Podcasts about Moat

A quarter in the piggy bank has grown into a maze of UTMAs, 529s, custodial Roth IRAs, and the new child investment accounts. Tom and Don sort the options by what the money is actually for—and who keeps control.The 529 emerges as the flexible favorite, especially with its education uses and limited Roth rollover. Then the conversation turns to concentrated factor ETFs, the familiar Bitcoin argument, and whether private markets are really swallowing public investing.The through-line is refreshingly simple: match the account to the goal, favor broad diversification, and resist stories that make investing sound more complicated than it needs to be.00:00 Pshaw, Wordle, and the kid-money maze03:00 UTMAs and UGMAs: control has an expiration date05:34 Why 529 plans remain the flexible favorite09:01 Custodial Roth IRAs and an enormous head start11:15 New child accounts versus the 52916:02 MOAT and COWZ: clever ticker, concentrated portfolio20:48 Bitcoin, volatility, and the meaning of value26:51 Public markets versus the private-market storyQuestions? Comments? Click!

HubSpot lost roughly 75% of its blog traffic to AI search—and grew revenue 19% anyway. Everyone wrote the obituary for content marketing, but the traffic that died was the content HubSpot never had the right to own, and everything built on real authority held. In Episode 4 of the PESO Model® Diagnostic, I break down what survived, what didn't, and how to tell which of your own content is an asset versus exposure—before AI makes the call for you. Take your own PESO Model® Diagnostic: https://spinsucks.com/self-peso-diagnostic/ PESO Model® Certification: https://spinsucks.com/peso-model-certification/ Full article: https://spinsucks.com/communication/peso-model-diagnostic-hubspot

Follow us here: Spotify: https://spoti.fi/2cAY638 homepage: http://www.cosmic-gate.de Facebook: https://www.facebook.com/cosmicgate/ Instagram: https://www.instagram.com/realcosmicgate/ =============================== Episode 641: 01. Something Good & YOTTO - Good Time (Clothes Off) (Extended Mix) [Armada] 02. Beobê - Remains The Same (Extended Mix) [Disconnected] 03. Sven Pulsar - Not The End Of The World (Extended Mix) [Punx Records] 04. David Granha - All That's Left (Extended Mix) [Days Like Nights] 05. Room Service (DE) - Sun Dance (Original Mix) [Future Romance] 06. zaccwithtwocs - Resonating (Extended Mix) [No Place Like Home] 07. Braxton, Lauren L'aimant - Holding On (Icarus Extended Mix) [Colorize] 08. mOat, ALAY & Elliot Chapman - I Can't See Straight (Matador Remix) [Spectrum] 09. Mathame feat. Bonn - Follow (Extended Mix) [Neo/Mathame] 10. Eli & Fur - Ceremony (SCRIPT Remix) [Pias] 11. Cosmic Baby - Loops Of Infinity (Solee Remix) [White Label] 12. MORTEN & David Guetta - La Révolution (Extended Mix) [Future Rave] 13. UMEK - Vibrancy (Kosmo Remix) [1605] 14. Cosmic Gate & Arnej - Sometimes They Come Back For More (Album Mix) [Wake Your Mind]

Len Ward went from a Wall Street trading desk to leading the AI work at Commexis, an AI consulting and product development firm, and he has become a go-to voice for leaders trying to make sense of AI without the hype. In this episode he breaks down why AI is changing the business model itself, not just the speed of the work, and what owners should do about it right now.   Key Discussion Themes: - Why AI moves customers from search and retrieve to solve my problem - The unglamorous first step of AI success, organizing your data - What most CEOs still get wrong about AI, and the cost of missing it - Knowing your worth and charging for outcomes instead of hours - The marketing shift ahead, from brand to agent-to-agent buying   Listener Takeaway: AI is changing how customers find and choose businesses, all the way down to the model itself. Get your data in order, move quickly, and build your business to pilot the tools instead of depending on them.   Connect with Len: Website: https://commexis.com LinkedIn: https://www.linkedin.com/in/lenward/ X (Twitter): https://x.com/lenwardnj   About the Host: Entrepreneur Conundrum is hosted by Virginia Purnell, founder of Distinct Digital Marketing, where she builds human-driven AI systems that help business owners get their time back (and get seen). New episodes every Monday. Work with Virginia: https://www.distinctdigitalmarketing.com LinkedIn: https://www.linkedin.com/in/virginiapurnell   Listen to the Full Episode: https://entrepreneurconundrum.com/lenward

Most companies say they're doing AI. A surprising number are doing very little — and a Chief AI Officer at one of the world's largest automation platforms has the receipts to prove it. Motley Fool analyst Rachel Warren talks with Adam Field, Chief AI Officer at Tungsten Automation — a company serving 25,000 organizations including 40% of the Fortune 100 — about what separates real AI transformation from expensive spin. They get into why most enterprise AI pilots quietly die before they scale, what "boring AI" actually means and why it's the most important signal investors aren't paying attention to, and why the competitive moat that once made legacy software giants unassailable has effectively disappeared overnight. Host: Rachel Warren Guest: Adam Field Producers: Adam Landfair, Lauren Budabin Disclosure: Advertisements are sponsored content and provided for informational purposes only. The Motley Fool and its affiliates (collectively, “TMF”) do not endorse, recommend, or verify the accuracy or completeness of the statements made within advertisements. TMF is not involved in the offer, sale, or solicitation of any securities advertised herein and makes no representations regarding the suitability, or risks associated with any investment opportunity presented. Investors should conduct their own due diligence and consult with legal, tax, and financial advisors before making any investment decisions. TMF assumes no responsibility for any losses or damages arising from this advertisement. We're committed to transparency: All personal opinions in advertisements from Fools are their own. The product advertised in this episode was loaned to TMF and was returned after a test period or the product advertised in this episode was purchased by TMF. Advertiser has paid for the sponsorship of this episode. Learn more about your ad choices. Visit megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Great marketing can bring customers through the door. Weak operations will send them right back out. In this episode of The Level Up Podcast, Paul Alex breaks down why reliable fulfillment, strong systems, and consistent customer support matter more than flashy campaigns when building a business that lasts. Marketing creates attention. Operations create retention. You can generate thousands of leads, but none of it matters if your onboarding is confusing, your support is slow, or your product fails to deliver the promised result. In this episode, you'll learn: • Why strong marketing cannot compensate for broken fulfillment• How standard operating procedures create a predictable customer experience• Why improving operations can produce better returns than spending more on ads• How precision, speed, and quality control create a competitive advantage The truth is simple: Your competitors can copy your advertisements. They can copy your website. They cannot easily copy a culture built around flawless execution. Build the systems. Strengthen the backend. Serve your customers consistently. The boring details are what protect the brand and secure the profits. Your Network is your NETWORTH! Make sure to add me on all SOCIAL MEDIA PLATFORMS: Instagram: https://jo.my/paulalex2024Facebook: https://jo.my/fbpaulalex2024YouTube: https://www.youtube.com/channel/UCGhDAD1JyGGzSQUPD9lc9HQLinkedIn: https://jo.my/inpaulalex2024 Looking for a secondary source of income or want to become an entrepreneur? Check out one of my companies below to see if we can help you: www.CashSwipe.com FREE Copy of my book “Blue to Digital Gold - The New American Dream”www.officialPaulAlex.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to a new episode of ASMR Sleep.In this episode, you will hear the rain falling into the moat.What sounds would you like to hear next time? Leave a comment in the review

Cliff Sentell co-founded Compass Professional Health Services in Dallas in 2005, where he and two partners each put in $20,000 and bought a single server. They started in healthcare price transparency, reverse-engineering the cost of specific procedures on specific plans out of billions of insurance claims. The first idea, selling to consumers, flopped, because frustrated patients wouldn't pay $20 to $30 a month for guidance they saw as nice-to-have. So they pivoted to employers, who were footing the bill for their workers' poor healthcare decisions, and wrapped the data in a tech-enabled service: an app, "health pros," and a custom CRM. Compass reached about $1 million in revenue in three to four years, grew from $3 million to $10 million fast, and scaled to roughly $30–40 million with 200 employees and Fortune 100 clients, T-Mobile its largest. They turned down growth equity investors to keep control and equity, funding growth off their own balance sheet. In 2018 Alight acquired Compass — mostly cash with a multi-year earnout — and revenue tripled inside Alight within three years. Today Cliff is a partner at Cypress Growth Capital, where he invests non-dilutive capital to help bootstrapped SaaS founders growth faster. The Cypress thesis is simple: in the AI era, industry domain knowledge is the moat, not features. Key Takeaways Sell To Payers — Frustrated consumers won't pay; find the customer whose real problem costs them money. Protect Your Equity — Declining growth equity kept control and made the eventual exit worth multiples more. Exit Isn't The End — After the acquisition, Compass re-found product-market fit and tripled revenue inside Alight. Flexible Beats Restrictive — Royalty funding flexes with cash, avoiding debt covenants and the loss of control equity brings. Outcomes Over Models — Value created, not the recurring-revenue label, now decides whether a company scales. Quote from Cliff Sentel, Partner at Cypress Growth Capital "The biggest thing that's changed now with AI in SaaS is differentiation. If you're really good at something, if you have domain expertise that other people can't do, and you add AI to that, your moat of better knowledge and capabilities gets wider. "That's fundamentally our investment thesis right now at Cypress. Can we find companies that are really good at a very specific domain capability, that have proprietary data, that create the system of action their customers use — feeding that information back into the knowledge set and building the moat wider and wider? "This is a moment where knowledge and expertise are at a premium. Not software, not how much you've built. How much do you know? That's what you're capable of achieving."  Links Cliff Sentell on LinkedIn Cypress Growth Capital on LinkedIn Cypress Growth Capital website Compass Professional Health Services (now Alight) Podcast Sponsor – LaunchBay LaunchBay helps B2B software companies automate client onboarding and implementation so customers activate faster and everyone stays aligned. If your onboarding includes data collection, setup steps, approvals, training, or any level of customization, LaunchBay replaces the messy mix of emails, spreadsheets, and meetings with a clear, all-in-one onboarding system. Teams use LaunchBay to onboard clients faster, stay on top of follow-ups automatically, and deliver a smoother experience, without hiring more people or adding more tools. Visit launchbay.com/practical and get 25% off your first 3 months on any LaunchBay plan. The Practical Founders Podcast Tune into the Practical Founders Podcast for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our YouTube channel. Get the weekly Practical Founders newsletter and podcast updates at practicalfounders.com. Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding.  A Practical Founders Peer Group is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by Greg Head.

Today's guest is Anush Elangovan, VP of AI Software at AMD. With Anush, we talked about how he thinks about open source as a key strategic driver in the AI era, and how his team is able to stay super fast while ensuring quality by combining their internal work with their external contributions.And then we got into a rabbit hole about how to get big companies ready for AI, how to think about human capital, and how Anush personally spends his time. And spoiler alert, he is back to doing IC work for up to 40% of his time.(00:00) Episode start(01:31) Introducing Anush Elangovan(01:39) AMD's open-source AI stack(04:08) Sponsor break(05:34) How AI contributions are reshaping open-source maintenance(08:33) From demo to production: the quality gates funnel(11:10) When agents game the system(17:10) Speed as a moat: the open-source flywheel(20:31) Agent-first development: what it really looks like(23:56) AI cleanup: getting legacy code ready for agents(28:24) The excavator analogy(31:08) The new engineers(34:12) VP doing IC work(43:28) Open-weight models, AI as electricity, and what's next-Today's episode is brought to you by Unblocked.Unblocked is the context layer for modern engineering teams.Get a free three-week trial at https://getunblocked.com/refactoring-You can also find this at:•

Find me on Substack, search for my name.Robert P. Miles is an author, educator, and the world's foremost authority on Berkshire Hathaway's management culture. Robert has written three bestselling books on Warren Buffett, created the only graduate MBA course dedicated to Buffett's philosophies, and founded the Value Investor Conference in Omaha. His journey from an entrepreneur to a globally recognized Buffett scholar began with a single Berkshire annual meeting in 1996 — and Warren Buffett himself has been paying attention ever since.Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/Notes:3:00 – Bob Miles is introduced as the world's foremost Berkshire Hathaway culture scholar, author of three (now four) bestselling Buffett books and creator of the only graduate MBA course on Buffett's philosophies.5:30 – His path began with Napoleon Hill's Think and Grow Rich and a failed high school "movie day" venture. The lesson that stuck: "you got to understand what business you're in."7:23 – His first 1996 annual meeting: Buffett tells a small shareholder, "between you and I we own half the company," and calls Wall Street "the legal pickpocket of the average investor."14:24 – The Dairy Queen story: a self-published "101 Reasons to Own Berkshire Hathaway," a line around the block, and Buffett walking through the door — leading to a two-book deal with Wiley.31:18 – On concentration: Buffett put 65% of his $20,000 net worth into Geico at 19, tied to his "star player" basketball analogy for conviction investing.36:41 – The three unchanging lessons of The Intelligent Investor — stocks are businesses, your partner is a manic-depressive Mr. Market, and margin of safety — because "principles are principles because they don't change."42:59 – A contrarian aside: private equity "has done more harm than good," with the Berkshire system as its inversion.53:43 – On Berkshire's real edge: "I see the moat as cash," the roughly $400 billion war chest that lets Ajit Jain write insurance the day after disasters strike.1:08:58 – On character over credentials: concentrating on admirable traits "there's no cost," regardless of background.1:10:34 – Miles' definition of success: stay humble enough to be taught, and "go to bed a little bit smarter" every day.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm's employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed.

For the last fifteen years, capital has relentlessly chased digital attention, turning it into a diluted and cheap commodity. The new luxury for consumers and investors alike is the "presence economy," where real-world, in-person experiences are driving unparalleled engagement and spending. With experiential spending up over 30% from pre-pandemic levels, the smartest brands are no longer building better digital vending machines, but rather creating meaningful tables for people to sit at.This episode breaks down the massive shift toward IRL (in real life) business models and why creating physical communities is the ultimate competitive moat. From slashing customer acquisition costs to unlocking new avenues for raising capital, hosting real-world events provides defensibility that competitors cannot simply duplicate. Listeners will learn how to strategically integrate IRL experiences into their existing operations to drive loyalty, retention, and revenue.KEY TOPICS DISCUSSEDThe transition from the digital attention economy to the physical presence economyPost-pandemic experiential consumer spending trends and travel statisticsThe explosive growth of golf demographics and the massive supply gap in physical hospitalityDifferences between transactional digital interactions and relationship-driven business modelsUsing in-person events to drastically lower customer acquisition costsBuilding highly defensible business moats through community and shared experiencesThe role of proximity and shared meals in raising capital and securing partnershipsKEY TAKEAWAYSAttention has become an infinite and cheap commodity, making genuine physical presence the new premium asset for businesses.Experiential spending has surged over 30% compared to pre-pandemic levels, proving consumers are voting with their wallets for real-world connection.A digital screen acts as a forgettable vending machine, while an in-person experience acts as a dinner table that fosters lasting relationships.Hosting intimate, real-world events can outperform months of paid digital traffic by deeply accelerating trust and slashing customer acquisition costs.Competitors can easily copy digital marketing funnels and pricing, but they cannot pirate or replicate the specific feeling of belonging created in a physical room.Meaningful capital is rarely raised through cold outreach; proximity builds the trust required for significant financial transactions and partnerships.CONNECT & TAKE ACTIONImagos Income Fund: Text "INCOME" or "DEALS" to 844-447-1555 to learn more about Matty A's private debt fund targeting 10% fixed returns paid out monthly.

For our cultural predictions roundup back in January, the musician and technologist Trevor McFedries predicted that 2026 was going to be a really good year—professionally speaking—for people with good taste. The jury's still out, but it's definitely turning into a big year for talking about taste. And for the first time in history, the tech world seems to be leading the charge, from engineers penning essays about how “personal taste” is the new moat, to startups promising us more aesthetically discerning AI, to the Palantir chore coat and tech billionaires sitting front row at Fashion Week.To make sense of why taste has become such a Silicon Valley buzzword—and what that tells us about the changing meaning and role of taste more broadly–we brought on Drew Austin, a writer and urban planner who runs the excellent Substack, Kneeling Bus, where he recently penned a piece called “Tastecore and the Enclosure of the Commons.” We discuss Drew's research on the tech world's changing relationship to fashion in the post-pandemic era, the growing epidemic of “tasteslop,” and how the current discourse frames taste as something less about personal distinction and more about gaining a competitive edge. Plus, we tap Pierre Bourdieu to try to parse the evolving function of taste in society over time—and what the tech industry's taste obsession can tell us about the shifting landscape of class and class antagonism.Follow Drew at Kneeling Bus on Substack.Read Drew on taste:“Tastecore and the enclosure of the commons”“Worn out: Tech elites' supposed indifference to fashion is a contempt for the commons” (Real Life)“Here comes a regular: Taste is obsolete & gatekeeping is code for what the internet took from us”“Bots in the beerlight: Sometimes embodiment is all you've really got”“Lo-fi beats for studying: How to push more through the human attention bottleneck”Additional references:“Taste is Eating Silicon Valley” by Anu Atluru (Working Theories)“Personal Taste is the Moat” by Wang Cong“Tasteslop: Notes on technological anxiety” by Emily Segal (Nemesis) This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit theculturejournalist.substack.com/subscribe

On this episode of Roofing Road Trips®, Karen Edwards sits down with Gokul Padmanabhan of HS Exit Advisors to unpack what it really takes to build a roofing business that performs even when you are not in the driver's seat. Together they walk through the "Dig a Moat, Build a Castle" framework, exploring owner mindset, financial discipline, revenue per employee and the kind of bold vision that positions your roofing business for a future exit. If you are overworked, burned out and wondering how to turn your roofing company into a healthy, scalable and sellable asset, this conversation is your roadmap.  Learn more at RoofersCoffeeShop.com!  https://www.rooferscoffeeshop.com/   Are you a contractor looking for resources? Become an R-Club Member today! https://www.rooferscoffeeshop.com/rcs-club-sign-up   Sign up for the Week in Roofing!  https://www.rooferscoffeeshop.com/sign-up   Learn more about HS Exit Advisors here! https://www.rooferscoffeeshop.com/directory/hs-exit-advisors  Follow Us!   https://www.facebook.com/rooferscoffeeshop/  https://www.linkedin.com/company/rooferscoffeeshop-com  https://x.com/RoofCoffeeShop  https://www.instagram.com/rooferscoffeeshop/  https://www.youtube.com/channel/UCAQTC5U3FL9M-_wcRiEEyvw  https://www.pinterest.com/rcscom/  https://www.tiktok.com/@rooferscoffeeshop  https://www.rooferscoffeeshop.com/rss  #RoofersCoffeeShop #MetalCoffeeShop #AskARoofer #CoatingsCoffeeShop #RoofingProfessionals #RoofingContractors #RoofingIndustry #HSExitAdvisors, #HSEXITADVISORS

Pat Dorsey is the Founder of Dorsey Asset Management, a $1.7 billion global public equity manager focused on companies with competitive advantages and long investment runways. Pat created Morningstar's moat research framework and led its equity research efforts for a dozen years before launching his firm in 2014. Our conversation covers the nuances of investing in businesses with wide moats across quantitative analysis, switching costs, network effects, brands, management, alignment, capital allocation, and reinvestment runways. We then turn to Pat's application of moat analysis to his investing, including concentration, global scope, position sizing, decision making, and lessons learned. Any leader should see for themselves the benefits of elite coaching. Try ALEX: tryalex.admiredleadership.com. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Recommending the wrong whiskey to a loyal customer does not just miss a sale. It breaks trust, and once trust breaks, no amount of personalization copy fixes it. Recorded live at K:LDN 2026 in London, this conversation is about the thing every brand now has in common. Everyone has access to the same AI tools. So what actually separates the brands winning with them from the ones just using them? Phillip Jackson sits down with Jake Cohen, VP of Insights at Klaviyo, and Tim Martin-Harvey, Head of Ecommerce at The Bottle Club, a UK multi-brand alcohol retailer carrying roughly 9,500 products. Their answer: memory. Not the AI kind, the brand kind… meaning the stored, structured context a business builds about its own customers and products over time. Tim explains how one mandatory checkout question, asking whether an order is a gift, for self-consumption, for hosting, or for trade, reshaped his customer insight and exposed why standard RFM and lifetime value metrics break down across different buyer types. Jake widens the lens, arguing that loyalty is better measured through engagement across touchpoints than through money spent, and that the brands seeing real gains from AI are the ones writing customer and product knowledge down as reusable context, what Klaviyo calls "artifacts." The conversation gets specific fast, down to the exact wrong recommendation that can cost a brand its credibility, and closes with Jake's straightforward plan for putting this into practice over the next 90 days. What you'll learn Why context, not performance marketing spend, is becoming the real competitive moat as every brand adopts the same AI tools How one checkout question corrected years of wrong assumptions about who buys and why at The Bottle Club Why standard RFM and lifetime value segmentation breaks down once you separate gift buyers from self-consumption buyers Why loyalty is better read through engagement than through total spend The exact kind of recommendation mistake that destroys customer trust, and how layered product data prevents it Jake Cohen's 30/60/90 day plan for building AI context that compounds over time Key takeaways As every brand uses the same AI tools, the real differentiator becomes stored context, meaning written detail about the brand, the customer, and the products, what Klaviyo calls "artifacts." The Bottle Club added one mandatory checkout question (gift, self-consumption, hosting, or trade), which corrected wrong assumptions about which products are gifts and showed that standard RFM and lifetime value metrics break down across different buyer types. Loyalty reads better through engagement across touchpoints than through money spent. The goal is asking the right questions instead of pushing a discount, then building context on each customer over time. Recommendations get dramatically stronger when product data (margin, weeks of cover, gift versus self-consumption, category nuance) is layered onto customer data. Recommend a Jack Daniels to a lifelong Jameson drinker and you have made, in Tim's own framing, the worst recommendation possible, one that costs more than the sale. Jake's plan: set up a service agent and build its skills first, then use Composer to explore your data and test ideas, then keep improving the skills as you learn, since the value compounds over time. Pull quotes "The word of the moment to me is actually context, and that context, if you can store it effectively and leverage it effectively, is the way that you can create a moat, because you can serve more people more personally, more memorably, which will create deeper relationships and, of course, more durable business over time." — Jake Cohen, VP of Insights, Klaviyo [2:08 to 3:04] "What starts to become very important in the world of AI post LLMs is that the most important thing a brand can do is show up for someone the way that they need when they need it." — Jake Cohen [9:09] "I genuinely think Klaviyo agent makes the most sense to be the agentic storefront, and that's not just me Klaviyo championing it. It's genuinely got the most context from multiple sources." — Tim Martin-Harvey, Head of Ecommerce, The Bottle Club [18:49 to 19:48] "The answer should not be, 'Great, here's 10% off, go buy one.' The answer should be, 'How long are you running? Do you have a color you're interested in? Do you have a race coming up?' As you start to collect that information, that helps build the context for that individual, and they become the type of customer that will stay with you for a lifetime." — Jake Cohen [10:26] Chapters 0:00 Cold open and introductions 4:45 Memory is the new moat, why context beats tools 8:00 The checkout question that rewrote The Bottle Club's customer data 9:15 Why RFM analysis breaks down across buyer types 10:40 Showing up for the customer the way they need, when they need it 12:15 The running shoe example, questions over discounts 19:08 The whiskey mistake, the worst recommendation in retail 20:38 Why Klaviyo believes it can power the agentic storefront 21:18 Jake's plan for the next 90 days In-Show Mentions: The Bottle Club Learn more about Klaviyo's Composer Associated Links: Check out Future Commerce on YouTube Check out Future Commerce Plus for exclusive content and save on merch and print Subscribe to Insiders and The Senses to read more about what we are witnessing in the commerce world Listen to our other episodes of Future Commerce Have any questions or comments about the show? Let us know on futurecommerce.com, or reach out to us on Twitter, Facebook, Instagram, or LinkedIn. We love hearing from our listeners! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What happens to product leadership when anyone in the company can build? In this episode of Product Talk hosted by Digitalzone CPO Sonjoy Ganguly, Brainlabs CPO Adam Edwards will be speaking on how AI is eroding the technical moat and elevating judgment and scalability as the new competitive advantages for product leaders. He also shares how his team built a triad governance structure to democratize AI-building across a thousand-person ad agency without losing control of quality or client outcomes.

The boys are back with episode 72, where Rory Flynn and Drew Brucker attempt to discuss AI like serious adults. Yeah, that didn't work. They immediately detour into Figma Config, Waymo trust issues, Invisalign lisp watch, and the quiet horror of paying for AI models that may or may not be getting nerfed behind the curtain.This one gets into the big question creative teams keep circling: is taste still a moat in the AI era? Drew and Rory break down why “taste as a moat” is getting shakier, what types of taste are actually durable, and why timing, novelty, cultural awareness, editorial judgment, brand systems, and compounding context may matter more than ever.They also dig into Claude Fable, government access to stronger AI models, the widening gap between public and private model capability, Figma's new AI workflows, Weavy integration, Adobe Firefly Foundry, Disney's custom AI model deal, and Midjourney's V8.2 preview, texture upgrades, editing roadmap, and secret search tricks.---⏱️ Fast Hour00:00 The boys are back00:11 Rory recaps Figma Config03:13 Rory tries Waymo for the first time08:52 The algorithm ding09:59 Invisalign enters the chat10:41 Claude Fable returns nerfed13:32 AI regulation gets messy18:44 AI tools and IP risk22:33 Taste as a moat gets challenged25:02 Breaking down types of taste27:40 Timing, novelty, and AI trends29:53 Trend cycles hit warp speed31:12 AI slop can damage brands34:45 Vintage aesthetics and timing38:37 Taste needs systems now40:14 Evolving visual taste43:19 South Park and imperfect taste45:55 Figma updates and custom tools52:39 Shaders, motion, and Weavy56:01 Retention beats acquisition01:00:59 Adobe Firefly Foundry01:02:25 Disney enters custom AI models01:03:34 The custom model problem01:07:09 Midjourney preview mode01:08:18 Midjourney V8.2 texture and skin detail01:16:13 Midjourney V9 training and web redesign01:16:43 Midjourney editing roadmap01:21:34 Secret search tip01:23:03 Broken toes and podcast lore01:25:14 Listener shoutouts01:27:13 Subscribe, hype, tell a mechanic#FastHours #ArtificialIntelligence #AI #AICreative #GenerativeAI #AIArt #Midjourney #ClaudeAI #AdobeFirefly #Figma #Weavy #AITools #BrandStrategy #CreativeAI #AIWorkflow

In July 2010, the North East of England became the focus of one of the largest and most extraordinary police manhunts in modern British history. What began with a violent attack linked to the breakdown of a relationship quickly escalated into a nationwide search involving armed officers, helicopters, police dogs and roadblocks, as an armed fugitive evaded capture for almost a week. Millions followed the unfolding events live on television, with each new development leaving communities across Northumberland and Tyne and Wear wondering where he would strike next.At the centre of the case was 37-year-old Raoul Moat, a former nightclub doorman and tree surgeon from Newcastle upon Tyne. In this episode of British Murders with Stuart Blues, we examine the events that led to the 2010 Raoul Moat manhunt, exploring his troubled upbringing, his abusive relationship with Samantha Stobbart, and the chain of decisions that culminated in one of the UK's most infamous criminal investigations. Along the way, we remember the innocent people whose lives were forever changed, including Chris Brown and PC David Rathband.We also look at the unprecedented police operation that unfolded across the North East, the role played by Moat's accomplices Karl Ness and Qhuram Awan, the bizarre appearance of Paul Gascoigne during the final siege, the public reaction that followed, and the lasting legacy of a case that continues to be discussed more than a decade later. Rather than focusing solely on the man at the centre of the headlines, this episode remembers the victims, examines the wider impact of domestic abuse, and reflects on how a story that is often reduced to internet memes left real families carrying unimaginable loss.Exclusive content:Patreon - Ad Free, Early Access, Exclusive EpisodesFollow the show:British Murders with Stuart BluesDisclaimer:The case discussed in this podcast episode is real and represents the worst day in many people's lives. I aim to cover such stories with a victim-focused approach, using information from publicly available sources. While I strive for accuracy, some details may vary depending on the sources used. Due to the nature of the content, listener discretion is advised. Thank you for your understanding and support. Hosted on Acast. See acast.com/privacy for more information.

On this special solo episode, Jeff Mains sets a new agenda for the founder-led audience: futureproofing your company in an AI-driven, fast-changing landscape. This episode dives deep on why traditional business moats—complex code bases, gorgeous interfaces, and integrations—no longer hold up, and what unbreakable moats have emerged: Data, Trust, and Gravity.With frameworks straight from the fire and battle-tested pricing guidance, Jeff Mains shows how to build a company that outlasts market shifts—one that doesn't just survive, but leads. Packed with practical tools and candid stories, this episode is founder intelligence you can actually use.Key Takeaways07:52 Explaining outdated software protections10:11 AI agents and API focus19:49 Community loyalty and cultural moat21:57 Assessing customer reliance and trust31:04 Usage-based billing challenges33:13 Importance of Sales Strategy Adjustment40:33 Discussing pricing strategy questions47:29 Helping Customers Achieve Their Goals50:04 Evaluating customer impact without the company53:29 Letting go and gaining controlTweetable QuotesViral Topic: "Could Your Biggest Customer Rebuild You?": If the smartest team inside, your biggest customer, armed with Claude retool, maybe lovable and and a week of uninterrupted time, decided to rebuild your product or replicate your service, what would they realize? They don't have that you do. — Jeff Mains Slowing Down to Accelerate: "She also had something really counterintuitive to say about when slowing down is actually the most aggressive move you can make, that episode is worth your time as well." — Jeff Mains AI Will Make Beautiful Dashboards Obsolete: "your beautiful interface is invisible functionality, invisible. All that matters is whether your API can do the thing. Your gorgeous dashboard is wallpaper that a machine never looks at." — Jeff Mains Viral Topic: The Power of Community Ecosystems: "When you have a community, your customers aren't just using your product, they're embedded in an ecosystem." — Jeff Mains The Power of Cultural Moats: "That's not a product moat, that is a cultural moat." — Jeff Mains The Chaos of Usage-Based Pricing: "For a lot of SaaS or service companies, jumping straight to usage base without some sort of bridge can be a chaos generator. And chaos, that ain't good, especially when it comes to money." — Jeff Mains Pricing Time Bomb: "If it's the second one, then you're sitting on a pricing time bomb and that's got to be something. Defuse it before, before it's too late." — Jeff Mains SaaS Leadership LessonsDon't Confuse Activity for DefensibilityIf your moat is complex code or UI, you're exposed. Invest in what gets stronger as AI accelerates.Ask What Would Be Gone If You DisappearedIf the only answer is “inconvenience,” you're a vendor, not a partner.Build Moats That CompoundData gets better over time, trust deepens with high-stakes moments, gravity multiplies as processes and identity grow.Own the Transition to Outcome-Focused PricingPer-seat/effort-based pricing punishes efficiency. Build a bridge to usage and outcome models—don't force it overnight.Evolve Faster Than the MarketYour team's learning speed and your own growth determine survivability, not your initial playbook.Recurring Relevance Is the Real MetricAre you needed, or just hard to replace? Build relationships and deliver business outcomes that outpace any AI copycat.Guest Resourceshttps://www.facebook.com/jeffkmains/https://www.linkedin.com/in/jeffkmains/https://x.com/jeffkmainshttps://www.youtube.com/@championleadershiphttps://jeffmains.com/books/https://drive.google.com/file/d/1CPrpxILI2vi_YYJMdv5cwYo-bMlauaLH/view?usp=sharing Episode SponsorThe Futureproof Series - https://www.youtube.com/playlist?list=PLfkXKUPZ5xuOqMPR7_gzGybncTtavyR1NThe Captain's KeysSmall Fish, Big Pond – https://smallfishbigpond.com/ Use the promo code ‘SaaSFuel'Champion Leadership Group – https://championleadership.com/SaaS Fuel ResourcesWebsite - https://championleadership.com/Jeff Mains on LinkedIn - https://www.linkedin.com/in/jeffkmains/Twitter - https://twitter.com/jeffkmainsFacebook - https://www.facebook.com/thesaasguy/Instagram - https://instagram.com/jeffkmains

Kyle Grieve and Shawn O'Malley analyze American Tower, the global cell tower business that powers the wireless networks we rely on every day. They unpack how leasing tower space to carriers creates durable recurring revenue, why its stacked competitive advantages form one of the widest moats in the market, and how a steadily growing debt load complicates the picture. IN THIS EPISODE YOU'LL LEARN: (00:00:00) Intro (00:00:44) How American Tower powers the wireless networks we use (00:05:52) How AMT creates recurring revenue (00:07:04) Why adding additional tenants dramatically boosts profits per tower (00:12:56) The three moats protecting American Tower from competitors (00:30:22) Why the REIT structure forces heavy reliance on debt (00:36:56) What American Tower's capital allocation reveals about management (00:38:36) Whether the data center deal was worth it (00:52:19) How carrier consolidation threatens even the widest moats (00:56:22) Why a wonderful business isn't always a wonderful investment (01:06:48) Intrinsic value of AMT (01:09:04) Whether Kyle and Shawn will add AMT to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Track ⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠. Brad Jacob's first book, ⁠⁠How to Make A Few Billion Dollars⁠⁠. Brad Jacob's follow-up book, ⁠⁠How to Make A Few More Billion Dollars⁠⁠. Listen to Brad Jacob's ⁠⁠interview with David Senra⁠⁠. Follow Kyle on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow Shawn on ⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠. Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses through ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Investor's Podcast Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠: ⁠⁠⁠⁠Fiscal.AI⁠⁠⁠⁠ References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor's Podcast Network is not responsible for any claims made by them. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Burden Today or a Moat for Tomorrow.On the Avory Around the Desk podcast, Sean Emory of Avory & Company discusses why Meta may be misunderstood despite being the cheapest of the Mag 7, the second-fastest grower behind Nvidia, and having the highest gross margins in the group. He frames the key debate around whether Meta's aggressive AI and infrastructure CapEx is a near-term free cash flow burden or a long-term competitive moat, arguing AI is directly strengthening Meta's core ad business through better recommendations, engagement, and advertiser ROI. Sean highlights Zuckerberg's capital-allocation track record, Meta's distribution advantage across 3.56B users, and under-monetized assets like WhatsApp, Threads, and Meta AI. He outlines what to watch next, including signals of CapEx plateauing, revenue momentum, monetization progress, and risks such as a potential equity raise.00:00 Meta Debate Setup02:19 Six Questions Roadmap03:11 Quick Disclaimer03:41 Dont Bet Against Zuck05:38 What Market Misses10:00 Why Track Record Matters14:03 Distribution Flywheel16:54 CapEx Burden Or Moat22:53 Free Cash Flow Path24:36 What Were Watching27:12 Valuation Discipline28:01 Wrap Up And Next StepsHosted bySean EmoryFounder & Chief Investment OfficerAvory & Co.Websitewww.avory.xyzDisclaimerThis presentation is for informational purposes only and does not constitute an offer, recommendation, or solicitation to buy or sell any security. Past performance is not indicative of future results. All opinions expressed are as of the date of recording and are subject to change without notice. Any securities discussed may or may not remain in the portfolio. Please consult with a licensed financial advisor before making any investment decisions.© 2026 Avory & Co. All rights reserved.

Kyle Grieve and Shawn O'Malley analyze American Tower, the global cell tower business that powers the wireless networks we rely on every day. They unpack how leasing tower space to carriers creates durable recurring revenue, why its stacked competitive advantages form one of the widest moats in the market, and how a steadily growing debt load complicates the picture. IN THIS EPISODE YOU'LL LEARN: (00:00:00) Intro (00:01:51) How American Tower powers the wireless networks we use (00:06:21) How AMT creates recurring revenue (00:08:09) Why adding additional tenants dramatically boosts profits per tower (00:13:57) The three moats protecting American Tower from competitors (00:32:13) Why the REIT structure forces heavy reliance on debt (00:38:46) What American Tower's capital allocation reveals about management (00:40:22) Whether the data center deal was worth it (00:57:33) How carrier consolidation threatens even the widest moats (01:01:30) Why a wonderful business isn't always a wonderful investment (01:11:35) Intrinsic value of AMT (01:13:52) Whether Kyle and Shawn will add AMT to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Track ⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠. Brad Jacob's first book, ⁠How to Make A Few Billion Dollars⁠. Brad Jacob's follow-up book, ⁠How to Make A Few More Billion Dollars⁠. Listen to Brad Jacob's ⁠interview with David Senra⁠. Follow Kyle on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow Shawn on ⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠. Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses through ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Investor's Podcast Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠sponsors⁠⁠⁠⁠: ⁠⁠Plus500⁠⁠ ⁠⁠Netsuite⁠⁠ ⁠⁠Vanta⁠⁠ ⁠⁠Shopify⁠⁠ References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor's Podcast Network is not responsible for any claims made by them. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Everyone is racing to the same place chasing a limited set of buyers—how will your “AI for BI” product stand out? I've been seeing teams heavily invest in copilots, agents, semantic layers, governance frameworks, and increasingly sophisticated models, yet many still hear the same feedback from sales prospects: “We may just build this ourselves?" Or they don't hear it, but suspect the customer is doing just that.  Whether they actually can DIY the solution is the wrong question. The bigger question is *why they believe they can.* Your product may have a genuine competitive advantage, but your real challenge is that this advantage isn't obvious to buyers. The moat exists, but it is invisible. What makes this relevant is that many capabilities once considered differentiators are rapidly becoming normalized. AI copilots, agentic analytics, governed data, semantic layers, and broad integrations now appear across nearly every platform in the category. As AI accelerates development, sophisticated engineering alone becomes harder to defend as a lasting advantage. So what actually creates a durable moat if the engineering and product seems easy to copy? I explore four areas: proprietary data, trusted relationships, and products that accumulate institutional knowledge remain difficult to replicate. And finally, user experience itself as a strategy. As users increasingly access your intelligence through AI agents rather than dashboards, their experience may become the moat that competitors can't copy. Highlights / Skip to: AI for BI and analytics products is facing a race to commoditization (2:09) Common moats that everyone is using right now and why they fail (3:28) Proprietary data as a moat (9:29) Being embedded in your community as a moat (11:14) Compounding institutional knowledge as a moat (15:22) UX design asa moat even when there is little/no UI to see (18:36) Find the baseline for customer experience to build into later strategies (25:11) Actionable questions to ask your team to move forward on finding your competitive differentiation as a B2B analytics product (28:02)   Links CED: A UX Framework for Designing Analytics Tools That Drive Decision Making

In this episode of The Product Podcast by Product School, Carlos González de Villaumbrosia sits down with Jay Choi, Chief Executive Officer at Typeform. Typeform is the AI engagement platform trusted by more than 150,000 customers, including 95% of the Fortune 500. Before Typeform, Jay spent seven years as Chief Product Officer and General Manager at Qualtrics, where the company scaled from $100M to over $1B in ARR.What you'll learn:Breadth of surface area as a stronger AI moat than depth of use case, and why going broad is the right strategic bet right nowThe dual posture Typeform built: a defensive strategy to make their core product impossible to replicate, and an offensive strategy to expand into full customer workflowsResearch Flow, their new product that compresses 50 customer interviews from weeks into hours using AI-moderated researchBeing model-agnostic from day one, and what they learned when switching models without an observability platform in placeThe pricing experiment framework Jay uses: 30 simulations before a single market goes liveKey takeaways:When AI threatens to commoditize your core product, expanding surface area is a stronger defense than adding AI features to what you already havePositioning AI capabilities in plain language, not technical terminology, is the difference between adoption and abandonmentHappy churners are a product problem, not a marketing problem: the fix is finding structurally always-on use cases.Credits:Host: Carlos Gonzalez de VillaumbrosiaGuest: Jay ChoiSocial Links:Find out more about Product School hereFollow our Podcast on TikTok hereFollow Product School on LinkedIn here

"Qualcomm (QCOM) was an AI company before it was cool," says Olivier Blanchard, pointing to subtle ways the company has advanced its tech standing that markets missed. Now, he sees data center growth as the platform to Qualcomm's next leg higher. Olivier explains how the company fits with the transition of training AI models while maintaining its legacy automotive business. ======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Fresh out of the studio, Benedict Evans, independent technology analyst and author of AI Eats the World, returns to explore whether the AI model layer is becoming commodity infrastructure. Benedict argues there is no winner-takes-all effect in models yet, drawing parallels to telecoms, cloud, chips and the fiber bubble to ask where durable value actually accrues when everyone runs similar infrastructure on similar tokens. He unpacks why the chatbot remains a poor interface, introduces the "blank screen" and "jagged frontier" problems that keep software companies alive, and explains why large language models inherently give you "the average." Closing the conversation, Benedict reflects on the indicators that would show AI has truly eaten the world — and why the answer is better products, not better models."When you automate away work, you can always see the jobs that are going away because they're right there. And you don't know what the new jobs are going to be. Human needs are infinite. How many people are earning a living from making podcasts now? Imagine predicting that 10 years ago. There's a stage in the evolution of the market where like if you're still arguing about that, you're an idiot. But there's a stage at the beginning where you might have opinions about some of these questions, you're probably not even asking the right questions. That, I think, is where we are with this stuff today." — Benedict EvansEpisode Highlights: [00:00] Quote of the Day by Benedict Evans from AI Eats the World[01:16] The public market test: what are investors buying?[04:21] How far up the stack can models go?[05:30] Models can't build all the apps themselves[06:00] The thesis: models as commodity infrastructure[07:52] "All the value went up the stack"[08:24] Chips and Rock's Law: down to three players[11:23] The 1999 reseller story: one-time sales[13:28] The S-curve framing of technology[16:38] You're probably not asking the right questions on AI[18:02] "If this works, we're competing with a Mac"[20:25] Incumbents make it a feature[22:14] Big tech "killing startups" is overstated[24:39] Cowork as the new spreadsheet[26:01] The blank-screen and jagged-frontier problems[29:00] The hard part isn't writing the code[31:25] "What a good answer would probably look like"[33:38] The job displacement debate[37:38] Jevons paradox and the lump-of-labour fallacy[40:30] LLMs inherently give you the average[42:36] Why you really hire McKinsey[45:33] Punk versus prog rock: outside the training data[49:00] Automating ever-higher human functions[49:55] Why this is unanswerable: no theory of scaling[51:30] Indicators that AI has eaten the world[54:53] The solution isn't a better model[56:39] Where to find Benedict EvansProfile: Benedict Evans, Independent Technology AnalystLinkedIn: https://www.linkedin.com/in/benedictevans/Website: https://www.ben-evans.com/newsletterPodcast Information: Bernard Leong hosts and produces the show. The proper credits for the intro and end music are "Energetic Sports Drive." G. Thomas Craig mixed and edited the episode in both video and audio format.Here are the links to watch or listen to our podcast.Analyse Podcast Main Site: https://analysepodcast.comAnalyse Podcast Spotify: https://open.spotify.com/show/1kkRwzRZa4JCICr2vm0vGl Analyse Podcast Apple Podcasts: https://podcasts.apple.com/us/podcast/analyse-asia-with-bernard-leong/id914868245 Analyse Podcast LinkedIn: https://www.linkedin.com/company/analyse-podcast/Sign Up for Our This Week in Asia Newsletter: https://www.analysepodcast.com/#/portal/signup Subscribe Newsletter on LinkedIn https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7149559878934540288

Nikesh Arora is the Chairman and CEO of Palo Alto Networks, the global cybersecurity leader. Since taking over in 2018, he has transformed the company from an $18 billion market cap business into one worth more than $225BN with more than 21,000 employees globally. Previously, Nikesh was President and COO of SoftBank, where he worked alongside Masayoshi Son and helped shape the firm's technology investment strategy.  AGENDA: 00:00 Why AI Token Prices Will Fall 90% — And Why That's Bullish for AI 07:40 The Frontier Model Problem: Breadth vs Depth in AI 11:30 Most Enterprises Are Using AI Completely Wrong 13:10 Why AI Could Cut Marketing, HR & Finance Teams in Half 16:00 AI Applications Will Have Opinions — SaaS Never Did 20:00 OpenAI, Anthropic & The Most Important Valuation Question in Tech 24:00 The Real Business Model of AI: Transaction Revenue Beats Advertising 25:10 Why Token Prices Must Collapse 28:20 Where Value Actually Accrues in AI: Models, Memory or Apps? 29:00 Why Memory Becomes the Biggest Moat in AI 32:00 Why Every Enterprise Should Be Scared Right Now 33:15 Should Governments Regulate Frontier AI Models? 37:10 Why Brian Armstrong's AI-First Playbook Doesn't Work Everywhere 40:00 The Biggest AI Mistake CEOs Are Making Today 42:00 How Nikesh Creates Darwinian Competition Inside Palo Alto 43:00 Do AI Companies Really Need Forward-Deployed Engineers? 45:00 Why Enterprise AI Products Still Aren't Ready 52:00 Systems of Record vs Systems of Intelligence: The Future of Software 54:00 Why AI Applications Will Replace Traditional SaaS Workflows 58:00 What Nikesh Learned From Google That Still Matters Today 1:04:00 From $200 and Two Suitcases to Running a $225B Company 1:10:00 Happiness, Gratitude and Why Tomorrow Matters More Than Ten Years From Now    

This week, Ben Jones and Karl Floersch join the show to discuss what happened to the L2s. We take a deep dive into Optimism's new strategy for 2026, the current state of Ethereum, why companies need to launch a chain, having a token, and more. Enjoy! -- Follow Karl: https://x.com/karl_dot_tech Follow Ben: https://x.com/ben_chain Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://x.com/theempirepod -- Robots will soon outnumber humans onchain. peaqOS turns them into a new trusted liquid asset class, with yield tied to real-world workloads. It gives robots all they need to do business on any chain — and lets humans earn from automation. Explore the Machine Economy: https://peaq.xyz -- Timestamps: (00:00) Introduction (03:43) What L2s Got Right vs Wrong (12:46) peaq Ad (13:42) Optimism's Strategy in 2026 (32:36) What's Optimism's Moat? (40:02) Who Needs To Build a Chain? (51:20) The Current State of Ethereum (59:39) Launching a Token (01:03:10) What Defines Success in Crypto? -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, Rob and our guests may hold positions in the companies, funds, or projects discussed.

What happens when the cost of building software trends toward zero? When anyone can ship anything at any time, code stops being the competitive advantage. In this episode of the CPO Rising series, hosted by CentralSquare Technologies CPO Denise Hemke, Vercel CPO Tom Occhino speaks on what the moat actually looks like in an AI native world, why he shifted from roadmap curator to market interpreter and narrative builder, and what it took to build a culture where reliability and innovation do not fight each other but feed each other. From inventing Facebook mentions to creating React to scaling Vercel's self-driving infrastructure, Tom brings a rare engineering-first perspective on what product leadership is becoming.

Products can be copied. Service is much harder to steal. In this episode of The Level Up Podcast, Paul Alex breaks down why customer experience is one of the strongest moats a business can build. Let's be real… A competitor can copy your offer. They can copy your pricing. They can copy your software. They can even copy your marketing. But they cannot easily copy the way your company makes clients feel. In this episode, you'll learn: Why product features alone are not enough to protect your business How poor client experience destroys retention Why onboarding and fulfillment are where loyalty is built How elite service turns clients into referrals, defenders, and long-term believers The truth is simple: Your moat is not just what you sell. It is how you serve. If clients feel abandoned after they pay… They will leave the second another shiny offer appears. But if they feel supported… Heard… Protected… And genuinely taken care of… They will stay. They will refer. They will defend your brand. High-level operators do not just chase new leads. They pour into the clients they already have. They communicate fast. They solve problems quickly. They create trust through every interaction. Because elite fulfillment is the ultimate retention tool. Out care the competition. Serve at the highest level. Build the moat. And keep leveling up. Your Network is your NETWORTH! Make sure to add me on all SOCIAL MEDIA PLATFORMS: Instagram: https://jo.my/paulalex2024Facebook: https://jo.my/fbpaulalex2024YouTube: https://www.youtube.com/channel/UCGhDAD1JyGGzSQUPD9lc9HQLinkedIn: https://jo.my/inpaulalex2024 Looking for a secondary source of income or want to become an entrepreneur? Check out one of my companies below to see if we can help you: www.CashSwipe.com FREE Copy of my book “Blue to Digital Gold - The New American Dream”www.officialPaulAlex.com Learn more about your ad choices. Visit megaphone.fm/adchoices

00:00 Welcome to Boys Club Live 00:34 Williamsburg Cold Open 01:14 Pride and Internet Bits 05:03 NoDi Micro Neighborhoods 07:06 Why NoDi Went Viral 12:01 Commit to the Bit 13:32 Timothée Chalamet Kalshi Ad 21:02 Neighbor Noise and Sports Vibes 23:52 Is Basketball Scripted 27:18 World Cup Tourist Freddy 31:09 America Middle Class Envy 32:08 NYC Grass Is Greener 32:30 Freddy Goes Viral 35:27 Do You Bet 37:24 Nick Devor (Barrons) 38:06 Kalshi Chalamet Ad 40:06 Sportsbooks Plateau 44:55 CFTC Draft Rules 48:15 World Cup Betting Boom 52:21 Polymarket US Volume 54:58 Sports Shift And Partnerships 57:42 Sportsbook Vs Event Contracts 01:01:07 Five Year Outlook 01:02:52 Kalshi vs Polymarket 01:03:53 Do Fees Matter 01:05:34 World Cup Betting Economics 01:07:30 Guest Swap and Research 01:08:07 David Rosenberg (Notion) 01:09:41 Career Bets Explained 01:13:38 Founder Psyop Debate 01:16:07 Fun Is the Moat 01:18:01 Notion as AI Company 01:20:57 Founder Advice in AI 01:26:01 Model Drops at Notion 01:29:06 Emrata Essay Discourse 01:35:32 Wrap and Thanks

Steve Cox, CEO of Clari + Salesloft, joins Sam Jacobs and Asad Zaman to argue that SaaS is far from dead. Steve took the CEO role in December 2025 to merge two of the biggest brands in go-to-market tech into what he calls the world's first predictive revenue system. Topics include the narrative war pushing investors to bet against SaaS-era companies, his one non-negotiable hiring trait, and how to merge two former rivals without one culture eating the other. Plus, a Quiz Pro Quo on go-to-market headcount across US tech and a Bulls and Bears round to close. Key Takeaways: - The AI-native startup boom is already hitting a retention wall, and Steve is watching it arrive deal by deal. As Steve Cox, CEO of Clari plus Salesloft, put it: "the amount of AI native companies that come across my desk now that... are up for sale, you know, they've run out of funding... they grew to 2, 3, 4 million of ARR pretty quickly and then struggled with retention." His read is that everyone knows AI exists now, so driving real adoption "has become more important than ever." - Steve reframes the AI hype cycle as the next layer of infrastructure the industry will absorb, the way it absorbed cloud and big data. As he points out, "how many of us are gonna be talking about AI 3 years from now, 4 years from now?... when was the last time someone mentioned the cloud or Internet of Things or big data?" He expects AI to "layer into everything that we do," which is why he is embedding it into existing revenue workflows rather than fundamentally rebranding the company around it. - The one non-negotiable trait Steve screens for in every executive hire is low ego, because he believes "high ego kills innovation and kills speed." He pairs that with blunt clarity for a merged workforce, telling his first all-hands "It's okay to not to want to be here," so the people who do not buy into the combined company can find the exit fast instead of dragging it down. - Sam Jacobs, CEO of Pavilion, argues a profitable SaaS business with strong retention should ignore where the market trades today. "In the short term, markets are voting machines. In the long term, markets are weighing machines," he said, adding that if you are profitable with good retention, "your customers are voting for you on behalf of the market." The job, in his framing, is to be right long enough that you never have to tap the capital markets at the wrong moment. Connect with the Hosts & Guests: Host: Sam Jacobs, CEO at Pavilion - https://www.linkedin.com/in/samfjacobs/ Host: Asad Zaman, CEO at Sales Talent Agency - https://www.linkedin.com/in/azaman1/ Guest: Steve Cox, CEO at Clari + Salesloft - https://www.linkedin.com/in/steve-cox-588a2024/ Topline is more than a YouTube Channel: Subscribe to Topline Newsletter: https://toplinemedia.substack.com/ Tune into Topline Podcast, the #1 podcast for founders, operators, and investors in B2B tech: https://www.joinpavilion.com/topline-podcast Join the free Topline Slack channel to connect with 600+ revenue leaders to keep the conversation going beyond the podcast: https://www.joinpavilion.com/topline-slack Chapters: 00:00 Introducing Steve Cox 02:07 From Bananas to Enterprise Tech 03:05 Can SaaS Beat AI Startups? 04:33 AI Hype and the 95% Problem 06:57 The CEO Integration Playbook 10:27 Hiring for Low Ego 15:30 AI Startups Landing on His Desk 21:10 The SaaS vs AI Narrative War 26:23 Is Patience a Moat? 33:43 The Predictive Revenue System 38:21 Quiz Pro Quo 44:10 Merging Two Rivals 49:40 Culture After a Merger 59:03 Founder Mode vs Operators 1:02:48 Bulls and Bears

Building a Moat Into a Startup Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Startups in the early days have little to protect the business beyond intellectual property. As the company grows, the startup can build a stronger moat. Here are some key steps for building a moat into a startup: Network effects -- grow the network within your customer base to strengthen the business. Design the product and the marketing to connect others to the customer base. Platforms -- design a platform into the solution offered. A platform brings reduced cost and greater capabilities versus one-off products. Integrate with partners -- use APIs and other technical connections to create a seamless solution for customers. Integrations add value and are difficult to compete against. Bundle products -- package several services into a single product. Through bundling, one creates a better solution that appeals to a broader audience. Long-term sales contracts -- signing long-term contracts provides a moat. Customers who want to switch will find it costly, and competitors will get tired of waiting for the customer to come back to the table. Proprietary data -- data that is unique to the business adds value. Unique data can be mined for additional products and services. Brand -- build a brand that provides a unique promise to the customer. Brands take time to build but can provide an additional moat for the company. Consider these steps in building a moat into your startup. Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let's go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: http://investorconnect.org Check out our other podcasts here: https://investorconnect.org/ For Investors check out: https://tencapital.group/investor-landing/ For Startups check out: https://tencapital.group/company-landing/ For eGuides check out: https://tencapital.group/education/ For upcoming Events, check out https://tencapital.group/events/ For Feedback please contact info@tencapital.group Please follow, share, and leave a review. Music courtesy of Bensound.

What happens when you strip away decades of engineering abstractions and let AI navigate the wild west between your initial intent and the final outcome? This week on Dev Interrupted, Anush Elangovan, VP of AI Software at AMD, returns to unpack the rapid shift toward an agentic software development lifecycle. Anush introduces the concept of "Agentic IO," a workflow where engineers focus strictly on high-level goals while AI handles the complex implementation. The conversation also highlights the expanding productivity wingspan of modern developers, the power of local open source models, and why speed remains the ultimate competitive moat. Learn why: LinearB is a Leader in the 2026 Gartner® Magic Quadrant™ for Developer Productivity Insight PlatformsFollow the show:Subscribe to our Substack Follow us on LinkedInSubscribe to our YouTube ChannelLeave us a ReviewFollow the hosts:Follow AndrewFollow BenFollow DanFollow today's guest:AMD ROCm: Learn more about AMD's open-source software stack for AI at rocm.docs.amd.com and on GitHub.AMD Advancing AI 2026: Register for AMD's flagship global AI event taking place July 22-23 in San Francisco at amd.com/advancing-ai.Follow Anush on LinkedIn: Anush Elangovan | AMD blogOFFERSStart Free Trial: Get started with LinearB's AI productivity platform for free.Book a Demo: Learn how you can ship faster, improve DevEx, and lead with confidence in the AI era.LEARN ABOUT LINEARBAI Code Reviews: Automate reviews to catch bugs, security risks, and performance issues before they hit production.AI & Productivity Insights: Go beyond DORA with AI-powered recommendations and dashboards to measure and improve performance.AI-Powered Workflow Automations: Use AI-generated PR descriptions, smart routing, and other automations to reduce developer toil.MCP Server: Interact with your engineering data using natural language to build custom reports and get answers on the fly.

Drie-op-een-rij! Ook OpenAI heeft nu de papiertjes voor zijn beursgang ingediend. Wat moet het bedrijf allemaal doen om beleggers het hof te maken de komende maanden? Het lijkt er op dat ChatGPT wordt omgekat om veel meer zakelijke abonnementen te kunnen gaan leveren. Met andere woorden: het heeft goed naar de concurrent gekeken! Kan het Anthropic nog de pas af snijden of is het gedoemd daar achteraan te hobbelen? En aan de overkant staat Apple: Siri krijgt haar zoveelste make-over, maar nog veel belangrijker is toch al die hardware die het aandeel de lucht in moet blijven helpen Dat, en... Europese Chip Act? De topman van ASML bijt terug 200 bedrijven verslaan de MSCI World Index dankzij AI-hausse BYD groeit nauwelijks in China en maar topvrouw ziet het zonnig in De nieuwe auto van Spyker! De beursgang van nóg een AI-bedrijf: Perplexity Te gast: Robbert Manders van het Antaurus Europe Fund. BNR Beurs is een journalistiek onafhankelijke productie, mede mogelijk gemaakt door Saxo. Over de makers: Jelle Maasbach is presentator van BNR Beurs en freelance financieel journalist. Zijn favoriete aandeel om over te praten is Disney, maar daar lijkt hij de enige in te zijn. Sinds de eerste uitzending van BNR Beurs is 'ie er bij. Maxim van Mil is presentator van BNR Beurs en journalist bij BNR, waar hij zich focust op de financiële markten en ontwikkelingen in de tech-wereld. Je krijgt hem het meest enthousiast als hij kan praten over ASML, of oer-Hollandse bedrijven zoals Ahold of ABN Amro. Jorik Simonides is presentator van BNR Beurs, economieredacteur en verslaggever bij BNR. Hij wordt er vooral blij van als het een keer níet over AI gaat. Je hoort hem ook in de BNR-podcast Moerdijk: dorp van de rekening. Milou Brand is presentator van BNR Beurs, freelance podcastmaker en columnist bij het Financieele Dagblad. Jochem Visser is presentator van BNR Beurs, maakt Beursnerd XL en is redacteur bij de podcast Onder Curatoren. Vraag hem naar obscure zaken op financiële markten en hij vertelt je waarom het eigenlijk nóg leuker is dan je al dacht. Over de podcast: Met BNR Beurs ga je altijd voorbereid de nieuwe beursdag in. We praten je in een kleine 25 minuten bij over alle laatste ontwikkelingen op de handelsvloer. We blijven niet alleen bij de AEX of Wall Street, maar vertellen je ook waar nog meer kansen liggen. En we houden het niet bij de cijfers, maar zoeken ook iedere dag voor je naar duiding van scherpe gasten en experts. Of je nu een ervaren belegger bent of net begint met je eerste stappen op de beurs, de podcast biedt waardevolle inzichten voor je beleggingsstrategie. Door de focus op zowel de korte termijn als de lange termijn, helpt BNR Beurs luisteraars om de ruis van de markt te scheiden van de essentie. Van Musk tot Microsoft en van Ahold tot ASML. Wij vertellen je wat beleggers bezighoudt, wie de markten in beweging zet en wat dat betekent voor jouw beleggingsportefeuille.See omnystudio.com/listener for privacy information.

Founder and self-described "agentic power broker" Charles Cormier on why human relationships are the one moat AGI can't cross, how to use a podcast as your B2B funnel, and why comfort is death.

#youtube #chatgpt #supergrok #podcastWelcome back to So Lead Saturday. I'm Chibi version of Vaishali Lambe, and today we are talking about The New A I Career Moat.The core idea for today is simple: Your moat is translation: turning technical complexity into business clarity.This topic matters because A I is no longer something that sits only inside research labs or innovation teams. It is now entering everyday workflows, business decisions, product roadmaps, leadership conversations, and career planning. But with that growth comes a lot of confusion. We hear big words, exciting demos, and bold predictions. Yet in the real world, success with A I usually comes down to something much more practical: clarity, workflow design, trust, and measurable value.Let's start with what people often misunderstand.When a new A I trend becomes popular, many people immediately focus on the tool. They ask: Which model should I use? Which platform is best? Which app is trending right now? Those questions are useful, but they are not the starting point. The better starting point is: what problem are we solving, who is affected, what decision needs to improve, and what workflow needs to become easier?That difference matters.A tool-first approach creates scattered experiments. A workflow-first approach creates business value.Until we meet, happy leading, and let's lead together. Stay safe. Bye for now.

PHP Podcast – June 4, 2026 Hosts: Eric Van Johnson & John Congdon Another fun episode of the PHP Podcast! Here’s what we covered: PHP Tek 2027 — New Dates, Bold New Format Mark your calendars: PHP Tek 2027 is happening April 27–29 in Chicago, and Eric and John are shaking things up. Rather than a straight three-day PHP conference, next year gets three tracks — two of which are familiar PHP-focused content, and a third specialty track that rotates each day: one day of JavaScript, one day of DevOps, and one day of Laravel. The Laravel track is specifically focused on how developers actually use the framework day-to-day, not a product pitch. Single-day passes will be available, so if you’re only coming for the DevOps or JS day, you’re covered. One important heads-up: there’s a big convention happening at a venue nearby in Rosemont, so the hotel block could sell out faster than usual. When they open reservations, don’t wait. Holly the Elephant Is Going Fast The PHP Architect conference elephant, named Holly, is now available at store.phparch.com, and demand has been remarkable. Eric woke up one morning to a flood of orders and genuinely couldn’t figure out what happened. The warning from last year applies here: people said they’d grab Tony later, and now Tony is gone forever. Holly ships June 17th for most orders, but if you’ve already ordered, it’s likely on its way. Get yours while you can. PHP Tek TV Is Doing Something Different This Year In past years, conference talk videos would get edited and uploaded weeks (or months) after the event. This year, John is doing things differently: the raw, unedited recordings are going up now, with timestamps in the description so you can jump straight to specific talks — some rooms recorded a seven-hour continuous feed and just left it running. The clean edited versions are still coming (a video editor friend in the UK is on it), but if you want to see a talk right now, the raw version is there. Audio quality varies by room, but it’s watchable. Immich — A Self-Hosted Google Photos That Actually Works John has been running Immich, a self-hosted photo management platform, in a Docker container for about a month and loves it. It does facial recognition, GPS tagging, and auto-uploads from his phone — essentially everything he cares about in Google Photos, without handing his photos to Google or Apple. He’s now planning to use it as the PHP Architect conference photo library, centralizing all the Tech photos in one browsable, shareable place. It’s fully open source, with no licensing cost, and an optional donation tier. If you’re sick of paying ever-increasing storage bills to big tech companies, this is worth a look. Ben Ramsey’s PHP Tek Homecoming Article Is Free to Read The May issue of PHP Architect magazine is now available to digital subscribers, and this month’s free article is Ben Ramsey’s piece on the PHP Tek homecoming experience. Eric reached out to Ben last minute and he delivered. If you’ve never subscribed, this is a low-barrier way to see what the magazine is like. Head to phparch.com, grab the free article, and if you like what you see, subscriptions are not expensive. John Is Resurrecting a Legacy Laravel App — With Claude’s Help John has been grinding away on a Laravel 6 app that was a passion project years ago and has now been revived as an actual client project. Using Claude to methodically baby-step through each version upgrade — starting with writing tests to establish a baseline — he’s worked up through the major Laravel versions. The turning point came when he hit the version where the old event sourcing package (Prooph) was clearly on its way out, and the decision was made to migrate to Verbs, Nuno Maduro’s Laravel-native event sourcing package. John’s now looking forward to it. He’s also accidentally been burning tokens on the company Anthropic account (not his personal account), which Eric caught live on air. They are going to talk about it after the show. Eric’s Mystery Side Project Is Almost Ready — If DNS Would Cooperate Eric teased a new side project last week and intended to reveal it this week, but he’s stuck waiting on DNS propagation. The domain was registered with DigitalOcean DNS already in use by a previous owner, so Eric moved it to Cloudflare — only to discover there may be a conflict because the previous owner was also on Cloudflare. The result: the name servers are stuck on old values. John’s live suggestion was to move it to Route 53, and Eric was immediately sold. The project is almost ready to show the world, DNS gods willing. Meta’s AI Support Bot Got Socially Engineered Eric shared a video demonstrating how someone prompt-injected Meta’s AI customer support bot into sending a verification code to an attacker-controlled email address — and then using that code to add the email to an account, enabling a full password reset and account takeover. The irony: Meta is the company behind Llama and has some of the deepest AI expertise on the planet, and they still shipped a support bot with permissions it shouldn’t have. Eric’s point was pointed: you can fire a human employee who gets social engineered, which creates accountability throughout the team. An AI has no such incentive structure. Crowbarring AI into account-modification workflows without appropriate guardrails is just asking for this. The PHP Foundation Now Publishes Board Meeting Minutes Eric discovered that the PHP Foundation has started publishing their board meeting minutes in a public GitHub repository. Nothing earth-shattering yet, but seeing who attended, what was discussed, and what decisions are being made gives the community a real window into how the foundation operates at scale. It also helps explain something Eric and John have always found interesting: why PHP stalled so hard between versions 5 and 7. There was no foundation, no financial backing, just volunteer hours. Now there’s a paid staff and governance structure — and the minutes show exactly how complex running something at PHP’s scale actually is. The PHP Foundation Has a Dedicated Security Team Now Speaking of the Foundation, it now has a dedicated security team — a sign of how seriously the supply chain attack problem has gotten. AI tools are being deployed by black hat actors to find vulnerabilities in open source projects at a scale that wasn’t possible before. PHP is not just another open source project; it underpins a massive slice of the web, and companies depend on it staying secure. Having a team specifically focused on this is the right call, even if it’s a sobering reminder of where the threat landscape is heading. Moat — Nuno’s GitHub Security Auditing Tool Nuno Maduro (of Laravel fame) quietly shipped a tool called Moat that audits your GitHub presence for security gaps. Install it globally via Brew or Composer, point it at your GitHub org, a specific repo, or even a specific branch, and it gives you a report on where your security posture could be improved. It’s read-only — it won’t change anything — and it’s explicit that it is not a security certification. Eric wants to use it to audit the PHP Architect organization’s repos, many of which haven’t been touched in years. Think of it as a fast, opinionated triage tool, not a replacement for a real security audit. Links from the show: PHP Tek 2027 — Chicago, April 27–29 PHP Architect Store — Holly the Elephant Immich — Self-Hosted Photo Management PHP Architect Magazine Verbs — Laravel Event Sourcing by Thunk Moat — GitHub Security Auditing by Nuno Maduro PHP Foundation on GitHub PHP Architect Discord Host: Eric Van Johnson X: @shocm Mastodon: @eric@phparch.social Bluesky: @ericvanjohnson.bsky.social PHPArch.me: @eric John Congdon X: @johncongdon Mastodon: @john@phparch.social Bluesky: @johncongdon.bsky.social PHPArch.me: @john Streams: Youtube Channel Twitch Connect & Hire PHP Architect Website Twitter/X Mastodon Hire PHP Developers Looking to hire PHP developers? Email support@phparch.com – Joe and the team are available for consulting, infrastructure work, Ansible playbooks, and code review. Partner This podcast is made a little better thanks to our partners Displace Infrastructure Management, Simplified Automate Kubernetes deployments across any cloud provider or bare metal with a single command. Deploy, manage, and scale your infrastructure with ease. https://displace.tech/ PHPScore Put Your Technical Debt on Autopay with PHPScore CodeRabbit Cut code review time & bugs in half instantly with CodeRabbit. Music Provided by Epidemic Sound https://www.epidemicsound.com/ Join Us Live Next Week Youtube Channel Got feedback? Join us on Discord at discord.phparch.com The post The PHP Podcast 2026.06.04 appeared first on PHP Architect.

Steven Leibel believes the best settlements happen before trial — because the defense already knows you're willing to go. In this episode, Steven breaks down why authentic community relationships still outperform flashy marketing, how trial readiness increases case value, and why self-financing cases gives his firm more control when pursuing maximum outcomes. After more than four decades practicing law and securing over $800 million in verdicts and settlements, Steven shares the operational and courtroom mindset behind building a respected, trial-ready reputation. If you want a digital presence that reflects your true firm identity and captures high-value cases, head over to Rankings.io. On this episode, you'll learn: Why authentic community relationships outperform transactional marketing. The real economics behind expert witnesses, case building, and trial prep. How self-financing gives firms more leverage in high-value litigation. Why healthy internal disagreement leads to stronger courtroom outcomes. If you like what you hear, hit Subscribe. We do this every week. Buy tickets for PIMCON 2026: https://hubs.li/Q04bf9vT0 Subscribe to our newsletter:  newsletter.rankings.io Get Social! Personal Injury Mastermind (PIM) powered by Rankings.io is on Instagram | YouTube | TikTok

Join Angel Cisneros, Founder and CEO of Saptiva AI, for a deep dive into the structural mechanics of building tech ecosystems that endure. In 2007, two years before WhatsApp launched, Angel co-founded Quiubas Mobile, converting a lean, bootstrapped messaging social network into the dominant underlying telecommunications backbone for all of Latin America. WhatsApp itself became his first Silicon Valley client, relying completely on the layer he built. Now, following Quiubas' high-profile acquisition by Twilio, Angel is executing the exact same playbook for the artificial intelligence era. In this episode, we explore why raw silicon and generic LLM models are commodities, and why the ultimate moat belongs to the orchestration and control plane.

Sherwood Callaway is the founder of Sazabi (YC P26), the AI-native observability platform built for engineering teams who ship fast. He previously founded and exited a YC company — now he's back, betting that logs are all you need to replace Datadog.Logs Are All You Need: Rethinking Observability with AI Agents // MLOps Podcast #381 with Sherwood Callaway, the Founder of Sazabi

#youtube #chatgpt #supergrok #podcastWelcome back to So Lead Saturday. I'm Chibi version of Vaishali Lambe, and today we are talking about The New A I Career Moat.The core idea for today is simple: Your moat is translation: turning technical complexity into business clarity.This topic matters because A I is no longer something that sits only inside research labs or innovation teams. It is now entering everyday workflows, business decisions, product roadmaps, leadership conversations, and career planning. But with that growth comes a lot of confusion. We hear big words, exciting demos, and bold predictions. Yet in the real world, success with A I usually comes down to something much more practical: clarity, workflow design, trust, and measurable value.Let's start with what people often misunderstand.When a new A I trend becomes popular, many people immediately focus on the tool. They ask: Which model should I use? Which platform is best? Which app is trending right now? Those questions are useful, but they are not the starting point. The better starting point is: what problem are we solving, who is affected, what decision needs to improve, and what workflow needs to become easier?That difference matters.A tool-first approach creates scattered experiments. A workflow-first approach creates business value.Until we meet, happy leading, and let's lead together. Stay safe. Bye for now.

Nvidia was tot nu toe een van de sloomste chipaandelen van het jaar. Intel, AMD, Samsung, SK Hynix en zelfs ons eigen Besi fietsten de gifgroene chipreus lachend voorbij. Maar misschien is dat nu voorbij! Het bedrijf komt met een nieuwe superchip en dat betekent - naar eigen zeggen - een heel nieuw tijdperk voor computers. Het betekent in ieder geval flinke pijn voor beleggers in Qualcomm en Intel. Iets verderop zitten beleggers in Arm, Microsoft, ServiceNow en Hewlett Packard juist feest te vieren. We bespreken waarom. Verder doet de opvolger van Warren Buffett zijn eerste overname, in een totaal andere business: huizen bouwen in de VS. We bekijken waarom Berkshire opeens 6.8 miljard dollar in een sector plempt waar het kroonjuweel van Buffett al flinke belangen in heeft. Gast Erik Mauritz heeft het te doen met Greg Abel, die moeilijk in de voetsporen van het Orakel van Omaha kan treden. Maar toch ziet hij in Berkshire Hathaway een van de betere manieren om jezelf te beschermen tegen oververhitte AI-aandelen wereldwijd. Oh ja, en vlák voor uitzending diende Anthropic nog even de vertrouwelijke documenten in voor zijn beursgang. Nondeju! Verder in deze aflevering: SpaceX en vage cryptoconstructies, futurecontracten en andere dubieuze derivaatjes SoftBank steekt 75 miljard euro in grootste datacenterproject van Europa Wapengekletter: Czechoslovak Group aast nog steeds op een belang in KNDS, maar moet daarbij Franse en Duitse staat dulden CEO-loos Heineken Te gast: Erik Mauritz van Trade Republic. BNR Beurs is een journalistiek onafhankelijke productie, mede mogelijk gemaakt door Saxo. Over de makers: Jelle Maasbach is presentator van BNR Beurs en freelance financieel journalist. Zijn favoriete aandeel om over te praten is Disney, maar daar lijkt hij de enige in te zijn. Sinds de eerste uitzending van BNR Beurs is 'ie er bij. Maxim van Mil is presentator van BNR Beurs en journalist bij BNR, waar hij zich focust op de financiële markten en ontwikkelingen in de tech-wereld. Je krijgt hem het meest enthousiast als hij kan praten over ASML, of oer-Hollandse bedrijven zoals Ahold of ABN Amro. Jorik Simonides is presentator van BNR Beurs, economieredacteur en verslaggever bij BNR. Hij wordt er vooral blij van als het een keer níet over AI gaat. Milou Brand is presentator van BNR Beurs, freelance podcastmaker en columnist bij het Financieele Dagblad. Jochem Visser is presentator van BNR Beurs, maakt Beursnerd XL en is redacteur bij de podcast Onder Curatoren. Vraag hem naar obscure zaken op financiële markten en hij vertelt je waarom het eigenlijk nóg leuker is dan je al dacht. Over de podcast: Met BNR Beurs ga je altijd voorbereid de nieuwe beursdag in. We praten je in een kleine 25 minuten bij over alle laatste ontwikkelingen op de handelsvloer. We blijven niet alleen bij de AEX of Wall Street, maar vertellen je ook waar nog meer kansen liggen. En we houden het niet bij de cijfers, maar zoeken ook iedere dag voor je naar duiding van scherpe gasten en experts. Of je nu een ervaren belegger bent of net begint met je eerste stappen op de beurs, de podcast biedt waardevolle inzichten voor je beleggingsstrategie. Door de focus op zowel de korte termijn als de lange termijn, helpt BNR Beurs luisteraars om de ruis van de markt te scheiden van de essentie. Van Musk tot Microsoft en van Ahold tot ASML. Wij vertellen je wat beleggers bezighoudt, wie de markten in beweging zet en wat dat betekent voor jouw beleggingsportefeuille.See omnystudio.com/listener for privacy information.

Today, we are breaking down Toast, a name we have covered before but are revisiting because the story has changed enough to be worth telling again. Most listeners will have tapped a Toast terminal without thinking much about the business behind it.  Our guest is Sean Barrett, founder, managing partner, and chief investment officer of Counter Global, who holds Toast as one of his largest positions and walks us through how a restaurant point of sale company became the operating system that runs the restaurant. He argues that Toast is best understood as the operating system for the restaurant rather than a payments terminal with software attached, and that the business grows as fast and as profitably as it does because the company spent years building purpose-built hardware, a multi-tenant software platform, and a sales force on the ground before it moved into new markets across grocery, enterprise, hospitality, and international.  We also discuss why a business winning roughly half of new restaurant openings in the United States still trades at a multiple that looks closer to a mature company than a category killer. Please enjoy this Breakdown of Toast. For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠⁠⁠⁠⁠⁠ here.⁠⁠⁠⁠⁠⁠⁠ ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- This episode is brought to you by⁠⁠⁠⁠ ⁠Portrait Analytics⁠⁠⁠⁠⁠ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before. Sign-up for a free trial today at ⁠⁠⁠⁠⁠portraitresearch.com⁠⁠⁠⁠⁠ ----- Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps (00:00:00) Welcome to Business Breakdowns (00:03:19) Toast Business Overview & Financials (00:06:31) Recurring vs. Reoccurring Gross Profit (00:07:39) Nuance on Revenue Semantics (00:10:05) Transformation from 2020 to Today (00:11:51) Full Product Offering Overview (00:14:13) Revenue Model — Recurring vs. Transaction-Based (00:16:08) Net Take Rate (00:17:22) Software Side of Revenue (00:18:49) Hardware & SaaSpocalypse Connection (00:22:31) AI Offering & What They're Shipping (00:27:01) Impact of 8% Revenue Uplift for Restaurants (00:27:12) Competitive Landscape (00:32:44) Switching & Churn Dynamics (00:34:52) Competitive Advantage & Moat (00:37:43) Management Team & Culture (00:39:57) $10B Gross Profit TAM & Runway (00:44:01) Valuation Approach (00:45:53) Key Risks (00:48:32) Key Lessons

✨ Become a founding member to access my online courses, including Jurassic Worlding and How To Live In The Future✨ Browse and buy all of the books we discuss on the show at Bookshop.org✨ Stream and download my music at artist-owned Subvert.fm✨ Learn about Atlas Research Group, my new team on a mission to build sovereign infrastructure for social coherence and collective intelligenceAbout This EpisodeThis week's guest is C. Thi Nguyen (Website | Wikipedia | X), associate professor of philosophy at the University of Utah and a specialist in the philosophy of games, the philosophy of technology, and the theory of value. In our first conversation on Future Fossils, we explored his writing on games as an art form in which agency is the medium. His new book, The Score: How to Stop Playing Somebody Else's Game, takes that logic further and reveals the games that bind society together with institutional metrics — one of the most powerful, pervasive, and invisible technologies of all time.Thi's thesis hinges on the observation that a metric is never just a number. It's a value judgment dressed up in the costume of objectivity, a down-sampling of our richly multidimensional world into proxies that can travel efficiently between strangers. And with every subsequent compression of meaning into portable, scalable, decontextualized form, our metrics progressively displace place itself — the nuance of our singular, non-fungible lives — and define what we can even aspire to be.Thi calls this kind of cognitive enclosure “value capture”: when an institution uses metrics to coordinate across distance and difference, it engineers a context-invariant kernel that can travel between strangers without requiring shared background, history, or care. The power of these abstractions is real. So is their violence.We can use metrics instrumentally, holding them lightly as useful fictions. But more often than not we forget things like GPA, GDP, or KPIs started life as somebody else's choices — that someone, somewhere, decided what to count and what to ignore — and we begin to inhabit the metric as if it were reality itself: optimizing our lives, desires, and identities for a scoring system we didn't author and may never have consciously accepted.Games show us another way. By Thi's account, games are a medium for the transmission of different kinds of agency, a technology for practicing the very awareness that metrics erode: that metrics are cultural constructs, and we still have some choice in what to value. When you're playing, you know you're playing. The magic circle of the game space is a low-stakes laboratory for inhabiting a different set of values, and therefore different selves. Therein lies a whole philosophy of freedom, and in a moment when the infrastructure of meaning-making is being rebuilt from the ground up, recovering our capacity to see the game of modern life as a game may be the most important skill we have.But there's a twist that takes us beyond the scope of Thi's book and into the question that's been keeping me up at night for the last two years. With AI, we've tunneled so far into abstraction that we may have come out the other side. Large language models now allow us to translate between different perspectives, to ground insights from our aggregate intelligence in personal detail. If you've ever used a chatbot to explain physics to you as a specific human being, based on your own data vault, and in the style of a specific author, you know what I mean. Socrates' critique of written language in Phaedrus — that it couldn't “read the room” or know its audience — feels somewhat less relevant in an age when the generation of text is powered by systems with such a high-dimensional and granular view of things that we are no longer bound to one canonical version of anything. Is AI the apotheosis of our enclosure by institutional metrics, or is it the medium through which we are finally able to take a post-ironic stance on the constraints of modern life?It's starting to look like a world in which everything is a metric and everything is a game. And just maybe, that means we can renegotiate these tradeoffs…as long as we don't take ourselves too seriously.And with this, we circle back around to the core question of this project: As we approach the horizon where anything is possible, what should be? Who do you want to be, and what games will make you that person?Chapters00:00 Episode Teaser03:50 Intro Monologue09:11 Meet C. Thi Nguyen17:43 Value Capture Explained23:48 The Gap between Measured & Valued35:29 Recognition vs. Perception42:48 Games vs. Institutions46:43 Is Meaning Control an Interface Problem?49:09 How Rules Became Algorithms54:17 Fungibility & Monocropping56:38 Is Coordination at Scale a Red Herring?01:03:14 Art Provides Hope01:16:17 AI Futures & Values01:32:27 Thanks & AnnouncementsMentioned ResourcesAre humans destined to evolve into crabs? by Michael GarfieldCoarse-graining as a downward causation mechanism by Jessica FlackThe Computer as a Communication Device by J.C.R. Licklider and Robert TaylorPaul Smaldino & C. Thi Nguyen on Problems with Value Metrics & Governance at Scale (EPE 06) for Complexity PodcastThe natural selection of bad science by Paul Smaldino & Richard McElreathSlowed canonical progress in large fields of science by Johan Chu & James EvansJargon is a Moat by Second VoiceTrust in Numbers by Theodore PorterRules by Lorraine DastinSeeing Like A State by James C. ScottThe Power of Maps by Dennis WoodsDilla Time by Dan CharmasMetaphors We Live By by George Lakoff & Mark JohnsonMarshall McLuhanReiner KniziaLangdon WinnerSamantha MatherneIain McGilchristKevin Kelly

Jake Stauch is the co-founder and CEO of Serval, the AI-native enterprise service management platform. Serval was founded in 2024 and has already raised over $125M across rounds led by Redpoint and Sequoia at a $1B+ valuation. Before Serval, Jake spent five years on the product team at Verkada and earlier founded NeuroPlus, a brain-sensing hardware company that made video games for kids with ADHD.In this episode of Summation, Jake and Auren discuss:Why Anthropic has added more ARR in the past few months than ServiceNow has in the past 20 yearsThe "forward deployed engineer" hire and why he recruits future founders instead of solutions engineersWhy talent density is the only remaining moat in the age of AIThe Silicon Valley collusion around not poaching each other's employeesYou can find Auren Hoffman on X at @auren and Jake Stauch on X at @jakeserval

David unpacks the Ethereum Foundation exits, the Polymarket / UMA Oracle dispute mess revealed by the WSJ, and OpenAI's push to sell guaranteed compute on 1–3 year commits. Enjoy! TIMESTAMPS: (00:00) Intro (01:23) ETH Foundation Departures (17:00) Polymarket Dispute Judges (27:11) OpenAI Guaranteed Compute FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Evan Spiegel, the co-founder and CEO of Snap, is one of the very few people in the world who has successfully built and scaled a lasting consumer social product. Snapchat has nearly 1 billion MAUs, and Evan and his team invented some of the most important consumer products and features, including Stories, AR glasses, swipe-based navigation, the camera as the primary UX, and a lot more.In our in-depth conversation, we discuss:1. Why distribution is now the biggest challenge for creating a consumer technology business2. How Snap innovates at scale with a 9-to-12-person design team: no titles, no hierarchy, hundreds of ideas reviewed weekly with the CEO3. Why a pure software business is no longer a moat, and what actually creates durable competitive advantages today4. How AI is changing the way designers work and why they're now shipping code5. Why every major Snap feature was copied and how that forced the company to work differently6. Evan's prediction that humanity's comfort with AI will be a bigger bottleneck than the technology itself7. This year's crucible moment for Snap—Brought to you by:WorkOS—Modern identity platform for B2B SaaS, free up to 1 million MAUs: https://workos.com/lennyVanta—Automate compliance, manage risk, and accelerate trust with AI: https://vanta.com/lenny—Episode transcript: https://www.lennysnewsletter.com/p/snapchat-ceo-why-distribution-is—Archive of all Lenny's Podcast transcripts: https://www.dropbox.com/scl/fo/yxi4s2w998p1gvtpu4193/AMdNPR8AOw0lMklwtnC0TrQ?rlkey=j06x0nipoti519e0xgm23zsn9&st=ahz0fj11&dl=0—Where to find Evan Spiegel:• X: https://x.com/evanspiegel• Snapchat: https://www.snapchat.com/@evan• LinkedIn: https://www.linkedin.com/in/evan-spiegel• Website: https://www.spiegelfamilyfund.com—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Introduction to Evan Spiegel(02:28) Why consumer social products are so hard to build(04:31) How Snapchat cracked distribution with close friends, not network size(05:50) Why distribution is the new moat in the AI era(08:39) Snapchat's innovation track record (and why software isn't a moat)(11:39) Why Snap is betting on two of the hardest businesses: consumer social and hardware(16:00) Specs use cases(17:56) The innovation process(21:34) The velocity of design work at Snapchat(25:07) Why Evan says you must talk to customers(26:06) The origin story of Stories(28:25) How screenshot detection saved early Snapchat(31:03) Why they waited to hire PMs—and what role they play now(34:41) How AI is shifting the designer-PM-engineer triad(36:10) Design as an intentional bottleneck for product cohesion(37:24) Why staying close to customers matters for any leader(39:39) What Evan looks for when hiring designers(41:57) How to develop young design talent(44:16) Designers shipping code with AI—and the guardrails needed at scale(47:20) Using jobs-to-be-done to organize AI transformation(48:50) How the CEO job has changed over 15 years(51:30) Learning to communicate(54:08) Why this year is Snapchat's “crucible moment”(56:22) Being the “middle child” in tech(57:51) Screen-time philosophy with four kids (ages 2 to 15)(1:01:08) AI Corner(1:04:02) Contrarian Corner(1:06:04) Lightning round and final thoughts—References: https://www.lennysnewsletter.com/p/snapchat-ceo-why-distribution-is—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.—Lenny may be an investor in the companies discussed. To hear more, visit www.lennysnewsletter.com

In July 2010, the North East of England was paralyzed by the largest manhunt in over 44 years. Raoul Moat, a 6'3" bouncer and amateur bodybuilder, was released from prison with a 49-page manifesto of grievances and a shotgun in his hands. Believing his ex-partner's new boyfriend was a police officer, Moat launched a targeted campaign that left a trail of violence and devistation in his path.  --For early, ad free episodes and monthly exclusive bonus content, join our Patreon! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.