Podcasts about Martijn

Wat is erger +17 op de par 3 baan of 108 op Monte Rei? De par 3 was voor Martijn en Rogier geen succes, Paul kwam op level par en Peter eindige op 1 slag van de winnaar met -5. Een hole in one van een van onze luisteraars (op de echte baan) was een mooi hoogtepunt dit weekend. Paul was deze week ook nog getuige van een eagle op hole 6 en kreeg daar een 7-shot swing om z'n oren.Veel professioneel golf afgelopen week: Het KLM Open - Chacarra wint van Lindell en de Nederlanders vallen tegen, het Ladies US Open op Riviera - Nelly Korda wint met 1 slag van Charlie Hull, Op de PGA Tour op de baan van Jack Nicklaus wint J.T. Poston in een playoff van Gerard en op LIV wint Hatton van Rahm en dus Legion XIII ook de teamwedstrijd. Korte ronde: Het Australian Open, de longest day in golf met Charlie Woods, Miles Russel en JB Holmes, actieve golfers in Nederland, Peter is ergens ingetrapt, golfen op de langste dag, He-Man, het Europees Kampioenschap Mid Am, golfsoftware voor golfclubs en we hebben droombaan input nodig.Raad de Speler, iemand die zichzelf beschrijft?0:00 - 11:15 Eigen golf11:15 - 53:09 Professioneel golf53:09 - 1:16:58 Korte ronde1:16:58 - 1:17:52 Raad de Speler

STEUN/SPONSOR DUTCH MATRIX : https://www.dutchmatrix.nlWEBSITE MARTIJN : https://www.martijnvanstaveren.nl/BOEKEN EN KLEDING : https://www.dutchmatrix.nl/boeken.htmlSTEUN/SPONSOR DUTCH MATRIX : https://www.dutchmatrix.nl/doneer.html

Rens en Martijn blikken terug op een historisch seizoen voor Arsenal. Want je zal altijd zien: stop je na vijf seizoenen als podcasthosts, wordt Arsenal voor het eerst in 22 jaar kampioen! Hebben ze de podcast echt gemist? Eigenlijk niet, want er was genoeg te doen. Het was immers ook het eerste seizoen van de Arsenal Netherlands Supporters Club, de officiële supportersvereniging van Arsenal in Nederland. En dat werd op prachtige wijze afgesloten door een Watch Party bij de Champions League finale met meer dan 400 Arsenal-fans in Amsterdam. Maar natuurlijk zijn we ook nieuwsgierig hoe de grondleggers van de podcast dit seizoen persoonlijk hebben beleefd. Wat waren hun mooiste momenten? Speler van het seizoen? En hoe vergaat het ze persoonlijk?

In de autovrije buurt Merwede in Utrecht ontwikkelt Lingotto samen met Blink en Nuvia Real Estate drie bouwblokken: de transformatie van het bestaande Depot en de nieuwe stadsblokken Cix Theatre en Cix City. Met elkaar vormen die drie blokken als het ware een doorsnede van de nieuwe buurt. Met een programma bestaande uit woningen, kantoorruimtes, commerciële ruimtes, een food court, een cultuurhuis, een theater, een culturele broedplaats en een maaklab belooft dit het levendigste deel van Merwede te worden. In gesprek met ontwikkelaar Martijn Bakker van Lingotto over de plannen.Het ontwerp voor het Depot Het ontwerp voor Cix City en Cix Theatre Hij heeft een liefde voor atypische gebouwen, vertelt Martijn in de podcast. Hij geniet van de uitdaging die dat soort gebouwen vormen… om het eigen karakter en ruimtelijkheid te behouden en tegelijkertijd het gebouw weer tot leven te brengen met een sluitende programmering ervan.Het Depot in Merwede is zeker een atypisch gebouw. Het is in de jaren '80 ontworpen door Aronsohn Raadgevend Ingenieursbureau als medicijnopslag voor samenwerkende apothekers. Het gebouw is ongeveer vijftig bij zeventig meter groot en bestaat uit twee hoge verdiepingen die Martijn omschrijft als een soort ‘kathedralen' dankzij het ‘bos van betonnen kolommen' dat erin te vinden is.Het Depot bestond oorspronkelijk uit twee lagen. Vanwege de enorme verdiepingshoogte van die lagen, krijgt iedere laag er nu een tussenverdieping bij. Om daglicht diep in het gebouw te brengen, krijgt het Depot ook een groot atrium. Interessant daarbij is dat de architect, Mei Architects & Planners, ervoor gekozen heeft om het ‘bos van betonnen kolommen' daarin te laten staan. Na verschillende opties voor de programmering van het Depot onderzocht te hebben, waaronder stadstuinbouw, krijgt het gebouw nu onderin over twee lagen een ‘cultureel canvas' met een food court en cultureel programma. Daarboven komt over twee lagen een ‘living lab' waarin allerhande makers een plek kunnen krijgen. Helemaal bovenin, in een nieuwe houten opbouw, komt ook weer over twee lagen kantoorruimte.In Merwede is het Depot straks het enige gebouw dat nog herinnert aan zijn geschiedenis als industrieterrein. Aan zijn oost- en zuidzijde grenst het Depot straks aan het nieuwe park langs het Merwedekanaal en krijgt het daaraan een zonnig terras. Op zonnige dagen gaat dat binnen Merwede een geweldige plek worden, voorspelt Martijn.Cix City en Cix TheatreAan zijn westzijde grenst Depot straks aan een wijkplein, waar ook de andere twee stadsblokken komen te liggen die Lingotto hier met Blink en Nuvia ontwikkelt: City City en Cix Theatre. Deze stadsblokken zijn ontworpen door Marc Koehler Associates en VenhoevenCS, en bevatten in totaal 295 woningen, van sociale huur tot vrije sector koop, van studio's en appartementen tot duplex- en triplexwoningen en penthouses. Daarbij bevat Cix City, dat aan zijn westzijde aan de Europalaan ligt, ook een van de gedeelde parkeergarages voor de buurt, net als ruimtes voor cafés/restaurants, plus een culturele broedplaats. Cix Theatre voegt daar een cultuurhuis en theater aan toe.In het stedenbouwkundig plan is ingezet op een stevige mix van programma en op de opdeling van de bouwblokken in kleinere panden. Martijn is hier enthousiast over. Dat gaat naar zijn idee een levendige buurt opleveren die dankzij al die panden toch een menselijke schaal zal hebben. In de podcast gaat hij ook in op verschillende andere aspecten van de plannen, zoals de inpassing van de parkeergarage.MerwedeLabAan de basis van de plannen van Merwede ligt een enorme hoeveelheid afspraken tussen de ontwikkelaars en gemeente Utrecht. In de podcast is Martijn daar kritisch op. Het maken van die afspraken kostte veel tijd en energie, en vervolgens worden ze door de tijd eigenlijk alweer ingehaald. Het levert wel een goede buurt op, moet hij toegeven, maar had dat niet anders gekund? Het wordt in Nederland regelmatig allemaal zo dicht geregeld dat er nog maar weinig ruimte overblijft om te ondernemen – wat hij juist zo graag doet.Als het over Merwede gaat, is hij het meest trots op het MerwedeLab en wat dat allemaal voor de buurt betekent. Martijn geeft aan dat hij te pas en te onpas een dergelijk lab ook op andere plekken voorstelt. Door middel van het MerwedeLab zijn namelijk in Merwede op allerlei vlakken, zoals social design, ecologie en duurzame materialisering, experts bij het gebied betrokken die er anders niet zo snel bij waren geweest. De stappen die vervolgens zijn gezet, zijn ook nog eens door alle ontwikkelaars gezet. De bedachte combinatie van entrees, fietsenstalling en gemeenschappelijke ruimtes komt straks overal in de buurt terug. Een succesfactor was daarbij dat via het MerwedeLab de ambitie gedurende het proces is opgeschroefd zonder de betrokken ontwikkelaars daarbij te dwingen dit toe te passen. Het was een stimulerend proces. Deze podcast wordt mede mogelijk gemaakt door AGC. Halverwege deze podcast vertelt Anton Peters van AGC over hun team International Building Projects, dat ondersteuning biedt aan architectenbureaus die over de grens werken.Het beeld bij de podcast toont links Cix Theatre en rechts Cix City. Het beeld is gemaakt door VenhoevenCS architecture+urbanism.

In deze aflevering van Brood en Spelen praat Amber Roner op het kantoor van GRAP met Martijn Munk (Dune Management) en Harold de Boer (Friendly Fire). Martijn is artiestenmanager bij Dune Management, waar hij werkt met o.a. Son Mieux, The Indien en Rondé. Daarnaast is hij voorzitter van MMF, de brancheorganisatie voor managers in Nederland. Harold is boeker bij Friendly Fire, waar hij o.a. de boekingen verzorgt voor Elmer, Hiigo en Robin Kester. In deze bomvolle aflevering gaat het eerst over het Fair Pop Fonds. Hoe werkt het fonds? En hoe kun je geld aanvragen? Harold vertelt over initiatieven van Frienly Fire, zoals de Fair Support Fee en een pilot met Ekko voor beter betaalbare toegangskaarten. Verder een rondje langs de velden, waarbij Martijn praat over wat er speelt in Europees verband en Harold over zijn werk als boeker en hoe hij aan nieuw talent komt. En we bespreken de trend van de residency concerten, zoals Harry Styles in de Arena en de deal tussen Spotify en Universal, waardoor gebruikers zelf met AI remixen kunnen maken van bestaande muziek. Muziek is er van MAHA, Sarah Julia en Eva van Manen. Links uit de uitzending:www.grap.nethttps://www.mmfnl.comhttps://dunemgmt.comhttps://friendlyfire.nlhttps://fairpopfonds.nl Voor meer info over Brood en Spelen volg je ons online: Spotify (met de gedraaide tracks uit de uitzending): https://open.spotify.com/playlist/0M7pWD7Tfmx4xgkVJVAAhc?si=XHjpEQo1T96J48ng-NPvkwFacebook:https://www.facebook.com/BroodenspelenpodcastInstagram:https://www.instagram.com/broodenspelenpodcast Hosted on Acast. See acast.com/privacy for more information.

Hi Spring fans! In this installment I talk to my friend, of JClarity and Microsoft fame, fellow Java champion and Java guru Martijn Verburg

Peter heeft weer niet gegolfd, Paul en Rogier hebben nog wel met de herenmiddag mee gedaan. Rogier verder ook maandbeker op Anderstein en steady Martijn heeft een speler van heren 1 klaargemaakt voor hun promotiewedstrijd volgend weekend. We hebben allemaal wat (mentale) struggles in ons spel. Paul was met name blij dat hij weer een dagje lekker gefietst heeft.In België waren veel Zuid-Afrikanen goed op de DP World Tour tijdens het Soudal Open. Nicolas Colsaerts nam afscheid en Richard Sterne won.Op de PGA tour gingen ze naar TPC Craig Ranch die voor $ 25 miljoen verbouwd was om het de professionals moeilijk te maken. Vorig jaar was de winnende score -31 en dit jaar -30 dus de renovatie was goed gelukt. Wyndham Clark was on fire en liet Si-Woo en Scottie achter zich te houden.Lars van der Vight liet zich goed zien op de HotelPlanner tour.Korte ronde: Korean Golf Club, LIV op zoek naar $250 miljoen, kruisfinales en promotie NGF competitie, Indy500, Rico Verhoeven, zwerbies onder de douche op de golfbaan en het NK 25+.Raad de Speler is moeilijk0:00 - 15:35 Eigen golf15:35 - 37:33 Professioneel golf37:33 - 49:54 Korte ronde49:54 - 50:31 Raad de Speler

De PokerCity Podcast #112 is nu te beluisteren! Lars 'Larsvegas' Smeets, Pieter 'PrinsFlip' Salet en Martijn 'KoningPC' Kingma nemen de pokerweek door. Deze aflevering draait vooral om de WSOP die van start is in Las Vegas. We kijken ook even naar King's Casino waar een mooie Nederlandse score opviel. En in de quiz nemen Lars en Pieter het tegen elkaar op als het gaat op de kennis van de Triton High Roller series. Veel luisterplezier!PokerCity Podcast #112 The Grind | WSOP Vegas van startIn de PokerCity Podcast #112 praten Lars 'Larsvegas' Smeets, Pieter 'PrinsFlip' Salet en Martijn 'KoningPC' Kingma over je favoriete spelletje poker en alles daaromheen.Lars Smeets zoomt in op de WSOP Las Vegas die voor de deur staat. De enorme toename in braceletevents haalt wellicht iets van de waarde van de bracelet af, maar het blijft natuurlijk met afstand de grootste pokerserie ter wereld. Het eerste gedoetje was er ook alweer rond Martin Kabrhel, dus it's gonna be a great summer!In King's Casino sloeg de Nederlander Johannes van der Hulst toe met een €50.000 cash in het €299 France Poker Festival Main Event. Aan de finaletafel speelde hij een hand die hij zich nog lang zal heugen, waarbij een magische river hem in de race hield. We bespreken de details in de podcast.De quiz is er weer en Lars en Pieter gaan de strijd aan. Martijn heeft ter ere van het tienjarig bestaan van de Triton Series een Triton quiz samengesteld. Quiz mee, doe jij het beter dan onze kandidaten? Daarnaast is er ook weer een prijsvraag. Doe mee en wellicht krijg jij een €20 HCOPL Main Event ticket bij HC Online! Wat kost gokken jou? Stop op tijd 18+

In this episode Chella Ward and Amina Easat-Daas spoke with Dr Martijn de Koning about the nature of Islamophobia in the Netherlands and how this sits in relation to common perceptions about Dutch society as a liberal and tolerant society and the Islamophobic realities of the Netherlands. De Koning also spoke at length of the recent NTA affair in the Netherlands, the exceptionalising of surveilling Muslim communities and how Muslims in the Dutch context have begun to challenge this. Dr de Koning is an Associate Professor in Islam, Politics and Society at Radboud University and has published extensively on Islamophobia in the Netherlands. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

In this episode Chella Ward and Amina Easat-Daas spoke with Dr Martijn de Koning about the nature of Islamophobia in the Netherlands and how this sits in relation to common perceptions about Dutch society as a liberal and tolerant society and the Islamophobic realities of the Netherlands. De Koning also spoke at length of the recent NTA affair in the Netherlands, the exceptionalising of surveilling Muslim communities and how Muslims in the Dutch context have begun to challenge this. Dr de Koning is an Associate Professor in Islam, Politics and Society at Radboud University and has published extensively on Islamophobia in the Netherlands. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/islamic-studies

In this episode Chella Ward and Amina Easat-Daas spoke with Dr Martijn de Koning about the nature of Islamophobia in the Netherlands and how this sits in relation to common perceptions about Dutch society as a liberal and tolerant society and the Islamophobic realities of the Netherlands. De Koning also spoke at length of the recent NTA affair in the Netherlands, the exceptionalising of surveilling Muslim communities and how Muslims in the Dutch context have begun to challenge this. Dr de Koning is an Associate Professor in Islam, Politics and Society at Radboud University and has published extensively on Islamophobia in the Netherlands. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/anthropology

In this episode Chella Ward and Amina Easat-Daas spoke with Dr Martijn de Koning about the nature of Islamophobia in the Netherlands and how this sits in relation to common perceptions about Dutch society as a liberal and tolerant society and the Islamophobic realities of the Netherlands. De Koning also spoke at length of the recent NTA affair in the Netherlands, the exceptionalising of surveilling Muslim communities and how Muslims in the Dutch context have begun to challenge this. Dr de Koning is an Associate Professor in Islam, Politics and Society at Radboud University and has published extensively on Islamophobia in the Netherlands. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/european-studies

"Het worden hele grote beursgangen, maar je moet er niet zomaar instappen, vanwege de enorme media-aandacht die er nu voor is", zegt Marc Langeveld van het Antaurus AI Tech Fund over de drie grote IPO's die eraan zitten te komen. SpaceX misschien al in juni, OpenAI en Anthropic staan ook al in de startblokken. "Ze komen waarschijnlijk meteen in de belangrijke indices, waardoor ETF's die aandelen ook moeten kopen na de beursgang. Dat kan voor koersstijging zorgen in de dagen na de IPO." Toch is er een probleem: ze maken geen van drieën winst, en dat is wel nodig voor een goede koersontwikkeling op lange termijn. "Pas als er een positieve cashflow uitkomt kun je je rekensommen gaan maken". Ondertussen zet de AEX weer nieuwe records neer deze week. "Het Midden-Oosten gaat bepalen wat het er op termijn gaat gebeuren met de koersen", zegt onafhankelijk beursexpert Peter Siks. Hij twijfelt overigens of dat goede nieuws over het Midden-Oosten op korte termijn gaat komen. Verder in de podcast onder andere aandacht voor de cijfers van Nvidia, Walmart en wapenfabrikant CSG. We bespreken de luisteraarsvragen en je krijgt de tips. Peter tipt een specifieke sector die in deze tijd interessant is, Marc tipt een Amerikaans techbedrijf (niet uit de Magnificent Seven!). Geniet van de podcast! Let op: alleen het eerste deel is vrij te beluisteren. Wil je de hele podcast (luisteraarsvragen en tips) horen, wordt dan Premium lid van BeursTalk. Dat kost slechts 9,95 per maand, 99 euro voor een heel jaar. Abonneren kan hier! VanEck ETF’s (advertorial) Deze week is ook weer het tweewekelijks gesprek te beluisteren met Martijn Rozemuller, ceo van VanEckETF’s, de partner van BeursTalk. In deze aflevering praat ik met Martijn over vastgoed, meer in het bijzonder de VanEck Global Real Estate ETF.Deze succesvolle ETF bestaat nu 15 jaar en kent, uiteraard met ups en downs, een prima rendement van zo'n 7 procent jaar op jaar. Met deze ETF beleg je in vastgoed zonder dat je er 'vast' in zit. Het is een liquide belegging in onroerend goed. Martijn legt uit waar de spreiding van deze ETF uit bestaat. Je moet dan niet zozeer denken aan geografische spreiding - het merendeel zit in Amerikaans vastgoed - maar vooral in soorten vastgoed. Denk daarbij aan woningen, winkels, een beetje kantoren, maar ook in datacenters. Je kunt je de vraag stellen: waarom in vastgoed beleggen, een groot deel van mijn vermogen zit al in mijn huis. Toch zijn er voldoende valide argumenten om in je ETF-portfolio tóch een stukje vastgoed zou moeten opnemen. Martijn vertelt je er alles over. Geniet van de podcast! De gepresenteerde informatie door VanEck Asset Management B.V. en de aan haar verbonden en gelieerde bedrijven (samen "VanEck") is enkel bedoeld voor informatie en advertentie doeleinden aan Nederlandse beleggers die Nederlands belastingplichtig zijn en vormt geen juridisch, fiscaal of beleggingsadvies. VanEck Asset Management B.V. is een UCITS-beheerder. Loop geen onnodig risico. Lees de Essentiële Beleggersinformatie of het Essentiële-informatiedocument. Meer informatie? https://www.vaneck.com/nl/nl/See omnystudio.com/listener for privacy information.

Video interview with Martijn Westerholt (keys) and Charlotte Wessels (vocals) from the Dutch Symphonic metal band Delain. FaceCulture spoke with Martijn and Charlotte about Masters of Destiny, how ideas turn into songs, the things you can and cannot control, the album Apocalypse & Chill, working with a theme, Creatures, To Live Is To Die, what songwriting means to them, Ghost Home Heart, touring vs studio, and a lot more! (21/01/2020) Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this show we are chatting to Martijn van der Spek, the developer of the very popular PiccyBot application. Martijn tells us how he got started creating accessible apps for the blind, and of course all about his latest creation PiccyBot. The BGC fellas have been using this app for a while and love it. Jan is just back from a bitterly cold camping trip, where he has a top tip: wear all your clothes at the same time for a good night's sleep! Clodagh's got an email from Máire from Kerry, asking about audio description for GAA football and hurling, and gets rather excited explaining these Irish games to the non-Irish lads! Finally, a reminder that Óran is hosting the next Audio Description Association (ADA) VI User Group event on Tuesday, May 26, when he will be speaking with Dr Lucía Pintado Gutiérrez from Dublin City University, about the ADESI (Audio Description in Ireland) project. This is a research project and report published in 2025 on “The challenges of audio description in Ireland: Bridging education, users and industry.” All are welcome. Details below: Date: May 26th Time 13:30pm - 14:30pm  (GMT) Zoom Link: https://tinyurl.com/ADAviUserGroup So, stop trying to vote for your favourite song - the Eurovision Song Contest is over! And instead vote number 1 for the number 1 podcast this side of the Blue Danube: Blind Guys Chat. 112 out of 114 Minions prefer it to being despicable! Links for this show: ·       Piccybot: www.piccybot.com ·       GAA: https://www.gaa.ie/ ·       Croke Park audio description service: https://crokepark.ie/matchday/adc-commentary ·       Clodagh's favourite song about Vienna (It's a cover): https://tinyurl.com/ViennaSong Support Blind Guys Chat by contributing to their tip jar: https://tips.pinecast.com/jar/blind-guys-chatRead transcript

Former ASN Bank CEO Martijn Gribnau returns to Leaders in Finance — almost five years after his first appearance. From leading a major Dutch bank to helping build agentic AI company Quant in New York: what has he learned about leadership, innovation, and the future of financial services? In this episode, Martijn shares why AI will fundamentally change banking, why Europe risks falling behind the US and China, what boards and CEOs should do today, and why “not experimenting” may now be the biggest risk.   *** Leaders in Finance is made possible by the support of EY, Mogelijk Vastgoedfinancieringen, and Lepaya. More information about our partners is available at our partner page.   *** Listen to the previous episode with Martijn Gribnau   *** Want to stay up to date with Leaders in Finance? Subscribe to the newsletter.   *** Questions, suggestions, or feedback? We'd love to hear from you! You can reach us via email at info@leadersinfinance.nl and check out our website.   *** Previous guests on the Leaders in Finance podcast include:  Klaas Knot (President DNB), Frank Elderson (Executive Board, ECB), Roland Boekhout (CEO ASN Bank), Gerrit Zalm (former Minister of Finance and former CEO of ABN AMRO),  Ingrid de Swart (member of the Executive Board, a.s.r.), Pinar Abay (Management Board ING, Head of Retail Banking), Robert Swaak (CEO ABN AMRO), Marcel Zuidam (CEO NN Bank), Saul van Beurden (CEO Consumer, Small & Business Banking, Wells Fargo), David Knibbe (CEO NN Group), Janine Vos (Executive Board, Rabobank), Nadine Klokke (CEO Knab), Maarten Edixhoven (CEO Van Lanschot Kempen), Jeroen Rijpkema (CEO Triodos Bank), Nout Wellink (former President DNB), Onno Ruding (former minister of finance), Yoram Schwarz (CEO Movir), Laura van Geest (Executive Board, AFM),  Katja Kok (CEO Van Lanschot CH), Ali Niknam (CEO bunq), Nick Bortot (CEO BUX), Petri Hofsté (supervisory board member, including at Rabobank and Achmea), Peter Paul de Vries (CEO Value8), Barbara Baarsma (CEO Rabo Carbon Bank), Jan van Rutte (C supervisory board member, including at Rabobank and Achmea), Marguerite Soeteman-Reijne (Chair Aon Holdings), Lidwin van Velden (CEO Nederlandse Waterschapsbank), Jan-Willem van der Schoot (CEO Mastercard NL), Joanne Kellermann (Chair PFZW), Steven Maijoor (former Chair ESMA), Radboud Vlaar (CEO Finch Capital), Jos Baeten (CEO a.s.r.), Karin van Baardwijk (CEO Robeco), Annette Mosman (CEO APG). 

De week van de competitiedip, we hebben nog wel een klein beetje (gedacht) aan golf. Martijn precies 1 hole, Paul zag dat al aankomen, voordat de hemel open ging en de greens blank stonden en nog een potje matchplay, Rogier ook nog een rondje en Peter ging een weekendje weg en het weer hielp hem om niet nog wat holes in Zeeland te spelen. We nemen nog wat open toernooien door die op de agenda staan voor de komende maanden.De USPGA Championship had een verrassende, want wij kenners hadden hem helemaal niet genoemd in onze voorbeschouwing. Een plastic castle tee, 2 regenhandschoenen, ironcovers en een driver uit 2019 was het recept voor de winst van Aron Rai op een baan waar de pins heel moeilijk stonden. Rahm, Rory, Smalley, Schauffele, Aberg, JT waren lang in de hunt. Veel spelers bij elkaar in de buurt, maar op de laatste holes maakte Rai duidelijk het verschil. Op de LET won Harm en op de LPGA was Lottie Woad na een dipje weer op tik.Korte ronde: Droombaan, Pro V1x double dot, Min Woo Lee, Hoor s van Joris, Veekay en Verstappen, Vacatures in golf en de US Open qualifyer.0:00 - 19:00 Eigen golf19:00 - 50:07 Professioneel golf50:07 - 1:17:56 Korte ronde

Ds. Martijn de Jong ( Rotterdam-Spangen )( vanuit Pelgrimvaderskerk ) Hebreeën 12 vers 11 t/m vers 17; thema : Ontmaskeren en vrede stichten.

Van een sleutelervaring op Kasteel Duivenvoorde tot exotische dieren bij Stichting AAP: koningin Máxima had een volle week. Rick vertelt over haar bezoek aan de State of Fashion-biënnale in Arnhem, waar duurzaamheid, mode en oude outfits ineens politiek werden. Ondertussen reist prinses Margriet alsnog naar Canada, inclusief een ontmoeting met een jeugdvriendin die verdacht veel op prinses Beatrix lijkt… En dan schuift juwelenhistoricus Martijn Akkerman aan met zijn nieuwe boek Een leven in juwelen. Hij vertelt over schatrijke societyfiguren die “nauwelijks konden lopen van de juwelen”, geheime Haagse hofjuweliers, verloren diamanten, Oranje-diademen én de opmerkelijke rekening die prins Hendrik en koningin Wilhelmina apart betaalden voor het doopbroche van Juliana. Natuurlijk beantwoord Odilia, met behulp van Martijn, een etiquettevraag: aan welke kant draag je eigenlijk een broche?En: kom je ook naar het Tulpenbal? Via tulipsball.com geeft de code ROYALTEA je 10% korting!

Deze podcast wordt gepubliceerd om de online automotive beter te maken. In deze aflevering spreekt host Paul de Vries, oprichter van #DCDW, met Wouter van Embden van Stichting Autobelangen en Martijn Duivenvoorden van iLectric Cars & LeaseBijtellingVriendelijk.nl. Tijdens deze podcast gaan we in op de nieuwste ontwikkelingen waarmee Wouter en Martijn de automotive verbeteren door middel van gerichte lobby activiteiten in Den Haag. Young Timers onder vuur Het gesprek begint met een van de meest besproken onderwerpen binnen de automotive branche van het afgelopen jaar: de youngtimer regeling. Op 24 november werd er een amendement ingediend door ChristenUnie Kamerlid Pieter Grinwis, dat de leeftijdsgrens voor young timers verhoogde van vijftien naar 25 jaar. Dit amendement was oorspronkelijk bedoeld om de bijtelling voor nieuwe elektrische auto's te verlagen, maar de dekking hiervoor werd gevonden door de youngtimer regeling aan te passen. Slechts drie dagen later werd er over gestemd, waarbij 77 Kamerleden voor stemden, ondanks het feit dat de staatssecretaris van Financiën het amendement ontraadde. Wouter van Embden, die zeventien jaar geleden al succesvol actie voerde voor de youngtimer rijders, ontdekte dat hetzelfde scenario zich opnieuw afspeelde. De gevolgen voor de branche waren enorm. Zo moest de bekende youngtimer handelaar Auto Timon, na zeventien jaar actief te zijn geweest, zijn deuren sluiten. Wouter benadrukt dat het ministerie van Financiën de gedragseffecten volledig verkeerd inschat. In plaats van dat mensen de hogere bijtelling gewoon blijven betalen, stoppen zij met het rijden in hun youngtimer, wat uiteindelijk leidt tot minder belastinginkomsten en faillissementen in de branche. Succesvolle lobby Ondanks de uitdagingen wist Wouter opnieuw een succesvolle lobby te voeren. Met steun van 124 van de 150 Kamerleden werd een motie aangenomen die de regering verplicht om vóór de zomer met een reparatieplan te komen voor de youngtimer regeling. Pieter Grinwis zelf gaf toe dat hij een fout had gemaakt en zegde toe de regeling samen met D66 te repareren. Dit toont aan dat lobbyen wel degelijk effect kan hebben, mits het op de juiste manier en met voldoende middelen wordt uitgevoerd. De E-timer regeling Martijn Duivenvoorden introduceert een nieuw concept: de e-timer regeling. Dit voorstel houdt in dat elektrische auto's die zestig maanden oud zijn, bijtelling betalen op basis van de BPM-afschrijvingstabel. Dit zou ervoor zorgen dat tweedehands elektrische auto's in Nederland blijven in plaats van geëxporteerd te worden. Vorig jaar werden er meer dan 35.000 elektrische auto's van zestig maanden of ouder geëxporteerd, waarmee meer dan een half miljard aan subsidies het land uitging. De e-timer regeling zou niet alleen de tweedehands markt voor elektrische auto's stimuleren, maar ook zzp'ers en ondernemers de mogelijkheid geven om betaalbaar elektrisch te rijden. Pseudo-eindheffing: een fossiele boete Een ander belangrijk onderwerp is de zogenaamde pseudo-eindheffing, ook wel de fossiele boete genoemd. Werkgevers die een fossiele auto ter beschikking stellen aan werknemers, moeten straks 12% over de nieuwwaarde van die auto per jaar betalen als eindheffing. Wouter en Martijn zijn hier pertinent op tegen. Zij pleiten voor het stimuleren van de juiste keuzes in plaats van het zwaar bestraffen van wat als de verkeerde keuze wordt gezien. Een verhoging van de bijtelling op fossiele auto's gecombineerd met een verlaging voor elektrische auto's zou een veel eerlijker en effectiever instrument zijn. De roep om een sterkere lobby Paul de Vries, Wouter en Martijn zijn het erover eens dat de automotive branche een sterkere en meer georganiseerde lobby nodig heeft. Wouter overweegt serieus om van Stichting Autobelangen een professionele waakhond te maken voor de autorijdend Nederland. Om dit te realiseren zijn financiële middelen nodig. Martijn heeft zich opgeworpen als ambassadeur en roept andere garages, handelaren en leveranciers op om bij te dragen. Het doel is om honderd ambassadeurs te vinden die elk minimaal € 1.000 bijdragen, zodat er een strijdkas van minimaal € 100.000 op jaarbasis beschikbaar is. Wil jij ook bijdragen aan een sterkere lobby voor de automotive? Neem dan contact op met de Stichting Autobelangen en word ambassadeur. Want samen staan we sterker in Den Haag.

We hebben een bomvol draaiboek! Dus laten we maar gauw beginnen. KORTE GEKKIGHEDENWe drinken Italiaans Trappistenbier: Tre Fontane. Dank Rogier en Minke!Een ritje langs Echt, Best, Well, Dorst. Check door hoeveel postcodegebieden jij al hebt gereden bij de vrienden van PostNL. Retourtje Rotterdam. Met een traan bij het inrijden van de mooiste stad van Nederland. De Ecar Dlog Letsma! De Amstel Gold Race, maar dan dus andersom! Beklim de Grebuac, Gewsobresye, Giremac, Grebneteuk, Greprool, Grebrelemeb en de Grebmorf.Drukte in de trein. NS, doe er wat aan! Pogacar rijdt twee uur lang 5,7 watt/kg. Martijn is na drie minuten 4,5 watt/kg helemaal naar de uien. GOUDEN VENTIELGaat naar een inwoner van Moddergat. Hij/zij heeft een pitstopplaats voor iedere deelnemer aan de Race Around The Netherlands gecreëerd. Water, snacks en gereedschappen. GROTE ONDERWERPENHerman is samen met Anna op tweedaagse fietsvakantie gegaan. Utrecht - Doesburg - Zwolle. Het werd een weekend om nooit te vergeten! En dat ... met Komoot! Een idee! Geïnspireerd op een Franse vriendengroep. Herman heeft een route gemaakt: een bijna kaarsrechte streep van Klein-Kuttingen naar de Noordkaap (in Groningen). Longest Day 2027-materiaal! SEGMENTEN VAN DE SHOWMartijn heeft drie fietstochten gemaakt op Ameland. En daar genoten van Oerd WO. Herman heeft geklommen tussen Ede en Barneveld op de Goudsberg van onder tot boven. LUISTERAARSVRAGENWe hebben er weer een heleboel van jullie gekregen. En een aantal daarvan voor jullie beantwoord. WAT GAAN WE NOU WEER BELEVEN?Eindelijk naar Gubbio! We kunnen niet wachten. En een paar beterschapsberichten voor Vrienden van de Show. ZELFBEVLEKKENDE LINKJESVolg Tweewielers via het uberhippe WhatsApp-kanaalVolg Tweewielers op InstagramVolg Martijn en Herman op StravaDe Strava-kortingscode. Verleng je abonnement en bespaar 15 euro! De code: TWEEWIELERSCC. Zet wel even het automatisch verlengen uit, anders gaat het mis. Hosted on Acast. See acast.com/privacy for more information.

Peter ging met heren 2 voor handhaving. Ze hadden het niet helemaal in eigen handen maar de ochtend was geruststellend. Uiteindelijk bleek een up and down van de andere partij cruciaal (positief) te zijn. Mooi!!!Paul, Martijn en Rogier speelde tegen de mannen van Rijk van Nijmegen om de titel op Princenbosch. Weer een rollercoaster dag met incidentjes maar vooral veel spannende potten. Eagle start van de eerste flight zette de toon, met nog 2 spannende singles in de baan viel de beslissing op hole 18. Kampioen, promotie naar de reserve hoofdklasse en een groot feest met Glenn van Dooren in het clubhuis. Ook mooi!!!Heel veel golf op tv deze week: op de PGA tour speelde de Europeanen tegen Ricky Fowler. Reitan pakt de overwinning. De DP World Tour was op El Prat in Spanje en daar gebeurde wat ongelofelijks, Premlal (wie kent hem niet) declasseerde het hele veld en won met 14 slagen verschil. Op LIV Virginia won Herbert en de 4Aces het team event. Een emotionele Snedeker won het alternate event Myrtle Beach. LPGA zonder Korda was een prooi voor de nummer 2 van de wereld Thitikul. Op de Hotel Planner Tour de wederopstanding? van Chris Wood.Korte ronde: nog een incidentje in onze competitie, het Topsportplan van de NGF, nog meer LIV, het festival of golf, the ultimate golf challenge, nerdy golfgewoontes, profilering van de golfsport en voorbeschouwing van het USPGA volgende week.Voor ons Jaarspel voorspellen wij Scheffler, Scheffler, Scheffler oh ja... en McIlroy.Raad de speler(s) zingen mee met Tino Martin.0:00 - 28:37 Eigen golf28:37 - 54:15 Professioneel golf54:15 - 1:36:10 Korte ronde en voorbeschouwing USPGA1:35:31 - 1:36:10 Raad de Speler(s)

Afl. 222 - Hoe ziet medische zorg eruit binnen de muren van een gevangenis? In deze aflevering spreken we met Martijn Ruiten, detentiearts (justitieel geneeskundige), over een vakgebied dat voor veel mensen onbekend terrein is. Van somatische klachten tot psychiatrische problematiek en verslaving: de zorgvraag in detentie is complex en vraagt om een arts die kan schakelen tussen geneeskunde, veiligheid en maatschappelijke problematiek. Martijn vertelt hoe de medische zorg in de gevangenis is georganiseerd, hoe samenwerking met ziekenhuizen verloopt en wat zijn werk als justitieel geneeskundige nou zo bijzonder maakt.

"Philips kwam onlangs op een ranglijst naar voren als het meest toekomstbestendige bedrijf van Nederland", vertelt Thomas Pellegrom van ABN Amro, daarbij aantekenend dat healthcare het altijd goed doet op die lijsten. "Los daarvan zijn de cijfers oké. Orders stegen met 6 procent, de omzet met 4 procent. Ze handhaven de guidance, wat neerkomt op 3 à 4 procent omzetgroei en 12 tot 13 procent EBITDA-marge. Vooral de consumentendivisie doet het goed." Ook Richard de Jong van Van Lieshout & Partners vindt de cijfers prima, maar is Philips het meest toekomstbestendige bedrijf van Nederland? "Het is in ieder geval zo dat het niet meer zo achterblijft op concurrent Siemens Healtineers. Een koerswinstverhouding van 15, dat is eigenlijk een prima instapniveau als je de aandelen nog niet hebt." De AEX wist deze week weer een nieuwe all time high neer te zetten. Ook veel andere indices bereikten recordhoogten. Dat lijkt vreemd, maar wie kijkt naar de bedrijfswinsten en de vooruitzichten van bedrijven, kan niet verrast zijn. Dat weegt voor beleggers duidelijk zwaarder dan de onzekerheid omtrent de oorlog in het Midden-Oosten. Echter, duurt die oorlog veel langer dan nu verwacht, dan zal dat ongetwijfeld effect hebben op de koersen. Verder in de podcast aandacht voor onder andere de cijfers van Shell, Adyen, Uber en chipmaker AMD. Natuurlijk behandelen we de luisteraarsvragen en krijg je de tips. Thomas tipt een ETF met de ISIN-code IE00BJ5JNY98, Richard tipt een groot energieconcern. Geniet van de podcast! Let op: alleen het eerste deel is vrij te beluisteren. Wil je de hele podcast (luisteraarsvragen en tips) horen, wordt dan Premium lid van BeursTalk. Dat kost slechts 9,95 per maand, 99 euro voor een heel jaar. Abonneren kan hier! VanEck ETF’s (advertorial) Deze week is ook weer het tweewekelijks gesprek te beluisteren met Martijn Rozemuller, ceo van VanEckETF’s, de partner van BeursTalk. In deze aflevering praat ik met Martijn over de onlangs gelanceerde VanEck Morningstar Developed Markets ex-US Dividend Leaders ETF, en we behandelen meteen een luisteraarsvraag die over deze ETF is binnengekomen.Het is een trend die al een tijdje gaande is: nogal wat beleggers willen tegenwoordig wat minder blootstelling aan de VS. Ook van klanten kreeg Martijn regelmatig te horen dat ze minder in Amerikaanse aandelen wilden beleggen. Niet gek dus dat VanEck met deze nieuwe VanEck Morningstar Developed Markets ex-US Dividend Leaders ETF zijn klanten die optie aanbiedt. Martijn legt uit wat de overige verschillen zijn met de al bestaande hoog dividend-ETF, naast het feit dat deze ETF niet in de VS belegt. Denk daarbij bijvoorbeeld aan de andere regio's buiten Europa en de verdeling over de verschillende sectoren waarin de nieuwe ETF belegt. Toevallig of niet, over de VanEck Morningstar Developed Markets ex-US Dividend Leaders ETF is ook een luisteraarsvraag binnengekomen en die wordt uiteraard uitvoerig beantwoord door Martijn. Geniet van de podcast! De gepresenteerde informatie door VanEck Asset Management B.V. en de aan haar verbonden en gelieerde bedrijven (samen "VanEck") is enkel bedoeld voor informatie en advertentie doeleinden aan Nederlandse beleggers die Nederlands belastingplichtig zijn en vormt geen juridisch, fiscaal of beleggingsadvies. VanEck Asset Management B.V. is een UCITS-beheerder. Loop geen onnodig risico. Lees de Essentiële Beleggersinformatie of het Essentiële-informatiedocument. Meer informatie? https://www.vaneck.com/nl/nl/See omnystudio.com/listener for privacy information.

Nadat we vorige week een kabinet dat er pas 10 weken zat nog net niet doodverklaarden, maakt het minderheidskabinet deze week een spectaculaire comeback. Speciale gast Mark Thiessen breekt een lans voor het kabinet-Jetten. Volgens de EW Magazine-columnist en auteur verdient dit kabinet een kans, al was het maar omdat de tijd van meerderheidskabinetten voorbij is. 'Wen daar maar aan,' aldus Thiessen. Vergeet niet, de meerderheidskabinetten van de laatste jaren kregen niet veel voor elkaar. Er komt al veel langer geen koffie meer uit het koffiezetapparaat. De rest is leerproces. Natuurlijk, dit kabinet moet nog ontdekken hoe het effectief meerderheden creëert. En het is daarbij inderdaad van belang dat de VVD de (campagne-) toon matigt. Maar tegelijkertijd moet de oppositie beseffen dat ze medeverantwoordelijk zijn, de vrijblijvendheid is voorbij. Kijk uit met het indienen van moties; ze kunnen aangenomen worden! Voor GroenLinks-PvdA fractievoorzitter Klaver zal die medeverantwoordelijkheid extra zwaar wegen. Al was het maar omdat het kabinet waarvan hij ooit premier zal worden naar alle waarschijnlijkheid ook weer een minderheidskabinet zal zijn. De historicus in Thiessen verheugt zich op de interessante tijden die komen gaan. En natuurlijk konden we niet om de vuurwerkbom in de brievenbus van het D66 partijbureau heen. Wij vragen ons af, is dit losgeslagen tuig of is dit politiek geweld? In de studio deze week Haags verslaggever Leendert Beekman, presentatie Martijn de Rijk https://denieuwevrijeeeuw.substack.com/p/minderheidskabinet-wen-er-maar-aan See omnystudio.com/listener for privacy information.

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Despite the historical energy disruption from the Iran conflict, stocks are back to record highs. Our Global Head of Fixed Income Research Andrew Sheets and our Head of Commodity Research Martijn Rats discuss different views and fundamentals driving markets.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.Martijn Rats: I'm Martijn Rats, Head of Commodity Research at Morgan Stanley.Andrew Sheets: Today: oil, oil inventories, and the price at the pump.It's Wednesday, May 6th, at 2pm in London.Martijn, it's great to talk to you. We remain in this very unique market where on the one hand, the energy market is severely disrupted. On the other hand, we're making new all-time highs in the stock market. And part of this debate is a creeping sense that maybe the energy market is just a lot more resilient than many people initially thought.So, let's just jump right into it. As you look at the current state of the world, the state of things, how are you seeing the energy market at the moment?Martijn Rats: There are definitely two views in the market. I would say commodity specialists, oil traders, people that trade oil and gas equities for a living, tend to focus on the size of the supply shock. And it is neither hyperbole nor disputed that the size of the supply shock is the largest in the history of the oil market. We have the statistical data to back that up. That is not a controversial statement.But at the same time, the other view in the market, generally held by your generalist investors who invest across many markets. They tend to focus on the likelihood or possibility that this supply shock might also be uniquely short. It was there all of a sudden, from one day to the next, the strait was closed. It felt a bit man-made, so to say. It was an outcome of a political decision, and that can also be undecided. And so, this is – the to-ing and fro-ing in the market is; on the one hand, this shock is very, very large. But the other hand it may also be very, very short.Now we went into this supply shock, arguably well-prepared. In the sense that during the course of like late 2024, all of 2025, and the very early part of 2026, we were telling a story of oversupply surplus. And on top of that, given the military buildup was going on in January and February, a lot of countries in the Arabian Gulf – Saudi Arabia, the UAE, Kuwait – visibly put out a lot of oil at sea.So, in the oversupply of 2025, we put oil in storage in lots of places that we can't always see. But that seems very likely. Oil in the water was very, very high. So, we have been living off these buffers, and that has helped. And then, yeah, at any point in time, there were good enough reasons to assume that on a timeframe of a couple of weeks, this would largely be resolved. We would eat into these buffers, draw some inventory.And it has been hard for the market then to really capitalize the size of the supply shock and say, "Yeah, really oil prices need to spike very, very high." And in that sense, we're left with this significant supply shock, but we haven't taken out the highs that we saw in 2022, for example.Andrew Sheets: So maybe a way to think about this, right, is that if we imagined all of that oil as sitting in a big tank. We've kind of stopped a lot of the flow into the top of the tank as the Strait of Hormuz has remained closed. But oil's still able to drain out of the bottom, kind of, like normal because that tank is being drained. Those inventories have been drawn down. Maybe that's a quite a crude analogy, to forgive the pun.But how long can that last? I mean, if we think about these inventories, if we think about the speed of which they're being drawn down; and I think that's an important point that you mentioned, that these inventories were unusually high going in. But they're obviously not unlimited.Where does that stand? And I guess, you know, what is the limit of that? How long can those inventory draws last?Martijn Rats: Yeah, yeah. To say that this is the billion-dollar question would be understating it, Andrew. It's also a unusually complicated question to answer in the sense that it depends very heavily on the region, on the product that you're looking at. Jet fuel in Europe, NAFTA in Asia, you might see something sooner. But other products in other regions, you know, might take longer.We often don't really know where the operational limitations of inventories are. Globally, we see something like 8 billion barrels of oil in some form of storage. That is an enormous amount. We can't draw that down to zero because a lot of that is there for operational, like working capital type reasons. Just to facilitate the operations of the industry. Is the floor seven? Is the floor six? These things are hard to answer.Andrew Sheets: You've got to have some oil in the pipeline to make the pipeline flow…Martijn Rats: Exactly, exactly. You can't operate a refinery if you don't have at least some storage right next to it. It just doesn't work. So, these things are hard to know. But I would say that we are eating through these buffers very, very re-rapidly now. Oil on water has largely normalized and is no longer elevated.We are seeing very large inventory draws across every data point that we have on refined products. Refined products are universally drawing. On crude, the data is more patchy. But we are seeing large inventory draws now coming through in the United States. I would say – and this is partly having worked with this data for a long time and sort of developing some market feel rather than very analytical spreadsheets, so to say. But I would say that if the flow of oil through the Strait of Hormuz does not resume on the sort of next four to six weeks, we will get very, very tight by June, early summer.And, well, look, I mean, from there, it's simply… You know, if you then were to forecast. You know, project forward from there on. It would be getting tight by August, September. But of course, that's done under the assumption that the flow remains impaired over that period, which I would say most market participants would not assume at the moment.Andrew Sheets: And another point that comes up sometimes, at least in my conversations, is, ‘Oh, but, you know, maybe Venezuelan oil is going to be coming online.' There's more investment. The U.S. seems very focused on increasing oil output in Venezuela. You know, can that match in any sense the scale of what we've had disrupted here?Martijn Rats: No, that is a complicated issue in the sense that, you know, growing oil production takes time. It takes capital, it takes equipment, it takes a lot of people. Venezuela at the moment, produces a bit more than a million barrels a day. I'd have to say, like, relative to the size of Venezuela's production, the last two monthly data points have actually come in better than expected. But you're talking about 100,000 barrels a day, 200,000 barrels a day, that sort of thing. Relative to a supply shock that is 13-14 million barrels a day.The fastest ever single amount of production growth of any country in any year was 2018. U.S. shale with natural gas liquids included grew 2 million barrels a day in a single year. But yeah, even that…Andrew Sheets: So, 2 million barrels relative to 14 million barrels lost is…Martijn Rats: Yeah, exactly.Andrew Sheets A drop in the bucket. Martijn Rats: And that had a huge run-up of several years of putting the infrastructure in place to do that. I mean, it…. You don't turn it on a dime either. So no, that remains difficult.Andrew Sheets: So, you know, maybe a dynamic to close with is actually another way that I think people care about the oil price, you know, besides their portfolio – which is they drive.And, you know, you had a great stat in your report that one out of every 11 barrels of oil that's produced ends up in an American car. And the U.S. is a big producer. Its inventories have been drawing down. There are clear signs that the U.S. is exporting a lot of energy, and as a result, gas prices are also going up in the U.S.So, you know, what… If you could just talk a little bit about the move in gasoline and maybe, you know, I think this could be a good segue into this idea of distillates into, kind of, parts of refined product. And how those prices can deviate or not from the barrel of oil we often talk about. And then even just more generally, kind of what is the price at the pump that people might need to think about as you head into the summer – assuming, you know, this conflict is still somewhat uncertain.Martijn Rats: Yeah. So, the United States is very interesting at the moment. In the sense that the regular discourse about the United States is that the United States is energy independent because it is a net oil producer. And at the most aggregate level, that is correct. But that doesn't mean that the United States is not connected to the rest of the world from an oil market perspective. I would say actually it's the opposite.The U.S. oil market is deeply connected to the rest of the world. It is a net exporter because there are very large imports, and there are very large exports, and it just happens so that the exports are a little bit bigger than the imports. So, it's a net exporter.But flows in both directions exist for every product – for crude, for diesel, for gasoline. So, the U.S. should be the last place to have physical disruptions because the supply is close to home. But in the end, it's so connected; that in the end, there's only one global oil price – and we all pay it, including in the United States.Now, because of the deficits at the moment, in Asia, to [an] extent in Europe, there is a very large pool on oil from the United States, and we're seeing that across the board. Crude oil exports were 4 million barrels a day, at the start of the year. They're now running sort of 5.5, even 6 million barrels a day. So, there's a lot of crude being pulled out of the United States. That is partly also the SBR release, the release from the Strategic Petroleum Reserve. But the export's very, very large.Another product where that is also happening is in gasoline. Now, the gasoline market in the United States has a degree of complexity to it in the sense that the U.S. is a big importer of gasoline in the East Coast and the West Coast, but then a big exporter from the Gulf Coast.Andrew Sheets: Hunh! Okay. Yeah.Martijn Rats: Net-net, it's an exporter, but in the East Coast and the West Coast, big, big importer. Now, in Europe, for example, we are normally long gasoline, short diesel. We export our surplus to the U.S. East Coast. But, at the moment, it's tight in Europe, so we're not exporting that much gasoline. So, imports in the United States have dropped a lot.At the same time, Asian customers, Brazilian customers, Mexican customers [are] pulling a lot of gasoline out of the Gulf Coast. And as a result, the net exports are unusually high for this time of the year. On top of that, the Strait of Hormuz issue has tightened the diesel market so much relative to the gasoline market that it is favorable for refineries to maximize their diesel output over their gasoline output.Andrew Sheets: Hmm. And these are decisions you can make in terms of how you crack that barrel in a refinery and split it up.Martijn Rats: Yeah, exactly. Within a relatively narrow window, but you can make tweaks that are significant. Now, normally, we're going into this summer driving season, refineries switch from what we call max diesel to max gasoline. At the moment, they are not doing that.Andrew Sheets: Mm.Martijn Rats: So, you have low gasoline production, and you have large net exports of gasoline. Over the last 11 weeks already, we have seen a very significant, very significant decline in gasoline inventories in the United States. And prices have risen at the pump. The nation's average is now $4.50 per barrel, as of reports this morning.The summer driving season has yet to start. That can become $4.70, $4.80. That can become $5. Above $5 is historically a point where people get, yeah, worried about demand destruction. And it has a real impact.Andrew Sheets: Well, Martijn, I think this remains such an important and interesting story. And even if, you know, it can seem sometimes like the market has moved on to other things, clearly there are a lot of other factors driving the equity market. It remains pretty historic, pretty significant, and pretty complicated. Also, something that I think, you know, affects the day-to-day spending and lives of a lot of people out there.So, Martijn, again, thank you for taking the time to talk.Martijn Rats: Thank you.Andrew Sheets: And thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

Gebruik ‘BORRELPRAATGRATIS’ voor 1 mnd gratis Borrelpraat Extra en luister direct naar ‘Deel 2 met Martijn Manschot’. Ontdek de nieuwe STËLZ Hard Lemonade in smaken orange, strawberry en cassis. Scan de QR-code en maak kans op een trip naar Casa STËLZ in Ibiza met 4 vrienden!! gebruik code BORRELPRAAT25 voor 25% korting Nieuw: nu ook internet & tv van hollandsnieuwe – alles wat je wilt, niets wat je niet nodig hebt. Check hollandsnieuwe.nlSee omnystudio.com/listener for privacy information.

Keeper-expert Martijn Buurman schoof bij Robert Denneman aan in een ALLsportsradio special. Sport is prima te vertalen naar het dagelijkse leven, ook op je werk. Zo vieren we in de meeste organisaties de 'Scorers', oftewel de mensen die de grote deals binnenslepen en altijd hun targets halen. Maar zonder 'Keeper' in je team ben je heel kwetsbaar. Keeper-expert Martijn Buurman van ZEROHERO schreef er met 'De Keeper-mindset' een boek over; iets compleet anders dan het 'ZEROHERO boek' dat hij eerder maakte over keepers. Tijdens deze ALLsportsradio special ging Robert met Martijn in gesprek over het nieuwe boek en over waarom sportmetaforen zich zo goed laten vertalen naar het zakelijke leven. Na de uitzending is het interview ook als podcast terug te luisteren via www.allsportsradio.nl en alle bekende podcast platforms (onder meer Spotify en Apple Podcasts).

Paul, Martijn en Rogier waren gastheer en moeten volgende week vlammen voor het kampioenschap. Peter speelde met heren 2 een bloedstollend spannende wedstrijd op Noordwijk tegen De Hoge Kleij. Met een gelijkspelletje is de kans op handhaving in de hoofdklasse groot geworden, knap!Na 2 minuten stilte gaan we door met het professioneel golf: Cameron Young ging wire to wire op Doral met een flinke voorsprong op Scottie Scheffler, Griffin was weer eens goed en Scott speelde een fantastisch weekend. De DP World tour had in Turkije een nieuwe winnaar, de Zweed Lindberg. Darius van Driel was ook goed en werd na een top 10 vorige week in China deze week 4e. Volgende week El Prat waar wij een paar jaar geleden wel wat moeite hebben gehad.Nelly weer dominant, dit keer in Mexico. Cink wint bij de oude mannen.We hebben een nieuwe koploper in ons Jaarspel. Dit weekend dus El Prat om te voorspellen. Wij gaan voor: Chacarra, Van Driel, Nacho Elvia en J.S. Olesen.Verder in de korte ronde: we kijken huit naar de topgolf visie NGF, Rose met zijn McClaren clubs, LIV, Michael Block, Martijn on fire op de par 3'en van Amelisweerd, Snooker en het feest dat er gaat komen op Princenbosch volgend weekend.0:00 - 21:38 Eigen golf21:38 - 39:24 Professioneel golf39:24 - 57:20 Korte ronde

Paul Cohen is documentairemaker en cameraman. De documentaires ‘Hollandse helden' en ‘Photo Souvenir', die hij maakte met Martijn van Halen, ontvingen beiden een Gouden Kalf voor Beste Korte Documentaire. Hij werkte mee aan het documentaireprogramma ‘Diogenes' en won een Kristallen Film en een Beeld & Geluid Award voor de documentaire ‘Janine'. Nu verschijnt de persoonlijke film ‘De man met de glimlach', waarin Cohen een beeld schetst van Europa na de Tweede Wereldoorlog. Dit doet hij aan de hand van het reisverslag van zijn Joodse vader, Bram Cohen, diens dagboekaantekeningen uit het Jappenkamp en niet eerder vertoond archiefmateriaal. Femke van der Laan gaat met Paul Cohen in gesprek.

Martijn van Leerdam is predikant-directeur bij de Pauluskerk. Een kerk in het centrum van Rotterdam, waar daklozen iedere dag terechtkunnen voor warm eten, gezelligheid en hulp. Bij de gemeenteraadsverkiezingen kwam de kerk middenin de campagnestorm terecht. De VVD wilde 'm verplaatsen, Leefbaar zelfs sluiten. Maar zo ver kwam het niet: de bitterbal, zoals ie ook wel wordt genoemd, blijft op z'n centrale plek in de stad. In Rotterdam slapen steeds meer mensen op straat. Welke rol vervult de kerk in de stad?  Martijn van Leerdam is de vierde gast in een De Dag-interviewreeks deze week, met mensen die ons zijn opgevallen in het nieuws.  Reageren? Mail naar dedag@nos.nl  Presentatie en montage: Dieuwke Teertstra Redactie: Max Smedes 

Discover how PiccyBot is transforming AI-powered image and video descriptions for blind and visually impaired users. Shaun Preece chats with developer Martijn Van der Spek about the app's latest updates and its integration with Meta smart glasses. Entries are still open for the Double Tap competition in partnership with Pneuma Solutions, with a closing date of May 1st. Listeners have the chance to win subscriptions to powerful accessibility tools including Remote Incident Manager for accessible remote tech support and Scribe for creating screen reader-friendly documents quickly. To enter, send an email to feedback@doubletaponair.com, a WhatsApp message to (613) 481-0144, or call (877) 803-4567, making sure to include your name and contact details so the team can get in touch if you win. In this engaging episode of Double Tap, Steven and Shaun explore the evolution of PiccyBot, an innovative iOS app designed to provide detailed image and video descriptions using multiple AI models. Speaking to Shaun, Martijn shares how the platform has grown, now offering users the ability to choose between models like GPT and Gemini for customised results. They also discuss the upcoming Meta glasses integration, which could bring real-time visual interpretation directly to wearable tech. Alongside the interview, Steven and Shaun dive into listener emails covering accessible navigation tools, creative uses for wireless doorbells, and the quirks of typing with Braille on Android. Expect plenty of humour, practical tips, and a little nostalgia sprinkled in with tech talk. Relevant Links PiccyBot App: https://apps.apple.com/us/app/piccybot ----Follow on:YouTube: https://www.doubletaponair.com/youtubeX (formerly Twitter): https://www.doubletaponair.com/xInstagram: https://www.doubletaponair.com/instagramTikTok: https://www.doubletaponair.com/tiktokThreads: https://www.doubletaponair.com/threadsFacebook: https://www.doubletaponair.com/facebookLinkedIn: https://www.doubletaponair.com/linkedinSubscribe to the Podcast:Apple: https://www.doubletaponair.com/appleSpotify: https://www.doubletaponair.com/spotifyRSS: https://www.doubletaponair.com/podcastiHeadRadio: https://www.doubletaponair.com/iheartAbout Double TapHosted by the insightful duo, Steven Scott and Shaun Preece, Double Tap is a treasure trove of information for anyone who's blind or partially sighted and has a passion for tech. Steven and Shaun not only demystify tech, but they also regularly feature interviews and welcome guests from the community, fostering an interactive and engaging environment. Tune in every day of the week, and you'll discover how technology can seamlessly integrate into your life, enhancing daily tasks and experiences, even if your sight is limited."Double Tap" is a registered trademark of Double Tap Productions Inc. 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, I sit down with Martin Bos to explore the role of embodiment in building real-world confidence, boundaries, and resilience. We discuss how a felt sense of safety begins in the body, and why many people struggle to assert themselves—not from a lack of knowledge, but from a lack of embodied capacity. Martin shares his journey from martial arts into coaching, and how his work integrates physical training with emotional awareness and nervous system regulation. We explore how posture, presence, and perception shape how we respond under pressure, and why awareness is often more important than technique. We also touch on trauma, people-pleasing, and the challenge of setting boundaries in both everyday life and high-stress situations. ---------------------------------------------- Become a certified embodiment coach. Coach beyond mere words and support clients to transform their lives: https://embodimentunlimited.com/cec/ ----------------------------------------------- Check out our YouTube channel for more coaching tips and our Podcast channel for full episode videos

Dat de Straat van Hormuz weer open is, was tijdens de opname nog niet bekend. Met die openstelling (eerst zien, dan geloven!) zijn de spanningen in het Midden-Oosten nog niet voorbij. Waarom dan tóch dat relatieve optimisme bij beleggers? "Wij zijn ook redelijk positief", zegt Wilbert Aarts van Bond Capital Partners. "De beleggers gaan ervan uit dat er wel een oplossing aankomt in het Midden-Oosten. Bovendien zijn bepaalde sectoren ondergewaardeerd, dus daar zie ik ook wel kansen. Her en der worden de oulooks zelfs verhoogd." Joost van Leenders van Van Lanschot Kempen is het daar in grote lijnen wel mee eens. "Beleggers zeggen in feite: de oorlog is voorbij. In de VS staan de indices op recordhoogte. De VS en Iran zijn in gesprek, dat geldt ook voor Israël en Libanon. Al met al wordt de drempel om weer te gaan vechten steeds hoger", vindt Joost. Over Netflix zijn beide experts ook tevreden. De resultaten waren goed, al leverde het aandeel flink in op de cijfers. Dat heeft ongetwijfeld te maken met de vooruitzichten; de winstprognose die het bedrijf afgaf - zeven procent - was onder de verwachting, beleggers hadden op meer gerekend. Verder in de podcast aandacht voor het derde defensiebedrijf - Colt CZ - dat een notering krijgt op het Damrak, cijfers van onder andere Basic-Fit en ASML. We behandelen de luisteraarsvragen en de experts geven hun tips. Joost tipt deze keer een Europees defensiebedrijf, Wilbert tipt een Amerikaans softwarebedrijf. Geniet van de podcast! Let op: alleen het eerste deel is vrij te beluisteren. Wil je de hele podcast (luisteraarsvragen en tips) horen, wordt dan Premium lid van BeursTalk. Dat kost slechts 9,95 per maand, 99 euro voor een heel jaar. Abonneren kan hier! VanEck ETF’s (advertorial) Deze week is ook weer het tweewekelijks gesprek te beluisteren met Martijn Rozemuller, ceo van VanEckETF’s, de partner van BeursTalk. In deze aflevering praat ik met Martijn over de toegenomen belangstelling voor de waterstof-ETF van VanEck en ook meer in het algemeen over thematisch beleggen. De VanEck Hydrogen Economy ETF laat de sinds ongeveer een jaar een aardig herstel zien. "De periode daarvóór had de sector het best lastig", vertelt Martijn. Hij legt uit waarom de sector nu herstelt en gaat in op de drie factoren die daarvoor bepalend zijn. Feit blijft dat wie bij de lancering van de ETF was ingestapt nu nog niet op winst staat. "Daarom is het belangrijk ook spreiding aan te brengen in je thematische ETF", adviseert Martijn. Logisch, want het verlies bij het ene thema kan gecompenseerd worden door de andere thema's in je ETF-portefeuille. Belangrijk is dan wel dat je ook hier blijft herwegen. Dat gaat vaak tegen je gevoel in: juist van het thema dat het goed doet moet je dan verkopen, en het thema dat 'goedkoper' is geworden koop je juist bij. Maar aan welke percentages moet je dan denken? Dat legt Martijn je ook haarfijn uit. Geniet van de podcast! De gepresenteerde informatie door VanEck Asset Management B.V. en de aan haar verbonden en gelieerde bedrijven (samen "VanEck") is enkel bedoeld voor informatie en advertentie doeleinden aan Nederlandse beleggers die Nederlands belastingplichtig zijn en vormt geen juridisch, fiscaal of beleggingsadvies. VanEck Asset Management B.V. is een UCITS-beheerder. Loop geen onnodig risico. Lees de Essentiële Beleggersinformatie of het Essentiële-informatiedocument. Meer informatie? https://www.vaneck.com/nl/nl/See omnystudio.com/listener for privacy information.

Fluent Fiction - Dutch: Bram's Easter Epiphany: Finding Joy in Imperfections Find the full episode transcript, vocabulary words, and more:fluentfiction.com/nl/episode/2026-04-15-07-38-19-nl Story Transcript:Nl: Op een frisse lentedag, op de ochtend van Pasen, was het huis van Bram en Iris gevuld met de geur van versgebakken brood en pas bloemen.En: On a crisp spring day, on Easter morning, the house of Bram and Iris was filled with the scent of freshly baked bread and fresh flowers.Nl: Het zonlicht glipte door de pastelgekleurde gordijnen en danste op de muren.En: The sunlight slipped through the pastel-colored curtains and danced on the walls.Nl: Het was een dag vol verwachting.En: It was a day full of expectation.Nl: Bram liep zenuwachtig door de grote keuken.En: Bram paced nervously through the large kitchen.Nl: Hij controleerde nog een keer de notities voor het paasmenu.En: He checked the notes for the Easter menu one more time.Nl: "Alles moet perfect zijn," mompelde hij in zichzelf.En: "Everything must be perfect," he mumbled to himself.Nl: Iris, met een kopje thee in haar hand, observeerde hem rustig.En: Iris, with a cup of tea in her hand, observed him calmly.Nl: "Het komt goed, schat," zei ze geruststellend.En: "It will be fine, darling," she said reassuringly.Nl: Kleine Martijn rende vrolijk door de woonkamer.En: Little Martijn ran happily through the living room.Nl: "Papa, kijk!En: "Daddy, look!Nl: Ik heb mijn paashaas gevonden!"En: I found my Easter bunny!"Nl: riep hij terwijl hij een kleurrijk chocoladefiguurtje omhoog hield.En: he shouted as he held up a colorful chocolate figure.Nl: Zijn energie was aanstekelijk, maar ook een beetje gevaarlijk voor een huis vol kwetsbare decoraties.En: His energy was infectious, but also a bit dangerous for a house full of delicate decorations.Nl: Buiten begon de familie van Bram en Iris al te arriveren.En: Outside, Bram and Iris's family began to arrive.Nl: Gelach en begroetingen vulden de lucht.En: Laughter and greetings filled the air.Nl: De eettafel stond prachtig gedekt met gele servetten en tulpen.En: The dining table was beautifully set with yellow napkins and tulips.Nl: Bram ademde diep in en probeerde zijn zenuwen de baas te blijven.En: Bram took a deep breath and tried to keep his nerves in check.Nl: Maar al snel, zoals altijd, ging er iets mis.En: But soon, as always, something went wrong.Nl: Terwijl Martijn zijn sinaasappelsap in konijnenbekers schonk, struikelde hij over een speelgoedauto, en de inhoud van zijn beker kwam terecht op het witte tafellaken.En: As Martijn was pouring his orange juice into bunny cups, he tripped over a toy car, and the contents of his cup ended up on the white tablecloth.Nl: De wereld leek even stil te staan.En: The world seemed to stand still for a moment.Nl: Iris legde haar hand op Bram's arm.En: Iris placed her hand on Bram's arm.Nl: "Het kan iedereen overkomen," zei ze zachtjes.En: "It can happen to anyone," she said softly.Nl: Bram keek naar de rode vlek die zich uitbreidde op het tafellaken en even voelde hij de paniek in zich opborrelen.En: Bram looked at the red stain spreading on the tablecloth, and for a moment he felt panic rising within him.Nl: Maar toen hoorde hij het.En: But then he heard it.Nl: De warme klank van lachende familieleden, hun goede bedoelingen en Martijn's schuldig grijnzende gezicht maakten zijn hart zacht.En: The warm sound of laughing family members, their good intentions, and Martijn's guilty grinning face softened his heart.Nl: Hij haalde diep adem en begon te lachen.En: He took a deep breath and started to laugh.Nl: "Nou, het is tenminste kleurrijk," grapte hij.En: "Well, at least it's colorful," he joked.Nl: Martijn keek opgelucht, blij dat zijn vader niet boos werd.En: Martijn looked relieved, happy that his father wasn't angry.Nl: Bram omhelsde zijn zoon.En: Bram embraced his son.Nl: Iris lachte mee, blij dat haar man eindelijk de druk losliet.En: Iris laughed along, glad that her husband finally let go of the pressure.Nl: De brunch verliep verder in een luchtige chaos van verhalen, gelach en nog meer kleine ongelukjes.En: The brunch continued in a lighthearted chaos of stories, laughter, and more little accidents.Nl: Maar voor Bram werd het duidelijk dat perfectie niet zit in een vlekkeloos tafellaken, maar in de momenten die ze samen delen.En: But for Bram, it became clear that perfection isn't in a spotless tablecloth but in the moments they share together.Nl: Aan het einde van de dag, toen de laatste familieleden waren vertrokken en de kinderen sliepen, zaten Bram en Iris samen op de bank.En: At the end of the day, when the last family members had left and the children were asleep, Bram and Iris sat together on the couch.Nl: Door het raam zagen ze de maan opkomen over hun tuin.En: Through the window, they watched the moon rise over their garden.Nl: "Het was een goede dag," zei Bram tevreden.En: "It was a good day," Bram said contentedly.Nl: "De beste," antwoordde Iris, haar hand op die van hem leggend.En: "The best," Iris replied, placing her hand on his.Nl: En zo leerde Bram dat echte perfectie in imperfecties schuilt, en in het genieten van het nu.En: And so, Bram learned that true perfection lies in imperfections, and in enjoying the present.Nl: Enkel zulke momenten worden herinneringen die een leven lang duren.En: Only such moments become memories that last a lifetime. Vocabulary Words:crisp: frisexpectation: verwachtingnervously: zenuwachtigreassuringly: geruststellendinfections: aanstekelijkdelicate: kwetsbaredecorations: decoratiesgreetings: begroetingentablecloth: tafellakencontentedly: tevredenintentions: bedoelingenspotless: vlekkelooschaos: chaosperfection: perfectieimperfections: imperfectiesbreath: adempanic: paniekguilty: schuldiggrinning: grijnzendelighthearted: luchtigeaccidents: ongelukjesrelieved: opgeluchtembraced: omhelsdememories: herinneringenlifetime: leven langkitchen: keukennapkins: servettentripped: struikeldearise: opkomenmoon: maan

We zitten aan de keukentafel bij Herman in Utrecht. En we hebben het gezellig. Er is meer dan genoeg bij te praten. Want Martijn heeft een nieuwe fiets! En Herman kwam op kraamvisite.KORTE GEKKIGHEDENSamen fietsen op zondagochtend met vrienden én een rare schreeuwende gekIeniemienie-uitleg over het Eddington-getalDomme dubbele lekke band (inclusief nieuwe uitvoering van Het Vervang Lied!)Dankzij de helden van 0117 hebben we een schitterende nieuwe website. Wil je dat ook? Dan kán dat. Goed én snel. Wat doe je met dit gekke voorjaarsweer? Merino is de oplossing!Nog meer Ultrappist-rijdersDe Strava-kortingscode. Verleng je abonnement en bespaar 15 euro! De code: TWEEWIELERSCC. Zet wel even het automatisch verlengen uit, anders gaat het mis.Volg Lamri Adjies bij de Ultra van west naar oost AustraliëGROTE ONDERWERPENMartijn heeft zijn nieuwe De Rosa Settanta opgehaald en fietste 'm meteen vanuit Zeeland naar Soest. De wind was nogal tegen. En gelukkig, ter hoogte van Sliedrecht, was daar ineens als grote verrassing Herman. De moraal was namelijk even slecht, maar toen Martijn Herman zag, was de sfeer meteen weer goed.De moeilijke vakjes. We gaan aan de slag met Shell en Defensie om toegang te krijgen tot de moeilijke vakjes. En we willen dat samen met jullie doen!SEGMENTEN VAN DE SHOWHerman selecteert de Torenweg O-W, van 1,27 kilometer waar marathonschaatser Erik Jan Kooiman de KOM heeft.Martijn kiest een segment dat over een paar jaar misschien niet meer bestaat, want liggende Moerdijk. Het betreft de Steenweg tot Zwaluwsedijk, door het centrum van het dorpje dat op de lijst staat om te verdwijnen.WAT GAAN WE NOU WEER BELEVEN?Martijn gaat voor zijn vrouw het startnummer van de Marathon van Rotterdam ophalenDoe vooral mee aan de Heavens Ride. Een prachtige tocht, voor een geweldig goed doel.Op 31 mei een tocht naar ons hart: De La Trappe Abdijentocht.We gaan naar de Ronde van Vlaanderen toe, maar wel pas eind mei.Gubbio wacht ook nog op ons, begin juni.ZELFBEVLEKKENDE LINKJESVolg Tweewielers via het uberhippe WhatsApp-kanaalVolg Tweewielers op InstagramVolg Martijn en Herman op Strava Hosted on Acast. See acast.com/privacy for more information.

Beide gasten in BeursTalk zijn, net als beleggers, niet te spreken over de verkoop van de levensmiddelentak van Unilever aan het Amerikaanse McCormick. Een baggerdeal", zegt Robbert Manders van het Antaurus Europe Fund. En 'bagger' is ook zijn oordeel over het aan- en verkoopbeleid van Unilever in de afgelopen 10 jaar. "Wat ze afsplitsen draait vaak na de verkoop beter dan onder de vleugels van Unilever", is zijn zeer kritische oordeel. Bovendien heeft het nieuwe bedrijf nu een forse schuldenlast. Robbert gaat er dan ook van uit dat er een aandelenemissie zal komen. Ook Thomas Pellegrom van ABN Amro snapt wel waarom beleggers teleurgesteld reageerden op de verkoop. "Ze willen de zich meer focussen en de discount terugdringen. Maar Unilever houdt de komende jaren een belang van 65 procent in het fusiebedrijf." Zijn conclusie dan ook dat die discount voorlopig nog wel op het aandeel Unilever zal drukken op de koers. Over de cijfers van Nike zijn beide experts ook niet te spreken. Dat ligt niet alleen aan Nike, dat het moeilijk heeft in China en ook op retail gebied kostbare vergissingen heeft gemaakt. Ze tekenen daarbij aan dat de koers van concurrent Adidas het ziet beter doet dan Nike. Verder in de podcast aandacht voor onder anderen Akzo Nobel en nog steeds voortdurende oorlog in het Midden-Oosten. We bespreken de luisteraarsvragen en de experts geven hun tips. Voor Robbert is dat een Brits energiebedrijf, Thomas tipt een ETF met de ISIN-code IE00BM67HV82. Geniet van de podcast! Let op: alleen het eerste deel is vrij te beluisteren. Wil je de hele podcast (luisteraarsvragen en tips) horen, wordt dan Premium lid van BeursTalk. Dat kost slechts 9,95 per maand, 99 euro voor een heel jaar. Abonneren kan hier! VanEck ETF’s (advertorial) Deze week is ook weer het tweewekelijks gesprek te beluisteren met Martijn Rozemuller, ceo van VanEckETF’s, de partner van BeursTalk. In deze aflevering praat ik met Martijn over de toegenomen belangstelling voor Europese en Aziatische aandelen. Die toegenomen belangstelling is iets wat begin dit jaar op gang is gekomen. Dat komt natuurlijk deels door het onvoorspelbare beleid van Trump, dat beleggers kritischer maakt over de VS. Als je daarbij optelt de wat lagere waarderingen in Europa en Azië, dan heb je een belangrijk deel van de verklaring. Wel tekent Martijn erbij aan dat het verschil in waardering niet in een mum van tijd wordt gladgetrokken. Daar gaat best wat tijd overheen en de Europese Unie moet, om dat te bereiken, echt vaart maken met één Europese kapitaalmarkt met uniforme regels. Het moet aantrekkelijker worden om in Europa te beleggen. Luister vooral ook naar wat Martijn te vertellen heeft over het verschil in dividendbeleid. Europese bedrijven keren over het algemeen wat meer dividend uit dan Amerikaanse bedrijven. Die laatsten kopen dan weer vaker eigen aandelen in dan Europese bedrijven. Geniet van de podcast! De gepresenteerde informatie door VanEck Asset Management B.V. en de aan haar verbonden en gelieerde bedrijven (samen "VanEck") is enkel bedoeld voor informatie en advertentie doeleinden aan Nederlandse beleggers die Nederlands belastingplichtig zijn en vormt geen juridisch, fiscaal of beleggingsadvies. VanEck Asset Management B.V. is een UCITS-beheerder. Loop geen onnodig risico. Lees de Essentiële Beleggersinformatie of het Essentiële-informatiedocument. Meer informatie? https://www.vaneck.com/nl/nl/See omnystudio.com/listener for privacy information.

As the Strait of Hormuz continues to be a chokepoint for oil, our Global Head of Fixed Income Research Andrew Sheets and our Head of Commodity Research Martijn Rats discuss possible outcomes for the interconnected market.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Martijn Rats: I'm Martijn Rats, Head of Commodity Research at Morgan Stanley. Andrew Sheets: And today in the program: Oil flows through the Strait of Hormuz remain restricted. The implications for global energy markets and what may lie ahead.It's Wednesday, April 1st at 2pm in London. So, Martijn, it's great to sit down with you again. Three weeks ago, we were having this conversation; a conversation that was a little bit alarming about the scale of the disruption of the oil market with the closure of the Strait of Hormuz, and how that could have ripple effects through the global economy. Three weeks later, oil is still not flowing. What is happening? And what has maybe surprised you? Or been in line with expectations over the last couple of weeks? Martijn Rats: Yeah. Many things have been in line with expectations, in the sense that we're seeing the effects of the closure of the strait the earliest in regions that are physically the closest to the strait. So, we saw the first examples of physical shortages in, say, the west coast of India. Then we saw examples from the east coast of India From there on it's reverberated throughout Asia, where now governments have announced a whole host of. Effectively, energy demand, uh, management measures, uh, work from home, kids staying at home from school, um, cancellation of flights. There are quite many through, through Asia Also in Asia, we're seeing the type of prices that you would expect with this situation. Bunker fuel for shipping, somewhere between $150 to $200 a barrel. Jet fuel over $200 a barrel. Naphta going into Japan; naphta normally trades well below the headline price of Brent. Now $130 a barrel, that's more than double what it was in February. So, those things tell the story of this historic event. What has been surprising on the other end is how slow the reaction has been in many of the oil prices that we track the most. Like… Andrew Sheets: The numbers people will see on the news. You know, it's $100 a barrel maybe as we're talking. Martijn Rats: Yeah. It's strange to see jet fuel cargoes in Rotterdam more than $200 a barrel, but then the front month Brent future only trading at [$]100. That spread is historically wide and very surprising. But look, there are some reasons for it. The crude market had more buffers. There are a few other things. But how slow Brent futures have rallied? That has been somewhat surprising. Andrew Sheets: But you know, from those other prices you mentioned, those prices in Asia, those prices in Rotterdam that are maybe higher than the numbers that people might see on the news or on a financial website. Is it fair to say that in your mind that's sending a signal that this is a market that really is being affected by this? And being affected maybe in a larger way than the headline oil price might suggest? Martijn Rats: Oh, clearly. Look, the oil market is full with small price signals that tell the story of the underlying plumbing of the oil market. So, you can look at price differential. So, physically delivered cargoes versus financially traded futures. West African oil versus North Sea oil. Brazilian oil versus North Sea oil. Oil for immediate physical delivery versus the futures contract that trades a month out. And many of those spreads have rallied to all time highs. That is no exaggeration. And so, in an underlying sense, the stress in the market is clearly there. It is just that in front of Brent futures, which is the world's preferred speculative instrument to express a financial view on oil. Yeah, there the impact has been slower to come. But you're now seeing a lot of Asian refineries bidding for crudes that are further away in the Atlantic basin. So, demand is spreading to further away regions. And that should over time still put upward pressure on Brent. Andrew Sheets: In our first conversation, you know, you had this great walkthrough of both just putting the scale of this disruption in the Strait of Hormuz into the global context. How many barrels we're talking about, how that's a share of the global market. Maybe just might be helpful to revisit those numbers again. And also, some of the mitigation factors. You know, we talked about – well maybe we could release reserves, maybe some pipelines could be rerouted. Based on what you're currently seeing on the ground, what is this disruption looking like? Martijn Rats: Yeah, so to put things in context, global oil consumption is a bit more than 100 million barrels a day. That number lives in a lot of people's heads. But if you look at the market that is critical for price formation, that's really the seaborne market. You can imagine that if, say you're in China, and you have a shortage. But there is a pipeline from Canada into the United States – that pipeline's not really going to help you. What you need is a cargo that can be delivered to a port in Shanghai. So, the seaborne market is where prices are formed. That is roughly a 60 million barrel a day market, of which 20 million barrels a day flows through the Strait of Hormuz. So, for the relative market, the Strait of Hormuz is about a third. It's very, very large. Now, out of that 20 million barrel a day that is, in principle, in scope, there is still a little bit of Iranian oil flowing through. That continues. They let their own cargo through. Then Saudi Arabia has the East-West pipeline. They can divert some oil from the Persian Gulf to the Red Sea. That's about 4 million barrels a day, incremental on top of the flow that already exist on that pipeline. The UAE has a pipeline that can divert half a million barrel a day. But you are still left with a problem that is in the order of 14-ish million barrels a day. You're going to have some SPR releases to offset that a little bit. But global SPRs can flow maybe 1 to 2 million barrels a day. You're very quickly left with a double digit shortage – and that is historically large… Andrew Sheets: And just to take it to history, I mean, again, if we were placing a 14 million barrel a day disruption in the context of some of these historical oil disruptions that people might have a memory of – what is the relative scale? Martijn Rats: Yeah. This is at the heart of why this is such a difficult period to manage. Like, normally we care about imbalances of 0.5 to 1 million. That gets interesting for oil analysts. At a million, you can expect prices to move. If you have dislocations in supply and amount of, say, 2 to 3 million barrels a day, you have historically epic moves that we talk about for decades, literally. Like in 2008, oil fell from $130 a barrel to [$]30 on the basis of two to three quarters of 2 million barrel a day oversupply. In 2022, around the Ukraine invasion, oil went from 60-70 bucks to something like [$]130 at the peak on the basis of the expectation, but not realized. This was just an expectation that Russia would lose 3 million barrels a day of productive capacity. And so, 2 to 3 million barrels a day normally already gets us to these outsized moves. And so, this event is four, five times larger than that. That means we don't have historical reference for what's currently happening. Andrew Sheets: I guess I'd like to now focus on the future and maybe I'll ask you to summarize two highly complex scenarios in a[n] overly simplified way. But let's say tonight we get an announcement that hostilities have ceased, that the strait is open, that oil can flow again. Or a second scenario where it's another three weeks from now, we're having this conversation again, and the strait is still closed. Could you just kind of help listeners understand what the energy market could look like under each of those scenarios? Martijn Rats: Yeah. So maybe to start off with the latter one. Because from an analytical perspective, that one is perhaps a bit easier. Look, if the Strait stays closed, at some point, consumption needs to decline. Andrew Sheets: Significantly. Martijn Rats: Yeah, significantly. We need demand destruction. Now that's easier said than done. Who gets to consume in those type of environments – are those who are willing to pay the most. And that means that certain consumers need to be priced out of the market. We tried to answer this question in 2022, and the collective answer that we all came up with is that you need prices for Brent – in money of the day – $150 or something thereabouts. That is not an exaggeration. Now, let's all hope we can avoid that scenario because that is… You know, that looks like a spectacular price. But that is not a beneficial scenario for anybody in the economy.The other scenario is more interesting, and it can actually be split in sort of two sub scenarios… Andrew Sheets: And this is the scenario where actually stuff starts flowing tomorrow. Martijn Rats: Exactly, exactly. If it completely flows like it always did – sure, we go back to the situation we had before these events. Brent can fall substantially – 70 bucks. Before these events we thought the oil market would be oversupplied. Who knows? True freedom of navigation may be even lower. But, at the moment, that doesn't quite look like that will be the scenario that's in front of us. What seems to be emerging is an outcome whereby this could deescalate but leave the Iranian regime structurally in control of the flow of oil through the Strait of Hormuz. And if the Iranian regime continues to manage the flow as they currently do – cargo by cargo. Because there are some cargoes trickling out and there is a process that seems to be established for it. There seems to be a toll that seems to be paid. And if it remains that sort of relatively heavy handed -- This cargo goes, that cargo doesn't. Given that that will then manage 20 percent of global oil supply, that is not the same oil market that we had before. Like all of OPEC spare capacity would be behind this system. Would that spare capacity be available in the case of an emergency? Maybe, maybe not. This is only one of many questions. But if the Iranians stay in control of the strait, we will not return to the oil market that we once knew. Andrew Sheets: And is that fair to say we might need a higher, long-term oil price? A higher risk premium in future oil prices to offset some of that? Martijn Rats: Yes. I would say that that is very likely. First, a lot of the supply would be fundamentally less reliable. Second, we would have de minimis effective spare capacity in the system. Thirdly, if this is the scenario we are left with, that creates an enormous incentive for countries to start expanding their strategic storages. And building strategic inventories is like exerting demand. China has built a lot of strategic storage over the last two years. They are now in a better shape than if they hadn't. In the west, we've historically had strategic storage. But India for example, has none. And so, the rest of Southeast Asia, no strategic storage; a lot of strategic storage buying that will is price supportive. And also, look, the prices that we care about are the price of Brent and WTI, and they are not behind the Strait of Hormuz. They have higher security of delivery. You can totally see how refineries would be willing to pay premium for those crudes relative to others. So, when you add all of that up, it leaves you with a higher risk premium. That people would pay particularly for the crudes that form our perceptions about the oil market, Andrew Sheets: Martijn, one final question I'd love to ask you about is how the U.S. fits into all of this. You know, you do encounter this perception that the U.S. is energy independent. It produces a lot of oil. It's net energy neutral in terms of its imports-exports. You can correct me to the extent that's correct. But to what extent do you think it's true that the U.S. is more isolated energy wise from what's going on? And to what extent do you think that that could be a little bit misleading given a global interconnected market? Martijn Rats: Look, the United States is in a better position than many other countries, that's for sure. China, it's a very large importer of oil Europe, very large importer of oil, uh, and at least the United States has, has a much bigger base of its own production. Um, But the practical reality is also that that is, I would just say, mostly sort of a volume argument, but not a price argument. The United States is a net exporter of oil. But that is a net effect after very large imports and very large exports. It's just that the exports are a little bit bigger than the imports… Andrew Sheets: So, it's a lot of flow in both directions… Martijn Rats: There is an enormous flow in both directions and that connects the United States with the rest of the world. In the end, in the seaborne market, there really is only one oil price and we all pay it, including the United States. But nevertheless, relative to other parts of the world, yeah, better positioned, Andrew Sheets: But still not immune from what's going on. Martijn Rats: No, no. We're all connected. Andrew Sheets: Martin, it's been wonderful talking with you and while I hope to catch up with you again soon, if we're not talking again in three weeks, it maybe is a good sign. Martijn Rats: Might be. Thank you, Andrew. Andrew Sheets: And thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also, tell a friend or colleague about us today.

This episode of Rethinking God with Tacos is a raw, live-recorded conversation exploring some of the most difficult theological questions—wrath, hell, suffering, justice, and human brokenness—through the lens of a God who is fundamentally love. Recorded at Grace Orlando for the Sacred Undoing Conference, the throughline is a radical reimagining of God not as a distant judge but as a restorative presence, whose “wrath” is the fiery, healing force of love that seeks to destroy everything in us that is not of love's kind, without ever harming our true identity. Through stories, humor, and honest dialogue, the conversation challenges traditional frameworks around sin, sacrifice, church, and judgment, reframing them as misunderstandings rooted in separation thinking, while inviting listeners into a deeper vision of union, restoration, and a God whose relentless affection aims to make us fully alive. Join Paul, Martijn, and Jason for The Sacred UndoingConference Oklahoma City, OK - Saturday, April 25,2026https://web.unorthodoxexperiences.com/the-sacred-undoing-okc/More info on Wm. Paul Young: https://wmpaulyoung.com/ More info on Martijn van Tilborgh:https://www.martijnvantilborgh.com/ More on Matt Seifret: https://graceorlando.com/about/JOIN our RGWT Subscriber-Based Community:https://promo.fourriversmedia.com/rethinking-god-with-tacos/JOIN A Family Story's Mailing Listhttps://dashing-field-76805.myflodesk.com/pie4be6wtoJOIN the Rethinking God with Tacos Facebook Group at: https://www.facebook.com/groups/godandtacosFollow Rethinking God with Tacos on Instagram at:https://www.instagram.com/rethinkinggodwithtacos/Follow Jason's personal Facebook page at:https://www.facebook.com/afamilystory.org/Follow Jason on Instagram at:https://www.instagram.com/jasonclarkis/Follow Jason on X at: https://x.com/jasonclarkis SEND A DONATION!!https://app.moonclerk.com/pay/36393kxxeh8

Indie studio founders often get pulled into the day-to-day activities. Building the game, managing teams, and solving constant problems, leaving little time to think about the bigger picture. So today, we're going to explore why that happens, how it limits long-term growth, and what changes when founders make space... to just think. From discussing how deliberate "thinking time" and keeping an open mind to using practical tools, we'll share how studio leaders can move from reacting to actively shaping their studio's future. Episode Shownotes Link: https://rengenmarketing.com/446

"Goeie vraag", zegt Marc Langeveld van het Antaurus AI Tech Fund, als ik hem vraag naar het marktsentiment. Beleggers kijken meer naar de geopolitiek dan naar de bedrijfswinsten. "In dat nieuwsvacuüm worden beleggers nerveus, het sentiment is fragiel." Maar voor een actieve belegger is dat geen slecht nieuws. "Actief stock picking werkt in deze markt beter dan indexbeleggen." Olaf van den Heuvel van Achmea Investment Management vult daarbij aan dat de onderliggende economie er nog steeds goed voor staat. "Overal in de wereld groeit de economie relatief sterk, bedrijven staan er ook goed voor. Er is ook veel geld in de samenleving wat blijft circuleren." Voor een recessie zijn de experts dan ook niet bang, al is wel een voorwaarde dat de oorlog met Iran niet te lang moet aanhouden, want dan nemen de risico's natuurlijk wel verder toe. De cijfers van FedEx onderschrijven de sterke fundamenten van de economie. Als wereldwijde goederen- en pakketvervoerder liet het bedrijf uitstekende cijfers zien die door beleggers ook goed werden ontvangen. Overigens denk Marc dat het bedrijf door de oorlog het wel moeilijker gaat krijgen de komende periode: omvliegen in het Midden-Oosten en hogere brandstofkosten. Verder in de podcast aandacht voor de cijfers van onder andere Tencent, Alibaba en Micron Technology. Natuurlijk komen ook de luisteraarsvragen aan bod en geven de experts hun tip. Marc kiest als techexpert natuurlijk voor een grote speler in die sector. Olaf tipt een groot Frans concern. Geniet van de podcast! Let op: alleen het eerste deel is vrij te beluisteren. Wil je de hele podcast (luisteraarsvragen en tips) horen, wordt dan Premium lid van BeursTalk. Dat kost slechts 9,95 per maand, 99 euro voor een heel jaar. Abonneren kan hier! VanEck ETF’s (advertorial) Deze week is ook weer het tweewekelijks gesprek te beluisteren met Martijn Rozemuller, ceo van VanEckETF’s, de partner van BeursTalk. In deze aflevering gaat het over de toekomst van ETF's. Er is veel te lezen over mogelijke veranderingen, maar zal het ook doorgang vinden? Wie de financiële media volgt over ETF's, leest regelmatig over toekomstvisioenen op ETF-gebied. Denk bijvoorbeeld ETF's in de blockchain. Wat houdt dat precies in, wat zijn de voor- en nadelen ervan? Wat betekent de komt van kwantumcomputers voor de blockchain? Een andere ontwikkeling die eraan kan komen is de niet-continu verhandelbare ETF. Op zich prima dat een ETF-beleggers voor de lange termijn belegt en dus niet altijd op de koersschermen kijkt, maar is dit een ontwikkeling waar we op zitten te wachten? Ook gaat Martijn in op het verschijnsel direct indexing, dat ook wel personalisatie wordt genoemd. Je bouwt je eigen index van je ETF. Een interessante optie? Martijn legt uit dat het eigenlijk oude wijn in nieuwe zakken is. Luister naar Martijns uitleg van de ontwikkelingen, die hij met een kritisch oog beziet. Geniet van de podcast! De gepresenteerde informatie door VanEck Asset Management B.V. en de aan haar verbonden en gelieerde bedrijven (samen "VanEck") is enkel bedoeld voor informatie en advertentie doeleinden aan Nederlandse beleggers die Nederlands belastingplichtig zijn en vormt geen juridisch, fiscaal of beleggingsadvies. VanEck Asset Management B.V. is een UCITS-beheerder. Loop geen onnodig risico. Lees de Essentiële Beleggersinformatie of het Essentiële-informatiedocument. Meer informatie? https://www.vaneck.com/nl/nl/See omnystudio.com/listener for privacy information.

Our analysts Andrew Sheets and Martijn Rats discuss why a prolonged disruption of oil flow through the Strait of Hormuz would be unprecedented—and nearly impossible for the market to absorb.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.Martijn Rats: I'm Martijn Rats, Head of Commodity Research at Morgan Stanley.Andrew Sheets: Today on the program we're going to talk about why investors everywhere are tracking ships through the Strait of Hormuz.It's Wednesday, March 11th at 2pm in London.Andrew Sheets: Martijn, the oil market, which is often volatile, has been historically volatile over the last couple of weeks following renewed military conflict between the United States and Iran.Now, there are a lot of different angles to this, but the oil market is really at the center of the market's focus on this conflict. And so, I think before we get into the specifics, I think it's helpful to set some context. How big is the global oil market and where does the Persian Gulf, the Strait of Hormuz fit within that global picture?Martijn Rats: Yeah, so the global oil consumption is a little bit more than a 100 million barrels a day. But that splits in two parts. There is a pipeline market and there is a seaborne market. And when it comes to prices, the seaborne market is really where it's at. If you're sitting in China, you're buying oil from the Middle East, all of a sudden, it's not available. Sure, if there is a pipeline that goes from Canada into the United States, that doesn't really help you all that much.Andrew Sheets: So, it's the oil on the ships that really matters.Martijn Rats: It's the oil on ships that is the flexible part of the market that we can redirect to where the oil is needed. And that is also the market where prices are formed. The seaborne market is in the order of 60 million barrels a day. So, only a subset of the 100 [million]. Now relative to that 60 million barrel a day, the Strait of Hormuz flows about 20 [million]. So, the Strait of Hormuz is responsible for about a third of seaborne supply, which is, of course, very large and therefore, you know, very critical to the system.Andrew Sheets: And I think an important thing we should also discuss here, which we were just discussing earlier today on another call, is – this is a market that could be quite sensitive to actually quite small disruptions in oil. So, can you give just some sense of sensitivity? I mean, in normal times, what sort of disruptions, in terms of barrels of oil, kind of, move markets; get investors' attention?Martijn Rats: Yeah, look, this is part of why this situation is so unusual, and oil analysts really sort of struggle with this. Look normally, at relative to the 100 million barrels a day of consumption, we care about supply demand imbalances of a couple of 100,000 barrels a day. That becomes interesting.If that, increases to say 1 million barrel a day, over- or undersupplied, you can expect prices to move. You can expect them to move by meaningful amounts. We can write research; the clients can trade. You have a tradable idea in front of you. When that becomes 2 to 3 million barrels a day, either side, you have major historical market moving events.So, in [20]08-09, oil famously fell from over 100 [million] down to something like 30 [million], on the basis that the oil market was 2-2.5 million barrel day oversupplied for two quarters. In 2022, we all thought – this actually never happened, but we all thought that Russia was going to lose about 3 million barrel day of supply. And on that basis, just on the basis of the expectation alone, Brent went to $130 per barrel. So, 2-3 [million] either side you have historically large moves. Now we're talking about 20 [million].Andrew Sheets: And I think that's what's so striking. I mean, again, I think investors, people listening to this, they can do that arithmetic too. If this is a market where 2 to 3 million barrels a day have caused some of the largest moves that we've seen in history, something that's 20 [million] is exceptional. And I think it's also fair to say this type of closure of the Strait [of Hormuz] is something we haven't seen before.Martijn Rats: No, which also made it very hard to forecast, by the way. Because the historical track records did not point in that direction, and yet here we are. The historical track record – look, you can look at other major disruptions historically.The largest disruption in the history of the oil market is the Suez Crisis in the mid-1950s that took away about 10 percent of global oil consumption. This is easily double that. So really unusual. If you look at supply and demand shocks of this order of magnitude, you can think about COVID. In April 2020, for one month, at the peak of COVID, when we're all sitting at home. Nobody driving, nobody flying. Yeah, we lost very briefly 20 million barrels a day of demand. Now we're losing 20 million barrels a day of supply. So, look, the sign is flipped, but it's in the same order of magnitude. And yeah, these are unusual events that you wouldn't actually, sort of, forecast them that easily. But that is what is in front of us at the moment.Andrew Sheets: So, I think the next kind of logical question is if shipping remains disrupted, and I'd love for you to talk a little bit about, you know, you're sitting there with satellite maps on your screen tracking shipping, which is – a development. But, you know, what are the options that are available in the region, maybe globally to temporarily balance this supply and create some offset?Martijn Rats: Yeah. So, like of course when we have a big disruption like this one, of course the market is going to try to solve for this. There are a few blocks that we can work with. I'll run you through them one by one, including some of the numbers. But very quickly you arrive at the conclusion that this is; this puzzle – we can't really solve it.Like in 2022, the market was very stressed. We thought Russia was going to lose 3 million barrels a day of supply, but we could move things around in our supply demand model. Russia oil goes to China and India. Oil that they buy, we can get in Europe, we can move stuff around to kind of sort of solve a puzzle.This puzzle is very, very difficult to solve. So, through the Strait of Hormuz, 15 million barrels a day have crude, 5 million barrels a day of refined product, 20 million barrels a day in total. What can we do?Well, the biggest offset, is arguably the Saudi EastWest pipeline. Saudi Arabia has a pipeline that effectively allows it to ship oil to the Red Sea at the Port of Yanbu, where it can be evacuated on tankers there. That pipeline has a capacity of 7 million barrels a day. We think it was probably already flowing at something like 3 million barrels a day. So, there's probably an incremental 4 [million] that can become available through that. That's the biggest block, that we can see of workaround capacity, so to say.After that the numbers do get smaller. The UAE has a pipeline that goes through Fujairah that's also beyond the Strait of Hormuz. We think there is maybe 0.5 million barrel a day of capacity there. Then you're basically, sort of, done within the region, and you have to look globally for other sources of oil.If there are sanctions relief, maybe on Russian oil, you can find a 0.5 million barrel day there. Here, there and everywhere. 100,000 barrels a day, 200,000 barrels a day. But the numbers get…Andrew Sheets: It's still not… So, if you kind of put all of those, you know, kind of, almost in a best-case scenario relative to the 20 million that's getting disrupted.Martijn Rats: If you add another one or two from a massive SPR release, the fastest release from SPR…Andrew Sheets: That's the Strategic Petroleum Reserve.Martijn Rats: Yeah, exactly. Earlier today, we got an announcement, that the IEA is proposing to release 400 million barrels from Strategic Reserve across its member countries. That is a very large number. But – and that is important. But more important is how fast can it flow because the extraction rate from these tanks is not infinite. The fastest ever rate of SPR release is only 1.3 million barrels a day. Now, maybe the circumstances are so extraordinary, we can do better than that and we can get it to 2 [million]. But beyond that, you're really in very, very uncharted territory.So maybe in the region, work around sanctions relief, SPR release, we can probably find like 7 million barrels a day out of a problem that is 20 [million]. You're left with another 13 [million]. The 13 [million] is four times what we thought Russia would lose. So, you're left with this conclusion: Look, this really needs to come to an end.Andrew Sheets: And the other rebalancing mechanism, which again, you know, when we come back to markets and forecasting, this is obviously price. And, you know, you talk about this idea of demand destruction, which I think we could paraphrase as – the price is higher so people use less of it and then you can rebalance the market that way.But give us just a little sense of, you know, as you and your team are sitting there modeling, how do you think about, kind of, the price of oil? Where it would need to go to – to potentially rebalance this the other way.Martijn Rats: Yeah, that price is very high. So, what it's a[n] really interesting analysis to do is to look at the historical frequency distribution of inflation adjusted oil prices.You take 20 years of oil prices. You convert it all in money of the day, adjusted for inflation, and then simply plot the frequency distribution. What you get is not one single bell curve centered around the middle with some variation around the midpoint. You get, sort of, two partially overlapping bell curves.There is a slightly larger one, which is, sort of, the normal regime. Lower prices, 60, 70, 80 bucks. There's a lot of density there in the frequency distribution, that's where we are normally. What's interesting is that actually, if you go from there to higher prices, there are prices that are actually very rare in inflation adjusted terms.Like a [$] 100-110. In nominal terms, we might feel that that has happened. In inflation adjusted terms, these prices are extremely rare. They are way rarer than prices that live even further to the right. [$]130, 140.The oil market has this other regime of these very high prices. If you go back in history, when did those prices prevail? They always prevailed in periods where we asked the same question. What is the demand destruction price? And yeah, to erode demand by a somewhat meaningful quantity, yeah, you end up in that regime. These very high prices, like [$]130. And it's… It's not a gradual scale. You sort of at one point shoot through these levels and that's where you then end up.Andrew Sheets: It's quite, quite serious stuff.Martijn Rats: Well, yeah. Also, because we can casually say in the oil market, ‘Oh, demand erosion has to be the answer.' But we don't erode demand in isolation. Like, you know, diesel is trucking. Yeah, jet is flying. NAFTA is petrochemicals.Andrew Sheets: These are real core parts of economic activity.Martijn Rats: It's all GDP.Andrew Sheets: So maybe Martijn, in conclusion, let me give you a slightly different scenario. Let's say that the conflict goes on for another couple of weeks, but then there is a resolution. Traffic goes back to normal. Walk us through a little bit of what that would mean. You know, kind of how long does it take to get back to normal in a market like this?Martijn Rats: Yeah. So, if you say, weeks, I would say that is an uncomfortable period of time actually.Andrew Sheets: Feel free to use a slightly different scenario.Martijn Rats: If you say days. Let's say next week something happens, the whole thing comes soon to end. Look, then we will have logistical supply chain issues. But look, we can work through that.There is at the moment somewhat of an air pocket in the global oil supply chain. There should be oil tankers on their way to refineries for arrival in April and May that currently are not. So, we will have hiccups and things need to be rerouted and we draw on some inventories here or there, but… And that will keep commodity prices tense, I would imagine. The equity market will probably look through it.We'll have a month or six weeks, not more than two months, I would imagine of logistical issues to sort out. Look, of course, if that, you know, doesn't happen, then we're back in the scenario that we discussed. But yeah, look, that that's equally true. If it's short, we can sort of live with a disruption.Andrew Sheets: It's fair to say that this is a situation where days really matter, where weeks make a big difference.Martijn Rats: Oh, totally. Look, the oil industry has built in various, sort of, compensatory measures, I think. You know, inventories along the supply chains. But nothing of the scale that can work with this. I mean, this is truly yet another order of magnitude.Andrew Sheets: Martijn, thank you for taking the time to talk.Martijn Rats: My pleasure.Andrew Sheets: And thank you as always for your time. If you find Thoughts on the Market useful, let us know by leaving review wherever you listen. And also tell a friend or colleague about us today.Important note regarding economic sanctions. This report references jurisdictions which may be the subject of economic sanctions. Readers are solely responsible for ensuring that their investment activities are carried out in compliance with applicable laws.

Fluent Fiction - Dutch: Lisse's Tulip Fields: A Painter's Journey to Self-Discovery Find the full episode transcript, vocabulary words, and more:fluentfiction.com/nl/episode/2026-03-08-07-38-19-nl Story Transcript:Nl: De lentemorgen brak aan in Lisse, waar de zon boven de horizon opkwam en haar gouden licht over de uitgestrekte tulpenvelden wierp.En: The spring morning dawned in Lisse, where the sun rose above the horizon and cast its golden light over the vast tulip fields.Nl: Overal waar je keek, bloeiden tulpen in felle kleuren: rood, geel, roze en paars.En: Everywhere you looked, tulips bloomed in bright colors: red, yellow, pink, and purple.Nl: Johan stond bij de ingang van de tulpenboerderij.En: Johan stood at the entrance of the tulip farm.Nl: Zijn ogen konden amper alle kleuren bevatten.En: His eyes could barely take in all the colors.Nl: Hij was hier om inspiratie op te doen voor zijn volgende schilderij.En: He was here to find inspiration for his next painting.Nl: Johan was een jonge kunstenaar vol hoop, maar ook twijfels.En: Johan was a young artist full of hope, but also doubts.Nl: Hoewel hij al veel had geleerd, voelde hij zich vaak onzeker over zijn talent.En: Although he had already learned much, he often felt insecure about his talent.Nl: Vrienden hadden hem verteld dat de tulpenvelden in Lisse een magische plek waren, perfect voor inspiratie.En: Friends had told him that the tulip fields in Lisse were a magical place, perfect for inspiration.Nl: Met zijn schetsboek onder zijn arm begon hij door het veld te wandelen.En: With his sketchbook under his arm, he began to walk through the field.Nl: Zijn hart klopte snel.En: His heart raced.Nl: Zoveel schoonheid overal, maar hij wist nog niet wat hij wilde schilderen.En: So much beauty everywhere, but he still didn't know what he wanted to paint.Nl: Daar, tussen de duizenden bloemen, zag Johan Sanne en Martijn werken.En: There, among the thousands of flowers, Johan saw Sanne and Martijn working.Nl: Zij zorgden voor de tulpen en lachten samen.En: They were tending to the tulips and laughing together.Nl: Hun vrolijkheid was aanstekelijk, maar Johan besloot verder te lopen.En: Their cheerfulness was infectious, but Johan decided to keep walking.Nl: Hij zocht een plek waar hij alleen kon zijn, zonder afleiding.En: He was looking for a place where he could be alone, without distractions.Nl: Terwijl Johan verder liep, omarmde de rust hem.En: As Johan walked further, the tranquility embraced him.Nl: De lucht was fris, gevuld met de geur van bloeiende bloemen.En: The air was fresh, filled with the scent of blooming flowers.Nl: Hij voelde zich een beetje verloren.En: He felt a bit lost.Nl: Hoe kon hij iets unieks vinden tussen al deze pracht?En: How could he find something unique amidst all this splendor?Nl: Voorzichtig liep hij dieper het veld in, weg van de drukte.En: Cautiously, he walked deeper into the field, away from the bustle.Nl: Na een tijdje ontdekte Johan een klein hoekje waar hij kon zitten.En: After a while, Johan discovered a small corner where he could sit.Nl: Hier speelden de zonnestralen op de bloemen, waardoor ze leken te stralen.En: Here, the sun's rays played on the flowers, making them seem to glow.Nl: Johan sloot zijn ogen en ademde diep in.En: Johan closed his eyes and took a deep breath.Nl: Toen hij zijn ogen weer opende, zag hij iets bijzonders.En: When he opened his eyes again, he saw something special.Nl: Een kleine bij danste van bloem naar bloem.En: A small bee danced from flower to flower.Nl: De eenvoud van het moment raakte hem.En: The simplicity of the moment touched him.Nl: Johan's gedachten vleugelden op.En: Johan's thoughts soared.Nl: Dit was de inspiratie die hij zocht.En: This was the inspiration he sought.Nl: De bij, zo klein en schijnbaar onbeduidend, was perfect tussen de uitgestrekte velden bloemen.En: The bee, so small and seemingly insignificant, was perfect amidst the vast fields of flowers.Nl: Het maakte hem duidelijk dat schoonheid ook in eenvoud schuilt.En: It made him realize that beauty also lies in simplicity.Nl: Johan pakte zijn schetsboek en begon te tekenen, vastbesloten om dit moment vast te leggen.En: Johan took out his sketchbook and began to draw, determined to capture this moment.Nl: Met een kleurschakering van tulpenbladeren en het zonlicht dat over de aarde viel, keerde Johan in gedachten verzonken naar huis.En: With a palette of tulip leaves and the sunlight spilling over the earth, Johan returned home deep in thought.Nl: Thuisgekomen zette hij zijn ezel klaar en begon te schilderen.En: Once home, he set up his easel and began to paint.Nl: Gesterkt door zijn ervaring op de tulpenboerderij, vertrouwde hij op zijn creatieve vermogen.En: Strengthened by his experience at the tulip farm, he trusted in his creative ability.Nl: Johan realiseerde zich dat zijn zoektocht niet alleen ging om een mooi schilderij, maar om het leren vertrouwen op zichzelf.En: Johan realized that his quest was not just about creating a beautiful painting, but about learning to trust in himself.Nl: Soms is het simpelste moment het meest inspirerende.En: Sometimes the simplest moment is the most inspiring.Nl: Terwijl zijn penseel over het doek gleed, glimlachte hij.En: As his brush glided over the canvas, he smiled.Nl: Zijn zelfvertrouwen bloeide even mooi op als de tulpen in het veld.En: His self-confidence blossomed as beautifully as the tulips in the field. Vocabulary Words:dawned: brak aanhorizon: horizonvast: uitgestrekteinspiration: inspiratieartist: kunstenaardoubts: twijfelsinsecure: onzekermagical: magischesketchbook: schetsboekcheerfulness: vrolijkheidinfectious: aanstekelijktranquility: rustscent: geursplendor: prachtcautiously: voorzichtigembraced: omarmdetending: zorgen voorunique: uniekamidst: tussensimplicity: eenvoudsoared: vleugelden opinsignificant: onbeduidenddetermined: vastbeslotenpalette: kleurenpaleteasel: ezelstrengthened: gesterktcreative: creatievequest: zoektochtself-confidence: zelfvertrouwenblossomed: bloeide

"Historisch gezien neemt de beurs dit soort grote geopolitieke ontwikkelingen voor kennisgeving aan", zegt Han Dieperink van Aureus Vermogensbeheer. Hij voegt daaraan toe dat meestal een maand na zo'n aanval de beurs 2 procent hoger staat en na zes maanden 6 procent hoger en een jaar later 8 procent hoger. Ook Richard de Jong van Van Lieshout & Partners denkt dat uiteindelijk de ratio zal overheersen. "Wie er ook de nieuwe leider wordt van Iran, een afsluiting van de Straat van Hormuz is voor Iran zelf ook niet vol te houden. 90 procent van hun olie-export gaat via de Straat van Hormuz." Richard denkt dat het conflict op relatief korte termijn opgelost gaat worden. Wat de beurs betreft: de volatiliteit nu is oplopen, maar nog altijd een stuk lager dan toen Trump in april vorig jaar zijn handelstarieven invoerde. Dat zou beleggers moed kunnen geven. Over Broadcom zijn beide experts zeer te spreken. De Amerikaanse chipfabrikant liet spectaculaire cijfers zien en de vooruitzichten zijn ook nog eens prima. Op software maken ze een marge van 90 procent en op hun chips 60 procent. Richard denkt er ook over om zijn belang in Broadcom uit te breiden. Verder in de podcast bespreken we, naast de economische ontwikkelingen, de resultaten van onder andere ASMI, UMG en TKH. Natuurlijk bespreken we ook de luisteraarsvragen en geven de experts hun tip. Richard tipt een groot techbedrijf dat goedkoper is dan Coca-Cola, Han tipt een Ierse financiële instelling met een notering aan de New York Stock Exchange. Geniet van de podcast! Let op: alleen het eerste deel is vrij te beluisteren. Wil je de hele podcast (luisteraarsvragen en tips) horen, wordt dan Premium lid van BeursTalk. Dat kost slechts 9,95 per maand, 99 euro voor een heel jaar. Abonneren kan hier! VanEck ETF’s (advertorial) Deze week is ook weer het tweewekelijks gesprek te beluisteren met Martijn Rozemuller, ceo van VanEckETF’s, de partner van BeursTalk. In deze aflevering gaat het over de oorlog in het Midden-Oosten en de impact daarvan op beleggers. We bespreken ook een luisteraarsvraag die daar goed op aansluit. 'Best schokkend', zo omschrijft Martijn de situatie in het Midden-Oosten. Geen symbolische aanval zoals afgelopen zomer, maar een serieuze oorlog waarbij ook de Arabische Golfstaten bij betrokken zijn. Een relevante vraag voor beleggers is hoelang de oorlog gaat duren. Hoe langer die duurt, des te groter de impact ervan. Nu die oorlog begonnen is, kun je als belegger eigenlijk al niet veel meer doen. Toch hoeft je daar niet van in paniek te raken. Zeker al je echt een langetermijnbelegger bent met een degelijk gespreide portefeuille, dan is er niet veel aan de hand. De geschiedenis leert dat zelf oorlogen, uiteindelijk niet meer dan ruis zijn, op de stijgende lijn die beurzen op de lange termijn laten zien. 'Zijn er ETF's die geschikt zijn in het geval van een dip, een correctie, een crash of een Black Swan?', luidt de vraag van een luisteraar. Een lastige vraag, vindt Martijn en het antwoord zal ik niet verklappen, maar wie Martijn al enige tijd volgt, kan wel raden welke richting het uitgaat. Geniet van de podcast! De gepresenteerde informatie door VanEck Asset Management B.V. en de aan haar verbonden en gelieerde bedrijven (samen "VanEck") is enkel bedoeld voor informatie en advertentie doeleinden aan Nederlandse beleggers die Nederlands belastingplichtig zijn en vormt geen juridisch, fiscaal of beleggingsadvies. VanEck Asset Management B.V. is een UCITS-beheerder. Loop geen onnodig risico. Lees de Essentiële Beleggersinformatie of het Essentiële-informatiedocument. Meer informatie? https://www.vaneck.com/nl/nl/See omnystudio.com/listener for privacy information.

Our Deputy Global Head of Research Michael Zezas and Head of Public Policy Research Ariana Salvatore assess the potential market outcomes of the Middle East conflict, weighing its possible duration and economic impact.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Deputy Global Head of Research. Ariana Salvatore: And I'm Ariana Salvatore, Head of Public Policy Research. Michael Zezas: Today we're discussing the escalating U.S.-Iran conflict, the market reaction, and what investors should be watching for next. It's Wednesday, March 4th at 7:30am in San Francisco. Ariana Salvatore: And 10:30am in New York. Michael Zezas: So, Ariana, I'm in San Francisco at Morgan Stanley's TMT Conference, but obviously events in the Middle East have captured everyone's attention. There's uncertainty around the conflict and really important questions about how it affects all of us. And of course, markets have to discount all sorts of future uncertainty about very specific impacts – to financial asset prices, to commodity prices – and really look at it through that narrow lens.And so, Ariana, the administration has suggested that this conflict and this campaign could last a few weeks. But also it said it could continue as long as it takes. So, what are the clearest signals investors should watch for to gauge duration? Ariana Salvatore: For now, we're focused on three main indicators. First, I would say, and most important, is clarity around the objectives. The president and others in the administration have referenced things like eliminating Iran's missile arsenal, its navy and limiting proxy activity. Those goals are broader than the earlier focus on just the nuclear programs. Each objective, of course, implies a different timeline. A narrower objective likely means a shorter engagement. Broader ambitions, conversely, would extend it. So that's the first thing. Second, obviously extremely important is traffic through the Strait of Hormuz. We'd viewed a full closure as unlikely, given the economic consequences for Iran itself. But tanker flows have at least temporarily fallen close to zero, and that's significant because production across the region has not been impaired. This is not about oil fields going offline. It's about whether or not oil can actually move. If shipping lanes normalize within weeks, markets can recalibrate. However, if flows remain materially curtailed beyond five weeks, the risks rise meaningfully. Third, the frequency of strikes and proxy activity. Sustained or escalating engagement would suggest a longer conflict. Signs of diplomacy, on the other hand, might indicate de-escalation. Michael Zezas: Right. So, let's build on that and talk about oil. And our colleague, Martijn Rats has really laid this out with a lot of different scenarios. But what we're seeing right now is that when it comes to oil, this is really a shock to the transport of it, not necessarily a shock to its production. So, oil supply exists. The question is really – can it be delivered or not? So, if tanker flows normalize and the geopolitical risk premium fades, what Martijn is saying is that global oil prices could move back towards $60 to $65 a barrel. If the logistical disruption lasts four to five weeks, then prices maybe trade in the $75 to $80 range. And if disruption extends beyond five weeks and flows are materially constrained, then you could see a situation where oil prices have to rise towards $120 or $130 a barrel. And at that level, demand destruction is what becomes the balancing mechanism in setting price for oil. So, one signal to watch is longer dated oil prices. Early month contracts can spike during geopolitical stress, but a sustained move materially above $80 to $85 [per] barrel would likely require longer dated prices to move higher as well. And that might signal that markets believe the disruption is persistent and not temporary. Ariana, what about natural gas here? How does gas situation fit into the energy story? Ariana Salvatore: As of this recording, Qatar has halted liquified natural gas production putting roughly 20 percent of global supply at risk. Prices have, as you might expect, risen sharply, which likely reflects expectations of a relatively short disruption. If exports were to resume quickly, prices could retrace. But, of course, if the outage lasts longer, prices could move meaningfully higher. Again, duration of the conflict is really critical here. Michael Zezas: So, let's bring this back to the U.S. Ariana, how does this conflict feed into the domestic, political and economic backdrop? Ariana Salvatore: When we're thinking about the midterm elections later this year, the way we see it, the clearest transmission channel is gasoline prices. Polling shows a majority of Americans oppose military action related to Iran, but voters typically prioritize domestic issues: things like inflation, cost of living, affordability over foreign policy. However, there's a very clear caveat here. If oil prices stay elevated, gasoline prices rise, and that's where this becomes politically more salient. Michael Zezas: Right, and so our economists and our chief U.S. Economist Michael Gapen has been all over this. And the way he assesses it is if oil prices remain about 10 percent higher than where they were before the conflict for several months, headline inflation would likely rise by 0.3 percent before dissipating. Historically, oil price shocks primarily affect headline inflation rather than underlying inflation. That's an important distinction that they point out. So maybe that could delay Federal Reserve rate cuts, even if policymakers ultimately look through the move. But if oil prices rise enough to weaken economic activity, particularly in the labor market or consumer spending, then our economists say the Fed could pivot toward easing despite elevated inflation. Ariana Salvatore: So, given that backdrop, what's the simple takeaway for investors in stocks or bonds? Michael Zezas: Right. So, I think we have to think about this in terms of duration of conflict and economic impact. So, if tanker flows normalize within a few weeks and oil prices move back towards that $60 to $65 range, then our economists are saying economic damage would be limited. And historically geopolitical events alone have not led to sustained volatility for U.S. equities. So, in that environment, our cross-asset team points out that stocks would likely remain supported. If instead, oil prices remain elevated long enough to push inflation higher and weigh on growth, the picture would change. A sharp and persistent rise in oil prices – that can pose a risk to the duration of the business cycle, and in that scenario, we'd expect stocks to struggle. Importantly, bonds may not provide the same diversification benefit if inflation remains sticky as a consequence of all of this. We could see stock and bond prices move in the same direction. That could challenge traditional balanced portfolios. Ariana Salvatore: And what are we seeing specifically in U.S. Treasury markets? Michael Zezas: So, as Matt Hornbach and our global macro strategy team have pointed out here, you've got two competing forces in the U.S. Treasury market. There's been some demand for safety, but investors are also focused on the risk that higher oil prices would lift inflation. So far, inflation concerns have taken precedence over growth concerns. How long that balance holds – that might depend on incoming data, especially labor market data. If you get weaker labor market data suggesting that growth could weaken, then you could see treasuries rally more meaningfully and yields come down. If you don't see that and inflation concerns dominate, then maybe you're not going to see yields come down as much. And bonds rally as much. Ariana Salvatore: So, stepping back, it seems like the key variables remain tanker traffic, longer dated oil prices and duration of the conflict itself. Michael Zezas: I think that's right. Ariana, thanks for speaking with me. Ariana Salvatore: Always a pleasure, Mike. Michael Zezas: And thanks to our listeners for joining us. We'll continue tracking developments and what they mean for markets. If you enjoy Thoughts on the Market, please take a moment to rate and review us wherever you listen and share the podcast with a friend or colleague.Important note regarding economic sanctions. This report references jurisdictions which may be the subject of economic sanctions. Readers are solely responsible for ensuring that their investment activities are carried out in compliance with applicable laws.

Flush season is here. Protein solids are up. Global milk production is up. So… Where's all the skim milk powder? In this episode of The Milk Check, host Ted Jacoby III and the Jacoby team sits down with Martijn Goedhart and Henk-Jan Bouwman of Cefetra Dairy for a European perspective on the volatility rippling through global dairy markets. We talk through how traders got caught short and why the spring flush might not loosen up the skim milk powder/nonfat dry milk market. Plus, are we pricing U.S. out of the export market? We'll get you up to speed on: Why skim solids are being pulled away from dryers and into protein streams How hand-to-mouth buying turned into a short squeeze What record-high butter stocks in Europe mean for upside potential Tune in to hear how Europe and the U.S. are navigating one of the most volatile stretches in recent memory. L If you're making sourcing or coverage decisions right now, don't miss The Milk Check episode 94: The Dryer's Getting Robbed. Got questions? We'd love to hear them. Submit below, and we might answer it on the show. Ask The Milk Check TMC-Intro-final Ted Jacoby III: [00:00:00] Coming up on The Milk Check. Martijn Goedhart: You have supply growing, and then you think, “Oh, we’re gonna build stocks.” But then, demand caught up. And quite viciously. Ted Jacoby III: Welcome to the Milk Check from T.C. Jacoby and Company, your complete guide to dairy markets, from the milking parlor to the supermarket shelf. I’m Ted Jacoby. Let’s dive in. This week we are excited to have two special guests, Martijnjn Goedhart and Henk-Jan Bouwman from Cefetra Dairy in the Netherlands. We’ve been working closely with these guys for some time and we thought it would be a great idea given all the craziness and dairy markets going on in the United States, to ask them to give us a little bit of perspective on what’s going on in Europe so we can get a feel for how the global markets are affecting our U.S. dairy markets. Martijn, Henk, thanks for joining us today. Martijn Goedhart: Thanks for having us, Ted. Henk-Jan Bouwman: Thank you, Ted. Ted Jacoby III: I feel like what’s going on in nonfat right now more has an origin in the U.S., but I also noticed that you guys started to feel that maybe this market was gonna be a little bit shorter than we expected over in Europe before we realized it in the U.S. [00:01:00] Tell us about the skim milk powder market in Europe and what’s been going on the last month. Martijn Goedhart: In Europe, we’ve been overwhelmed by milk production growth since the second half of 2025, due to bluetongue, late calving, second peak, as some of us call it. And that has resulted in good outputs, and that output needs to go to the commodities. So, we’ve seen butter stocks build up significantly, and everyone assumed that that would mean that the skimmed stocks were also building up because that’s basically the other product you’re gonna produce when you do butter, right? A few things we, I think, overlooked is like the general protein trend in the world and the demand for protein, both on the whey side as well as on the milk side nowadays. So a lot of protein has ended up in other products than your typical skimmed nonfat production bucket. Adding to that, Europe has been the most competitive source in the world market for a long time. Demand wasn’t great because buyers were buying hand-to-mouth because they would basically wait for that carry to come toward them and buy at the lowest price at the last moment. But [00:02:00] now we see that the exports out of Europe have been great. And that’s been keeping the market clean. I think some traders speculated on lower prices and got caught short, basically needed to cover. And that’s where we are at now. And I think more than ever, if you look at NZX (New Zealand Exchange), this all started with a firmer GDT (Global Dairy Trade), with China stocking up a bit. So, if you look at NZX, CME (Chicago Mercantile Exchange) and EEX (European Energy Exchange), those markets are starting to correlate better than they did before because everyone’s looking at the developments of the other exchanges and then draw their conclusions for their own home base. And yeah, that cocktail, together with some U.S. developments that we’re gonna dive into, has caused record-high volatility over the last few weeks. Ted Jacoby III: So, Martijn, you’re telling a story that sounds very familiar ‘ cause that’s exactly what we’ve seen here in the U.S. We’re not making anywhere near as much nonfat dry milk as we expected because the protein demand is forcing those skim solids into other places. What are those other places in Europe? Where is that protein being used and what is it being made into in Europe right now? Martijn Goedhart: I think there’s two main [00:03:00] streams. Bear in mind that the milk pressure in Europe was so high that you need to burn milk, and the way to do that is to produce casein. So, I think casein production has increased by like double-digit numbers, that’s not because it was such a nice valorization, you can just dry more milk per hour. And considering the liquid markets over the last few months, during our low season, liquid milk was trading way below the commodity equivalent, proving that there’s a surplus of liquid milk that can’t be processed by drying it or churning it. So, that’s one part. The other part is, it’s the same in the U.S. We’ve been around here for a few days now, but in Europe, you see the same: everything is protein fortified, extra protein, in basically everything you can buy. So, a lot of protein that is processed in line before it even reaches the other class. So, like the dryers basically. Ted Jacoby III: Martijn and Henk, do you guys think that the skim milk powder market in Europe has tightened up primarily because everybody who was living hand-to-mouth saw the market started going up, and they decided they wanted to buy more now because they wanted to get the product at a lower price before the price [00:04:00] went higher, and then they just started chasing the market? Or do you think demand has shifted and there’s a true increase in the demand for the product? Henk-Jan Bouwman: There’s two things to touch upon here, Ted. One is, you’re absolutely right: people were buying hand-to-mouth, and they were actually rewarded for doing that because everybody believed that the price of tomorrow was better than the price of today. And for a fairly long period of time, they got rewarded for that. That also led to traders being short, as Martijn touched upon. From a demand perspective, yes, there’s actually quite some demand, and people also realize that they have to turn to Europe to find their cheapest skim. That also creates a bit of a demand pull towards European skim, which makes the price go up. And we’ve seen that, in particular, in low heat in comparison to medium heat. But in general, export markets for us are pretty strong, and, I would say, pretty much all the demand ends in European skim milk powder of origins. Josh White: Is anybody extending days in inventory? Do we think that there’s a short squeeze driving international clients to buy a couple extra weeks, a month, more than that of product? The nature of your question, Ted, [00:05:00] is what’s caused us to tighten up on that product? Is it truly demand for nonfat dry milk, or is it just reduced production overall? And I think maybe it’s both in a way. On the one hand, Martijn mentioned that the catalyst of this was actually a GDT event where China stepped in and bought more. And I think that we’ve been talking about the disappearance of China as a structural buyer of milk powder for quite some time. But their stocks to use ratio has been reported to be fairly low, and maybe they felt it was time to extend some days of inventory. At the same time, you evidenced what’s happening in the U.S., And Martijn alluded to it a little bit in Europe as well, that the pull for dairy protein in general is actually vacuuming some solids away from the dryer, and particularly the SMP or the nonfat dryer. So, is it both? Are we seeing people look to build a little bit more safety stock at the same time that our production is down a bit because protein demand overall is robbing our supply. Henk-Jan Bouwman: There’s a, there’s a couple of things to touch upon, Josh. One is in this whole upward movement, there were quite some international buyers [00:06:00] who still had demand open, for instance, for Q2 and Q3, and decided to step in and said, “Hey, this is a moment to buy, to cover that demand, because I am anticipating an upward movement.” So, in that sense, I’m completely with you. Producers did the same, as well. For them it was also attractive to lock some forward sales. And that has led to lesser availability of skim in EU. And that basically also caused the rally to continue. Martijn Goedhart: I think the difference with the U.S., as I understand it, is we have never not been able to buy product during this whole volatility. So, producers were always offering, customers would like step in, step out. If they really need it, they would book. They were also cautious. And we went up, then we went down, then we went up again. But in that down movement, customers were like, “Yeah, you see, so it’ll come off again.” So, that didn’t prompt them to build any length. I think producers did fairly well in putting a fundament below their sales book for the flush that’s upcoming. Traders are holding a fair bit of cash product right now for the next three, four months. It’s not tight as [00:07:00] such, but you see that certain buyers need certain origins that are scarce. So, it’s very much about the origin, the spec, and the product that you have, whether you can monetize on those higher prices. Ted Jacoby III: It seems to me, just listening to you guys talk about Europe, that the U.S. and Europe are both experiencing a very similar phenomenon in our supply chain. Demand for protein is pulling skim solids away from the dryer, first and foremost, which means on a skim milk powder / nonfat dry milk supply-demand balance, you’re reducing the supply even though we are both experiencing pretty significant increases in milk production. The traditional math is: more milk means more skim milk powder. It didn’t happen this time around, and it caught people by surprise. The demand for protein in Europe, just like in the U.S., is exceptional right now. But then that makes me ask the question: if we have less skim solids, in the form of skim milk powder and nonfat, in the global supply chain, is this increase in price directly proportional [00:08:00] to reduced supply, so we got more people buying because they want to get in the front of it. So, you got this bubble. But you also have had this slow decrease in overall skim milk powder demand going on. Like a slow creep every year. I’m not sure if it’s about 1%, but we’ve all kind of felt it that the global demand for skim milk powder has been just slowly weakening, but this sudden supply crunch was a bigger issue than the slow decrease in demand, and it caused this price bubble that’s just gonna take some time to work itself out. And if the protein continues to take the skim solids away from the dryers, it may be a really long time before it works itself out. Martijn Goedhart: Q4 of global SMP export has been very strong, but Q3 and Q2 were relatively weak. I’d have to look at how the balance looks at the end of the year. Also, the export figures have been more volatile than Ted Jacoby III: Yeah. Martijn Goedhart: Before. So, I think everyone thought like, “Okay, demand is sluggish. We have so much milk in the U.S. We have so much milk in Europe. [00:09:00] New Zealand’s season is looking good.” So, in your mind, you extrapolate that demand. Then, you have supply growing, and then you think, “Oh, we’re gonna build stocks.” But then, demand caught up. And quite viciously. So, that’s the thing I think people underestimated. We’re in a situation where we don’t see any old stocks or inventories building up. Josh White: So I wanna throw three thoughts out. On the first hand, we know our global milk supply is year over year up significantly. Martijn Goedhart: Yeah. Josh White: On a solids basis, protein and fat are up significantly. We’re talking about the overflow valve, the powder stocks not being very robust, and that on the end-user level, globally, people didn’t have a lot of additional days of inventory. So, that would suggest on one hand, maybe we need all this milk. Maybe we need it. Demand for protein and other products is up enough that we need all this milk. But then on the other hand, I think there’s probably two things that we need to be careful that we don’t overreact to. There’s seasonality in our products. We know that the northern hemisphere heavy milk production season is upon us. We’ve [00:10:00] started in California. We’re gonna continue to see our daily milk volumes increase seasonally in the U.S. as we get into the second quarter. Another thing that I’m wondering being, you guys with more international trade experience coming out of Europe is: buying seasonality. So, Ramadan every year moves up a little bit; Chinese New Year, there’s usually a surge leading up to it. And it’s gotten to the point where that was almost a collision with the traditional holiday season of December. Is it possible that we just robbed demand from the first quarter, and everyone tried to get in front of some of that demand in the late third and early fourth quarter, and that we’re about to go into a unique seasonal period where customers have now gotten scared. They’ve extended a few days in inventory, the structural demand won’t be there at the same time that the northern hemisphere flush is upon us. I mean, is it possible that we were just short squeezed based on seasonal issues in the first quarter, and we’re gonna resolve that with plenty of product in the second quarter? One final note I think that we [00:11:00] shouldn’t forget is that our year over year comparables are against a disease-infested 2024. We had bird flu in the U.S.; we had bluetongue to in Europe. How much are we actually over 2023 going into 2024. Ted Jacoby III: On 2023 versus 2024, I think Europe, you guys were down like a half a percent to 1% in 24. Does that sound about right? Martijn Goedhart: 23, 24 was pretty much flat. Ted Jacoby III: Mm-hmm. Martijn Goedhart: And 24, 25 we added like a hundred thousand metric tons. So, like, 6%, 7%. 24, 25. Ted Jacoby III: So you guys had a couple of flat years, followed by a year where you added quite a bit. Martijn Goedhart: Yeah. Ted Jacoby III: Which actually is pretty similar to what happened in the U.S. Yes. We had some disease like avian flu , and bird flu hit California ,and we were down in some places and up in others, but overall we were flat. But the solids were up a little bit. Martijn Goedhart: Yeah. Yeah. Ted Jacoby III: While dairy prices were decent, I didn’t feel like we were facing a massive supply scarcity in those two flat years, which is one of the [00:12:00] things that has me very perplexed about what’s going on now. Because it’s one thing to say, Hey, there’s all this new demand for protein. All the skim solids are going to protein, and that’s why there isn’t any skim milk powder in nonfat. Okay, let me phrase this a different way. That means that we are suddenly being faced with massive increases in demand for protein. The price of protein today is a lot higher than it was a year and a half ago when we were dealing with flat supply.  So, why is protein demand so much higher now compared to a year ago? Is it completely and solely demand driven? As amateur economists , like all traders are, that math doesn’t seem right. Martijn Goedhart: Last year, we had significant competition among our export customers from Iran and Belarus, in terms of SMP. The Iran exports were surging. I think it was like 150,000 tons of skim, something like that, that suddenly shows up. Europe is doing about 700. So, that has an impact when you’re talking to [00:13:00] buyers. But that disappeared just as quickly as it appeared. Which yeah, that 150,000 tons, or whatever it was, it will turn back to the next cheapest origin, which was Europe. So, demand didn’t grow, but shifted towards another origin being EU. Henk-Jan Bouwman: Yeah, I think in general, overall competitiveness of EU skim milk powder is a lot better than last year, even in comparison to a bigger skim producing regions. As Martijnn touched upon, being based in the Middle East, I saw a lot of competition coming out of origins, which were a bit more nontraditional. Iran was one of them. What happened is their overall competitiveness finished really, really quickly due to a couple of things. One of them being disease. So, they had foot-and-mouth disease in Iran. Two, their overall ability to import a sufficient amount of feed, and three, their competitiveness due to a currency standpoint, which quickly changed. That, indeed, meant that the material that was supplied by Iran is now being supplied by Europe. Diego Carvallo: It’s a fascinating situation. Some of those [00:14:00] solids that are going into MPCs are definitely reducing the demand for skim, unless it’s coming from a different end-user application. If we’re seeing the MPCs going into sports nutrition, it’s definitely new demand that is finding a new end-user. It’s a combination of a lot of the things that we have discussed in this call: the whole market being short and getting super used to being hand-to-mouth for years, where you could buy product cheaper a month from now, so, why would you buy it? Especially if you have high interest rates, right? So, that’s part of it. The other factor is definitely the whole market was shocked by the impact of the UF pull of the additional MPC production and the amount of solids that we’re not going into a dryer that everybody expected would go right. Also a few additional manufacturing productions, a few key plants in the U.S., this is starting to look like more of a fundamental shift than a short squeeze. [00:15:00] And three weeks ago, everybody was saying, “Yeah, short squeeze, it’s an amazing short squeeze. It’s gonna come down.” Right? And now that same rhetoric has been changing to, “Actually, this is not that much of a short squeeze, but it is more of a there are not that many solids.” There’s a new big plant in Texas. There’s a new big plant in New York. There’s a lot of solids that are being pulled, and nobody was taking that into account. Everybody was expecting after the bird flu in California, we’re simply gonna go back to producing the same amount of nonfat that we were producing two years ago. And if you look at the data, it’s not correct, you know, Josh White: We also gotta give credit to substitution and other things. And what I mean by that is like calf milk replacer industry in the U.S. Historically, we’ll toggle for the cheapest protein between whey and milk powders. For sure, we’re seeing that appetite pick up for nonfat dry milk right now. Whereas two years ago there was a lot of WPC 34 on the market. All of that’s gone [00:16:00] because of the whey movement. I think the utilization is shifting quite a bit. We’ve talked about where it’s more difficult to track where milk solids are being consumed into a lot of protein enhanced beverages and things along those lines. That’s becoming more difficult. We’re saying demand’s not great globally, but if you pick up feed demand because they can’t buy the whey products they bought before, that is more demand for milk powder. And by far the cheapest dairy protein right now is nonfat dry milk. The big question I have is seasonally in the second quarter, are we going to catch up? Are we gonna be able to catch up globally or not? I think the whole market’s really struggling to try to form an opinion on that. Mostly because we can’t really measure and put a finger on just how much new protein-related demand there is in that difficult to measure space that I alluded to earlier. Diego Carvallo: Particularly in the U.S. right? In Europe doesn’t seem like that situation is as strong as it is the U.S. It seems like in the U.S., you have all of these new [00:17:00] cheese plants and UF plants, Class I plants, et cetera. It seems like, at least in the U.S. that inventory building is gonna be more difficult than in other regions. Josh White: And the European dryers are full right now, correct? Martijn Goedhart: Yes. Josh White: And the California dryers are full right now. Midwest dryers are nowhere near full. The answer to that might be a little bit easier than we’re making this discussion. We’ve added a whole lot of cheese capacity. There’s plenty of milk, but a lot of it’s being processed into cheese. Ted Jacoby III: Are there many new dairy plants of any kind in Europe right now? Martijn Goedhart: Not coming online this flush as far as I know. Not surprisingly, but most of the investment obviously is in WPC and WPI, I think Friesland has a big plant coming up, but it’s 2027, am I right, Henk-Jan? Henk-Jan Bouwman: Their latest expansion is 27. Yes. Ted Jacoby III: So we’re not really seeing any milk solids going to new places in Europe. It’s all still within the traditional milk sheds going to the usual suspects. Martijn Goedhart: Yeah. Yeah. Ted Jacoby III: Okay. Let’s switch topics to butter. The [00:18:00] U.S., a year ago, a year and a half ago, we were around $3 butter. It came down into the 2s, $2.50ish, and then the bottom dropped out, and it went all the way down to, I think, $1.28 at one point in the U.S. Now it’s back up in the $1.70s. But Europe dropped even more from an even higher precipice. Where have we been over the last year and where’s the butter market now in Europe, and what’s it doing? Martijn Goedhart: Yeah, well, butter was the main driver of the volatility that we see right now because €7 butter prices, the fed and the milk would already pay an above break-even price to farmers. And then your skim return is just bonus, right? Friesland just released their yearly report and they’ve been paying like, I think 56¢ on average, which is, well it’s a bit debatable, but I would say at least 16¢ above break-even. And then they get even a bit more profit share. That has like sparked that extra milk output, because every liter you produce is making you money as a farmer. You wanna get your components up, you wanna squeeze the maximum out of the milk. That’s how we ended up in this situation and the vicious correction at the other end of it that [00:19:00] we’ve seen. We’ve seen inventories build up and anecdotally we’ll also hear that all the chilled storage is full. That’s still the case. Those stocks haven’t disappeared. And also we’ve imported quite a bit when the spread with the U.S. and before New Zealand was significant enough to do so. That product is arriving now. And that adds to the supply pressure. However, that market has been stable for the last few months. I would say it’s been volatile, but we’re at the same levels than one and a half, two months ago. So that also shows that price correction ultimately also triggers extra demand. It’s an elastic product, especially on the consumer side. However, it’s also capped in terms of upside because those stocks are there. The liquid equivalent, cream, if you would buy cream today, you’d make it into butter. You’d be like at €3.30–€3. 40 cost price where the market is trading at €4.20–€4.30. So, there’s like a thousand euro. Ted Jacoby III: So the multiples in cream are low. Martijn Goedhart: It has been like this during our whole down season, which is very atypical. You could [00:20:00] argue that that multiple is only gonna weaken because milk starts flowing. Ted Jacoby III: Mm-hmm. Martijn Goedhart: The main discussion we have is like, is all that bearishness already priced in? And have we hit the bottom? Have we hit a level at which people are happy to buy? Or is there more to come? Ted Jacoby III: So you guys aren’t really seeing much upward-ness in the butter market in Europe right now? Martijn Goedhart: No. No. If you look from a, let’s say, traditional supply and demand theory, we have record-high stocks and record-high stocks, they basically kill any prolonged upside to a market, I would say, until you work through it. Ted Jacoby III: What about the cheese market in Europe? Is the cheese market high or low right now? And how’s it acting? Martijn Goedhart: It’s surprisingly tight. You would think that especially over the past few years, quite some capacity has been added to the European landscape. You would reckon that this extra milk would flow into the cheese plants, and you can’t find demand for it, so you’d have to move your cheese, and you’d see supply pressure from producers. But, the opposite is true actually. The cheese that’s supplied is very fresh. Within the range of what you can supply, it’s on the fresher side. That [00:21:00] indicates that there are no older stocks or backlog in terms of supply. I think producers have done a good job in capturing those moments when they were competitive on the world market by getting to make cheese disappear out of Europe. And then the last few weeks there were some production disruptions, some factory outages, and that even caused a bit more tightness in the cheese market. But it has stabilized ever since. It has been stable like butter. We’ve seen the bottom for now, and it went up a bit. The only thing is that in cheese there are no inventories. That makes you think that there’s more upside in cheese when milk growth starts to slow compared to butter because there’s no inventory holding it back. Ted Jacoby III: Why isn’t there any inventory? Was Europe doing some really good exporting for a while? Martijn Goedhart: Yeah, that’s the main reason. Big producers did big sales of gouda at some point or mozz when they were competitive, just to keep that supply chain clean. Butter, you can freeze, carry if the market pays for it. Ted Jacoby III: Mm-hmm. Martijn Goedhart: Cheese, you can only do it on paper, but not in reality. You need to get rid of it. Ted Jacoby III: Right. Josh White: How far out do we think the [00:22:00] international cheese buyer is covered right now? Because that was a big topic coming into the first quarter is how much of the cheese business, particularly in contestable markets, did Europe win away from the U.S. Ted correct me if I’m wrong, but our exports have been fine, haven’t they? Ted Jacoby III: Our exports have been fine. That’s actually a good way to put it. We experienced a real nice pop in exports last year. I would say this year, second half of Q4 into Q1, we’ve experienced exports that were relatively similar to last year. Maybe a hair behind. And I think we’ll start seeing those numbers soon, but I wouldn’t be surprised that when we finally see January export numbers, we’re down like 5% versus last year, when last year was a really, really, really good number. I’d almost say down 5% is unexpectedly good relative to how good it was last year. Martijn Goedhart: Josh, coming back to your coverage question, I think both our markets have seen massive carries right over the last few months. So, that’s not a very interesting structure for buyers to cover long. Our market was [00:23:00] trading like spot plus two months maximum. And producers would only make big sales if they have the product already, if they feel it already a little. So, I would suggest that cheese buyers in Europe, as well as around the world, are relatively shortly covered, just the same as with nonfat. Henk-Jan Bouwman: Yeah, I see the same in my export markets where basically all the inquiries we are getting for cheese, are relatively close to home, so maybe one maximum two months out from a shipment perspective. Ted Jacoby III: Mm-hmm. Josh White: So, Ted, are you interpreting this though, that the pressure’s gonna be on more so in the U.S. to win that business going into the second quarter? Based on what you just heard from our European friends? How are you digesting this discussion? Ted Jacoby III: That’s a great question. I would say yes, but price action makes me wonder if the U.S. is trying to price itself out of this market. Martijn Goedhart: Take cheddar for example. EU is about $300 per ton elevated over U.S. So, in certain applications, such as process cheese, I think, by default the U.S., will win that export business. Ted Jacoby III: Even [00:24:00] at current futures prices for April and May of a $1.80? Martijn Goedhart: Little bit of a different story. But that also depends on the outcome of European flush and the effect of that flush on cheddar pricing in Europe. Ted Jacoby III: I would agree with you that about three weeks ago, we were cheaper, but after this rally, I don’t know if that’s still true. Josh White: The point Ted’s driving home right now is the big carry in the Class III cheese markets in the U.S., you’re concern is pricing out the second quarter? Ted Jacoby III: That’s exactly right. I’m concerned we’re in the middle of pricing ourselves out of the market. Josh White: Are we putting ourselves in a spot where we’re the best priced cheese product. We know, out of the U.S., our daily milk volumes are gonna increase. We know that a lot of that milk’s gonna go into cheese. We know that we’re gonna have to compete for cheese business. But even despite the fact that Europe’s relatively balanced, it feels like on cheese, are we putting ourselves in the global market in a position where Europe may win? Martijn Goedhart: It’s gonna be a good fight, Josh.  None of the origins can afford to lose a lot of export business over the flush. We need to get those volumes [00:25:00] moving. So, the products where we compete, we will compete. Ted Jacoby III: Mm-hmm. And here’s what’s likely to happen. The U.S. having a little bit more mature and developed futures market means that as Europe goes out there and makes sure they get that business, the U.S. at some point will say, rather than going and exporting this cheese, I’m just gonna put it in a warehouse and hedge it out on the futures because there’s a carry in the futures market right now and I can make 10¢ just sitting on it for a month or two. If we are gonna have to go head to head with Europe, to get that export business, we might not get as much as we did last year in the second quarter, because in the second quarter we really did get a lot of that cheese export business. Martijn Goedhart: I agree. Only, to what extent can you actually carry it, physically, without refreshing, Ted? Because in Europe, that’s a bit of an issue. Ted Jacoby III: In the U.S., there’s a number of strategies, a lot of it being rolling your inventory. So, you take your working inventory and you just start rolling it because I don’t think there’s a huge difference between 30-day-old cheddar and 90-day-old cheddar to a lot of people. There are strategies to [00:26:00] manage through higher inventory levels. But at a certain point, even that working inventory carry, it starts to max out the warehouse, start to get full, and then they just gotta sell it. Martijn Goedhart: Right. Ted Jacoby III: What’s interesting is, I think that a lot of people went into 2026 thinking, “We’ve gotta make sure we’ve got a home for this cheese, because there’s a lot more cheese, and the U.S. market demand is not that great. It’s very flat. And so, if we’re gonna make 4% or 5% more cheese, we’re just gonna have to export it.” Martijn Goedhart: Yeah. Ted Jacoby III: And so, they weren’t even looking at that equation. But I think what’s happened in the last month with this volatility in the market, it’s gonna have the inverse effect of getting everybody to actually sit on that cheese and keep it at home, and you’d think it would be the opposite, but no, I think we’re gonna end up bringing more cheese home and letting you win some of those battles. Josh White: Ted, can we talk a minute about the milk production outlook in both regions and how that’s shifted a bit over the past month or two? I’ll start within the U.S. We generally believe that the margins have not been squeezed to a point where we’re gonna see a massive [00:27:00] supply response, a negative supply response in the U.S. for the foreseeable future. Ted Jacoby III: And the bounce off The bottom, if anything, we may be back into a place where we’re encouraging more production. Josh White: We’ve got some big comparables. There’s maybe some vulnerabilities in the market. We’ve obviously been surprised with disease and other things in the past, so it’s not imminent, of course, but the math says we should expect to continue to have a good amount of milk out of the U.S. going forward. How does that look out of Europe presently? Martijn Goedhart: I would say almost copy paste Josh. Skimmed has bounced back. Butter has stabilized. Cheese has stabilized up to a point where if I look at the valorization of gouda at €3,300/MT you’re well above the 40¢/kg mark, which is basically the pain point for European farmers. And then I’m taking into account sweet whey. Not even WPC, right? So, if you have your WPC return, that’ll add another few cents at least. So yeah, we didn’t go deep enough to encourage any decline in milk production. The big question is how that’s gonna turn out this year: if we see the same curve or more [00:28:00] corrected to normal seasonality. But from a margin perspective, I think, just like Ted said, we bounced off the bottom, and it didn’t hurt enough or long enough for anything structural to change in 2026. Josh White: Hey, Martijn, would you add a little bit of color to what you just mentioned a moment ago? The two flush situation coming from the bluetongue outbreak and issue. Martijn Goedhart: In early 2025 in Europe, there were cases of bluetongue and that spread quite quickly across Western Europe. Spring started, early temperatures went up, and mosquitoes that spread the virus sting cows and then they get infected. It has an effect on calving. A lot of calves are not born in the right way, and also the cows, the output goes down, and it’s harder to get them pregnant. So, some cows, they first have to get over the bluetongue disease before they would start to calve. Some cows would calve late and that means that the milk also starts flowing late. Where you’d typically see a peak, in March, April, and then in eastern Europe, it’s a bit later, but now you’ve seen a similar peak because margins were good, but a longer [00:29:00] plateau at that level as well. Those cows get dried off later as well. So, are they gonna calve later again or is it like maybe some like refreshing of cows in the system, and the new ones will be set up according to the normal season? It’s a big question mark. We don’t know. Even the co-ops are struggling with that. Ted Jacoby III: So, you could have a flush that does not hit the peak it usually does, but it’s just longer. Martijn Goedhart: Yeah. If it’s the same as last year, that’s what’s gonna happen. If we somehow move back to a normal seasonal pattern, then you’ll see a higher peak than last year, but a bigger decline in the second half of the year. Josh White: If we’re talking about demand being okay and large amounts of milk in both Europe and the U.S. likely to continue, is there anywhere in the world that is suffering on their milk production? Do any of us have an idea of what’s going on with milk production in China? Martijn Goedhart: I think margins there are low. It’s been flat until now, the output, but it’s hard to get consistent numbers from China. But margins are still very low. So, that would not incentivize [00:30:00] growth. Ted Jacoby III: Milk production in China popped over a two year period, about five, six years ago. Then held steady for a couple of years, then it pulled back. Now, after that pullback, it’s flatlining again. Josh White: What we’re basically concluding from this is that we’re gonna have a lot of milk still, but, with the exception of some risk maybe on the cheese side and maybe in the butter situation in Europe, the rest of the products don’t seem to have concerning inventory levels as of right now. Ted Jacoby III: I would agree. I think there’s enough supply, but there seems to be surprisingly good demand, especially for protein. All right guys, we’re wrapping up here. Lightning round question. Do you think what’s happening in the nonfat market is a result of increased demand or less supply? Josh, you go first. Josh White: I wanna say both. We’re experiencing more demand across the entire curve that is both pulling more nonfat supply and is also pulling away skim solids from the dryer. Ted Jacoby III: Martijn? Martijn Goedhart: I agree with Josh. Some of it is fundamental SMD but a big part of it is demand waiting too long and needing to deliver. Ted Jacoby III: Henk? Henk-Jan Bouwman: yeah, I’m with you [00:31:00] guys. Ted Jacoby III: I do not want a chicken out like you and say both, so I’m trying to decide which one. I think it’s very subtle, but this is actually demand driven more than supply driven. Martijn Goedhart: Yeah. Ted Jacoby III: Yeah. All right guys. Thanks for joining us again. We really appreciate all the time that you guys spent tuning in and listening to us.  Keep milking those cows, and we’ll keep showing up and telling you what we’re seeing out there. Ted Jacoby III: We’ll be back in two weeks for a market update with the Jacoby team. Looking forward to seeing you then. All right guys. Hey, Martijn. Henk, thank you so much for joining us today. Really appreciate the conversation. Martijn Goedhart: Thanks guys. Huge pleasure. Henk-Jan Bouwman: Thank you very much. Martijn Goedhart: Cheers.

Chapter 684 - "Not A Preplanned Thing" ...as read by Martijn Westerholt of Delain and Eye Of MelianToday we welcome Delain and Eye of Melian keyboardist and songwriter Martijn Westerholt to the podcast! The new Eye Of Melian album, Forest Of Forgetting, is out today on Napalm Records. Martijn talks about the influence of his brothers and getting into keyboards, starting Delain after leaving Within Temptation, Charlotte leaving Delain, the inspiration for Eye Of Melian and creating something not in the metal world, and so much more.https://eyeofmelian.com/https://eyeofmelian.bandcamp.com/https://www.delain.nl/https://delain.bandcamp.com/musicFebruary Sponsor - Tapehead City https://tapeheadcity.com/DiscordPatreonSubstackEmail: asthestorygrows@gmail.comChapter 684 Music:Eye Of Melian - "Symphonia Arcana"Delain - "Frozen"Delain - "Dance With The Devil"Eye Of Melian - "Dawn Of Avatars"

Fluent Fiction - Dutch: Tech Triumph: How a Power Outage Sparked Johan's Success Find the full episode transcript, vocabulary words, and more:fluentfiction.com/nl/episode/2026-02-20-23-34-02-nl Story Transcript:Nl: In het hart van de "Silicon Canals", de bruisende tech-hub van Amsterdam, stond een modern, chic co-working space.En: In the heart of the "Silicon Canals", the bustling tech hub of Amsterdam, stood a modern, chic co-working space.Nl: Buiten was het winter, en de grachten waren bedekt met een dun laagje ijs.En: Outside it was winter, and the canals were covered with a thin layer of ice.Nl: Binnen heerste een drukke sfeer.En: Inside, there was a busy atmosphere.Nl: Overal zaten jonge ondernemers met laptops, gefocust op hun dromen.En: Everywhere, young entrepreneurs sat with laptops, focused on their dreams.Nl: Johan stond op het punt zijn grote presentatie te geven.En: Johan was about to give his big presentation.Nl: Hij was een ambitieuze tech-ondernemer, die een startup had opgericht met een revolutionair idee.En: He was an ambitious tech entrepreneur who had founded a startup with a revolutionary idea.Nl: Maar diep van binnen had Johan een angst voor falen.En: But deep inside, Johan had a fear of failing.Nl: Vandaag zou hij voor een belangrijke groep investeerders spreken, en hij wilde niets liever dan indruk op hen maken.En: Today he would speak before an important group of investors, and he wanted nothing more than to impress them.Nl: Naast hem zaten zijn collega's, Sanne en Martijn.En: Next to him were his colleagues, Sanne and Martijn.Nl: Zij hielpen hem met de voorbereiding.En: They were helping him with the preparation.Nl: "Adem in, adem uit," zei Sanne glimlachend.En: "Breathe in, breathe out," said Sanne with a smile.Nl: "Je doet het geweldig."En: "You're doing great."Nl: De presentatiezaal was gevuld.En: The presentation room was filled.Nl: De investeerders keken geïnteresseerd, hun pennen en notitieblokken gereed.En: The investors looked interested, their pens and notepads ready.Nl: Johan zette zijn laptop aan en ademde diep.En: Johan turned on his laptop and took a deep breath.Nl: Maar net toen hij de eerste dia wilde laten zien, ging het licht uit.En: But just as he was about to show the first slide, the lights went out.Nl: Een stroomstoring.En: A power outage.Nl: Een golf van paniek ging door de zaal.En: A wave of panic went through the room.Nl: Maar Johan wist dat dit zijn moment was.En: But Johan knew this was his moment.Nl: Hij besloot om zonder technologie verder te gaan.En: He decided to proceed without technology.Nl: "Dames en heren," begon hij.En: "Ladies and gentlemen," he began.Nl: Zijn stem was eerst zacht, maar werd steeds sterker.En: His voice was initially soft but grew stronger.Nl: "Ik wil mijn verhaal met jullie delen."En: "I want to share my story with you."Nl: Johan vertelde over zijn jeugd en zijn passie voor technologie.En: Johan talked about his childhood and his passion for technology.Nl: Hij sprak over de missie van zijn startup en hoe deze de wereld zou verbeteren.En: He spoke about the mission of his startup and how it would improve the world.Nl: Zijn woorden kwamen recht uit zijn hart, en elke zin droeg zijn oprechte enthousiasme over.En: His words came straight from his heart, and every sentence conveyed his genuine enthusiasm.Nl: De investeerders luisterden geboeid.En: The investors listened captivated.Nl: Ze zagen het vuur in zijn ogen en de passie in zijn stem.En: They saw the fire in his eyes and the passion in his voice.Nl: Zelfs zonder dia's en grafieken wist Johan hen te raken.En: Even without slides and graphs, Johan managed to touch them.Nl: Net toen Johan klaar was met zijn verhaal, floepte het licht weer aan.En: Just as Johan finished his story, the lights came back on.Nl: De zaal was stil.En: The room was silent.Nl: Johan keek om zich heen en zag bewondering in de ogen van de investeerders.En: Johan looked around and saw admiration in the eyes of the investors.Nl: Met een gevoel van opluchting en trots realiseerde Johan zich dat hij iets belangrijks had geleerd.En: With a feeling of relief and pride, Johan realized he had learned something important.Nl: Hij had niet alleen hun interesse gewonnen zonder technologie, maar ook zijn eigen angst voor publiekspreken overwonnen.En: Not only had he captured their interest without technology, but he had also conquered his own fear of public speaking.Nl: Bij de uitgang klopte Sanne hem op zijn schouder.En: At the exit, Sanne patted him on the shoulder.Nl: "Je hebt ze overtuigd," zei ze trots.En: "You convinced them," she said proudly.Nl: Buiten viel de eerste sneeuwvlok.En: Outside, the first snowflake fell.Nl: Johan keek naar de glinsterende grachten en wist dat dit slechts het begin was van iets groots.En: Johan looked at the glistening canals and knew that this was just the beginning of something big.Nl: Vandaag had hij meer dan alleen investeringen gewonnen; hij had vertrouwen in zichzelf gevonden.En: Today he had won more than just investments; he had found confidence in himself. Vocabulary Words:hub: hubwinter: winterice: ijsambitious: ambitieuzerevolutionary: revolutionairfailing: faleninvestors: investeerderscolleagues: collega'spreparation: voorbereidingsmile: glimlachendpresentation: presentatieoutage: stroomstoringpanic: paniekLadies and gentlemen: Dames en herenchildhood: jeugdmission: missieenthusiasm: enthousiasmecaptivated: geboeidslide: diagraphs: grafiekenadmiration: bewonderingpride: trotsfear: angstpublic speaking: publieksprekenconvinced: overtuigdsnowflake: sneeuwvlokglistening: glinsterendeconfidence: vertrouwenbeginning: beginimpress: indruk maken

Our Chief Fixed Income Strategists Vishy Tirupattur discusses the calm market reaction to the latest developments in Venezuela and the potential implications for oil, stocks and bonds.Read more insights from Morgan Stanley.----- Transcript -----Vishy Tirupattur: Welcome to thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. On today's podcast, I will talk about the markets' response to the complex political developments in Venezuela, and examine the opportunities and risks it presents to the markets. It is Monday, January 12th at 11 am in New York. Despite the far-reaching geopolitical implications of last weekend's developments in Venezuela, the financial markets have been strikingly calm. Oil prices have barely budged, global equities have rallied, and the reaction in the safe-haven markets – U.S. Treasuries, for example – has been fairly muted. So what explains all of this? Let's start with oil – the commodity most exposed to the situation in Venezuela. The near-term supply appears very manageable. As Morgan Stanley's chief commodities strategist Martijn Rats notes, the market entered 2026 oversupplied, and inventories remain flush. That cushion explains why Brent prices have barely budged, and why Martijn sees prices sliding into the mid-$50s in the coming months.The bigger story is medium term. The prospect of reviving Venezuela's oil industry tilts production risks higher. Despite holding over 300 billion barrels, the world's largest reserves, [the] current output of Venezuela is just 0.8-1 million barrels per day, making it the smallest producer among the major reserve holders. More Venezuelan barrels hitting global markets could keep prices soft, even against a backdrop of rising geopolitical tensions. For oil, the near-term price risk is low while medium-term price risk leans bearish. Let's talk about energy stocks. In line with the expectation of our equity energy analysts led by Devin McDermott, energy equities have largely responded favorably, reflecting the potential for increased oil supply and specific company opportunities. U.S. refiners stand out as poised to gain. A post-Maduro Venezuela could mean higher crude exports of the heavy, sour oil that these refiners are built to process. More imported heavy crude is a clear tailwind for U.S. Gulf Coast refiners like Valero (VLO) and Marathon Petroleum (MPC), potentially lowering their input costs and improving their margins. Similarly, Chevron (CVX), the only U.S. major still operating there under a sanctions waiver, is also poised to rally on the back of this. So for energy stocks, while [the] geopolitical story is complex, the market's message is straightforward. The prospect of greater supply is good news, and some companies appear uniquely positioned to gain as Venezuela's next chapter unfolds. Nowhere has the market reaction been more dramatic than in Venezuela's own sovereign debt. As Simon Waever, Morgan Stanley's global head of sovereign credit strategy anticipated, prices of Venezuela's defaulted bonds – both the government bonds (VENZ) as well as the bonds of state oil company PDVSA – soared to multi-year highs following the weekend's events. The bond complex has already rallied over 25 percent since last weekend to reach an average price of about $35, thanks to the increased likelihood of a creditor-friendly transition. A clearer path for a potential debt restructuring deal improves the prospects for future debt recovery. We expect further upside as the markets price a higher recovery rate if Venezuela's oil production increases further. So what's the bottom line: Last week's developments in Venezuela are a major geopolitical event, but the financial market reaction reflects both the contained nature of the shock and the prospect of constructive outcomes ahead – more oil supply, creditor-friendly debt resolution, etc. Oil markets are signaling that global supply can weather the storm, equity investors are cheering beneficiaries like refiners and seeing the broader risk backdrop as unchanged, and bond investors are selectively adding Venezuela's beaten-down debt in hopes of an eventual recovery. For now, the takeaway is that this political event has not affected the market's positive momentum – if anything, it has created pockets of opportunity and reinforced prevailing trends such as ample oil, and strong credit appetite. As always, we'll keep you informed of any material changes. Thanks for listening. If you enjoy the podcast, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.Important note regarding economic sanctions. This report references jurisdictions which may be the subject of economic sanctions. Readers are solely responsible for ensuring that their investment activities are carried out in compliance with applicable laws.