and onchain exchange moves really mean. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you're buying - swap it at⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠ ========================================================Bitcoin rallied 23 percent in a week after Treasury Secretary Scott Bessent said the government would double its long-term debt buybacks, settling near $80,000 without a leverage-driven blowoff. ETFs pulled in about $3 billion over two weeks, even as onchain data showed coins moving toward exchanges. Cory Klippsten, founder and CEO of Swan, joins Laura Shin to discuss why he distrusts popular Bitcoin forecasting tools. He calls stock-to-flow and power-law price models unfalsifiable "false gods" that leave holders with paper hands, and dismisses the quantum-computing scare as manufactured hype tied to 2025's penny-stock schemes. Yet he insists onchain self-custody is where value lives. The two weigh the ColdCard hack, which cost self-custody wallets roughly 1,400 coins, against larger losses at Mt. Gox, Celsius, and Quadriga. Klippsten covers Swan's RBX tool for converting GBTC into real Bitcoin, the custody spectrum topped by Swan Trinity, and why nobody will know for decades whether Bitcoin's fee market can replace its shrinking block reward. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠Cory Klippsten - Founder and CEO of Swan Timestamps

Welcome back to the Alt Goes Mainstream podcast.We were live from iCapital Connect's conference in Phoenix, where we sat down with some of the industry's leaders across asset management and wealth management.We spoke with Ava Mallin, Managing Director, US Private Wealth Solutions at Ardian.Ava brings a distinctive approach to how she works with the wealth channel. She emphasized that asset managers should treat capital as a client's legacy rather than “just dollars.” Speaking of legacy, Ardian is a firm with a rich legacy. The firm was born in 1996, when AXA's Chairman, Claude Bébéar, chairman of AXA, asked Dominique Senequier to create a private equity arm for the insurer. And so AXA Private Equity was born. The firm's first fund launched with a $100M French Buyout fund and two external clients.Today, Ardian stands tall as a giant in private markets, spanning asset classes and managing over $200B AUM.As a firm that provides investment solutions and customized strategies, Ardian thinks deeply about the breadth and depth of its relationships with LPs. Ava brings this perspective to bear in the wealth channel, which was evident in our conversation.Ava shared how she brings a uniquely human perspective to fundraising and partnering with the wealth channel. She believes managing money is managing emotion, which is critical for GPs to understand how wealth advisors manage their relationships with clients.We had a fascinating conversation, covering: The importance of understanding the human and emotional side that it takes to build enduring partnerships with LPs.Why US LPs have a growing interest in diversification and want exposure to Europe.Why secondaries is a partnership business with LPs and GPs.The importance of educating the wealth channel on private markets.Why Ardian prefers the term “evergreen” over “semi-liquid.” Why GPs should work with the wealth channel only if they have true commitment to the channel and top-down support from senior leadership.BioAva Mallin joined Ardian in 2022. She is responsible for Private Wealth relationships in the US. Prior to joining Ardian, she spent seven years at Carlyle in their Private Wealth group. She is based in New York.Thanks, Ava, for sharing your wisdom, expertise, and passion for how you approach working with the wealth channel and your focus on EQ as part of building relationships with advisors that enable them to treat their clients' capital as legacy. Show Notes00:00 Live From iCapital Connect00:23 A Message From Ultimus Fund Solutions01:21 Meet Ardian's Ava Mallin01:48 Money And Emotion03:11 Ardian Culture And Fit03:45 Secondaries Partnership Model04:45 Building US Wealth Business05:59 Evergreen Liquidity Mindset07:26 Educating Advisors And Clients09:02 Brand And Leadership Support10:13 Authenticity In Sales11:28 Listening And Curiosity12:29 Just Because You Can, Doesn't Mean You Should13:31 Getting Firmwide Buy In14:11 Wealth Channel Challenges14:47 Closing ThoughtsA Word from Our Sponsor, UltimusThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That's Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you're already in the market or thinking about entering private wealth, you can trust their team's deep expertise in retail alternatives to help you reach your goals.Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Editing and post-production work for this episode was provided by The Podcast Consultant.

Interpol's Paul Banks and Daniel Kessler on the alchemy behind the band, making the tectonically powerful new record This Mirror Weighs A Ton with established pop producer Andrew Wyatt and their friendship there, the impact of Fugazi and hip-hop behind their music, and their Spinal Tap moment at Madison Square Garden. Sign up to our newsletter to win gig tickets & signed LPs: https://www.101ptj.fyi/ Thanks The Miller in London Bridge. Get in touch giles@mightymoonmedia.com Get yourself some top class Shure microphone gear: https://shu.re/3YhV7p2 Set up Your Band's merch store, for free at Distrokid Direct: https://distrokid.com/direct/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Some seasons will test your faith. Some nights will make you wonder if morning is ever coming. But when you've done all you can do, sometimes the message is simple: Hold on. God ain't done yet. “Hold On (God Ain't Done Yet)” captures the spirit of classic down-home gospel with a soulful male lead, emotional church choir, Hammond organ, acoustic guitar, and a slow-burning 78 BPM arrangement that builds from quiet testimony into a powerful gospel celebration. Inspired by the raw warmth and emotion of those obscure 1970s gospel-soul LPs you'd discover buried in an old record crate. If this song speaks to you, share it with somebody who needs encouragement today.

If you're into timeless Americana folk, you gotta listen to Le Ren's new album Don't Be Funny Without Me - out tomorrow. Lauren joins us on playing to her 90-year-olds grandparents, self confidence, her interviewing and writing side jobs, plus Jeff Tweedy, Vashti Bunyan and Bonnie Raitt. Sign up to our newsletter to win gig tickets & signed LPs: https://www.101ptj.fyi/ Thanks The Miller in London Bridge. Get in touch giles@mightymoonmedia.com Get yourself some top class Shure microphone gear: https://shu.re/3YhV7p2 Set up Your Band's merch store, for free at Distrokid Direct: https://distrokid.com/direct/ Learn more about your ad choices. Visit megaphone.fm/adchoices

This week on Swimming with Allocators, allocator Michael Wooten shares his journey from early fascination with investing to managing capital across multiple family offices and building a venture program in Silicon Valley. He explains how family offices differ based on principals' goals and control, why venture and growth equity should be treated as distinct risk buckets, and what he learned starting a venture effort from scratch. The conversation also covers trends in secondaries and SPVs, the challenges of liquidity and cyclicality in venture portfolios, the merits of generalist versus specialist strategies, and how LPs really diligence fund managers, emphasizing curiosity, communication, alignment, and not working with people who are difficult or misaligned. Also, Sidley's Michael Poldony explains how secondaries and tender offers have become a standard step on the path to IPOs, how strategic investors and secondary-only funds are reshaping late-stage liquidity, and why careful structuring, valuation awareness, and legal guidance are critical for both companies and allocators participating in these transactions. Highlights from this week's conversation include: Michael's Early Money Story and Buffett Inspiration (0:21) First Atlanta Family Office Role and Exposure to Alternatives (4:57) Control Dynamics at a Silicon Valley Family Office (7:28) Lessons From Building a Venture Program During 2020 (10:27) Curiosity, Tenacity, and Fit for a Career in Venture (13:33) Storytelling, Execution, and Being Differentiated but Underwritable (16:58) Secondaries as a Standard Step on the IPO Journey (21:59) Who Is Buying Growth Secondaries and Related Legal Considerations (24:49) Blended Valuations in Combined Primary and Secondary Rounds (27:56) Reconciling Capital-Efficient Startups With Mega AI Rounds (29:38) How Allocators Should Think About Venture's Role and Cyclicality (31:39) Pet Peeves About Manager Behavior and Treatment of LPs (37:16) Running Snowball Adventures SPVs and Ensuring LP Alignment (39:25) Final Thoughts and Episode Wrap-Up (41:07) Michael Wooten is the Founding Partner of Snowball Adventures, a private angel syndicate to invest in early-stage companies with adventurous founders tackling big, bold problems. With over fourteen years of experience in alternative investments, asset management, and entrepreneurship, I am a passionate and driven investor. I leverage my expertise and education to invest in and support innovative and impactful startups, such as Boardy, Function Health (via Getlabs acq.), CalypsoAI (acquired), Spoak Décor, Fellow Health, Nota AI, Solace Health, and Chooch AI. Motivated by insatiable curiosity, I bring a diverse perspective and a collaborative approach to my work and I enjoy continuously learning from and empowering others. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is episode three of our four part miniseries, covering the limited partner (LP)'s perspective. In episode 2 we talk about the angel playbook - a list of questions and resources that would be helpful to consider if you were to start angel investing (after getting the thumbs up from your legal team of course). We also talked about the importance of collaborators: The Associated Syndicate runs with the help of institutional co-investors, angels and LPs. In episode 3, we turn to the last group, answering questions like:What is the ideal relationship between an LP and an angel investor?What is the best way of getting an LP to take notice of your work, whether you have an angel track record or not?Why are LPs increasingly doing more direct deals into startups?What are some of the macro shifts in venture from the early 2000s to today?Savs, Francesca, Jaysiri and Danielle go through all of the above and more in our discussion about the relationship between LPs and angel investors. Listen to episode 3 to understand the LP perspective on institutional and angel investing today.Substack linkThe information provided in this content ("Associated Syndicate Podcast") is for general informational and educational purposes only and does not constitute financial, investment, legal, tax, or other professional advice. It is not intended to be, and should not be construed as, a recommendation to buy, sell, or hold any security, cryptocurrency, or other financial instrument.The author/publisher is not a registered investment adviser, broker-dealer, or financial planner, and no advisor-client, fiduciary, or other special relationship is created by your use of this Content. Nothing here is personalized to your specific financial situation, objectives, or risk tolerance.

In the autumn of 2021, Ron Gonen sat across from me and made a call that sounded like activism: fossil fuel assets were already stranded, the smart money was gone, and anyone divesting that year was a decade too late. He said it during the best year energy stocks had had in a decade. For eighteen months, he looked flat wrong.He wasn't. This is a re-release, and before the interview I score the thesis against what actually happened. In 2024 the S&P's fossil fuel components returned 5.7% against 25% for the index; the sector has underperformed in seven of the last ten years and shrunk from 30% of the index in 1980 to about 3% today. The regulation he predicted arrived: seven states now have packaging producer-responsibility laws, up from two. And the single national recycling company he said the US needed — which did not exist when we spoke — he built a year later. It's Circular Services, now the largest privately held recycler in the US, with close to a billion dollars behind it from Brookfield, Microsoft, Nestlé, PepsiCo, Starbucks and Unilever.Ron Gonen is the Founder and CEO of Closed Loop Partners, an investment firm and innovation center built entirely around the circular economy. He founded and ran RecycleBank, served as New York City's Deputy Commissioner of Sanitation, Recycling and Sustainability, and wrote The Waste-Free World. In this conversation he lays out why the linear “extract, use, landfill” economy is a subsidised anomaly, why he thinks circular investing carries a clear financial edge rather than a moral discount, and how he underwrites it — value investing, price-to-value discipline, and a corporate LP base that tells him where the market is going before it gets there.The one part he under-called was the politics — and that's the live risk. Federal policy went the other way, every gain came from the states, and the fight he once compared to a bug bite is now a 17-state lawsuit. He was right on the assets, the regulation, and the infrastructure. The open question is whether the politics catches up.In this episode we discuss:Why he called fossil fuel assets “stranded” in the middle of their best year — and how that call has agedThe financial case that circular and sustainable portfolios beat the market, not lag itWhy the linear economy only works because extraction and landfill are subsidisedHow George Soros's writing turned an idealistic student into an investorValue investing applied to the circular economy: strict price-to-value discipline and a sub-$10M entry screenHow a corporate LP base of the largest CPG companies can de-risk the thesisRedirecting $100 billion in fossil fuel subsidies — “without costing taxpayers a cent”Why he builds a circular economy rather than thinking of himself as an investorFeatured guest:Ron Gonen, Founder & CEO, Closed Loop PartnersDiscover More from SRI360°:Explore all episodes of the SRI360° PodcastSign up for the free weekly email updateKey Takeaways:Stranded means stranded. Ron called fossil fuel assets impaired in 2021, with the divestment window already a decade closed. By 2024 the S&P's fossil components returned 5.7% against 25% for the index.The moral discount is a myth. He argues circular, stakeholder-aligned portfolios outperform — a fund built on the “greediest” companies would never have screened out Enron, WorldCom, or Tyco.The linear economy is subsidised, not natural. Extraction and landfill dominate only because they're propped up; the fossil fuel industry that makes plastic takes roughly $20 billion a year in US subsidies.Value investing, applied to circularity. Every fund runs a strict price-to-value discipline. On the venture side the hard screen is a sub-$10 million post-money valuation, then whether the tech can become a business, then the team.The corporate LP base is the edge. Closed Loop's LPs include some of the largest CPG companies, and they signal where supply chains are heading — turning an “idealistic” thesis into a realistic one.Redirect the subsidies. His biggest structural idea: move $100 billion over five years from fossil fuel subsidies into circular and renewable industries. As reallocation, not new spending, he argues it costs taxpayers nothing.The politics is the unhedged risk. Every recent gain came from the states, not federal policy, and incumbent resistance has escalated from a “bug bite” to a 17-state lawsuit — the one variable no investor controls.Additional ResourcesRon Gonen on LinkedIn: https://www.linkedin.com/in/ron-gonen-807a49/Closed Loop Partners: https://www.closedlooppartners.com/Circular Services:  https://circularservices.com/The Waste-Free World (book): https://www.penguinrandomhouse.com/books/646769/the-waste-free-world-by-ron-gonen/

In this episode, Axel sits down with Zach Hoereth — real estate investor, operator of Midwest Storage, and one of the more entertaining (and polarizing) voices on real estate Instagram — for a genuinely unfiltered conversation about what actually works in this business.He brings a uniquely blunt, been-there perspective on direct-to-seller acquisitions, the limits of AI and technology in a relationship-driven business, and why chasing unit count and AUM is one of the most overrated status games in real estate investing.This episode is essential listening for any investor who wants a no-BS look at what it actually takes to source deals, build a lean operation, and avoid the traps that sideline so many people who get into this business.Join us as we dive into:Zach's path from a college leasing hustle to buying his first $20–30K house in Indianapolis in 2018, and how that snowballed into today's business.How Zach's operation is structured: direct-to-seller mail feeding wholesaling and flipping, which funds acquisitions of small multifamily, single-family rentals, and self-storage — all without outside equity to date.Why "just buying rentals" isn't a wealth strategy — cash flow keeps you in the game, but equity and capital events are what actually move the needle.Why AI and chatbots can't fix a bad reputation or replace the human-to-human trust that wins deals, retains tenants, and keeps LPs engaged.The "70 dudes who partnered on a fourplex" problem — why unit count and AUM get wildly overrated as status symbols, and why doing a few deals solo teaches more than riding shotgun on a syndication.The three things you actually need to start doing direct-to-seller deals: a CRM, a targeted list (tools like PropStream and Reonomy), and a mail houseHow to make aggressive offers respectfully, and why "running toward the confrontation" beats avoiding it.The three Ds of distress — death, divorce, and drama — and how to quickly identify which sellers are actually motivated versus wasting your time.Why a seller's real pain point is often bigger (and weirder) than investors assume, and why being present when they decide to sell matters more than trying to convince them.Connect with Zach Hoereth:Follow him on InstagramAre you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities.Connect with Axel:Follow him on InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners

Richard McGirr is the co-founder and CEO of Property Llama and Property Llama Capital, an income focused fund sponsor that helps accredited investors move underperforming real estate equity into passively managed, cash flowing investments. He also hosts Unlimited Capital on the Best Ever CRE network, where he covers capital raising, fund operations, and the business of building an investment platform. Richard and his partner Chris Lopez launched their own firm roughly two years ago, after raising about $55 million in 18 months at a previous shop. The first twelve months were a grind. Today the firm runs about $42 million in its own debt fund, raised $24 million last year, and treats capital raising as a measurable sales and marketing operation rather than a relationship exercise. Richard McGirr returns for part two to open the books on capital raising. He starts with why debt funds reshaped his business. Carried interest is collected every month rather than at a sale, which turns a raise into recurring revenue instead of a run of acquisition fees. With rates elevated, investors have pulled in their time horizons, and a fund that distributes within 60 days is a far easier sell than an equity deal that pays on exit in year five. From there Richard walks through the machinery. He explains why launching his own firm nearly failed once the low hanging fruit ran out, why weekly dials are the leading indicator he manages against, and why he pays for access to trusted distribution instead of building an audience from scratch. He also lays out his full funnel, from a single webinar to a 50 email drip to a same day phone call triggered by a link click.       Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here.     Key Takeaways Debt fund carry is collected monthly, which turns a raise into recurring revenue Higher rates shorten investor time horizons and favor shorter lockups Manage weekly dials and new qualified leads, because both sit inside your control Buy access to trusted distribution rather than building an audience from scratch One webinar delivered repeatedly outperforms ten new ones Call every investor who clicks a link, the same day     Topics Why Debt Funds Became the Engine of the Business Carried interest is collected monthly, not at a sale About $42 million in the fund throws off just under $2 million a year in carry At their previous firm, the debt fund quietly covered company payroll Why Debt Funds Sell Faster Right Now Higher rates pull investor time preference in LPs receive a first distribution within 60 days Lockups run 18 to 24 months, with monthly loan payoffs providing liquidity Why the Launch Nearly Failed The easy network at the previous firm was already tapped Every personal network runs out eventually Messaging, product selection, sales management, and email drips all had to be rebuilt Dials Are the Metric You Control Sales results are input driven, and inputs are the only controllable variable Richard's team makes 200 calls a week Moving from 25 to 100 dials a week tripled soft commits within two weeks Lead Quality Over Lead Volume Minimums are $100,000, with no exceptions Two paid Best Ever webinars raised $1 million each, at roughly half a percent media cost of capital A webinar swap with an estate planner produced 600 registrants and zero closes Large audiences skew toward broad content and non-accredited viewers Brand Transfer From Paid Webinars Presenting on a trusted platform borrows that platform's credibility Investors arrive already willing to listen, so there is less convincing to do The result is a higher conversion rate in less time Earned Media vs. Paid Media Earned media costs nothing and converts well, but the ceiling is low Richard hosts on Best Ever CRE and Chris Lopez hosts on PassivePockets Paid webinars buy speed, volume, and control over timing One Webinar, Delivered Repeatedly The Intro to Private Lending webinar is the only one they run Staff are tasked with sourcing groups and pricing webinar slots Fear the operator who has delivered one webinar 10,000 times Go Where Buyers Already Gather Publishing content and waiting to be found rarely reaches your ideal investor Target communities built around passive income and financial independence Capital raising is a two sided market, and plenty of people are already looking to deploy Richard's Funnel, Start to Finish A webinar form on the site leads to the replay and a 50 email drip Any link click notifies the sales team on Slack and triggers a same day call Of 25,000 contacts, roughly 100 are actively in market at any given time Winning the Attention Battle Investors triage hundreds of emails a day, and your offering sits at the bottom Rank your list by opens and clicks before you start dialing Ask for a specific commitment, such as watching the webinar within three days Interested investors rarely call to say they are on the fence, they simply go quiet    

Host Gary J. Ross talks with Brian Huber, a fund partner in the Boston office of Gunderson Dettmer, about the end of a venture capital fund. Gary and Brian discuss fund terms and extensions, communicating with LPs, and options for dealing with illiquid portfolio companies when the fund's time is up. They explore the choices managers face during the wind-down process, including whether to sell or distribute remaining investments or move them into a continuation vehicle. Gary and Brian also discuss the distinction between dissolution, winding up and termination. Brian closes with some practical considerations for sequencing closing steps.

Brian Fallon is back, baby. Not Bad For New Jersey, out 10 September, is his best batch of songs in years. He wears the same cologne as Blink 182's Travis Barker. He's down with the emo new school of Hot Mulligan, the potent trail of Modern Baseball and the legend of My Chemical Romance. There's even a new Gaslight Anthem album half written! Sign up to our newsletter to win gig tickets & signed LPs: https://www.101ptj.fyi/ Thanks The Miller in London Bridge. Get in touch giles@mightymoonmedia.com Get yourself some top class Shure microphone gear: https://shu.re/3YhV7p2 Set up Your Band's merch store, for free at Distrokid Direct: https://distrokid.com/direct/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Sydney Landau joined SHAKTI as an intern with no background in venture. Two years later, she became a Partner, at 24.Sydney breaks down how she reads founders using the psychology training she picked up as a psych major, why her firm invests in what they call "reimagination of toothbrushes," and what SHAKTI's primary research with 42 next-gen members of wealthy families revealed about where the intergenerational wealth transfer is actually going.Plus: how she sourced an investment off a TikTok her friends were forwarding around, what running an AI native firm on its own portfolio companies actually looks like day-to-day, and the one part of the job AI has not changed at all.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWhat we cover- Reading founder psychology, and why SHAKTI backs the founder and the problem rather than the solution- How next gen allocators break from their parents, and what the 42-person study found- The toothbrush test, and how SHAKTI sizes a market before anything else- Sourcing a deal off a TikTok, and where founders are actually showing up now- Running an AI native venture firm, and the one thing AI has not changedAbout the guestSydney Landau is a Partner at SHAKTI, an inception-stage venture firm investing across AI, robotics, and consumer. She leads the firm's next gen research and its AI native operations.Sydney on LinkedIn - https://www.linkedin.com/in/sydney-landau-740644236Shakti VC on LinkedIn - https://www.linkedin.com/company/shakti-vcSydney on X - https://x.com/Sydney_landauBook she mentioned: The Venture Mindset - https://www.amazon.com/Venture-Mindset-Smarter-Achieve-Extraordinary/dp/0593714237About VC10XVC10X is a podcast on venture capital, fund management, and institutional allocation, hosted by Prashant Choubey. Conversations with the GPs, LPs, and allocators shaping how capital gets deployed.Connect with Prashant Choubey:LinkedIn: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XVC10X website - https://vc10x.comTimestamps:(00:00) - Preview(01:01) - Introduction to the episode and guest, Sydney Landau.(02:18) - Sydney's journey into venture capital without a tech background.(04:34) - Key learnings from intern to partner in two years.(05:07) - The importance of founder psychology in early-stage investing.(07:11) - Operator experience vs. starting a career directly in VC.(08:10) - How Shakti VC's Titan Platform supports founders.(10:07) - Understanding and investing in Gen Z founders.(12:00) - The rise of IRL (in-real-life) events and personal branding in venture.(14:05) - Study on next-gen wealth transfer and capital allocation.(15:40) - Why next-gen investors are active generalist learners.(18:16) - What drives the shift from specialist to generalist investing.(20:40) - Surprising findings from the next-gen wealth study.(23:04) - Motivation behind studying next-gen high-net-worth individuals.(24:42) - How Gen Z evaluates AI opportunities differently.(25:30) - The "toothbrush" investment thesis: investing in frequent and ubiquitous use cases.(28:03) - Combining generational perspectives within a venture firm.(31:45) - The story of sourcing and winning a deal from TikTok.(36:08) - Transforming Shakti into an AI-native venture firm.(40:17) - What the next-generation consumer wants.(42:50) - How AI will lead to a new generation of entrepreneurs.(43:55) - A trend obvious to Gen Z that isn't priced into markets yet: resale and autonomy.(46:25) - Advice for a 22-year-old wanting a career in venture capital.(48:51) - Rapid-fire round: Investment sectors, stage, and check size.

Venice founder Erik Voorhees says crypto's real job was never speculation. It's becoming the rails AI agents actually need. Plus, why he sold equity, not tokens. ======================================================== Thank you to our sponsors! Visit 1inch to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you're buying - swap it at http://unchainedcrypto.com/go/1inch-sn ======================================================== Stripe bought OpenRouter this month in one of the cleanest crypto-to-AI pivots yet, and Erik Voorhees says most of the industry drew the wrong lesson from it. Voorhees, founder and CEO of Venice AI, joins Kain Warwick and Taylor Monahan to argue that crypto's job was never to serve crypto people, it was to become the financial rails a decentralized AI future actually needs. He pushes back on the instinct to abandon tokens for pure AI plays, and on the assumption that America deserves to win the AI race just because it is America. They get into why Voorhees sold Venice's equity but refused to sell its VVV tokens, why he says the big labs are losing money "hand over fist" subsidizing $200-a-month plans, how DeepSeek reset the cost curve for inference, and why he calls the moderation layer sitting inside today's AI models "deceptive." His answer for who should actually win the AI race has nothing to do with flags. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Uneasy Money and Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of Uneasy Money and Security Expert Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠Erik Voorhees - Founder and CEO of Venice AI Timestamps

Note: As a reminder, Rumcast Reserve bottles are officially available in stores and shipping from our online retailer! You can grab your bottles here.You can watch the video version of this episode on YouTube.This is an episode that's been months in the making. After our Rumcast Reserve project, Main Rum Company put together a mystery box of old and rare cask samples that they promised would wow us. Thanks to U.S. customs, it took nearly a year for us to actually get our hands on the samples, but once we finally did we can definitively say they did not disappoint. They were some of the finest rums we've ever tasted.For an extra bit of fun, we decided to try our luck at guessing their origins. This episode shows you how we did, all in real time, followed by a ranking of our personal favorites at the end. Here's a look ahead at what we tasted:1992 Pampero aged for 34 years in ex-bourbon and ex-Scotch malt whisky casks, 42.3% ABV1989 (or 1991?) Caroni aged 34-37 years in an ex-rum cask, 45.4% ABV, TMC8 mark1983 blend of various Hampden and Long Pond marks (including DOK, HGML, CH, H, HLCF, LPS, and STC♥E), full aging details not revealed, 48.6% ABV, listen for more detailsBlend of Barbados, Jamaica, and Guyana rums with an average vintage of 1990, though rums from '82, '83, '86, and '89 are also in the blend, 48.9% ABV1989 Guyana (Uitvlugt Port Mourant) aged for 37 years in ex-bourbon and ex-Scotch malt whisky casks, 56.7% ABV1984 Clarendon (MMW mark) aged for 42 years (including 34 at origin) in an ex-rum cask, 59.7% ABVThese were all cask samples from Main Rum Company, so everything is cask strength and single cask. Have a listen, and see how wrong we were!

Colostrum used to be a staple for gut and immune support, but if you've noticed product quality drifting, labels getting vague, or patients reacting poorly, you're not imagining it. I sit down with Dr Chris Warner from Proliant Health and Biologics to unpack why Immunolin has become one of my preferred tools when I want consistent results and better tolerability, especially for people with fragile digestion.We break down what Immunolin actually is in plain terms: a serum-derived bovine immunoglobulin protein isolate, manufactured to deliver a standardised, high-IgG powder. From there, we get practical about what matters in clinic, including why raw material consistency changes everything for dosing, and why issues like lactose content and even endotoxin contamination can make some colostrum products a poor fit for patients who are already dealing with bloating, diarrhoea, gut inflammation, or suspected permeability problems.The most fascinating part is the mechanism. Chris explains how IgG can bind and neutralise antigens like LPS (endotoxin), helping reduce translocation across a “leaky” gut barrier and interrupt the inflammation loop. We also talk through where this may fit across IBS, IBD, SIBO, Crohn's and other hard-to-treat cases, plus how dosing can shift from a short “get you back on track” phase to longer maintenance. We finish by exploring the gut-brain axis, microbiome modulation, and why Immunolin can work alongside probiotics, prebiotics, and other microbiome strategies rather than replacing them.If you're a practitioner, or a curious patient who wants the why and the how, this is a grounded, research-informed listen. Subscribe, share with a colleague, and leave us a review so more people can find the conversation.For more information or to get in contact with Dr. Chris Warner:https://www.linkedin.com/in/christopher-warner-phd/https://www.linkedin.com/company/phb1/https://phb1.com/Shownotes and references are available on the Designs for Health websiteRegister as a Designs for Health Practitioner and discover quality practitioner- only supplements at www.designsforhealth.com.auFollow us on SocialsInstagram: DesignsforhealthausFacebook: DesignsforhealthausDISCLAIMER: The Information provided in the Wellness by Designs podcast is for educational purposes only; the information presented is not intended to be used as medical advice; please seek the advice of a qualified healthcare professional if what you have heard here today raises questions or concerns relating to your health

In this episode of the Health Optimization Medicine Podcast, Boomer Anderson, Dr. Allen Bookatz, Dr. Ted Achacoso, and Dr. Jup Kuipers explore a misunderstood cause of chronic fatigue and leaky gut: the bioenergetic failure of your colonocytes. While many practitioners throw random probiotic strains and anti-inflammatory herbs at gut issues, metabolomic research shows this approach fails to address the root problem. The team explains how a starved microbiome forces gut cells to switch energy systems, leaking oxygen into the colon, destroying strict anaerobes, and allowing endotoxins to flood the bloodstream and drain your cellular vitality. From holobiont metabolomics to targeted mucosal protocols, this discussion reframes gut health through the lens of mitochondrial beta oxidation rather than simply managing inflammation.  Join us as we delve into: The Gut Hypoxia Trap: How starved colonocytes switch to anaerobic glycolysis and leak oxygen into the gut, killing off the strict anaerobes that make butyrate. The Endotoxemia Dilemma: How opportunistic bacteria pry apart tight junctions, allowing lipopolysaccharides (LPS) into the bloodstream and locking your cells into a permanent Cell Danger Response. Why Probiotics Fall Short: Why conventional protocols fail to repair the mucosal shield and how to properly signal Akkermansia muciniphila with complex polyphenols. The 4-Step Clinical Protocol: How to use stool metabolomics, pomegranate ellagitannins, oral tributyrin, and L-glutamine to rebuild the gut barrier from the ground up. Pathogenesis vs Salutogenesis: Why Health Optimization Medicine focuses on restoring root cause physiological health rather than perpetually suppressing symptoms. This episode is for you if: You are dealing with chronic fatigue, brain fog, and unyielding food intolerances despite taking probiotics. You want to understand the true biochemical mechanism behind leaky gut and systemic endotoxemia. You are a practitioner looking to replace guesswork with objective metabolomic testing and precision mucosal protocols. You can also find this episode on… YouTube: https://www.youtube.com/watch?v=_wZH8tJTFWw&feature=youtu.be Find more from Health Optimization Medicine and Practice (HOMeHOPe): Website: https://homehope.org/ Instagram: https://www.instagram.com/homehopeorg/ HOMeHOPe Conference 2026: https://homehope.org/homehope-conference-2026 Use PODCAST10 to get 10% OFF your purchase of the Clinical Metabolomics Module at https://homehope.org/products/clinical-metabolomics Find more from Troscriptions: Website: https://troscriptions.com/ Instagram: https://www.instagram.com/troscriptions/ Use POD10 to get 10% OFF your Troscriptions purchase at https://troscriptions.com/collections/our-products

In this PassivePockets community roundtable, Chris Lopez sits down with Adam Cranmer, Pascal Wagner, and Christy Burakovsky to talk through real portfolio moves, new investments, and the questions LPs should be asking before and after they write a check. The conversation starts with portfolio updates: Adam shares why he invested in Alturas' retail-focused fund through an SPV, passed on a strong sponsor because the deal was outside their core market, and received capital back from a debt fund that no longer fit the team's risk/reward standards. Pascal walks through how he's helping manage his mom's portfolio by diversifying across multiple credit and lending funds, while also keeping dry powder available for single-family foreclosure opportunities. Christy shares why she's still looking at single-family for tax planning purposes and why she recently invested in a non-performing loan fund after getting comfortable with the math, risk profile, and strategy. Then the group digs into a nuanced but important LP topic: return of capital vs. return on capital. Christy breaks down how distributions can either reduce your invested basis or represent earnings on top of your original investment, and why that difference can impact taxes, pref calculations, redemption mechanics, and long-term portfolio tracking. The panel debates whether return of capital truly de-risks an investment, how compounding can quietly increase exposure to a single deal or operator, and why LPs need to understand how these mechanics are written into the legal documents. Finally, the roundtable turns to sponsor questions and due diligence etiquette. Adam shares a recent example of an operator who stopped accepting capital from PassivePockets members because the volume of questions became too time-consuming. The group debates where the line is between reasonable diligence and overwhelming a sponsor, why LPs should not be afraid to ask thoughtful questions, and how operators can reduce friction with better data rooms, clear reporting, and transparent communication. The takeaway: ask the questions, understand what you're asking, and remember that good diligence continues after the wire is sent. Key takeaways: How experienced LPs are repositioning portfolios across retail, debt funds, NPLs, and single-family rentals Why Adam passed on a strong sponsor when the deal fell outside their proven market expertise How Pascal thinks about diversification, cash flow, and protecting family capital Why Christy is focused on tax planning, single-family exposure, and non-performing loans The difference between return of capital and return on capital, and why it matters How compounding can unintentionally increase concentration risk Why LPs should ask better questions, not just more questions How data rooms, reporting, and sponsor communication can make diligence more efficient Why post-investment follow-up is just as important as upfront diligence Join a community of passive investors. Start your FREE 7-day trial: https://passivepockets.com/?utm_source=youtube&utm_medium=description&utm_campaign=none Listen to the PassivePockets Podcast Anywhere: https://lnk.to/passivepockets Subscribe to the Passive Investing Newsletter: https://www.biggerpockets.com/email-subscribe?utm_source=youtube&utm_medium=description&utm_campaign=none Join BiggerPockets for free: https://www.biggerpockets.com/signup?utm_source=owned_media Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Fire the Whole Investment Team: Meb Faber on 250 Years of American Compounding and Why CalPERS Can’t Beat a 60/40 allocation https://youtu.be/9lBYkG4J2sY A dollar invested in the U.S. stock market in 1800 is worth roughly $200 million today, and Meb Faber says the giant pension funds paid to beat that kind of compounding usually can’t. In this episode of Wealth Actually, Frazer Rice talks with Meb Faber, co-founder and CIO of Cambria Investment Management and host of The Meb Faber Show, about his new coffee-table book Investing in America: The Rise of a 250-Year Bull Market, the shareholder yield thesis behind Cambria’s ETF lineup, and his long-running public campaign arguing that CalPERS and other giant institutional pools routinely fail to beat a simple, low-cost buy-and-hold portfolio. https://open.spotify.com/episode/4WmnPm3GN8jwQtJuCVV9XG?si=nLLcz8y8RSuydORA5_ZHGQ Key Takeaways America is, in Faber’s words, the greatest compounding machine in history. He puts a dollar invested in U.S. stocks in 1800 at roughly $200 million today — a number he uses to reframe how clients should think about staying invested through wars, depressions, and pandemics. The book’s origin story starts with meme stocks. Faber says COVID pulled a new generation of retail investors into the market through gamified trading apps, and he wanted to hand them a historically grounded alternative to day-trading and zero-day options. Diversification is older than the country itself. Faber traces the concept back to 15th- and 16th-century joint-stock voyages — the Mayflower and the Virginia Company among them — where spreading capital across many risky expeditions let “merchant adventurers” survive when any single ship was lost. Shareholder yield, not dividend yield, is Cambria’s core factor. Since the S&P 500’s dividend yield now sits near an all-time low of 1.04%, Faber argues the real signal is cash dividends plus net buybacks — net of the dilution from stock-based compensation that quietly erodes shareholders’ ownership every year. Faber’s CalPERS critique boils down to one line: “the returns are not bad, they’re just not good.” He’s built an entire body of work, including Cambria’s ENDW endowment-style ETF, arguing that giant pools with virtually unlimited access to managers still can’t consistently beat a disciplined global 60/40. Complexity is often the enemy, not the edge. Faber contrasts investing with almost every other field of expertise: hiring the best doctor or coach nearly always helps, but hiring the most sophisticated (and expensive) money manager frequently doesn’t. Illiquidity has a way of showing up at the worst possible time. Faber points to endowments getting caught upside down in 2008–2009 and to more recent leveraged blowups as the same lesson repeating: over-lever a portfolio and you’re out of chips at the poker table. The real accountability gap is career incentives, not investment theory. Faber contrasts Yale, which gets a pass for strong long-term results, with Harvard’s endowment, which he says has underperformed for two decades without anyone losing their job over it — a dynamic he says maps directly onto UHNW family governance. Timestamps [00:00] Cold open — CalPERS CIOs vs. UK prime ministers [00:29] Show open and disclaimer [00:54] Welcome: Meb Faber, Cambria, and the new book [02:07] The $76 price tag and the 1776 joke [03:13] Genesis of Investing in America: COVID, meme stocks, and joint-stock voyages [06:33] The most surprising find: Ben Franklin’s “Mind Your Business” motto [09:09] Argentina vs. the U.S. — what actually drove American exceptionalism [12:47] Cambria today: the shareholder yield thesis [17:46] Why politicians target buybacks instead of stock-based comp [20:54] The CalPERS critique begins [21:34] The Ivy Portfolio, the ENDW endowment ETF, and year-one results [25:45] The Nevada pension comparison and the liquidity-complexity pushback [26:56] Institutional blowups, Harvard’s endowment dysfunction, and misaligned incentives [29:36] The “anti-Switzerland of asset management” bit [31:16] Close: where to find Meb, Cambria, and the book Pull Quotes “No, no, no, no, Frazer — it is $76, in honor of 1776.” — Meb Faber “A dollar would be worth roughly $200 million today… despite wars and depressions and pandemics and everything else terrible that’s happened in the history of the world, this relentless compounding is such a fun story.” — Meb Faber “There are dividend funds in the U.S. today… whose actual dividend yield is lower than their management fee. A negative net dividend yield — an astonishing statistic in 2026.” — Meb Faber “Who’s had more turnover in the past 10 years — CalPERS CIOs or UK prime ministers? Both totally dysfunctional. I think CalPERS has a slight edge, but it’s close.” — Meb Faber “I’m the anti-Switzerland of asset management.” — Meb Faber About the Guest Meb Faber is co-founder, CEO, and Chief Investment Officer of Cambria Investment Management, an independent, privately owned advisory firm built around quantitative asset management and alternative investment strategies (BusinessWire). He hosts The Meb Faber Show, one of the most widely followed investing podcasts, and is the author of eight books, including The Ivy Portfolio, Global Asset Allocation, Global Value, Shareholder Yield, and now Investing in America: The Rise of a 250-Year Bull Market — his first coffee-table book, released to coincide with the U.S. semiquincentennial (Curzio Research). Proceeds from the book go to charities that fund investment accounts for Americans born in the country. A ninth book, The Awesome Portfolio, is slated for release on September 8, 2026 (Meb Faber on X). Contact Meb Faber & Cambria Cambria Investment Management: cambriainvestments.com Cambria Funds: cambriafunds.com Meb’s blog, podcast & research: mebfaber.com The Meb Faber Show: themebfabershow.com Twitter/X: @MebFaber Book — Investing in America: available on Amazon, Barnes & Noble, and signed via Pages bookstore in Manhattan Beach, CA (Acquirer’s Multiple) Cambria Funds Mentioned Shareholder Yield suite (SYLD, FYLD, EYLD, plus small-cap and large-cap variants) — cash dividends plus net buybacks plus net debt reduction, divided by market cap (MarketWatch) GVAL — Global Value ETF screening the cheapest quartile of roughly 45 country markets by long-term valuation (Cambria — GVAL) TAIL / FAIL — U.S. and global ex-U.S. tail-risk ETFs pairing short-term Treasuries with a rolling ladder of out-of-the-money S&P 500 puts (Cambria — TAIL) Trinity Portfolio (TRTY) — roughly half buy-and-hold, half trend-following across a basket of other Cambria funds (Cambria — Trinity Portfolio) ENDW — Cambria’s endowment-style ETF, discussed on the show as roughly $150–180 million at launch and referenced later in conversation as having grown toward roughly $5 billion in assets with more than 100,000 investors (MebFaber.com) The CalPERS Critique — Further Reading 9 Institutions Can’t Beat a Basic Buy-and-Hold Allocation — MebFaber.com How California’s $450B Pension Fund Misses the Basics of Investing — YouTube Should a Robot Be Managing CalPERS’ Portfolio? — MebFaber.com, 2015 Index Funds vs. Ivy League — MarketWatch/Barron’s Streetwise CalPERS: America’s Misled and Misleading Pension Leader — Retired Public Employees Association CalPERS Section II Performance Tables (2026) — CalPERS.ca.gov Reducing the Noise of AI Investing – FrazerRice.com Frequently Asked Questions How much would a dollar invested in the U.S. stock market in 1800 be worth today?Meb Faber says roughly $200 million, using the figure to illustrate how relentless compounding has powered through wars, depressions, and pandemics over the country’s history. It’s an illustrative, back-of-envelope estimate rather than a precise index calculation, since standardized stock indexes didn’t exist in 1800. Why is Meb Faber’s new book priced at $76?It’s a nod to 1776 and the country’s founding, timed to the U.S. semiquincentennial. All proceeds go to charities that fund investment accounts for Americans born in the country. What is shareholder yield, and how is it different from dividend yield?Shareholder yield is cash dividends plus net stock buybacks (net of new share issuance, particularly from stock-based compensation), divided by market cap. Faber argues it captures real capital return to shareholders better than dividend yield alone, especially now that the S&P 500’s dividend yield sits near an all-time low of about 1.04% and share buybacks have outpaced dividends every year since the late 1990s. What is Meb Faber’s argument against CalPERS and other large pension funds?Faber’s recurring claim is “the returns are not bad, they’re just not good” — that giant institutional pools with access to virtually any manager on the planet still fail to consistently beat a simple, low-cost, diversified buy-and-hold portfolio, once fees and complexity are accounted for. Cambria launched an endowment-style ETF (ENDW) partly to make this a live, ongoing comparison rather than a hypothetical one. What is Cambria’s endowment-style ETF and how does it compare to institutions like CalPERS?ENDW replicates a Yale/Swensen-style endowment allocation — global stocks, global bonds, and real assets like gold, TIPS, and REITs — in a low-cost ETF with an all-in expense under 25 basis points. Faber uses it as a running, real-time benchmark against actual endowment and pension performance reported each fiscal year. Why does Meb Faber say complexity is often the enemy in investing?Unlike most fields, where more resources and the best available experts reliably produce better outcomes, Faber argues that in investing, more complexity and more access to exotic managers frequently doesn’t translate into better returns net of fees — and often just adds cost and illiquidity risk. What lesson does Meb Faber draw from institutional blowups and the 2008–2009 crisis?Endowments that mark their portfolios only once a year got caught badly offsides in 2008–2009, with illiquid positions falling even further than public markets. Faber sees the same pattern recur whenever a fund over-levers and gets forced out of the game — a basic failure of position sizing and situational awareness that keeps repeating at the highest levels of finance. Full Transcript [00:00] Cold Open (produced VO): I said, who’s had more turnover in the past 10 years — CalPERS CIOs or UK Prime Ministers? Both totally dysfunctional. And I think CalPERS has a slight edge, but it’s close. Meb Faber suggested that CalPERS should fire its entire investment team, and that complexity has become a major headwind to their ability to generate returns. Find out more on this episode of Wealth Actually. We’re also going to talk about Meb’s new book, which argues that America is one of the greatest compounding machines in the history of capitalism. [00:29] Show Open (produced VO): Welcome back to the Wealth Actually podcast — the show that features experts, entrepreneurs, and commentators who give you the right knowledge, planning, and guidance so you can preserve your assets and enjoy your wealth. Learn more and subscribe today at WealthActually.com. This podcast is for educational and entertainment purposes. It is not investment, legal, or tax advice. It does not represent the opinions of the employers of the host or guest. [00:54] Frazer Rice: Welcome back. Meb Faber is on the show. He founded Cambria Investment Management, which is a $4 billion ETF group. He also has The Meb Faber Show and does a lot of different writing. He’s famous for being on Twitter and taking on CalPERS. But most importantly, he has a new book out talking about America as a great compounding machine. It’s a lot of fun to have him on. Welcome aboard, Meb. [01:16] Meb Faber: My man, great to be here. Frazer Rice: Oh, thank you for being on. I thank you beforehand for including a piece of my writing in one of your old compendiums on best investment writing. I’ve never forgotten that, so thank you again. Meb Faber: Well, good job making the cut. Frazer Rice: Yeah, right, exactly. I passed the audition. Seen you a few times on The Idea Farm here and there over the years. Meb Faber: Yep. As I tell people with my girlfriend, I met expectations in my recent review, so we’re onto the next year. Look, key to life, Frazer — investors, we’re in a bull market, everyone expects 15% returns forever. Key to investing in life: just low expectations. That’s it. Set your expectations low, and you’ll be pleasantly surprised every day. Don’t lose principal over time — that’ll get you pretty far in life. [02:07] Frazer Rice: So anyway, you’ve got a new book out too, which I thought was pretty cool. I love the fact that you priced it at $17.76 and really focused on the— Meb Faber: No, no, no, no, Frazer — it is $76, in honor of 1776. Now to be clear, we don’t make any money on this book. We’re donating all the proceeds to the Invest America charities that fund accounts for Americans born in this country — a wonderful charity, big supporters of it. Frazer Rice: But yes, in honor of the country’s founding. This is why we have you all to make sure I get that stuff right. But the concept of America as the best compounding machine ever — I think that’s really interesting. First of all, what prompted you to get involved with putting this book together? You’ve written before — seems like you’ve been busy with other stuff, of course — but then you came back and decided this was a good topic to take on. What was the genesis of the book? [03:13] Meb Faber: Yeah, so this is my eighth book, and the first coffee-table book we’ve ever done. People were saying, “What the hell, $76? Are you guys crazy?” Look — this is a beautiful 200-page book. There’s probably 70 pictures, charts, tables. And the concept is in the subtitle: Investing in America: The Rise of a 250-Year Bull Market. And the origin story goes back to COVID. Nobody had anything to do — sports stopped, you couldn’t go to the beach. So people were sitting around, and Americans — look, they’re gamblers, they’re risk-takers, we know that. And I said, we can’t do anything about that. So this entire generation of young people turned their attention to the stock market, and we got meme stocks. Today that’s evolved into prediction markets and zero-day options and all sorts of other nonsense. We wanted to grab those young people and say, “No, you don’t understand — the real story is better than any of this. You don’t have to day-trade. You don’t have to bet against the casino and lose.” So we said, let’s do this history since the founding of our republic — what it would have looked like if you could invest from 1800. And the compounding math is so fantastical it seems wrong. A dollar invested in 1800 — and yes, I know there were no indexes back then, chill out, people — but just to be instructive, a dollar would be worth roughly $200 million today. The point is you get on this train despite wars and depressions and pandemics and everything else terrible that’s happened in the history of the world — despite all that, this relentless compounding is such a fun story. On top of that — the founding of our country, and a lot of people don’t know this: when you learn the history of America in elementary school, you learn about the immigration, particularly from Europe, people escaping religious persecution, seeking a better life through freedom — the Mayflower, all that. All true. But what they leave out is that most of these explorations and voyages were funded by companies. Back then they called them joint-stock companies; today we call them companies, LPs, C-corporations — corps, right, partnerships. Because the reality, going back to the 15th century, is that if you’re sending a ship to the New World to find gold, that ship could sink, or there were pirates — you’d lose all your money. So this brilliant invention we call diversification today has been around for hundreds and hundreds of years. These companies said, it’s risky to invest in one voyage, but you can own part of a company that invests in 10 or 20 or 30 of these, and maybe one of them will hit. That sounds like venture capital. They used to call these people “adventurers” or merchant adventurers. Hudson’s Bay, the Mayflower voyage, the Virginia Company — many of them failed, many didn’t make money, but some made spectacular profits. It’s a fun origin story that hasn’t really been told about these early entrepreneurs and risk-takers, who honestly still permeate our culture to this day. [06:33] Frazer Rice: In putting the book together, what was the most surprising chart you found that you ended up including? [06:41] Meb Faber: There’s a lot of fun historical statistics in the book. One of my favorite parts of writing it was buying — I don’t know, 50 or 100 financial history books I’d never heard of, books on financial crises globally from various markets. We just had an author on the podcast talking about the global financial crisis of 1873, and on and on — you learn so much. One I love telling people, especially young people — my son or his friends — is: look at a dollar bill or a quarter, and I ask, what’s the motto on there? Well, that used to not be the motto. Ben Franklin, back in the day, the motto on the Fugio cent used to say “Mind Your Business” — which I thought was amazing. And it’s not “mind your business, kid” in the nosy sense — it’s more like, mind your (own) business. It had a sundial on it, too: time is short, mind your business. I thought, let’s go back to that — such a great motto. A bunch of little fun stories, but to me one of the big takeaways of the book is: as a public stock investor, the news is always negative. You turn on CNBC, Bloomberg, pull up your phone, social media — negative, negative, negative, negative. It’s hard to sustain conviction. Look, we haven’t been through a big bear market in 17 years, but when you’re down 30%, 40%, 50%, and you’re reading “Lehman’s going under” and all these crazy headlines — the book lets you zoom out. Each chapter zooms into a decade and then zooms back out and says, okay, 1930s, Great Depression, you lost 80% in stocks — but guess what, here’s your return over the next 50 years. Even over a 20-year period, large-cap stocks become less volatile than bonds, which is an amazing takeaway. Being able to zoom out and say, “I’m a long-term investor, why am I even concerning myself with day-to-day negativity” — that shift in mindset is really important, because when you zoom out, you can barely even see 1987 on a long-term chart of the stock market. I think it’s a useful thing to send to clients, particularly at year-end if you’re a financial advisor. We’ve got big discounts if you buy 50 books online — send it to clients and say, hey, stop going crazy, this too shall pass. [09:09] Frazer Rice: One thing I always have in my mind — I don’t remember if this is exactly true, but Argentina and the US were on roughly equal economic footing back around 1900. When you were putting this together, did you see anything in the US’s political climate or structure — the things that gave it tailwinds to go from 1900 through to now with this rocket-ship growth — versus a country like Argentina, similarly situated, that just muddled along economically? Was there anything in particular that you saw that codified American exceptionalism? [09:51] Meb Faber: Yeah, you’ve got to remember, the US was an emerging market too, for a long period. We didn’t always hold the crown as the largest economy or the largest stock market in the world. The US is two-thirds of world market cap today — astonishing. But if you and I were sipping tea back in 1800 or 1900 and betting on what country would dominate the next century, you’d have gotten a whole host of different answers. That’s part of the fun of this book — you realize, when things got started in Amsterdam in the 1600s, they held the crown, but not forever. It shifted to London, then eventually to New York. And in our own lifetimes, the US wasn’t always the largest stock market — Japan was, in the 1980s. It’s a useful construct: look how much things change. Not even just on a country level — sectors too. Go back 100 years and you’re like, wait, where are the tech stocks? It was railroads. Go back another 100 years and it’s, wait, where are the railroads? There weren’t any — it was banks and insurance. The constant is always change and creative destruction. The big takeaway is you have to be an owner. This ownership mentality is particularly pervasive in the US. Talk to people in Sweden, Europe, Asia, Latin America — they own far fewer stocks than Americans do. Ask what they invest in, and it’s cash in the bank, real estate, maybe. There’s something in the water here. Same thing with entrepreneurship — talk to Americans about failure, and there’s no shame in it here. It’s almost celebrated; we cheer for it. The only thing we like seeing more than someone fail is their eventual rise after failure — the phoenix. There’s a lot of big takeaways in that. It feels like the last 17 years, the US is just going to dominate forever. We wrote a paper called The Bear Market and Diversification a few years back about how special this period has been for US stocks, crushing everything else — but it’s not totally without precedent. In the last hundred years it’s happened three other times where 10-year rolling stock returns hit 15%: the 1920s (the Roaring Twenties), the Nifty Fifty period in the mid-20th century, and my favorite bull market, the late 1990s. And now again today — COVID, meme stocks, the AI boom, whatever you want to call it. Eventually the good times don’t last forever; you probably shouldn’t expect 15% returns to the moon. But pat yourself on the back and celebrate it — it’s been a very special run. [12:47] Frazer Rice: Day-job-wise, at Cambria you’ve got a whole host of different investment theses that you build vehicles around. One that’s gotten my attention, and that I really like the idea of, is the shareholder yield concept — especially the global shareholder yield concept, for the reasons you just described, coming off a very long cycle of US exceptionalism in the stock market. I like the idea of cash flow as an indicator of good investment performance, and diversifying both within and outside the US. With an asterisk here that this is not investment advice, everyone — take us through what you’re thinking on that front, and what else you’re up to at Cambria that’s interesting in the investment ecosystem right now. [13:35] Meb Faber: Sure. It’s kind of crazy, Frazer, but we hit our 20-year anniversary this year, which feels like just yesterday when I started the company. Some of the shareholder yield funds — we now have three with over a 10-year track record, and our oldest, SYLD, is a pesky teenager now. What do you expect out of teenagers? More volatility — hopefully up volatility, not down. We wrote a book on this topic 10, 15 years ago, and a new second edition is out — it’s free online as an ebook, listeners, you can get it from the blog. The subtitle of the book is Shareholder Yield: A Better Approach to Dividend Investing — a pretty bold claim, given there are hundreds of dividend-type funds out there: dividend income, dividend growth, equity income, on and on. Our thesis was that there’s something the entire marketplace hadn’t noticed or appreciated: the rise of share buybacks. Starting in the late ’90s, share buybacks have outpaced dividend distributions in the United States every year. In fact, the US dividend yield on the S&P 500 is at an all-time low of 1.04% — it may cross below 1% for the first time ever, which is astonishing. Our thesis was that a shareholder yield approach — simply cash dividends plus net stock buybacks — outperforms, historically, any dividend strategy you can construct. The “net” matters because it accounts for share issuance, particularly stock-based compensation to the C-suite, which is everywhere in the US — my home state of California’s tech companies love to “make it rain” with stock-based comp. The problem is the average US stock is a diluter: your ownership share goes down every year because they keep issuing more shares. We’ve since demonstrated this in real time across SYLD, FYLD, EYLD (the emerging-market version), and now small-cap and large-cap variants — they’ve done exceptionally well. These funds effectively target a Buffett-like, value-and-quality approach: the average stock coming into the portfolios has roughly a double-digit shareholder yield. Let that sink in — there are dividend funds in the US today, ETFs and mutual funds, that claim to be high-yield or dividend-income funds whose actual dividend yield is lower than their management fee. A negative net dividend yield — an astonishing statistic in 2026. In the US, that shareholder yield is mostly driven by buybacks. In foreign developed and emerging markets, it’s closer to 50-50 — those markets still have more of a culture of cash dividends, so you’ll see yields there closer to 5-6%. But that’s changing, and changing fast. We did a blog post recently calling the UK the “buyback capital of the world” — the UK, China, Japan, and a bunch of other countries have hockey-sticked higher on this. It’s spreading globally, this idea of corporate responsibility: “my stock’s at half of book value, maybe we should consider buybacks.” There’s so much mythology around stock buybacks — we could do a whole podcast on it — and we try to tackle it in the book. Hopefully it’s like a red pill: once you take it, it’s hard to look at investing the same way again, because it feels like you were missing a major piece of the puzzle. [17:46] Frazer Rice: How infuriating is it when the Warrens of the world take aim at buybacks? It feels like an economically illiterate, and certainly politically driven, approach to legislating. To put the clamps on a genuinely useful capital allocation tool — I just don’t understand it. You must look at that and want to shake people and say, you’re missing the point, and you’re not even really targeting the abuses that exist. [18:20] Meb Faber: Well, I try not to be too dismissive of our lovely politicians — the joke I always make is, don’t look down on them, they weren’t taught finance and investing in school either. We don’t teach money and investing in school, and that’s sort of my white whale — I think we should be teaching it as early as elementary school, just basic classes on money. The good news is, roughly a quarter to a third of high schools are now requiring at least one class on the topic. What they’re actually targeting, I think somewhat thoughtfully underneath it, is executive compensation and stock issuance — which is the crazy part, because buybacks are the flip side of that. If a company is consistently loading up its CEO with options and diluting shareholders, and using buybacks to mop that dilution up — that’s what they’re really targeting, but it’s not the buyback itself. It’s the stock-based comp. Buybacks are the exhaust; that happens down the road. The cool part about our methodology is we’re only targeting companies trading at something like 80 cents on the dollar. Buffett is my favorite example here — Berkshire has never paid a dividend, and you might think that’s crazy, but he understands this better than anyone. He’s been writing about buybacks since the 1980s. There’s a great quote from an old Berkshire annual report where he says there’s no better use of cash than buying back your own shares when they’re trading below intrinsic value. Berkshire has bought back a ton of stock over the past several years — smart — they say they’ll buy back at 1.2 times book or below and run a valuation screen. There’s a great, somewhat surprising, takeaway in the book: there’s a myth that CEOs are megalomaniacs who just buy back stock whenever they think it’s expensive or cheap, but if you model it out historically, companies doing big buybacks (say, to retire 5% of market cap) tend to trade at a valuation discount to the market, and companies doing share issuance tend to trade at a valuation premium. There’s a real valuation arbitrage going on — CEOs aren’t dummies. That’s part of what you’re capturing with a shareholder yield approach, as long as it’s consistently recycled. And remember, a buyback is optional — there has to be someone willing to sell into it, so there are always two sides. [20:54] Frazer Rice: Let’s talk about one of my favorite parts of your persona, honestly — your fun critique of CalPERS and what large institutions do (and don’t do well) in managing money, and the inefficiencies that creep in with these big pools of capital as implementation and asset allocation get very complicated and very expensive. Walk me through your thinking when you first noticed the CalPERS phenomenon, and a bit of the history there. [21:34] Meb Faber: My very first book was called The Ivy Portfolio, and we looked at how top endowments manage their assets — Yale, the late David Swensen. One of the strange things about our world in asset management — almost unique among industries — is the assumption that more resources, more money, more access automatically equals better results. That’s true in almost every other endeavor: get the best doctor, you’re probably better off than with your local doctor; best trainer, best nutritionist, best coach, on and on. Not necessarily true in investing. The longer I’ve been in this business, the more I see complexity as often an enemy. So we love to pick on CalPERS — we’ve written a dozen articles: should CalPERS be run by a robot, should they just fire everyone and buy ETFs? We’ve run the simulations, and in many cases these giant institutions — with $500 billion, hundreds of employees, access to literally any fund on the planet — should be able to beat everyone, but they can’t. A very basic buy-and-hold portfolio can mimic what a lot of these top institutions actually deliver. Eventually I got tired of just talking about it. I’ve applied for the CalPERS CIO job at least half a dozen times — they have an opening every other year, listeners, it’s the most dysfunctional organization. I joked on Twitter the other day: who’s had more turnover in the past 10 years, CalPERS CIOs or UK prime ministers? Both totally dysfunctional — I think CalPERS has a slight edge, but it’s close. I said I’d do the job for free — I’d fire almost everyone and get rid of all the illiquid, high-fee investments. But there’s this entire ecosystem of people incentivized to keep the engine running: private equity consultants and the rest of the “two-and-20” crowd. So eventually we said, let’s make this a real, live contest. We launched an endowment-style ETF, ENDW — roughly $150-180 million in it now — and said every June 30th, once we’re through a fiscal year, we’re going to compare results head-to-head. This ETF has no management fee to speak of, all-in under 25 basis points. Can you beat a low-cost ETF like that? Let’s find out. Sure enough, year one — CalPERS has already reported, and they didn’t do badly, but it was basically like a 60/40 portfolio; you’d have been just as well off doing 60/40 and moving on. Our endowment-style allocation actually replicates the average endowment quite well — a nice global mix of global stocks, global bonds, and global real assets (gold, TIPS, REITs, and so on — that real-assets sleeve is one a lot of people leave out). To get closer to a Swensen-level result, you need a couple more ingredients, in my view: you can approximate something like private equity with small-cap value, and approximate the broader endowment risk profile with a bit of leverage, plus tilts to value, global exposure, and trend-following. We’ll see how year one shakes out once all the endowments report — UNC might actually beat us because they had a huge stake in SpaceX, so congrats to Chapel Hill. But I think year one goes to me, sorry to say, CalPERS. I’m going to be a giant irritant on this for years to come. The cool thing is you now have a genuinely investable benchmark. Every endowment investment committee suddenly has to ask, with real fiduciary teeth: can we beat this low-cost ETF? And if we can’t, what are we even doing — why are we studying all these crazy illiquid partnerships instead of just buying a basket of ETFs and calling it a day? That’s going to be an awkward conversation in a lot of boardrooms. [25:45] Frazer Rice: Two comments on that. First — isn’t there someone in the state of Nevada doing something similar, basically running one of the state pension pools with a team of about three people? [25:51] Meb Faber: Yes — we had him on the podcast. I told him, look, you’re putting your money where your mouth is on this. I won’t do his story justice here, I’ll tell you about it off-air — but it’s a great example that this doesn’t have to be as hard as people make it out to be. Frazer Rice: The second thing is — anytime I’ve talked to people in the industry about this, they come back and say, “yes, we technically have an infinite investing horizon, but we have very rigid liquidity needs, so we need to be complex, because our liquidity needs can shift at any moment.” Meanwhile, on one hand I’m thinking, that complexity doesn’t actually help you with liquidity, as far as I can tell — and on the other, it feels like a bit of a convenient excuse. Do you have a response to that? [26:56] Meb Faber: Oh boy, I’ve got a bunch. The endowments famously got caught upside-down in 2008-2009. They only mark their portfolios once a year, June 30th — I wish we could all do that; maybe we should just tell clients, you’re only allowed to look once a year. They were probably down roughly half in ’08-’09, and the illiquid positions were probably down even more. A lot of them got badly offsides, and I don’t think many of them have fully learned the lesson — if you look at the amount of private allocations still sitting in a lot of these portfolios today, it’s a massive amount. I hope they’ve learned the lesson. We’ll see. But it’s a story as old as time — we just saw a version of it recently with a fund blowup, a basic, one-oh-one level failure of situational awareness and position sizing: you over-lever a portfolio, you get taken out of the game, you lose all your money, and then you’re out of chips at the poker table. You watch these mistakes happen at the upper echelons of finance and wonder how it’s still happening — and the core problem is that the career incentives of the people running the money don’t necessarily match the actual investment problem. Yale gets a pass. When Swensen’s successors hit a rough patch, how long do they get a pass? Because Harvard has been a total mess for the last 20 years — there are entire books written about the Harvard endowment, which used to be the Yale before Yale. The Harvard Crimson ran article after article saying, you’re overpaying people, what’s going on here — and the fund would underperform and nobody would actually lose their job over it. That’s the real problem, and I have some sympathy for how hard it is to fix. You deal with a version of this on the personal client side too, with multigenerational wealth — it’s almost an unsolvable structural problem for a Harvard, an endowment, or a CalPERS, because — take Harvard — you’ve got current students, alumni, future students, professors, the people who work at the endowment itself, all with completely different incentives and interests. It creates a genuinely absurd situation where, in no realistic scenario, should the resulting portfolio look like what they actually end up with. It’s an outright disaster, structurally. [29:36] Frazer Rice: It reminds me of a car designed by committee — you end up with this stitched-together Frankenstein’s monster of a product that was never going to work or sell, and it ends up sinking the company. Meb Faber: Yeah, yeah — a Rube Goldberg machine is not what you need. But there’s a reason our endowment ETF, out of the roughly 20 funds we’ve launched, has gotten the least attention — even though it’s now about $5 billion in assets with over a hundred thousand investors. It’s received the least publicity of any ETF we’ve ever done, because it doesn’t benefit anyone in that whole existing ecosystem — it’s actually a genuine threat to it. I was at an institutional conference up in Santa Barbara, at a wine happy hour, talking to three women who run three of the most famous pension and endowment pools of real money in the country. We’d just launched an endowment-style ETF, and they just stared back at me with these icy daggers. I said, oh, sorry — I’m not really a competitor to you, you should easily be able to beat me, I’m just the table stakes. But I think they realized that’s probably not true — they’re going to have a very hard time beating me, which doesn’t exactly make me anyone’s friend. I’m the anti-Switzerland of asset management. [31:16] Frazer Rice: Meb, how do people find the firm, find the book, find you? [31:24] Meb Faber: With a name like Meb, it’s easy. Cambria Funds is the day job, with the ETFs. Meb Faber is the old blog, podcast, and Twitter presence — you can find that just about anywhere. And if you find yourself in Los Angeles, Manhattan Beach, come say hi. We’d love to hear from you if you pick up a copy of the book, Investing in America — let us know what you think. Frazer Rice: Really cool stuff. Thanks, Meb, for being on. This was a blast — let’s do it again. Meb Faber: Let’s do it. [31:50] Close (produced VO): This podcast is for educational and entertainment purposes. It is neither investment, legal, nor tax advice. It does not represent the opinions of the employers of the host or guests. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Shams Merchant structures syndications and investment funds for clients across the country. He also runs his own fund-of-funds, allocating LP capital across about fifty sponsors, which means he sees both sides of the table: he writes the documents, and he reads other people's documents deciding whether to invest.That vantage point is what makes this episode useful.On AI: he gets the ChatGPT question weekly now. His answer is not that the technology is bad, he uses it heavily. It is that a model has no access to which structures have actually been tested and litigated with the SEC, and no discretion about what belongs in a document and what does not. You are not paying for a stack of paper. You are paying for someone whose malpractice insurance stands behind the decision.On what LPs check: they can spot AI-drafted documents immediately. They ask who your law firm and your CPA are, because they want to know who is backing you. They do not want a five-hurdle waterfall nobody can follow. They do not want seven stacked fees. They want clawbacks, so a disposition fee disappears if the deal misses its return metrics. And they want a GP contribution that is real cash out of your pocket, not an acquisition fee recycled back into the deal and called skin in the game.On 506(b) versus 506(c): Shams defaults to C for nearly everyone. B only makes sense on a small raise, or when you have spent a decade building an investor base deep enough to fill the round from existing relationships. His words: you only know so many human beings.The last stretch is the one that will stay with you. Shams thinks there will be meaningfully fewer lawyers within a few years, that one attorney with good tooling can run a two-hundred-million-dollar deal, and that AI already redlines a standard contract better than a first-year associate. Ed pushes on the obvious problem. If nobody hires juniors, where do the seniors come from?Books mentioned this week The Price of Tomorrow by Jeff Booth https://www.amazon.com/Price-Tomorrow-Deflation-Abundant-Future/dp/1999257421?tag=clarkstholdin-20 The Eight Secrets to Powerful Manifesting by Mandy Morris https://www.amazon.com/8-Secrets-to-Powerful-Manifesting/dp/1401969550?tag=clarkstholdin-20Connect with Shams Merchant Commercial Real Estate Law Group (CRE Lawyer) at MW Law, with offices in Dallas, Houston, and Fort Worth and a national practice. Website: cre.law LinkedIn: linkedin.com/in/shams-merchant As he says at the close: Google "Shams Merchant," it is all public.Connect with Ed Mathews Website: clarkst.com Real Estate Underground is where operators talk about what is actually working. No sales pitches allowed.Elevista - Speed as a Service™Elevista Connect is the first AI-powered lead conversion system built for real estate investors.

Putting capital to work can feel productive. But when a private deal locks that capital away for five years - and possibly ten - patience may be the more active decision.Jeremy Roll is President of Roll Investment Group and a full-time passive investor who began moving his savings from public markets into cash-flowing private investments in 2002. He has participated in more than 200 LLCs over that period and remains invested in more than 60 today.Jeremy joins Sam Silverman to explain why he has become more defensive despite decades of experience in real estate syndications and alternative investments. Their conversation moves from Jeremy's path out of Disney and Toyota into full-time LP investing to the practical questions investors should ask about liquidity, cycle timing, sponsor history, leverage, fees, and alignment. Jeremy also explains his personal thesis on AI spending and the next market reset, while repeatedly distinguishing his approach from financial advice.In this conversation:How cash-flowing investments allowed Jeremy to leave the corporate worldWhy he would not recommend his original 100% illiquid allocationHow technology and public solicitation changed private real estate investingWhy a business exit can create pressure to reinvest too quicklyHow Treasury liquidity changes the opportunity-cost calculationWhy private-market returns must compensate investors for illiquidityWhat Jeremy wants to see before redeploying capitalWhy a downturn can give LP capital more negotiating powerHow a sponsor's foreclosure can affect future borrowing costsWhat conservative underwriting and underpromising look like in practiceHow acquisition fees, AUM fees, and deal volume can weaken alignmentWhich real estate sectors Jeremy finds more predictableWhy new LPs should learn one asset class before diversifyingWhy Jeremy would rather enter a real estate recovery late than catch a falling knife earlyTopics covered: passive investing, real estate syndications, limited partners, alternative investments, market cycles, liquidity, Treasury bills, sponsor due diligence, underwriting, illiquidity premium, syndication fees, AI infrastructure, defensive investingGuest: Jeremy Roll, President of Roll Investment Group - https://www.linkedin.com/in/jeremy-roll-655107/Newsletter: https://www.mechanicsofmoney.coWebsite: https://silvermancapital.comThis conversation is for educational purposes only and does not constitute investment advice.Subscribe to Mechanics of Money for weekly conversations about private markets, alternative investments, and the mechanics behind building real wealth.#passiveinvesting #realestateinvesting #syndications #alternatives #privatemarkets #marketcycles #limitedpartners #mechanicsofmoney

Matt Curtolo is an independent advisor to LPs & GPs with over twenty years on the LP side of private markets, across Hamilton Lane, Hirtle Callaghan, MetLife, and Allocate. He now works directly with fund managers on strategy, fundraising, and positioning, giving them the candid LP read most of them never get. This is his third appearance on VC10X.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comTopics covered:- Why 2021 is the wrong baseline, and what the fund one attrition data actually shows- Why "we invest in AI" has stopped being a thesis, and where Matt is looking instead- How LP incentives, economic and non-economic, decide whether you ever get a check- The biggest mistake GPs make when telling their fund story- Why Matt thinks LPs who refuse to back fund ones are misunderstanding riskConnect with Matt Curtolo:LinkedIn: https://www.linkedin.com/in/matt-curtolo-caia/Connect with Prashant Choubey:LinkedIn: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comTimestamps:(00:00) - Preview(00:52) - Introduction to the host, guest, and the episode's central theme.(01:23) - Sponsor read for Podcast NX.(02:26) - Comparing the 2021 LP market to today's.(04:52) - Investment trends and opportunities outside of AI.(08:55) - How General Partners (GPs) are positioning themselves for fundraising.(11:18) - Understanding Limited Partner (LP) incentives and their impact on investment decisions.(14:40) - Key factors for securing a second meeting with LPs.(17:15) - The biggest mistake GPs make when telling their fund's story.(19:32) - How LPs evaluate first-time fund managers today.(22:21) - The impact of SPVs and the "deal-first" mentality on portfolio building.(27:23) - Principles of good portfolio construction for long-term LPs.(30:46) - What separates durable franchises from one-fund wonders.(33:08) - A hypothetical fundraising strategy for launching a new fund today.(35:48) - Start of the rapid-fire round.(36:00) - An important LP question every GP should be prepared for.(36:19) - An exciting investment theme outside of AI.(36:31) - Outdated fundraising advice to ignore.(36:53) - A prediction for the GP fundraising market in the next three years.(37:19) - Concluding thoughts.

In this episode of the Major League Real Estate Podcast, Nate Sosa and Thomas Castelli break down some of the most common tax questions real estate sponsors hear from limited partners. When should LPs expect their K-1s? Can passive real estate losses offset W-2 income? Do you need an LLC to invest in a syndication? What happens when you invest through a retirement account? And what happens from a tax perspective when the property finally sells? Nate and Tom also unpack depreciation recapture, UBIT and UDFI, passive loss carryforwards, and why an individual LP generally can't simply initiate a 1031 exchange when a syndication sells. Request a free discovery meeting: go.therealestatecpa.com/mlre Register for FREE access to the 2026 Hall CPA Tax Strategy Summit: www.taxandlegalsummit.com/2026signup Join the Hall CPA Team: www.therealestatecpa.com/careers/ Get the Ultimate Guide for Real Estate Syndications: go.therealestatecpa.com/mlreultimateguide Submit your questions to: go.therealestatecpa.com/question The Major League Real Estate podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, investing, financial, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests. Any mention of third-party vendors, products, or services does not constitute an endorsement or recommendation. You should conduct your own due diligence before engaging with any vendor.

It took me a while to find the right story for Lewistown Usually these town profiles center on a brewery, or a distillery, a chef, a candymaker. But this time, it's about a bookstore.  I talked to Sarajane Snyder, the owner and inspiration at Mondragón Books, Lewisburg's community-supported bookstore. It's cozy, it's inspirational, it's necessary, it's...it has a tree in it. It has a cat. It has a fascinating selection of used books, LPs, zines, incense, and maps, and the reason it's there, in Lewisburg, opens up a whole discussion of why we have independent bookstores, and used bookstores, and community spaces that aren't the traditional ones.  This is, I think, one of the most important interviews we've done on the show, up there with Lindsay Hutchinson of People's Provisions, and Tom Doman, the trout guide.  There's all the usual town profile stuff, of course! I visited Paris Bakery & Cafe, Hungry Run Distilling's tasting room, The Fence drive-in, Susquehanna Smokehouse, May's Drive-in and May's Freez, the Roller Mills and The Street Of Shops, Fero Vineyards, Davy's Fresh Market, and Jackass Brewing.  There's a bonus interview with Eric Dash, the founder of the upcoming Another World Music Festival, coming to Coburn in Penns Valley on September 10-13. I was going to have this as part of a wider episode, but that's running late, and I wanted to bring the fest to your attention so you can plan to come join us. It's a GREAT way to experience Penns Valley! What I'm Drinking Today is the 2025 edition of Parker's Heritage Collection, an 11 year old American Straight Whiskey, in anticipation of the 20th anniversary edition that should be coming along any day now. But this one -- which got stuffed in a box while I went out flogging the new book last fall and I just rediscovered -- is pretty damned good till that comes along.   Next episode will be see the return of our most popular interview subject ever, to talk about a very seasonal delight. See if you can figure out what that means! See you in two weeks! Until then? TELL YOUR FRIENDS ABOUT THE PODCAST! This episode uses these sounds under the following license: Creative Commons CC BY 4.0   https://creativecommons.org/licenses/by/4.0/ "Champ de tournesol" by Komiku at https://www.chosic.com/free-music/all/ "Glow" by Scott Buckley | www.scottbuckley.com.au  Music promoted by https: //www.chosic.com/free-music/all/ All sounds sourced by STAG Music Librarian Nora Bryson, with our thanks.

This week on Swimming with Allocators, Earnest and Alexa welcome Kelli Fontaine of Cendana Capital, as she traces her path from journalism to data-driven venture investing and explains how her obsession with finding the truth shapes her work as an LP. She breaks down how Cendana builds and uses its data systems, why early-stage power laws and portfolio construction matter more than headline TVPIs, and how she balances hard data with judgment about GPs. Kelli challenges the idea that pre-seed always outperforms seed, shares why fund I and II managers are uniquely compelling, and explores trends like concentrated portfolios, deep tech, defense tech, AI-native founders, and secondaries. Also, Sidley emerging companies lawyer Michael Podolny explains that rapid growth and complexity in AI-driven startups are driving demand for globally sophisticated legal advice from day one, with a particular focus on repeat founders, control, and tax optimization through QSBS planning. Highlights from this week's conversation include: Kelli's Journalism Roots and Early Fascination with Data (0:29) Moving from Finance to Tech and Startups at RPX (2:42) Building Data Infrastructure and Dashboards at Sandana (7:07) What People Mean by the “Sandana Model” and Relationship Focus (10:31) Why Funds Ones and Twos Are Special and How GPs Evolve Over Time (15:09) Why Late-Stage AI and Mega Rounds Don't Replace Early Stage Alpha (19:30) Sponsor Segment: Sidley's Work With AI and Sophisticated Startups (21:16) Tax Optimization and QSBS Considerations for Founders and Investors (24:49) KPIs That Matter: Revenue, Customer Quality, and Go-To-Market (28:40) How Changing Graduation Rates Affect Fund One and Fund Two Diligence (30:24) How to Think About Founder Secondaries vs GP Secondaries (34:54) Portfolio Management, Write-Offs, and the Real Role of Acqui-Hires (37:13) Treating Venture Like Public and Private Equity Segments (Small vs Mega) (40:05) Frustrations With AI Hype, FOMO, and Public Perception of Tech (43:50) Closing Remarks and Reflections on Macro Conversation (45:39) Cendana Capital is a venture fund-of-funds focused on investing in seed-stage venture capital firms and partnering with managers at the earliest stages of company formation. The firm is one of the most active LPs dedicated to the seed ecosystem, with a focus on identifying and supporting differentiated early-stage venture managers. Learn more at www.cendanacapital.com. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

Hello Friends! We're back in Holliesland this month on the show, with a look at the group's greatest pure-pop LP, 1966's For Certain Because.... Notable for being the first LP by the group composed entirely of original material, this Clark-Hicks-Nash composed album is chock full of fantastic mid-60s British pop, and even more full of great mix differences between the mono and stereo LPs. So, if additional vocal layers, extra echo, and revealing panning sound like a fun time to you, don't even think about changing! This ain't not peculiar situation, so be a crusader and and listen to this high classed episode. Happy Listening, Frederick Patreon  Email  Instagram - @hypnoticfred 

Get ready for another episode of Surface Noise: The Show of Record, Talking Records as we dive into the latest happenings in the world of vinyl collecting, record releases, and industry news! For the latest current events, the panel talks about a Rhino Reserve recall situation, the latest Vinylphyle release news underwhelming us, and a QUICK discussion on the Beatles/Rubber Soul box set announcement. Next we head north of the border for an in-depth conversation about what it's really like buying and selling vinyl in Canada from new friend of the show Nick, owner of the record store Resurrected Records, in Saskatchewan. Nick shares his origin story in starting a record store and all the things he's learned doing it close to two years strong (and at 25 years old, to boot!). We also touch on some irritable topics for our fellow vinylists up north including shipping costs and import fees to availability, local record stores, online marketplaces, and the unique challenges Canadian collectors face, as we compare experiences across borders and discuss how geography can shape the collecting journey. If you're passionate about vinyl records, record collecting, Discogs, rare LPs, vinyl community discussions, record stores, audiophile releases, music collecting, and the ever-changing vinyl marketplace, you've found your vinyl resting place.  This. Is. Surface Noise.   ⤵️⤵️⤵️⤵️⤵️⤵️   For more on host Concert Buddie: https://www.youtube.com/@ConcertBuddie https://concertbuddie.com IG: @concertbuddie   For more on guest Nick and his record store Resurrected Records: https://resurrectedrecords.ca IG: @resurrecords   For more on one of our favorite VC Canadians, Rob (Northern Revolutions): https://www.youtube.com/@NorthernRevolutions IG: northern_revolutions   For more guest Kendall (aka Spin Doctor and His Vinyl Mayhem): https://www.youtube.com/@spindoctorandhisvinylmayhem   For more on guest Joel (Static ATX Records): https://staticatx.com https://www.youtube.com/@staticatx IG: staticatxrecords   And our returning champion, Arnaldo (Fidelios_Frequency): https://www.youtube.com/@fidelios_frequency IG: @fidelios_frequency   For more information on Vinyl Community Podcasts: https://vinylcommunitypodcasts.com   . . . .   Don't forget to visit FOTS (friends of the show) Vinyl Storage Solutions for the BEST sleeves to protect your best records (and your worst). Save 10% using the code(s) below: VCP10   For more information on the Spinz Vinyl App for IOS and taking your collecting game to the next level, get your free download here:  https://apps.apple.com/us/app/spinz-vinyl-record-scanner/id6758249212  

Jeff Axley of Ridgeline Capital Partners joins Chris to break down medical office buildings, one of the healthcare real estate niches more LPs are starting to pay attention to. Jeff walks through how his background across office, multifamily, development, restructuring, industrial, and master-planned communities ultimately led him to focus on medical office as a more durable, recession-resilient asset class. Chris and Jeff start with the basics: what medical office buildings are, how they differ from hospitals, senior housing, skilled nursing, assisted living, and other parts of the healthcare real estate landscape, and why outpatient care has become such an important long-term trend. Jeff explains why medical office can behave like traditional office in some ways, but with important differences: longer leases, triple-net structures, higher tenant improvement costs, more specialized build-outs, and stickier tenants who are much harder to move once they have expensive medical infrastructure in place. They also dig into the current market opportunity. While traditional office and multifamily have faced major headwinds, medical office occupancy and rents remain strong, with supply typically built to match tenant demand rather than speculative growth. Jeff explains why buying existing medical office at a meaningful discount to replacement cost can create a protected basis, how rising construction costs support the value of existing buildings, and what LPs should look for when evaluating MOB underwriting. Key takeaways: What medical office buildings are and how they fit into the broader healthcare real estate landscape Why outpatient care, aging demographics, technology, and reimbursement pressure support long-term MOB demand How medical office differs from traditional office through lease structure, tenant improvements, plumbing, foot traffic, and tenant stickiness Why MOB supply is typically more controlled than multifamily or traditional office supply How triple-net leases help owners pass through operating expenses, while still requiring competitive cost management Why replacement cost matters and how buying existing buildings below new construction cost can create downside protection What LPs should watch in MOB deals, including going-in cap rate, cost of financing, positive leverage, stabilized yield on cost, and exit cap assumptions Join a community of passive investors. Start your FREE 7-day trial: https://passivepockets.com/?utm_source=youtube&utm_medium=description&utm_campaign=none Listen to the PassivePockets Podcast Anywhere: https://lnk.to/passivepockets Subscribe to the Passive Investing Newsletter: https://www.biggerpockets.com/email-subscribe?utm_source=youtube&utm_medium=description&utm_campaign=none Join BiggerPockets for free: https://www.biggerpockets.com/signup?utm_source=owned_media Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Of all commercial real estate investors, only 3% are women – and when Beth Azor learned that stat, she decided to frickin' change it. In this episode, Erin sits down with the woman affectionately known as The Canvassing Queen®: founder and CEO of Azor Advisory Services, owner of three Florida shopping centers valued at over $75 million, and founder of the Women's Real Estate Investment Summit, where Erin has had the joy of speaking – and riding the famous four-hour bus tour of the town Beth practically owns. Beth's story starts with an $11,000-a-year nonprofit salary and a real estate license she'd had since age 18. It took a boss literally marching her to a bank to co-sign a $50,000 note – on the condition she invest 20% of every commission from then on – to turn a high-earning spender into an investor. Eight LP deals later, she went out on her own as a GP, and today she's the co-GP of a $32 million asset she waited thirteen years to buy. Yes, thirteen. That story alone (Mr. G, the quarterly "no," and the pivot to pure relationship-building) is worth the listen – and so is the one about crashing a utility company's remote HQ with cupcakes. Whether you've never heard the terms LP and GP or you're ready to raise capital for your first deal, Beth breaks the path down into steps any woman can start this week: pick an asset class, find an expert, invest passively first, and watch how it's done. Because as Beth's community proves – 68 women stood up at this year's summit having invested with someone in the room – you don't have to do it alone. Listen in as Erin and Beth discuss: The boss who called her "a freaking idiot" (with love), co-signed her first $50K investment, and made her bank 20% of every commission The stat that lit the fire: only 3% of commercial real estate investors are women – and most inherited it or signed on a husband's guarantee Why "we don't know any other women doing it" is the real barrier – and how the Women's Real Estate Investment Summit is dismantling it LP vs. GP, explained in plain English: preferred returns, refinances, and why LPs end up "playing with house money" Beth's starting playbook: pick your asset class, find an expert, LP first, and watch the GP How GPs raise capital – including the empty Wells Fargo bank deal where Beth raised $3.2M from 22 people in four days Beth's non-negotiable: never invest with a GP who has no skin in the game The 13-year Mr. G story: how persistence plus genuine relationship turned "no, click" into co-GP of a $32M asset The cupcake story: how a Friday-afternoon delivery did what eight men yelling couldn't Women Investor Wednesdays, the March 2027 summit, and how to get in the room About Affectionately known as The Canvassing Queen®, Beth Azor is the founder and CEO of Azor Advisory Services (AAS), a leading commercial real estate advisory and investment firm based in Davie, Florida. As its principal, Beth currently owns and manages three shopping centers in Florida valued at over $75M. She travels the U.S. consulting with, brokering deals for, and training associates in the commercial real estate industry, with clients including Phillips Edison & Co., Brixmor Properties, The Shopping Center Group, Urban Edge Development, DLC Management Group, and Bedrock. Beth is the author of Don't Say No for the Prospect (2019) and The Retail Leasing Playbook (2020), the founder of the Women's Real Estate Investment Summit – on a mission to get more women investing in real estate and growing their families' wealth – and co-founder of the South Florida Independent Retailer Awards®. Her newly created AI bot "Ask Beth" is a compilation of her 900 YouTube videos and 300 podcast episodes. A graduate of FSU, Beth is founder and past Chairwoman of the FSU Real Estate Foundation, past President of HOPE Outreach Center in Davie, and co-founder of 100+ Women Who Care in South Florida. She is a single mom to a superhero movie podcaster and an aspiring pro golfer – and she recently walked 250 miles of the Camino de Santiago across Spain. How to Connect With Beth Azor Website: https://www.bethazor.com LinkedIn: https://www.linkedin.com/in/bethazor/ Facebook: https://www.facebook.com/azoradvisoryservices Instagram: https://www.instagram.com/bethazor/  Recommended Resources Women's Real Estate Investment Summit – March 3 – 5, 2027, registration opens September; only ~60 of 250 seats left: https://thewomeninvestmentsummit.com/  Women Investor Wednesday podcast – Beth interviews a woman investor every Wednesday (want to be a guest? She wants startup stories, even your first VRBO): https://www.bethazor.com/beths-podcasts/ Don't Say No for the Prospect by Beth Azor: https://www.bethazor.com/product/dont-say-no-for-the-prospect-how-1-went-from-a-sales-rookie-to-a-retail-leasing-rockstar/ The Retail Leasing Playbook by Beth Azor: https://www.amazon.com/Retail-Leasing-Playbook-Beth-Ratzan/dp/0578224208 "Ask Beth" AI bot – 900 videos and 300 podcast episodes' worth of answers: https://www.bethazor.com Happiness & Fulfillment Assessment: https://pursuingfreedom.com/happiness Pursuing Freedom Collective: https://pursuingfreedom.com/collective Get a copy of Pursuing Freedom on Amazon: https://amzn.to/46o7m7z Subscribe to the Pursuing Freedom podcast on Apple Podcasts or Spotify for weekly inspiration and strategies.

Brandon Sedloff and David Weisburd explore the hidden psychology behind venture capital fundraising and LP decision-making on The Distribution. Weisburd, co-founder of Weisburd Pierce and host of How I Invest, shares insights from hundreds of conversations with institutional allocators managing over 10 trillion dollars in assets. The discussion reveals why LP incentives often diverge from traditional performance metrics, how career risk shapes investment behavior, and why media has become a structural advantage in private markets. They discuss: - Why LPs use a "double gated" diligence process that most GPs misunderstand - How the average pension CIO tenure of 6.1 years creates rational but seemingly counterintuitive investment patterns - Why elite Ivy League endowments are shifting away from blind pool funds toward direct investments and SPVs - The mechanics of anchor investor psychology and momentum in fundraising - How media functions as a network effect business and relationship-building tool at scale This episode offers a practical framework for understanding how capital allocation decisions actually get made in venture and private markets. Topics: (00:00:00) - Intro (00:02:32) - David's immigrant journey and first ventures (00:04:16) - Starting the How I Invest podcast (00:05:29) - Growing up poor and the mindset it created (00:08:06) - The stamp of approval from elite institutions (00:11:32) - From Tuck to 10x Capital (00:14:08) - What is a media-driven venture firm (00:17:00) - Why media is a moat in venture capital (00:20:28) - Advice for GPs on podcast guesting (00:23:03) - The psychology of elite listening (00:27:25) - Theory of mind and the LP LLM (00:29:09) - The rational irrationality of LP behavior (00:43:00) - Themes guiding capital allocation (00:49:05) - Advice for GPs and LPs (00:51:41) - Outro Speaker Profiles:   Brandon Sedloff     LinkedIn — https://www.linkedin.com/in/bsedloff/     Website — https://brandonsedloff.substack.com/     Juniper Square - https://www.junipersquare.com/   David Weisburd     LinkedIn — https://www.linkedin.com/in/dweisburd/     Twitter / X — https://x.com/DWeisburd     Weisburd Capital — https://www.weisburdpierce.com/ Podcasts:   How I Invest — https://howiinvestpodcast.com/episodes

Small businesses represent nearly half of all American jobs and 45% of all technology spend, yet less than 5% of venture capital goes to building technology for them.In this episode, Tim Metzner joins us to share how Fireroad, his Cincinnati-based early-stage venture firm, is betting that AI is changing that math. A serial entrepreneur who co-founded Coterie Insurance ($70M+ raised) and Differential (the studio behind Cincinnati's first unicorn, Astronomer), Tim returns to the show four years after his Episode 190 appearance with an entirely new chapter.We dig into the "silver tsunami" of retiring business owners with no succession plan, why Fireroad targets AI-resistant categories where technology supercharges rather than replaces, the flywheel of having business owners as LPs who become his founders' first customers, and why Tim believes staying small as a fund is the alpha most VCs are missing. Hosted by Logan JonesMiddle Tech is proudly supported by:KY Innovation → kyinnovation.comAwesome Inc → awesomeinc.org

Fix Leaky Gut, Boost Testosterone & Slash Endotoxins with Spore-Based Probiotics | Kiran KrishnanYour bad gut bacteria might be the reason your testosterone, your immune system, and even your sperm count are struggling, and most probiotics never survive long enough to fix it. This episode reveals which strains actually make it through your stomach acid alive, and what happens once they do. Go To JustThriveHealth.com/asprey for a free 90 day supply of bitters with your next subscription. Host Dave Asprey sits down with research microbiologist Kiran Krishnan, co-founder of Microbiome Labs, the leading microbiome therapeutics brand among healthcare professionals. He has published multiple peer-reviewed studies, holds global patents, and has spent 20 years building companies focused on the science of the microbiome. His work centers on spore-based probiotics, the rare strains proven to survive the stomach's brutal acidity and actually rebuild the gut from the inside out. Kiran and Dave break down why 98 percent of conventional probiotics die before they ever reach your gut, and why spore-forming bacteria are different. They dig into the "gelding effect," the well-documented pathway where endotoxins from bad gut bacteria shut down testosterone production and drive up cortisol, and how fixing your microbiome can reverse it. They cover the connection between endotoxemia and nearly every major marker of aging, metabolism, and inflammation, why butyrate acts like a natural GLP-1 for fat loss, how Akkermansia can upregulate mitochondria and improve blood sugar control, and the surprising role vitamin K2 plays in bone density and functional medicine. This is biohacking at the cellular level, using ancient biology, fasting-adjacent metabolic pathways, and precision supplementation to optimize human performance from the gut up. You'll Learn: Why 98 percent of probiotics die in your stomach before they ever work What the "gelding effect" is and how gut bacteria can shut down testosterone How endotoxins drive inflammation, cortisol, and accelerated aging Why butyrate functions like a natural, low-cost alternative to GLP-1 drugs How Akkermansia improves mitochondrial function and blood sugar control The overlooked link between your microbiome and vitamin K2 production Why spore-based probiotics can survive gastric acid when most others cannot How 90 days of gut repair can measurably reduce circulating endotoxins Keywords: best probiotics that survive stomach acid, spore based probiotics benefits, gelding effect testosterone, endotoxins and testosterone, how to lower endotoxins, LPS gut bacteria, Akkermansia GLP-1 natural, gut bacteria and belly fat, vitamin K2 bone density, Kiran Krishnan microbiologist, Just Thrive probiotic, leaky gut symptoms, microbiome and testosterone, fecal transplant benefits, Dave Asprey, biohacking, longevity Resources: • Go To JustThriveHealth.com/asprey for a free 90 day supply of bitters with your next subscription • Learn More About All Of Just Thrive's Offerings At: https://justthrivehealth.com/ • Get My 2026 Clean Nicotine Roadmap | Enroll for free at https://daveasprey.com/2026-clean-nicotine-roadmap/ • Dave Asprey's Latest News | Go to https://daveasprey.com/ to join Inside Track today. • Danger Coffee: https://dangercoffee.com/discount/dave15? • My Daily Supplements: SuppGrade Labs (15% Off) • Favorite Blue Light Blocking Glasses: TrueDark (15% Off) • Dave Asprey's BEYOND Conference: https://beyondconference.com • Dave Asprey's New Book – Heavily Meditated: https://daveasprey.com/heavily-meditated • Join My Substack (Live Access To Podcast Recordings): https://substack.daveasprey.com/ • Upgrade Labs: https://upgradelabs.com Thank you to our sponsors! - ZenBud | Dave's Nervous System Biohack. Visit zenbud.health and use code DAVE15 at checkout for a discount. - BodyHealth | Visit BodyHealth.com and use code DAVE20 for 20% off your first purchase. - Redmond Real - Leaf Toothpaste | Go to https://redmond.com/asprey and use code ASPREY for 15% off your first order. - Show notes - ELITE Performance Coaching | If you'd like to discover where you may be addicted to struggle, allergic to success, and what may be standing between you and your next breakthrough, visit FastestChange.com Timestamps: 00:00 – Trailer 00:38 – Kiran Intro 02:01 – Stomach Acid & Probiotics 05:25 – Fauci & Spore Bacteria 13:58 – Losing Gut Diversity 19:01 – How Butyrate Is Made 22:11 – Dave's Personal Stack 24:00 – Quorum Sensing 31:26 – Endotoxins Explained 37:13 – Charcoal & Binders 39:41 – SIBO & Gut Bacteria 45:03 – Discovering Vitamin K2 49:33 – Gelding Effect & Testosterone 54:51 – Akkermansia & Weight Loss 01:02:17 – Role of Bitters 01:04:47 – Just Thrive Gift See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Richard McGirr talks to Chad Ackerman as he shares his journey from building a community of LPs at Left Field Investors to coaching operators and investors on mastering deal structures. You'll discover how simplifying complex arrangements like preferred equity and deal tranching can dramatically increase your chances of closing deals, while reducing your risk and aligning incentives for all parties involved. Chad Ackerman Founder of Chad Ackerman Real Estate Based in: Dublin, Ohio Where to find them: https://chadackermanrealestate.com/ https://www.linkedin.com/in/chad-ackerman-8089a8a Book your free demo today at bill.com/bestever and get a $100 Amazon gift card. Visit https://malabarhillcapital.com/ for more info. Podcast production done by⁠ ⁠Outlier Audio Learn more about your ad choices. Visit megaphone.fm/adchoices