Podcast appearances and mentions of Mark Cuban

James "Murr" Murray is on Celebrity Jobber with Jeff Zito this week. What type of work would Murr be doing if not for being a comedian, actor, and author best known as a member of The Tenderloins comedy troupe and for starring in the hit TV series Impractical Jokers? Many celebrities will tell you that if not for that one lucky break or meeting, they would have been selling Ballpoint Pens over the phone like Johnny Depp, or selling garbage bags door-to-door like Mark Cuban. In other words, they may have been just a jobber. 

For those asking, here is the overdue podcast release of my debate with Mark Cuban on Covid mandates. We've been aggressively prioritizing promotion of your YouTube channel this past month — something we haven't done before — and we unfortunately got behind on posting on podcast platforms. Moving forward, this will not be an issue. Enjoy the debate if you'd like to listen while driving or doing other activities! SummaryIn this conversation, Mark and I engage in a fiery debate about the COVID-19 pandemic, vaccine mandates, and the implications of free speech in academia. We explore the complexities of public health decisions, the perceived biases in academic discourse, and the evolving understanding of vaccine efficacy and safety. Mark defends the necessity of vaccine mandates for protecting public health, while I raise concerns about the adverse effects and the risk-benefit analysis for young people.—Spotify linkApple link(also available on Overcast and other platforms)—Chapters00:00 Diversity in Hiring: Merit vs. Representation21:11 The Efficacy of Vaccines and Community Health27:10 Vaccine Policies Across Europe33:19 Community Responsibility and Vaccination39:12 Myocarditis Risks and Vaccine Decisions47:06 Accountability for Vaccine Mandates52:40 Understanding Myocarditis Risks: Infection vs. Vaccine58:42 The Role of Comorbidities in COVID Outcomes01:04:01 Analyzing Risk: Vaccination vs. Natural Infection01:09:52 Community Benefit vs. Individual Risk in Vaccination—The Illusion of Consensus is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber: This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.illusionconsensus.com/subscribe

Not gonna give much of an introduction here because this is a short bonus level set, but I did just wanna call everyone's attention to the "arms race" created by our status quo purchasing and selling of many things, pharmaceuticals included. For a full transcript of this episode, click here. If you enjoy this podcast, be sure to subscribe to the free weekly newsletter to be a member of the Relentless Tribe. For example, raise the list price of a drug to maximize rebates, because the higher the list, the bigger the discount you can give, which then exacerbates patient affordability because coinsurance is often based on list price. But then Pharma starts offering co-pay cards, which messes up the whole PBM (pharmacy benefit manager) plan to drive patients to their highest-rebate products (ie, the most profitable products). So then maximizers and accumulators enter the chat, and prior auths ramp up because plans start having to raise premiums after enough 340B drugs with high lists and no rebates, and then there's no cost containment and raise deductibles and around and around we go. Meanwhile, is this drug fundamentally worth the list price or even the net price? Is it an effective drug? What's the right price to be paying for this drug? Should be the operative question, right? Just like what's the quality and appropriateness of any medical service? Maybe we should just quit it and just pay for value. And with that, let me introduce Sarah Emond, CEO of ICER (Institute for Clinical and Economic Review), and I will let Sarah tell the rest of the story. Also mentioned in this episode are Institute for Clinical and Economic Review (ICER); Cora Opsahl; 32 BJ Health Fund; Payerset; Aventria Health Group; Dea Belazi, PharmD, MPH; and Tom Nash. For a list of healthcare industry acronyms and terms that may be unfamiliar to you, click here.   You can learn more at ICER.org and follow Sarah on LinkedIn.   Sarah K. Emond, MPP, is president and chief executive officer of the Institute for Clinical and Economic Review (ICER), a leading nonprofit health policy research organization, with 25 years of experience in the business and policy of healthcare. She joined ICER in 2009 as its first chief operating officer and third employee and has worked to grow the organization's approach, scope, and impact over the years. Prior to joining ICER, Sarah spent time as a communications consultant, with six years in the corporate communications and investor relations department at a commercial-stage biopharmaceutical company and several years with a healthcare communications firm. Sarah began her healthcare career in clinical research at Beth Israel Deaconess Medical Center in Boston. A graduate of the Heller School for Social Policy and Management at Brandeis University, Sarah holds a Master of Public Policy degree with a concentration in health policy. Sarah also received a bachelor's degree in biological sciences from Smith College. Sarah speaks frequently at national conferences on the topics of prescription drug pricing policy, comparative effectiveness research, and value-based healthcare.   02:28 What is ICER? 02:47 What does the Institute for Clinical and Economic Review do? 05:09 The importance of still showing up, even when others don't understand or disagree. 06:51 EP293 ("Game Theory Gone Wild") with Dea Belazi, PharmD, MPH. 09:04 Why it's important to think about population health and how our choices impact affordability for everyone.   You can learn more at ICER.org and follow Sarah on LinkedIn.   @sarahkemond discusses #ICER and the status quo of #pharmaceuticaldrug #pricing on our #healthcarepodcast. #healthcare #podcast #financialhealth #patientoutcomes #primarycare #digitalhealth #healthcareleadership #healthcaretransformation #healthcareinnovation   Recent past interviews: Click a guest's name for their latest RHV episode! Stacey Richter (INBW43), Olivia Ross (Take Two: EP240), John Quinn, Dr Sam Flanders and Shane Cerone (EP492), Elizabeth Mitchell (EP491), Shane Cerone and Dr Sam Flanders (Part 1), Dan Greenleaf (Part 2), Dan Greenleaf (Part 1), Mark Cuban and Cora Opsahl  

I was out drinking martinis with Cora Opsahl, director of 32BJ Health Fund, and Cora said, "Look, most plan sponsors' biggest expense is health system spend, hospital spend." I know this is an unexpected start to an episode about pharmaceutical pricing and value featuring Sarah Emond, CEO of ICER (Institute for Clinical and Economic Review). But yeah, 50% of most plan sponsors' spend these days goes to health systems. Fifty percent! One half! For a full transcript of this episode, click here. If you enjoy this podcast, be sure to subscribe to the free weekly newsletter to be a member of the Relentless Tribe. So, if a patient who is adherent to a drug and that drug keeps that patient out of the hospital, why do I want to make a patient have excessive skin in the game to get that drug, which everybody knows at this point this "skin in the game" can cause said patient to not be adherent in many cases, cost being a very big reason patients give for not taking medications as prescribed. So then we have this not adherent patient who winds up in the hospital, via the ER often enough. The core issue here that surfaced, bottom line—and I'm not sure if this was in spite of the martinis or as a result of them—but while hospital spend is the largest health expense, high-value drugs that prevent hospitalization often face patient cost sharing and access restrictions, which leads to poor patient adherence and ultimately higher system cost potentially. So then Cora and I spent the next half hour debating when the statement is empirically true and when it's not. And you know what it all boils down to? What's the value of the drug? Do we even know what that means to start? But if it's determined that the drug is relatively high value, then the plan desperately should want to do everything possible to keep that patient on that medication, and cost sharing is a huge barrier to adherence. Today, as I said, I'm speaking with Sarah Emond, CEO over at ICER, and we get into all of this in the conversation that follows. In fact, most of the conversation that follows explores the tensions that exist in the current way that we sell and buy pharmaceutical products. I'm just gonna sum up these tensions in a list here at the top of this show. There's six of them that Sarah Emond and I discussed today by my counting, and each of these we explore in some depth. So, here's the list. Tension 1: The value of any given drug (in other words, what is the fair price for that drug considering the health gains that it delivers) versus the total cost to the plan for the total population taking that drug. GLP-1s have entered the chat. GLP-1s (by ICER's analysis, at least) are super high-value drugs that also can bankrupt plans due to the number of folks who may benefit from taking the drug. Definitely a tense tension to kick off our list here. Tension 2: The list or net price of a drug versus patient access and affordability. Again, this can be tense in an area of much misalignment. You can have a great well-priced drug with huge patient affordability and access challenges because drug net price and coinsurance amounts often have nothing to do with each other. Tension 3: Lifetime value of a drug versus a 3-, 2.5-year, whatever time horizon that many plan sponsor actuaries use in their value assessment. We discussed this today, but there's a Summer Short (SUMS7) on actuarial value horizons with Keith Passwater and JR Clark if you wanna dig in on this further. Tension 4: The tension between the societal value of a drug or even the patient's perceived value of a drug versus what an employer plan sponsor might perceive as the value. What is the formula used to determine value? What's in and what's out? So, that's a bigger conversation just beyond the time horizon for what's included in this calculation. Tension 5: Exacerbating the what's included in the value contemplation beyond just what you include in there is the tension between what is hypothetically of value and what is possible to measure. If you have pharma datasets and medical datasets separate in silos, who knows how many hospital readmissions were prevented by whatever drug? And how much presenteeism or absenteeism exists. I mean, it is an outlier, again, if anyone even knows the net price they paid for a drug, just to level set context here. Tension 6: Lowering financial barriers for patients to take drugs that are of value versus status quo goals and incentives. Like, for example, PBMs (pharmacy benefit managers) are often told that their goal is to reduce drug spend. Okay … so, how do I do that? Oh, reduce access either by prior auths or delay tactics or really high coinsurance, which is gonna reduce adherence by design. And it's someone else's problem—if I'm just thinking like a status quo PBM—if medical spend goes up, right? So, that's our last and not insignificant tension. And look, who comes out the loser in all of these tensions when they get tense? Patients. Not pricing based on value and not buying and setting up cost sharing based on value punishes patients and also plan sponsors or any other ultimate purchaser in the long term, given that the plan is but a population of patients if you start thinking about it in that context. Here is Sarah's advice in a nutshell: Pharma, sell. Pick your price based on something other than market power. And some pharma companies are actually dipping their toe into these waters and doing it. But then PBMs and plan sponsors have to hold up their end of the bargain here and buy drugs based on their value, not just the size of their rebates or some other discounting promise. And then we gotta continue the through line through to member affordability and access. High-value drugs should get preferred. So, right, do a high-value formulary. Listen to the show with Nina Lathia, RPh, MSc, PhD (EP426) on high-value formularies and then listen (after you're done with that one) to episode 435 with Dan Mendelson entitled "Optimized Pharmacy Benefits Are Required if You Want to Do or Buy Value-Based Care." Also, as I said, GLP-1s come up in this conversation, so … yeah, buckle up. One last thing, besides my normal thank you to Aventria Health Group for sponsoring this episode, I am so pleased to thank Payerset for donating to help Relentless Health Value stay on the air. Payerset is a price transparency company with a mission to create fair and equitable healthcare for everyone. Love that. Payerset empowers healthcare organizations, employers, and patients with the most complete set of healthcare price transparency data. They benchmark every negotiated rate and claim and delivering the actionable insights needed for smarter contract negotiations and a more transparent healthcare system. As I have said several times today, my conversation is with Sarah Emond, CEO of ICER. Also mentioned in this episode are Institute for Clinical and Economic Review (ICER); Cora Opsahl; 32 BJ Health Fund; Keith Passwater; JR Clark; Nina Lathia, RPh, MSc, PhD; Dan Mendelson; Aventria Health Group; Payerset; Antonio Ciaccia; Elizabeth Mitchell; Purchaser Business Group on Health (PBGH); Shane Cerone; Sam Flanders, MD; Mark Cuban; Morgan Health; and Tom Nash. For a list of healthcare industry acronyms and terms that may be unfamiliar to you, click here. You can learn more at ICER.org and follow Sarah on LinkedIn.   Sarah K. Emond, MPP, is president and chief executive officer of the Institute for Clinical and Economic Review (ICER), a leading nonprofit health policy research organization, with 25 years of experience in the business and policy of healthcare. She joined ICER in 2009 as its first chief operating officer and third employee and has worked to grow the organization's approach, scope, and impact over the years. Prior to joining ICER, Sarah spent time as a communications consultant, with six years in the corporate communications and investor relations department at a commercial-stage biopharmaceutical company and several years with a healthcare communications firm. Sarah began her healthcare career in clinical research at Beth Israel Deaconess Medical Center in Boston. A graduate of the Heller School for Social Policy and Management at Brandeis University, Sarah holds a Master of Public Policy degree with a concentration in health policy. Sarah also received a bachelor's degree in biological sciences from Smith College. Sarah speaks frequently at national conferences on the topics of prescription drug pricing policy, comparative effectiveness research, and value-based healthcare.   08:18 Why list prices are a lie. 10:59 How does the rebate model sometimes get in the way of paying for value? 12:50 Bonus clip with Sarah Emond. 13:14 EP491 with Elizabeth Mitchell. 13:20 EP490 and EP492 with Shane Cerone and Sam Flanders, MD. 14:37 The tension that is created between affordability and adherence. 15:03 When cost sharing makes sense in pharmaceutical drug pricing. 17:26 INBW42 with Stacey on moral hazard. 18:53 How GLP-1s are "wildly cost effective." 21:32 Why the sticker shock on cost-effective drugs is a failure in the system for paying for value. 22:38 ICER's report on GLP-1s. 26:59 EP385 with Dan Mendelson. 28:57 How employers and payers can have a value assessment approach and a health insurance system that allows access to cost-effective drugs. 29:48 How cost-effective prices are calculated. 31:55 One of the core value underpinnings for value assessment of drugs. 34:54 Why manufacturers and pharmacy benefit managers should work together more by referencing something like an ICER report. 36:55 EP426 with Nina Lathia, RPh, MSc, PhD. 38:21 "We can make different choices."   You can learn more at ICER.org and follow Sarah on LinkedIn.   @sarahkemond discusses #pharmaceutical #drugpricing on our #healthcarepodcast. #healthcare #podcast #financialhealth #patientoutcomes #primarycare #digitalhealth #healthcareleadership #healthcaretransformation #healthcareinnovation   Recent past interviews: Click a guest's name for their latest RHV episode! Stacey Richter (INBW43), Olivia Ross (Take Two: EP240), John Quinn, Dr Sam Flanders and Shane Cerone (EP492), Elizabeth Mitchell (EP491), Shane Cerone and Dr Sam Flanders (Part 1), Dan Greenleaf (Part 2), Dan Greenleaf (Part 1), Mark Cuban and Cora Opsahl

“This is a time to reimagine public health and public health/healthcare system integration,” says Dr. Deb Houry, the former chief medical officer for the US Centers for Disease Control and Prevention. In this thoughtful Raise the Line conversation, Dr. Houry reflects on unprecedented federal action in vaccine guidance and other issues since her noteworthy resignation from the CDC in August, and sees a more decentralized landscape emerging where states and localities play a larger role in providing public health recommendations. And while she acknowledges upsides to this shift, she's also concerned what the absence of a national consensus on health standards could mean. “Diseases don't recognize borders, and it's also important that people have equitable access to preventative services, vaccines, and other things,” she tells host Lindsey Smith. Tune in for Dr. Houry's seasoned perspective on this consequential moment in public health, and her encouraging message for learners and early career providers considering a career in the sector.Mentioned in this episode:DH Leadership & Strategy Solutions If you like this podcast, please share it on your social channels. You can also subscribe to the series and check out all of our episodes at www.osmosis.org/podcast

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Investor and healthcare disruptor Mark Cuban joins The Other 80 to talk about his online pharmacy, Cost Plus Drugs, that is bringing affordable drugs with transparent markups to American households. Mark lays out his basic formula for taking overhead and complexity out of the US healthcare system by disaggregating huge vertical businesses and disintermediating middlemen.In this episode, Mark Cuban pitches:That direct contracting with hospitals is his next healthcare disruptionWhy he thinks medical schools should be freeHow financial audits are a first step to lowering healthcare pricesWhy price transparency is contagiousMark thinks the best way to make change is from outside the system:“What makes [Cost Plus Drugs] radical is when we started, everybody presumed and expected that we would work within the system. That we would partner with the big three wholesalers that control 98% of the sale of drugs - that we would partner with the big three PBMs that control 85% of prescriptions. And, we did the exact opposite because we knew they were the problem.”Relevant LinksThe Cost Plus Drugs mission statementRead and watch Mark Cuban testimony for the Senate Special Committee on Aging More on Mark's hospital negotiation strategyAbout Our GuestMark Cuban is an investor who lives for his family, his "Shark Tank" companies and the Dallas Mavericks. He is the owner of the 2011 World Champion Dallas Mavericks and bestselling author of "How to Win at the Sport of Business," and was an entrepreneur from the early age of 12 when he sold garbage bags door to door. Today, Cuban is the highly successful entrepreneur and investor with an ever-growing portfolio of businesses.A lifelong entrepreneur and investor, Cuban has started and built multiple industry-changing organizations including Costplusdrugs.com, which sells medications at industry low pricing with total cost transparency, which he founded with Dr. Alex Oshmansky. Named a winner of the GQ Men of the Year in 2006 and included in The New York Times Magazine's Year in Ideas, Cuban is recognized as being among the most influential people in both the cable and sports industries. He may be best known for his purchase of the Dallas Mavericks on Jan. 4, 2000. Under his leadership, the team's home games have become a total entertainment experience.Prior to his purchase of the Mavericks, Cuban co-founded the first commercial streaming company AudioNet, which became Broadcast.com, the leading provider of multimedia and streaming on the Internet. Broadcast.com was sold to Yahoo! Inc. in July 2000. MicroSolutions, a leading national systems integrator, was co-founded by Cuban and partner Martin Woodall in 1983, and later sold to CompuServe.In 2001, Cuban founded AXS TV (www.axs.tv) and sister network, HDNet Movies, the very first all high-definition TV network. He also co-owns the Landmark Theater chain, Magnolia Pictures, Magnolia Home Video and 2929 Productions along with partner Todd Wagner. With the release of the movie "Bubble" in 2005, Magnolia and Landmark Theaters pioneered the release of the movie's "day and date," meaning the

Tucker Carlson has dominated headlines over recent days with multiple high-profile developments spanning media ventures, controversial statements, and significant interactions with other public figures.The most immediate controversy involves an exchange with British media personality Piers Morgan that occurred on November 27th during an interview on Carlson's show. During a discussion about a UK legal case, Carlson repeatedly pressured Morgan to repeat an anti-gay slur while framing the request as a free speech issue. Morgan consistently refused, stating he would never use such language because it is rude and hurtful to gay people. The interaction went viral across social media platforms, generating widespread debate about the boundaries of acceptable speech and Carlson's rhetorical tactics. Morgan later clarified that his refusal was not due to fear of UK law enforcement, as some online speculation suggested, but rather his principled stance against using slurs in any context.On the business front, Carlson continues to expand his independent media empire significantly. His company, Last Country Inc., has received substantial backing from 1789 Capital, a venture fund linked to Donald Trump allies. These investments have positioned his media ventures as central players in the alternative conservative media landscape. His podcast, The Tucker Carlson Show, achieved top political podcast status on Spotify by July and continues to draw substantial viewership. His digital platform Tucker on X has also gained considerable traction with exclusive interviews and longer-form content distributed through the subscription model.Carlson recently released a controversial five-part documentary series examining the September 11 attacks. The project has sparked significant debate about the boundaries between free inquiry and sensationalism, with video clips going viral across social media platforms. During promotional appearances, including his interview with Piers Morgan, Carlson promised to question the official narrative and explore what he describes as overlooked truths about that pivotal historical event.His recent media appearances and interviews have attracted global attention and generated substantial controversy. Carlson conducted exclusive interviews with world leaders including Vladimir Putin and the Prime Minister of Qatar, using these platforms to amplify alternative perspectives on major geopolitical issues. His Putin interview sparked particular international debate when the Russian president used the opportunity to suggest renewed negotiations regarding Wall Street Journal reporter Evan Gershkovich's detention in Russia.Carlson has also engaged in heated public exchanges with other prominent figures over significant policy matters. A recent clash with billionaire Mark Cuban focused on U.S. aid to Ukraine, highlighting growing disagreements within conservative circles about American foreign policy. Additionally, Carlson and Senator Ted Cruz publicly feuded over whether the United States should support Israel in potential military strikes against Iran, further demonstrating internal divisions among pro-Trump conservatives regarding Middle East policy.Beyond media and political commentary, Carlson announced a one million dollar fundraiser, partially funded through his nicotine brand ALP, to support the family of conservative activist Charlie Kirk following Kirk's assassination. This philanthropic effort drew both support and criticism, with some detractors accusing Carlson of self-promotion by associating his commercial brand with the tragedy.Carlson's activities and statements continue to generate significant controversy and debate about his influence on American conservative politics and media. Religious leaders and commentators have criticized his positions and guest selections, with some evangelical figures characterizing his influence as dangerous and comparing his anti-Israel commentary to extremist rhetoric. These ongoing controversies underscore his status as a polarizing figure whose media platform and public statements carry substantial weight in right-wing political circles.Thank you for tuning in to the Tucker Carlson News Tracker podcast. Make sure to subscribe for the latest updates on Tucker's activities and impact on media and politics. This has been a Quiet Please production. For more, check out quietplease dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

Adam Joseph was shocked when Mark Cuban replied to his email with an inquisition full of questions. Learn more about your ad choices. Visit podcastchoices.com/adchoices

From losing his $25,000 life savings on his first startup investment to democratizing venture capital for everyday investors, Gerry Hays shares proven strategies for making early-stage investing accessible through VentureStaking while teaching founders outside traditional tech hubs how to raise capital and build sustainable businesses. In this episode of the DealQuest Podcast, host Corey Kupfer sits down with Gerry Hays, founder and CEO of Doriot and Senior Lecturer at Indiana University's Kelley School of Business. Gerry has made 75+ startup investments, taught venture capital for 20 years, and built multiple companies from zero to exit, including HomeYeah.com and Charlie Biggs Food Company. His current mission focuses on expanding venture capital access beyond coastal hubs through innovative funding models. WHAT YOU'LL LEARN: In this episode, you'll discover how to participate in early-stage startup investing with as little as $10 through the VentureStaking model, why the right to invest later in winning companies proves more valuable than over-investing today, and how collapsing startup costs are fundamentally changing capital requirements for founders. Gerry shares strategies for avoiding what he calls "the fool's tax" when making your first investments, the critical importance of backing founders over ideas, and why venture investing resembles poker more than roulette. You'll also learn about building venture ecosystems within universities where students and alumni can collaborate on funding and growth, navigating the decision between raising capital versus bootstrapping your business, and the difference between venture-appropriate businesses versus lifestyle companies. The conversation explores tokenization's potential to create an ownership economy, why cultivation mindset beats consumption thinking for long-term wealth building, and what freedom from scarcity truly means in both dealmaking and life. GERRY'S JOURNEY: Gerry's path into venture capital came through painful education. After leaving law practice after just six months, he made his first investment at age 27, putting his entire life savings of $25,000 into a hazardous waste processing technology. He knew the space intimately from running lobbying for Indiana's Department of Environmental Management. The technology made sense. The market opportunity was clear. But the founder couldn't execute, and Gerry lost everything. That lesson kept him away from startup investing for a decade. Instead, he became a founder himself, launching HomeYeah.com during the dot-com boom. He acquired a small Indianapolis company with 25 lawn signs and built it into the 11th largest real estate company in Indianapolis by transactions, growing from zero to $1.8 million in revenue in just 20 to 24 months. The company sold to Help-U-Sell Real Estate in 2003, but not before Gerry experienced the challenge of raising capital outside traditional tech hubs. After the HomeYeah.com exit, Indiana University invited him to teach a new venture capital course. He's been there since 2004, creating what he calls a bridge between academic theory and real-world startup practice. Meanwhile, he co-founded Charlie Biggs Food Company, scaling it from zero to $10 million in revenue with distribution in over 1,000 retail locations before exiting through a private equity deal. FIRST INVESTMENT LESSONS: That initial $25,000 loss taught Gerry what he calls "avoiding the fool's tax." The fundamental insight was simple but profound. When you invest, you're really investing in founders more than ideas. He was simply a bad picker of founders at that point. The technology expertise didn't matter. Market knowledge didn't matter. What mattered was identifying founders who could execute through inevitable obstacles and pivots. This lesson shaped everything that followed. Gerry wouldn't touch startup investing again for ten years after that loss. When he did return, his approach centered on cultivating relationships with founders over time, watching how they respond to challenges, and building diversified portfolios that acknowledge most investments will fail. VENTURESTAKING MODEL: The VentureStaking approach emerged from Gerry's years of teaching and investing. The model allows investors to participate with as little as $10 in early-stage founders. Instead of writing large checks for immediate equity, venture stakers provide small grants to founders just getting started. If those founders break out and raise a real equity round, the stakers get invited to invest at 10 times their initial stake. The math works elegantly. Out of 25 investments of $10 each totaling $250, you might only see three worth backing in a real round. But when winners emerge, you've earned the right to participate in meaningful equity rounds without the traditional barriers to entry. This democratizes access while maintaining sophisticated portfolio construction principles. Gerry likens venture investing to poker rather than roulette. You play many hands with small amounts. You fold most of them. But when you spot real winners, you bet heavy. This is cultivation versus consumption, a long-term wealth-building game that Warren Buffett exemplifies, having created 99% of his wealth after age 65. THE COLLAPSING COST OF STARTING: One of the most profound shifts Gerry identifies is how startup costs have collapsed. What required $5 million to build ten years ago can now be created in a day for $50 thanks to AI agents, no-code platforms, and cloud services. This changes everything about capital requirements and who can be a founder. This trend combines with tokenization to create what Gerry calls an ownership economy. Instead of owning a few stocks generating passive income, people could hold tokens in 150 companies, each generating small amounts of passive income without traditional barriers to entry. The infrastructure for this future is being built now through blockchain technology and regulatory evolution. UNIVERSITY VENTURE ECOSYSTEMS: Gerry's work brings the VentureStaking model to universities, creating ecosystems where students, alumni, and faculty can participate in funding and building the next generation of startups. Indiana University has 70,000 students and 800,000 alumni. Imagine creating an arena where students pitch ideas, alumni back them with small stakes, and the community participates in the upside when founders succeed. Shared information, shared risk, shared prosperity. This approach captures innovation traditional VCs miss entirely. Founders outside coastal hubs gain access to capital. Alumni gain access to investment opportunities typically reserved for accredited investors with six-figure minimums. Students learn by doing rather than just studying theory. The model scales to any university willing to build the infrastructure. KEY INSIGHTS: Geographic location shouldn't determine access to capital. Gerry experienced this firsthand with HomeYeah.com in Indianapolis. He wasn't in California. He didn't have the right connections. That challenge drives his current work at Doriot, focused on democratizing venture capital for founders and investors outside traditional hubs. The Sam Altman example illustrates how network effects compound. Altman invested $15,000 in Stripe in 2009, now worth $650 million. That wealth creates access to more deals. Those deals create more wealth. The rich get richer not because they're smarter but because they have access. VentureStaking aims to expand that access. Contracts matter, but people matter just as much. Gerry's experience shows that when something seems too easy, like tenants responding unusually quickly to lease documents without redlines for 10-15 year commitments, it raises red flags. You can have perfect legal documents but still face challenges if you're working with the wrong people. THE SHARK TANK STORY: Gerry shares his Shark Tank experience where his former student pitched a business and received a $250,000 offer from Mark Cuban for 35% equity. Gerry advised him that existing SAFEs would push him below 50% ownership. The founder turned down Cuban's offer. That "no" to Mark Cuban kicked off Season 4 of Shark Tank and generated publicity that proved more valuable than the deal itself. The company continued growing without the investment. CULTIVATION VERSUS CONSUMPTION: One of Gerry's most powerful insights addresses how society trains people for consumption rather than cultivation. We've made sports betting legal. Prediction markets are booming. We're training young people about fast-moving money and dopamine hits. But venture investing is a cultivation game. You're dropping seeds into the ground and watching what the universe brings back. He gave a student $5,000 who wanted to build something in the travel industry. The founder pivoted to AI and Shopify and just raised $8 million at a $55 million valuation. That $5,000 investment is now worth over $200,000. The bet wasn't on the idea. It was on a founder who wouldn't quit. That's something you discover by playing the game, getting yourself into wealth-building activities where you're patient, watching, and learning. FREEDOM FROM SCARCITY: When asked about freedom, Gerry's answer cut to something fundamental. Being free from a scarcity mindset is profoundly important. Everything around us reinforces scarcity. But when you let go of that and realize how abundant things really are, it changes how you see opportunities. You can afford to be patient. You can take calculated risks. You can help others succeed knowing there's enough to go around. This mindset applies to venture capital, to dealmaking, to entrepreneurship, and to life. When you operate from abundance rather than scarcity, you see opportunities differently. Capital formation is evolving. The question is whether that evolution will democratize opportunity or concentrate it further. Gerry's betting on democratization. Perfect for investors curious about venture capital but feeling locked out of traditional opportunities, founders outside coastal tech hubs seeking capital, university administrators exploring venture ecosystem development, and anyone interested in how capital formation is evolving to become more accessible while maintaining sophisticated portfolio construction principles. FOR MORE ON THIS EPISODE: https://www.coreykupfer.com/blog/gerryhays FOR MORE ON GERRY HAYS:https://www.linkedin.com/in/gerryhays/ https://doriot.com FOR MORE ON COREY KUPFERhttps://www.linkedin.com/in/coreykupfer/https://www.coreykupfer.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today! Episode Highlights with Timestamps [00:00] - Introduction to Gerry Hays and the VentureStaking model [02:15] - Growing up around real estate and finding it boring initially [04:30] - The $25,000 first investment loss and avoiding the fool's tax [07:45] - Launching HomeYeah.com during the dot-com boom and growing to $1.8 million [10:20] - Capital raising challenges outside traditional tech hubs [12:30] - Selling HomeYeah.com to Help-U-Sell Real Estate in 2003 [14:15] - Teaching venture capital at Indiana University since 2004 [16:45] - Building Charlie Biggs Food Company from zero to $10 million in revenue [19:30] - The VentureStaking model explained with $10 minimum investments [22:15] - Why venture investing is poker, not roulette [25:00] - The collapsing cost of starting companies from millions to dollars [27:30] - Tokenization and the ownership economy vision [30:45] - The $5,000 investment now worth $200,000 after founder pivoted to AI [33:20] - Sam Altman's $15,000 Stripe investment now worth $650 million [36:00] - Building venture ecosystems within universities [39:15] - The Shark Tank story where student turned down Mark Cuban [42:00] - Cultivation versus consumption mindset for wealth building [44:30] - Warren Buffett creating 99% of wealth after age 65 [46:45] - Freedom from scarcity mindset in dealmaking and life Guest Bio Gerry Hays is the founder and CEO of Doriot, a platform focused on democratizing venture capital by expanding access for entrepreneurs outside traditional coastal hubs. He is also a Senior Lecturer at Indiana University's Kelley School of Business, where he has taught Venture Capital and Entrepreneurial Finance since 2004. Gerry began his career in politics and law before founding HomeYeah.com, an online real estate platform that grew from zero to $1.8 million in revenue in 20-24 months and became the 11th largest real estate company in Indianapolis by transactions. The company was acquired by the private equity firm behind Help-U-Sell Real Estate in 2003. He co-founded Charlie Biggs Food Company, growing it to over $10 million in annual revenue with distribution in over 1,000 retail locations before exiting through a private equity deal. He also co-founded Apparel Media Group, later acquired by Custom Ink. An active investor, Gerry has backed 75+ early-stage companies, several of which have raised over $20 million or achieved profitability. He has been investing in Bitcoin and Bitcoin Layer 2 infrastructure since 2013. Gerry is the author of The First-Time Founders Equity Bible and has led student venture immersion trips to Asia for over a decade. Host Bio Corey Kupfer is an expert strategist, negotiator, and dealmaker with more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker deeply passionate about deal-driven growth. He is the creator and host of the DealQuest Podcast. Show Description Do you want your business to grow faster? The DealQuest Podcast with Corey Kupfer reveals how successful entrepreneurs and business leaders use strategic deals to accelerate growth. From large mergers and acquisitions to capital raising, joint ventures, strategic alliances, real estate deals, and more, this show discusses the full spectrum of deal-driven growth strategies. Get the confidence to pursue deals that will help your company scale faster. Related Episodes Episode 350 - Tom Dillon on Fractional CFOs and Alternative Funding Sources: Learn how fractional CFO services help companies explore diverse funding options beyond traditional venture capital. Episode 351 - Solocast on Deal Structures Beyond M&A and Capital Raising: Explore joint ventures, strategic alliances, licensing agreements, and other creative partnership models that expand growth options. Episode 89 - Sherisse Hawkins on the Capital Raising Journey: Discover the practical realities of securing investment as a founder and navigating the funding landscape. Episode 85 - Nick Adams on Seed Stage Venture Capital Funds: Understand how traditional VCs evaluate early-stage deals and what metrics matter most to institutional investors. Episode 175 - Natasha Miller on Developing Strategic Partnerships: Master the concepts of shared risk, shared resources, and creative collaboration structures that bring communities together. Episode 185 - Maximilian Rast on How to Raise Capital for Your Company: Build the fundamentals of capital raising that apply across venture, real estate, and business growth strategies. Social Media Follow DealQuest Podcast:LinkedIn: https://www.linkedin.com/in/coreykupfer/Website: https://www.coreykupfer.com/ Follow Gerry Hays: LinkedIn: https://www.linkedin.com/in/gerryhays/ Company: https://doriot.com Twitter: @gerryhays Keywords/Tags venture capital democratization, VentureStaking model, early stage investing, startup funding alternatives, university venture ecosystems, tokenization investing, accredited investor alternatives, cultivation mindset wealth building, venture capital accessibility, startup investment diversification, capital raising strategies, founder backing strategies, angel investing, entrepreneurship education, blockchain tokenization, ownership economy, portfolio diversification, founder selection strategies, dealmaking strategies

In this special episode, we sit down with Chris Hill, former host and executive producer of Motley Fool Money and one of the most recognized voices in investing. Over his 25-year career at The Motley Fool, Chris co-created five shows about money and investing, hosted more than 3,500 episodes, and interviewed some of the biggest names in business and finance—including Malcolm Gladwell, Michael Lewis, Dan Pink, Becky Quick, and Mark Cuban.Chris is also the narrator of Morgan Housel's international bestseller The Psychology of Money and its New York Times best-selling follow-up Same As Ever. His audiobook narration of The Psychology of Money reached #1 on Audible's Nonfiction bestseller list in 2023.Join us as Chris shares insights from decades of experience, his approach to simplifying investing for beginners, and his thoughts on building financial confidence for retirement. Whether you're just starting your investment journey or preparing for life after work, this episode delivers practical wisdom and inspiration.Timestamps:00:00 – Intro03:03 – Chris Hill's Journey to The Motley Fool08:07 – Money Unplugged Podcast: The Mission, Memorable Moments, & Core Audience18:04 – Simplifying Investing: Chris Hill's Approach20:56 – Investing Recommendations for TRS Members26:04 – Most Common Investing Mistakes Influenced by Fear28:27 – Chris Hill's ETF Choices: Buy, Add To, & Hold Forever31:56 – Making Investment Decisions: The “Circle of Competence”35:18 – Chris Hill's Three Stock Choices: Buy Now & Hold Forever40:19 – Why Consumers Should Read Morgan Housel's “The Art of Spending Money” 44:45 – Finding the Balance: Being Financially Prudent vs. Splurging51:11 – Last Words & Finding Money Unplugged53:57 – OutroAre you about to retire? If you haven't had the chance to meet with us one-on-one in a virtual or in-person format, and are within 2 years of retirement eligibility, be sure to log in to your TRS account online and register for a session today! Are you new to TRS or in the middle of your career? Be sure to designate your beneficiaries as soon as possible in your TRS online account. We want to hear from our members! Please email the show for topic inquiries, questions and comments! Contact us at ⁠⁠⁠⁠podcast@trsga.com⁠⁠⁠⁠. Host: Everett Crockett Guest: Chris Hill, Host of Money Unplugged, Former Host & Executive Producer of Motley Fool PodcastFor more information visit: ⁠⁠⁠⁠www.trsga.com⁠⁠⁠⁠ Facebook: ⁠⁠⁠⁠https://www.facebook.com/trsgeorgia⁠⁠⁠⁠ YouTube: https://www.youtube.com/@trsgeorgiaInstagram: https://www.instagram.com/trsgeorgia/#RetirementPlanning #PensionPodcasts #RetirementThis podcast is for information purposes only and should not be considered financial, legal, or tax advice. The views and opinions expressed are those of the speakers and may not reflect the views of the Teachers Retirement System of Georgia.

Keith Smith is founder of the Surgery Center of Oklahoma. He returns to the podcast to summarize his recent testimony on medical costs.Mentioned in the Episode and Other Links of Interest:The YouTube version of this interview.The CSPAN video of the testimony.The Surgery Center of Oklahoma. The Free Market Medical Association (FMMA). Matt Ohrt's appearance on the BMS.The Tuttle Twins Academy (with Black Friday discount).Help support the Bob Murphy Show.

Season 6 Kickoff! Mike and Tarlin are back for a special edition of Running It Back, diving into the biggest sports stories for lessons in leadership, accountability and the struggle for growth. The conversation starts with an update on Mike's Mets (the only thing softening the blow is a wealthy owner) and Tarlin's dog before flexing into three essential topics: WNBA: The Commissioner vs. The Player Napheesa "Phee" Collier, Vice President of the WNBA Players Association and co-founder of the Unrivaled 3-on-3 league, put the entire league office on blast, labeling them the "worst leadership" at a moment when the league is experiencing unprecedented growth driven by stars like Caitlin Clark, Paige Bueckers and Angel Reese. Player First vs. Management First: Compare the WNBA's current position to the NBA's profitability years under David Stern. Is Cathy Engelbert missing the story by not putting her most valuable assets—the players—first? The Cost of Growth: Revenue is up, but is management willing to take the long-term investment view required to scale the league and pay the players what they deserve? A Familiar Narrative: Tarlin draws parallels to the massive lockouts in the NHL and MLB in the mid-'90s, warning that the WNBA's current crisis of leadership threatens to squander its boom moment. NBA: Ballmer, Kawhi, and the Clippers' Stink Steve Ballmer's “hardcore” Clippers franchise faces a serious challenge following the surfacing of a no-show job deal for Kawhi Leonard's uncle with a carbon offset company, Aspiration—a company in which Ballmer was investing. The Madoff-Type Scheme: Mark Cuban called it "a shady carbon offset deal where the math 'is not mathing.'" Lessons from History: This scandal echoes the Joe Smith salary cap violation with the Timberwolves in 1999, which led to heavy penalties. Will Adam Silver take action against the ego-driven, win-at-all-costs leadership of the Clippers? Independent Journalism: A shout-out to Pablo Torre and his team for their investigative work in surfacing this stink. Golf: The Ryder Cup and the Crisis of Individualism Team Europe, led by the small-ego, unifying captain Luke Donald, dominates the US team, highlighting a fundamental leadership failure for the Americans. The Accidental Captain: Donald's success comes from putting his ego aside and positioning every player to win, a direct contrast to the US side. Rotten on the Inside: The American team's individual success in the singles matches proves they lack the necessary team cohesion and leadership apparatus. The Need for a Colangelo: The US golf program is at a crisis moment, much like USA basketball in the early 2000s. Who is the necessary, unifying leader—the Tiger Woods—needed to build a winning culture for the next generation? Quote of the Episode: "If it's rotten on the inside, it will never grow as much as you want." Like, follow and share Running It Back wherever you get your podcasts. 00:00 Introduction and Season Kickoff 00:40 Unexpected Dog Incident 01:58 Mets' Season Recap and Ownership 04:21 NFL and Fantasy Football 05:34 WNBA Leadership and Player Issues 15:29 Napheesa Collier and Cathy Engelbert Beef 15:44 Kawhi Leonard and the Aspiration Deal Controversy 17:29 Steve Ballmer's Aggressive Ownership 19:28 Kawhi's No-Show Deal and Leadership Lessons 21:17 Mark Cuban's Skepticism and Aspiration's Ponzi Scheme 24:21 Ryder Cup Leadership and Team Dynamics 29:39 Conclusion and Final Thoughts

⁠⁠⁠⁠⁠⁠Seacoast Stories LIVE!⁠⁠⁠⁠⁠⁠ is happening on Friday, December 5 at 3S Artspace. Host Troy Farkas will speak to Dagan Migirditch from Liars Bench Beer Co., as well as past podcast guests Laura Fox and Erin Holt. To see the Seacoast's No. 1 podcast in person, you can secure your tickets ⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠.Port City Pretzels is not what you think it is.It's a much larger operation than you ever imagined it would be.Seated on THOUSANDS of grocery store shelves across the country, Port City Pretzels have become a giant in the snack industry. With shelf space in WalMart, Shaw's, Market Basket, Hannaford, and many more, Port City finds itself competing against the top dogs in a world Suzanne Foley never imagined she'd find herself in.Foley, the founder of Port City Pretzels, is the daughter of Eileen Foley, the longest-serving mayor in the history of Portsmouth ... and the creator of the dill ranch pretzel recipe - a recipe Suzanne perfected when she started her company in the mid-2010s.Port City Pretzels began as a modest operation in Suzanne's kitchen, with the original goal of selling solely at tiny stores across the Seacoast.But word quickly spread about the pretzels, and Suzanne, a high-flying businesswoman in a past life, decided to go all in - getting more space, hiring "unique" staff, and eventually bringing on her daughter, Eilee Marousek, to be her business partner.On today's episode, Suzanne and Eilee join host Troy Farkas to discuss the early days of Port City Pretzels, why very few took Suzanne seriously at first, how the company blew up faster than she expected, and why the two need to see a therapist in order to keep their working relationship healthy.Plus, how the business caught the attention of "Shark Tank" star Mark Cuban, and why Vice President Kamala Harris visited the facility during her presidential campaign!CHAPTERS:Starting Portsmouth Pretzels (00:00)Rapid growth in the early days (14:15)Port City's commitment to hiring workers with disabilities (18:40)SPONSORS: Little Tree Education & Studio H (25:25)How PCP began to scale and grow across the country (29:12)What it's like running a family business (46:02)That time Kamala Harris visited the factory (55:12)How do you want to be remembered? (01:07:00)EVENTS:⁠Seacoast Stories Dinner Club!⁠ It's happening in Portsmouth at 5:30 p.m. on Friday, December 5, just prior to the next live podcast. ⁠Take the personality quiz here ⁠to get matched up with five Seacoast strangers for dinner.SPONSORS:⁠⁠⁠Little Tree Education⁠⁠⁠: Get 50% off your application fee with code SEACOASTSTORIES when ⁠⁠applying your child⁠⁠ for Spring/Fall 2026 at the Seacoast's top Montessori school!Studio H Salon: Get 50% ($100) off your consultation regarding preventative hair loss! Visit their website and type "STORIES" into the contact box to activate the deal.To get started on a path toward better financial investment, email our friend David Higgins ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠david.higgins@wellsfargoadvisors.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠! He's a Portsmouth legend, and you won't regret it.Investment and insurance products are Not Insured by the FDIC or Any Federal Government Agency, Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate, Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested.Investment products and services are offered through Wells Fargo Clearing Services (WFCS), LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. WFCS uses the trade name Wells Fargo Advisors. 1 North Jefferson, St. Louis, MO 63103.

This week's Wealth Formula Podcast is about the economics of sports—if you are a sports fan like me, you will love it. But before we get to that, I want to give you my two cents on one of the most important elements to financial success in anything: conviction. As I write this, Bitcoin sold off from a high of $126K to under $90K. Other cryptos have lost 50-90 percent of their value in the same time. It's been called a blood bath. Some are even saying it’s over for Bitcoin. I might even believe them if I hadn't seen the same story at least 5 times before over the past decade. True bitcoiners have tremendous belief in what bitcoin means to the world. Someone who bought $1,000 of Bitcoin in 2010 and simply refused to sell would now be sitting on hundreds of millions of dollars. That is the reward for true conviction. The irony of this bitcoin cycle is that many of those individuals with high conviction are finally cashing in on the fruit of their patience. Almost every day, another wallet that hasn't been active since 2011 is selling off a billion dollars into the market into the hands of Wall Street and governments. That's why prices are tumbling. But don't be fooled into thinking that these buyers are the dumb money holding the bag. The story does not end here. Nor is the Bitcoin story a one-off either. History repeats itself as the story of investments unfolds over time. In December 1999, Amazon stock traded at $106. After the dot-com crash, it fell to $5.97. Every talking head had a eulogy written for the company. But if you were crazy enough to hold through the storm, your conviction paid off spectacularly: $10,000 invested in Amazon in 2001 is worth over $20 million today. Now, moving on to the topics of sports. One of my favorite examples of conviction is from 1920, when George Halas bought the Chicago Bears franchise for $100. The Halas family could've “taken profits” countless times. They lived through multiple depressions, a world war, a dozen recessions, five or six league restructurings, labor disputes, player strikes, and decades of bad seasons. Anybody else would've bailed. But they didn't, and today, the Chicago Bears are valued at over $6.3 billion. These stories have different time periods and different industries, but they all teach the same lesson: Conviction is one of the most profitable assets you can own. That's the message I want to leave you before we move into a perhaps more entertaining topic: the economics of professional sports. Most people think of sports in terms of touchdowns, rivalries, and Super Bowl rings. But the truth is… professional sports is one of the greatest wealth-creation machines in American history. Few people understand those engines better than our guest this week. He's one of the clearest, most respected voices in sports economics today, and he's going to break it all down for us: salary caps, streaming deals, and team valuations. If you are a sports fan, you are going to love this week's episode of Wealth Formula Podcast! Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com.  Donald Trump pretty much bankrupted the USFL by saying we’re gonna go head to head, uh, with the NFL instead of trying to build a a Spring Sports League. Welcome everybody. This is Buck Joffrey with the Wealth Formula podcast. Happy, uh, Thanksgiving week, uh, and uh, this week because it is a holiday week in, you know, football and all that kind of stuff that goes along with it. We’re gonna talk. About the economics of sports. And if you’re a sports fan like me, you’re gonna really like this. I really had fun with this interview actually. It was just like me asking a bunch of questions I always had. But anyway, before we get to that, I want to give you my 2 cents. One of the most important elements that I think there is give financial success in anything, and that is conviction. And I bring this up to you in part because Bitcoin sold off. Um, and well at least all the time, I’m recording this from a high of 126,000 and then it, it plunged actually below 90,000. And then of course, there were other cryptos that lost 50 to 90% of their value in the same time. Uh, yeah, it was a bit of a bloodbath. It’s been called a bloodbath and it is a blood bath. And of course, there are some who are declaring Bitcoin dead Again. Um, and you know what? I might even believe them if I hadn’t seen, uh, the same story, at least I’d say, I don’t know, maybe four or five times over the past I, eight years, nine years, whatever. True Bitcoiners though, have a tremendous belief in what Bitcoin means to the world and where this is headed. And some of them, well before I ever got in, right? I mean. That serious conviction because, you know, the people who were buying, you know, back in 2012, 13, I mean, this was completely outta nowhere, had no one’s, uh, no one’s support, nothing. In fact, in 2010, uh, you know, if, if you bought Bitcoin back then simply refuse to sell up until now, um, say you bought a thousand dollars of Bitcoin. You’d be sitting on hundreds of millions of dollars of Bitcoin, right? That’s the reward for true conviction. And those people, frankly deserve it. Because can you imagine if you just bought a thousand bucks or something and it was already up to a million, it was already up to 10 million and all the way up to 20 million, you still didn’t sell. I mean, I don’t even know if I could, I don’t know if I could do that. I don’t think I could. I mean, at some point I would be like, take the money and run. Right. Um. You know, it’s a funny thing though. The irony of this Bitcoin cycle that we have right now is that many of those individuals with, you know, super high conviction, um, the ones that were in way before any of us and before me, well, they’re actually, a lot of them are actually cashing out sort of the fruit of their patients. Right. Almost every day right now, you’re seeing a another wallet that’s been dormant since like 2011. And all of a sudden it sells. It’s something that has done nothing, but just sit there in storage, selling off a billion dollars into the market, probably, you know, started out as like 10 grand. Right? And where’s that money going? It’s going to the hands of Wall Street’s, going in the hands of, uh, governments. That’s actually the ironic part here. That’s why prices are tumbling. Because I think people are saying, well, gosh, we’re at a hundred grand. I’m sitting on hundreds of millions of dollars. I’m sitting on a billion dollars. Uh, I think it’s time to get out, right? But don’t be fooled, in my opinion, to think that these buyers are, uh, you know, they’re the dumb people holding the bag. I mean the, the people holding the bag, it’s Wall Street, right? They’re governments and reserves. And, uh, you know, big treasury companies, the story doesn’t end here. And the other thing is that Bitcoin story is not a one-off in history at all, right? In fact, you know, it, Bitcoin gets a lot of attention. But you even look at something like Amazon, right? December, 1999, Amazon stock trading at $106. Then the.com crash comes, and guess what? It fell down to $5 and 97 cents. That’s a Bitcoin like crash, right? And every talking had a eulogy written for the company. And if you were crazy enough to hold through that storm, your conviction paid off spectacularly. If you had $10,000 invested in Amazon in 2001, it’s worth over $20 million today. So anyway, that’s the point I have though. You know, it’s, the point is about conviction. Uh, and, and I’m not saying that you should just be dumb, buy something and be dumb about it, but especially on these asymmetric things where you think something could be really big, give yourself a time, a period, right? I mean. The only thing other than Bitcoin that I think I, I’m really interested in, in the crypto space is something called Solana. Solana is down like 50% from its ties, and I still think that, you know, when the dust settles, I think this is going to be something that’s gonna pay, pay off. Now if I were to watch it day by day, uh. It’s demoralizing, right? But, but I think the point is, if you have some conviction in something, give it some time. You know, say, I’m gonna watch this for at least five years if I can, if I don’t absolutely get into a situation where I need that money, which hopefully you don’t, because this is not where that kind of money belongs. Right? But give it some time and don’t look, there’s lots of noise, and, and, and then just give it some time and see what happens. Right? Now speaking of giving it some time, you know, a similar story in the sports arena in 1920, George Halas, I think it was Papa Bear, right? George Papa Bear. Halas bought the Chicago Bears franchise for a hundred bucks. Yep, a hundred bucks. Now the Halas family could have taken profits countless times, and they lived through lots of, uh, bad times. Depressions, uh, you know, world War, uh, a dozen recessions, five or six, uh, league restructurings, labor disputes, player strikes, decades of bad seasons. And maybe anybody else would’ve billed at some point if they’d made, you know, millions of dollars from the a hundred bucks. But they didn’t. And the Chicago Bears, as much as I don’t like the Chicago Bears, are valued over $6.3 billion. Now these stories, ultimately, they’re, you know, different time periods, different industries, but same lesson conviction, it’s one of the most profitable assets you can own or attributes at least. Maybe it’s not an asset, I don’t know. That’s a message I wanna leave you before we get into the topic of today, which is the economics of professional sports. Now, most people think of sports in terms of touchdowns, rivalries, super Bowl rings, all that kind of thing. But the truth is professional sports is one of the greatest wealth creation machines in American history, and few people understand those engines better than our guest this week. He’s one of the clearest, most respected voices of sports economics today. And he is gonna break it all down for us. We talk salary caps, streaming deals, team valuations. We talk about the Green Bay Packers and why they’re owned by the city of Green Bay instead of owners. All that kind of stuff that you might have wondered about but you never really knew. So if you’re a sports fan, enjoy it and happy Thanksgiving. We’ll have that interview for you right after these messages. Wealth formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net, the strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own. Bank to invest in other cash flowing investments. Here’s the key. Even though you’ve borrowed money at a simple interest rate, your insurance company keeps paying you compound interest on that money even though you’ve borrowed it. At result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique. It’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its backbone. Turbocharge your investments. Visit Wealth formula banking.com. Again, that’s wealth formula banking.com. Welcome back to the show everyone. Today. My guest on Wealth Formula podcast is, uh, Dr. Victor Matheson, professor of Economics and Accounting at College of Holy Cross. He’s a leading authority on sports economics, studying everything from the financial impact of mega events like the Olympics and World Cup, to the inner workings of professional sports leagues, lotteries, and public finance. Uh, welcome to the show. How are you? Well, thanks for having me. Great. Always happy to talk some sports economics. Oh gosh, this is interesting. I’m a huge, uh, I’m a huge sports fan, especially NFL and, uh, so, you know, instead of talking personal finance, you know, without, uh, without any, uh, uh, sports in it, this is definitely a, uh, welcome for me. So, um, well, vigor, let’s start, start with this, you know, um. Most of us who are big sports fans, you know, we’re really driven by the idea of the, the, you know, the, the emotion, the entertainment. Taking a step back from your perspective, how should we look at this whole ecosystem of sports as an economic system? Well, uh, first of all, it’s. It’s both bigger and smaller than, uh, than you would imagine. So if we think of the NFL, the NFL ha generat more revenue than any, uh, sports league in the world. Uh, this year it’ll come in somewhere around 22 ish billion dollars. Uh, that certainly seems like a lot of money. On the other hand, a Sherwin Williams paint store comes in at about that same sort of, uh, revenue, you know. On many podcasts talking about talking about paint, right? Um, if we talk worldwide, all the sports leagues all put together, uh, we’re talking about maybe a hundred billion or so, maybe 120 billion, roughly the same size as Johnson and Johnson. So, uh, you know, it’s a big industry. It’s a, you know, billions in with a B, but it’s also a tiny percentage of, of the total amount of economic. Being generated every year, and, and so we can easily get, uh, um, we can easily get ahead of ourselves and say, well, you know, uh, it’s the biggest company in the world, the NFL, it’s, it’s not even 500. Interesting. Um, so let’s talk a little bit about this, um, uh, how value is created in these leagues. So, so, you know, you said professional leagues are built on the economics of controlled scarcity. So talk a little bit about that, if you would, how this scarcity model drives value and, and, and protects, uh, uh, profitability. Right. So let’s compare, you know, let’s compare a Walmart. To the NFL, right? Uh, so Walmart takes a look at all these potential places that you could put a Walmart and they say, oh, this would be a good one. And a Walmart goes in. And now that Walmart’s generating economic impact and generating revenues for the, for the. For the company and all these sort of things. Now let’s look at the NFL, right? Uh, the NFL does the same thing. They said, Hey, uh, let’s look at Las Vegas. Would that be a good place for a, for a team? Uh, is is London gonna be a good place for a team? Uh, and they look at those. Uh, but here’s the deal. If Walmart looks at 50 places and says, Hey, these 35 would be good places. They’re not gonna just pick the best one for a franchise. They’re gonna put. Walmart’s in all of those, right? Uh, the NFL on the other hand, very specifically saying, you know, we actually don’t wanna put an NFL franchise in every place that we could, uh, make a profit in because we want to be in the, in a world where there are fewer NFL franchises than there are cities that want them, and that generates demand for this. Um, Walmart can’t do that because if Walmart doesn’t put in a franchise somewhere, uh, you know, Target’s gonna come in instead. Uh, that’s not gonna happen in the NFL, uh, because there’s no other competitor to that. So they can actually restrict the number of franchises they have, which means that every franchise is selling at a, a super premium price. These are, you know, at the lowest end, we’re talking five, six, $7 billion franchises. Now, uh, they could sell multiple new expansion franchises, but they choose not to. To maximize the value of those existing franchises. It’s been a while actually since the NFL expanded, um, the league. And I’m curious, what are, you know, what is it that drives them ultimately to do that? I mean, again, you just mentioned there’s this whole scarcity issue. I mean, what do you think are sort of the limitations or sort of the. You know, the, the, the points at which they say, well, gosh, maybe we do move to London, or maybe we do that. Like, do you have a sense of that? Yeah. So a couple things they wanna do. So first of all, one of the big things that all of the leagues in the United States have done is they want to be a big enough league to make sure that they cover all of the good spots or most of the good spots for a team. You don’t wanna leave enough good team locations that a rival league could come and start to challenge you. Right? So thinking back to the 1950s, uh, one of the most important sports leagues ever to come about in the United States. Actually never even existed. And this league is what was called the Continental League. And the Continental League in the 1950s arose as a challenger to major league baseball. Major League baseball in the 1950s was exactly the same size as it was in 1901. It was 16 teams. But the United States had grown immensely and the league had started to move, you know, the Dodgers to LA and the Giants to San Francisco, but you still had huge amounts of the country uncovered by baseball. And so this Continental League came about as an idea saying, you know what? We can take on Major League Baseball by putting franchises in places that it doesn’t exist. They said, oh, here’s our new eight league team. And the way Major League Baseball responded to that is before continental baseball could even start, uh, start existing, it said, oh yeah, well we’re gonna put a team in Minneapolis. We’re gonna put a team in Houston. We’re gonna put teams in these Lee in these cities that the Continental Baseball Association was gonna go into. And therefore, uh, continental baseball never got into existence because Major League Baseball expanded into those locations and everyone has taken that, that hit. You need to be big enough to make sure that every place with a, a good chance at having a team, or at least most of them, uh, are covered so that there’s 8, 10, 12 cities out there, uh, a big enough footprint that you could have your own new league. Uh, do that. So, I mean, if you look at the NHL, if you look at NBA major league baseball, NFL, all about 30 teams. There’s about 30 or a few more big cities. But what’s very important is there’s not 10 or 12 big cities out there, uh, without NFL teams, without football teams that. A rival league could move into that space. You know, I’m curious when you, you brought up that Continental league in baseball. It reminds me when I was a kid of, uh, the United States football, like the USFL and all, they got all these, uh, players, like I remember Herschel Walker started there and, and there was a number of actually guys who ended up in the NFL and being big stars there. So they, they definitely, uh, started out pretty strong. What went wrong for the USFL? It’s so funny you say that. Uh, the answer is actually one big, uh, name. It’s actually Donald Trump. Yeah. So, so what USFL did is, is they noticed that their niche was, um, was the spring, right? We play college football, we pay play high school football, and we play the NFL in the fall, which means that, uh, people out there in the spring, there’s no football out there to be had. The USFL said, you know, we could move into this market. So first of all, we’re gonna move into the spring where there’s not a rival. Second of all, we’re gonna take at least some cities where there’s not active, um, football teams either places like Birmingham, right? Uh, so any case, uh, what happened there is the USFL. Kind of got a little, its ego kind of got ahead of itself and it said, Hey, now that we’ve established ourselves in the spring, we do have some big stars like, uh, uh, Herschel Walker, like Doug Flutie, uh, some of these others. We’re gonna try to take the, uh, take the NFL on, uh, head to head and we’re gonna move from the spring to the fall. And the other thing they did that was very important is they filed a lawsuit against, uh, the NFL, saying that the NFL was engaging in antitrust activity that was keeping this rival league down. It was, uh, keeping them off TV by using their market power with some of the broadcasters. It was using its market power with stadiums to keep these teams out. And so they took him to court, and I think the, the hope was that there would have to be a settlement and that settlement would result in the USFL merging with the NFL. And the owners of the big teams in the USFL would kind of get a backdoor into the NFL this way. As it turns out, the court, in fact did find in favor of the USFL. Uh, they said yes, the NFL is engaging in illegal antitrust activity, but they also said. You guys are insane. Uh, going against the NFL in the fall, there was no way you’re gonna make it. So even though the NFL was found guilty, the jury only awarded $1 of damages. Uh, technically in antitrust cases, that’s tripled. So they actually were awarded $3 in damages and the league basically folded the next day. They won their lawsuit, but they folded the next day. But of course, the owner that had most. Most importantly pushed the league to go head to head against the NFL was the owner of the new, uh, New Jersey team, the Generals New Jersey Generals. Right? And it was Donald J. Trump. Donald Trump. Uh, so Donald Trump pretty much bankrupted the USFL. By, uh, by saying we’re gonna go head to head, uh, with the NFL instead of trying to build a, a Spring Sports League. Now, to be fair to Donald Trump, which I don’t necessarily want to be, but to be fair to him, um, there’s no guarantee that the USFL would’ve made it as a spring league either, but I think anyone, again, a jury looking at this said there was just no chance of that league, uh, surviving against, uh, the NFL. If you try to go head to head in the poll. Just, just outta curiosity, uh, you know, there, when you talk about Trump, I know like he’s had an interest in, you know, professional football teams for a long time where he did, at least, there’s a certain politics that goes into buying an NFL team as well, right? Right. So the NFL is a partnership. Yeah. Which means that they can choose who they decide to partner with. And, uh, the presumption was, uh, in the 1980s when Donald Trump was trying to become an NFL owner that Donald Trump, uh, neither had the money, nor had the friendships among other NFL player, uh, NFL owners, uh, to get into that very exclusive club. And so again, he was able to get into the USFL because it was a much lower buy-in, in terms of, of cost. The USFL owners couldn’t be as picky about who they wanted as fellow partners, and again, I think Donald Trump saw the USFL as a way to potentially get into the NFL through the back door through this lawsuit, and, and by moving directly in the, in the fall because the jury just didn’t find that, that there was any plan. By which the USFL teams could have ever become profitable, uh, going head to head in the fall against the NFL. Let’s talk a little bit about sort of valuations, because what’s interesting is, you know, you’ve talked about scarcity and, you know, the way that the leagues have manipulated, uh, that to make sure that there, you know, the values continue to grow, but at some point in the last 30, 40 years, the numbers just really skyrocketed, right? Where these football teams, you know. It wasn’t a straight line in terms of how much they were worth. What, what went into that massive inflection of, uh, of, of valuation? So, first of all, I think you’re exactly right. There has been this massive inflection. Uh, so I’ve been teaching sports economics since the 1990s and, and the 1990s were kind of at the end of an era where this was really one of the sames back in the seventies, eighties, and even as late as the early nineties, that if you wanna become a millionaire. Start out a multimillionaire and then buy a sports team because it was a, it was just a, uh, a dumpster fire that you could just burn up cash without any hope of any sort of real return. And that changed in probably the late eighties, early nineties. That really changed, uh, a couple things. Change that, uh, first of all. By the nineties and certainly by the two thousands, um, most of the big professional sports in the United States had solved lots of their labor relation problems with the, with the athletes. So there was always this question about, uh, you know, do athletes have the ability to bargain with other teams? Are they able to get free agent, uh, agency, are teams going to be constantly fighting and, and spending every dollar that they can down to the point of bankruptcy to buy that superstar team? And what happened again in the nineties, starting in the eighties through the nineties and the two thousands is pretty much leagues have, uh, agreed to a world where. We’re gonna limit the amount of spending, uh, that we’re gonna do on players so that we’re not all bankrupting each other, bidding for players. In order to get the players to go along with that, we come to an agreement that we’re gonna share basically half the money with the players. And that’s exactly how the NHL works, the NBA works and the NFL works. Major League Baseball is not like that yet. And we may see not this season, but the next one, um, them trying to finally join ranks with the other, uh, with the other leagues. Uh, the question is whether we’re gonna see that happen without a gigantic, uh, work stoppage that. You know, some people who are pessimistic think we’re, we may not have baseball at all in 2027. 2026 is fine, but 20, 27 may, may fall. So as soon as like your costs are all covered up, that you know that everyone is kind of playing on a level playing field. Once we know that we don’t have to worry about bankrupting ourselves. We are only paying players, what we’re bringing in as revenue. All of a sudden, this is a fairly safe investment in a way that it never was prior to, you know, this all dying down. Couple other things going on here as well is, of course, the country’s gotten bigger. We have gotten bigger, but without adding additional, many additional franchises, which means, uh, those, those tickets are becoming increasingly expensive. We’ve gotten richer in a, in a skewed fashion, so that, uh, that of course the rich have gotten richer, a lot faster than the poor have. But of course, going to a baseball game, especially with those luxury boxes and things like this, is, uh, an activity that is reserved for the wealthy. And as the wealthy have gotten more, uh, uh, have gotten, you know, increasingly rich, uh, that means that. You know, businesses like Major League Baseball in the NFL that cater to the upper class, uh, do disproportionately well. And the last thing, and I’m sure you’ve talked about, uh, this before, is on your show, obviously you can have, um, you can have investments that are irrational as long as you think there’s someone later that’s irrational, that you can, you can hand it off to, right? This is, this is all the Greater fool theory. Uh, although I don’t think necessarily in this case, the, the owners are fools, but. Sports teams are a toy of billionaires that you say, well, look, I, I am, I’m a Mark Cuban. I’ve made billions of dollars. Now I want to spend some of my, my money on a, a fun asset. You know, you and I might collect a baseball cards. Mark Cuban might collect baseball teams, right? Uh, so, uh, in a world you might be willing to overpay because you wanna be a sports soldier and you wanna rub elbows with. You know, KA Leonard, you wanna rub elbows with, uh, with, with Shhe Tani. Um, and you may be willing to overpay for that asset, but guess what? 20 years down the way, there’s still gonna be another billionaire who wants to rub elbows with that next generation of superstars. And so you’re fairly sure that the next time when it comes to sell your franchise, there will be another person who’s willing to pay a premium for that asset as well. So again, as we’ve gotten more billionaires, more billionaire wealth, um, this is something that, uh, you know, has attracted folks like Steve Ballmer to, to part with, with big money. And, uh, again, as billionaire assets have grown, uh, the ability and the desire to buy these teams has grown as well. I would think a major driver of the value. Is also coming from, um, the, the media sources, uh, that are changing, right? Where, I mean, I remember, you know, again, being a kid and there was this, you know, there was Monday night football and it was on NBC and. And that, that’s how it worked. But now there’s like bidding for these things and you’ve got Amazon, uh, doing Thursday night football, which is a little weird. Um, and you know, you sometimes you have, uh, uh, you have games on Peacock. What’s going on with that? How does it affect the economics? Uh, and ultimately, like where is this headed? So, uh, in a, in a league like the NFL, uh, over 60% of all revenues that they generate is media revenue, right? Because most of us aren’t going to games every day, uh, too expensive for us, or too time consuming or all sorts of other things. But, uh, lots of us tune in on tv. So we’re talking about, uh, well over $10 billion of annual media contracts with the NFL. Um, and those numbers have been going up, uh, at least in part because you have media companies, uh, in a pretty competitive environment bidding against one another for these things. Now, one of the things about, again, things like the NFL or the NBA is it allows broadcasters or other types of TV networks to bring in customers in a way that their regular programming doesn’t. So a, a company may actually be willing to overpay for the NFL, kind of as a way to get people to buy all of your other products. A famous example from early days, uh, is, is Fox, right? So in the old days there were three big networks. So old days, I’m talking, you know, 1970s, there were the three big networks, right? There was A, B, CNB, C, and CBS, and they all competed against one another. And then in the 1980s, this rival network came up and this is Fox. And they wanted to get into all these markets nationwide. Well, how do you make sure that a. A local station decides to pick up the Fox programming. So for example, I grew up in Denver and Denver had a, had a, an independent channel that, you know, played reruns and all sorts of other things, and, and so they have a broadcast license already. Fox goes up to them and says, Hey, would you like to carry our regular programming? And, and that, that channel said, well, I don’t really think so. We’re doing fine showing Gilligan’s Island and Love Boat and things like this, and we don’t need, uh, an entire set of your programming. We’re doing just fine, as as it is. Uh, so Fox couldn’t get a foothold in that Denver market. So what Fox does is they buy rights to the NFL. All of a sudden now they go back and say, Hey, we’ve got all this Fox programming, we’ve got the Simpsons, and we’ve got, I don’t know, uh, you know, uh, you know, these early, these early Fox programming. But, um, they say, but we also have the NFL. You can’t, you can’t turn down the NFL. And then all of a sudden that existing affiliate says, okay, all right, we’ll add the whole line of Fox programming because you’re right, we can’t turn down having the NFL. So what, what basically happens here is the NFL serves as this kind of must stock item. And uh, you know, Fox was willing to overpay for the NFL because now they’re gonna get everyone to be able to buy the Simpsons and everything else they were offering at the same time. Uh, and so media rights have gone much, have gone up much faster. And we see this all over the place, right? How do you get people to buy. Amazon Prime. Well, let’s say that’s the only way you get to watch, uh, football on Thursday nights. How do you get people to buy, you know, apple tv? You offer major league soccer games as part of their package, right? Uh, and so this is how you kinda legitimize yourself as an actual, real, uh, you know, quote real media company is by offering some, uh, live. Live sports. And that gets people who would not otherwise buy Netflix or Amazon Prime or Apple, uh, to actually purchase those because again, they’re offering this secondary item. Then presumably that in turn drives up the value of of the NFL and you know, they’re bringing in a lot more money because they’ve got not just the three major networks bidding on them, but they’ve got all sorts of big companies with deep pockets. Willing to, you know, increase their, their, their revenue is and, and that sort of snowballs. Is that, is that fair? No, and that’s exactly right. And, and for as much as I talk about, you know, that billionaire who wants the an NFL team or an NDA team as a. Prestige asset. Uh, they’re also concerned about having it as an actual functioning asset as well. So I’m willing to pay, you know, a lot more, even if I’m willing to pay a premium. That premium is based on a fundamental value in the first place. And how do you drive that fundamental value? You drive that fundamental value by maximizing the revenue you generate through things like media contracts, and by maximizing. And by minimizing your costs, by making sure that your labor costs aren’t gonna run away with you, uh, because again, hopefully you, uh, most of the leagues have solved kind of their long-term labor, uh, their labor strife between them and the players within each league. There is also some different rules, and specifically, again, being a big NFL fan, I love the fact that the NFL has a salary cap and profit sharing for each team. ’cause it makes for a much more competitive league, basically, you know, for people who don’t know what that means, essentially each team can pay, has a salary cap of how much they can pay players for a given year. But not all of the leagues have that. Uh, I don’t really follow the other ones. I, I’m not sure who has it, who doesn’t, but I know that, like in baseball, I don’t think they have that. And it creates a situation where you’ve got the Dodgers or the Yankees in, in, in the World Series. More often than not, and you know, you’re not getting the smaller teams usually. No. So you’re exactly right. So the NFL has what’s called a, uh, a salary cap, and it’s actually got what’s called a hard cap. So they’re actually quite serious about this, and there are very few exceptions that can be made to go over this cap. Uh, this cap is based on the total amount of revenue that’s being generated by the league. Uh, and again, the cap basically is the way that they make sure that they share. A fair proportion of the money with the players. Uh, what’s also important is they also have a floor. So the, the cap this year is about 225 million, if I remember right, but the floor is about 200 million. So every team in the league basically is spending the same amount on labor this season, which makes for a very even playing field. And we know that some teams are gonna lose and some teams are gonna win. And it seems like the Browns and the, and the jets never win. And it seems like other teams always do. But what’s important about that is it’s not just because they’re in a big city, that they have these gigantic revenue advantages and that they can buy a championship. It really is, you know, who is smartest with their money, who’s smartest with your coaching, who’s lucky with the draft and things like this. And, uh, that makes for a very nice thing here. What’s also super important is the NFL has a gigantic amount of revenue sharing, and the reason for this is every single game you watch on TV is part of a contract that’s being sold by the league, not the team. And because of that, the league is generating all these, all this revenue, and then is equally distributing that money to each of the individual teams. So a, a team playing in little tiny Green Bay is generating exactly the same amount of media revenue as the New York Giants. Or the LA Rams. So that’s really nice. Uh, again, gigantic amounts of, uh, again, even revenue sharing to all the participants. As a matter of fact, of all of the businesses in the United States, the NFL is probably the single most socialist company. In the United States. So this Great American pastime is wildly socialist when it comes to how they distribute their, their income. So what incentivizes a team to be better and to win Then from the ownership standpoint, if there’s revenue sharing, is it just at the, the other sources of income that come, like advertising, things like that. I’m, I’m just curious, like if there’s so much revenue sharing, what is it that drives a team to, you know, try to be better from the ownership standpoint? So first of all is that being bad doesn’t help you, right? This isn’t major league baseball, so we’re gonna go the o. The other extreme, at least for a US sport, is major League baseball. No, uh, salary cap there at all. So you can pay, uh, players as much as you want, although there is what’s called a luxury tax. So as you, as your, uh, salary, your total payroll gets too big, you start getting, uh, uh, paying penalties to the league, which is then redistributed to the poor teams in the league. That being said, you can spend as much as you want. So yeah, the Dodgers, they spent somewhere, uh, by some accounts somewhere around $400 million this year on talent, including, you know, gigantic contracts to folks like Shhe, Tani, right? Um, but there’s also no minimum either. So if you’re a team that decides, hey, we’re not even gonna bother to try to compete this year, uh, you are the. I don’t know to, if I should call them the Oakland A or the Las Vegas a a or the Sacramento A or the Traveling through the desert, sort of a for a while. Um, but, you know, this is a team that made a decision not to compete and had a, had a tiny payroll. Uh, other teams have decided to do this, and the, and the NFL you could decide that you didn’t wanna win. But it wouldn’t save you any money because again, not only is there a salary cap, there’s a salary floor. So if I have to pay $225 million each year anyway, I might as well try to win with that 225 million. Uh, ’cause I don’t have a choice to just collect my paycheck and hire, you know, the Minnesota Gophers for $20 million, uh, for my, for my team this year. ’cause that’s not an option. Right. Um, one of the things I wanted to just kind of, uh, drill down a little bit on is the model of the Green Bay Packers. As you um mentioned, it’s a tiny little town, northern Wisconsin. Uh, not much going on there. I’ve, I’ve been there myself for a game. It is unique in that it is owned, not by billionaires, but it’s owned essentially as by the fans. How, how does that work? And, and I guess the question is like, why, why aren’t other teams modeled that way? So other teams are not modeled that way because the NFL does not want other teams to be modeled that way, nor do any of the other, uh, major leagues out there. Uh, it’s not good for the NFL for a couple reasons. Uh, first of all. They have to open their books. If it’s a public company and they don’t like to open their books, um, you also don’t have a face for that, uh, league in a way that, that a person couldn’t, couldn’t be in there, uh, pouring extra money in as a kind of a, an, an angel investor. Uh, on top of that, uh, you can’t threaten to relocate to another city unless you get taxpayer subsidized. Um, you know, uh, stadiums and things because it’s a publicly owned team and we know that, that those public owners will not ever decide to move that team out. How did they get that status in the first place? That’s an interesting story, and it’s a story that’s not unique to. The Packers, but it is fairly unique to the United States. So, uh, in the rest of the world, this type of ownership model actually is fairly common. Um, teams that your, you know, listeners would’ve heard of, like Barcelona, like Al Madrid, these are club owned teams. Um, there is not an owner there. They are owned by the fans themselves, and they’re in the business of. Trying to stay in business every year while winning as many games as possible. Uh, there is, they’re not trying to win trophies for a, a Steinbrenner or a Mark Cuban. They’re trying to win, uh, trophies for that fan base. That literally, again, the, the season ticket holders are those owners. Um, the NFL itself, you know, was, was a very hard Scrabble league for a long time. It started in 1920, uh, and between 1920 and 1935. Roughly 55 teams played at least one season in the NFL. And of those 55 teams, basically all but about six of them, had gone outta business or relocated at some point in here. Uh, this is why actually we got such a socialist, uh, uh, business model here is because the owners of the big teams, the owners of the bears. Uh, the owners of the Giants, uh, they said, look, you know, this league isn’t gonna work if we can’t actually find someone to play. And yeah, we’re making money here, but we’re not gonna continue making money if we can’t find other teams that are gonna work in this league. So they said, Hey, we are gonna be very generous. We’re gonna make sure that, that we share our revenues with the people, uh, the other people in our league. We would rather have a small piece of a big pie, uh, than a big piece of a pie that is tiny or disappears completely. Uh, so that’s why we ended up with this, uh, revenue sharing. And of course they were very open to any sort of model that kept stable teams around, including a model where rather than some rich owner in, in Green Bay owns that team. Instead, it’s a municipally owned team. As long as that team had stability and conform long-term rivalries and can afford to put forward a product that’s gonna, that’s gonna work on a, you know, on an NFL field to make a competitive product, they were happy to kind of do whatever they needed to do because again, this was a, this was a really tough league to be in. For the first roughly 20 years with, you know, a lot more successes. There’s been a lot of talk, uh, I know about private equity entering the, uh, the NFL. Tell us, give us a little bit of an understanding of that. I mean, obviously, I, I kind of think of these owners in these buying groups as private equity already, so what’s the big deal? Is the point. So in most sports leagues have already allow private equity and already allow ownership groups with multiple owners, uh, to, to own teams. So again, uh, you know, the, the Red Sox, they have multiple owners of, of that team. Uh, again, Celtics, same sort of thing. Um, but in the NFL we have required basically one owner, right? So this is a, a person. That owns the team and is the face of the team and is this controlling majority owner, uh, they’re going to explicitly allow external people unrelated to the ownership group, to own pieces of NFL teams here. Uh, and I think the, the real issue here, uh, has to do with, uh, there are some franchises in the NFL where the owners are asset rich, but cash poor. I’m thinking actually, for example, the Bears. So the bears are still owned by the same group. Who bought the Bears back in 1920 ish. Right? So this, you know, the, the same family, the Halas, uh, have owned this team for a hundred years. Uh, by this point, you know, little pieces of the team have been handed down to all the cousins and the grandkids and the great grandkids and this sort of folks. Uh, so, uh, you know, I think in total there’s something like 86 different owners of the, of the Bears now, but they’re all part of that original ownership group that everyone. You know, has inherited a little, a little share here. Now mind you, you know, one 86th of the, uh, of the bears is like a hundred million dollars. You know, the bears are probably an $8 billion franchise. And so that’s a hundred million dollars of assets that each one of these grandkids has just because, you know, their grandfather made a smart, uh, smart investment a hundred years ago. Um, but it doesn’t mean that they can live the lifestyle of a person with a hundred million dollars. Because they’re not allowed to sell their share to anyone because private equity was never allowed. And the amount of money that that team is actually generating in terms of annual operating profits isn’t super high. So you’ve got a world where you’re wildly rich, but you can’t really do a lot with those riches. So you know, this is a team that would be prime for the idea of, well, let’s sell off 20% of this. 20% of the team is gonna be maybe a couple billion dollars. And, and then we will just share that basically it’s a big Christmas present to each one of these, uh, these kids here. And again, the, the thing here is that’s $2 billion in cash that each of these small minority owners gets rather than, you know, an asset that they can’t actually use. To buy a yacht in Monaco. Right? And so that’s giving these kids, or the, you know, these minority owners an option to basically, uh, you know, get liquidity for their ownership. And, and that’s the big difference, right? And of course the other thing is, is there are lots of wildly rich people who would like to be an owner of a team in a way that you could do that 20 or 30 years ago by being just a, you know, just a multimillionaire or a multi, multi multimillionaire. That was enough. Uh. You know, you can be a billionaire nowadays and not have nearly what it needs to become an owner in one of these big groups. So, uh, you know, if we think about, uh, Arod, right? Arod bought, uh, the Timberwolves, uh, in the NDA, um. But he couldn’t do it alone despite the fact that he was, uh, you know, for 10 years the highest paid athlete in the world, you know, signed the single biggest contract, uh, in the history of professional sports, uh, when he did so. Uh, and even a guy with that sort of money doesn’t have enough money to buy a sports franchise. So, uh, I think the NFL is, you know, looking down the, the road to a, a world where. Someone wants to sell, but there’s not that many folks with $10 billion out there. And so the idea that we were gonna keep a, a world where there’s gonna be one single owner forever, uh, you know that that’s a pretty small pool of people in a world where you’re thinking about selling franchises at $10 billion. But if we allow these to be sold private equity wise. Then people can live their dream of being a sports owner, you know, for a mere couple billion dollars. And of course, that increases the pool of, of potential people by a lot. You know, you, you mentioned, um, during, just a minute ago in, in passing that these teams don’t actually necessarily throw off a lot of cash. They’re not, you know, they’re not super profitable. It’s not like a bunch of money’s being distributed to owners. Uh, can you talk a little bit about that? I, I didn’t know that actually. Sure. So a bunch of these teams in, in fact, in terms of operating revenue, don’t actually generate gigantic amounts of, of money every year. Uh, again, taking an an NFL team, so an NFL team is gonna generate, you know, somewhere around $500 million, maybe six or $700 million a year, but you’re already competing about 250 million of that to, uh, to the players. So half of that revenue coming in automatically is going to the players. If you built yourself a new stadium anytime recently, obviously you could have big payments on that. Uh, there’s other operating expenses associated with that. Um, in, in a world where you’re not the NFL, but you’re a world like, uh, major League baseball, where. You have much more variability in your, in your player costs year to year and more variability in your revenue. Uh, you could easily end up with years where you’ve got negative cash flow or at least negative profits, and, uh, and that means that you need, you need to be able to weather that. And so of course that’s one of the reasons, for example, why the NFL, you know, wouldn’t just take anyone as an owner, you need to be for sure rich enough to, uh, to weather both the ups and the downs. Again, if you borrowed any money to, uh, to purchase the team, uh, that’s obviously a big, uh, big interest payment there as well. So you could easily have teams again, depending how the owner purchased that, that are not kicking out gigantic amounts of cash on a year to year basis. One of the things that I’ve been hearing about, I don’t really know how this would work, is the, is of private equity moving into potentially like college sports. So we’ve seen some changes in, uh, for example, in college football where now these players can legally get paid. So it’s, it’s starting to look more and more like a professional. Uh, professional league. So how would that work if you’ve got private money essentially buying, uh, the sports teams of an individual university? Or maybe I’m not, maybe that’s not exactly what’s happening, but that’s kind of the impression I got. So first of all, that is exactly what could be happening and, and what people are talking about. Uh, I am deeply skeptical that this is a good idea for the institutions involved. Um. So basically it works exactly like any other sort of, uh, sports franchise, right? Uh, basically you would have an owner, uh, you know, let’s call him Mark Cuban, although he’s not, you know, he’s, he’s not talking about doing this. But imagine Mark Cuban decided he wants to buy, uh, Ohio State, right? Uh, so he comes up with a a billion dollars hands over a billion dollars to Ohio State. And now Mark Cuban is the recipient of any revenues being generated by the Ohio State, uh, program here. Um, and so this works like, just like anything else, right? So this is, this is basically, um, a person like bringing money in, in exchange for a piece of the action. Uh, the reason I’m highly skeptical about this because. Uh, remember the name of your university is very, very strongly tied with the name of your athletic program, right? So, you know, the Ohio State University is the name of both the educational program as well as the, uh, you know, the sports teams, right? And so, uh, one of the reasons that that schools have sports teams in the first place. Is as a method of advertising for their other things, right? So they, they use spectator sports to bring in the students to, uh, bring in, uh, actually, you know, public taxpayer money, all sorts of things. Um, and of course if the school controls the money from the, uh, you know, controls the athletic program as well as the academic program, then we can presume that the interests of the athletic program and the academic program are aligned. As soon as you’ve sold off your, your athletic program to an external, uh, you know, an external buyer, then you have every reason to believe that the incentives of that athletic program, the incentives of the. Academic program are no longer aligned in, in a way that is useful. Um, for example, you could have that, that equity person say, you know what? I’m gonna make money no matter what, and I’m just gonna tank all of our programs because I’m gonna generate more revenue by spending less. And that’s what maximizes my profit. But that may very well harm the academic side. And so if you allow, you know, private equity to come in and they have any control. Over that, uh, athletic program, you basically outsourced an extremely important part of your business while still meaning that your business in the athletics is, is importantly tied to the other parts of your business that you haven’t outsourced. And, uh, that makes me deeply concerned for anyone who would consider going down this route. Is, is that likely to happen, do you think? I don’t think anyone who makes predictions about college sport to this point, uh, can, can do that with any certainty at all. It’s fascinating stuff. Um, and one last question I guess for you, which is, you know, we talk about like people who own teams, uh, being, you know, multi-billionaires. Um. Is there any way that fans can still get a stake if they’re just simple millionaires? Is that just not something that’s po un unless you’re live in Green Bay, I guess, is that pretty much non-existent? So it depends what you’re interested in doing, right? So if you’re a mere multimillionaire, uh, you’re not gonna become an NFL owner. You’re not gonna become an NDO owner. Right. Mm-hmm. Um, if you’re very famous and a multimillionaire, you might be able to come into an ownership group because they want you as the face of the organization. Right. Um, one example of this was George W. Bush who came in with a very tiny ownership stake, uh, when, uh, he bought the Texas Rangers and he owned about. 2% of that, that team. But he was the face of that because he was the son of the president. Right. Uh, and, and then when the Rangers did well, uh, you know, he, he made a fortune doing that as well. So, um, the answer is generally no. But as long as your heart isn’t wedded to the NFL or NBA, there are certainly options that you can come into. Right. Um, we have seen. One tier down, uh, buying into things like the WNBA or the, uh, NWSL in women’s soccer or, uh, or women’s basketball. Uh, even that’s become pricey nowadays. These are a hundred million dollar franchises now these days. Or you can take chances with lower level, essentially minor league, uh, soccer in the United States or, uh, elsewhere, uh, in, in the world. And I think you know where we’re going here. So if you’re a merely. Multimillionaire, uh, and you’re a, a famous, uh, movie star or two, you could put your money in and buy a football or soccer team in Wales, uh, called Reim. Right? And of course, that’s exactly what Ryan Reynolds did. And Malaney and, uh, you know, they did not have anywhere close to NFL money despite being famous guys, you know, big movie stars, you know, you know, tens of millions of dollars in, uh, in money. They’re nowhere close to being NFL owner money. Guess what they were wreck some owner money and, uh, they get all the fun and excitement of being an owner without needing to be a billionaire. Interesting. Well, listen, uh, I, I appreciate all your time and, uh, it’s, it’s fun for me personally as a sports fan to see how this stuff works. Um, do you have a site where you write, do you have people curious about this stuff or, or how can they learn more? So how people can learn more is, uh, is there is some fun sports economic stuff out there. Uh, the classic, uh, book in sports economics is of course Moneyball by Michael Lewis, who of course is a great writer about all things finance and, and people who are interested in, in general interest books about, you know, all sorts of things related from to the tech boom to, uh, obviously the financial crisis of the two thousands to. His early days in, in junk bonds in the 1980s. Uh, Michael Lewis is one of the, one of the great writers out there. Um, uh, other fun books by colleagues of mine, uh, omics by Stephan Semanski is, is a fun one. Uh, and, uh, you know, you can catch up, uh, with some, uh, some. Other podcasts that, uh, that follow these sort of things, including Freakonomics has often things on sports that are, that are fun as well. Uh, unfortunately if you wanna, you know, hear from me, it’s all textbook stuff and then I’ll have to give you a grade. And so probably that. Uh, but again, it, it’s a great time to be a fan of sports and of economics ’cause there’s just so much good stuff out there. Thanks so much for being on the program today. Again, my pleasure. You make a lot of money, but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens. Steve, the concepts here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealth formula banking.com. Welcome back to the show everyone. Hope you enjoyed it. And, uh, once again, uh, I wanna just wish you a happy Thanksgiving and, uh, thank you for, you know, being a listener of this show. And one more thing, just a reminder, uh, we are heading into sort of the last month or so. Of, uh, investment possibilities in the investor club. Wealth formula.com is where you go to join that group. And if you’re looking for a last minute tax mitigation type investment, make sure you sign up as soon as possible. Uh, that’s it for this week on Wealth Formula Podcast. Happy Thanksgiving. This is Buck Jre signing off. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit wealthformularoadmap.com.

November 20th, 2025 Follow us on Facebook, Instagram and X Listen to past episodes on The Ticket’s Website And follow The Ticket Top 10 on Apple, Spotify or Amazon MusicSee omnystudio.com/listener for privacy information.

Ben Rogers, Jeff “Skin” Wade, Kevin “KT” Turner, and Krystina Ray dive into Dante Exum's season-ending knee surgery to Mark Cuban's headline-grabbing email, this episode is packed with insider drama, bold opinions, and classic Ben & Skin humor.The shocking roster move: Did the Mavericks waste a first-round pick on Omax Prosper just to make room for Exum—who never played and is now out for the season?Cuban stirs the pot: Why did Mark Cuban publicly declare, “We won't trade for Anthony Davis”? Is he playing 4D chess or just loving the chaos?Behind-the-scenes intrigue: Who really knew about the rumored Luka trade? Was Jason Kidd in the loop—or left in the dark?Skin's wrestling analogy: “Cuban loves this… he's stirring the pot like a heel in the ring.”Ben's candid take: “If you traded Luka off my team and I was the head coach, I would have gone ballistic.”

Today's word of the day is ‘shrinking' as in MLB as in ESPN as in NBC as in Netflix as in FOX as in TBS. What are we talking about? A new media rights deal was announced on Wednesday that will see Major League Baseball games on new networks. Where will each game be? Where can I watch what? Is this a good deal? (27:00) We have an update on the WNBA negotiations. More money. More revenue sharing. But still no deal. (35:15) Review: Midnight Run. (39:00) NPPOD. (43:00) Mark Cuban is back in the Mavericks inner circle. Wow. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Today's word of the day is ‘shrinking' as in MLB as in ESPN as in NBC as in Netflix as in FOX as in TBS. What are we talking about? A new media rights deal was announced on Wednesday that will see Major League Baseball games on new networks. Where will each game be? Where can I watch what? Is this a good deal? (27:00) We have an update on the WNBA negotiations. More money. More revenue sharing. But still no deal. (35:15) Review: Midnight Run. (39:00) NPPOD. (43:00) Mark Cuban is back in the Mavericks inner circle. Wow. Learn more about your ad choices. Visit podcastchoices.com/adchoices

“My most powerful content is when I lead with my voice as a mom because I have the same concerns about keeping my kids safe as my audience does. It's a powerful and effective way to find common ground with people,” says Dr. Jess Steier, a popular public health scientist and science communicator seeking to bridge divides and foster trust through empathetic, evidence-based communication. Dr. Steier has several platforms from which to do this work, including  Unbiased Science --  a communication hub that uses multiple social media platforms and other communications channels to share validated health and science information -- and as executive director of the Science Literacy Lab, a nonprofit organization dedicated to reaching a diverse audience seeking clarity and reliable information on scientific topics. “The science is less than half the battle,” she explains. “It's about how to communicate with empathy.”Join Raise the Line host Lindsey Smith for a valuable conversation that explores:What sources Dr. Steier relies on to validate informationHow she uses “escape room” exercises to train clinicians on empathetic communicationWhy tailored, story-driven messages reach audiences more effectively than facts.Mentioned in this episode:Unbiased Science If you like this podcast, please share it on your social channels. You can also subscribe to the series and check out all of our episodes at www.osmosis.org/podcast

In this episode I sit down with Zain Zaidi, co‑founder and CEO of TransCrypts, to explore his personal story and the mission driving his startup. He shares how a misplaced grad‑school transcript sparked a blockchain solution for identity verification, how his company now serves millions of users and hundreds of enterprises, and why the deepfake era makes what they do more critical than ever. We dive into the tech, the regulatory hurdles, Web2 clients, Web3 opportunities, and what's ahead for verified credentials across employment, health and education.Key Learnings (with timestamps)00:00:00 – Mark Cuban's warning about digital misinformation and deepfakes; the trust crisis we face online.00:02:00 – Zain's personal trigger: grad‑school transcript error led to founding TransCrypts.00:04:00 – What TransCrypts solves: giving individuals ownership of verified credentials (job, school, income).00:06:00 – How the system works: integration with HR systems, issuance of on‑chain credentials.00:07:00 – Focus and expansion: employment verification is central, health and education credentials coming.00:12:00 – Technical and enterprise challenges: selling Web3 identity solutions to Web2 businesses.00:14:00 – The synergy of AI + crypto: identity verification as the defense against AI‑driven fraud.00:17:00 – Pitching and fundraising: cold‑emailing Mark Cuban, building traction, $15 M seed round.00:18:00 – Humanitarian use‑case: helping Ukrainian refugees access medical records via their platform.00:23:00 – If he were starting again today: focus on the solution not the tech; time your raise relative to market cycle.00:34:00 – Roadmap and ambitions: becoming a major employment/income data provider, potential token launch.Connecthttps://www.transcrypts.com/https://www.linkedin.com/company/transcrypts/https://x.com/transcrypts_https://www.linkedin.com/in/zainzaidi99/DisclaimerNothing mentioned in this podcast is investment advice and please do your own research.It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend.Be a guest on the podcast or contact us ‑ https://www.web3pod.xyz/

This week on Fat Science, Dr. Emily Cooper, Mark Wright, and Andrea Taylor dive into your burning questions from around the world—exploring misunderstood metabolic problems, hard-won solutions for real people, and the science behind the headlines. From “selfish brain” physiology to the rollercoaster of insurance and medication access, Dr. Cooper brings clinical clarity and practical hope.Hear real-world listener stories, get advice on tuning your metabolic health, and learn why personalization—not “calories in, calories out”—leads to better outcomes. This is no silver bullet show: it's metabolic medicine, mythbusting, and science-backed encouragement for your journey.Key Questions AnsweredWhat is the “selfish brain” and how does it really impact blood sugar and diabetes risk?Why do GLP-1 medications affect stamina and hunger, and how should you fuel your body if you're using them?If insurance pulls coverage for medications like Ozempic or Zepbound, what are your practical, safe, and affordable options?How do metabolic markers, medication “cocktails,” and genetic testing shape Dr. Cooper's individualized care—and can you taper off meds and maintain results?What does “normal” blood sugar look like after meals, and how do you distinguish trends from outliers?Key TakeawaysMetabolism is complex—individualized care is essential. Diabetes, hypoglycemia, and insulin resistance all have personal causes and require testing like the Mixed Meal Tolerance Test to solve—not one-size-fits-all advice. GLP-1s require smart fueling. Many experience reduced stamina on these medications. Dr. Cooper recommends upping both complex and simple carbs pre-exercise and consulting with a registered dietitian if fatigue persists. Insurance coverage is a challenge—but not the end. Generic options (like liraglutide/Victoza via Mark Cuban Cost Plus Drugs), manufacturer programs, and “cocktail” regimens can support continued progress, even if you lose access to top-brand GLP-1s. Feedback loops & genetics drive lasting outcomes. While some patients can successfully—slowly—taper medications, most with metabolic dysfunction will need long-term support. “Clean eating” alone rarely reverses underlying feedback loop glitches. Monitoring is powerful. Using blood sugar monitors (especially for diabetics) can demystify meal spikes and help fine-tune nutrition and medication timing. Personal stories reflect broader truths. Listeners share struggles and solutions, reinforcing that metabolic health spans medication, motivation, and mindset.Dr. Cooper's Actionable TipsAlways dig deeper with testing—not just A1C but also post-meal spikes via the Mixed Meal Tolerance Test.If you're prescribed a GLP-1 and struggle with energy, increase carb intake safely and talk to a doctor about medication adjustment. For lost coverage, stick to FDA-approved sources: Lilly Direct for Zepbound, Novocare for Wegovy, and Mark Cuban for generics. Don't risk unregulated online compounds. Recognize the difference between generalized “healthy” habits and targeted strategies that actually move your biomarkers.Stay consistent and compassionate—focus on small improvements over extremes and absolutes.Notable Quote“The metabolism is regulated by a feedback loop…when you introduce outside hormone forms, you strengthen signals to favor fuel utilization over energy conservation.”— Dr. Emily CooperLinks & ResourcesPodcast Home: Fat Science Podcast WebsiteSubmit a Show Question: questions@fatsciencepodcast.com or dr.c@fatsciencepodcast.comDr. Emily Cooper on LinkedInMark Wright on LinkedInAndrea Taylor on InstagramGeneric medication access: Mark Cuban Cost Plus DrugsZepbound direct: Lilly DirectAdditional info: Novocare for WegovyFat Science is your source for breaking diet myths and advancing the science of true metabolic health. No diets, no agendas—just science that makes you feel better. The show is informational only and does not constitute medical advice.

Kirsten Maitland, co-founder and "CheeseMaster" of the critically acclaimed Rebel Cheese, recently joined The Ash Said It Show to pull back the curtain on the brand's meteoric rise. From military discipline to the largest vegan brie cavein the country, Maitland shared the surprising secrets behind her Shark Tank success and how she's converting die-hard dairy lovers one creamy, cultured wheel at a time. This episode is a must-listen for anyone interested in vegan food innovation, conscious business growth, and the power of a daring career pivot. Maitland was clear that the brand's success in creating the "world's best artisan vegan brie" comes from rejecting modern shortcuts. The company's commitment to traditional cheesemaking techniques—including the use of a temperature and humidity-controlled vegan brie cave—is non-negotiable. This meticulous aging process, she explained, is essential for cultivating the complex, "funky" flavor profiles and genuine textures that simply cannot be achieved with food science alone. The shocking truth? Most of Rebel Cheese's customers are not vegan. Maitland credited this conversion success to two key factors: flavor and familiarity. The cheeses are designed to function exactly like their dairy counterparts—they slice, melt, and hold up on a dairy-free charcuterie board. By focusing on replicating beloved classics like their Smoked Cheddar and Cave-Aged Brie, Rebel Cheese removes the intimidating element of the unknown for traditional cheese lovers. What non-obvious skill does a former Navy veteran entrepreneur bring to making plant-based cheese? Protocol Adherence and Adaptability. Maitland revealed that her experience as an Operations Specialist and later an Agile Coach in Big Tech taught her to build robust, repeatable processes (critical for food safety and quality control) while maintaining the agility to quickly iterate on recipes and scale production. This structure is the unseen foundation that supports the brand's artisanal quality at a mass scale. The Shark Tank investment from Mark Cuban and Lori Greiner caused an "explosion" in e-commerce orders. Maitland explained that scaling meant implementing a modular production system. Rather than sacrificing the small-batch, handcrafted process, they replicated it. They invested in equipment to handle the raw material processing (cashews) efficiently, but kept the culturing, aging, and finishing of the cheese strictly hands-on, ensuring the artisanal standard remains in every wheel shipped nationwide. Beyond the capital and media boost, Maitland's most valuable takeaway was the need for ruthless strategic focus. The Sharks' scrutiny forced the team to prioritize the most scalable, high-margin products—the ones that truly "rebelled" against expectations—allowing them to streamline their offerings and dominate the premium plant-based cheese market. In a transparent discussion, Maitland addressed the realities of running a high-growth business while staying true to its values. She emphasized that balancing the "values-led" mission with the demands of a "financially sustainable small business" requires transparent communication and strategic operational contractionswhen necessary. The core principle, she stated, is integrity—in their product, their financials, and their public messaging. Maitland sees the next major hurdle for high-end vegan food innovation not in replicating flavor, but in achieving price parity with dairy. The strategy for Rebel Cheese is to leverage increased volume and better supply chain relationships to drive down the cost of premium ingredients, ultimately making gourmet dairy-free foods accessible to the mass market and leading the charge into a truly plant-powered future. Web: https://rebelcheese.com Rebel Cheese is the critically acclaimed, Austin, Texas-based gourmet food company and brick-and-mortar bistro that is revolutionizing the plant-based cheese industry. Founded by the dynamic, globe-trotting duo, Kirsten Maitland and Fred Swar, Rebel Cheese has successfully challenged the notion that high-quality, artisanal cheese requires dairy, becoming a globally recognized brand in the vegan food and dairy-free charcuterie space. The brand was born out of co-founder Kirsten Maitland's personal journey to find flavorful, satisfying, and sophisticated vegan cheese alternatives after adopting a plant-based diet. She recognized a massive gap in the market: while basic dairy-free cheeses existed, none truly captured the complex textures, sharp flavors, and aging processes of traditional European cheeses. Rebel Cheese's mission is simple yet audacious: to create handcrafted, gourmet plant-based cheeses that are indistinguishable from their dairy counterparts in taste, texture, and melting properties. They achieve this by using old-world cheesemaking techniques—including culturing, aging, and ripening—but substituting cow or goat milk with a base of organic cashew milk and fava bean protein. Rebel Cheese gained massive national attention after appearing on the hit show Shark Tank. The company impressed the notoriously skeptical investors, with billionaire Mark Cuban quickly becoming an investor after declaring their products, particularly the Brie, tasted exactly like traditional cheese. For customers outside of Texas, Rebel Cheese ships its artisanal cheeses and curated gift boxes nationwide, bringing its award-winning plant-based cheese directly to consumers across the country. Ash Brown: Your Ultimate Guide to Inspiration, Empowerment & Action Looking for a motivational speaker, authentic podcaster, or influential media personality who can spark your journey toward personal growth? Meet Ash Brown — a dynamic American powerhouse known for her uplifting energy, relatable wisdom, and unwavering commitment to helping others unlock their full potential. Ash is a: Captivating event host Insightful lifestyle blogger Popular podcast creator Trusted voice in personal development Her mission? To empower individuals with real-world strategies, positive mindset tools, and actionable advice that lead to lasting transformation. Discover Ash Brown's World AshSaidit.com – Lifestyle Blog & Event Hub Explore exclusive event invites, honest product reviews, and daily inspiration through Ash's vibrant online platform. AshSaidit.com is your go-to destination for personal growth content, wellness tips, and authentic storytelling. The Ash Said It Show – Top-Ranked Podcast With over 2,100 episodes and 700,000+ global listens, Ash's podcast features inspiring interviews, life lessons, and empowerment stories from changemakers across industries. Each episode delivers practical tools and encouragement to help listeners thrive. Why Ash Brown Is a Leading Voice in Personal Development Ash Brown stands out for her: Authentic Optimism – Her contagious positivity helps audiences embrace challenges with confidence Relatable Advice – Ash shares unfiltered, honest insights that resonate across cultures and backgrounds Actionable Strategies – From mindset shifts to goal-setting, Ash equips listeners with tools to create real change Whether you're seeking career motivation, emotional resilience, or daily inspiration, Ash Brown is the trusted guide to help you rise. Website: AshSaidit.com Podcast: The Ash Said It Show (available on Spotify, Apple Podcasts, Google Podcasts) Connect with Ash Brown: Goli Gummy Discounts: https://go.goli.com/1loveash5 Luxury Handbag Discounts: https://www.theofficialathena.... Review Us: https://itunes.apple.com/us/po... Subscribe on YouTube: http://www.youtube.com/c/AshSa... Instagram: https://www.instagram.com/1lov... Facebook: https://www.facebook.com/ashsa... Blog: http://www.ashsaidit.com/blog #atlanta #ashsaidit #theashsaiditshow #ashblogsit #ashsaidit®Become a supporter of this podcast: https://www.spreaker.com/podcast/ash-said-it-show--1213325/support.

n this episode Derek Champagne, CEO of The Artist Evolution, interviews Tim Sanders. Tim Sanders spent most of his early career on the cutting edge of innovation and change. He was an early stage member of Mark Cuban's Broadcast.com, which had the largest opening day IPO in history. After Yahoo acquired the company, Tim was tapped to lead their ValueLab, and by 2001, he rose to Chief Solutions Officer. In 2005, he founded Deeper Media, which provides consulting services for leading brands. Today, he is one of the top-rated speakers on the lecture circuit.Tim is the author of four books, including the New York Times bestseller Love Is the Killer App: How To Win Business & Influence Friends. It's been translated into over a dozen languages and has been featured in Fast Company, USA Today, the New York Times, The Boston Globe, Christian Science Monitor and on CNN. He's a master storyteller who offers listeners actionable takeaways that produce results right away. That's why he's one of the top speakers on the lecture circuit.Learn more at www.timsanders.comBusiness Leadership Series Intro and Outro music provided by Just Off Turner: https://music.apple.com/za/album/the-long-walk-back/268386576

Hello, all you great people trying to figure out how to do right by patients. Welcome to it. I was and am always extremely curious if any of what we talk about over here on Relentless Health Value has, in any way, percolated over to your average employer CEO—the ones who do not listen to this show, I mean. For a full transcript of this episode, click here. If you enjoy this podcast, be sure to subscribe to the free weekly newsletter to be a member of the Relentless Tribe. This is what I try to figure out during my conversation upcoming here with John Quinn from Wellnecity® today, and I score some advice to boot for employers in the face of any of these revelations that they may have. That's what's gonna go down today, and this whole endeavor is a decent plan, if I do say so myself, because John Quinn chats up a lot of employer CEOs. He's certainly got a bit of a catbird seat there. So, taking it from the top, I wanted to see how clued in these employer C-suites might be to a fundamental myth, which, if employer folks don't realize it is in fact a myth, it means that a whole lot of transformational power is going nowhere fast. And this myth is the mother of all myths: the "there is a market in healthcare" myth. We've been on a tear about this for three episodes now, at least as it relates to hospitals and health systems. I'm gonna refer everybody to LinkedIn because Luke Trocchio put up a, I don't know what you call it, a reel, highlighting something that Shane Cerone said in episode 490. And then I'm gonna tell you why whatever CEOs at self-insured employers are thinking here makes all the difference in the world. But what Shane said is this, "The myth is that we have a functioning marketplace, and we don't." Shane continues, "What I mean by [there is no actual healthcare market], as somebody who's been a CEO of multiple hospitals and health systems, hospitals don't compete on price for patients. It … doesn't work that way. And so, we don't really have a normal market incentive to reduce cost or, in this case, the price of services in order to remain competitive." Now look, and this isn't rocket science, but it needs to be said out loud. The reason there is no healthcare market largely is because self-insured employers have not insisted upon there being one. Is that fair? I don't know. And whether or not it's fair is irrelevant to this point. Self-insured employers pay for healthcare for, like, 160 million Americans. They are largely the demand curve. They are the demand side of any market that exists. Because you know something that doesn't our market make? You can't ask the supply side to create demand elasticity. You can't get a seller to get a buyer to buy or not buy at some price point. That would be like a comedy skit. Except in this case, you know, patients die or go bankrupt because they can't afford care. So, it's not really all that funny. But if in this country we are depending on health system prices being constrained by a market, and then you don't have a buyer who doesn't buy when the price is higher than the buyer wants to pay or a buyer who doesn't buy unsafe stuff or low-quality goods or services, you're gonna get sky-high prices. Welcome to it right now. Also, if there's no competition, again, no market. But competition a lot of times doesn't surface if there's no point in starting up a business because there's no demand for lower prices or higher-quality care. I mean, if no one cares if you have lower prices or higher quality, then how are you gonna attract patient volume or steal market share, right? Like, unless you're really good at marketing, I guess, or have accumulated market power. I'll say this again. If our whole, the whole healthcare sector pricing structure is built on the myth that there is a market and then there's no market and employers aren't filling for whatever reason, the vital demand side role that they have to play for there to be a market, then, right … hello, 37% renewals like we see coming up in New Jersey. Listen to the show with Kevin Lyons (EP487, Part 1). So, I say all this to say, do employer CEOs even know they have one job here? And I'm not talking about, again, whether or not this is fair, whether they're capable of pulling this off. I'm just distilling this whole thing down to this is the question that remains on the ground. So anyway, this is first and foremost what I go after John Quinn from Wellnecity to figure out today: Where's your average CEO in this learning curve? Now here's some demand curve optimism. The show from two weeks ago with Elizabeth Mitchell (EP491) from PBGH, the Purchaser Business Group on Health. In that show from a couple weeks ago, we talk about what PBGH members, who are very large employers, what they're up to. So, certainly go back and listen to that if you haven't. Okay, so with that, here's my conversation with John Quinn from Wellnecity, as I have mentioned; and you'll get two things out of this conversation. Number one, a level set on what employers' leadership teams are figuring out and why they are figuring this out. (Renewal shocks and employees complaining about affordability much?) But also how the mindset needs to shift in the C-suite for anything to really happen here. In other words, what's the assignment and what's some very top-line advice to get there? That's how I finish up the conversation with John Quinn today. Do just wanna note that Wellnecity so kindly offered to pick up some of the tab to produce this Relentless Health Value show, which, as I keep saying is … yeah, it is expensive to keep this train on the track. People often forget it's not just what goes into the recording, the hosting, the producing, the editing of a podcast, but there also is a whole Web site and an API feed and headshots and graphics and transcriptions and a proofreader. It's a whole thing, guys, even if the host is a volunteer with a day job. So, thanks much to Wellnecity for the contribution to the fund and for coming on the pod today. John Quinn is CEO of Wellnecity. Wellnecity does health plan management for employers that self-fund their health plan. The key role Wellnecity plays is how do they help those employers better manage the spend category called health benefits. This podcast, as I said, is partially sponsored by Wellnecity and also Aventria Health Group. Also mentioned in this episode are Wellnecity; Luke Trocchio; Shane Cerone; Kevin Lyons; Elizabeth Mitchell; Purchaser Business Group on Health (PBGH); Paul Holmes; Peter Hayes; Healthcare Purchaser Alliance; Mark Cuban; Lauren Vela; Cora Opsahl; Andreas Mang; Jon Camire; Eric Bricker, MD; and Christine Hale, MD, MBA. For a list of healthcare industry acronyms and terms that may be unfamiliar to you, click here. You can learn more at Wellnecity and follow John on LinkedIn.   John Quinn is the founder and CEO of Wellnecity, a health tech innovator on a mission to measurably improve the quality and affordability of employer-sponsored health plans in the United States. Under John's leadership, Wellnecity developed the groundbreaking Smart Hub platform, which integrates data from multiple vendors to simplify health plan management. Smart Hub enables organizations to measure ROI objectively, uncover savings, enhance member engagement, and reduce fiduciary risk. Building on this foundation, Wellnecity has launched its next-generation plan management platform, equipping HR leaders with real-time oversight, vendor accountability, and measurable ROI. The platform empowers leaders to act in the moment, redirecting spend, simplifying oversight, and delivering better healthcare for employees. John is also the author of Benefits Revolution: The Next Generation of Employer-Sponsored Healthcare and is widely regarded as a thought leader in the healthcare space. He believes healthier businesses are built on smarter healthcare for employees, and that data is the key to driving this transformation. Prior to founding Wellnecity, John spent 25 years at Andersen Consulting, Diamond Technology Partners, and McKinsey & Company. He advised Global 1000 companies and high-growth start-ups, helping them build new businesses, products, and channels. His expertise in digitized information and network effects has driven meaningful business model innovation. John is a sought-after speaker on topics such as the benefits revolution, the power of data, fixing what's broken, and health tech leadership. Helping organizations deliver innovation is his mission; fixing what's broken is his passion.   07:06 Why CEOs are looking more closely at healthcare spend. 08:06 EP397 with Paul Holmes. 08:21 How savings and health benefits are directly connected. 10:45 EP436 with Elizabeth Mitchell. 11:46 What missed earnings look like in relation to healthcare. 14:27 How costs have been shifting to employees for years, and why this doesn't work anymore. 17:36 EP475 with Peter Hayes. 18:23 What employers need to do instead of cost shift. 19:12 EP406 with Lauren Vela. 21:30 Why it's important to make health benefit changes at the speed of business, not at the speed of the benefits year. 26:17 Why is it important to put a finance function into your benefits? 27:10 EP488 with Mark Cuban and Cora Opsahl. 27:33 EP478 (Part 1) with Andreas Mang and Jon Camire. 27:35 Why daily data matters. 31:10 EP487 (Part 1) with Kevin Lyons. 31:21 Why it's important to hold vendors accountable. 31:47 Why it's important to move on from vendors who can't hold up to your scrutiny and needs. 33:46 EP472 with Eric Bricker, MD. 34:46 EP471 with Christine Hale, MD, MBA.   You can learn more at Wellnecity and follow John on LinkedIn.   John Quinn gives advice to #employer #CEOs on the #healthcaremarket on our #healthcarepodcast. #healthcare #podcast #financialhealth #patientoutcomes #primarycare #digitalhealth #healthcareleadership #healthcaretransformation #healthcareinnovation   Recent past interviews: Click a guest's name for their latest RHV episode! Dr Sam Flanders and Shane Cerone (EP492), Elizabeth Mitchell (EP491), Shane Cerone and Dr Sam Flanders (Part 1), Dan Greenleaf (Part 2), Dan Greenleaf (Part 1), Mark Cuban and Cora Opsahl, Kevin Lyons (Part 2), Kevin Lyons (Part 1), Dr Stan Schwartz (EP486), Dr Cristin Dickerson

“I realized that rather than talking one-to-one with patients in the exam room, you could talk one-to-many on social media,” says Dr. Kevin Pho, explaining the origins of KevinMD, the highly influential information sharing site he created for physicians, medical students and patients twenty years ago. Since then, KevinMD has become a valuable space for clinicians and patients to share stories and perspectives on topics from burnout and moral injury to technology and trust. In this conversation with Raise the Line host Michael Carrese, Dr. Pho reflects on the dual paths that have defined his career: as a practicing internal medicine physician and as one of healthcare's most trusted online voices. And despite the challenges of doing so, Dr. Pho encourages other medical providers to follow his lead. “Patients are going online, and if physicians are not there, they're going to get information that's perhaps politically-driven or simply inaccurate.”This thoughtful conversation also explores: How social media has reshaped health communicationThe risks and rewards for clinicians of having an online presence Why medical schools should teach negotiating skillsMentioned in this episode:KevinMDEstablishing, Managing and Protecting Your Online Reputation If you like this podcast, please share it on your social channels. You can also subscribe to the series and check out all of our episodes at www.osmosis.org/podcast

Is playing Purdy the right move for the 49ers? Mark Cuban is getting back involved with the Mavericks? Are the Seahawks legit Super Bowl contenders?

On today's episode, Kara welcomes Sarah Moret, Founder and CEO of Curie — the clean personal care brand on a mission to prove that “clean” can be powerful.Sarah's journey began with a personal frustration: she couldn't find a natural deodorant that actually worked. A marathon runner and wellness enthusiast, she set out to change that — investing $12,000 of her savings and spending more than a year perfecting a formula that delivered on both performance and purity. The result? Curie, a high-performance, aluminum-free deodorant that quickly grew from a small side hustle into an 8-figure business sold in over 4,500 stores nationwide, including Walmart and Anthropologie, and featured in locker rooms at Equinox and SoulCycle.Before founding Curie, Sarah worked in venture capital, where she invested in early-stage wellness startups — experience that gave her the insight and drive to build her own brand from the ground up. We talk about her journey from investor to entrepreneur, the lessons she's learned about formulating clean products that truly work, and how she's scaling Curie while staying true to her mission and values. From her Shark Tank deal with Barbara Corcoran and Mark Cuban to building a brand that's redefining the meaning of clean, this episode is full of lessons and inspiration for founders and consumers alike. Don't miss it! Are you interested in sponsoring and advertising on The Kara Goldin Show, which is now in the Top 1% of Entrepreneur podcasts in the world? Let me know by contacting me at karagoldin@gmail.com. You can also find me @‌KaraGoldin on all networks. To learn more about Sarah Moret and Curie:https://ww.curiebod.com/https://www.instagram.com/curiebod/https://www.instagram.com/sarahjmoret/https://www.linkedin.com/in/sarahmoret/ Sponsored By:Odoo - Discover how Odoo can take your business to the next level, by visiting Odoo.comSquare - Get up to $200 off Square hardware when you sign up at square.com/go/karagoldinLinkedIn Jobs - Head to LinkedIn.com/KaraGoldin to post your job for free. Check out our website to view this episode's show notes: https://karagoldin.com/podcast/766

Today's episode features two people who are shaking up the U.S. healthcare system in very different but deeply humane ways. Dr. Fumiko Chino knows firsthand how devastating medical debt can be. After losing her husband to cancer and being left with overwhelming bills, she went to medical school to become a radiation oncologist and made it her mission to make care more affordable.Mark Cuban, best known as one of the “sharks” on Shark Tank, is tackling the same problem from another angle. Through his Cost Plus Drug Company, he's disrupting the industry with a transparent, direct-to-consumer model that's already changing — and saving — lives.Together, Fumiko and Mark offer a hopeful glimpse of what's possible when empathy meets innovation.Join us on Instagram @beforewegopodcast for more stories, behind-the-scenes moments, and reflections on living and dying.Interested in learning more about upcoming TED events? Follow these links:TEDNext: ted.com/futureyou Hosted on Acast. See acast.com/privacy for more information.

“We've created this ecosystem where the vast majority of information on social media, particularly in nutrition science, is inaccurate or misleading,” says Dr. Jessica Knurick, a registered dietitian and Ph.D. in nutrition science specializing in chronic disease prevention. As you'll learn on this episode of Raise the Line with host Lindsey Smith, countering that trend has become Dr. Knurick's focus in the past several years, and her talent for translating complex scientific information into practical guidance has attracted a large following on social media. Beyond equipping her audience with the tools to think critically and make informed choices for themselves, she also wants them to make the connection between the generally poor health status of most Americans with public policies on food and health and advocate for more beneficial approaches. “We can create systems that put the most people in the position to succeed versus putting the most people in the position to fail.” Tune in to learn from this trusted voice on nutrition, food policy, and public health as she shares her perspectives on: Strategies for risk reduction and behavior changeWhat can rebuild trust in medical information How you can cut through the noise and spot misinformation onlineMentioned in this episode:Dr. Knurick's WebsiteTikTok ChannelInstagram FeedFacebook Page If you like this podcast, please share it on your social channels. You can also subscribe to the series and check out all of our episodes at www.osmosis.org/podcast

Soderbergh's second film for Mark Cuban's Magnolia Pictures was THE GIRLFRIEND EXPERIENCE, a largely improvised look at life on the cusp of the Great Recession starring adult film megastar Sasha Grey. We're joined by an anonymous writer and sex worker to talk about one of Soderbergh's less-appreciated great films, sex work as work, Grey's legacy, depictions of intimacy, and Power Wash Simulator for the Nintendo Switch. Really great episode, we hope you enjoy! Further Reading: Playing The Whore: The Work of Sex Work by Melissa Gira Grant "The Teenager & The Porn Star" by Dave Gardetta "Exploitation Under Capitalism" by Mary Mother of God "Whorearchy 101" by Jack Parker Soderbergh interview by Ben Walters Steven Soderbergh: Interviews, ed. Anthony Kaufman Further Viewing: RED DESERT (Antonioni, 1964) KLUTE (Pakula, 1971) CRIES AND WHISPERS (Bergman, 1972) FULL FRONTAL (Soderbergh, 2002) BUBBLE (Soderbergh, 2005) FASHIONISTAS SAFADO: THE CHALLENGE (Stagliano, 2006) MAGIC MIKE (Soderbergh, 2012) ANORA (Baker, 2024)   Follow Pod Casty For Me: https://www.podcastyforme.com/ https://twitter.com/podcastyforme https://www.instagram.com/podcastyforme/ https://www.youtube.com/@podcastyforme Support us on Patreon: https://www.patreon.com/PodCastyForMe Artwork by Jeremy Allison: https://www.instagram.com/jeremyallisonart  

He made nine figures by finding patterns in basketball, from the skycap counter of the Winnipeg airport to high-stakes athlete encounters in Vegas. Then Bob Voulgaris brought his dark-alley secrets to Mark Cuban's front office. Now, as scandal infects the integrity of the game, he sees a path forward — including, but not limited to, maybe turning Victor Wembanyama into The Bachelor. Hosted on Acast. See acast.com/privacy for more information.

In this episode, host Stacey Richter speaks with Dr. Sam Flanders and Shane Cerone about creating a high-quality hospital management model focused on surviving at 150% of Medicare costs. They discuss the inefficiencies in health systems and practical solutions to improve them without compromising quality.  The conversation covers the importance of empowering frontline staff, adopting continuous improvement models like Toyota's, and the critical role of employers in reshaping market dynamics through direct negotiation and price transparency. The episode emphasizes actionable steps for hospital executives, plan sponsors, and employers to drive significant improvements in healthcare efficiency and affordability. === LINKS ===

Could studying the DNA of extinct animals – or even bringing them back to life – help us save today's endangered species and inform modern medicine?  That may sound like the premise for a Hollywood movie, but it's work that our Raise the Line guest, Dr. Beth Shapiro, is actually engaged in as Chief Science Officer at Colossal Biosciences, which describes itself as the world's first and only de-extinction company.  “It's not just about learning about the past. It's learning about the past so we have more validated scientific information that we can use to predict what we can do to better influence the future,” she tells host Michael Carrese. An internationally-renowned evolutionary molecular biologist and paleogeneticist, Dr. Shapiro is a pioneer in ancient DNA research and has successfully sequenced genomes, like that of the dodo, to study evolution and the impact on humans. At Colossal Biosciences, she leads teams working to bring back traits of extinct species such as the mammoth, not for spectacle, but to restore ecological balance. “When species become extinct, you lose really fundamental interactions between species that existed in that ecosystem. By taking a species that's alive today and editing its DNA so that it resembles those extinct species, we can functionally replace those missing ecological interactions.” Tune into this utterly fascinating conversation to hear about what Jurassic Park got wrong, the positive ecological impact of reintroducing giant tortoises to Mauritius, and the ethics of using gene editing and other biotechnologies. Mentioned in this episode:Colossal Biosciences If you like this podcast, please share it on your social channels. You can also subscribe to the series and check out all of our episodes at www.osmosis.org/podcast

Just wrapped my second year chairing the EO Deal Exchange Conference, and the lessons were off the charts. Here's what happens when you put hundreds of entrepreneurs in a room focused on one thing: growing through deals. Three insights that stood out: The wisdom is already in the room. We ran deal speed networking sessions where members shared their specific needs (buying companies, seeking JV partners, raising capital). The collective knowledge and connections in that room solved problems in minutes that could take months to crack alone. Stop looking outside your network for every answer. Exit satisfaction is shockingly low. Dave Hirsch shared that only about 13% of entrepreneurs who successfully exit are actually happy afterward. His "Inner Board Meeting" concept helps you identify all the different voices and aspects of your personality that need to be satisfied by any deal you pursue. Powerful framework for avoiding founder depression. Lifestyle business isn't an insult. Silicon Valley prodigy Fallon Fatemi, who co-founded an AI company with Mark Cuban, shared that she'll never raise capital again. Not because capital is bad, but because her priorities have shifted. Build the business and life YOU want, not what others expect.• • •FOR MORE ON THIS EPISODE:https://www.coreykupfer.com/blog/kraftheinz• • •FOR MORE ON COREY KUPFER:https://www.linkedin.com/in/coreykupfer/http://coreykupfer.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

According to the Bloomberg School of Public Health at Johns Hopkins University, women make up 70% of the global healthcare workforce but hold only about 25% of leadership positions. Our guest today on Raise the Line, Dr. Roopa Dhatt, has been a leading voice in the movement to correct that imbalance through co-founding an organization called Women in Global Health (WGH), which has established chapters in over 60 countries since it started a decade ago. Dr. Dhatt is also pursuing that agenda and addressing other pressing issues in healthcare as a Young Global Leader at the World Economic Forum. “We're changing the equation so women delivering health are also viewed and valued as leaders,” says the internal medicine physician and assistant professor at Georgetown University School of Medicine. Beyond leadership equity, Dr. Dhatt is also seeking to address systemic pay inequities and high levels of violence and harassment experienced by women in the health sector, issues that were highlighted in research conducted by WGH. Although WGH has seen high-level success influencing policy at the World Health Organization and United Nations, Dr. Dhatt says the heart of its success is local. “Women community health workers have begun to see themselves as leaders and the heroines of health in their communities. That's profound change.” Join host Michael Carrese for a probing conversation that identifies the structural barriers blocking advancement for women and that explains why the health of communities and the planet depend on inclusive leadership.Mentioned in this episode:Women in Global HealthWHO Report: Delivered By Women, Led By MenDr. Roopa Dhatt on LinkedIn If you like this podcast, please share it on your social channels. You can also subscribe to the series and check out all of our episodes at www.osmosis.org/podcast

Natalie Holloway turned a $5,000 side hustle into Bala — a globally recognized fitness brand worn by millions and backed by Mark Cuban and Maria Sharapova. In this interview, the Bala co-founder breaks down how she and her husband Max bootstrapped the brand from their garage to $20M+ in sales, weathered near-bankruptcy after the post-COVID crash, and rebuilt into a nine-figure company with 20+ products and collaborations with brands like Spanx and Pucci. From surviving massive layoffs to mastering profitability and rebuilding from the ground up, this is a raw, unfiltered look at what it takes to build, lose, and rebuild a modern fitness empire. What you'll learn from this interview: • How Bala grew from a $5K side hustle to a nine-figure global brand • The story behind their $900K Shark Tank deal with Mark Cuban & Maria Sharapova • What really happened after the COVID fitness boom — and how they recovered • The leadership lessons from scaling a 30-person team down to 3 and back again • How to manage co-founding a company with your partner without burning out • The strategy behind Bala's collaborations with Spanx and major lifestyle brands • How to protect your IP, handle copycats, and stay focused on innovation • Why Natalie is now mentoring founders and writing The Bala Playbook to share hard-won lessons By the end of this interview, you'll walk away with a roadmap for building a resilient, profitable, and enduring brand — and the mindset to navigate every high and low along the journey. SAVE 50% ON OMNISEND FOR 3 MONTHS Get 50% off your first 3 months of email and SMS marketing with Omnisend with the code FOUNDR50. Just head to ⁠⁠https://your.omnisend.com/foundr⁠⁠ to get started. HOW WE CAN HELP YOU SCALE YOUR BUSINESS FASTER Learn directly from 7, 8 & 9-figure founders inside Foundr+ Start your $1 trial → ⁠⁠https://www.foundr.com/startdollartrial⁠⁠ PREFER A CUSTOM ROADMAP AND 1-ON-1 COACHING? → Starting from scratch? Apply here → ⁠⁠https://foundr.com/pages/coaching-start-application⁠⁠ → Already have a store? Apply here → ⁠⁠https://foundr.com/pages/coaching-growth-application⁠⁠ CONNECT WITH NATHAN CHAN Instagram → ⁠⁠https://www.instagram.com/nathanchan⁠⁠ LinkedIn → ⁠⁠https://www.linkedin.com/in/nathanhchan/⁠⁠ CONNECT WITH NATALIE HOLLOWAY Website → https://shopbala.com/ Instagram → https://www.instagram.com/natalieholloway/ FOLLOW FOUNDR FOR MORE BUSINESS GROWTH STRATEGIES YouTube → ⁠⁠https://bit.ly/2uyvzdt⁠⁠ Website → ⁠⁠https://www.foundr.com⁠⁠ Instagram → ⁠⁠https://www.instagram.com/foundr/⁠⁠ Facebook → ⁠⁠https://www.facebook.com/foundr⁠⁠ Twitter → ⁠⁠https://www.twitter.com/foundr⁠⁠ LinkedIn → ⁠⁠https://www.linkedin.com/company/foundr/⁠⁠ Podcast → ⁠⁠https://www.foundr.com/podcast

In Episode 491, Stacey Richter interviews Elizabeth Mitchell, CEO of the Purchaser's Business Group on Health (PBGH), about the PBGH Transparency Demonstration Project. They discuss the project's aim to provide jumbo self-insured employers with transparency in healthcare costs, quality, and safety data. Collaborating with Milliman and Embold and funded by the Peterson Center on Healthcare, PBGH's project reveals no correlation between higher prices and quality in healthcare services. The episode highlights the impacts on TPAs, consultants, and clinical organizations, and underscores the importance of employers using this new transparency data for strategic advantage and compliance with the Consolidated Appropriations Act. Richter and Mitchell delve into the broader implications for creating high-value networks and fostering market competition based on quality and affordability. === LINKS ===

What if you could close high-value clients... without pitching, posturing, or even talking about what you sell? This week's guest, Corey Lilburn, is a senior consultant and shareholder at Acrisure, a $35B global insurance and fintech firm. From selling Cutco knives to advising enterprise clients, Corey's success comes from mastering the timing, psychology, and nuance of complex sales. Corey shares the real sales skills that matter in today's market, the habits that create consistent closers, how to make renewals a non-event, and why self-funding might make sense sooner than you think. He also shares what Mark Cuban is getting right about pharma... and how a Sinatra impersonator helped him close a major deal. Plus, we dig into the evolution of Bay Area Advisors and how their Martinis for Moffitt event has raised over $4 million for cancer research. If you're selling high-ticket services or navigating long sales cycles, this one's packed with real strategies that actually work. Tune in and learn how to sell anything to anyone. — This episode is part of the 8FE (8-figure entrepreneur) series, where we talk to entrepreneurs who have already passed the million-dollar mark. — Key Takeaways: 00:00:00 Intro 00:01:37 Essential skills for mastering sales 00:05:03 How AI will impact insurance in the next 5 years 00:07:08 The challenges of risk assessment 00:09:17 Sales cycles and client relationships in insurance 00:22:18 Can you make insurance less boring? 00:23:41 Renewal vs. assumptive close 00:28:23 Keeping healthcare costs down 00:40:45 Self-insurance and level funding 00:53:38 Selling insurance companies to bigger insurance companies 01:06:26 Bay Area Advisors and Martinis for Moffitt 01:20:42 Advice for aspiring entrepreneurs 01:24:35 Outro — Additional Resources:

“They say it takes a village to raise a child. I really think it takes a village to treat a patient,” says Dr. Lanae Mullane, a naturopathic doctor and clinical strategist who has spent years at the forefront of bridging functional medicine, nutraceutical development, and digital health. In this episode of Raise the Line, host Lindsey Smith explores Dr. Mullane's view that naturopathic medicine complements conventional care by expanding -- not replacing -- the clinical toolkit, and that collaboration should be the future of medicine. “At the end of the day, collaboration and connection create the best outcomes for the people we serve,” she says. Their in-depth conversation also spans the shifting landscape of women's hormone health, including the perimenopausal transition and long-overdue calls for research equity. “We're not just smaller versions of men. We need to have dedicated research for us.” Tune in to learn about the importance of grounding health in sustainable habits, rethinking midlife care for women, and how to help patients take ownership of their health.Mentioned in this episode:Joi + BlokesSuppCoDr. Mullane's Clinical Website If you like this podcast, please share it on your social channels. You can also subscribe to the series and check out all of our episodes at www.osmosis.org/podcast

Norm Hitzges sits down with billionaire entrepreneur and former Dallas Mavericks owner Mark Cuban for an unfiltered conversation about life after selling the team, walking away from Shark Tank, and why business still feels like the ultimate sport. Cuban opens up about family life, his growing company Cost Plus Drugs, and his view of American politics—spoiler: he's not a fan of either party.In classic Norm fashion, the chat flows from heartfelt reflections to sharp insight, with plenty of humor along the way. From fake pharmaceutical studies to pitch emails gone wrong, this is Mark Cuban at his candid best — confident, self-aware, and always one step ahead.

Scott Galloway responds to Mark Cuban's claim that media is a bad investment, breaking down how social platforms, YouTube, and podcasts are redefining where attention and ad dollars flow. He then shares dating advice for women navigating today's digital landscape, and offers guidance for a dentist taking over a high-end practice on how to impress and retain wealthy clients. Want to be featured in a future episode? Send a voice recording to officehours@profgmedia.com, or drop your question in the r/ScottGalloway subreddit. Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this episode of Relentless Health Value, host Stacey Richter speaks with Shane Cerone and Dr. Sam Flanders of Kada Health about three pervasive myths in the healthcare industry. They discuss the belief in a functioning healthcare market, the necessity of high prices for hospital survival, and the notion that reducing prices means lower quality care. Highlighting the inefficiencies and lack of competition in the current system, they address the importance of transparency and competition. This episode sets the stage for a follow-up discussion focusing on tangible solutions and improvements for the healthcare system. === LINKS ===

Bill Maher and his guests answer viewer questions after the show. (Originally aired 10/17/25) Learn more about your ad choices. Visit podcastchoices.com/adchoices

Dave Rubin of The Rubin Report talks about Bill Maher still showing some TDS symptoms, but also surprising Mark Cuban and the Real Time with Bill Maher audience by pointing out the hypocrisy of pro-Palestine protesters for ignoring the killing of Palestinians by Hamas; a look at the baby-boomer-led “No Kings” protests that you won't see on CNN; a resurfaced clip of Mike Bloomberg calling out Bernie Sanders' liberal hypocrisy to his face that's now going viral; Mike Johnson pointing out to This Week's Jonathan Karl that the “No Kings” protests accidentally proved the anti-Trump protesters are delusional; The View's Joy Behar and Sunny Hostin claiming the “No Kings” protests are proof Americans are worried about authoritarianism; Zohran Mamdani's failed attempt to explain how he would pay for free buses in New York City; Real Time with Bill Maher guests Mark Cuban and Andrew Ross Sorkin being shocked by Maher's warning to Democrats supporting Zohran Mamdani and turning against capitalism; and much more. Today's Sponsors: Perplexity AI - Use the Comet web browser, the new AI-web browser from Perplexity, that will completely change the way you are able to interact with your browser. Download Perplexity's new AI-web browser, Comet, by heading to: https://pplx.ai/RUBIN Plus, right now when you download Comet - you get a month of Rumble Premium for free! Covepure - A countertop water purifier certified to remove up to 99.9% of impurities including fluoride, PFAs, fertilizer runoff, pharmaceuticals, and others. Go to https://covepure.com/rubin to get $200 off for a limited time only! Morgan & Morgan - Morgan & Morgan is America's Largest Injury Law Firm, with over 1,000 attorneys operating in all 50 states. Go to: https://ForThePeople.com/Rubin

Bill's guests are Arnold Schwarzenegger, Andrew Ross Sorkin, Mark Cuban (Originally aired 10/17/25) Learn more about your ad choices. Visit podcastchoices.com/adchoices

Tom Haberstroh, Amin Elhassan and producer Anthony Mayes woke up early to crush through Mark Cuban's second appearance on PTFO, and they didn't use ChatGPT to summarize it for you. Truth Teller Michael C. Wright of ESPN joins us to discuss his story about Victor Wembenyama's ambitious and diverse summer activities, react live to Harrison Barnes' AI music video and announce his upcoming Texas two step with Banned MacMahon. Basketball Illuminati is now part of the Count The Dings Network. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the Count The Dings Patreon⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to support the show, get ad free episodes and exclusive content at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.patreon.com/countthedings⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ILLUMINATI MERCH HAS RETURNED⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Check it out here:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/CTDMERCH⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Subscribe to Basketball Illuminati! On⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Apple⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ or ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠Watch Truth Teller Interviews on YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠ Email us: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠basketballilluminati@gmail.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@bballilluminati⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@basketballilluminati⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

"Have you never scored a game?" "No, because I'm an adult who has sex." It's Internet-Brained Truth-Poster vs. Internet-Brained Truth-Poster in the latest episode of Harvard Huckster Finds Out. We also head back to Days of Yore for an audio description of a wild baseball play. Learn more about your ad choices. Visit podcastchoices.com/adchoices

After tweeting 17,053 words in defense of his fellow billionaire NBA owner, the most polarizing member of Team Ballmer is back — in-studio — to confront all of Pablo's most burning questions: Why was Kawhi Leonard's deal kept so secret? When did the Clippers really know? Just how screwed was Aspiration? And what the hell do Cuban's Mavericks and the Knicks' Jalen Brunson have to do with this scandal?• Part I: The Richest Owner in Sports, the Silent Superstar and the Rotten Apple Tree• Part II: Team Ballmer vs. Team Sh*tting Bricks — an Argument with Mark Cuban• Part III: The Mystery Investor, the No-Show Payday and the "Smoking Gun"• Part IV: Steve Ballmer, the Other Cuban and the $118 Million Infusion• Part V: Steve Ballmer's "Inconceivable" Donation, the $20 Million Guarantee and a Head on a Spike(Pablo Torre Finds Out is independently produced by Meadowlark Media and distributed by The Athletic. The views, research and reporting expressed in this episode are solely those of Pablo Torre Finds Out, and do not reflect the work or editorial input of The Athletic or its journalists.) Hosted on Acast. See acast.com/privacy for more information.