Podcasts about Market

In this episode of Ask Rach, Rachel Hollis answers two powerful listener questions that, while different on the surface, share a common theme: what do you do when life doesn't line up with your dreams? One caller is battling the discouragement of a tough job market, struggling to land any role at all. Another is a young woman trying to pursue creativity while navigating the challenges of a troubled home environment.Rachel explores the overlap between these situations — resilience, resourcefulness, and finding momentum even when circumstances feel stacked against you. With practical strategies and heartfelt encouragement, she reminds listeners that beginnings don't have to be perfect to be powerful.If you've ever felt stuck between survival and dreaming, this episode offers both perspective and tactical tools to help you keep moving forward.Get your copy of Rachel's New Book Here: Audible, Amazon, Barnes & Noble, Books-A-Millon, Bookshop.org, or wherever books are sold! Sign up for Rachel's weekly email: https://msrachelhollis.com/insider/Call the podcast hotline and leave a voicemail! Call (737) 400-4626Watch the podcast on YouTube: http://youtube.com/@MsRachelHollisFollow along on Instagram: https://www.instagram.com/MsRachelHollisTo learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today's guest is Keith McCullough, Founder and CEO of Hedgeye, a financial media company that provides real-time investment research. In today's episode, Keith discusses his journey in the financial world, the importance of market signals, and the innovative quad framework he uses to navigate economic scenarios. He emphasizes the significance of understanding the U.S. dollar's impact on global markets, the psychology behind investing decisions, and the necessity of position sizing. McCullough also shares insights into Hedgeye's new venture into asset management and the future of ETFs, highlighting the evolving landscape of investing. (0:00) Starts (1:28) Keith McCullough's investment philosophy (2:48) Explanation of Hedgeye's "signal" and "quad" strategy (14:19) Outlook for the US dollar (24:10) Understanding economic cycles (40:10) Launching Hedgeye Asset Management (47:51) Keith's most memorable investment experience ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

Quint and Logan talk about market cycles and what they have learned from them. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today, host Dave Sullivan sits down with Remko Bloemhard, the founder of SuppTrax, a company that's changing the game for roofing contractors when it comes to insurance claim supplementing. Remko breaks down what supplementing really means (think: going back to the insurance company for those extra costs that often get missed in the initial estimate) and why it's such a crucial step for contractors who want to ensure they're getting every dollar they deserve.You'll hear Remko explain how the SuppTrax software makes managing these claims way easier, and how it can even sync up with the CRM systems you're already using. Plus, Dave shares some insights about his own mentoring program, designed to help contractors not just grow their businesses, but also boost profits and carve out more free time.If you're a roofing contractor looking to get the most out of your insurance claims and your business, this is one episode you won't want to miss!What you'll hear in this episode:Importance of supplementing in insurance claims for roofing contractorsOverview of the insurance claim supplementing processChallenges faced by contractors in managing insurance claimsDevelopment and features of a specialized supplement management softwareBenefits of faster payment and improved cash flow through supplementingIntegration of supplement management with existing CRM systemsStrategies for contractors to maximize insurance claim payoutsThe role of inside sales support in enhancing contractor operationsPersonal anecdotes and insights from industry experiencesResources available for contractors to improve their business practices and supplementing capabilitiesResources:Connect with RemkoInfo@supptrax.com(937) 869-1536www.supptrax.comFacebookConnect with DaveFree Strategy CallWant to grow a more profitable roofing business? Book a free strategy call with Dave here → davesullivan.as.me/free-strategy-callFree ResourceDownload your FREE 1-Page Business Plan for Roofing Contractors → theroofershow.com/planWatch on YouTubeSubscribe for weekly tips and full episodes → @DaveSullivanRooferShowTrusted & Vetted SponsorsRuby Receptionists – US-based professionals who answer your phones live, leave a great first impression, and tee up the sale. Get $150 off your first month → theroofercoach.com/ruby.ProLine – Automate your follow-up and close more jobs with text, email, and CRM integration. Try it FREE + save 50% off your first month with code DAVE50 → useproline.com.SMA Support – Roofing-specific virtual assistants who know the business. Free up your time by outsourcing admin, marketing, and customer service tasks → smasupport.us.

ETFs are at the center of how investors are navigating today's rapidly changing markets. From active ETFs to thematic strategies around megaforces like artificial intelligence and infrastructure, innovation in exchange-traded funds is reshaping how portfolios are built.In this special Ask Me Anything edition of The Bid, host Oscar Pulido sits down with Jay Jacobs, U.S. Head of Equity ETFs at BlackRock, to answer questions submitted by listeners. Together, they explore the evolving ETF landscape and how investors can better position themselves in a volatile world. Jay also highlights the link between AI and infrastructure - noting that advances in artificial intelligence require massive investments in electricity, real estate, and supply chains. For investors, the message is clear: today's portfolios must capture both enduring themes and defensive strategies.Key insights include:The “be, beat, modify” equity framework for building portfolios: how core ETFs provide efficiency, active and thematic ETFs can aim to outperform, and outcome-oriented strategies offer risk management.Why factor investing (quality, value, momentum) demands a more tactical, systematic approach in 2025.The growing role of active ETFs as investors seek new sources of alpha in an era of lower expected returns.Why diversifying beyond U.S. equities and addressing concentration risk from mega-cap tech is increasingly important.How megaforces like AI, geopolitics, and infrastructure demand are reshaping equity markets and long-term investing themes.The role of gold and Bitcoin as portfolio diversifiers and monetary alternatives beyond traditional stocks and bonds.Timestamps00:00 Introduction to Investor Interests in 202500:20 Ask Me Anything: Meet Jay Jacobs, U.S. Head of Equity ETFs at BlackRock01:14 Understanding Equity Markets: Be, Beat, and Modify04:00 Factor Exposures and Economic Environments05:57 Geographical Diversification in Portfolios07:54 The Role of Thematic Investing09:58 Active ETFs vs. Mutual Funds13:40 Exploring Alternative Asset Classes: Gold and Bitcoin15:32 Conclusion and Final Thoughts

Eric Criscuolo, Market Strategist at the NYSE, recaps a week where stocks retreated from record highs after triple-witching and Fed Chair Powell's valuation comments. Energy outperformed on rising oil, while tech and small caps lagged. Stronger economic data tempered Fed cut expectations. Criscuolo highlights jobs reports, ISM data, and a potential government shutdown as next week's key drivers.

Kerry Lutz sits down with market historian Bob Hoye to analyze current market conditions. Hoye predicts the market may continue rising through September but cautions that heavy retail investor activity often signals a market top. He examines the dynamics of gold and silver, emphasizing the gold-silver ratio as a key speculation indicator and highlighting the potential for significant movements in silver prices. Hoye also recommends three to four-year corporate bonds as a safer play during potential financial turmoil, while warning against junk bonds. Drawing on historical parallels, he compares today's environment to past financial bubbles and their consequences, providing listeners with actionable insights for navigating the markets. Find Bob's Charts here: https://chartsandmarkets.com/junior-golds Find Kerry here :https://khlfsn.substack.com and here: https://inflation.cafe     Kerry's New Book “The World According to Martin Armstrong – Conversations with the Master Forecaster” is now a #1 Best Seller on Amazon. . Get your copy here: https://amzn.to/4kuC5p5

Capturing the 50+ Fitness Market with Jay Croft In this episode of The Ideal Business Show, Pat Rigsby interviews Jay Croft, an expert in catering to the over-50 demographic in the fitness industry. Jay shares his extensive background in journalism and corporate communications, detailing his transition to founding Prime Fit Content, which provides marketing materials for fitness businesses targeting older adults. They discuss the importance of focusing on the rapidly growing 50+ fitness market, effective marketing strategies, and the launch of Jay's new book, 'Selling Longevity.' The conversation highlights how gyms can attract and retain older clients by addressing their specific fitness needs and concerns. 00:00 Introduction and Guest Introduction 01:00 Jay Croft's Background in Journalism 01:54 Transition to Fitness Industry 02:20 Identifying the Over 50 Fitness Market 04:11 Prime Fit Content and Marketing Strategies 07:06 Effective Marketing Channels for Older Demographics 11:50 Building Trust and Customer Experience 23:22 Jay's Book: Selling Longevity 26:15 Where to Find More Information

In this episode of Molecule to Market, you'll go inside the outsourcing space of the global drug development sector with Matt Lowe, CEO at performance.io/ Your host, Raman Sehgal, discusses the pharmaceutical and biotechnology supply chain with Matt, covering: Seeing a niche in SEO, within the healthcare space... and opting to take a risk and jump our of big pharma. Why healthcare agency models are built for agencies, not pharma. The mass wastage of big pharma spend when it comes to the commercial launch. How you should be thinking about generative search and customer experience... and why Google is still dominating the search landscape. Founder and CEO at performance-io (PIO), Matt has been the driving force behind bringing search engine optimization (SEO) into pharma. With more than 22 years in the highly regulated industry pharma space, spanning client-side and agency roles, he is responsible for a number of industry firsts, all focused on helping pharma companies to revolutionize their customer engagement.   Molecule to Market is also sponsored by Bora Pharma (boracdmo.com) and Charles River (www.criver.com), and supported by ramarketing. Please subscribe, tell your industry colleagues and join us in celebrating and promoting the value and importance of the global life science outsourcing space. We'd also appreciate a positive rating!

Paul Mueller of Civitas Outlook magazine discusses how industrial policy is conflated with successful pro-growth, pro-market agendas. This mistake obscures tensions regarding market allocation and firm discipline. 1908 BRADDOCK PA.

In this episode of The Kelly Roach Show, Kelly shares the key mindset and leadership shifts she made coming into the year that set her and her businesses up for success. From preparing for market contraction, to pacing with speed of change, to making tough team calls, Kelly walks through the exact adjustments that freed her as a leader and positioned her companies for explosive growth.  If you've been feeling weighed down by your team, slowed by your systems, or uncertain about how to lead into the next cycle—this episode will give you both clarity and courage. Timestamps 0:45 – 2:15 — Why September/Q1 planning determines next-year results 2:15 – 4:00 — Market outlook (contraction) & why expectation → preparation → execution 4:00 – 6:00 — Mindset shift: stop slowing down for people who can't pace with you 6:00 – 8:00 — The “no-rehire” decision and why Kelly implemented it this year 8:00 – 10:00 — Pruning layers: moving market-facing, regaining creativity and bandwidth 12:00 – 14:00 — How to build/keep high-performance teams   Resources Mentioned Download The Reinvention Playbook (free guide) →  https://thekellyroach.com/reinvention  Join The Virtual Business School membership for real-time, hands-on business growth support- all for just $59/month, no contract! https://go.virtualbusinessschool.com/virtualbusinessschool-page-3054  Join The Virtual Business School GOLD to learn advanced sales systems for rapid scale: https://go.virtualbusinessschool.com/gold    Grab Bigger Than You: The Entrepreneur's Guide to Building an Unstoppable Dream Team (The Audiobook) → https://www.audible.com/pd/Bigger-Than-You-Audiobook/B0DMR2FB2P?srsltid=AfmBOopsIwU82GAjvrXC3fO92kjWEE_pY99UFZSjuEDRi_cVCyodZ_zs  Follow Kelly on Instagram: https://www.instagram.com/kellyroachofficial/             Follow Kelly on Facebook: https://www.facebook.com/kelly.roach.520/        Connect with Kelly on LinkedIn: https://www.linkedin.com/in/kellyroachint/   

Our Co-Head of Securitized Products Research James Egan joins our Chief Economic Strategist Ellen Zentner to discuss the recent challenges facing the U.S. housing market, and the path forward for home buyers and investors. Read more insights from Morgan Stanley.----- Transcript ----- James Egan: Welcome to Thoughts on the Market. I'm James Egan, U.S. Housing Strategist and Co-Head of Securitized Products Research for Morgan Stanley. Ellen Zentner: And I'm Ellen Zentner, Chief Economic Strategist and Global Head of Thematic and Macro Investing at Morgan Stanley Wealth Management. James Egan: And today we dive into a topic that touches nearly every American household, quite literally. The future of the U.S. housing market. It's Thursday, September 25th at 10am in New York. So, Ellen, this conversation couldn't be timelier. Last week, the Fed cut interest rates by 25 basis points, and our chief U.S. Economist, Mike Gapen expects three more consecutive 25 basis point cuts through January of next year. And that's going to be followed by two more 25 basis point cuts in April and July. But mortgage rates, they're not tied to fed funds. So even if we do get 6.25 bps cuts by the end of 2026, that in and of itself we don't think is going to be sufficient to bring down mortgage rates, though other factors could get us there.Taking all that into account, the U.S. housing market appears to be a little stuck. The big question on investors' minds is – what's next for housing and what does that mean for the broader economy? Ellen Zentner: Well, I don't like the word stuck. There's no churn in the housing market. We want to see things moving and shaking. We want to see sellers out there. We want to see buyers out there. And we've got a lot of buyers – or would be buyers, right? But not a lot of sellers. And, you know, the economy does well when things are moving and shaking because there's a lot of home related spending that goes on when we're selling and buying homes. And so that helps boost consumer spending. Housing is also a really interest rate sensitive sector, so you know, I like to say as goes housing, so goes the business cycle. And so, you don't want to think that housing is sort of on the downhill slide or heading toward a downturn [be]cause it would mean that the entire economy is headed toward a downturn. So, we want to see housing improve here. We want to see it thaw out. I don't like, again, the word stuck, you know. I want to see some more churn. James Egan: As do we, and one of the reasons that I wanted to talk to you today is that you are observing all of these pressures on the U.S. housing market from your perspective in wealth management. And that means your job is to advise retail clients who sometimes can have a longer investment time horizon. So, Ellen, when you look at the next decade, how do you estimate the need for new housing units in the United States and what happens if we fall short of these estimated targets? Ellen Zentner: Yeah, so we always like to say demographics makes the world go round and especially it makes the housing market go round. And we know that if you just look at demographic drivers in the U.S. Of those young millennials and Gen Z that are aging into their first time home buying years – whether they're able to immediately or at some point purchase a home – they will want to buy homes. And if they can't afford the homes, then they will want to maybe rent those single-family homes. But either way, if you're just looking at the sheer need for housing in any way, shape, or form that it comes, we're going to need about 18 million units to meet all of that demand through 2030. And so, when I'm talking with our clients on the wealth management side, it's – Okay, short term here or over the next couple of years, there is a housing cycle. And affordability is creating pressures there. But if we look out beyond that, there are opportunities because of the demographic drivers – single family rentals, multi-family. We think modular housing can be something big here, as well. All of those solutions that can help everyone get into a home that wants to be. James Egan: Now, you hit on something there that I think is really important, kind of the implications of affordability challenges. One of the things that we've been seeing is it's been driving a shift toward rentership over ownership. How does that specific trend affect economic multipliers and long-term wealth creation? Ellen Zentner: In terms of whether you're going to buy a single-family home or you're going to rent a single-family home, it tends to be more square footage and there's more spending that goes on with it. But, of course, then relatively speaking, if you're buying that single family home versus renting, you're also going to probably spend a lot more time and care on that home while you're there, which means more money into the economy. In terms of wealth creation, we'd love to get the single-family home ownership rate as high as possible. It's the key way that households build intergenerational wealth. And the average American, or the average household has four times the wealth in their home than they do in the stock market. And so that's why it's very important that we've always created wealth that way through housing; and we want people to own, and they want to own. And that's good news. James Egan: These affordability challenges. Another thing that you've been highlighting is that they've led to an internal migration trend. People moving from high cost to lower cost metro areas. How is this playing out and what are the economic consequences of this migration? Ellen Zentner: Well, I think, first of all, I think to the wonderful work that Mark Schmidt does on the Munis team at MS and Co. It matters a great deal, ownership rates in various regions because it can tell you something about the health of the metropolitan area where they are. Buying those homes and paying those property taxes. It can create imbalances across the U.S. where you've got excess supply maybe in some areas, but very tight housing supply in others. And eventually to balance that out, you might even have some people that, say, post-COVID or during COVID moved to some parts of the country that have now become very expensive. And so, they leave those places and then go back to either try another locale or back to the locale they had moved from. So, understanding those flows within the U.S. can help communities understand the needs of their community, the costs associated with filling those needs, and also associated revenues that might be coming in. So, Jim, I mentioned a couple of times here about single family renting, and so from your perch, given that growing number of single-family rentals, how is that going to influence housing strategy and pricing? James Egan: It is certainly another piece of the puzzle when we look at like single family home ownership, multi-unit rentership, multi-unit home ownership, and then single family rentership. Over the past 15 years, this has been the fastest growing way in which kind of U.S. households exist. And when we take a step back looking at the housing market more holistically – something you hit on earlier – supply has been low, and that's played a key role in keeping prices high and affordability under pressure. On top of that, credit availability has been constrained. It's one of the pillars that we use when evaluating home prices and housing activity that we do think gets overlooked. And so even if you can find a home to buy in these tight inventory environments, it's pretty difficult to qualify for a mortgage. Those lending standards have been tight, that's pushed the home ownership rate down to 65 percent. Now, it was a little bit lower than this, after the Great Financial Crisis, but prior to that point, this is the lowest that home ownership rates have been since 1995. And so, we do think that single family rentership, it becomes another outlet and will continue to be an important pillar for the U.S. housing market on a go forward basis. So, the economic implications of that, that you highlighted earlier, we think that's going to continue to be something that we're living with – pun only half intended – in the U.S. housing market. Ellen Zentner: Only half intended. But let me take you back to something that you said at the beginning of the podcast. And you talked about Gapen's expectation for rate cuts and that that's going to bring fed funds rate down. Those are interest rates, though that don't impact mortgage rates. So how do mortgage rates price? And then, how do you see those persistently higher mortgage rates continuing to weigh on affordability. Or, I guess, really, what we all want to know is – when are mortgage rates going to get to a point where housing does become affordable again? James Egan: In our prior podcast, my Co-Head of Securitized Products Research, Jay Bacow and myself talked about how cutting fed funds wasn't necessarily sufficient to bring down mortgage rates. But the other piece of this is going to be how much lower do mortgage rates need to go? And one of the things we highlighted there, a data point that we do think is important. Mortgage rates have come down recently, right? Like we're at our lowest point of the year, but the effective rate on the outstanding market is still below 4.25 percent. Mortgage rates are still above 6.25 percent, so the market's 200 basis points out of the money. One of the things that we've been trying to do, looking at changes to affordability historically. What we think you really need to see a sustainable growth in housing activity is about a 10 percent improvement in affordability. How do we get there? It's about a 5.5 percent mortgage rate as opposed to the 6 1/8th to 6.25 where we were when we walked into this recording studio today. We think there will be a little bit response to the move in mortgage rates we've already seen. Again, it's the lowest that rates have been this year, and there have been some… Ellen Zentner: Are those fence sitters; what we call fence sitters? People that say, ‘Oh gosh, it's coming down. Let me go ahead and jump in here.' James Egan: Absolutely. We'll see some of that. And then from just other parts of the housing infrastructure, we'll see refinance rates pick up, right? Like there are borrowers who've seen originations over the course of the past couple years whose rates are higher than this. Morgan Stanley actually publishes a truly refinanceable index that measures what percentage of the housing market has at least a 25 basis point incentive to refinance. Housing market holistically after this move? 17 percent? Mortgages originated in the last two years, 61 percent of them have that incentive. So, I think you'll see a little bit more purchase activity. Again, we need to get to 5.5 percent for us to believe that will be sustainable. But you'll also see some refinance activity as well, right? Ellen Zentner: Right, it doesn't mean you get absolutely nothing and then all of a sudden the spigot opens when you get to 5.5 percent. Anecdotal evidence, I have a 2.7 percent 30-year mortgage and I've told my husband, I'm going to die in this apartment. I'm not moving anywhere. So, I'm part of the problem, Jim. James Egan: Well, congratulations to you on the mortgage… Ellen Zentner: Thank you. I wasn't trying to brag, But yes, it feels like, you know, your point on perspective folks that are younger buyers, you know, are looking at the prevailing mortgage rate right now and saying, ‘My gosh, that's really high.' But some of us that have been around for a lot longer are saying, ‘Really, this is fine.' But it's all relative speaking. James Egan: When you have over 60 percent of the mortgage market that has a rate below 4.5 percent, below 4 percent, yes, on a long-term basis, mortgage rates don't look particularly high. They're very high relative to the past 15 years, and to your point on a 2.7 percent mortgage rate, there's no incentive for you... Or there's limited incentive for you to sell that home, pay off that 2.7 percent mortgage rate, buy a new home at higher prices, at a much higher mortgage rate. That has – I know you don't like the word stuck – but it has been what's gotten this housing market kind of mired in its current situation. Price is very protective. Activity pretty low. Ellen Zentner: Jim, we've been talking about all the affordability issues and so let's set mortgage rates aside and talk about policy proposals. Are there specific policies that could also help on the affordability front? James Egan: So, there's a number of things that we get questions about on a pretty regular basis. Things like GSE reform, first time home buyer tax credits, things that could potentially spur supply. And look, the devil is in the details here. My colleague, Jay Bacow, has done a lot of work on GSE reform and what we're really focusing on there is the nature of the guarantee as well as the future of regulation and capital charges. For instance, U.S. banks own approximately one-third of the agency mortgage-backed securities market. Any changes to regulatory capital as a result of GSE reform, that could have implications for their demand, and that's going to have implications on mortgage rates, right? First time home buyer tax credits. We have seen those before – the spring of 2008 to 2010, and if we use that as a case study, we did see a temporary rise in home sales and a pause in the pace with which home prices were falling. But the effects there were temporary. Sales and prices wouldn't hit their post housing crisis lows until after those programs expired. Ellen Zentner: Right. So, you were incentivized to buy the house. You get the credit; you buy the house. But then unbeknownst to any economist out there, housing valuations continued to fall. James Egan: You could argue that it maybe pulled some demand forward. And so, you saw a lot of it concentrated and then the absence of that demand afterwards. And then on the supply side, there are a number of different programs we have touched on, some of them in these podcasts in the past. And then some of those questions become what needs to go through Congress, what is more kind of local municipality versus federal government. But look, the devil's in the details. It's an incredibly interesting housing market. Probably one that's going to be the source of many podcasts to come. So, Ellen, given all these challenges facing the U.S. housing market. Where do you see the biggest opportunities for retail investors? Ellen Zentner: So, in our recent note Housing in the Next Decade, we took a look at single family renting; you and I have talked about how that's likely to still be in favor for some time. REITs with exposure to select U.S. rental markets; what about senior housing? That is something that you've done deep research on, as well. Senior and affordable housing providers, home construction and materials companies. What about building more sustainable homes with a good deal of the climate change that we're seeing. And financial technology firms that offer flexible financing solutions. So, these are some of the things that we think could be in play as we think about housing over the long term. James Egan: Ellen, thank you for all your insights. It's been a pleasure to have you on the podcast. And I guess there's a key takeaway for investors here. Housing isn't just about where we live, it's about where the economy is headed. Ellen Zentner: Exactly. Always a pleasure to be on the show. Thanks, Jim. James Egan: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Detroit Lions Podcast: Statement in Baltimore, Calculus for Cleveland The Detroit Lions didn't just beat the Baltimore Ravens—they reframed the early-season narrative on national TV. Our latest episode unpacks how Dan Campbell's group closed a hostile road game, why Jared Goff's quiet precision keeps elevating the offense, and how Kelvin Sheppard's plan rattled Lamar Jackson. Then we pivot to a top-tier defense and a wounded tackle room as the Cleveland Browns come to Ford Field on Sunday. What Monday Night Told Us About Detroit This was complementary football at scale. Offensively, Detroit toggled from Week 2's aerial binge to a trench-first blueprint, piling on rushing efficiency while Goff went 20-of-28 without a turnover and feathered a fourth-down dime to Amon-Ra St. Brown—the night's fulcrum throw. On the edges, Penei Sewell authored a historic performance, drawing the best single-game run-blocking grade in PFF history, a data point that matches the eye test and film-room consensus. Defensively, Kelvin Sheppard started hot-knife/cold-steel—an early score allowed, then relentless adjustment. Detroit sacked Lamar seven times, tying the most he has ever taken, as simulated pressure and delayed second-level triggers compressed escape lanes and forced Baltimore to play left-handed. That's not a fluke; it's teach tape for Sheppard's spy-and-squeeze menu and a culture that fixes problems in-game. Credit John Morton and the offensive staff for the multiplicity, too. The show walks through how Detroit's formation variety and tempo kept Baltimore from sitting on tendencies, with touches distributed across David Montgomery, Jahmyr Gibbs, Sam LaPorta, and St. Brown instead of chasing vanity stat lines. This version of the Lions can beat you down two different hallways—through the air one week, through your ribcage the next. Scouting the Cleveland Browns: Iron on Iron Cleveland arrives with an elite, No. 1-rated defense and Myles Garrett, a game-tilting monster who bends pockets all by himself. Detroit's answers? Force Browns corners to tackle in space (Gibbs/LaPorta option routes), vary protection IDs, and keep the ball moving on first down to avoid obvious pass sets. Meanwhile, a battered Browns tackle room complicates their plan: Dawand Jones is out for the season (IR), and Cleveland signed Thayer Munford Jr. while shuffling bookends—an edge opportunity for Aidan Hutchinson and Detroit's five-man fronts. Market signals also reflect the matchup: early Week 4 boards list Detroit as a sizeable home favorite (spreads clustering around Lions −9.5 with a modest total), consistent with the Lions' form and Cleveland's offensive drag. It's still nfl football—one turnover or special-teams swing can rewrite scripts—but Detroit holds multiple levers: early-down efficiency, red-zone resourcefulness, and a pass rush that's heating up. https://www.youtube.com/watch?v=vQhZrt4cDdQ Let us know what you think about the show by commenting in the podcast thread in the subreddit, or by leaving us a voice mail message via Skype at: Detroit Lions Podcast  Your input will help make the show better, and if you leave us a message on Skype, you just might be featured in an upcoming podcast! You can also give us a call at (929) 33-Lions. Get yourself a Classic Detroit t-shirt here! Don't miss our great merch selection in the Detroit Lions Podcast store. Looking for the relief that CBD products can bring? Click here: https://bit.ly/2XzawlG Get your Lions Gear at: https://bit.ly/2Ooo5Px As an Amazon Associate we earn from qualifying purchases made here: https://amzn.to/36e2ZfD Donate Direct at: https://bit.ly/2qnEtFj Join the Patreon Crew at: https://bit.ly/2bgQgyj #lions #detroitlions #detroitlionspodcast #allgrit #onepride #nfl #week4 #cleveland #clevelandbrowns #browns Learn more about your ad choices. Visit megaphone.fm/adchoices

Inclusive marketing isn't about business as usual—it's about disrupting the status quo. In this episode, Sonia Thompson shares a live conversation from HubSpot's INBOUND conference with the co-founders of DRAFTED, a brand elevating Latinas and reshaping what the “general market” really means. You'll hear how they're challenging incorrect narratives, disrupting an entire male-centered industry, and putting overlooked consumers center stage. If you want to understand how inclusive disruption drives loyalty, growth, and cultural relevance, this conversation is a must-listen. Get the Inclusion & Marketing Newsletter - www.inclusionandmarketing.com/newsletter

Bitcoin faced a sharp sell-off today, wiping billions from the market and putting renewed pressure on traders already bracing for key Fed decisions. At the same time, the IMF is warning about surging global debt, with Circle weighing in on the risks this poses to financial stability and its potential impact on digital assets. Add in new developments on stablecoins, crypto taxation, and the role of banks entering the space, and today's news paints a picture of both opportunity and uncertainty. In this video, we break down Bitcoin's price action, the IMF's debt warning, and the latest headlines shaping the future of crypto and global markets.

Shawn Griffith of Kraft Capital explains why no investor should ever be passive, how to underwrite risk, and why multifamily is a long-term wealth game.In this episode of RealDealChat, Jack sits down with Shawn Griffith, managing partner at Kraft Capital Investments, to discuss the reality of multifamily investing, the dangers of being a “passive investor,” and why risk management is the cornerstone of long-term success.Shawn shares his journey from his first LP deal that tripled investor money, to building Kraft Capital with partners and launching a new flex fund. He also explains why setting goals that scare you matters, why underwriting risk is more important than chasing returns, and how investors can protect themselves in today's market.Here's what you'll learn in this conversation:Why “passive investor” is the most dangerous mindset in real estateHow to vet sponsors and do your homework before wiring moneyThe three types of distress in multifamily: physical, financial & operationalWhy fixed-rate debt beats floating-rate in today's environmentHow Kraft Capital underwrites and screens 100+ deals a yearMarket trends: flat rent growth, rising insurance, taxes & payroll costsWhy Dallas-Fort Worth and the Mid-Cities area remain strong marketsHow EOS (Entrepreneurial Operating System) helps scale their firmWhy partnerships and transparency are critical for investor trustActionable advice: how to evaluate risk vs reward before investing

Some agents think market data is just a bunch of MLS stats to throw into a listing presentation. Just absorption rates, days on market, and sales ratios that you check off like a box.  But it's actually one of the most powerful persuasion tools you have. Market data shifts the conversation from opinion to fact, from convincing to guiding. It builds your confidence, gives clients a clear picture they can't argue with, and it helps you close more deals. The truth s, too many agents hide behind generic terms like “the market is slow” or “inventory is high.” Those phrases don't move clients; they confuse them.  Without specifics, your advice sounds like just another opinion. And in a market where clients are bombarded with opinions from social media, friends, and Zillow alerts, opinions don't close deals. Facts do. How do we turn raw numbers into stories that help clients? How does that lead to more closings? In this episode of Level Up, we show you how to use numbers to set expectations, have better conversations, overcome objections, and close more deals.   Things You'll Learn In This Episode  Facts beat opinions every time When you let the market data speak instead of your own opinion, clients stop arguing and start listening. What happens when you shift from convincing to simply presenting the facts? The one number that tells the whole story Absorption rate reveals both demand and supply in a single snapshot. How does knowing this metric instantly change the way you talk about the market? Painting a clearer picture with specifics Telling a seller “the market is slow” falls flat, but showing them that 90% of listings are sitting unsold hits home. What does that do to their pricing mindset? The three-price strategy Presenting sellers with three time-based pricing options sets expectations before the listing ever hits the market. How does this keep you from endless price-reduction battles later? About Your Host Greg Harrelson is a real estate agent, coach, trainer, and owner of Century 21 The Harrelson Group. He has been in the real estate business for over 30 years and has been professionally trained by coaches like Mike, Matthew, Tom Ferry, Chet Holme,s and Tony Robbins. He is in the top 1% of all Realtors nationwide. His goal is to empower his clients with the information necessary to make sound financial decisions while being sensitive to the experience one is looking for in real estate ownership. The Harrelson Group has been the leading office in the Myrtle Beach real estate market for years, and they have recently added a new office in Charleston, SC.   Guest Host  Abe Safa is a highly experienced real estate expert with over two decades in the industry. He is a key leader at Century 21 The Harrelson Group, where he specializes in helping clients navigate complex real estate transactions with ease. In addition to his role at Century 21, Abe is a sought-after mentor and speaker, sharing his expertise through seminars and coaching programs to help other agents succeed in the competitive real estate market.     Check out this episode on Apple Podcasts, or Spotify, and don't forget to leave a review if you like what you heard. Your review feeds the algorithm so our show reaches more people. Thank you! 

Ben and Tom discuss KB Home earnings, Stephen Miran's comments from the Economic Club of New York, and recapping yesterday's CFA meeting.Song: Fly Like an Eagle - Steve Miller BandFor information on how to join the Zoom calls live each morning at 8:30 EST, visit:https://www.narwhal.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhal.com/disclosure

Join Colgate alumna Nicole Gordon '10, as she shares her entrepreneurial journey to create Nikigo, which she has branded as the ultimate soy sauce replacement. Gordon shares how her liberal arts education, coupled with the steadfast support of Colgate's alumni network via the Thought Into Action program, turned her dream into reality.

In this episode of the Real Estate Pros podcast, host Kristen Knapp interviews Daniel Ilie, a realtor and investor from Southwest Florida. Daniel shares his journey into real estate, emphasizing the importance of investing for financial independence. He discusses the current market conditions in Southwest Florida, the significance of understanding investment numbers, and the lessons he's learned from his experiences. Daniel also offers valuable advice for aspiring investors and outlines his future goals in the real estate industry.   Professional Real Estate Investors - How we can help you: Investor Fuel Mastermind:  Learn more about the Investor Fuel Mastermind, including 100% deal financing, massive discounts from vendors and sponsors you're already using, our world class community of over 150 members, and SO much more here: http://www.investorfuel.com/apply   Investor Machine Marketing Partnership:  Are you looking for consistent, high quality lead generation? Investor Machine is America's #1 lead generation service professional investors. Investor Machine provides true ‘white glove' support to help you build the perfect marketing plan, then we'll execute it for you…talking and working together on an ongoing basis to help you hit YOUR goals! Learn more here: http://www.investormachine.com   Coaching with Mike Hambright:  Interested in 1 on 1 coaching with Mike Hambright? Mike coaches entrepreneurs looking to level up, build coaching or service based businesses (Mike runs multiple 7 and 8 figure a year businesses), building a coaching program and more. Learn more here: https://investorfuel.com/coachingwithmike   Attend a Vacation/Mastermind Retreat with Mike Hambright: Interested in joining a “mini-mastermind” with Mike and his private clients on an upcoming “Retreat”, either at locations like Cabo San Lucas, Napa, Park City ski trip, Yellowstone, or even at Mike's East Texas “Big H Ranch”? Learn more here: http://www.investorfuel.com/retreat   Property Insurance: Join the largest and most investor friendly property insurance provider in 2 minutes. Free to join, and insure all your flips and rentals within minutes! There is NO easier insurance provider on the planet (turn insurance on or off in 1 minute without talking to anyone!), and there's no 15-30% agent mark up through this platform!  Register here: https://myinvestorinsurance.com/   New Real Estate Investors - How we can work together: Investor Fuel Club (Coaching and Deal Partner Community): Looking to kickstart your real estate investing career? Join our one of a kind Coaching Community, Investor Fuel Club, where you'll get trained by some of the best real estate investors in America, and partner with them on deals! You don't need $ for deals…we'll partner with you and hold your hand along the way! Learn More here: http://www.investorfuel.com/club   —--------------------

US equity futures are slightly higher. Asia mostly advanced, and European equity opened little lower. Fed commentary continued to temper expectations for near-term rate cuts; Market focus remains on Friday's core PCE release and potential month-end rebalancing, with Goldman projecting $22B in US pension selling pressure; In other trade news, US-China tech and trade tensions persisted, with Washington launching new S.232 tariff probes into robotics, industrial machinery and medical equipment, and Reuters sources noted G7 and EU weighing rare earths price floors, as well as a tariff on Chinese rare earths imports, in bid to reduce reliance on China. Reports of upcoming US-China technical trade talks next Thursday and executive order on TikTok deal may be signed.Companies Mentioned: Anglogold Ashanti, TechnoPro Holdings, Blackstone, Federal Signal

Preview: Charles Burton discusses Canada's 100% tariff on Chinese EVs which led China to restrict Canadian canola imports, devastating farmers who now pressure Mark Carney to remove the EV tariffs to regain the lost $5 billion market. 1922 SASKATCHEWAN 

Our Global Head of Fixed Income Research and Public Policy Strategy, Michael Zezas, examines growth in IPOs and M&A amid greater certainty around trade, immigration and regulation.Read more insights from Morgan Stanley.----- Transcript ----- Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Today, let's talk about how changes in U.S. policy are shaping the markets in 2025—and why we're seeing a pickup in capital markets activity. It's Wednesday, September 24th at 10:30am in New York. At the start of this year, one thing investors agreed on was that with President Trump back in office, U.S. policy would shift in big ways. But there was less agreement about what those changes would mean for the economy and markets. Our team built a framework to help investors track changes in trade, fiscal, immigration, and regulatory policy – focusing on the sequencing and severity of these choices. That lens remains useful. But now, 250 days into the administration, we think it's more valuable to look at the impacts of those shifts, the durable policy signals, and how markets are pricing it all. Let's start with policy uncertainty. It is still high, but it's come down from the peaks we saw earlier this year. For example, the White House has made deals with key trading partners, which means tariff escalation is on pause for now. Of course, things could change if those partners don't meet their commitments, but any fallout may take a while to show up. Even if courts challenge new tariffs, the administration has ways to bring them back. And with Congress divided, most big policy moves are coming from the executive branch, not lawmakers. With policy changes slowing down, it's worth reflecting on a new durable consensus in Washington. For years, both parties mostly agreed on lowering trade barriers and keeping the government out of private business. But it seems that's changed. Industrial policy—where the government takes a more active role in shaping industries—is now a key part of U.S. strategy. Tariffs that started under Trump stayed under Biden, and even current critics focus more on how tariffs are applied than whether they should exist at all. You see this shift in areas like healthcare, energy, and especially technology. Take semiconductors. The CHIPS act under Biden aimed to build a secure domestic supply chain while Trump's approach includes licensing fees on exports to China and considering more government stakes in companies.So, why is capital markets activity picking up then? There are several drivers. First, less uncertainty about policy means companies feel more confident making big decisions. Earlier this year, activity like IPOs and mergers was unusually low compared to the size of the economy. But corporate balance sheets are strong—companies have plenty of cash, and private investors are looking to put money to work. Add in new needs for investment driven by artificial intelligence and technology upgrades, and you get a recipe for more deals. Our corporate clients have told us that having a smaller range of possible policy outcomes helped them move forward with strategic plans. Now, we're seeing the results: IPOs are up 68 percent year-on-year, and M&A is up 35 percent. Those numbers are coming off low levels, so the pace may slow, but we expect growth to continue for a while. This all syncs up with other trends in the market. For example, we continue to see steeper yield curves and a weaker dollar. Why? Well, trade policy is likely to stay restrictive. The fiscal policy trajectory appears locked in as the President and Congress have already made the fiscal choices that they prefer. And the Federal Reserve appears willing to tolerate more inflation risk in order to support growth. That means the dollar could keep falling and longer maturity bond yields could be sticky, even as shorter maturity yields decline to reflect the more dovish Fed. As always, it's important to watch how these trends interact with the broader economy, and that will be important to how we start deliberating on our outlook for 2026. We'll keep analyzing and share more with you as we go. Thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and tell your friends about the podcast. We want everyone to listen.

In this engaging conversation, Anthony Scaramucci discusses a range of topics from current political events, including the return of Jimmy Kimmel, to the dynamics within the Republican Party and the future of Donald Trump. He provides insights into economic issues such as inflation and market predictions, while also addressing the challenges facing the Democratic Party. Scaramucci also introduces his podcast, 'Open Book', where he interviews bestselling authors. Be sure to check out the ⁠⁠⁠⁠⁠On Brand with Donny Deutsch YouTube page⁠⁠⁠⁠⁠. Takeaways Trump's influence is declining within the Republican Party. Inflation is a misunderstood economic issue affecting the middle class. The Democratic Party is experiencing an ideological civil war. Scaramucci believes the system is still functioning despite political chaos. Market corrections are inevitable, but not immediate. The Fed's interest rate cuts will impact asset values. Scaramucci emphasizes the importance of understanding inflation's effects on wealth. The political landscape is shifting with new voices emerging. Scaramucci's podcast aims to reignite interest in reading and literature. The need for Democrats to unify and define their brand is critical. Learn more about your ad choices. Visit megaphone.fm/adchoices

Job Numbers Plummet | Is The Market About to Crash?Ministry Sponsors:Armored RepublicWe make Tools of Liberty for the defense of every free man's God-given rights: Arm yourself with body armor and a plate carrier of your choosing; build your setup with accessories, equip yourself with an armored backpack.https://www.ar500armor.com/Genesis Gold GroupFaith-Based Gold IRA: Genesis Gold Group helps Christians protect their retirement with physical precious metals aligned with scriptural stewardship principles.https://www.RightResponseBibleGold.comBackwards Planning FinancialWant to build a financial legacy for your family with a plan that starts at the end goal? Connect with Joe Garrisi at https://backwardsplanningfinancial.nm.com/ to get help with a legacy-driven strategy for your future.

In this episode of the Global Fresh Series, we begin with the curious and captivating story of French artist Agnès Varda, who transformed humble potatoes into symbols of beauty and individuality through her groundbreaking exhibit Patatutopia. From there, we shift from art to agriculture with a conversation just as colorful and insightful.Joining us is CarrieAnn Arias, President and CEO of USA Pears, a visionary leader with over 25 years of experience in global brand building. CarrieAnn shares her perspective on the state of the pear industry after a challenging season, consumer trends driving growth, and how health and wellness movements are reshaping demand.First Class Sponsor: Peak of the Market: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://peakofthemarket.com/⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Sponsor: Zag Technological Services, Inc.: https://www.zagtech.com/ Premium Sponsor: Avocados from Colombia: https://avocadoscolombia.com/ Premium Sponsor: The Fruit & Vegetable Dispute Resolution Corporation: https://fvdrc.com/ Global Women Fresh: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://globalwomenfresh.com/⁠⁠⁠⁠⁠⁠⁠

Are your market indicators primary, secondary … or tactical? Recognize when the market is changing with these new twists on time-tested indicators. Jack Kosar, vice president of investment strategy at Asbury Research, discusses the tools he uses to track market changes. Learn more about your ad choices. Visit megaphone.fm/adchoices

Have you ever tracked how you got to where you are? Our guess is it's through a connection with someone along the way. Life is full of those seemingly small and meaningless connections that can sometimes blossom into something great that changes the trajectory of your life! Join us in this conversation all about making connections that have a lasting ripple effect in our lives!The Show Notes!Thanks for being a part of our podcast community! You can follow Lee Ann and Matt on Instagram to keep up with happenings in between episodes. Click the link in their name to follow!If you know anything about us at all, you know a good cup of coffee is important to us - especially “frothy coffee.” Click here to grab some of our These Are Good Days blend coffee - we created this blend and couldn't love it more!Also, we have merch! Grab a tshirt, hoodie, baseball cap, or other swag to show your love for the podcast, or just remind yourself that These Are Good Days! No doubt, we all need a reminder to embrace the joy in the moment, no matter what's going on around us. Check out our storefront here!Thank you to our sponsor Walnut Creek Foods and Walnut Creek Cheese and Market. Walnut Creek Foods creates products that are carried in stores all over the United States. Click here to see where you can locate a store near you that carry their incredible products. If getting packages on your doorstep is more your speed, click here to see all the Walnut Creek Cheese and Market products that can be shipped right to your door!

Ben discusses Micron earnings, Trump at the UN General Assembly, and Powell's comments on inflation. Song: Touch of Grey - Grateful DeadFor information on how to join the Zoom calls live each morning at 8:30 EST, visit:https://www.narwhal.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhal.com/disclosure

In this episode of Real Estate Success: The Whissel Way, host Bryan Koci sits down with Brian Danney to discuss how real estate agents can create urgency in today's slower, buyer-driven market. Brian shares practical strategies like defining a buyer's top five must-haves, holding clients accountable through simple emails, and future-pacing conversations to prepare buyers for writing offers. The episode emphasizes the importance of guiding clients based on their goals, meeting them where they're at in the buying journey, and building momentum through consistent next steps and promises. Agents will walk away with actionable ways to build trust, inspire confidence, and help buyers make timely decisions without pressure. Chapters 00:00 – Introduction & Guest Intro 01:19 – Brian's Background in Real Estate 02:28 – Creating Urgency in a Non-Urgent Market 05:25 – Accountability and the Agent's Role 06:19 – Defining the Top Five Must-Haves 07:30 – Going Deep: Lifestyle vs. Features 11:23 – Using Emails to Build Accountability 13:21 – Understanding Buyer Stages (Awareness, Consideration, Decision) 16:40 – Redrafting Buyer Priorities & Handling Objections 25:32 – Final Advice: Always Create a Next Step

In this episode of the Real Estate Pros podcast, host Erika interviews Jennifer Collins, a seasoned real estate professional and brokerage owner. Jennifer shares her journey into the industry, her shift toward commercial investing, and how she supports her team of agents. She emphasizes treating real estate as a business with clear goals and solid strategies.   Jennifer also offers advice for investors and agents on tracking KPIs, avoiding common pitfalls, and embracing market realities. She highlights the importance of networking, creative financing, and consistent activities like lead generation and follow-up, noting that flexibility and persistence are key to long-term success.   Professional Real Estate Investors - How we can help you: Investor Fuel Mastermind:  Learn more about the Investor Fuel Mastermind, including 100% deal financing, massive discounts from vendors and sponsors you're already using, our world class community of over 150 members, and SO much more here: http://www.investorfuel.com/apply   Investor Machine Marketing Partnership:  Are you looking for consistent, high quality lead generation? Investor Machine is America's #1 lead generation service professional investors. Investor Machine provides true ‘white glove' support to help you build the perfect marketing plan, then we'll execute it for you…talking and working together on an ongoing basis to help you hit YOUR goals! Learn more here: http://www.investormachine.com   Coaching with Mike Hambright:  Interested in 1 on 1 coaching with Mike Hambright? Mike coaches entrepreneurs looking to level up, build coaching or service based businesses (Mike runs multiple 7 and 8 figure a year businesses), building a coaching program and more. Learn more here: https://investorfuel.com/coachingwithmike   Attend a Vacation/Mastermind Retreat with Mike Hambright: Interested in joining a “mini-mastermind” with Mike and his private clients on an upcoming “Retreat”, either at locations like Cabo San Lucas, Napa, Park City ski trip, Yellowstone, or even at Mike's East Texas “Big H Ranch”? Learn more here: http://www.investorfuel.com/retreat   Property Insurance: Join the largest and most investor friendly property insurance provider in 2 minutes. Free to join, and insure all your flips and rentals within minutes! There is NO easier insurance provider on the planet (turn insurance on or off in 1 minute without talking to anyone!), and there's no 15-30% agent mark up through this platform!  Register here: https://myinvestorinsurance.com/   New Real Estate Investors - How we can work together: Investor Fuel Club (Coaching and Deal Partner Community): Looking to kickstart your real estate investing career? Join our one of a kind Coaching Community, Investor Fuel Club, where you'll get trained by some of the best real estate investors in America, and partner with them on deals! You don't need $ for deals…we'll partner with you and hold your hand along the way! Learn More here: http://www.investorfuel.com/club   —--------------------

The Transformation Ground Control podcast covers several topics important to digital and business transformation. This episode covers the following topics and interviews:   Where is the ERP Market Headed? It's Time to Completely Re-Think ERP Systems (Eyal Katz & Evgenya Kontorovich, Priority Software) Microservices & Alternatives to ERP, Jan Baan   We also cover a number of other relevant topics related to digital and business transformation throughout the show.  

Nick Kostos & Femi Abebefe discuss the Heisman Trophy Market after it was announced that OU QB John Mateer will undergo thumb surgery and miss time. Then, Nick gives his thoughts on the Giants announcing that Jaxson Dart will be the starting QB vs the Chargers.

Our Head of India Research Ridham Desai and leaders from Morgan Stanley Investment Management Arjun Saigal and Jitania Kandhari discuss how India's promising macroeconomic trajectory and robust capital markets are attracting more interest from global investors. Read more insights from Morgan Stanley.----- Transcript ----- Ridham Desai: Welcome to Thoughts on the Market. I'm Ridham Desai, Morgan Stanley's Head of India Equity Research and Chief India Equity Strategist. Today, the once in a generation investment opportunities Morgan Stanley sees in India. Joining me in the studio, Arjun Saigal, Co-Head of Morgan Stanley Investment Management at India Private Equity, and Jitania Khandari, Morgan Stanley Investment Management, Head of Macros and Thematic Research for EM Public Equity. It's Tuesday, September 23rd at 4pm in Mumbai. Jitania Kandhari: And 6:30am in New York. Ridham Desai: Right now, India is already the world's fourth largest economy, and we believe it's on track to becoming the third largest by the end of this decade. If you've been following our coverage, you know, Morgan Stanley has been optimistic about India's future for quite some time. It's really a perfect storm – in a good way. India has got a growing young workforce, steady inflation, and is benefiting from some big shifts in the global landscape. When you put all of that together, you get a country that's set up for long-term growth. Of course, India is also facing pressure from escalating tariffs with the U.S., which makes this conversation even more timely. Jitania, Arjun, what are the biggest public and private investment opportunities in India that you'd highlight. Jitania Kandhari: I'd say in public equities there are five broad thematic opportunities in India. Financialization of savings and structurally lower credit costs; consumption with an aspirational consumer and a growing middle-class; localization and supply chain benefits as a China +1 destination; digitization with the India stack that is helping to revolutionize digital services across industries; and CapEx revivals in real estate and industrials, especially defense and electrification. Arjun Saigal: I will just break down the private markets into three segments. The first being the venture capital segment. Here, it's generally been a bit of hit or miss; some great success stories, but there've also been a lot of challenges with scale and liquidity. Coming to the large cap segment, this is the hundred million dollars plus ticket size, which attracts the large U.S. buyout funds and sovereign wealth funds. Here target companies tend to be market leaders with scale, deep management strength, and can be pretty easily IPO-ed. And we have seen a host of successful PE-backed IPOs in the space. However, it has become extremely crowded given the number of new entrants into the space and the fact that regional Asia funds are allocating more of their dollars towards India as they shift away from China. The third space, which is the mid-market segment, the $50- to $100 million ticket size is where we believe lies the best risk reward. Here you're able to find mid-size assets that are profitable and have achieved market leadership in a region or product. These companies have obvious growth drivers, so it's pretty clear that your capital's able to help accelerate a company's growth path. In addition, the sourcing for these deals tends to be less process driven, creating the ability to have extended engagement periods, and not having to compete only on price. In general, it's not overly competitive, especially when it comes to control transactions. Overall, valuations are more reasonable versus the public markets and the large cap segment. There are multiple exit routes available through IPO or sale to large cap funds. We're obviously a bit biased given our mid-market strategy, but this is where we feel you find the best risk reward. Ridham Desai: Jitania, how do these India specific opportunities compare to other Emerging Markets and the developed world? Jitania Kandhari: I will answer this question from two perspectives. The macro and the markets. From a macro perspective, India, as you said, has better demographics, low GDP per capita with catchup potential, low external vulnerability, and relatively better fiscal dynamics than many other parts of the world.It is a domestic driven story with a domestic liquidity cycle to support that growth story. India has less export dependency compared to many other parts of the emerging and developed world, and is a net oil importer, which has been under pressure actually positively impacting commodity importers. Reforms beginning in 2017 from demonetization, GST, RERA and other measures to formalize the economy is another big difference. From a market standpoint, it is a sectorally diversified market. The top three sectors constitute 50 percent in India versus around 90 percent in Taiwan, 66 percent in Brazil, and 57 percent overall in EM. Aided by a long tail of sectors, India screens as a less concentrated market when compared to many emerging and developed markets. Ridham Desai: And how do tariffs play into all this? Jitania Kandhari: About 50 percent of exports to the U.S. are under the 50 percent tariff rate. Net-net, this could impact 30 to 80 basis points of GDP growth.Most impacted are labor intensive sectors like apparel, leather, gems and jewelry. And through tax cuts like GST and monetary policy, government is going to be able to counter the first order impacts. But having said that, India and U.S. are natural partners, and hence this could drag on and have second order impacts. So can't see how this really eases in the short term because neither party is too impacted by the first order impacts. U.S. can easily replace Indian imports, and India can take that 30 basis point to 50 basis points GDP impact. So, this is very unlike other trade deals where one party would have been severely impacted and thus parts were created for reversals. Ridham Desai: What other global themes are resonating strongly for India? And conversely, are there themes that are not relevant for investing in India? Jitania Kandhari: I think broadly three themes globally are resonating in India. One is demographics with the growing cohort of millennials and Gen Z, leading to their aspirations and consumption patterns. India is a large, young urbanizing population with a large share in these demographic cohorts. Supply chain diversification, friend-shoring, especially in areas like electronics, technology, defense, India is an integral part of that ecosystem. And industrials globally are seeing a revival, especially in areas like electrification with the increased usage of renewables. And India is also part of that story given its own energy demands. What are the themes not relevant for investing in India is the aging population, which is one of the key themes in markets like North Asia and Eastern Europe, where a lot of the aging population drivers are leading to investment and consumption patterns. And with the AI tech revolution, India has not really been part of the AI picks and shovels theme like other markets in North Asia, like Korea, Taiwan, and even the Chinese hardware and internet names. Globally, in selected markets, utilities are doing well, especially those that are linked to the AI data center energy demand; whereas in India, this sector is overregulated and under-indexed to growth. Ridham Desai: Arjun, how does India's macro backdrop impact the private equity market in particular? Arjun Saigal: So, today India has scale, growth, attractive return on capital and robust capital markets. And frankly, all of these are required for a conducive investment environment. I also note that from a risk lens, given India being a large, stable democracy with a reform-oriented government, this provides extra comfort of the country being an attractive place to invest. You know, we have about $3 billion of domestic money coming into the stock market each month through systematic investment plans. This tends to be very stable money, versus previously where we relied on foreign flows, which were a lot more volatile in nature. This, in turn, makes for some very attractive PE exits into the public markets. Ridham Desai: Are there some significant intersections between the public and private equity markets? Arjun Saigal: You know, it tends to be quite limited, but we do see two areas. The first being pre-IPO rounds, which have been taking place recently in India, where we do see listed public funds coming into these pre-IPO rounds in order to ensure a certain minimum allocation in a company. And secondly, we do see that in certain cases, PE investors have been selectively making pipe investments in sectors like financial services, which have multiple decade tailwinds and require regular capital for growth. Unlike developed markets, we've not seen too many take private deals being executed in India due to the complex regulatory framework. This is perhaps an area which can open up more in the future if the process is simplified. Ridham Desai: Finally, as a wrap up, what do you both think are the key developments and catalysts in India that investors should watch closely? Arjun Saigal: We believe there are a couple of factors, one being repeat depreciation. Historically this has been at 2.5 to 3 percent, and unfortunately, it's been quite expensive to hedge the repeat. So, the way to address this is to sort of price it in. The second is full valuations. India has never been a cheap market, but in certain pockets, valuations of listed players are becoming quite concerning and those valuations in turn immediately push up prices in the large ticket private market space. And lastly, I would just mention tariffs, which is an evolving situation. Jitania Kandhari: I would add a couple more things. Macro equilibrium in India should be sustained – as India has been in one of the best positions from a macroeconomic standpoint. Private sector CapEx is key to drive the next leg of growth higher. Opportunities for the youth to get productively employed is critical in development of an economy. And India has always been in a geopolitical sweet spot in the last few years, and with the tariff situation that needs some resolution and close monitoring. All of this is important for nominal growth, which ultimately drives nominal earnings growth in India that are needed to justify the high valuations. Ridham Desai: Arjun, Jitania, thank you both for your insights. Arjun Saigal: Great speaking with you Ridham. Jitania Kandhari: Thank you for having us on the show. Ridham Desai: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Guy Adami and Liz Thomas delve into current market trends, including semiconductor news, Apple's near all-time high, and the fluctuating bond market. The conversation transitions to discussions on gold's performance, valuations, and the potential impact on investors. Market strategist Tony Pascarella's stance on holding positions rather than chasing the rally is also highlighted. Further, the duo touches upon the bond market's reaction to Fed rate cuts and the construction employment market's downturn, which could signal broader economic shifts. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Welcome back to America's #1 Daily Podcast,  featuring America's #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris?  Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206. ******************* 2025's Real Estate Rollercoaster: Dodge the Career-Killers with THIS Mastermind!

Ben Michel is the founder and principal of Ridgeview Property Group, a real estate investment firm focused on value-add multifamily properties in the Twin Cities. After a decade as a multifamily broker, Ben transitioned into investing during the pandemic and has since grown Ridgeview's portfolio to $25 million in assets. He specializes in heavy-lift renovations using construction debt, transforming underperforming properties into long-term holds that generate stable returns.     Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here.     Key Takeaways A decade as a broker provided Ben with credibility and deal-analysis skills that investors trusted. Raising capital requires confidence, credibility, and broad connections—not just a handful of close contacts. Expanding his outreach from 50 contacts to thousands transformed his ability to raise funds. Coaching and mentorship were critical for learning construction loans, renovations, and repositioning strategies. Long-term success depends on planning for market cycles with reserves, staggered debt maturities, and strong operations.     Topics From Broker to Investor Ten years as a multifamily broker built experience analyzing deals and observing operators. First investment came from converting a failed listing into a purchase with an investor partner during Covid. Early Capital Raising Lessons First deal funded by a single $1 million investor—a stroke of luck. Learned the hard way that a tiny investor list made future raises difficult. Expanded his outreach by adding thousands of past contacts to his newsletter, enabling a $2.2M raise. Mentorship and Scaling Immediately hired a mentor to learn construction debt, repositioning, and property branding. Shifted from “softball” deals to larger renovations requiring professional systems. Twin Cities Market Strategy Avoids restrictive areas like St. Paul (rent control) and focuses on stable suburbs. Considered Nashville and Bentonville but doubled down locally due to his network and knowledge. Value-Add Execution Renovates 1960s–70s properties with $18–25K per-unit budgets. Upgrades include flooring, cabinets, granite, stainless appliances, dishwashers, and modern lighting. Strategy creates long-term, easier-to-manage assets with better tenant profiles.    

Frank Holland and the Investment Committee debate the fate of the record rally with the S&P, Dow and Russell 2000 all at record highs. Plus, Josh Brown explains why he's spotlighting energy names in his “Best Stocks in the Market.” And later, we bring you live comments from Fed Chair Jerome Powell.  Investment Committee Disclosures Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Pillars of Wealth Creation, Todd Dexheimer sits down with entrepreneur and investor Manoj Moorjani to dive into the current market for buying and selling businesses. They explore what today's brokers look for in both buyers and sellers and how understanding these factors can give you an edge in negotiations. Manoj also shares the strategies he used to grow his own business and how he's diversified his wealth through a variety of investments, including real estate. Todd and Manoj discuss why diversification matters, what it means for long-term financial security, and how to approach wealth-building strategically in today's economy. Favorite Book: Rich Dad Poor Dad By Robert Kiyosaki and Millionaire Next Door By Thomas Stanley 3 Pillars 1. Love 2. Faith 3. Blessings Manoj Moorjani is a seasoned entrepreneur, investor, and business strategist with a proven track record of buying, scaling, and selling successful companies. With years of experience navigating the business acquisition market, Manoj has built a reputation for identifying opportunities, creating growth, and building long-term value. Beyond his business ventures, he has diversified his wealth through strategic investments—including real estate—while mentoring other entrepreneurs on building sustainable, multi-stream income portfolios. If you would like to connect with Manoj Moorjani, visit https://www.calhouncompanies.com/ or email him at manoj@calhouncompanies.com. YouTube: www.youtube.com/c/PillarsOfWealthCreation Interested in coaching? Schedule a call with Todd at www.coachwithdex.com Listen to the audio version on your favorite podcast host: SoundCloud: https://soundcloud.com/user-650270376 Apple Podcasts: https://podcasts.apple.com/.../pillars-of.../id1296372835... Google Podcasts: https://podcasts.google.com/.../aHR0cHM6Ly9mZWVkcy5zb3VuZ... iHeart Radio: https://www.iheart.com/.../pillars-of-wealth-creation.../ CastBox: https://castbox.fm/.../Pillars-Of-Wealth-Creation... Spotify: https://open.spotify.com/show/0FmGSJe9fzSOhQiFROc2O0 Pandora: https://pandora.app.link/YUP21NxF3kb Amazon/Audible: https://music.amazon.com/.../f6cf3e11-3ffa-450b-ac8c...

Bitcoin took a sharp hit as the market shed billions, leaving traders asking if this is just a shakeout or the start of something bigger. With the “Uptober” narrative in question and macro uncertainty weighing on sentiment, investors are watching closely to see if BTC can rebound or if more downside is ahead. In this video, we break down the latest price action, what's driving the selloff, and the key levels to watch as Bitcoin battles to recover.

Henry Yoshida of Rocket Dollar explains how to use IRAs for real estate, crypto, and private deals—unlocking $18T in retirement funds for alternatives.In this episode of RealDealChat, Jack sits down with Henry Yoshida, co-founder & CEO of Rocket Dollar (a subsidiary of Retired.com), to explore how investors can unlock the power of retirement accounts for real estate, crypto, and private investments.Henry shares his journey from financial advisor to wealth-tech entrepreneur, building platforms that custody over $12B in assets. He explains why traditional advisors rarely mention self-directed IRAs, how Rocket Dollar makes alternative investing as simple as wiring money, and what rules you must follow to stay compliant.Here's what you'll learn in this conversation:Why 98% of IRA money is still stuck in public stocks & bondsThe truth about “self-directed IRAs” and how they actually workThe only two things you cannot invest in with IRA dollarsHow to buy real estate (single family, syndications, funds) inside an IRARules around prohibited transactions & why sweat equity is riskyHow Rocket Dollar integrates bank accounts with IRAs for easy investingCrypto, private equity, and unusual investments allowed in IRAsMarket trends: why investors are seeking alternatives beyond the S&P 500The $35 trillion opportunity in retirement funds waiting to be unlockedKey tax advantages of using retirement dollars for real estate

Hey Winner, What if selling didn't have to feel salesy? In this episode, I'm joined by Andee Hart—faith-filled entrepreneur, sales strategist, and founder of Hart Design Co.—to talk about how we can sell with authenticity, confidence, and grace in a saturated market. Andee shares her journey from corporate sales to running a successful candle business and launching the She Sells Differently brand, along with practical ways to overcome sales anxiety and sell with integrity. If you've ever felt like sales just isn't your thing, this conversation will inspire you to rethink what it means to serve through selling—God's way. Rooting for you ~ Gabe   New to the podcast? Start here: https://redhotmindset.com/podcast-start/   LISTEN TO HEAR: What it means to sell differently with faith, confidence, and authenticity Practical strategies to overcome sales anxiety without compromising your values How Andee integrates her faith into business and stands out in a noisy market   LINKS MENTIONED IN EPISODE: Andee's website: https://andeehart.com/ The Ultimate List of Sales Tools (free resource): https://go.andeehart.com/gabecox  Podcast: She Sells Differently https://podcasts.apple.com/us/podcast/she-sells-differently-authentic-selling-business-growth/id1731402504   CONNECT WITH ME: ➡️ Website: https://redhotmindset.com/ ➡️ Join the Red Hot Accountability Club: https://redhotmindset.com/rha/ ➡️ Free mini course: Craft Your Marketing Strategy Without Social Media: https://redhotmindset.com/marketing/ ➡️ Free workshop: 3 pillars to setting and crushing goals in a stress-less, no hustle way https://redhotmindset.com/goals/

In Episode 8 of The Staging Area presented by dcsports87, Brett and Tory dig into what it means to collect in a bull market. From Daniel Jones speculation to Josh Allen's rising profile, they look at how player performance shapes demand and where timing matters most. They cover Bowman Chrome's overlap with playoff baseball, Satchel Paige vintage sales, and why Yamal continues to drive conversation in soccer. Tory also shares behind-the-scenes data from dcsports87 that highlights true market health, separating perception from reality. Whether you're chasing prospects, buying vintage, or selling through eBay, this conversation offers perspective on how to stay grounded and not get over your skis in today's hobby.A special thank you to dcsports87 for supporting this series. Check out dcsports87 for your eBay consignment needs and visit the dcsports87 eBay store to find great cards ending every night.Get your free copy of Collecting For Keeps: Finding Meaning In A Hobby Built On HypeGet exclusive content, promote your cards, and connect with other collectors who listen to the pod today by joining the Patreon: Join Stacking Slabs Podcast Patreon[Distributed on Sunday] Sign up for the Stacking Slabs Weekly Rip Newsletter using this linkFollow dcsports87: | Website | eBay | Instagram | Twitter  Follow Stacking Slabs: | Twitter | Instagram | Facebook | Tiktok

Joe Lynch is the Head of Customer Success at Dandy, where he leads teams that help dental practices thrive through digital transformation. Before Dandy, he built his expertise in healthcare strategy and operations at Bain & Company, advising Fortune 100 companies on Go-to-Market and Post Merger Integration.    A graduate of the Naval Academy and Columbia Business School, Joe also served 7 years as a U.S. Navy Explosive Ordnance Disposal officer, where he led special operations teams and defused bombs underwater and on land. Outside of work, he's a father to two girls, an avid squash player and runner, channeling the same energy and focus into parenting and sports as he does into his career. meetdandy.com   Join Dentaltown! dentaltown.com

When you board a plane, you trust the pilot to get you safely to your destination. Shouldn't you be just as careful about who advises you on your financial future? Financial guidance isn't just about numbers—it's about trust, worldview, and values. The right advisor can help you make decisions that align with your faith and priorities.Every advisor brings a worldview to the table. Too often, cultural definitions of success revolve around accumulation alone. But biblical stewardship points higher—toward faithfulness, contentment, and generosity. That's why this choice is not only financial—it's spiritual. You're entrusting someone with influence over how you manage God's money, and that requires discernment.Clarify What You NeedBefore beginning your search, determine what type of help you're looking for. Do you need comprehensive planning—covering retirement, insurance, taxes, estate planning, and generosity—or just investment management? Do you want a one-time plan or an ongoing relationship? The clearer your goals, the easier it will be to evaluate fit.One of the most important questions to ask is whether your advisor is a fiduciary, legally obligated to put your interests first. Compensation models vary:Commission-based advisors earn by selling products, which may create conflicts of interest.Fee-based advisors charge fees but may also receive commissions.Fee-only advisors are paid solely by clients, helping ensure objectivity.No matter the model, insist on full transparency about fees and expenses.Credentials and CharacterCredentials demonstrate an advisor's training and licensing, but character matters just as much. Evaluate potential advisors in three areas:Values – Do they share your biblical worldview?Competence – Do they have the training and experience to serve families like yours?Process – Can they explain how they build a financial plan and how they are compensated?A Practical Process for Finding the Right AdvisorBuild a shortlist – Ask trusted friends, family, or church leaders for recommendations. Explore advisors who share biblical values, like Certified Kingdom Advisors® at FindaCKA.com.Do a background check – Verify licenses, review disclosure documents, and check for disciplinary history.Interview at least three advisors – Treat this like a job interview. You're hiring for a critical role.Request a written scope and fee schedule – Get clarity in writing.Pray and take your time – Don't let anyone pressure you into quick decisions.When meeting with potential advisors, ask:“How are you compensated? Please outline every fee and expense.”“What role does faith play in your financial advice, and how do you define success?”“What's your process for creating a financial plan or investment strategy?”Proverbs 11:14 reminds us: “Where there is no guidance, a people falls, but in an abundance of counselors there is safety.”Red Flags and Green LightsBe alert for warning signs such as:Promises of unrealistic performanceVague answers about feesPressure to move assets quicklyLook instead for encouraging signs:Transparent communicationA listening-first approachAdvice that integrates faith and family prioritiesThe right advisor depends on your season of life. Young families may need guidance on budgeting, insurance, and college savings, while retirees often seek tax-efficient withdrawals, income strategies, and estate planning. Ask potential advisors about their typical clients to see if their expertise aligns with your needs.Keeping Faith at the CenterA trusted advisor can help you avoid mistakes, manage taxes, stay disciplined during market swings, and design a generosity plan that reflects your calling. Most importantly, the right advisor will keep your focus on faithfulness, not just finances—helping you honor God with every decision.If you're ready to seek biblically wise financial advice, consider working with a Certified Kingdom Advisor®. CKAs meet rigorous standards of character, competence, and biblical training. You can start your search today at FindaCKA.com.On Today's Program, Rob Answers Listener Questions:I'm considering a reverse mortgage. I have some credit card debt, a second mortgage, and I'd like to make home modifications for my husband, who is in a wheelchair. How exactly does a reverse mortgage work, and will it affect my credit?I'm a single mom with a limited income. What steps can I take to improve my credit score?We received a disaster loan from the Small Business Administration at 1.5% interest. My wife thinks we should invest the money instead of paying off the loan. What's your advice?Resources Mentioned:Faithful Steward: FaithFi's New Quarterly Magazine (Become a FaithFi Partner)Understanding Reverse: Simplifying the Reverse Mortgage by Dan HultquistAnnualCreditReport.comChristian Credit CounselorsMovement MortgageWisdom Over Wealth: 12 Lessons from Ecclesiastes on MoneyLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Ben discusses yesterday's Autism Announcement, Bessent's comments on Argentina, and Nvidia's investment of up to $100 billion in OpenAI. Song: If This Is Just a Game - David Allan Coe For information on how to join the Zoom calls live each morning at 8:30 EST, visit:https://www.narwhal.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhal.com/disclosure

Do you ever feel overwhelmed by all the incredible produce at the fall farmers' market? And once you get home, do you wonder: “What do I do with all of this?” This week, we're sharing our top seasonal pics AND ten easy recipes to turn your fresh finds into simple, flavorful meals that any home cook can make. If you're smitten with crisp apples and golden pears, beans and peppers of every shape and color, and baskets overflowing with ripe, juicy figs, this episode is for you. By the end of this episode, you'll discover: How to transform mushrooms into a quick, weeknight pasta (or impressive side dish for your next potluck!)A restaurant-worthy radicchio salad that will become a repeat recipe How a few pantry staples and a spaghetti squash can become an unforgettable, and easy, main vegetarian dishPress play now and start cooking with what's in season today!***This week's episode is sponsored by La Baleine,, makers of ancestral sea salts harvested from the South of France.La Baleine's Fine Sea Salt is iconic for a reason. Packaged in the classic deep blue canister with its whale logo, it's been a staple in home kitchens for decades.Harvested through natural crystallisation and using traditional methods, this fine sea salt isn't just good for your cooking; it also helps protect the extraordinary salt marsh ecosystem where it's made, home to over 500 species.

Have you noticed that your audience needs a higher level of trust before buying? You're not alone. In today's "trust economy," consumers are more cautious than ever about who they follow and buy from. This week, I'm chatting with the "Million-Dollar Copywriter", Anthony Obey, about how virtual summits can be your secret weapon for building instant trust and authority - even in this skeptical market. Anthony breaks down what it really means to operate in a trust economy and shares specific strategies for using summits to create genuine connections with your audience. For show notes, head to https://summithosthangout.com/306

In this episode of Owned and Operated, John Wilson is joined by Jack Carr from Jackquisitions to break down how to hire the perfect employee—the true A-player who moves your business forward. From defining success to matching personality to role, John and Jack share a 4-step playbook to build an offer A-players want, market the job like a product, scope roles tightly with clear KPIs, and screen for the right behavioral fit.They dive into why you should treat hiring like marketing & sales, how to position your Indeed post (lead with “No On-Call,” Guaranteed 40 Hours, etc.), why unrealistic comp bands repel talent, and how scenario-based interviews reveal coaching temperament. John shares real examples from running a $30M HVAC, plumbing & electric company and the QA Tech role that slashed callbacks.Together, they unpack: • Offer first: Would you choose you? Comp, benefits, trucks, safety, facility • Market the job: Indeed ≈ GMB—headline your differentiators to get seen • Tight scope + KPIs: Roles people actually want, with success metrics in the post • Personality-to-seat fit: Coach vs. closer; stress tests & scenario questions (QA Tech example)

Our CIO Mike Wilson joins U.S. Equity strategist Andrew Pauker to answer frequently asked questions about their latest economic outlook, including how U.S. equities are transitioning to a new bull market. Read more insights from Morgan Stanley.----- Transcript ----- Mike Wilson: Welcome to Thoughts on the Market. I'm Mike Wilson. Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today we're going to try something a little different. I have my colleague, Andrew Pauker from the U.S. Equity Strategy Team here to discuss some of the client questions and feedback to our views. It's Monday, September 22nd at 11:30am in New York. So, let's get after it. Andrew, we constantly deal with client questions on our views. More recently, the questions have been focused on our view that we've transitioned from a rolling recession to a rolling recovery in a new bull market. Secondarily, it's about the tension between the equity market's need for speed and how fast the Fed will actually cut rates. Finally, why is accelerating inflation potentially good for equities? Where do you want to start? Andrew Pauker: Mike, in my conversations with clients, the main debate seems to be around whether the labor cycle and earnings recession are behind us or in front of us. Walk us through our take here and why we think the rolling recession ended with Liberation Day and that we're now transitioning to an early cycle backdrop. Mike Wilson: So, just to kind of level set, you know, we've had this view that – and starting in 2022 with the payback and the COVID demand. And from the pull forward – that began, what we call, a rolling recession. It started with the technology sector and consumer goods, where the demand was most extreme during the lockdowns. And then of course we've had recessions in housing, manufacturing, and other areas in commodities. Transportation. It's been very anemic growth, if any growth at all, as the economy has been sort of languishing. And what's been strong has been AI CapEx, consumer services, and government. And what we noticed in the first quarter, and we actually called for this almost a year ago. We said now what we need is a government recession as part of the finishing move. And in fact, Doge was the catalyst for that. We highlighted that back in January, but we didn't know exactly how many jobs were lost from Doge's efforts in the first quarter. But we got that data recently. And we saw an extreme spike, and it actually sort of finished the rolling recession. Even AI CapEx had a deceleration starting in the summer of 2024. Something else that we've been highlighting and now we're seeing pockets of weakness even in consumer services. So, we feel like the rolling recession has rolled through effectively the entire economy. In addition to the labor data that now is confirming – that we've had a pretty extreme reduction in jobs, and of course the revisions are furthering that. But what we saw in the private sector is also confirming our suspicions that the rolling recession's over. The number one being earnings revision breath, something we've written about extensively. And we've rarely seen this kind of a V-shaped recovery coming out of Liberation Day, which of course was the final blow to the earnings revisions lower because that made companies very negative and that fed through to earnings revisions. The other things that have happened, of course, is that Doge, you know, did not continue laying people off. And also, we saw the weaker dollar and the AI CapEx cycle bottom in April. And those have also affected kind of a more positive backdrop for earnings growth. And like I said before, this is a very rare occurrence to see this kind of a V-shape recovery and earnings revision breaths. The private economy, in fact, is finally coming out of its earnings recession, which has been in now for three years. Andrew Pauker: And I would just add a couple of other variables as well in terms of evidence that we're seeing the rolling recovery take hold, and that Liberation Day was kind of the punctuation or the culmination of the rolling recession, and we're now transitioning to an early cycle backdrop. So, number one, positive operating leverage is causing our earnings models to inflect sharply higher here. Median stock EPS growth, which had been negative for a lot of the 2022 to 2024 period is now actually turning positive. It's currently positive 6 percent now. The rolling correlation between equity returns and inflation break evens is also now significantly positive. That's classic early cycle. That's something we saw, you know, post COVID, post GFC And then lastly, just in terms of the market internals and kind of what, you know, under the surface, the equity market is telling us. So, the cyclical defensive ratio was down about 50 percent into the April lows. That's now up 50 percent from Liberation Day and is kind of breaking the downtrend that began in April of 2024. So, in addition to the earnings revisions V-shaped recovery that you mentioned, Mike. Those are a couple of other variables as well that are confirming that we're moving towards an early cycle backdrop and that the ruling recovery is commencing. Okay. So, we had the FOMC meeting. As expected the Fed delivered a 25 basis point cut. Mike, what's your read on the meeting as it relates to equities and the reaction function? Mike Wilson: Yeah, I mean this is really what we expected along with the consensus. We didn't have a different view that the Fed would give us 50. They gave us 25, and some people have characterized this as sort of a hawkish cut and very different than what we saw a year ago when the Fed kicked off that part of the rate cutting cycle with 50 basis points because they probably were worried a bit more about the labor market than they were about inflation. But you know, ultimately we think the labor data is going to get worse or the payroll data will prove to be worse because of the delay between the Doge layoffs and when those folks can file for unemployment insurance, which should be in October. And it's that delayed data that will then get the Fed cutting in earnest, which is what's necessary for the full rotation to kind of the lower quality parts of the market. So, while you're right that we've seen cyclicals perform, they haven't performed in the same way that we've seen prior cycles, like in 2020 or [20]08-[20]09, because the Fed hasn't cut. They're very far behind the curve. If you buy into our thesis that, you know, we had a rolling recession, we had an employment cycle, and they should be much more generous here. So that tension between the Fed's delay to get ahead of the curve and the market's need for speed to get there sooner and more deliberately – is where we think that, you know, we have to wait for that to occur to get the full rotation to the lower quality, kind of really cyclical parts of the market. Andrew Pauker: Okay, so let's talk about the back end of the yield curve a little bit and why that's important for stocks. In my dialogue with investors, there's a lot of focus here, just given what happened last fall when the Fed cut at the front end and the back end of the yield curve move higher. How should market participants think about this dynamic? Mike Wilson: Yeah, I mean, I think this is an unknown known, if you will, because we saw this last fall. Where the Fed cut 100 basis points and the back end of the 10-year and 30-year Treasury market sold off. That's the first time we've ever seen that in history, where the Fed cuts that aggressively and the backend moves out. And this is a function of just all the fiscal imbalances and the debt issues that we face. And this is not a new issue. So, I think it remains to be seen if the bond market is going to be comfortable with the Fed not ignoring the 2 percent target – but you know, letting it run hot. As we've said, we think ultimately, they will have to let it run hot and they will, because that's what we need to have a chance at getting out of the debt problem. And so that sort of risk is still out in the future. I have less concern about that more recently because of the way the backend of the bond market has traded. But it's something that we need to keep in the back of our mind. If yields were to go back to 4.50, which is our key level, then that would be a problem as long as we're below, you know, sort of 4.50 and we're well below that now we're close to 4, I don't think this is a problem at all. Andrew Pauker: Yeah. One of the points that our colleague in rate strategy Matt Hornbach has highlighted is that the difference between now and the fourth quarter of last year when we saw that dynamic play out was that, you know, the bond market was very focused on the uncertainty around the fiscal situation. You know, we were going into an election, there was a fair amount of uncertainty around what Trump would do from a fiscal standpoint.And now, that is a known known, you know. We have the One Big Beautiful Bill signed into law. We know what the deficit impact is, so there is more clarity for the bond market on that front. So that is one key difference now versus last fall and why we may not see the same kind of reaction in the rates market. Mike, you brought up, kind of, run it hot, which was the title of our note from a couple of weeks ago. I just wanted to get your take on why some inflation coming back is actually a positive for equities and why actually the deceleration that we've seen in inflation over the last couple years is one reason why earnings for small cap indices, for instance, have deteriorated so much. And so, for in this environment where the Fed is perhaps a bit more tolerant of inflation in 2026, why that's actually a positive for equities. Mike Wilson: This is just an underappreciated sort of factoid that we actually identified back in 2020 and [20]21 as well. That when inflation is accelerating, that's a sign that pricing power is pretty good. And we actually see broader earnings. In fact, the best year for earnings, not just small caps, but the – call it the equal weighted S&P 500 was 2021. And that was the year where obviously inflation was really getting out of control. That was just pure profit for a lot of these businesses. And so – earnings will be better. Our call over the next 12 months is not about multiples or the Fed so much, but that we think earnings are going to end up being better than people expect because (a) we've been through this three-year earnings recession. There's a ton of pent-up demand. Okay? And now inflation is reaccelerating as demand comes back. And that is actually going to fall to the bottom line. So not only is that good for stocks, okay, but it's actually, it's also why the equity risk premium can be lower. Because if you want to hedge that risk of inflation moving higher, well then you should be willing to accept a lower equity risk premium relative to what is actually a pretty good base rate for 10-year yields, close to 2 percent on a real basis. So, you know, that's why the equity risk premium can stay low and why stocks can accrue at a, you know, pretty high PE multiple as these earnings come through better than expected. And one of the reasons is that inflation actually is accelerating in some of these areas where it's been deflationary. Andrew Pauker: Lastly, Mike, you know, you brought this up briefly. I want to address rotations under the surface of the market. We took off our large cap buys a few weeks ago, and as you mentioned, kind of signaled our intention – to get more constructive on small caps later this year in the fourth quarter. Can you specifically kind of walk through the signpost that we're waiting for before pressing the long, small cap trade here? Mike Wilson: Yeah, I mean, we've probably… This is probably one of the areas we've done a really good job of just, you know, staying away from the fray. Meaning that, you know, we've been underweight small caps for really four years, and they've underperformed that entire time. I think the thing that we've been really patient about is just waiting for the Fed to lower rates to a level that's more conducive for these businesses that (a) need to obviously recap themselves, but then the cost of capital is just too high. So that's number one. But , at the end of the day, I mean, that should translate into better earnings revisions and that also has lagged. So, it's a combination of the two. The Fed getting ahead of the curve, which I would define as fed funds at least equal to two-year Treasury yields, but hopefully below two-year Treasury yields. Right now, we're about 60-65 basis points still above two-year yields . And then the second one is this ‘earnings your vision breadth on a relative basis. Small over large. It is trying to turn up now. It's been in a straight downtrend really for the last, you know, four years. And so those two together will affect a more robust relative outperformance. And just to be clear, small caps have done really well since Liberation Day, okay. So, in absolute terms, it's been great. It's just the relative trade has not really worked yet. That's where we're going to leave this conversation. Thanks for speaking with me, Andrew, to explain some of the thinking behind our calls. To our listeners, thanks for tuning in. I hope you found it informative and useful, and let us know what you think by leaving us a review. If you think Thoughts on the Market is worthwhile, tell a friend or colleague to try it out.