Podcasts about Madeira

Heute reden wir über aufgesprittete Weine - besser bekannt als Portwein oder Madeira. Die sind nicht nur preislich interessant - sondern auch als Essensbegleiter.

This week, we're leafing through the pages of The Plant Review to explore a simple question: what can we learn from the wild? American plantsman Daniel J. Hinkley reflects on a lifetime of exploration that has taken him to some of the wildest places on Earth in search of plants. Yet in his article he turns his attention to a small, unassuming genus growing close to home in Washington State: Coptis. Next, David Pearce, curator of Abbotsbury Subtropical Gardens, transports us to the cloud-shrouded mountains of Madeira to meet a striking architectural plant found nowhere else in the wild, and one that he's been successfully cultivating on the Dorset coast. And finally, Sacchi Parasrampuria and James Miller take us to Poon Hill in Nepal, reflecting on a recent plant observation trip and the lessons they brought back from the Himalayas. Hosts: James Armitage and Gareth Richards Contributors: Daniel J Hinkley, David Pearce, Saachi Parasrampuria, James Miller Links: The Plant Review Heronswood Gardens Abbotsbury subtropical gardens Musschia wollastonii

Who dares to make predictions in the current landscape? We do!  Our Predictions are back. Will our track-record continue on a high or will we be fundamentally wrong? Listen in to our Predictions for 2026 Navigation: Intro What will 2026 be all about? AI, AI and … more AI The big Hardware movements Of Start-ups and VCs Regulatory & Geopolitical Headwinds… and the Wars Fintech, Crypto and Frontier Tech Conclusion Our co-hosts: Bertrand Schmitt, Entrepreneur in Residence at Red River West, co-founder of App Annie / Data.ai, business angel, advisor to startups and VC funds, @bschmitt Nuno Goncalves Pedro, Investor, Managing Partner, Founder at Chamaeleon, @ngpedro Our show:   Tech DECIPHERED brings you the Entrepreneur and Investor views on Big Tech, VC and Start-up news, opinion pieces and research. We decipher their meaning, and add inside knowledge and context. Being nerds, we also discuss the latest gadgets and pop culture news Subscribe To Our Podcast Bertrand Schmitt Introduction Welcome to Tech Deciphered Episode 74. That would be an episode about some predictions about 2026. What will be 2026 all about? I guess this year is probably starting with a bang. We saw the acquisition of xAI by SpaceX. We saw an acquisition from Grok by NVIDIA. What’s your take about what would be the big themes in 2026? I guess it would be for sure about AI and space. Nuno Goncalves Pedro What will 2026 be all about? Yeah. I predict a year that will be a little bit more of a year of reckoning in some way. There will be a lot of things that I think we’ll start seeing through. The fact that we are in the midst of an amazing transformational era for technology, the use of AI, but at the same time, obviously, a ridiculous bubble that is going alongside it as we’ve discussed in previous episodes. I think that we’ll start seeing some early reckonings of that, companies that might start failing, floundering, maybe a couple of frauds along the way, etc. I’ll tell you what I will not make many predictions about today, which is geopolitics. Geopolitics, I will not make predictions at all. Who the hell knows what’s going to happen to the world this year in 2026? I don’t dare making any predictions on that. Back to things where I would make predictions. I think on AI, we’ll have a little bit of reckoning. We’ll talk about it a little bit more in detail during this episode. Interesting elements around the hardware and physical space. Physical space, we just dedicated a full episode to it. We won’t go into a lot of details on that, but definitely on the hardware side, we’ll talk a little bit more about it. The VC landscape is going through an incredible transformation. We’ll talk about it today as well and some of our predictions for this year. What will happen to the asset class? It seems to be transforming itself dramatically. Obviously, that has a very direct impact on startups, so we’ll talk about that as well. And then to close a little bit the chapter on this, we will address some regulatory and geopolitical, let’s call it, headwinds without making maybe too many complex predictions. We shall see. Maybe by that time of the episode, we will be making some predictions. You guys should stay and listen to us, and maybe we will actually make some predictions about the geopolitical transformations that we will see this year in the world. Then last but not the least, we’ll talk about fintech, crypto, frontier tech, and a couple of other areas before concluding the episode. A classic predictions’ episode. We normally have a pretty good track record on some of these, but right now, the world is going a bit interesting, not to say insane. Bertrand Schmitt Yes, and going back to some news, Groq technically was not acquired, but, practically, it’s as if it got acquired. I’m talking about Groq, G-R-O-Q. The AI semiconductor company focused on inference AI, and it was late December. It was a way to end the year. This year, we started again with an acquisition of xAI by its sister company, SpaceX. I guess that’s where we are starting. AI, AI and … more AI We are going to start on AI. That’s definitely the big stuff. Everything these days, I guess, is about AI or has to have some connection with AI, or it doesn’t matter. I think every company in the world has seen that. You have to have the absolute minimum on AI strategy. You better execute on this strategy and show results, I would say. For the companies that were not AI native, you truly have to have a way to transform yourself. I guess at some point, the stretch might be too much, and it’s not really reasonable. Then you maybe better stay on what you are doing, especially if you’re in tech, you better be moving faster to AI. Nuno Goncalves Pedro Just to highlight, and I think throughout the episode, you’ll see that there’re obviously a lot of implications that would manifest themselves into capital markets. I mean, we’ll specifically talk about VCs and startups later on. But the fact that everything needs to be AI, the fact that there’s so much innovation happening right now, in my opinion, and this is maybe the first pre-topic to AI, is we’ll see a tremendous increase in M&A activity this year across the board. I mean, we’ve seen already some big acquihires we mentioned in some of our previous episodes, but we’ll see a lot more activity on M&A this year. Normally, that’s a precursor to the opening of capital markets. I predict also that there will be a reopening of the IPO market that never really reopened last year, to be honest. M&A, a lot more, reopening of the IPO market. Normally, it happens in the second or third quarter of the year. That’s what my M&A friends tell me. First quarter of year, everyone’s figuring out stuff. Then last quarter of the year, things should be more or less closed. Maybe the third quarter is the big quarter. We shall see. But definitely, as a precursor to our conversation today, I think we’ll see a lot of M&A, and we’ll see reopening of the IPO mark. Bertrand Schmitt I guess last year was not as big as you could expect on M&A given the tariff situation announced in April and May. I mean, it became quite tough to do IPO in such market conditions. Definitely, we can hope for something dramatically different in 2026. I guess talking about public markets and IPO, I guess the big one everyone is waiting for is SpaceX. SpaceX getting even more interesting with its xAI acquisition. Nuno Goncalves Pedro Do you think that because of the acquisition, it’s more likely that it will happen this year, or because of the acquisition, it’s less likely that it will happen this year? Bertrand Schmitt That’s a good question. My guess is the acquisition of xAI is all about xAI needing more financing and cheaper financing. This acquisition is a pathway to that. SpaceX being a much bigger company, a company that is also making much more revenues. I could bet that there is higher probability that, actually, SpaceX will go public in order to finance itself. At the same time, will it have enough time to prepare itself for the IPO given this acquisition just happened? Can they do that in 6 months? I mean, if anyone can do it, I guess it’s Elon Musk. It’s a strategy to present an even more attractive company with an even more interesting story, a story of vertical integration from AI to space. I guess the story as it’s presented itself right now, it’s one about having your AI data centers in space. Because in space, you have much better solar energy production with solar panels. You have a perfect cooling situation because you are in space. Thanks to Starlink, you have the mean to communicate between the satellites and with Earth itself. I think if someone can pull up a story like AI data center in space, I guess Elon Musk can. There is, of course, a lot of questions about is it practical? Is it economical? Yes. I certainly agree. I’m not clear on the mass, and can you make it work? Again, I mean, Elon Musk single-handedly, with SpaceX, managed to transform the space market on its head. I mean, they are the biggest satellite launching company in the world. They have the most satellites in the world. I mean, I’m not sure I would bet against him, and I guess I would probably believe that he could pull up something. Time frames, different story. The 2-3 years data center in space for AI as cheap as on Earth, I have more trouble with that one. I mean, it’s a usual suspect with Elon Musk. You promise something unachievable in a few years, but, ultimately, you still manage to reach it in 5 or 10. Again, I would not bet against the strategy. Nuno Goncalves Pedro Yeah. I’ve talked to a couple of space experts, people that have launched rockets, and have worked JPL, NASA, and a couple of other places, etc. For what it’s worth, their feedback is, “No way in hell, and we’re decades away.” We’ll see. I mean, to your point, Elon has pulled very dramatic stuff. Not as fast as he normally says he’s going to pull it, but within a time span that we all see it. Difficult to bet against him. In terms of actually the prediction, maybe to respond to the prediction as well, will SpaceX IPO? I’m going to make a prediction that has a very high likelihood of missing the mark, but I think Tesla’s going to buy and merge them both into it. It’s going to become a public company through Tesla. That’s my hypothesis. Bertrand Schmitt No. That’s supposed to be it. That’s how you solve that. Nuno Goncalves Pedro And Elon controls the whole universe. X, xAI, Tesla, SpaceX, all under one umbrella beautifully run. And SolarCity is well in there, of course, so wonderful. Bertrand Schmitt That’s possible. Certainly, you are not the only one thinking Tesla will acquire or merge with SpaceX. To remind everyone, Tesla is around 1.3, 1.5 trillion market cap. Depending on the day, SpaceX seems to be valued at similar range, 1.2, 1.3 trillion. It looks like it’s the most valued private company at this stage. These are companies of similar size, so that’s one piece of the puzzle. When you think about the combined company, we could be talking about a 3 trillion entity. Playing right here with the biggest companies in the marketplace today. Nuno Goncalves Pedro With a couple of tweets from Elon, it will rapidly get to 4 to 5 trillion. Bertrand Schmitt That’s so tricky. Nuno Goncalves Pedro Yes. On AI and back to AI, one thing I think that we’re about to see is this will probably be the year of agentic AI. Obviously, we predict a lot of growth on that side of the fence, in particular on the enterprise B2B side. We see a lot of opportunities coming through. From our perspective, at least at Chamaeleon, we generally believe that there’s going to be a lot of movements on agentic AI. It’s also going to be probably the year of the first big fails of agentic AI that will be newsworthy. There will be some elements about that loop and how it gets closed that will happen. I think we might see some scandals already. We’re already seeing the social network of bots talking to bots. We will see other scandals going on this year even in the consumer space and in the bot to bot space, which we now can talk about or in the AI agent to AI agent space. My prediction is we will see some move forwards. There’ll be some dramatic funding rounds along the way. We’ll see a couple of really cool things out of the gates coming out that are really impressive, but we’ll also see the first big misses of the technology stack. I don’t think we’ll go fully mainstream yet this year, so it’s probably maybe something more for 2027 along the way. That would be my prediction again. I think enterprise will lead the way. We’ll definitely see a lot of stuff on consumer as well that is cool. Then we’ll all have our own personal assistance in our hands, basically, literally in our phones. Bertrand Schmitt Going back to agentic AI, we also started the year with some pretty dramatic move. I mean, the launch of Clawdbot, renamed OpenClaw. I mean, this stuff took fire in like a week or 2. It was coded by just one person who actually didn’t even code the product but used AI to build the product, 100% used AI, proposing some new ways also to leverage AI to do coding. He has a pretty unique approach. It’s not vibe coding. I would say it’s a better way to do that. Then the surprising evolution with the launch of a social network for AI agents, Moltbook. I mean, this stuff, probably there is some fake in it. But at the same time, I think it’s quite impressive because it’s the first time we see truly 100,000 plus agents communicating directly to each other. Yeah. I mean, that’s the first time we see surfacing the possibility of some sort of hive mind on the Internet. It’s pretty surprising. Right now, all of this is a hack done in a few days. By end of year, by 2 years, 3 years, we might discover that, actually, the best approach to AI might not be the AI assistant like we are doing today, but a combination of hundreds of thousands of AI working closely together. We might be witnessing the first sign of new intelligence in a way. Nuno Goncalves Pedro Things like this social network might either be Skynet, the beginning of Skynet. They might be the beginning of Her, or they might just be a fad and nothing really happens. It’s just interesting to see what these agents are doing. Bertrand Schmitt Totally. Nuno Goncalves Pedro Obviously, there are real and clear and present dangers of some of the integrations of AI we’re seeing in the market. Interesting enough, and I’ll ask you for your prediction a bit, Bertrand. I think we’ll probably see the first big mishap of AI being used in some infrastructural decision in the age of AI. I mean, we’ve seen AI issues in the past and software issues in the past. We talked in previous episodes about that as well. Mishaps of software that have led to people dying. But I think probably the first big mishap will happen this year as well. Very public mishap of the use of AI and serve its interactions with infrastructure or something that’s very platform related, etc, that will have big impact that everyone will notice. That’s my prediction for the year as well. We’ll have the first big oops moment, as I would call it, for AI in this new age of full on AI. Bertrand Schmitt I would say first some perspective. I think today, people are not using AI directly for life and death decision, at least not that I’m aware. We’re not going to let AI fly a plane, for instance, tomorrow so you can be, reassured. At the same time, given there is such a race to AI, there definitely might be some mistakes. We were talking about the social network for AI agents, Moltbook. Apparently, all the keys used to secure the AI were shared by mistake because it was not properly locked down. We can see that indirectly, mistakes will be made for sure. Two, it’s highly probable that some people will trust AI too much to do some stuff, and this stuff might not work and might have some grave consequence. Hopefully, there is not so much of this. Hopefully, it’s mostly AI used for the good. But you’re right. I mean, at some point, the more we use the technology, the more there would be issue. I mean, it’s highly probable. Nuno Goncalves Pedro That will lead me to another prediction, which is, and we’ll talk about more of it later, but it probably will lead to the first significant movement in terms of regulatory environment certainly in the US at some point if it happens in the US in particular, where there will be some movement that will be like, “Hey, you guys can’t do this anymore.” Because this will probably emerge from mismanaged interfaces. From systems having access to stuff that they shouldn’t have access to in the first place. Talking a little bit more about what’s happening in AI. You’ve already mentioned some of the issues that relate actually to security and cybersecurity. We keep talking about AI. We keep talking about all these infrastructure pieces and platforms that are being built. I think we’ll have a lot more incidents like the one you just mentioned where things will be shared that shouldn’t have been shared, where people will break systems and get into it, etc. Let’s see where that takes us, which is a little bit ironic because, obviously, with AI, the promise is that cybersecurity becomes more robust as well because there’re agents working on our behalf on the cybersecurity side. There’s also agents working on the other side. Bertrand Schmitt It’s a constant race. It’s the attackers, defenders. Each time you have new technology, you have a new race to who is going to attack or defend the best. Each new wave of technology, it’s an opportunity to challenge the status quo. Nuno Goncalves Pedro The attackers have been winning, and I feel they’ll continue winning in 2026. I think it’s going to still be a year of attack. We’ll see more and more breaches, more and more stuff that will happen. Bertrand Schmitt I don’t know if they will win. I mean, it’s normal that they win once in a while. For sure, some infrastructure is not updated as it should. Some stuff are not managed as it should, so there will always be breaches. I don’t know if things are dramatically going to change because, again, everyone who cares who is going to update his infrastructure with AI for defense. There is no question that you have no choice. We will see. That I don’t know. For sure, AI will be used to attack directly with AI. Maybe you’re able to do bigger, larger scale attack. Or thanks to AI, you are simply able to create new type of attacks more easily. AI can be used behind the scene as a way to prepare and organise new type of attacks, even if it’s not used directly live in the battle. Nuno Goncalves Pedro One topic that we’ll come back to later is the geopolitics of everything, but maybe more broadly. On the geopolitics of AI, it’s very clear that we have an arms race going on. Obviously, the US on the one hand, China on the other hand is the two extremes, putting tremendous amount of capital into data centers just at the base of that infrastructure. Chipset development, chipset access, a huge theme in terms of the export restrictions, etc, that are being forced by the US. I think it will continue. From a European standpoint, obviously, they’re stuck between a rock and a hard place, to be very honest. Let’s see what happens on that side of the fence. My view of the world is that certainly from a US and China perspective, we’re going to see a lot more movements in 2026, like big movements. The Chinese movements we always see in delay.  It takes us a couple of months, sometimes even more than that to understand exactly what’s going on. I think we’re going to see some huge moves this year in terms of the States, the United States of America, and China really pouring capital into the creation of the next big winners around AI. I think the US is obviously more visible. We see a lot of these companies. We’ve just discussed xAI and its acquisition by SpaceX or merger. I don’t know what they’re calling it exactly. Effectively, on the China side, the movements I think are already very big. As I said, it will take a while to figure out exactly what those moves are. One thing that I propose is that at some point, China will have very little dependency on chipsets from the US. I’m not sure it’s going to happen this year, but I think the writing is on the wall. Irrespective of any other geopolitical issues that is coming to the fore at this moment in time. That’s one of the key areas or in arenas of fight. Bertrand Schmitt It makes sense. If you are China, you will look at what happened. You would think that you cannot just depend on the largest of one country. It makes rational sense, the same way it makes rational sense for the US to limit exports to China because there is value to delay some peer pressure that could use these technologies for good but also for bad. If you were an ally of the US, that would be one thing. But when you are not an ally of the US, that certainly should be a different perspective. Maybe one last point concerning agents, I think there will be a lot that will revolve around coding. We can see OpenAI with Codex. We can see Cloud with code. There was, of course, [inaudible 00:18:28] that was trying to be big on agentic coding. I think agentic coding was one of the big transformation in 2025 and is going to get bigger in 2026. I think for a lot of people who do coding, there was a radical transformation in terms of what you can achieve, what you can do, how much you can trust AI to help you code. I start to think we might see this year, the replacement of not just one AI replace one coder, but one AI replace a full team because of the new ability to manage that at scale. Coding might be a common activity where you are going to think about outcomes, think about objective, think about how you organise, but not really coding by itself anymore. A big change, like you used to code, directly your hand on the stuff, but step by step, everyone is going to become a manager of agent. I think in one year, we saw enough transformation to think that in the coming year, the transformation can be even more dramatic. Nuno Goncalves Pedro The big Hardware movements Now switching gears to hardware. Obviously, a lot of movements in 2025 and over the last few years. One piece of thesis that we’ve had long-standing at Chamaeleon is that we will see the emergence of AI devices. Some of them have been tremendous failures as we discussed in the past. I predict that we’ll have a couple of really interesting full stack AI devices in the market this year. Why does that matter? Because, as many of you know, obviously, there’s compute that can happen in data centers and cloud infrastructure all over the world, but also there’s compute that can happen at the edges. The more you can move to the edges and the more you can create devices that actually allow you to have user experiences that are very distinctive at the edge, the more powerful some of these devices might become. I predict Apple will not be the first to launch anything on this. I predict probably OpenAI, after the acquisition of IO, will maybe not launch something this year, but will announce something this year. I’ll step back on that prediction. They’ll announce something this year, but maybe not launch. But we’ll start seeing some devices that have some interesting value in the market, probably devices that are AI devices, but they are very focused on very specific user flows, and so very much adequate to specific activities. I won’t make a prediction on that, but I think areas that would make sense for that to happen would be obviously around fitness, health, et cetera, et cetera, where we already have the ascendancy of products like Oura Ring and others out there. Definitely, that’s one area that might have quite a lot of developments. I think AI-first devices, devices that are very focused on compute at the edges, providing user flows that are AI-enabled to end users, we’ll see a lot more of that and a lot more activity this year. Again, I don’t think Apple will be necessarily ahead of the game. Again, maybe OpenAI will give us something to at least think about and look forward to. Bertrand Schmitt First, I’m not sure it will be that transformational because if it’s not in your phone, in your pocket, there is only so much you can do with it, and there is only so much computing power you will have. I’m doubtful it would be really impactful this year. Nuno Goncalves Pedro I feel we’ve been discussing this shift of paradigm in input and output. For me, some of these devices could lead to that shift. Because, again, a mobile phone is not a great long-term paradigm for the usage that we have because it’s really constrained by the screen. The screen is really what takes most of the battery life away. If we didn’t have that screen, what could we do? If we have the block that is as big as a mobile phone, and it didn’t have a screen, it was just compute, that’s a mini computer, a microcomputer. Bertrand Schmitt That’s a fair point, but I don’t see that transformation this year. That’s really more my point. I can see that you can have AI-enabled smart glasses, and it’s clear there is a race to AI-enabled smart glasses. My point is more to go beyond the gadget, it would take quite a while. It would need to have cameras. It would need to analyse what you see. It would need to hear what you hear. Again, it might come, but then at some point, it would be okay, what do you do with it? We have the example of the movie Her. That’s showing Her what it could be. There are definitely possibilities. It’s clear that if you take the big VR headset like the Apple Vision Pro, there is a failure from that perspective in the sense that I think it’s a great, amazing device. The big problem is that it’s doing way more that makes sense. I think there will be a clearer separation between your smart AR glasses that has to be light, that has to be always unconnected, and that’s primarily there to help you make sense of the world around you. The true VR headset that doesn’t really require much in terms of AI, and it’s just there to immerse you in a different world. For this, we know, unfortunately, in some ways, that there is not a lot of demand for it. Maybe there is little demand because you are too hidden in your own world. The technology is not working well enough yet. There are a lot of reasons. But I think Apple trying to do both at the same time, AR and VR, with the Vision Pro, was a pretty grave structural mistake. I think we would see a clearer line of separation between the two. There is bigger market opportunity for AR glasses. That, I certainly agree. There is opportunity to connect that to a computing device. As you talk about, your glasses are your screen, your phone becomes something in your pocket connected to your glasses. Nuno Goncalves Pedro For me, Apple has their way of doing things. From the perspective of what you said, they normally really plan their devices. Even if it’s a big shift in terms of a new area, like they tried with the Vision Pro, and we criticised them for launching it as a device that should have been more of a dev device that they really launched as a full-on device, but that’s their playbook, classically. I think Apple needs to change how they put products out and how they experiment with those products, et cetera. I think they have enough money to be doing everything all the time and figuring it out. If they don’t want to put it out, then they need to do a lot more hell of testing internally with their silos, but they should be playing across all these arenas, VR, AR, everything. They just should put devices out that are either ready for prime time, or they should call it something else. They should call it like this is a dev device or whatever it is. Bertrand Schmitt I agree with you. My complaint is more that it was marketed as a consumer device when it was not. It was a true developer device. Two, they tried to mix the two at once, and it made no sense. No one is going to walk in their home or in the street with their Vision Pro on their head. You have to be deranged, quite frankly, to have use cases like this. I think that for me is a crazy mistake from a company like Apple that prides itself in pure UI, pure user interface, very well-designed device for one specific use case, not mixing the two use cases. We still don’t have Macs with a touchscreen, you know?  We still don’t have an iPad with a good OS that makes use of this great hardware. For some strange reason, they decided to mix everything in the Vision Pro with a device that weighs a ton on your head and is so uncomfortable. That’s why, for me, I’m like, “Guys, what is wrong? Why did you let this team run crazy?” I hope at some point, Apple will go back to the drawing board. My understanding is that that’s what they are doing. They are going to have two devices, one smart glasses, an evolution of the Vision Pro, just focus on VR. They might actually abandon the concept of the pure VR-oriented headset. Because, from a market size perspective, it might not be big enough for Apple, quite frankly. Nuno Goncalves Pedro I read on all of the above, and people at this point was like, “Why are then players like Samsung and others not doing it. LG, et cetera?” Because those players historically have not invented new categories. They’re amazing at catching up once the category is invented, and then they scale the hell out of it, and that’s what these companies have been exceptional at. I wouldn’t see a dramatic innovation, I think, in terms of devices coming from any of the big ones on that side of the fence. Not to disrespect them in any way, but I think that’s not been their playbook ever. Again, if the origination doesn’t come from a start-up or from an Apple, I don’t see those guys going after it. My bet is that we’ll see some start-up activity and, again, hopefully, some announcement from IO now within the OpenAI world. Bertrand Schmitt I would slightly disagree with you. I see where you are coming from. But take the Samsung Galaxy Note, that sudden much bigger headphone that no one was doing that was launched by Samsung, at some point, it forced Apple to launch an iPhone Max. Let’s look at the Z Fold that Samsung launched 7 years ago, copied by everyone. Now Samsung launching a trifold. Apple has still not launched their foldable phone. I think there is a mix, actually, of sometimes- Nuno Goncalves Pedro For me, that’s not a proper new category. It’s still a mobile phone. It just happens to have a screen that folds in half. Bertrand Schmitt The iPhone was still a mobile phone, you could argue.  Nuno Goncalves Pedro No. I think the iPhone was…  I could actually agree with you on that point. Maybe Apple is not as innovative in that case. I think what Steve Jobs was exceptionally good at in terms of his ability as this master product manager was to be an exceptional curator of user flows and user experiences, and creating incredible experiences from devices based on that. That was his secret sauce. Could you say, “Wasn’t all of this stuff already around?” It was. You just put it all together very neatly and very nicely. But if you’re talking about significant shifts in how a category is done, the iPhone was a significant shift in how the category was done. The Fold is still an interesting device. I actually have a Fold right now in front of me. The 7 that you highly recommended to me that we both got, the Z Fold 7. I think they do amazing devices. I don’t think they normally are the most innovative players. Then, when they come to innovation, it comes from technology edges. Obviously, they have Samsung Display, there’s a bunch of other things. They had the ability to do foldable screens in-house themselves. Bertrand Schmitt I don’t disagree with you. I think there is an interesting situation where some companies have some strengths, another one has some strengths. My worry with Apple is that this was not demonstrated with the Vision Pro. The Vision Pro was a hot pot of technologies barely integrated together, with use cases absolutely not well-defined and certainly not something that makes sense for most of us. There is a question of has Apple lost it? While Samsung actually keeps doing their own stuff, that, yes, might be more minor improvements, but at least they are doing it. Because it looks like Apple is missing the train on even the minor improvements. By the way, you might not be aware, but Samsung launched its Vision Pro competitor. Interestingly enough, it might be a better product in some ways, being much lighter and much more comfortable. Nuno Goncalves Pedro We should play around with that and report back to our listeners. Of Start-ups and VCs Moving to venture capital and the startup ecosystem and what’s happening there, I think it is very much a bifurcated environment, and it’s bifurcated for both VCs and for startups. If you’re a startup in the AI space, and you have the hottest team since sliced bread, and you can create FOMO at the speed of light, you can raise ridiculous rounds. Five hundred million at the $3 billion, or $4 billion, or $5 billion valuation, and you still haven’t really even started. First round, you can raise 500 million. That’s back to the whole discussion on Bubble and where are we, et cetera. Some of these companies might actually become huge, some of them might not. But definitely, we are seeing really the haves and have-nots on the startup ecosystem with incredible teams raising a lot of money very, very early on or mid-stage if they’ve already existed for a while, and then the rest not being able to raise. We see a lot of non-necessarily AI sectors, some of the areas of SaaS that don’t necessarily have AI in it, or fintech, or the consumer space that are really, really struggling. If you don’t have an AI story for your startup right now, it’s extremely difficult to raise money unless your numbers are just the best numbers ever. That’s, I think, the first part of the element of bifurcation that we’re seeing today. The second element of bifurcation that we’re seeing today in terms of fundraising is for VCs themselves, and really propelled by the large VC firms raising more and more capital in recent orbits, announcing 15 billion across funds raised. Lightspeed, I think, had made an announcement a couple of weeks ago as well. They’ve raised a bunch of money as well. The big guys are all raising a lot of money. At some point in time, the question some of you might ask is, “These VCs are redeploying more and more money if they have a couple of billion for a VC fund. How does that look like? Is that still VC?” My perspective, I’ve shared before in some of our previous episodes, is that that’s no longer venture capital. At that point in time, we’re talking about something else. Private equity hedge funds, if you want to call them, maybe funds that are really driven by growth investment or late-stage investment. If you have a couple of billion under management, you’re not going to make your returns by writing a $3 million check in a series seed and leading that round.  That has implications for everyone in the ecosystem. It has implications for smaller funds that obviously have a lot more difficulty in raising capital. It’s difficult to differentiate. Last but not least, also for startups that really continue searching for that capital that is out there. Andreessen Horowitz, for example, runs Speedrun, which is a great program for companies around consumer in particular. Initially, it was a lot for gaming. But at some point in time, Andreessen Horowitz could decide that they don’t want to invest more in you. They just put money from Speedrun, which is obviously a very small check compared to the very large checks they could write mid to late stage and that will have an effect on you as a startup. What happens at that point in time if Andreessen Horowitz is not backing you up in later stages? More than that, what happens if I can’t get these big funds interested in me? Are the small funds still valuable to me? Punchline, my view is yes. Obviously, we’re a smaller fund, so there’s parochial interest in what I’m saying. Small funds can still create a ton of value for you, also in terms of credibility, ability to accompany you in those first stages of investment, and the ability to bring other larger investors later down the road as well. There’s definitely a big movement happening in terms of the fundraising for VC funds, which we shouldn’t neglect, which is the big guys are raising a lot more capital and are therefore emptying the market to smaller funds that are having more and more difficult raising at this point in time. We had discussed that there would be a need for concentration in the industry, that micro funds would need to concentrate, and we didn’t have the space for so many micro funds as we had around. But the way it’s happening is extremely dramatic at this moment in time. I think it will continue through 2026. Bertrand Schmitt Remember a few years ago, with the rise of AI, there was more and more of the question about, “What’s the point of SaaS at this stage?” Because SaaS was around for 15 years. Basically, how do you come up with something new that was not already tested, validated by the market? How do you bring something new? We say this was reinforced to the power of 10. If your product is not clearly built from the ground up for a new use case enabled by AI, anyone could then might have built your product 5, 10 years ago, and therefore, why now has no clear answer, and it’s a big problem. I’m still surprised myself to still see some entrepreneurs where you talk to them about AI because you don’t see them in the deck, and they explain to you, “It’s not yet there,” and you’re like, “What’s wrong with you guys?” Fine. Do whatever you want. Do a small business and whatever, but don’t think you can come up pitch and raise without an AI story. The second category is people who come with an AI story, but you can feel very quickly, I guess you saw that many times, Nuno, where just a story layered on top with little credibility. It’s not better. It’s not enough to just have a story. Your business needs to be radically built differently or radically proposing some brand-new use cases that were impossible to solve 5 years ago. Nuno Goncalves Pedro To stack up on that, absolutely in agreement. If you’re just adding to the story, and it’s an afterthought, and you’re just trying to make the story somehow gel, once you go into one or two layers of due diligence, your investors will very quickly realise that you’re not really AI-first or dramatically AI-enabled or whatever. It’s just you’re sort of stacking something on top of another thesis. It needs to make sense from the product onwards. It’s not just, let’s just put it together with chewing gum, and magically, people will give you money. It was true also if we remember the good old crypto blockchain days, where everyone’s investing in crypto. A lot of stories that didn’t make much sense. In that sense, it’s not very different. I would go one step further. I think in the world of the VC winter that we’re a little bit in, where it’s more and more difficult if you’re a smaller fund to raise your fund at this moment in time, there’s a lot of sources of distinctiveness still talked about, like proprietary networks, access to deal flow, fast track record, all that stuff that really, really matters. But our bet continues at Chamaeleon continues being that you need to be AI-first as a VC fund yourself. You need to have core advantages in using not only readily-available AI tools or third-party available AI tools, data sources, technology stacks, but actually building your own stack over time, which is what we did with Mantis at Chamaeleon. Again, just to reinforce that, I think we’re at the beginning of that stage. We, Chamaeleon, are ahead of the game, but we think that the rest of the market will have to move towards that as well. Still, to be honest, very surprising to me to see that many significant large players are doing very little still around some of these spaces. They have data scientists. They’re running some tools. They’re running some analysis and all that stuff, but it’s still, again, back to the point I was making for startups, all glued up with chewing gum. It doesn’t all come together nicely, which it does need to from a platform standpoint. Bertrand Schmitt It’s quite surprising. I agree with you that some VC funds might think that they can do business as usual in that brand-new world. It’s difficult to believe. Nuno Goncalves Pedro Maybe moving a little bit toward the capital formation piece. We already discussed the M&A space really accelerating. We’ve also discussed the IPO market and some predictions on that. Secondaries, there’s obviously a lot of liquidity coming from secondaries from mid to late stage. I think it will continue throughout the rest of 2026. A lot of activity in buying, selling in secondaries as some asset managers are becoming more distressed, as some very high net worth individuals and family offices are becoming more distressed as well, at the same time, where there’s a lot of opportunities to potentially arbitrage around some investments. I believe a lot of money will be made and lost this year by decisions made this year, just to be very, very clear in terms of equity, purchases, et cetera. Exciting year ahead of us. Definitely a very, very interesting market ahead of us. Secondaries, M&A, growth, and late-stage investing, also, early-stage investing will continue just for those that were wondering. Last but not least, the public markets, the IPO market as well. Bertrand Schmitt One of the big questions for the IPO market would be, will SpaceX go public? Would it be good for the startup ecosystem? Because suddenly that they go public, it would be to raise money. If they raise money, will there be any money left for anybody else? That would be an interesting test of the market. For sure, it would be proof that market are risk on financing a new IPO like this one. Or as you said, maybe there is no IPO, and it’s a merger with Tesla. Time will tell. Nuno Goncalves Pedro Regulatory & Geopolitical Headwinds… and the Wars Moving maybe to our topic of regulation and geopolitical headwinds, as we’re seeing … definitely not tailwinds. The Google antitrust verdict and, obviously, the remedies are expected to come forward now, and a lot of people are saying, “There are some risks of structural separation.” What do you think? Is it cool, but nothing will happen in the end dramatically? Alphabet or Google? I’m not sure, actually. It’s Google LLC. I think that’s the case. It’s The United States versus Google LLC. Bertrand Schmitt I’m not sure. Personally, I’m not a big fan. I think there needs to be a better way to manage some anticompetitive behavior. I’m not a big fan. There was this temptation to do that for Microsoft 25 years ago. Look at what happened. No one needed to buy Microsoft to leave space for others. I see the same with Google, and I guess they are happy to not be the number 1 in AI today, but to have an open AI in front of them. Even if they are doing a great job, by the way, to move forward and go faster and faster. Personally, quite impressed now with some of what they have released. Gemini 3 is doing great from my perspective. I’m not a big fan of this. I think to be clear, it’s important that bigger companies don’t behave anticompetitively, but at the same time, we need to find the right approach where it’s not about breaking these companies, and it’s also not about forbidding them to do acquisitions. Because then you end up with what NVIDIA just did with a $20 billion acquihire IP licensing type of acquisition, because they didn’t want to have the uncertainties. They didn’t want to wait 1–2 years in order to acquire the people and the technology, so they organised it in a different way. But I don’t like that. I think they should be able to acquire companies without facing so much uncertainty. To be clear, it’s not new. Uncertainty when you are Google, NVIDIA, or others, it happens. It has happened for a decade plus, 2 decades. I think there needs to be, for sure, some safety valves. At the same time, we want an efficient capital market. An efficient capital market need companies that can acquire other companies. If you don’t do that efficiently, it will be worse for the entrepreneurs, it will be worse for the investors, it will be worse for everybody. I think we have not reached a good equilibrium from my perspective. We need more efficient acquisition process. And at the same time, we need to also enforce faster anticompetitive behavior. Because what you talk about concerning Google, this is a case that was what? That is 10 years old. You see what I mean? This is way too long. If you’re a startup, you are dead by then. It’s like the story of Netscape facing Microsoft. They were dead long after the fact. I think we need a different approach. I’m not sure the best answer. I’m not sure we’ll get a better approach. There are probably too many vested interest. My hope is that it will get better with this current administration because, certainly, the past administration was very anti acquisition and efficient markets. Nuno Goncalves Pedro We’ve talked about the European Union AI Act a bunch of times, so I don’t want to spend too many cycles on that. The only effect that I would say is we are seeing in very slow motion the splitting of the Internet. I once had Tim Berners-Lee, by the way, shouting at me that we were going to break the Internet when we were applying for the .mobi top-level domain. I was part of that consortium that eventually did get the .mobi top-level domain, and I had him shouting at us. But, apparently, this is going to split the Internet, Tim. So in case you’re listening. Because it will create all these different rules. If your data is relating to consumers there, then it’s treated in a different way, and The US is… Well, obviously, we have the case of California with its own rules and laws. I don’t know. I feel we’re having a moment of siloing that goes beyond economic and geopolitical siloing. It will also apply to the digital world, and we’ll start having different landscapes around it. We’ll see how this affects global expansion of services, for example, around AI, particularly for consumer, but I don’t foresee anything dramatically positive. Recently, we had the whole deal around TikTok finally having a solution for their US problem where there’s now a US conglomerate magically that owns it. The conglomerate doesn’t magically own it, they just straight up own it for the US. But it was driven by many of these concerns around data ownership. Where’s the data? Where is it based? I think a lot of other concerns that have to do with the geopolitics of China, obviously, being the basis of ByteDance, the owner of TikTok, that still is a significant owner, by the way, in TikTok in US. Then also the interest in the economics of making money out of something as powerful as TikTok, to be honest, in The US. Just to be clear, I don’t think this was all about the best interests of consumers. It was also about money. Just follow the money. Bertrand Schmitt There are for sure, some powerful interest at play. But let’s be clear. I think one is data, as you rightfully said, but the other one is algorithm. It’s not as if China is authorising any competitor on its territory. They have blocked access to most of the Internet platforms from the US, either finding new rules or just trade blocking them. So I don’t think it’s fair competition. You don’t want some of that data in China about the US or European consumer. Three, it’s about the algorithm. If suddenly, you are a foreign power, and you can as we know in China, you better follow what’s required of you from the Chinese Communist Party. You cannot take a chance with influencing other stuff like elections in other countries. It’s fair from the US perspective. One could even argue it’s fair from a Chinese perspective to want that. I think the only one in the middle who doesn’t really know what they want is Europe because on one side, they want to benefit from American platforms, on the other end, they want to have some controls. On the other end, they don’t create the environment for startups to flourish. So in that weird situation where they have to accept some control by the big US providers and either provider of underlying infrastructure or provider of consumer business facing services. Then they try to regulate them. But I think they are misunderstanding the power relationship, and I think some of this regulation would get some blowback, at least by the current administration. Just, I believe, this morning, there was some news around X being under a criminal investigation in France. This is not going to end well for the French startup and VC ecosystem. This is not going to end well for France and Europe when you depend so much from your American friends. Nuno Goncalves Pedro Regulation will be weaponised. Regulation constraints around exports, all of this will be weaponised geopolitically, and the bigger guys will normally win. I think that’s normally what we’ve seen. Just on TikTok just to… And you guys, if you’re listening to us, just see if you see a pattern here, but obviously, 19.9% still owned by ByteDance of the TikTok entity in the US. It was initially said that 80% of the TikTok entity is owned by non-Chinese investors. Initially, people were saying US investors, and then they changed it to non-Chinese because MGX, I think, has 15% of it. MGX is based in the UAE, connected obviously to Mubadala, the Abu Dhabi sovereign wealth fund. Silver Lake is in there, I think, with 15% as well. Oracle as well with 15%. Those three are the big bucket owners together, 45%. Silver Lake having collaborated with MGX before, and I’m sure a lot of connectivity there. Then you still see a pattern in this in terms of shareholders. If you don’t, then just Google it. Dell Family Office, Vastmir Strategic Investments, which is owned by billionaire Jeff Yass, Alpha Wave Partners, obviously involved with a bunch of things like SpaceX and Klarna, Virgoli, Revolution, which is Steve Case’s, a former founder of AOL, is also in there. Meritway, which is managed by partners, I think, of Dragonair. Vinova from General Atlantic, an affiliate of General Atlantic. Also, NJJ Capital, which I believe is Xavier Nil, the French billionaire that founded Iliad. Mostly American, I think, if the math is correct. 80% non-Chinese, which was what mattered, I think, in many cases. But do see if you saw a pattern in most of those investors. I won’t say anything more than that. Maybe moving to other topics, maybe just to finalise on regulation and geopolitics. In geopolitics, we should talk about wars if we predict anything. Not that we are nasty and one want to be negative, but what the hell is going on? Will we have ending to the wars we already have ongoing or not? But before that, the struggles on the App Stores, I think, will continue both for Apple and for Google Play Store. The writing’s on the wall, the EU keeps pushing it dramatically and Apple keeps just doing stuff. I’m on the board of an App Store company. Apple just creates all these things that basically make you not really… It doesn’t work. You can’t provision then an App Store on Apple devices. On iPhones, et cetera. We’ll see how that will continue going, but I feel the writing’s on the wall. Both Apple and Google will have to open up a bit more of their platforms. I’m not sure it will have a huge impact in the medium to long term, but definitely we need to see more openness in access to apps as given by the two big platform owners, Apple and Google, out there. Bertrand Schmitt Let’s be clear. Google is way more open than Apple. We both have Android devices. You can install alternative app stores. It’s a different ballgame by very far. Nuno Goncalves Pedro Google does other nasty stuff. It’s public. You can check which board I’m a part of. You can see what that company has done towards Google over time. But to your point, yes. It is true that Google has been more open than Apple, but Google has done their own things. Just to be very clear, so I’ll just leave that caveat bracketed there for people to think about it and maybe read a little bit about it as well. Bertrand Schmitt I can say that, me, from my perspective, that path of total control that Apple has been going through on all their devices, that includes macOS, pushed me to, over the past 2, 3 years, to completely live and abandon the Apple ecosystem. I just couldn’t accept that level of control, that golden handcuff approach of the Apple ecosystem, each their own obviously, they are golden, their handcuffs, but they are still handcuffs. Personally, that pushed me way more to Linux, Android, Windows, back to Windows after all these years. I just couldn’t stand it anymore. I want to pick my devices. I want to pick what I install on them, and I don’t want to be controlled like this by just one entity for all my tech devices. For me, at some point, it was just not acceptable anymore. It’s still very warm, very golden handcuffs, but for me, they were just handcuffs at this stage. Yes, what they are doing with the App Store is very typical of that mindset. I think it’s quite sad because I think it started with good intention in some ways. “We need a new computing paradigm, we need to make things smoother and safer,” but it has really become a way to control your clients. For me, it has reached a point where it’s just way too much. Nuno Goncalves Pedro There’s obviously the great power comes great responsibility that uncle Ben told Spider-Man or Peter Parker. But there’s also with great power comes shitload of money, and control. So it’s like, “Yeah. Should we open the server? Do we want to delay opening it up?” “Yeah.” Anyway, it is what it is. Maybe let’s end on the more difficult note of the episode, which is going to be around wars. What’s our prediction? Will we have an end to the Gaza situation with Israel? Will we have an end to Ukraine and, obviously, Russia? What will happen in Iran? Those are the three big, big conflicts right now. Then, obviously, if we want to add just bonus points, what’s going to happen to Greenland, and what’s going to happen to Taiwan, and what’s going to happen to Venezuela? Let’s throw the whole basket in there. We’ve never had like… Let’s talk about all these territories and all these countries. At some point in time, I’m saying this in a light manner, but it’s obviously more tragic than it should be light, and people are dying, and there’s a lot of implications of all of that that is happening right now. Do you have any predictions, Bertrand, for this year? Bertrand Schmitt No. It’s tough to predict on an individual basis. I think on a more bigger picture basis is on one side, obviously, the rise of China on one side. You have also the rise of other countries like India, while very indirectly connected to some of these conflicts are still part of the game, buying oil from Russia, for instance. At the same time, I think overall, the US is more clear about with the sheriff in town. I think it’s good because in some ways, you cannot pay for the goods, you cannot have such a massive advantage versus nearly every other country on earth and just not be clear about who is the boss in some ways. As a result, what are the rules of the game and how it should be played? The US is not alone, obviously, you have China, you have Russia, you have India, you have Europe. You have different other countries. But at some point, it’s not good when countries are not rational and are not clear. I think I prefer the current situation where things are more clear and where you have to assume responsibilities about what you are doing. It’s time to be rational again about how the world behave. Yes, the concept of power and balance of power. I think there has been that dream, maybe mostly coming from Europe, about the end of history. I think that’s simply not the case. It’s not the end of history. It’s still about the balance of power. It has always been about the balance of power. If you are dumb enough to think it was not about that anymore, I just have a bridge to nowhere to sell you. I don’t have specific prediction, but I think it’s clear there is a new sheriff in town. There is a new doctrine about the Western Hemisphere that has been in some ways resurrected on the [inaudible 00:51:35] train, and I think we’ll see more of it. I think at this point, the biggest question is for the Europeans. What do they want to do? Because right now, their position of being a dwarf militarily while being a pretty big giant economically, I don’t think it works. Nuno Goncalves Pedro I agreed on everything that you said. I do have predictions. I’ll stick a flag on the ground just with my predictions. Bertrand Schmitt Good luck. Nuno Goncalves Pedro They are mostly positive. I do think we’ll see an end or, for the most, end to the two big conflicts, the one in Gaza and the one in Ukraine. I think Ukraine will end up in readjustment of territory and splitting between Russia and the Ukraine, but the end of hostilities, I think that we will see an end to the conflict in Gaza also with a readjustment on what that will mean for the Palestinian territories and the Palestinians in general. That I’m not sure, but I feel that there will be an end to those two big conflicts. Iran, I have no clue. I will not put a stick on the ground that I have no clue. There are so many things that could go wrong there. I’ve been reading some really interesting thoughts about even some aggressive thoughts that this might be the time to really change regimes in Iran and for the US to have a bit more of an aggressive stance. I really don’t have a perspective. Obviously, there’s a lot at stake there. Then, if we talk about the other parts, Greenland, I will not opine too much on. Maybe we’re done for now. Maybe there’ll be some other concessions to the US that weren’t already there in the ’50s. Taiwan, I won’t bet either. I’m sad to say I think it might happen at some point in time, but I’m not sure when and what would drive it. Last but not the least, Venezuela is my only really negative prediction. I feel it will continue to be a significant dictatorship as it was before managed enough by other people with the difference now that it has a tax to be paid to the US in the form of oil of some sort, etcetera, and maybe gas, maybe other things as well that it didn’t have before. That’s probably my most negative prediction for the coming year on the geopolitical side. Bertrand Schmitt Without going into detail, I would mostly agree with what you shared. At least that makes sense. But as we know, it’s not always what makes sense, but what might happen. I can tell you 100% I would not have guessed this operation against Maduro. This was so well done, well executed, and shocking at the same time that it’s… I think it shows that it’s hard to guess some of this stuff because there are certainly some new ways to wage limited war, for instance. So it’s certainly interesting, and we certainly need to get used to pretty bombastic statements. But for Venezuela, I don’t think it can be worse than what it was before. I’m probably more optimistic that gradually it can get better. Nuno Goncalves Pedro Just to put perspective on why we’re not making predictions on some of these elements, I think this is a funny story, but I was in Madeira. Actually, first time I was in Madeira, although I’m originally from Portugal. I’ve never been to the islands. Obviously, as you guys know, or some of you might know, there’s a lot of connection between Madeira and Venezuela. There’s a lot of immigration from Madeira Islands to Venezuela. One of my Uber or Bolt drivers there in Madeira was Venezuelan. Was born in Venezuela, but Portuguese descent, et cetera. He was telling me this was still last year. Late last year. Because I told him I lived in US, et cetera, and he was like, “Oh, hopefully, Trump will get Maduro out of there.” In my mind, I was like, “Dude.” No disrespect to the gentleman, but it’s like, “Okay. Mike, your perspective on geopolitics is maybe a little bit exaggerated.” And a couple of days later, we know what happened. When geopolitical decisions are better predicted by some probably very astute Uber drivers, you’re like, “Maybe I shouldn’t make a bet. I have no clue what’s going to happen, no clue what’s going to happen in Greenland, et cetera.” Anyway, a couple of predictions on that element. Bertrand Schmitt That’s why it’s so right. You have to be careful with the prediction, but it doesn’t remove the fact that I think nations and companies that have to play a global game have to understand in some ways what is the game, what are the powers in place, what could happen potentially, but also be realistic. Not be about wish and dreams, but more about, what’s the power relationship? Who has the money? Who has the means? Who has the capacity to do this or that? Because if you start that way, at least the scope of what’s possible, what’s reasonable is more and more clear more quickly. Some stuff like happened with Maduro, I would never have predicted, but for sure, if there’s one country that can do this sort of stuff, it’s the US. I’m not sure anyone has a technology and the means in terms of support infrastructure to do something like this. It’s tough to predict what will happen a year from now for any specific country, but I think that even trying to get a better understanding about the forces in play and their capacity and understanding and accepting that at some point, it’s all about real politic and relationship of power, the more your eyes would be wide open about what’s possible versus simple, wishful thinking. Nuno Goncalves Pedro Fintech, Crypto and Frontier Tech Moving maybe to our last section around fintech, crypto, and frontier tech. For me, just two very quick predictions, views of the world. I think on the frontier tech side, I won’t make a prediction. I will just tell you all to go and listen to our episodes, the one on infrastructure, which is immediately prior to this one, and the episodes that we’ve had around a couple of other topics including AI, what’s the future of your children, because I think they illustrate a lot of the points that we’re seeing and manifesting themselves over the next year and over the next 2 or 3 years as well beyond that. I feel those tomes are complete in and out of themselves, so you can just go and listen to them. Then my second comment is on crypto. I feel crypto has become of the essence, particularly under the current administration in the US, very favored. Obviously, we are now in a world where crypto is just part of the economic system, and I think we’ll see more and more of that emerging, and in some ways, crypto is becoming mainstream. Question is what blockchains will be the blockchains of the future? Obviously, there’s a bunch of bets put out there. We, ourselves, as Chamaeleon, have one investment in one of the significant bets in the space. But besides that, who’s going to win or not, we feel that we’re past the crypto winter. It’s now mainstream days, and we’ll see a lot more activity in there. Bertrand Schmitt I must say with crypto, I’m a bit confused. As you say, we are past the crypto winter. There is much less uncertainty in regul

Campeão europeu sub18 em 1994, ao lado de Quim, Dani mais Nuno Gomes, o avançado ajuda Fernando Santos a manter Estrela na 1.ª divisão com um golo na Madeira e acumula 27 clubes, um dos quais lá fora, no Ionikos (Grécia)

In Episode 79, our host, Captain Ricky Wheeler, talks with Matthew Milne. Matthew has spent his entire life being obsessed with fishing. Growing up in Trinidad & Tobago, it was only natural that he would gravitate towards chasing tarpon. As he grew that passion took him offshore, where he fell in love with fishing for blue marlin in locations throughout the Southern Caribbean, Madeira, and Cape Verdes as well as currently spending the Spring months fishing for billfish in Cat Island, Bahamas. As he has started a family, he has set his roots back in at home in Trinidad. Matthew has started running tarpon charters over the last few years in arguably the #1 location to fish for tarpon in the world. If you want to fish with Matthew aboard a 31' Cape Horn center console with all the bells and whistles, you can reach out and book a trip at https://www.saltwatereuphoria.com/trinidadtarponfishing or email him at MatthewMilne94@gmail.com. You're sure to get a memorable experience fishing with him for tarpon in Trinidad.If you would like our host, Ricky Wheeler, to help you sell your boat/yacht or help you with searching for and buying a boat/yacht, please email: RickyWheeler@UnitedYacht.comSaltwater Euphoria Podcast Sponsors:+Saltwater Euphoria - https://www.saltwatereuphoria.com/+Euphoria Sportfishing - https://www.euphoriasportfishing.com/+Billfish Gear - https://billfishgear.com/ +Cape Maritime Consulting - https://www.capemaritimeconsulting.com/For online fishing courses, go to our website Courses.SaltwaterEuphoria.comFollow the following on Instagram: CaptainRickyWheeler: @CaptainRickyWheeler Saltwater Euphoria: @SaltwaterEuphoria Euphoria Sportfishing: @EuphoriaSportfishingMatthew Milne: @milfroyBillfish Gear: @billfishgearIf you like this podcast, please be sure to click that FOLLOW button and also spread the word by sharing this episode with your friends or whatever social channels you are on and/or leaving a great review.  We appreciate your support.

No 8º episódio da 2a temporada do Tem Dado em Casa, Gustavo Lopes e Carol Gusmão comentam seus top jogos para levar o caos pra sua família ou mesa de jogo que está tranquila demais. Aproveitando os mais de 1000 jogos jogados, vamos começar uma temporada de tops mais tradicionais, com essa grande amostragem para passar para vocês o puro suco. - Link da Campanha no Catarse: https://www.catarse.me/gambiarra_board_gamesEdição - Fabs Fabuloso e Gustavo Lopes. Capa - Gustavo Lopes . Quer comprar jogos por um precinho bacana e contribuir com o Gambiarra Board Games? Acessa https://bravojogos.com.br/ e utilize o cupom GAMBIARRANABRAVO Confira as fotos dos jogos em nosso instagram instagram.com/gambiarraboardgames E-mail para sugestões: contato@papodelouco.com papodelouco.com Apoio Acessórios BG: https://www.acessoriosbg.com.br BGSP: https://boardgamessp.com.br/ Bravo Jogos: https://bravojogos.com.br Aroma de Madeira: https://www.aromademadeira.com.brAbertura: Free Transition Music - Upbeat 80s Music - 'Euro Pop 80s' (Intro A - 4 seconds)Jay Man - OurMusicBox Trilha: Music Credit: LAKEY INSPIREDTrack Name: "The Process"Music By: LAKEY INSPIRED @ https://soundcloud.com/lakeyinspired​Original upload HERE - https://soundcloud.com/lakeyinspired/​Official "LAKEY INSPIRED" YouTube Channel HERE - https://www.youtube.com/channel/UCOmyLicense for commercial use: Creative Commons Attribution 3.0 Unported "Share Alike" (CC BY-SA 3.0) License.Full License HERE - https://creativecommons.org/licenses/​ - Music promoted by NCM https://goo.gl/fh3rEJ​ e Mischief Maker by Kevin MacLeod - Link: https://incompetech.filmmusic.io/song/4059-mischief-maker - License: https://filmmusic.io/standard-license

Investigadores da Universidade do Minho estão envolvidos num projecto que estuda o pós-independência dos antigos PALOP e a forma como a revolução de Abril modificou as vivências em algumas regiões de Portugal.

No 41º episódio do Rodada dos Ouvintes Gustavo Lopes comenta áudios dos nossos apoiadores do Catarse comentando se sua relação com o hobby mudou com o tempo? Comentamos a partir da indagação do último Rádio Gambiarra, sobre como o hobby pode mudar, gostos, grupos, hábitos de consumo, não apenas de jogos, mas também de conteúdos.Link da nossa Campanha no Catarse: https://www.catarse.me/gambiarra_board_gamesPlaylists e Índice completo de episódios: https://playlistsgambiarrabg.carrd.co/Instagram com fotos dos jogos @gambiarraboardgames Edição - Gustavo Lopes. Capa - Gustavo Lopes. Vinhetas: Fabs FabulosoParceiros:Acessórios BG: https://www.acessoriosbg.com.brBravo Jogos: https://bravojogos.com.brAroma de Madeira: https://www.aromademadeira.com.brApoio:BGSP: https://boardgamessp.com.br/Créditos:Abertura: Free Transition Music - Upbeat 80s Music - 'Euro Pop 80s' (Intro A - 4 seconds)Jay Man - OurMusicBox Trilha: Inner Light by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3916-inner-lightLicense: https://filmmusic.io/standard-license

Os deputados do PSD da Madeira e dos Açores ficaram em silêncio no debate sobre o subsidio de mobilidade e Hugo Soares assumiu as divergências dentro da bancada. See omnystudio.com/listener for privacy information.

In this Cristiano Ronaldo motivational, we dive deep into the unstoppable CR7 mentality — the mindset that made Cristiano one of the greatest athletes in the history of sports. Whether you're an athlete, entrepreneur, student, or someone chasing personal excellence, this CR7 motivation will ignite something inside you.From the streets of Madeira to the biggest stages in world football, Cristiano Ronaldo's journey is a masterclass in resilience, discipline, and belief. This Cristiano Ronaldo motivational speech isn't just about football — it's about life. It's about pushing past your limits when no one believes in you. It's about showing up, even when the odds are against you.In this video, you'll hear excerpts and edits inspired by CR7 speeches, interviews, and moments of greatness. This isn't just another motivational video — it's a CR7 inspirational video built to help you lock in, focus, and become who you were meant to be.You'll experience the essence of a true warrior through every scene of this Ronaldo motivation video. Let the words and images fuel your ambition. Use it as a reminder that Ronaldo's motivation didn't come from comfort — it came from the relentless pursuit of greatness.

El Placer de Viajar vuela de Navarra al archipiélago portugués de Madeira para conocer Estella y Porto Santo. En este nuevo episodio del podcast El placer de viajar, Carmelo Jordá y Kelu Robles nos invitan a un recorrido fascinante que comienza en la Comunidad Foral de Navarra, concretamente en la ciudad de Estella. La conversación arranca destacando la importancia histórica de esta localidad, cuyo auge se debe en gran medida a la visión del rey Sancho Ramírez en el año 1090, cuando el monarca decidió desviar el trazado original del Camino de Santiago para que pasara por la ciudad, buscando aprovechar el dinamismo económico que generaban los peregrinos, una decisión que marcaría para siempre el destino y la fisonomía de Estella. Su historia está profundamente ligada a eventos políticos de gran relevancia para España. Durante el programa se menciona que el 31 de julio de 1835, el pretendiente Carlos V la nombró capital de España bajo autoridad carlista. Este vínculo con el carlismo es una seña de identidad que todavía se respira en sus calles y museos. Además, su impresionante patrimonio arquitectónico le ha valido el sobrenombre de la Toledo del Norte, un apelativo que hace justicia a la densidad de monumentos de gran valor artístico que alberga su casco antiguo de origen medieval. También se menciona la Iglesia de San Pedro de la Rúa, situada en una posición elevada a la que se accede por una escalinata construida en los años 70. Lo más reseñable de este templo es su claustro, que conserva unas singulares columnas torsas, únicas en el románico español, y una rica iconografía que mezcla motivos vegetales con seres fantásticos como las arpías. La arquitectura civil de Estella no se queda atrás en importancia. El Palacio de los Reyes de Navarra es citado como la mejor muestra del románico civil en la región, albergando en la actualidad el museo dedicado al pintor Gustavo de Maeztu. Otro edificio relevante es el Palacio del Gobernador, del siglo XVII, que hoy funciona como el Museo del Carlismo, un centro fundamental para entender la historia política de la zona. Los presentadores también hacen hincapié en el Palacio de San Cristóbal, un ejemplo destacado del plateresco navarro que hoy sirve como casa de cultura. Uno de los rincones más pintorescos de la ciudad es el Puente de la Cárcel, también conocido como el Puente Picudo por su pronunciada inclinación en forma de vértice. Aunque el puente original del siglo XII fue destruido por las tropas francesas durante la Guerra de la Independencia para frenar el avance enemigo, la reconstrucción actual mantiene esa silueta icónica que permite obtener una de las mejores vistas del río Ega y de la monumentalidad que rodea sus orillas. En el apartado gastronómico, Estella se presenta como un paraíso para los amantes de la huerta navarra. Los colaboradores ensalzan productos con denominación de origen como los pimientos de Lodosa, los espárragos y la menestra, un plato que en esta zona alcanza niveles de excelencia superiores. No se olvidan de mencionar el jamón, la chistorra, el queso de Idiazábal y el cordero, recomendando cerrar cualquier comida con un buen pacharán navarro, una bebida tradicional que simboliza la hospitalidad de la región.De Navarra a Madeira La segunda parte del programa da un giro geográfico de la mano de David Alonso, quien nos traslada al archipiélago de Madeira para descubrir la isla de Porto Santo. Conocida como la isla dorada por sus extensas playas de arena fina, Porto Santo ofrece un paisaje radicalmente distinto al de la isla de Madeira. Mientras que la principal es montañosa y húmeda, Porto Santo es una formación volcánica más antigua, de relieve llano y clima seco, lo que la convierte en el destino ideal para quienes buscan sol y tranquilidad en un entorno casi virgen. La historia de Porto Santo está íntimamente ligada a la figura de Cristóbal Colón. El navegante vivió en la isla tras contraer matrimonio con Filipa Moniz, hija del primer capitán donatario de la isla. En la actualidad, es posible visitar la Casa Museo de Cristóbal Colón en la localidad de Vila Baleira, donde se conserva documentación y objetos que dan testimonio de la importancia de este enclave en la era de los grandes descubrimientos. La isla sirvió como punto de escala fundamental en los viajes hacia el nuevo mundo, consolidando el poderío marítimo de la época. Finalmente, el programa repasa la vida cotidiana y el ocio en Porto Santo. Se recomienda pasear por el Largo do Pelourinho y disfrutar de la tranquilidad de sus gentes, que contrastan con el ritmo más acelerado de Funchal. En cuanto a la oferta culinaria, el pescado fresco y las sardinas asadas son los protagonistas, siempre acompañados por cervezas locales como la Super Bock o la Sagres, o incluso la más popular Imperial. Porto Santo se perfila así como un refugio de eterna primavera donde la historia y la naturaleza se entrelazan de forma única. Escríbenos, explícanos qué te gusta más y si hay algo que no te gusta tanto de El Placer de Viajar, dinos de qué destinos quieres que hablemos y si quieres que tratemos algún tema y, por supuesto, pregúntanos lo que quieras en el correo del programa: elplacerdeviajar@libertaddigital.com.

Join us as we welcome back Brielle to recount her incredible 13-night Westbound Transatlantic cruise aboard the Disney Fantasy. We dive deep into her adult-only adventure, starting with pre-cruise fun in London before setting sail from Southampton to Port Canaveral. Hear all about the unique itinerary twists, including an unexpected overnight in Spain due to weather and a surprise bonus day at Castaway Cay. Brielle shares expert tips for navigating long sea days, enjoying gluten-free dining on Disney Cruise Line, and making the most of onboard entertainment like the crew talent show. Whether you’re planning a Transatlantic crossing or just dreaming of the high seas, this trip report is packed with magic!Topics Discussed in the Main SegmentPre-Cruise London: Staying at the DoubleTree Victoria, dining at Los Mochis, and a tour of Windsor Castle, Stonehenge, and Oxford.Itinerary Changes: Skipping Vigo due to storms, resulting in an overnight stay in La Coruña, and adding a surprise stop at Castaway Cay.Port Adventures: A walking tour in La Coruña, Spain, and an adventurous Canyoning excursion in Madeira, Portugal.Onboard Entertainment: Highlights include the Crew Talent Show, magic by Blake Vogt, presentations by Disney artist Don “Ducky” Williams, and a Crew vs. Guest Giant Jenga game.Dining: Reviews of rotational dining, a gluten-free friendly Palo Brunch, and mixology classes (Champagne and Martini tastings).Want to be on the show? Fill out this form, and we'll be in contact with you real soon!https://dclpodcast.com/want-to-be-on-the-show/Support our show via Patreon:http://www.patreon.com/dclpodcastUse Christy's Travel Services:https://dclpodcast.com/book-with-christy/Follow the DCL Podcast via:http://www.facebook.com/dclpodcasthttp://www.instagram.com/dcl_podcastFollow Lake at:https://www.instagram.com/mouse.genhttps://www.youtube.com/@MouseGenFollow Christy at:http://www.packyourpixiedust.comhttps://www.instagram.com/packyourpixiedust

Extra Flow com Gopala

Um arado forte pode ser destruído sem nunca ter sido usado… como?O que está corroendo sua fé silenciosamente enquanto você descansa?Uma ilustração que vai te acordar para não deixar os cupins entrarem!

In this episode, I sit down with Avery Silverstein, a 17-year-old bridge prodigy who has fallen hard for the game. Despite her young age, Avery has already earned two medals at the Junior World Championships and reached the round of 16 in the Vanderbilt as my partner. We discuss her journey from family bridge club kid to international competitor, including having her father, professional player Aaron Silverstein, as her primary mentor. Avery talks candidly about balancing her senior year of high school with competitive bridge, her training regimen, and how she manages the pressure of representing her country on the world stage. From our dramatic 62-IMP comeback victory against the seventh seed to her heartbreaking silver medal finish at the U16 World Championships, Avery shares the emotional highs and lows of being deeply invested in the game. We explore her multifaceted life, which includes being close to a black belt in mixed martial arts and playing on her school's rugby team. Avery also discusses the college admissions process, her 26 college applications, and the possibility of taking a gap year to focus on professional bridge. With warmth and maturity beyond her years, she reflects on mentorship, the importance of being a great teammate, and her mission to help grow the next generation of junior players.   Key Highlights:

Infrastructure was passé…uncool. Difficult to get dollars from Private Equity and Growth funds, and almost impossible to get a VC fund interested. Now?! Now, it's cool. Infrastructure seems to be having a Renaissance, a full on Rebirth, not just fueled by commercial interests (e.g. advent of AI), but also by industrial policy and geopolitical considerations. In this episode of Tech Deciphered, we explore what's cool in the infrastructure spaces, including mega trends in semiconductors, energy, networking & connectivity, manufacturing Navigation: Intro We're back to building things Why now: the 5 forces behind the renaissance Semiconductors: compute is the new oil Networking & connectivity: digital highways get rebuilt Energy: rebuilding the power stack (not just renewables) Manufacturing: the return of “atoms + bits” Wrap: what it means for startups, incumbents, and investors Conclusion Our co-hosts: Bertrand Schmitt, Entrepreneur in Residence at Red River West, co-founder of App Annie / Data.ai, business angel, advisor to startups and VC funds, @bschmitt Nuno Goncalves Pedro, Investor, Managing Partner, Founder at Chamaeleon, @ngpedro Our show: Tech DECIPHERED brings you the Entrepreneur and Investor views on Big Tech, VC and Start-up news, opinion pieces and research. We decipher their meaning, and add inside knowledge and context. Being nerds, we also discuss the latest gadgets and pop culture news Subscribe To Our Podcast Nuno Gonçalves Pedro Introduction Welcome to episode 73 of Tech Deciphered, Infrastructure, the Rebirth or Renaissance. Infrastructure was passé, it wasn’t cool, but all of a sudden now everyone’s talking about network, talking about compute and semiconductors, talking about logistics, talking about energy. What gives? What’s happened? It was impossible in the past to get any funds, venture capital, even, to be honest, some private equity funds or growth funds interested in some of these areas, but now all of a sudden everyone thinks it’s cool. The infrastructure seems to be having a renaissance, a full-on rebirth. In this episode, we will explore in which cool ways the infrastructure spaces are moving and what’s leading to it. We will deep dive into the forces that are leading us to this. We will deep dive into semiconductors, networking and connectivity, energy, manufacturing, and then we’ll wrap up. Bertrand, so infrastructure is cool now. Bertrand Schmitt We're back to building things Yes. I thought software was going to eat the world. I cannot believe it was then, maybe even 15 years ago, from Andreessen, that quote about software eating the world. I guess it’s an eternal balance. Sometimes you go ahead of yourself, you build a lot of software stack, and at some point, you need the hardware to run this software stack, and there is only so much the bits can do in a world of atoms. Nuno Gonçalves Pedro Obviously, we’ve gone through some of this before. I think what we’re going through right now is AI is eating the world, and because AI is eating the world, it’s driving a lot of this infrastructure building that we need. We don’t have enough energy to be consumed by all these big data centers and hyperscalers. We need to be innovative around network as well because of the consumption in terms of network bandwidth that is linked to that consumption as well. In some ways, it’s not software eating the world, AI is eating the world. Because AI is eating the world, we need to rethink everything around infrastructure and infrastructure becoming cool again. Bertrand Schmitt There is something deeper in this. It’s that the past 10, even 15 years were all about SaaS before AI. SaaS, interestingly enough, was very energy-efficient. When I say SaaS, I mean cloud computing at large. What I mean by energy-efficient is that actually cloud computing help make energy use more efficient because instead of companies having their own separate data centers in many locations, sometimes poorly run from an industrial perspective, replace their own privately run data center with data center run by the super scalers, the hyperscalers of the world. These data centers were run much better in terms of how you manage the coolings, the energy efficiency, the rack density, all of this stuff. Actually, the cloud revolution didn’t increase the use of electricity. The cloud revolution was actually a replacement from your private data center to the hyperscaler data center, which was energy efficient. That’s why we didn’t, even if we are always talking about that growth of cloud computing, we were never feeling the pinch in term of electricity. As you say, we say it all changed because with AI, it was not a simple “Replacement” of locally run infrastructure to a hyperscaler run infrastructure. It was truly adding on top of an existing infrastructure, a new computing infrastructure in a way out of nowhere. Not just any computing infrastructure, an energy infrastructure that was really, really voracious in term of energy use. Nuno Gonçalves Pedro There was one other effect. Obviously, we’ve discussed before, we are in a bubble. We won’t go too much into that today. But the previous big bubble in tech, which is in the late ’90s, there was a lot of infrastructure built. We thought the internet was going to take over back then. It didn’t take over immediately, but there was a lot of network connectivity, bandwidth built back in the day. Companies imploded because of that as well, or had to restructure and go in their chapter 11. A lot of the big telco companies had their own issues back then, etc., but a lot of infrastructure was built back then for this advent of the internet, which would then take a long time to come. In some ways, to your point, there was a lot of latent supply that was built that was around that for a while wasn’t used, but then it was. Now it’s been used, and now we need new stuff. That’s why I feel now we’re having the new moment of infrastructure, new moment of moving forward, aligned a little bit with what you just said around cloud computing and the advent of SaaS, but also around the fact that we had a lot of buildup back in the late ’90s, early ’90s, which we’re now still reaping the benefits on in today’s world. Bertrand Schmitt Yeah, that’s actually a great point because what was built in the late ’90s, there was a lot of fibre that was built. Laying out the fibre either across countries, inside countries. This fibre, interestingly enough, you could just change the computing on both sides of the fibre, the routing, the modems, and upgrade the capacity of the fibre. But the fibre was the same in between. The big investment, CapEx investment, was really lying down that fibre, but then you could really upgrade easily. Even if both ends of the fibre were either using very old infrastructure from the ’90s or were actually dark and not being put to use, step by step, it was being put to use, equipment was replaced, and step by step, you could keep using more and more of this fibre. It was a very interesting development, as you say, because it could be expanded over the years, where if we talk about GPUs, use for AI, GPUs, the interesting part is actually it’s totally the opposite. After a few years, it’s useless. Some like Google, will argue that they can depreciate over 5, 6 years, even some GPUs. But at the end of the day, the difference in perf and energy efficiency of the GPUs means that if you are energy constrained, you just want to replace the old one even as young as three-year-old. You have to look at Nvidia increasing spec, generation after generation. It’s pretty insane. It’s usually at least 3X year over year in term of performance. Nuno Gonçalves Pedro At this moment in time, it’s very clear that it’s happening. Why now: the 5 forces behind the renaissance Maybe let’s deep dive into why it’s happening now. What are the key forces around this? We’ve identified, I think, five forces that are particularly vital that lead to the world we’re in right now. One we’ve already talked about, which is AI, the demand shock and everything that’s happened because of AI. Data centers drive power demand, drive grid upgrades, drive innovative ways of getting energy, drive chips, drive networking, drive cooling, drive manufacturing, drive all the things that we’re going to talk in just a bit. One second element that we could probably highlight in terms of the forces that are behind this is obviously where we are in terms of cost curves around technology. Obviously, a lot of things are becoming much cheaper. The simulation of physical behaviours has become a lot more cheap, which in itself, this becomes almost a vicious cycle in of itself, then drives the adoption of more and more AI and stuff. But anyway, the simulation is becoming more and more accessible, so you can do a lot of simulation with digital twins and other things off the real world before you go into the real world. Robotics itself is becoming, obviously, cheaper. Hardware, a lot of the hardware is becoming cheaper. Computer has become cheaper as well. Obviously, there’s a lot of cost curves that have aligned that, and that’s maybe the second force that I would highlight. Obviously, funds are catching up. We’ll leave that a little bit to the end. We’ll do a wrap-up and talk a little bit about the implications to investors. But there’s a lot of capital out there, some capital related to industrial policy, other capital related to private initiative, private equity, growth funds, even venture capital, to be honest, and a few other elements on that. That would be a third force that I would highlight. Bertrand Schmitt Yes. Interestingly enough, in terms of capital use, and we’ll talk more about this, but some firms, if we are talking about energy investment, it was very difficult to invest if you are not investing in green energy. Now I think more and more firms and banks are willing to invest or support different type of energy infrastructure, not just, “Green energy.” That’s an interesting development because at some point it became near impossible to invest more in gas development, in oil development in the US or in most Western countries. At least in the US, this is dramatically changing the framework. Nuno Gonçalves Pedro Maybe to add the two last forces that I think we see behind the renaissance of what’s happening in infrastructure. They go hand in hand. One is the geopolitics of the world right now. Obviously, the world was global flat, and now it’s becoming increasingly siloed, so people are playing it to their own interests. There’s a lot of replication of infrastructure as well because people want to be autonomous, and they want to drive their own ability to serve end consumers, businesses, etc., in terms of data centers and everything else. That ability has led to things like, for example, chips shortage. The fact that there are semiconductors, there are shortages across the board, like memory shortages, where everything is packed up until 2027 of 2028. A lot of the memory that was being produced is already spoken for, which is shocking. There’s obviously generation of supply chain fragilities, obviously, some of it because of policies, for example, in the US with tariffs, etc, security of energy, etc. Then the last force directly linked to the geopolitics is the opposite of it, which is the policy as an accelerant, so to speak, as something that is accelerating development, where because of those silos, individual countries, as part their industrial policy, then want to put capital behind their local ecosystems, their local companies, so that their local companies and their local systems are for sure the winners, or at least, at the very least, serve their own local markets. I think that’s true of a lot of the things we’re seeing, for example, in the US with the Chips Act, for semiconductors, with IGA, IRA, and other elements of what we’ve seen in terms of practices, policies that have been implemented even in Europe, China, and other parts of the world. Bertrand Schmitt Talking about chips shortages, it’s pretty insane what has been happening with memory. Just the past few weeks, I have seen a close to 3X increase in price in memory prices in a matter of weeks. Apparently, it started with a huge order from OpenAI. Apparently, they have tried to corner the memory market. Interestingly enough, it has flat-footed the entire industry, and that includes Google, that includes Microsoft. There are rumours of their teams now having moved to South Korea, so they are closer to the action in terms of memory factories and memory decision-making. There are rumours of execs who got fired because they didn’t prepare for this type of eventuality or didn’t lock in some of the supply chain because that memory was initially for AI, but obviously, it impacts everything because factories making memories, you have to plan years in advance to build memories. You cannot open new lines of manufacturing like this. All factories that are going to open, we know when they are going to open because they’ve been built up for years. There is no extra capacity suddenly. At the very best, you can change a bit your line of production from one type of memory to another type. But that’s probably about it. Nuno Gonçalves Pedro Just to be clear, all these transformations we’re seeing isn’t to say just hardware is back, right? It’s not just hardware. There’s physicality. The buildings are coming back, right? It’s full stack. Software is here. That’s why everything is happening. Policy is here. Finance is here. It’s a little bit like the name of the movie, right? Everything everywhere all at once. Everything’s happening. It was in some ways driven by the upper stacks, by the app layers, by the platform layers. But now we need new infrastructure. We need more infrastructure. We need it very, very quickly. We need it today. We’re already lacking in it. Semiconductors: compute is the new oil Maybe that’s a good segue into the first piece of the whole infrastructure thing that’s driving now the most valuable company in the world, NVIDIA, which is semiconductors. Semiconductors are driving compute. Semis are the foundation of infrastructure as a compute. Everyone needs it for every thing, for every activity, not just for compute, but even for sensors, for actuators, everything else. That’s the beginning of it all. Semiconductor is one of the key pieces around the infrastructure stack that’s being built at scale at this moment in time. Bertrand Schmitt Yes. What’s interesting is that if we look at the market gap of Semis versus software as a service, cloud companies, there has been a widening gap the past year. I forgot the exact numbers, but we were talking about plus 20, 25% for Semis in term of market gap and minus 5, minus 10 for SaaS companies. That’s another trend that’s happening. Why is this happening? One, because semiconductors are core to the AI build-up, you cannot go around without them. But two, it’s also raising a lot of questions about the durability of the SaaS, a software-as-a-service business model. Because if suddenly we have better AI, and that’s all everyone is talking about to justify the investment in AI, that it keeps getting better, and it keeps improving, and it’s going to replace your engineers, your software engineers. Then maybe all of this moat that software companies built up over the years or decades, sometimes, might unravel under the pressure of newly coded, newly built, cheaper alternatives built from the ground up with AI support. It’s not just that, yes, semiconductors are doing great. It’s also as a result of that AI underlying trend that software is doing worse right now. Nuno Gonçalves Pedro At the end of the day, this foundational piece of infrastructure, semiconductor, is obviously getting manifest to many things, fabrication, manufacturing, packaging, materials, equipment. Everything’s being driven, ASML, etc. There are all these different players around the world that are having skyrocket valuations now, it’s because they’re all part of the value chain. Just to be very, very clear, there’s two elements of this that I think are very important for us to remember at this point in time. One, it’s the entire value chains are being shifted. It’s not just the chips that basically lead to computing in the strict sense of it. It’s like chips, for example, that drive, for example, network switching. We’re going to talk about networking a bit, but you need chips to drive better network switching. That’s getting revolutionised as well. For example, we have an investment in that space, a company called the eridu.ai, and they’re revolutionising one of the pieces around that stack. Second part of the puzzle, so obviously, besides the holistic view of the world that’s changing in terms of value change, the second piece of the puzzle is, as we discussed before, there’s industrial policy. We already mentioned the CHIPS Act, which is something, for example, that has been done in the US, which I think is 52 billion in incentives across a variety of things, grants, loans, and other mechanisms to incentivise players to scale capacity quick and to scale capacity locally in the US. One of the effects of that now is obviously we had the TSMC, US expansion with a factory here in the US. We have other levels of expansion going on with Intel, Samsung, and others that are happening as we speak. Again, it’s this two by two. It’s market forces that drive the need for fundamental shifts in the value chain. On the other industrial policy and actual money put forward by states, by governments, by entities that want to revolutionise their own local markets. Bertrand Schmitt Yes. When you talk about networking, it makes me think about what NVIDIA did more than six years ago when they acquired Mellanox. At the time, it was largest acquisition for NVIDIA in 2019, and it was networking for the data center. Not networking across data center, but inside the data center, and basically making sure that your GPUs, the different computers, can talk as fast as possible between each of them. I think that’s one piece of the puzzle that a lot of companies are missing, by the way, about NVIDIA is that they are truly providing full systems. They are not just providing a GPU. Some of their competitors are just providing GPUs. But NVIDIA can provide you the full rack. Now, they move to liquid-cool computing as well. They design their systems with liquid cooling in mind. They have a very different approach in the industry. It’s a systematic system-level approach to how do you optimize your data center. Quite frankly, that’s a bit hard to beat. Nuno Gonçalves Pedro For those listening, you’d be like, this is all very different. Semiconductors, networking, energy, manufacturing, this is all different. Then all of a sudden, as Bertrand is saying, well, there are some players that are acting across the stack. Then you see in the same sentence, you’re talking about nuclear power in Microsoft or nuclear power in Google, and you’re like, what happened? Why are these guys in the same sentence? It’s like they’re tech companies. Why are they talking about energy? It’s the nature of that. These ecosystems need to go hand in hand. The value chains are very deep. For you to actually reap the benefits of more and more, for example, semiconductor availability, you have to have better and better networking connectivity, and you have to have more and more energy at lower and lower costs, and all of that. All these things are intrinsically linked. That’s why you see all these big tech companies working across stack, NVIDIA being a great example of that in trying to create truly a systems approach to the world, as Bertrand was mentioning. Networking & connectivity: digital highways get rebuilt On the networking and connectivity side, as we said, we had a lot of fibre that was put down, etc, but there’s still more build-out needs to be done. 5G in terms of its densification is still happening. We’re now starting to talk, obviously, about 6G. I’m not sure most telcos are very happy about that because they just have been doing all this CapEx and all this deployment into 5G, and now people already started talking about 6G and what’s next. Obviously, data center interconnect is quite important, and all the hubbing that needs to happen around data centers is very, very important. We are seeing a lot movements around connectivity that are particularly important. Network gear and the emergence of players like Broadcom in terms of the semiconductor side of the fence, obviously, Cisco, Juniper, Arista, and others that are very much present in this space. As I said, we made an investment on the semiconductor side of networking as well, realizing that there’s still a lot of bottlenecks happening there. But obviously, the networking and connectivity stack still needs to be built at all levels within the data centers, outside of the data centers in terms of last mile, across the board in terms of fibre. We’re seeing a lot of movements still around the space. It’s what connects everything. At the end of the day, if there’s too much latency in these systems, if the bandwidths are not high enough, then we’re going to have huge bottlenecks that are going to be put at the table by a networking providers. Obviously, that doesn’t help anyone. If there’s a button like anywhere, it doesn’t work. All of this doesn’t work. Bertrand Schmitt Yes. Interestingly enough, I know we said for this episode, we not talk too much about space, but when you talk about 6G, it make me think about, of course, Starlink. That’s really your last mile delivery that’s being built as well. It’s a massive investment. We’re talking about thousands of satellites that are interconnected between each other through laser system. This is changing dramatically how companies can operate, how individuals can operate. For companies, you can have great connectivity from anywhere in the world. For military, it’s the same. For individuals, suddenly, you won’t have dead space, wide zones. This is also a part of changing how we could do things. It’s quite important even in the development of AI because, yes, you can have AI at the edge, but that interconnect to the rest of the system is quite critical. Having that availability of a network link, high-quality network link from anywhere is a great combo. Nuno Gonçalves Pedro Then you start seeing regions of the world that want to differentiate to attract digital nomads by saying, “We have submarine cables that come and hub through us, and therefore, our connectivity is amazing.” I was just in Madeira, and they were talking about that in Portugal. One of the islands of Portugal. We have some Marine cables. You have great connectivity. We’re getting into that discussion where people are like, I don’t care. I mean, I don’t know. I assume I have decent connectivity. People actually care about decent connectivity. This discussion is not just happening at corporate level, at enterprise level? Etc. Even consumers, even people that want to work remotely or be based somewhere else in the world. It’s like, This is important Where is there a great connectivity for me so that I can have access to the services I need? Etc. Everyone becomes aware of everything. We had a cloud flare mishap more recently that the CEO had to jump online and explain deeply, technically and deeply, what happened. Because we’re in their heads. If Cloudflare goes down, there’s a lot of websites that don’t work. All of this, I think, is now becoming du jour rather than just an afterthought. Maybe we’ll think about that in the future. Bertrand Schmitt Totally. I think your life is being changed for network connectivity, so life of individuals, companies. I mean, everything. Look at airlines and ships and cruise ships. Now is the advent of satellite connectivity. It’s dramatically changing our experience. Nuno Gonçalves Pedro Indeed. Energy: rebuilding the power stack (not just renewables) Moving maybe to energy. We’ve talked about energy quite a bit in the past. Maybe we start with the one that we didn’t talk as much, although we did mention it, which was, let’s call it the fossil infrastructure, what’s happening around there. Everyone was saying, it’s all going to be renewables and green. We’ve had a shift of power, geopolitics. Honestly, I the writing was on the wall that we needed a lot more energy creation. It wasn’t either or. We needed other sources to be as efficient as possible. Obviously, we see a lot of work happening around there that many would have thought, Well, all this infrastructure doesn’t matter anymore. Now we’re seeing LNG terminals, pipelines, petrochemical capacity being pushed up, a lot of stuff happening around markets in terms of export, and not only around export, but also around overall distribution and increases and improvements so that there’s less leakage, distribution of energy, etc. In some ways, people say, it’s controversial, but it’s like we don’t have enough energy to spare. We’re already behind, so we need as much as we can. We need to figure out the way to really extract as much as we can from even natural resources, which In many people’s mind, it’s almost like blasphemous to talk about, but it is where we are. Obviously, there’s a lot of renaissance also happening on the fossil infrastructure basis, so to speak. Bertrand Schmitt Personally, I’m ecstatic that there is a renaissance going regarding what is called fossil infrastructure. Oil and gas, it’s critical to humanity well-being. You never had growth of countries without energy growth and nothing else can come close. Nuclear could come close, but it takes decades to deploy. I think it’s great. It’s great for developed economies so that they do better, they can expand faster. It’s great for third-world countries who have no realistic other choice. I really don’t know what happened the past 10, 15 years and why this was suddenly blasphemous. But I’m glad that, strangely, thanks to AI, we are back to a more rational mindset about energy and making sure we get efficient energy where we can. Obviously, nuclear is getting a second act. Nuno Gonçalves Pedro I know you would be. We’ve been talking about for a long time, and you’ve been talking about it in particular for a very long time. Bertrand Schmitt Yes, definitely. It’s been one area of interest of mine for 25 years. I don’t know. I’ve been shocked about what happened in Europe, that willingness destruction of energy infrastructure, especially in Germany. Just a few months ago, they keep destroying on live TV some nuclear station in perfect working condition and replacing them with coal. I’m not sure there is a better definition of insanity at this stage. It looks like it’s only the Germans going that hardcore for some reason, but at least the French have stopped their program of decommissioning. America, it seems to be doing the same, so it’s great. On top of it, there are new generations that could be put to use. The Chinese are building up a very large nuclear reactor program, more than 100 reactors in construction for the next 10 years. I think everybody has to catch up because at some point, this is the most efficient energy solution. Especially if you don’t build crazy constraints around the construction of these nuclear reactors. If we are rational about permits, about energy, about safety, there are great things we could be doing with nuclear. That might be one of the only solution if we want to be competitive, because when energy prices go down like crazy, like in China, they will do once they have reach delivery of their significant build-up of nuclear reactors, we better be ready to have similar options from a cost perspective. Nuno Gonçalves Pedro From the outside, at the very least, nuclear seems to be probably in the energy one of the areas that’s more being innovated at this moment in time. You have startups in the space, you have a lot really money going into it, not just your classic industrial development. That’s very exciting. Moving maybe to the carbonization and what’s happening. The CCUS, and for those who don’t know what it is, carbon capture, utilization, and storage. There’s a lot of stuff happening around that space. That’s the area that deals with the ability to capture CO₂ emissions from industrial sources and/or the atmosphere and preventing their release. There’s a lot of things happening in that space. There’s also a lot of things happening around hydrogen and geothermal and really creating the ability to storage or to store, rather, energy that then can be put back into the grids at the right time. There’s a lot of interesting pieces happening around this. There’s some startup movement in the space. It’s been a long time coming, the reuse of a lot of these industrial sources. Not sure it’s as much on the news as nuclear, and oil and gas, but certainly there’s a lot of exciting things happening there. Bertrand Schmitt I’m a bit more dubious here, but I think geothermal makes sense if it’s available at reasonable price. I don’t think hydrogen technology has proven its value. Concerning carbon capture, I’m not sure how much it’s really going to provide in terms of energy needs, but why not? Nuno Gonçalves Pedro Fuels niche, again, from the outside, we’re not energy experts, but certainly, there are movements in the space. We’ll see what’s happening. One area where there’s definitely a lot of movement is this notion of grid and storage. On the one hand, that transmission needs to be built out. It needs to be better. We’ve had issues of blackouts in the US. We’ve had issues of blackouts all around the world, almost. Portugal as well, for a significant part of the time. The ability to work around transmission lines, transformers, substations, the modernization of some of this infrastructure, and the move forward of it is pretty critical. But at the other end, there’s the edge. Then, on the edge, you have the ability to store. We should have, better mechanisms to store energy that are less leaky in terms of energy storage. Obviously, there’s a lot of movement around that. Some of it driven just by commercial stuff, like Tesla a lot with their storage stuff, etc. Some of it really driven at scale by energy players that have the interest that, for example, some of the storage starts happening closer to the consumption as well. But there’s a lot of exciting things happening in that space, and that is a transformative space. In some ways, the bottleneck of energy is also around transmission and then ultimately the access to energy by homes, by businesses, by industries, etc. Bertrand Schmitt I would say some of the blackout are truly man-made. If I pick on California, for instance. That’s the logical conclusion of the regulatory system in place in California. On one side, you limit price that energy supplier can sell. The utility company can sell, too. On the other side, you force them to decommission the most energy-efficient and least expensive energy source. That means you cap the revenues, you make the cost increase. What is the result? The result is you cannot invest anymore to support a grid and to support transmission. That’s 100% obvious. That’s what happened, at least in many places. The solution is stop crazy regulations that makes no economic sense whatsoever. Then, strangely enough, you can invest again in transmission, in maintenance, and all I love this stuff. Maybe another piece, if we pick in California, if you authorize building construction in areas where fires are easy, that’s also a very costly to support from utility perspective, because then you are creating more risk. You are forced buy the state to connect these new constructions to the grid. You have more maintenance. If it fails, you can create fire. If you create fire, you have to pay billions of fees. I just want to highlight that some of this is not a technological issue, is not per se an investment issue, but it’s simply the result of very bad regulations. I hope that some will learn, and some change will be made so that utilities can do their job better. Nuno Gonçalves Pedro Then last, but not the least, on the energy side, energy is becoming more and more digitally defined in some ways. It’s like the analogy to networks that they’ve become more, and more software defined, where you have, at the edge is things like smart meters. There’s a lot of things you can do around the key elements of the business model, like dynamic pricing and other elements. Demand response, one of the areas that I invested in, I invest in a company called Omconnect that’s now merged with what used to be Google Nest. Where to deploy that ability to do demand response and also pass it to consumers so that consumers can reduce their consumption at times where is the least price effective or the less green or the less good for the energy companies to produce energy. We have other things that are happening, which are interesting. Obviously, we have a lot more electric vehicles in cars, etc. These are also elements of storage. They don’t look like elements of storage, but the car has electricity in it once you charge it. Once it’s charged, what do you do with it? Could you do something else? Like the whole reverse charging piece that we also see now today in mobile devices and other edge devices, so to speak. That also changes the architecture of what we’re seeing around the space. With AI, there’s a lot of elements that change around the value chain. The ability to do forecasting, the ability to have, for example, virtual power plans because of just designated storage out there, etc. Interesting times happening. Not sure all utilities around the world, all energy providers around the world are innovating at the same pace and in the same way. But certainly just looking at the industry and talking to a lot of players that are CEOs of some of these companies. That are leading innovation for some of these companies, there’s definitely a lot more happening now in the last few years than maybe over the last few decades. Very exciting times. Bertrand Schmitt I think there are two interesting points in what you say. Talking about EVs, for instance, a Cybertruck is able to send electricity back to your home if your home is able to receive electricity from that source. Usually, you have some changes to make to the meter system, to your panel. That’s one great way to potentially use your car battery. Another piece of the puzzle is that, strangely enough, most strangely enough, there has been a big push to EV, but at the same time, there has not been a push to provide more electricity. But if you replace cars that use gasoline by electric vehicles that use electricity, you need to deliver more electricity. It doesn’t require a PhD to get that. But, strangely enough, nothing was done. Nuno Gonçalves Pedro Apparently, it does. Bertrand Schmitt I remember that study in France where they say that, if people were all to switch to EV, we will need 10 more nuclear reactors just on the way from Paris to Nice to the Côte d’Azur, the French Rivière, in order to provide electricity to the cars going there during the summer vacation. But I mean, guess what? No nuclear plant is being built along the way. Good luck charging your vehicles. I think that’s another limit that has been happening to the grid is more electric vehicles that require charging when the related infrastructure has not been upgraded to support more. Actually, it has quite the opposite. In many cases, we had situation of nuclear reactors closing down, so other facilities closing down. Obviously, the end result is an increase in price of electricity, at least in some states and countries that have not sold that fully out. Nuno Gonçalves Pedro Manufacturing: the return of “atoms + bits” Moving to manufacturing and what’s happening around manufacturing, manufacturing technology. There’s maybe the case to be made that manufacturing is getting replatformed, right? It’s getting redefined. Some of it is very obvious, and it’s already been ongoing for a couple of decades, which is the advent of and more and more either robotic augmented factories or just fully roboticized factories, where there’s very little presence of human beings. There’s elements of that. There’s the element of software definition on top of it, like simulation. A lot of automation is going on. A lot of AI has been applied to some lines in terms of vision, safety. We have an investment in a company called Sauter Analytics that is very focused on that from the perspective of employees and when they’re still humans in the loop, so to speak, and the ability to really figure out when people are at risk and other elements of what’s happening occurring from that. But there’s more than that. There’s a little bit of a renaissance in and of itself. Factories are, initially, if we go back a couple of decades ago, factories were, and manufacturing was very much defined from the setup. Now it’s difficult to innovate, it’s difficult to shift the line, it’s difficult to change how things are done in the line. With the advent of new factories that have less legacy, that have more flexible systems, not only in terms of software, but also in terms of hardware and robotics, it allows us to, for example, change and shift lines much more easily to different functions, which will hopefully, over time, not only reduce dramatically the cost of production. But also increase dramatically the yield, it increases dramatically the production itself. A lot of cool stuff happening in that space. Bertrand Schmitt It’s exciting to see that. One thing this current administration in the US has been betting on is not just hoping for construction renaissance. Especially on the factory side, up of factories, but their mindset was two things. One, should I force more companies to build locally because it would be cheaper? Two, increase output and supply of energy so that running factories here in the US would be cheaper than anywhere else. Maybe not cheaper than China, but certainly we get is cheaper than Europe. But three, it’s also the belief that thanks to AI, we will be able to have more efficient factories. There is always that question, do Americans to still keep making clothes, for instance, in factories. That used to be the case maybe 50 years ago, but this move to China, this move to Bangladesh, this move to different places. That’s not the goal. But it can make sense that indeed there is ability, thanks to robots and AI, to have more automated factories, and these factories could be run more efficiently, and as a result, it would be priced-competitive, even if run in the US. When you want to think about it, that has been, for instance, the South Korean playbook. More automated factories, robotics, all of this, because that was the only way to compete against China, which has a near infinite or used to have a near infinite supply of cheaper labour. I think that all of this combined can make a lot of sense. In a way, it’s probably creating a perfect storm. Maybe another piece of the puzzle this administration has been working on pretty hard is simplifying all the permitting process. Because a big chunk of the problem is that if your permitting is very complex, very expensive, what take two years to build become four years, five years, 10 years. The investment mass is not the same in that situation. I think that’s a very important part of the puzzle. It’s use this opportunity to reduce regulatory state, make sure that things are more efficient. Also, things are less at risk of bribery and fraud because all these regulations, there might be ways around. I think it’s quite critical to really be careful about this. Maybe last piece of the puzzle is the way accounting works. There are new rules now in 2026 in the US where you can fully depreciate your CapEx much faster than before. That’s a big win for manufacturing in the US. Suddenly, you can depreciate much faster some of your CapEx investment in manufacturing. Nuno Gonçalves Pedro Just going back to a point you made and then moving it forward, even China, with being now probably the country in the world with the highest rate of innovation and take up of industrial robots. Because of demographic issues a little bit what led Japan the first place to be one of the real big innovators around robots in general. The fact that demographics, you’re having an aging population, less and less children. How are you going to replace all these people? Moving that into big winners, who becomes a big winner in a space where manufacturing is fundamentally changing? Obviously, there’s the big four of robots, which is ABB, FANUC, KUKA, and Yaskawa. Epson, I think, is now in there, although it’s not considered one of the big four. Kawasaki, Denso, Universal Robots. There’s a really big robotics, industrial robotic companies in the space from different origins, FANUC and Yaskawa, and Epson from Japan, KUKA from Germany, ABB from Switzerland, Sweden. A lot of now emerging companies from China, and what’s happening in that space is quite interesting. On the other hand, also, other winners will include players that will be integrators that will build some of the rest of the infrastructure that goes into manufacturing, the Siemens of the world, the Schneider’s, the Rockwell’s that will lead to fundamental industrial automation. Some big winners in there that whose names are well known, so probably not a huge amount of surprises there. There’s movements. As I said, we’re still going to see the big Chinese players emerging in the world. There are startups that are innovating around a lot of the edges that are significant in this space. We’ll see if this is a space that will just be continued to be dominated by the big foreign robotics and by a couple of others and by the big integrators or not. Bertrand Schmitt I think you are right to remind about China because China has been moving very fast in robotics. Some Chinese companies are world-class in their use of robotics. You have this strange mix of some older industries where robotics might not be so much put to use and typically state-owned, versus some private companies, typically some tech companies that are reconverting into hardware in some situation. That went all in terms of robotics use and their demonstrations, an example of what’s happening in China. Definitely, the Chinese are not resting. Everyone smart enough is playing that game from the Americans, the Chinese, Japanese, the South Koreans. Nuno Gonçalves Pedro Exciting things are manufacturing, and maybe to bring it all together, what does it mean for all the big players out there? If we talk with startups and talk about startups, we didn’t mention a ton of startups today, right? Maybe incumbent wind across the board. But on a more serious note, we did mention a few. For example, in nuclear energy, there’s a lot of startups that have been, some of them, incredibly well-funded at this moment in time. Wrap: what it means for startups, incumbents, and investors There might be some big disruptions that will come out of startups, for example, in that space. On the chipset side, we talked about the big gorillas, the NVIDIAs, AMDs, Intel, etc., of the world. But we didn’t quite talk about the fact that there’s a lot of innovation, again, happening on the edges with new players going after very large niches, be it in networking and switching. Be it in compute and other areas that will need different, more specialized solutions. Potentially in terms of compute or in terms of semiconductor deployments. I think there’s still some opportunities there, maybe not to be the winner takes all thing, but certainly around a lot of very significant niches that might grow very fast. Manufacturing, we mentioned the same. Some of the incumbents seem to be in the driving seat. We’ll see what happens if some startups will come in and take some of the momentum there, probably less likely. There are spaces where the value chains are very tightly built around the OEMs and then the suppliers overall, classically the tier one suppliers across value chains. Maybe there is some startup investment play. We certainly have played in the couple of the spaces. I mentioned already some of them today, but this is maybe where the incumbents have it all to lose. It’s more for them to lose rather than for the startups to win just because of the scale of what needs to be done and what needs to be deployed. Bertrand Schmitt I know. That’s interesting point. I think some players in energy production, for instance, are moving very fast and behaving not only like startups. Usually, it’s independent energy suppliers who are not kept by too much regulations that get moved faster. Utility companies, as we just discussed, have more constraints. I would like to say that if you take semiconductor space, there has been quite a lot of startup activities way more than usual, and there have been some incredible success. Just a few weeks ago, Rock got more or less acquired. Now, you have to play games. It’s not an outright acquisition, but $20 billion for an IP licensing agreement that’s close to an acquisition. That’s an incredible success for a company. Started maybe 10 years ago. You have another Cerebras, one of the competitor valued, I believe, quite a lot in similar range. I think there is definitely some activity. It’s definitely a different game compared to your software startup in terms of investment. But as we have seen with AI in general, the need for investment might be larger these days. Yes, it might be either traditional players if they can move fast enough, to be frank, because some of them, when you have decades of being run as a slow-moving company, it’s hard to change things. At the same time, it looks like VCs are getting bigger. Wall Street is getting more ready to finance some of these companies. I think there will be opportunities for startups, but definitely different types of startups in terms of profile. Nuno Gonçalves Pedro Exactly. From an investor standpoint, I think on the VC side, at least our core belief is that it’s more niche. It’s more around big niches that need to be fundamentally disrupted or solutions that require fundamental interoperability and integration where the incumbents have no motivation to do it. Things that are a little bit more either packaging on the semiconductor side or other elements of actual interoperability. Even at the software layer side that feeds into infrastructure. If you’re a growth investor, a private equity investor, there’s other plays that are available to you. A lot of these projects need to be funded and need to be scaled. Now we’re seeing projects being funded even for a very large, we mentioned it in one of the previous episodes, for a very large tech companies. When Meta, for example, is going to the market to get funding for data centers, etc. There’s projects to be funded there because just the quantum and scale of some of these projects, either because of financial interest for specifically the tech companies or for other reasons, but they need to be funded by the market. There’s other place right now, certainly if you’re a larger private equity growth investor, and you want to come into the market and do projects. Even public-private financing is now available for a lot of things. Definitely, there’s a lot of things emanating that require a lot of funding, even for large-scale projects. Which means the advent of some of these projects and where realization is hopefully more of a given than in other circumstances, because there’s actual commercial capital behind it and private capital behind it to fuel it as well, not just industrial policy and money from governments. Bertrand Schmitt There was this quite incredible stat. I guess everyone heard about that incredible growth in GDP in Q3 in the US at 4.4%. Apparently, half of that growth, so around 2.2% point, has been coming from AI and related infrastructure investment. That’s pretty massive. Half of your GDP growth coming from something that was not there three years ago or there, but not at this intensity of investment. That’s the numbers we are talking about. I’m hearing that there is a good chance that in 2026, we’re talking about five, even potentially 6% GDP growth. Again, half of it potentially coming from AI and all the related infrastructure growth that’s coming with AI. As a conclusion for this episode on infrastructure, as we just said, it’s not just AI, it’s a whole stack, and it’s manufacturing in general as well. Definitely in the US, in China, there is a lot going on. As we have seen, computing needs connectivity, networks, need power, energy and grid, and all of this needs production capacity and manufacturing. Manufacturing can benefit from AI as well. That way the loop is fully going back on itself. Infrastructure is the next big thing. It’s an opportunity, probably more for incumbents, but certainly, as usual, with such big growth opportunities for startups as well. Thank you, Nuno. Nuno Gonçalves Pedro Thank you, Bertrand.

No 1º Rádio Gambiarra da 3a temporada, Gustavo Lopes e Carolina Gusmão fazem uma reflexão sobre até que ponto um hobby pode ser nocivo e comentam alguns jogos jogados: Marvel Zombies, Flip 7, FlipToons e Shadow House Masquerade. Capa - Gustavo Lopes . O Rádio Gambiarra é o novo formato de episódios sobre jogos do Gambiarra Board Games. Ao invés de fazer um episódio por jogo, a partir de agora faremos episódios agrupando os jogos que jogamos entre um programa e outro, tendo a possibilidade de colocar quantos jogos forem possíveis entre lançamentos, jogos escolhidos por nossos ouvintes, jogos já cobertos no passado, expansões e inclusive blocos temáticos, sempre focando na nossa experiência com o jogo.Quer comprar jogos por um precinho bacana e contribuir com o Gambiarra Board Games? Acessa https://bravojogos.com.br/ e utilize o cupom GAMBIARRANABRAVO Confira as fotos dos jogos em nosso instagram instagram.com/gambiarraboardgames E-mail para sugestões: contato@papodelouco.com papodelouco.com Apoio Acessórios BG: https://www.acessoriosbg.com.br BGSP: https://boardgamessp.com.br/ Bravo Jogos: https://bravojogos.com.br/ Aroma de Madeira: https://www.aromademadeira.com.brAbertura: Free Transition Music - Upbeat 80s Music - 'Euro Pop 80s' (Intro A - 4 seconds)Jay Man - OurMusicBox Trilhas: Go Bossa Lounge Jazz Royalty Free Music/Free Instrumental Piano Music - Piano Sway - OurMusicBox/Relaxing Jazz Chill Cafe Music (Copyright Free) Free Background Music For Videos/Free Instrumental Music- Take It Slow - OurMusicBox

I wrapped up my Madeira trip with a real highlight: touring the Santa Maria with Nicholas D'Souza, the General Manager who's been with PortoBay for 13 years and knows every inch of this place.We chat as we wander the property, diving into how tech keeps things running smoothly behind the scenes while the team focuses on that genuine, family-feel hospitality PortoBay is famous for. Nicholas shares stories of return guests who feel like old friends, the clever systems that make operations effortless, and why Madeira's unique vibe keeps people coming back year after year.Through out conversation, Nicholas talks about his career - traveling the world and the yearning to return back to the home island that he loves.It's a relaxed, eye-opening stroll that shows why this hotel group stands out - and how to make a career in hospitality.What We Discover- The Return-Guest Secret: Nicholas explains how 60% of guests come back for the average nine-night stay – it's all about that personal touch and island charm.- Tech That Frees the Team: From seamless check-ins to inventory systems, the tools that let staff spend more time hugging regulars and less on admin.- Madeira's Magic Touch: Why the island's natural beauty and PortoBay's family vibe create experiences you can't replicate anywhere else.- Santa Maria's secret spot: How the hotel creates energy and fuels 50% of the hotel as well as feeding its guestsNicholas reminded me why I love these spots: great tech is essential, but it's the people and the place that make you never want to leave. If you're planning a Madeira getaway, Santa Maria should be top of your list.Hoteliers' Voice is one of FeedSpot's top Hospitality Podcasts and is produced by Urban Podcasts.

In this episode of Cruise News, we take a comprehensive look at the cruise industry's busiest night of the year: New Year's Eve 2025/2026. In Rio de Janeiro's Copacabana Bay, seven massive cruise ships anchored offshore with over 25,500 passengers and crew celebrating the holiday. Meanwhile, Funchal in Madeira hosted an even larger gathering of 12 ships from European cruise lines, creating a floating population of 30,000 people.The episode also covers important maiden calls in St. Martin, where both the massive Sun Princess and the boutique luxury Allura made their first port visits on New Year's Day. However, tragedy struck aboard Holland America Line's Nieuw Statendam in the early hours of January 1st, leading to an eight-hour search and rescue operation involving the U.S. Coast Guard.From fireworks spectacles to maritime emergencies, this episode balances the remarkable logistical achievements of the cruise industry with the humbling reality that no amount of planning can guarantee control over every variable at sea.

Hoje falo sobre descolagens atribuladas, sobre cemitérios e sobre encontrar a minha voz. Sim, é tão interessante como soa...00:00 - Introdução01:39 - Madeira for the win!09:13 - Regresso aos vlogs11:42 - Programa para a RTP14:58 - O cemitério das Sete Cidades20:47 - Conclusão

Na Universidade do Minho, um grupo de investigadores está a desenvolver um dispositivo personalizado que utiliza a luz para promover a higiene dentária.

Vom Räuspern, Kussparkplätzen & sinnlichen Verwaltungsakten Diese Folge beginnt… nun ja… mit Geräuschen. Genauer gesagt: mit Antje, die mal wieder grumpy ist und rumnörgelt mit Jens und seinem Talent, jede Aufnahme in eine kleine Räusper-Performance zu verwandeln. Eine olle Räusperschleuder, sagen wir's, wie es ist. Aber hey – auch das gehört zur Wahrheit dieses Podcasts. Von dort aus geht es schnell in philosophische Tiefen: Antje entwickelt eine Theorie zu Mikroentzündungen, Selbstregulation und der leisen, schleichenden Selbstvernichtung des Körpers. Klingt düster? Wird es auch kurz. Und dann wieder erstaunlich klug. Und tröstlich. Wie so oft. Zwischendurch wird Madeira getrunken, viel gesprochen, ein bisschen geräuspert und geschnieft, dann laut nachgedacht – unter anderem über Zweisamkeit, echte Nähe und diesen besonderen Deep Talk, der entsteht, wenn man nicht mehr ausweicht, sondern bleibt. Und weil Verwaltung bei Antje und Jens nie einfach Verwaltung ist, wird der Verwaltungsakt sinnbildlich… sagen wir mal… sehr bildhaft beschrieben. Die Behörden da draußen können sich warm anziehen… oder aus… warum?! Das bekommt ihr in dieser Folge definitiv auf die Ohren. Und die werden euch womöglich ganz heiß beim zuhören… Natürlich geht's auch um Alltag, Stil und Entscheidungen: Darum erfahrt ihr auch, warum Ace & Tate der hippe Brillenshop in Berlin Mitte plötzlich Thema ist, was es mit der Eröffnung des Restaurants HeimaRt in unmittelbarer Nachbarschaft von Antje und Jens auf sich hat – und warum sich einmal mehr bestätigt: Loitz lohnt sich. Immer wieder. Antje verrät außerdem, dass sie gerade einen Digital Detox macht (Spoiler: Instagram vermisst sie mehr, als sie Instagram vermisst), und ganz nebenbei lernt ihr noch einen neuen Begriff fürs Leben:

Hopefully the wait wasn't too long... The Wittering Whitehalls are back on the airwaves and it's time to hit the ground running in 2026. A quick look back at the word of the year for 2025 and then it's off to Madeira and time to tackle an issue for grown up children... Is your parent's dog really more important than you?You can email your questions, thoughts or problems to TheWitteringWhitehalls@gmail.comOr, perhaps you'd like to send a WhatsApp message or Voice note? Why not?! Send them in to +447712147236This episode contains explicit language and adult themes that may not be suitable for all listeners.

Es war ein Running Gag seit einigen Jahren hat jetzt sein Ende gefunden! Denn Tini Diekmann war endlich Gast in meinem Podcast! Was hat sie mich über die Jahre bekniet, gebeten und angefleht ;-) Es passt leider immer nicht! Aber zum 10-jährigen Bestehen ihres Hotel Oderbergers nahmen wir uns vor der opulenten Party 75 Minuten in der Kaminbar. Bevor Tini das Oderberger von Anfang an begleitete, war sie erst einmal im warmen Süden tätig. Spanien und Portugal oder vor allem Teneriffa und Madeira waren lange ihr Gemüse. Diese Liebe ist bis heute geblieben und dies im doppelten Sinne: Denn auf eine dieser Stationen lernte sie ihren Mann kennen, mit dem sie seit über 20 Jahren zusammen ist. Danach setzte sich ihre Karriere bei der Familie Jaeschke fort. Zunächst im GLS Sprachenzentrum, welches Sprachschule und Sprachreisen anbietet. Eine weitere Idee dieser war, ein heruntergekommenes Stadtbad in Pankow nicht nur zu reaktivieren, sondern auch gleichzeitig ein Hotel drumherum aufzubauen. Und da wurde Tini gefragt, ob sie Lust hätte, dieses als Sales & Reservation/Revenue Manager mit aufzubauen. 10 Jahre später ist sie Direktorin... Wir wünschen Euch 'Gutes Hören' beim Podcast mit einer, die hart arbeiten UND feiern kann!

Es knistert zwischen Loorie Wutz und einem wütenden Kinobesucher. Damit hätte Daniel nicht gerechnet. Das ist aber kein Grund, gleich mit Muttersaft zu schmeißen! Der Letzte Podcast voller Blamagen.Kapitel dieses Podcasts:(00:00:24) Intro(00:00:53) Blamage bei HIT(00:09:58) Mathe in der Schule(00:20:41) Sprachenlehrer, die uns aufgaben(00:24:48) „Geht das auch ohne Knistern?“(00:31:14) Leon x Skincare(00:35:50) Muttersaftmassaker(00:50:56) Daniel erfreut Herz von Verkäuferin auf Madeira(00:55:18) Outro - Besucht uns auf https://www.DieLetzte.website!

Foreign Options for US Citizens Summary: https://www.youtube.com/watch?v=d-Jnr3Go2Gg In this conversation, Frazer Rice of Next Vantage and Judi Galst of Henley and Partners discuss the increasing interest among U.S. citizens in exploring global mobility options amidst geopolitical chaos. We delve into the distinctions between residency and citizenship, the implications of U.S. taxation, and the motivations driving individuals to seek alternative living arrangements. The discussion also covers the potential for citizenship through ancestry, popular destinations for relocation, and investment opportunities in countries like New Zealand and Australia. Judi emphasizes the importance of understanding the legal and practical aspects of relocating, as well as the need for personal exploration before making significant decisions. Takeaways Interest in global mobility has surged among U.S. citizens. Many seek residency as an insurance policy rather than leaving the U.S. Understanding residency vs. citizenship is crucial for potential expatriates. Residency can lead to citizenship but often requires time and investment. Tax implications are complex; relocating should not be primarily for tax benefits. Ancestry can provide a pathway to citizenship in several countries. Popular destinations for U.S. citizens include Europe, the Caribbean, and New Zealand. Investment opportunities exist in countries like New Zealand and Australia. Emerging markets in South America and Asia are gaining attention. Practical steps include consulting experts and visiting potential countries. Chapters 00:00 Navigating Geopolitical Chaos: The Rise of Global Mobility 02:55 Understanding Residency vs. Citizenship: Key Differences 06:06 Tax Implications and Motivations for Seeking Alternatives 08:48 Exploring Ancestry-Based Citizenship: Opportunities and Challenges 11:54 Popular Destinations for U.S. Citizens: Europe, Caribbean, and Beyond 15:10 Investment Opportunities: New Zealand and Australia 17:59 Emerging Trends in South America and Asia 20:50 Practical Steps for U.S. Citizens Considering Relocation Transcript I’m Frazer Rice. We’re certainly living in crazy political times right now, and a lot of US citizens are worried about what’s happening here and abroad. And they’re starting to think about other residencies and citizenship options. I talked to Judy Gost at Henley and Partners about what is and isn’t possible on that front. By the end of this, you’re going to understand the locations that are interesting, the difference between residency and citizenship, and why that may matter as you make choices for your retirement and your location long-term, both for yourself and for your kids. Frazer Rice (00:00.874)Welcome aboard, Judy. Judi Galst (00:03.022)Thanks for having me. Frazer Rice (00:04.244)Well, we’re in the midst of a lot of geopolitical chaos, and I think you have seen and I’ve seen a lot of interest in United States citizens looking abroad for either places to live or other situations to either get away from the chaos or try to address some other needs in their lives. What is the state of the union? assume interest has ticked up. Judi Galst (00:27.874)Yes, I’ve seen more business than I could have ever predicted, but it’s not necessarily people that are leaving the United States. For the most part, most of the clients that I’m working with are doing it as an insurance policy. A lot of the conversations I have with a client start out with them saying, I don’t want to leave the United States, but I’m feeling unsettled and the way to mitigate the way that I’m feeling is to have options. So they want to understand what if I did want to have a guaranteed right to go live in another part of the world? What is available to me? How do I pursue this? How long will it take? Frazer Rice (01:08.434)And we’ll get into some of the technical aspects here, but one of the concepts is understanding the difference between being able to reside somewhere else and being a citizen of another country, and then how that interacts with being a citizen of the United States. Maybe take us through the comparison of residents versus citizenship. Judi Galst (01:28.748)Yeah, that’s actually a really important distinction. And it doesn’t mean that one is better than the other, but they do have different benefits. And so it’s important to understand the difference. So let’s start with residents. Residents doesn’t mean the ability to have a house in another country. It means the ability to reside legally in another country. So the US passport is very strong. You can go into a lot of different countries even without having a visa. But we can’t stay there forever. We have limits, for example, in Europe. We can go in for 90 days, but then we have to leave for 90 days before we can go back in for another 90 days. So if you become a legal resident of another country, you have the ability to live there unlimited for a certain period of time. Residency is not permanent unless there’s a path to permanent residency. So usually you’re going to have to renew it and there may be some conditions in order to maintain it. Now, how frequently you have to renew it is going to vary by the country. For example, in Greece, you can become a Greek resident via a golden visa and that is good for five years and you’ll renew for another five years. In Italy, it’s good for two years. Then you renew for another three years. In Portugal, it’s good for two years. Then you renew for another three years. And as I said, there could be conditions. So in Greece, you qualify via purchasing real estate. If you sell the real estate, you’re going to lose your golden visa, not be able to renew it. In Italy, you qualify via purchasing stock. Frazer Rice (02:51.925)Right. Judi Galst (02:55.945)If you sell the stock, you’re not going to be able to renew it. You can get some travel rights by being a resident. Usually this benefit is not as important to a U.S. person because we already have really good travel benefits with our U.S. passport. But it can often be a strategy for someone from a country with a weaker passport, say even someone living in the United States that has only a Chinese passport. If they want to go into Europe, they have to get a Schenken visa. So a strategy for them might be let me become a resident of say Greece and then I gain Schengen access. Not unlimited, but I get that 90 days out of 180 days. Finally, I would say that residency can have a path to citizenship. Usually it’s a pretty arduous path. For example, in Italy, you can become a resident. You have to live in the country of Italy for six months a year for 10 years before you’d be eligible to apply. In Greece, six months a year for seven years. But there is ultimately a path in most residency programs. Frazer Rice (03:56.755)So let’s dive into citizenship, which my predilection on that is that it’s a much more permanent component, but it’s also a much more difficult process in general. Judi Galst (04:05.646)It doesn’t necessarily have to be difficult. It really depends on what program you’re doing. But you’re right. It’s a guaranteed right. It’s very difficult for a country to take away someone’s citizenship. The other big difference is that you get a passport. So in addition to gaining the ability to live in the country that you’re a citizen of, you also get another travel document. So depending upon what treaties have been done between your country of citizenship and other countries, it may really improve your mobility. Again, U.S. passport is pretty strong. you’re U.S. passport holder, unless there’s something unexpected like a pandemic when borders close to Americans, you already have a good travel document. But it can be another mobility option. Perhaps you’re going into a country you don’t want to identify as a U.S. passport holder, or perhaps you have a weaker passport and you want to travel on a secondary citizenship passport that might improve your mobility. Where citizenship is particularly powerful is in Europe. Because if you become a citizen of one country in the European Union, you gain the right to reside and work in any country in Europe. Frazer Rice (05:11.104)And just to distinguish, how does that impact UK people after they Brexited? Judi Galst (05:16.942)Sadly, with Brexit, the UK is no longer part of the EU. So many people in the UK are quite upset about this because no, you’re not going to gain the ability as a citizen of an EU country to live in the UK, nor are citizens of the UK now able to live anywhere in the European Union as they were previously. Frazer Rice (05:36.992)So let’s apply this directly to US citizens. So US citizen taxed on worldwide wealth. Let’s start with that. sure because I just got a Twitter fight with somebody who said, well, if you’re crypto, you can move away and you’re not out of the system. I’m like, that’s just no. We’ll start with that. But taxed on worldwide wealth, good passport can travel, but there are limitations as far as how long you can stay in various countries, probably around Judi Galst (05:52.622)Mm-hmm. Frazer Rice (06:06.578)Investment options, land ownership, things like that, depending on it. Where are the benefits of that U.S. person looking for another place to either reside or gain citizenship? Judi Galst (06:20.312)Well, it’s not a tax benefit. You started out with taxes and I know when someone, a client calls and says, you know, can you tell me what my options are? I’m really sick of paying us taxes. I’m like, well, this isn’t the right call for you. Yeah. So, but it’s important to understand. It doesn’t mean you’re going to be double taxed because that is a misconception that many people have about whether they should pursue a strategy of alternative residents or citizenship, because unlike the U S and Eritrea, Frazer Rice (06:22.079)Right. Frazer Rice (06:30.08)Puerto Rico that that’s it. That’s your best bet if you’re gonna try if you’re gonna try to play games Judi Galst (06:49.774)Every other country in the world, you don’t automatically become a tax resident by being a legal resident or even by being a citizen. Usually, you’re not going to trigger tax residency unless you reside 183 days in another country, but there are some exceptions. Switzerland is 90 days. Some, like New Zealand, will say it’s 183 days, but in a 12-month period, not necessarily in a year. I’m not licensed to give tax advice, so I’m giving high-level answer to this question. But in general, just by pursuing an alternative residence or citizenship, there’s no tax consequences. And if you were to become a tax resident, many of the countries that we support programs in have treaties. So it doesn’t necessarily mean that you’re going to pay double tax, but it does mean it has to be looked at. If I am talking to a client and they really have full intention of relocating to another country, immediately I want them to have a local tax consultation, which I set up for them to understand what, if any, consequences they have to be aware of. Frazer Rice (07:50.322)And those consequences can change. did an episode probably about six months ago on the change in law in the UK. And it’s a different environment than it was even six months ago for people either going in or coming out of that country as it relates to their US intersection. So I think that the summary on all of that is, look, if you’re going there, A, don’t do it for tax purposes, B, If you’re going to do it, make sure you get local tax counsel because those relationships can be complicated and will affect your planning. Judi Galst (08:25.198)Let’s talk about why people are doing it because taxes is not the strategy. And I would say, and my clients are almost exclusively Americans. So why are people calling me about this? There’s really four key motivators that tend to come up in the conversation. The first is because they do want another mobility option. They kind of have some PTSD still from the pandemic. They remember that feeling. Frazer Rice (08:27.935)Mm. Judi Galst (08:48.226)We could all work remotely. You had the vacation house in Italy or you had the private plane and all of a sudden you couldn’t take advantage of it because all the borders are closed to you and we could only stay in the United States. So some people are just realizing there is some risk to having one mobility option and they want to have an alternative. But I would say 90 % of the conversations I have there’s some reference to a plan B. People are feeling unsettled for so many different reasons. You know, I talked to people whose family fled the Holocaust. It is literally in their DNA where their family thought it could never happen here. And that comes up in every conversation with them. But I have same sex, you know, couples, have transgender clients, I have people whose family lived in other countries where they saw the fall of democracy. And then I just have a lot of wealthy clients, and they’re diversifying their assets right now. And they want to diversify their mobility. They pay a lot of money in insurance and they say, Judy, this is just another line item. Frazer Rice (09:45.896)You Judi Galst (09:46.703)I’d say some are thinking not just about themselves, but they’re thinking about protecting generational opportunity and legacy. Some say, you know, I’m a student of history and yeah, maybe it’s going to take 10, 15, 20 years, but I’ve seen this happen before. And I want to know that my kids and my grandkids are going to have options to either live a life in another part of the world for cultural or educational opportunities or in a worst case scenario, because the U.S. isn’t where they actually want to be. And finally, I’d say it fits nicely in a diversification of asset strategy, which many, many people are thinking about right now. Maybe they don’t want to hold all their money in the United States. Maybe they don’t want to all their real estate in the United States. And there can be strategies that are separate from what I do in terms of opening bank accounts in Switzerland or Singapore or other parts of the world. But really, all the programs that I do require you to move some assets. You’re either investing in stock or venture capital or private equity or real estate. So it does complement a diversification of asset strategy. Frazer Rice (10:42.911)Cool, so let’s think about, we sort of beat the tax horse to death a little bit here, but relocating versus renouncing. And different things, know, people probably come up to you with questions, do I have to fully leave? Do I have to renounce my US citizenship? How does all of that Judi Galst (10:51.608)Mm-hmm. Judi Galst (10:58.222)Great questions. So I’ve never had a client renounce. The US right now does not limit the number of passports one can have or citizenships one can have or how many residences they can have. Now, there is a congressperson who has just decided he wants to introduce some sort of bill that’s going to eliminate dual citizenship for Americans, although most constitutional scholars feel that’s like dead on arrival. But I have to acknowledge that. So no, you don’t need to renounce. And frankly, if you have a lot of money, renouncing is quite complicated and expensive, and you need really good counsel to make that very, very significant decision. In terms of relocation, almost all of the programs that we support require little to no physical presence. You’re always going to probably have to go for biometrics and give fingerprints. But a lot of these programs, you don’t actually have to come back to that country again, except to renew it. So for people that really want it as a Plan B and have no intention of really going to live in another part of the world at this stage in their lives, there’s not an obligation for you to spend time in order to maintain the ability to live in another country if you so choose. Frazer Rice (12:08.017)One thing that comes up that people ask me about and I only vaguely understand it is the concept of being able to get citizenship via ancestry. Comes up with a lot of people of Irish descent, Germany and Austrian especially. What’s the state of that and how realistic is it across different countries? Judi Galst (12:15.993)Mm. Mm-hmm. Judi Galst (12:26.767)It’s very realistic. And in fact, I’m doing German citizenship for myself. So for anyone whose family fled due to Nazi persecution from Germany and Austria, you and all future generations are entitled to citizenship. And my friends are like, why do you want German passport? But first of all, my kids got it. So my kids can go now live and work in Europe if they want, which is great, tremendous optionality. If you remember, I said before, it’s not just Germany. It’s any country in the European Union. Frazer Rice (12:30.473)Okay. Frazer Rice (12:47.956)Right. Judi Galst (12:56.899)And it’s very affordable if you actually are entitled to it. At Henley and Partners, we have established relationships with experts, lawyers in several countries that specialize in citizenship by ancestry. It’s very complex. And every country has different rules about like, it was passed down on the mother’s side, or if there was a break in the bloodline, or if it was passed a certain generation, or if there was a name change, there’s a lot of complexity to it. But clients who think they may be eligible can contact us and we will have an assessment done. And if there is a case, we’ll refer them to someone that can help them through the process. And, you know, it can cost around 5,000, 7,500 euros versus I have clients getting EU citizenship through, you know, Malta and they’re 1.5 million out of pocket. So if you can qualify via Ancestry, I’d say certainly it’s worth considering. Frazer Rice (13:50.879)Terrific. Judi Galst (13:51.311)But don’t call me and say, like, I did 23andMe and I’m Irish. Because you do actually have to produce documents. Not a humongous list of documents, but you’re going to need naturalization certificates for the descendant. You’re going to need marriage certificates, birth certificates, and other documents. Frazer Rice (13:55.187)Ha ha ha! Frazer Rice (14:10.844)So there’s definitely an exercise involved with it, but if you can legitimately trace lineage, you may have a shot. So let’s talk about what jurisdictions are popular with United States citizens. We talked a little bit about Europe, and I’m sure there’s some, let’s call it, some that are easier than others. But then Caribbean, South America, Australia, New Zealand, maybe even Asia, what comes across your desk as being Judi Galst (14:14.094)Mm-mm. Exactly. Frazer Rice (14:40.488)more reasonable than others maybe. Judi Galst (14:43.246)So I’d say clients that I’m talking to are basically going in one of four different directions. One is Europe. For residency, we’re looking at Portugal, Greece, Italy, and Malta. Those are all great programs because they require little to no time in the country to maintain the residency rights. So for people that really have no intention of spending significant time in another country, they’re really good solutions. And for citizenship in Europe, there very limited options. There’s ancestry, which we just talked about. But the concept of citizenship by investment in Europe essentially was killed by the European Court of Justice in the spring of 2025. To give a little bit of explanation, Malta used to have a citizenship by investment program. And it basically said, do these three things, make a large gift to the Maltese economy, rent a property for six years and spend somewhere around 21 days in the country. And you will have a path. to citizenship in Malta, which is an EU country. And the EU hated it. They felt it was transactional, that the passport was being sold, and they felt that people were being granted citizenship that didn’t show a tie to the country. And when this court ruling came out and deemed Malta’s program illegal, it essentially killed citizenship by investment programs in Europe. So I don’t think you’re going to see any European Union country have a citizenship by investment program, nor any country that wants to join the EU have one. But many countries in Europe have provisions in their constitution that say, if you are an exceptional person that make an exceptional contribution to our country or to humanity, we have discretionary ability to grant you citizenship. And so there are some paths to citizenship via merit, specifically through Malta and Austria right now, as well as some other places. So that’s Europe, snapshot of Europe. Let’s talk a little bit about Caribbean, which you specifically brought up. Frazer Rice (16:35.581)Right. Judi Galst (16:40.862)So Caribbean is a path to citizenship. If you remember, said citizenship, lifelong, right? Not many countries have a path to citizenship. It’s very fast. It’s very affordable. What does it give you? So there are five countries in the Caribbean that have programs St. Kitts, Antigua, Grenada, Dominica, St. Lucia. It gives you citizenship in one of those countries. A passport, another passport that you can travel on. Right now, it’s pretty strong. You can go into Europe with it, the UK, Ireland, not unlimited, same as the US, limited amount of time. Although I’m not sure the strength of the Caribbean passports is always going to be. as strong as it is today. Europe doesn’t love these programs. And I wouldn’t be surprised if the Caribbean passports tend to get weaker. However, for a client that says to me, this is purely an insurance policy. I want to cover my kids and my kids are in their 20s because a lot of times these program kids are going to need their own investment if they’re over the age of 18 or 21. Caribbean wouldn’t be a bad place for us if we felt we wanted to get out of town for a little while. Frazer Rice (17:23.23)Sure. Judi Galst (17:50.031)The Caribbean’s a great solution for a very affordable amount, maybe 400,000 for family. You can get and make an investment in real estate that you can sell in five or seven years and your entire family can gain citizenship. So that’s Caribbean. I can pivot to something else that you want to ask a question. OK, so I actually love the program that New Zealand has out right now, especially for a high net worth person. Frazer Rice (18:05.342)Okay, no, let’s try Australia and New Zealand. Judi Galst (18:18.414)I think every high net worth person should do New Zealand. And for a couple of reasons. First of all, it’s purely investment driven. You have to move a lot of money. So it has to be for a high net worth person because they’re going to move three million US dollars to be invested in private equity, venture capital and private credit in New Zealand for around a three year period. And children up to the age of 25, provided that they’re single and not working full time can be included in that investment. There’s very little time that the family needs to spend in New Zealand. As soon as you move the money there, you gain the right to live unlimited in New Zealand. But the main applicant only has to do 21 days, and the other family members only have to enter and exit for one day in the first year. At the end of three years, provided you didn’t invest in things that have a longer holding period, but from an immigration perspective, you can liquidate your investment. And then you can become a permanent resident. So you have a lifelong right at any time to relocate to New Zealand, or you never have to go back again. English speaking, good healthcare, good education. You could have a life there, unlike I don’t think people really want to envision spending 10 years in the Caribbean. But 10 years in New Zealand, you know, there’s many industries and many things that you could be doing. And you could have a quality of life, maybe not akin to the United States, but good. So I love the New Zealand program. Australia used to have a citizenship by investment program. They do not have one any longer. There is a route that they extend to people, which they call sort of like a talent visa. So there are certain sectors that are important to Australia and they would very much like to attract talent in those sectors. Usually it’s younger talent. So when I’m talking to a client that’s over 55, it can be difficult to get you approved for it. But I’ve had people over 55 that have gotten approved. And if you have the background that Australia deems valuable, they’ll grant you a five-year visa for you and your family at no cost. Children have to be under the age of 18 or financially dependent up to age 23 to be included. But this is a visa that’s only good for five years. And if you don’t contribute to Australian society, it’s not getting renewed. Judi Galst (20:38.082)But I’ve had people from Hollywood, I’ve had songwriters, I’ve had producers, directors, people in private equity that specialize in sectors that are important to Australia. People in finance have been approved. So it’s worth considering if the idea of being able to live in Australia means something to you. Interestingly with that visa, you can also live in New Zealand. Frazer Rice (20:58.095)Okay, it’s one of those things too. If people aren’t forcing you to say, don’t hate me because I’m beautiful, that might not be a good route, but if you are talented or bring something to bear, it may be worth taking a stab at. Is it reciprocal? If you’re in New Zealand, can you go to Australia? Got it. So let’s pivot to Asia and or South America, which you hear about Singapore, you hear about… Judi Galst (21:16.194)No. Good question. Frazer Rice (21:27.131)Other different sort of haveny types of places where people place their wealth or establish family offices and South America I think is, know, think about like Uruguay and places like that which, you know, have the reputation of being the Switzerland of South America. What’s the state of play there? Judi Galst (21:44.527)So I have actually had a few clients that have done residency in Uruguay. They don’t have a formalized program, although I think a more formalized program is going to come out of there. Henley and Partners actually has a government advisory line of business, so we design a lot of these programs and we’re very active in South America. There’s a lot of interest in South America to have citizenship and residence by investment programs, so I think you’re going to see a lot coming from that region in the near term. But Uruguay does have a path to residency. You have to spend time there. Frazer Rice (21:58.611)Mm-hmm. Frazer Rice (22:12.893)Judi Galst (22:13.251)And they don’t tell you exactly how much. Yeah. But most of my clients went with the expectation that maybe they’d have to stay for 30 days and they ended up getting the visa approved faster. You have to go back every year for a period of time or not renew renewing it. But yes, there is a path in Uruguay and more in Central America. People are doing Panama. Frazer Rice (22:36.637)Costa Rica. Judi Galst (22:37.773)Costa Rica is really interesting, very affordable. know we wanted to talk a little bit about the range, but in Costa Rica, you can gain temporary residence by demonstrating you have $2,500 a month in passive income. Many people will have that with interest and dividend income. Or you could invest $150,000 in real estate. It’s a temporary residence for two years, and then you renew for another two years. But at three years, you can transition to permanent residence. As a temporary resident, cannot work for a company in Costa Rica, so you’d have to be able to work remotely. And then once you become a permanent resident, that requirement disappears. Once you are approved, you do have to pay into Social Security in Costa Rica that gives you access to health care. So it’s about $300 per application per month. But Costa Rica is very interesting, I think. Frazer Rice (23:26.67)As we go back, pivot back to Asia, are there any countries with Singapore or others that are possibilities for people in the US? Judi Galst (23:33.722)So Singapore is a possibility. However, you have to move a family office with over 200 million there, or investment levels are around 30 million, and you have to relocate, and the ability to renew it is contingent upon how much time you spend in Singapore. So I would say a very niche client could do Singapore. A more affordable option might be Thailand, which you can get a residence permit very… Frazer Rice (23:44.125)Mm-hmm. Frazer Rice (23:52.605)To be sure. Okay. Judi Galst (24:00.782)Inexpensively. mean, a five-year permit for $25,000. Frazer Rice (24:05.159)Wow. And to round out our tour of the world here, Middle East countries, maybe the UAE, you hear about that as a place where a lot of Europeans go to move their wealth. Is that becoming popular with United States citizens? Judi Galst (24:16.463)Mm-hmm. Judi Galst (24:22.381)Golden Visa in Dubai is very popular. Honestly, not so much among Americans. It’s usually people from other parts of the world. mean, my firm has 70 offices around the world and we do a lot of UAE Golden Visas. I don’t have a huge amount of interest from Americans. I’ve done a couple of them. It’s not hard. You do have to spend time, like 30 days as part of the process there. Frazer Rice (24:26.525)Mm-hmm. Judi Galst (24:46.703)You can invest in real estate at 550,000, but there’s like 19 different visa types. You can set up a company. If you’re a member of YPO, Young Presidents Organization, they’re deemed talented and they don’t even make an investment. So, you know, it’s an option and we could certainly help it. But to be honest, I don’t see huge demand among Americans. Frazer Rice (25:03.259)Interesting. So let’s round this out a little bit here. For a U.S. citizen who is feeling unsettled or is just curious what’s out there. They want the ability to go live in Madeira, buy a place there. And to be able to go unfettered or something like that. What’s a good thought process or sequence of events for them to go through in order to make that happen? Judi Galst (25:31.344)I mean, we don’t charge for consultations. So I don’t know if you’re going to share my email at the end of this, but just hit me up. To me, any client conversation is about educating. This is generally a new topic for someone. It’s very rare that someone calls me and they really understand what is available to them and also what would be a good fit for them. They may not understand if they want to include their children. There are going to be some that are going to be better fits for them than other based on the ages of the kids. They may not understand how much time they have to spend in a country to make it happen. How much it’s going to cost, and just learn about it. Learn what your options are. I can usually pretty quickly. Once I understand a client’s objectives, tell them. This is a strategy that I think makes sense for you and exactly how it would Frazer Rice (26:14.206)And it strikes me too, that for people who are exploring different places, it’s probably a good idea to have visited them first before just jumping in, jumping in feet first and sort of solving a problem without understanding what actually implementing the solution looks like. Judi Galst (26:21.111)Yeah. Yeah. Judi Galst (26:29.177)For sure. I because many of the clients that I work with are of higher wealth, they usually have done a fair amount of traveling. So the idea of envisioning, know, residency in Italy, they’ve been to Italy. But when I talk to clients, especially about the Caribbean, where they might be investing in real estate and they have to decide between which country makes the most sense, I always tell them they should try and go because it can be a lifestyle decision. And they want to see where they could actually envision themselves if, in fact, they triggered this insurance policy. Frazer Rice (26:58.59)Judy, great stuff. Here it is. Put your email out there in case people want to reach out and find out more. Judi Galst (27:05.099)Okay, amazing. So my email is my first name, Judy, J-U-D-I dot my last name, GALST, G-A-L-S as in Sam T, at henleyglobal.com, H-E-N-L-E-Y, global.com, or you can give me a call at 646-856-3712. Frazer Rice (27:29.406)Great stuff. We’re going to have that in the show notes too so people can look on webpage, etc. to get that information. Thank you so much. It’s something, you know, when you’re at the desk and dreaming wistfully about what life looks like, what you’re done working, if you’re done working, my calculation is I’ll be able to retire when I’m 127. But it’s great just to sort of envision what that looks like. the expertise is out there. Thanks for being on. Judi Galst (27:56.047)My pleasure. HENLEY & PARTNERS DAVID LESPERANCE ON CITIZENSHIP DIVERSIFICATION DAVID LESPERANCE ON US EXPATRIATION https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ #familyoffices #citizenship #residency #residencybyinvestment #citizenshipbyinvestment #austriancitizenship #newzealand #portugalproperty #portugalresidency #uscitizens #stkitts #malta #eucitizenship #wealthcitizenship #Californiawealthtax #puertorico #puertoricotax

This week's flavorful updates start with some exciting Puerto Rican news: the Bad Piggy food truck is officially moving into a brick-and-mortar location on South Howell Avenue late this February! Known for staples like mofongo and the “La Combi Completa” — a massive platter featuring roasted pork, garlic tostones, and sweet plantains — the previously food-truck-only establishment will be able to expand its offerings in the new space, which will include a full bar. Unifying the entire experience: a communal atmosphere that owner Roberto Silva Lopez hopes will bring together guests from many cultures around Puerto Rican food and drink.From Howell Avenue we go to South KK in Bay View, where Mother's has quickly established itself as a standout new restaurant (with a James Beard-approved chef/owner) in Milwaukee's food scene. For her recent review, Ann got the chance to sample a unique menu featuring Madeira mushrooms and an unforgettable queso birria lasagna, which quickly won her over. We wrap things up by bouncing over to the Third Ward and the refreshing vibe that Honeybee Sage has brought to its new home, complete with a cheerful yellow theme and craft mocktails. Then it's a quick hop to Walker's Point for a preview of Radio Milwaukee's newest neighbor: Allende Cocina Mexicana, a family-run gem in the making that's slated to open just in time for Valentine's Day.

It's a great episode this week as Eddie and Leighton kick things off with a catch-up before diving into the featured interview. They are joined by DJ Flanders, Executive Vice President of Troon Golf, for a wide-ranging and insightful conversation that revisits a standout presentation DJ delivered at the GCAE Conference in Madeira last November. That presentation explored one of the biggest challenges facing golf today: the four generations now sharing our golf venues. The conversation looks closely at Baby Boomers, Gen X, Millennials, and Gen Z, exploring the typical traits, preferences, and expectations of each group. Eddie, Leighton, and DJ discuss what each generation values most from the golf and hospitality experience, what makes them feel welcomed and satisfied, and where venues risk losing them if expectations aren't met. A central theme of the discussion is the big challenge facing operators today: how do golf venues successfully appeal to all four generations at the same time? DJ shares practical insight into how different generations can co-exist within the same venues, how expectations can be balanced, and why understanding generational mindset is now essential for the long-term success of golf. It's a thoughtful, practical, and engaging conversation with plenty of takeaways for anyone involved in golf operations, hospitality, or leadership. You can find out more about Troon Golf at https://www.troongolf.com and connect with DJ Flanders on LinkedIn.   A big thanks to our partners: Toro - Click here for more information The Revenue Club - Click here for more information https://eddiebullockgolf.com/   Connect with Us: Instagram: @golfclubtalkuk Website: Golf Club Talk UK https://www.linkedin.com/in/leighton-walker-2708b627/   Support us here: https://buymeacoffee.com/gctuk Rate & Review Please leave a 5-star review and share this episode with your golf circle!

This week on The Whiskey Trip, Big Chief heads into the rolling hills of East Tennessee to sit down with Stephen Callahan for a straightforward, no nonsense conversation about building whiskey the right way. The discussion is rooted in experience, patience, and respect for the craft, giving listeners an honest look at what it really takes to build a distillery with intention instead of chasing trends. In the first half of the episode, they sip on S.E. Callahan's Distiller's Select Straight Bourbon Whiskey, an expression that represents the core of the Tennessee Hills house style. The nose opens with familiar and inviting notes of vanilla, honey, milk chocolate, and toasted oak. On the palate, flakey pastry and sweet vanilla cream lead the way, supported by warm baking spices that add depth without overpowering the pour. The finish carries medium long with a rich, viscous linger and noticeable baking spice that keeps you coming back. As they taste, Stephen talks through barrel selection, proofing decisions, and balance, offering real insight into how this bourbon comes together and how he knows when a whiskey is ready. In the second half, the glass shifts to the Tennessee Hills Madeira Cask Finished Bourbon, where thoughtful finishing takes center stage. Rich, smoky oak anchors the whiskey, followed by layers of ripe stone fruit and toasted hazelnut. A subtle wine driven sweetness from the Madeira cask settles in and lingers, adding complexity while allowing the bourbon underneath to remain the star of the show. It is a finish that feels intentional and restrained rather than flashy. The episode closes with a broader conversation about East Tennessee whiskey roots, lessons learned along the way, and the role community plays in building something that lasts. It also serves as a reminder of why supporting craft whiskey matters. These are the producers putting quality first, honoring tradition, and taking the long road so the whiskey in your glass has a real story behind it. Pour a glass, settle in, and take the ride with Big Chief.

Send us a textJon shares Christmas Holiday tales from his trip to France and Andy shares 20 or so clips recorded at Madeira Drive, Boxing Day Classic Car Meet.A big thanks to our new podcast sponsor Viking Covers.If you are looking for quality and customizable indoor or outdoor vehicle covers please go check them out. www.vikingcovers.co.ukWe'll be telling you more about these guys soon - stay tuned.Support the showWe'd love you to hear and share your stories, please tag and follow us on social media. www.instagram.com/mydadscar_podcastwww.Facebook.com/mydadscar podcastwww.buymeacoffee.com/mydadscarIf you'd like to support the podcast and are able to, you can ‘buy us a coffee' which will help towards costs of hosting and purchasing equipment to allow us to record guests in person, rather than just on zoom. Get in touch with us direct - MyDadsCarPodcast@gmail.com

What happened when Joseph Banks finally put to sea - and discovery left the comfort of gardens behind? How would a voyage meant to advance science collide with storms, suspicion, imperial rivalries, and human tragedy? And what would it cost to catalogue the natural world at the far edges of the globe?Join John and Patrick as they follow Banks aboard HMS Endeavour, from vineyards in Madeira and standoffs in Rio de Janeiro to catastrophe in Tierra del Fuego and the intoxicating promise of Tahiti. This is science under sail: plants collected at gunpoint, lives lost to ice and overconfidence, and the birth of a vision that would bind botany, empire, and exploration together - whether the world was ready for it or not.----------In Sponsorship with Cornell University: Dyson Cornell SC Johnson College of Business-----------Join the History of Fresh Produce Club for ad-free listening, bonus episodes, book discounts and access to an exclusive chatroom community.Support us!Share this episode with your friendsGive a 5-star ratingWrite a review-----------Subscribe to our biweekly newsletter here for extra stories related to recent episodes, book recommendations, a sneak peek of upcoming episodes and more.-----------Instagram, TikTok, Threads:@historyoffreshproduceEmail: historyoffreshproduce@gmail.com

Stephen Smith is a neuroscientist and one of only six professionals worldwide fully registered as both a sport psychologist and a business psychologist. Through his company, Sports Psychology, Stephen works with clubs to improve performance and commercial success by better understanding customer behaviour—what members and guests need, what makes them feel comfortable, and what keeps them coming back. Stephen recently presented this subject at the GCAE Conference in Madeira, and we were keen to have him on the show to explore these ideas in greater depth. In this episode, we dive into how highly successful businesses—particularly those outside the golf industry—design their spaces to maximise engagement, satisfaction, and loyalty. Stephen explains how these same principles can be applied within golf facilities by creating the right environments and surroundings. This conversation takes us into new territory and offers a fresh perspective on how psychology, neuroscience, and design can directly impact the success of golf clubs.   A big thanks to our partners: Toro - Click here for more information The Revenue Club - Click here for more information https://eddiebullockgolf.com/   Connect with Us: Instagram: @golfclubtalkuk Website: Golf Club Talk UK https://www.linkedin.com/in/leighton-walker-2708b627/   Support us here: https://buymeacoffee.com/gctuk Rate & Review Please leave a 5-star review and share this episode with your golf circle!

Welcome back to the Click&Go Holidays Travel Podcast. In this episode, Paul and Gill are joined by a special guest from the Portuguese Tourist Board—Carlos Oliveira, Director at Visit Portugal for Ireland.In this episode, we'll explore the very best of Portugal from the ever-popular Algarve and the beautiful Lisbon Coast to the lush island of Madeira. Carlos will share top resorts, must-do experiences, and a few hidden gems along the way.We'll also chat about Portugal's fantastic beaches, vibrant city-break favourites like Porto and Lisbon, and why the country is such a brilliant choice for families.There's so much to discover—so let's dive straight in.

Ele testou 18 produtos diferentes, quase desistiu, mas encontrou o ouro em um nicho inexplorado | KiwicastKleber Madeira teve uma infância difícil, superou o abandono e construiu uma carreira de quase 10 anos na advocacia. Masfoi na pandemia, com a esposa grávida e a conta que não fechava, que ele decidiu ir para o digital.Neste episódio emocionante, ele conta como precisou falhar em 18 negócios digitais — de dropshipping a sobrancelhas — até criar o Psicanalizando-se. Hoje, ele fatura múltiplos 7 dígitos vendendo kits de documentos para profissionais de saúde mental, provando que o básico bem feito e a resiliência são as chaves para o sucesso.___________________ O que você vai aprender: -       A importância de focar no processo e não apenas no resultado para sobreviver ao campo de batalha do digital.-       Como usar a engenharia reversa de forma ética para melhorar produtos existentes e dominar um mercado.-       Por que segmentar pelo criativo pode ser mais eficiente do que configurações complexas de público.-       Como a aba Tendências do Meta Ads duplicou as vendas dele para um público qualificado.-       Como transformar um conhecimento técnico e burocrático em um produto acessível e desejado. E muito mais!Aprenda com quem vive o mercado digital na prática.Dá o play e deixe nos comentários qual foi o melhor insight que você tirou do episódio.Nosso Instagram é @Kiwify

I'm thrilled to welcome Antonio Palma from Portugal to the show today. Antonio has had an incredible run of second-place finishes in recent years, including the Rosenblum, European Mixed Championships, Soloway Knockouts, and Spingold. Last year, he broke through by winning the pairs in Madeira, leading Sjoert Brink to call him the best matchpoint player in the world, and then claiming the Club de Compiastre trophy at the South American Championships. But the real celebration came recently when he finally won the Reisinger at the Fall NABC, ending that streak of seven consecutive finals losses. It was a relief, Antonio says. In our conversation, Antonio opens up about what those years of finishing second felt like, the moment he realized he'd won the Reisinger (he wasn't even playing the final set!), and his journey from professional poker player to bridge champion. We discuss how poker shaped his approach to pressure moments and reading cards, why defense is his favorite part of the game, his challenges with tilting at the table, and the soon to be legendary hand where he took 23 minutes to defend two hearts and made Bobby Levin want to quit bridge. This was a particularly enjoyable conversation with one of bridge's rising stars. ___________________________________________________________________ Key Highlights:

Bonus! Det blir en extra nyårshälsning, där Edward Blom och Mats Ryd summerar sitt 2025 och funderar över vad det kommande året kan tänkas föra med sig – både i godsaksväg och vad gäller mindre världsliga prövningar samt vad som kan tänkas dyka upp i podden.Mats berättar vilken allvarlig åkomma som fick honom att i början av det gångna året åkalla Gud. Han förklarar sin kärlek till sunkpizzerior i mitten av ingenstans, typ Tärnsjö, och Edward avslöjar vad hans drömpizza skulle få innehålla. De minns hur de hackat ut vickningsanktungor ur Edwards frys, och hur de höll på att bränna ner hans hus genom att grilla anklever i blåsigt väder. Edward planerar att resa till Madeira och sjunger om att dricka Malaga.Skicka gärna kommentarer och frågor till redaktionen: podden@edwardblom.seSupport- och prenumerationsfrågor till: support@underproduktion.se"Edward Bloms smörgåsbord" vill gärna ha dig som prenumerant, vilket innebär tillgång till alla avsnitt, inklusive det gedigna arkivet! Teckna en prenumeration på: https://underproduktion.se/edwardblomssmorgasbord (från 39:-/månad).

Wir beenden 2025 in Der Letzte Podcast mit einer Mischung aus Lebensdrama, Weihnachtsmärchen und motivierender Geschichte fürs kommende Jahr. Unser Gast Der Letzte Paketbote erzählt zum ersten Mal ausführlich davon, wie es war, als seine ganze Wohnung abgebrannt ist, er sich wenig später seine Alkoholabhängigkeit eingestehen musste, er mit Therapie und Lebenswandel seitdem aber auch alles hat zum Positiven wenden können.Kapitel dieses Podcasts:(00:00:00) Trigger-Warnung für diese Episode(00:00:45) Intro(00:01:15) Begrüßung des Letzten Paketboten(00:01:56) Kälteschock am Flughafenbahnhof(00:02:43) Heißluftfriteusen(00:03:17) Reeves Batman v Gunns Superman(00:03:29) Zum Superman-Türchen bei Patreon (ab 1€) → https://www.patreon.com/posts/146436280(00:04:19) Pinguin-Serie von HBO (ohne Spoiler)(00:05:31) Stranger Things (ohne Spoiler)(00:06:05) Hört „Das Letzte Level“ - ab 1€ Trinkgeld → https://www.patreon.com/collection/33371(00:06:26) Der Paketbote erzählt, wie seine Wohnung abgebrannt ist(00:12:48) Struggle mit Versicherung & Wiederaufbau(00:14:15) Dank für viele Spenden & Hilfe(00:15:02) Große Spendenbereitschaft der Podcast-Community(00:17:41) Rauchmelder haben sein Leben gerettet(00:18:33) Es gab auch noch ein besonderes Geschenk(00:20:42) 5 Liter Bier am Tag - Leben als Alkoholiker(00:22:26) Zur Flipper-Folge von Der Letzte Podcast → https://www.dieletzte.website/podcast/2022/06/04/363(00:23:33) Daniel erinnert sich an Suff-Ausfall des Paketboten(00:24:30) Corona-Pandemie machte Sucht noch schlimmer(00:25:09) In Therapie anfangs Sucht verschwiegen(00:25:53) Der Turning Point: Betrunken am Steuer erwischt(00:27:24) 3 Monate in der Suchtklinik(00:27:53) Trocken bleiben, obwohl Alkohol allgegenwärtig ist(00:28:09) Daniels Alkoholkonsum(00:29:42) AreaGamesCast Folge 92 & Kontrollverlust(00:34:14) Alkoholsucht ist Tod auf Raten(00:35:27) „One for the Road“, „Der Rausch“ & Haftbefehl-Doku(00:36:20) Coffee & Cigarettes(00:36:49) Daniel macht Alkoholikertest(00:39:02) Ganz Deutschland hat ein Alkoholproblem(00:41:36) Weinfetisch deutscher Sportmoderatoren(00:42:51) Sein zweiter Neugeburtstag(00:44:25) Mit der Sucht im Alltag leben(00:45:47) Idiotentest für neuen Führerschein(00:47:25) Dänemark schafft seine Post ganz ab(00:48:05) Angst vor dem Rückfall(00:49:13) The Outrun (nur Prämisse wird verraten)(00:50:11) Warmscharfe Wünsche für Daniels Sundance-Reise(00:52:54) Costco(00:54:22) Klemmbausteine als Suchtprävention(00:55:26) Podcasts mit hohem Alkoholgehalt(01:01:26) Zum Video aus Göteborg: Fika mit Brobert → https://youtu.be/vPTIXzj2ORI(01:01:39) Letzter Paketbote sendet Grüße an unseren Brobert(01:02:10) Ungewöhnliche Empfehlung: Ted Lasso & Apple TV(01:03:20) Der ganz alte Breaking-Bad-Look(01:04:21) Dank an Spender*innen der Sundance-Reise(01:08:23) Paketbötische Pläne fürs neue Jahr(01:09:07) Leben die Schlapse auf Madeira?(01:11:34) Outro - Besucht uns auf https://www.DieLetzte.website!

What if democracy can't survive sound money, because it runs on promises it can't fund?Knut Svanholm sits down with Mike Peterson in El Salvador, fresh from a formal night at the presidential palace with President Nayib Bukele. Phones taken, press everywhere, and a president who feels unnervingly normal to Bitcoiners. Knut's take is blunt, El Salvador may have accidentally voted “one of us” into office, and the results feel like the inverse of clown world.Then the conversation turns to the cage, fiat currency. They break down how money printing, capital gains tax, and government overreach work together to punish anyone trying to use sound money as an inflation hedge. If you have ever felt like you are being taxed for refusing to play the inflation game, this will hit a nerve.From Centro Histórico to El Zonte, they get practical about what Bitcoin adoption actually looks like when it is not just “number go up” technology. A circular economy takes time, merchant by merchant orange pill work, and more people using the Lightning Network for everyday payments instead of treating Bitcoin like a museum piece.They widen out to Madeira and Prague, where Bitcoin communities are forming in their own ways. You will hear why BTCmap.org (https://btcmap.org/) matters, why Prague gets called the Bitcoin capital of Europe, and why Vexl is one of the most interesting peer-to-peer tools right now for building a web of trust when rules tighten.Finally, Knut leans into his anarcho-capitalism lens, the Shawshank Redemption metaphor, and the mindset behind “you can just do things.” If this episode made you uncomfortable, good, subscribe, share it with the friend still asking permission.-Bitcoin Beach TeamConnect and Learn more about Knut SvanholmX: https://x.com/knutsvanholm YT:  @bitcoininfinityshow     Support and follow Bitcoin Beach:X: https://www.twitter.com/BitcoinBeach IG: https://www.instagram.com/bitcoinbeach_sv TikTok: https://www.tiktok.com/@livefrombitcoinbeach Web: https://www.bitcoinbeach.com Browse through this quick guide to learn more about the episode:00:00 - Intro01:43 - What is Bukele like in person?03:52 - Why do Bitcoiners say fiat currency is built on money printing?05:38 - Why does Bukele push circular economy adoption? 07:47 - Why do incentives matter more than democracy?10:18 - Why doesn't Bitcoin adoption happen overnight? 14:02 - How did Free Madeira begin? What actually moves merchant Bitcoin adoption?19:55 - How do you travel on a Bitcoin standard? What tools make a 100% Bitcoin vacation possible21:26 - Why is Prague a Bitcoin hub? What makes it Europe's Bitcoin capital22:41 - What is Vexl for peer-to-peer Bitcoin trading?24:22 - Why do European Bitcoiners feel squeezed? What role do CBDCs play in the pressure?32:10 - What Shawshank teaches about hope, fear, and living like a free person?35:09 - Why is Bitcoin an inflation hedge?Live From Bitcoin Beach

  Episode Summary: Madeira wine is fortified, heat-aged, and famously long-lived. In this episode of Bri Books, we break down how Madeira is made, why it tastes the way it does, and explore tasting notes from three standout producers: Justino's, Henriques & Henriques, and D'Oliveiras. Subscribe to Bri Books on Apple Podcasts and Spotify.  In This Episode: What Madeira wine is and how it's made Why heat and oxidation are intentional Tasting notes from three Madeira producers How to drink and pair Madeira wine Producers Discussed: Justino's Madeira Wines Henriques & Henriques D'Oliveiras (Imported by The Rare Wine Company) Subscribe to Bri Books on Apple Podcasts and Spotify. 

Spanien och Portugal inledde en intensiv maktkamp om kontrollen över världshaven i slutet på 1400-talet. Med stöd från påvemakten, och drivna av drömmen om rikedomar, sjövägar och inflytande, erövrade de iberiska kungadömena Atlantöarna, utforskade Afrikas västkust och Amerika. De delade upp den nyupptäckta världen mellan sig – och lade därmed grunden för den första globala världsordningen.Den första världsomseglingen, under Ferdinand Magellans befäl 1519–1522, visade tydligt att haven band samman jordens kontinenter. Europa, Amerika, Afrika och Asien kopplades samman via sjövägar – vi gick från en torr till en blå världsbild.I detta andra av två avsnitt av podden Historia Nu samtalar programledaren Urban Lindstedt med Leos Müller, professor i historia vid Stockholms universitet. Han är aktuell med boken Europas vändpunkter: 1492, 1914 och 1989.Den spanska och portugisiska dominansen kretsade kring kontrollen över havsrutter, handelsmonopol, kryddor, guld och slavar. Portugal byggde upp ett omfattande nätverk av handelsstationer, fort och sjövägar längs Afrikas och Asiens kuster – vilket gjorde landet till en global handelsmakt. Spanien, å sin sida, etablerade kolonier i Amerika och senare även på Filippinerna, där naturresurser och ursprungsbefolkning exploaterades.Under ledning av sjöfartsintresserade monarker och med hjälp av ny skeppsteknik begav sig portugiserna tidigt ut på Atlanten. De etablerade handelsstationer på öar som Madeira och Azorerna och seglade så småningom runt Afrika för att nå Indien och Asien – i jakt på kryddor och rikedomar. Samtidigt, efter att Christofer Columbus 1492 nått Amerika på spansk uppdrag, inledde Spanien sin omfattande koloniala expansion i den nya världen.År 1494 slöts Tordesillasfördraget, där Spanien och Portugal – med påvens godkännande – delade upp den nyupptäckta världen. En tänkt linje drogs 370 leguas väster om Kap Verde-öarna: allt väster om linjen tillföll Spanien, allt öster om linjen tillföll Portugal.Resultatet blev att Spanien fick större delen av Amerika, medan Portugal bland annat tilldelades Brasilien samt handelsvägar och territorier i Afrika och Asien.Den iberiska expansionen skapade en ny global ordning. Världshandeln band samman kontinenter, varor och människor rörde sig i ett växande globalt nätverk. Men denna utveckling fick också katastrofala konsekvenser: ursprungsbefolkningar decimerades, slavhandeln expanderade och exploateringen av människor och natur intensifierades. Den ekonomiska tillväxten, kapitalismen och de globala maktstrukturerna har sina rötter i denna epok.Bildtext: Detalj ur en karta från 1590 av Abraham Ortelius, föreställande Victoria, det enda av Ferdinand Magellans fartyg som fullbordade världsomseglingen. Bildkälla: Abraham OrteliusMusik: Ljudklipp av en vihuela framför ett stycke från 1600-talet: "Jamaica" ur Playford's Dancing Master (4:e upplagan, 1670). Musikern Chris Green (blastfromthepast.org.uk) framför stycket och har gett tillstånd att dela inspelningen. Källa: Chris Green, blastfromthepast.org.uk. Licens: Creative Commons Attribution-Share Alike 3.0Klippare: Emanuel Lehtonen Hosted on Acast. See acast.com/privacy for more information.

Welcome back to Bri Books podcast! If this is your first time, WELCOME! And if you're a return listener from the last 6 (!!!!!!) years, welcome back. Bri Books is now also on YouTube: watch here. Today is November 30th, marking not just the beginning of Advent season, but the beginning of BriCember! What is BriCember? BriCember is a personal project wherein I challenge myself to produce and publish a podcast episode a day in the month of December. Not only is December my birth month, it's also the perfect time of the year to catch up on where you've been and where you're going. What's Coming Up This BriCember? In 2025, I'll be approaching BriCember through the lens of literature, with lots of recommendations of what to read. But I'm also aligning it not just with the month, but with how we think of time. This BriCember will be aligned with the moon phases. But Wait, Where Have You Been, Bri?I've spent most of 2025 in flux, in the most beautiful way. Last year, in 2024, I began a new career at JPMorganChase. In 2025, I started to find my professional stride. I also moved house in 2025! I moved from one apartment in Brooklyn to another, and I'm nesting. We'll be doing deep dives into winter food as well this BriCember. Also, I'm still reeling from the fallout of my mothers' death. That's a constant on my mind. Which brings me to….writing! I'm officially writing again, and I'm focused on writing and publishing in 2026. I'm giving myself the rest of the year to sharpen up my writing, so I can graduate to having an agent and finishing my book. I've been reorganizing my life in very tiny, quiet ways, and art has been a big part of 2025. I've been painting, and I've been traveling. I'm grateful that travel has been part of my working life in 2025. This year, I went to Sydney, Australia; Tokyo, Japan; Hong Kong; and Singapore, in addition to Western China and Mexico. Prayerfully there will be more travel in 2026. What's Coming in BriCember 2025 I've broken each week of December according to the moon cycles. Week 1: All about wine! Holiday wine menu planning, how to spend $60 at your local wine shop, Austrian wine, Madeira, orange wine, and having fun learning about terroir in the wine world. Week 2: Winter reset! We'll shift into how to prepare for a restful winter, my favorite health and beauty picks of 2025, gentle goal-setting, how to go gently into the new year; what to grow and sow in the new year! Lifestyle toolkit; manifestation journaling and how to get started; a winter mid-season check-in; Week 3: Cozy-maxxing! Winter recipes, soups, and spices; winter food rituals; what's in season at the farmers market in winter; deep winter books/ the best books to hunker down with this winter Week 4: Prepping! What we want to bring into 2026 (and what we're leaving in 2025); gratitude journaling; manifestation journaling; how to round out 2025 gently and with discernment.   Listen to Bri Books and find @BrionnaJay on Instagram. You can always find Bri Books on Spotify and Apple Podcasts, and at bribookspod.com.  

Thanksgiving is one of the most difficult meals to pair with, but that doesn't mean we shouldn't try!  Source: Canva   This year, for one of our weekly discussion questions I asked the Patrons how many wines they would be serving with their Thanksgiving/holiday feasts and the answer was overwhelmingly 2-3. Given that, in this show I talk about combinations of two wines you can purchase for your table that will pair with many types of Thankgsivings. Some examples:  If your dishes tend to be on the sweet side… honey glazes, marshmallow sweet potatoes, candied sweet potatoes, etc Off-dry Riesling or Vouvray (although butternut squash soup with a kick could do well with a regular Gewurztraminer) Reds: Grenache, GSM blends from Rhône, California, Australia, etc., Garnacha from Spain, Zinfandel   Asian-influenced Thanksgiving Aromatic whites: Alsace Riesling, Pinot Gris, Gewürztraminer, Torrontés, or Viognier Fruity reds with low tannin: For smokey or braised meat: New World Pinot Noir, Côtes du Rhône, Garnacha. For something especially smoky: Saumur-Champigny from Loire   Desserts....Pecan Pie: Tawny Port, Madeira, Pedro Ximenez Sherry   From Getty Images via Canva   There are these ideas explained and so much more packed into the episode. Listen, take what you want leave the rest! Please know that I'm grateful to you for listening and your loyalty to me and the show!!      Full show notes and all back episodes are on Patreon. Become a member today! www.patreon.com/winefornormalpeople _______________________________________________________________   Check out my exclusive sponsor, Wine Access.  They have an amazing selection -- once you get hooked on their wines, they will be your go-to! Make sure you join the Wine Access-Wine For Normal People wine club for wines I select delivered to you four times a year!    To register for an AWESOME, LIVE WFNP class with Elizabeth or get a class gift certificate for the wine lover in your life go to: www.winefornormalpeople.com/classes    

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.In this episode, we sat down with Pedro Ferreira, founder and distiller of O Reizinho, one of the jewels of Madeira's fascinating rum scene. While O Reizinho is one of the island's smallest distilleries, it's quickly earning a great reputation among enthusiasts for its distinctive cane juice rums.We talked to Pedro about:What sets Madeira rums apartEvolving his father's small distillery from a clandestine "friends and family" operation to a commercial producerThe unique challenges of cane cultivation in MadeiraWhat it's like to send your rums through the tasting panel that certifies Madeira rumThe pros and cons of operating a distillery from your own garageThe direct-fire Portuguese stills that craft O Reizinho's rumMadeira's quirky age statement rulesLocal rum cultureAnd more!If you're interested in learning more about Madeira rum, be sure to check out our Guide to Madeira Rum episode.

In this conversation, André Loja discusses the Free Madeira project, which aims to promote Bitcoin adoption through education and community engagement. He highlights the success of merchant adoption on the island, the impact of Bitcoin conferences, and the development of the Basalto Fund, which allows investors to gain residency in Portugal while investing in Bitcoin.The conversation also touches on the future of Madeira as a hub for Bitcoin and related technologies, emphasizing the importance of community and collaboration.Takeaways:

Carey Chen is a world-traveled marine artist and lifelong fisherman who turned a passion for blue water into a career—painting billfish from memory and chasing giants with some of the best crews on earth. Born in Los Angeles to Jamaican parents, raised in Jamaica, and later based in Miami, Carey went from motorcycles and video stores to fishing tournaments across the Caribbean, licensing deals, and live painting at world-class events. In this conversation, we get into how a first sailfish on a kite lit the fuse, why sonar is changing offshore fishing (and why he thinks it'll soon be on every boat), what it's like to fish with the Bad Company program, and how a lifetime of travel turned into 3,000+ paintings “stuck in his head.” Some of the moments I found most meaningful in this conversation were: The first sailfish on a kite off Miami—and how one fish can change your life From fisherman to painter: leaving retail, painting live, and getting “discovered” at boat shows Fishing the world with Bad Company: Mag Bay marlin numbers that sound impossible until you see them The sonar debate: why new tech doesn't replace skill—but rewards crews who master it Big-fish mindset: chasing granders, tagging programs, and letting the big breeders go Seychelles, Cape Verde, Madeira: what “no-pressure” fisheries really feel like Growing up around legends—boxing promoters, Bob Marley, and the value of giving back through art Timestamps 00:00 Intro & who is Carey Chen 01:35 Jamaica → Miami → first sailfish on a kite 05:10 From fisherman to artist: the boat show breakthrough 10:42 Touring the Caribbean tournaments & live painting 15:28 Bad Company stories: Mag Bay marlin madness 21:40 Sonar, strategy, and the “is it cheating?” debate 28:05 Chasing granders: Africa, Cape Verde, Madeira 34:20 Seychelles & the magic of low-pressure fisheries 40:55 Flats talk: triggers, bumpheads, bonefish, Andros 47:10 Art from memory: anatomy, light, and getting it right 52:25 Business today: licensing, dropship, 3,000+ pieces 57:30 Growing up around champions & giving back 1:02:10 Final thoughts on passion → profession