Podcasts about National Review

Those who hate the financial sector and demonize the activity of capital markets will never understand that beneath it all is the story of the human spirit. Dealing with the aspirations embedded in financial markets has to be avoided, because it gets in the way of their narrative of grievance and victimhood. On today's Capital Record, David has a highly personal story to tell that gets to the essence of all of this. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

0:30 - BLM Brandon's protection racket at City Club 11:40 - Cornell 7 30:27 - Trump recounts how passengers foiled FlyDubai hijacking 53:39 - Director of Federal Government Affairs at the Abundance Institute, Taylor Barkley, says he is encouraged by how the government has responded to the AI panic over the last month. Follow Taylor on X @taylordbarkley 01:10:33 - Former Chief Asst. U.S. Attorney & Contributing Editor at National Review, Andrew McCarthy, argues that Jack Smith’s actions were improper, but says the senators questioning him focused on the wrong issues. Follow Andy on X @AndrewCMcCarthy 01:35:38 - You are no longer invited to dinner 01:51:56 - Scott Greer, award-winning journalist & host of the “Highly Respected” podcast, describes The GOP Trump Saved Us From. For podcast updates & more @ScottMGreer 02:08:27 - Retired police captain Joe Broadmeadow on the Flock Camera controversy: “The tool is not the problem. The absence of any national rule governing it is.” Joe is also founder of JEBWizard Publishing at joebroadmeadowblog.comSee omnystudio.com/listener for privacy information.

Rich Lowry, Editor-In-Chief of National Review, joins Sid for his weekly Wednesday morning appearance to discuss President Donald Trump hosting a White House meeting with top tech executives and signing an executive order rebranding Artificial Intelligence (AI) to "Super Intelligence" (SI), and also unveiling a new AI-powered government website and backed industry self-regulation.Become a supporter of this podcast: https://www.spreaker.com/podcast/sid-friends-in-the-morning--7177409/support.

California AG Rob Bonta has sued for peace in his fight with Paramount's David Ellison, making Bari Weiss this week's biggest winner. David says Republicans are poorly positioned to counter the Democrats' affection for socialism. Will says California Dems finally have former Union general and abolitionist John C. Fremont right where they want him. Harry and Meghan join the California exodus. Bonus: Cal Policy's Lance Christensen says Gavin Newsom got it right — four times! Music by Metalachi.Email Us:|dbahnsen@thebahnsengroup.comwill@calpolicycenter.orgFollow Us:@DavidBahnsen@WillSwaim@TheRadioFreeCAShow Notes:Oregon QB Dante Moore leaves field on cart, in neck brace after late hit from USC's Desman StephensDavid's Capital Record: A Choice, Not a Socialist EchoGov. Gavin Newsom touts California climate response as Super El Niño approachesRob Bonta Sued Paramount to Counter Political Influence, Then Fell Victim to ItCity of Sacramento announces top pick for renaming Cesar Chavez PlazaNewsom administration proposes removing explorer John C. Frémont's name from state park, citing his violence against Native AmericansPrince Harry And Meghan Markle's Con Was Never Going To Last ForeverBonus! Lance Christensen: Where Newsom was Right Veto: Gives teachers unions another tool to kill charter schools (AB 84) Veto: Costly pension enhancements (AB 1054)Signed: Make inter-district school transfers easier for parents (SB 1082)Veto: Costly pension enhancements (AB 1383)This week's advertising sponsor: California Center for Nonprofit LawNPOlawyers.comboardtrainingprinciples.com Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The United States federal government currently has an aggressive agenda, and it has now added to its portfolio… training workers in technology, energy, and defense. Several universities are creating the materials, and the government is organizing the national training program known as the Foundry School. Is this the retraining and investment in work-and-business dynamism we have been waiting for, or is it another government overreach where inexperienced bureaucrats are way out of their lane, feeling good about saying the right things? A balanced and nuanced discussion in today's Capital Record. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Rich Lowry, The National Review | 9-29-26See omnystudio.com/listener for privacy information.

On the Son Rise Morning Show, Matt Swaim welcomes Kathryn Jean Lopez, senior fellow at the National Review Institute and religion editor of National Review, to discuss the ongoing imprisonment of Jimmy Lai, the Catholic convert, entrepreneur, and former Hong Kong newspaper publisher. Lai has been imprisoned in Hong Kong since 2020 and has spent much of that time in solitary confinement. Lopez discusses his Catholic faith, his witness amid suffering, and the letters he has written to his daughter, Claire. Her recent cancer diagnosis has brought renewed attention to the family's hope that Jimmy Lai will be released so he can be with her. Lopez recently wrote about the situation in National Review. The conversation also considers the broader questions surrounding religious freedom, persecution, China, and the witness of Christians who remain faithful in the midst of suffering. Matt and Kathryn reflect on Venerable Fulton J. Sheen, his warnings about atheistic communism, and the importance of praying for Jimmy Lai and his family. Listen as Kathryn Jean Lopez shares why Jimmy Lai's faith and perseverance offer a powerful Christian witness—and why she is asking people to pray for his release.Support the show: https://www.sacredheartradio.com/donate-now/See omnystudio.com/listener for privacy information.

John Gerardi and California Family Council CEO Jonathan Keller discuss abortion related bills awaiting Governor Gavin Newsom's decision, including proposals affecting later abortions, community college health centers, and veterans. Then National Review's Kathryn Jean Lopez joins John to discuss California's lawsuit over abortion pill reversal and the broader debate about pregnancy centers and reproductive medicine.

This week, President Trump welcomed China's president Xi Jinping to Washington, D.C. for a two-day summit. Knox Thames joins to discuss Chinese religious liberty violations and why the two world leaders will most likely avoid the issue. Then, President Trump signed an agreement with Denmark and Greenland regarding the US's military presence in Greenland. We re-air a segment in which Noah Rothman, Mike Cosper, Russell Moore, and Clarissa Moll discuss Trump's comments from January about wanting to claim Greenland, and the harm that those comments may have caused. Finally, amidst the AI alarmism in the media cycle, we re-play a conversation featuring Meghan Sullivan from Notre Dame's Institute for Ethics and the Common Good. She discusses some ways we can approach the AI issue, and what is in store for our work. REFERENCED IN THE SHOW: The Other Victims of China's Church Crackdown - Vivian Wang DBU Center for Global Religious Freedom Resources Jensen Huang Thinks A.I. Alarmism Has Gone Too Far - The Ezra Klein Show GO DEEPER WITH THE BULLETIN: Join the conversation at our Substack. Find us on YouTube. Rate and review the show in your podcast app of choice. ABOUT THE GUESTS: Knox Thames is a diplomat and international human rights lawyer who served for 20 years in the US government across multiple administrations, most recently in the Obama and Trump administrations as a State Department special envoy for religious minorities in the Middle East and South/Central Asia. He is the executive director of the new Center for Global Religious Freedom, an initiative of Dallas Baptist University. Noah Rothman is a senior writer with National Review and a contributor to MSNBC. He is the author of Unjust: Social Justice and the Unmaking of America and The Rise of the New Puritans: Fighting Back Against Progressives' War on Fun. Meghan Sullivan is a professor of philosophy at the University of Notre Dame. She serves as director of the ethics Initiative and is the founding director of Notre Dame's Institute for Ethics and the Common Good. She is the author of Time Biases, and The Good Life Method based on a popular introductory philosophy course she developed at Notre Dame called “God and the Good Life.” Learn more about your ad choices. Visit podcastchoices.com/adchoices

Hour 2 Segment 1 Tony starts the second hour of the show joined with Noah Rothman of National Review to breakdown Israeli Prime Minister Benjamin Netanyahu’s speech at the U.N. They also talk about the new threats from Russia. Hour 2 Segment 2 Tony talks about Starbucks planning on closing 250 stores across North America. Hour 2 Segment 3 Tony continues his conversation with Noah Rothman, talking more about new threats from Russia and breaking down more speeches from the U.N. Hour 2 Segment 4 Tony wraps up the second hour of the show joined with Assistant Secretary for the U.S. Department of Energy's Office of Electricity, Catherine Jereza, to talk about the SPARK initiative. See omnystudio.com/listener for privacy information.

Hour 1 Segment 1 Tony starts the first hour of the show talking about Bret Baier's interview last night with Iranian President Masoud Pezeshkian. Hour 1 Segment 2 Tony talks about France readying to deploy forces to protect Saudi Arabia’s Red Sea oil port. Hour 1 Segment 3 Tony talks about Dolly Parton's estate granted a temporary restraining order against her nephew, the one who announced her passing last month. Hour 1 Segment 4 Tony wraps up the first hour of the show talking about Israeli Prime Minister Benjamin Netanyahu’s speech at the U.N. and ripping Mayor Zohran Mamdani’s antisemitic behavior. Hour 2 Segment 1 Tony starts the second hour of the show joined with Noah Rothman of National Review to breakdown Israeli Prime Minister Benjamin Netanyahu’s speech at the U.N. They also talk about the new threats from Russia. Hour 2 Segment 2 Tony talks about Starbucks planning on closing 250 stores across North America. Hour 2 Segment 3 Tony continues his conversation with Noah Rothman, talking more about new threats from Russia and breaking down more speeches from the U.N. Hour 2 Segment 4 Tony wraps up the second hour of the show joined with Assistant Secretary for the U.S. Department of Energy's Office of Electricity, Catherine Jereza, to talk about the SPARK initiative. Hour 3 Segment 1 Tony starts the final hour of the show joined with Steve Yates of The Heritage Foundation to talk about President Donald Trump’s meeting with Chinese President Xi Jinping. Hour 3 Segment 2 Tony talks about Jacob Coxon, a former Anthropic researcher who quit because he said AI could destroy humanity, worked with a PR firm. Hour 3 Segment 3 Tony continues his conversation with Steve Yates, talking about President Trump’s approach to handling China during the meeting. Hour 3 Segment 4 Tony wraps up another edition of the show talking about Alexandria Ocasio-Cortez teasing possible 2028 election runs and her concerns over voters. See omnystudio.com/listener for privacy information.

Tony starts the second hour of the show joined with Noah Rothman of National Review to breakdown Israeli Prime Minister Benjamin Netanyahu’s speech at the U.N. They also talk about the new threats from Russia.See omnystudio.com/listener for privacy information.

This week on the “Jesuitical” podcast, Ashley McKinless and Zac Davis speak with Rachel Lu about the beatification of Fulton Sheen, the American archbishop who was famous for his media evangelism in the mid-20th century. Rachel is a senior editor at Law and Liberty and a regular contributor to the National Review and America Magazine. Together they discuss Sheen's charisma, cultural influence, and his lesser known political philosophy which defended both the public role of religion and the separation of church and state.   Chapters: Chapters: 00:00 Beatification of Fulton Sheen 01:23 When Fulton Sheen arrived on the scene 05:20 Sheen's philosophical training 07:34 Fighting communism 11:22 What made Sheen's TV show so popular? 13:51 What Sheen would think of America today? 26:09 The first celebrity bishop? 34:19 Introducing "Auguri!" 36:15 Faith sharing: Praying about using A.I. Links from the show: Fulton Sheen Bet on America. Some Catholics Want to Call It Off. Pope Leo calls Archbishop Fulton Sheen ‘a light of faith' who touched millions with the Gospel Archbishop Fulton Sheen to be beatified Sept. 24 in St. Louis Sign up for our newsletter, Vatican Notebook! You can follow us on X and on Instagram @jesuiticalshow.   You can find us on Facebook at facebook.com/groups/jesuitical.  Support Jesuitical by becoming a digital subscriber to America magazine at americamagazine.org/subscribe Learn more about your ad choices. Visit megaphone.fm/adchoices

In honor of NYC's least favorite week, we are joined by Brett D. Schaefer to analyze the ongoing United Nations General Assembly meeting. How the hell is this institution serving American interests? Together with Brett, we discuss the President's address, weird US shenanigans, the threats to American interests posed by international governance, and the importance of U.S. oversight. The United Nations needs significant reform, but how the hell can the White House make that happen?Brett D. Schaefer is a senior fellow at the American Enterprise Institute (AEI), where he focuses on multilateral treaties, peacekeeping, and the United Nations and international organizations. Before joining AEI, Mr. Schaefer was the Jay Kingham Senior Research Fellow in International Regulatory Affairs at the Heritage Foundation, a member of the United Nations Committee on Contributions and an expert on the UN Task Force for the United States Institute of Peace. His work has been published in Fox News, The Hill, National Review, and National Security Journal, CNN, and CNBC, and more.Read Brett and Dany's project on corrupt OCHA funding here.Read Brett's reaction to Trump's UN speech here.Read Brett's United Nations Organizations Assessment Project here.Read the transcript here.Subscribe to our Substack here.

The conversation starts with a scathing critique of the United Nations, with Seth questioning its legitimacy and effectiveness in promoting true human rights and civil liberties. Being a part of the United Nations has not given the United States much true benefit. Seth suggests we stop funding the organization, and consider leaving. Producer David Doll’s birthday is coming up soon! Charles C. W. Cooke’s piece “What Nikole Hannah-Jones Doesn’t Say” at National Review. We’re joined by Don Spini from Sun Valley Wealth.See omnystudio.com/listener for privacy information.

David Bahnsen, Founder & Managing Partner, The Bahnsen Group From $600mm to $10.5B, David Bahnsen built The Bahnsen Group almost entirely through organic growth. He shares the decisions behind that growth, the value of reinvesting in the business, and why selling to longtime partner Hightower became the right next step. In Summary David Bahnsen left Morgan Stanley in 2015 with eight people and $600mm in client assets, motivated less by dissatisfaction than by what he calls being “intoxicated by the idea of freedom.” Eleven years later, The Bahnsen Group has grown to $10.5B in assets, 106 employees, and 13 offices—with virtually all of that expansion driven organically.  But the more instructive story is how that growth happened. David explains how original content and thought leadership became a powerful source of new business, why attracting clients only matters if the firm can deliver an experience that keeps them, and how continual reinvestment in people, tax, planning, investment management, and family office services helped turn a founder-led practice into a national enterprise. He also shares the thinking behind his decision to sell The Bahnsen Group to Hightower after more than a decade of working within its ecosystem. The transaction gives the firm greater resources for technology, HR, supervision, and future inorganic growth while allowing David to maintain control over the brand, P&L, strategy, and client experience.  The Storyline When David Bahnsen first appeared on the Diamond Podcast in April 2020, The Bahnsen Group was five years removed from its Morgan Stanley breakaway and had grown from $600mm to roughly $2B. Today, the firm manages $10.5B across 13 offices with more than 100 employees. The numbers are notable, but David's approach to building the business provides the real lessons. Rather than pursue acquisitions, The Bahnsen Group built an organic growth engine around content, thought leadership, and a distinct investment philosophy. David's Dividend Cafe now reaches roughly 35,000 subscribers organically, but he is clear that attracting prospective clients was only half of the equation. The firm continually invested in the people, capabilities, and services necessary to deliver on what the content promised.  That philosophy extended to how David structured the business. He chose to keep functions that created what Louis describes as “surplus value” inside the firm while relying on Hightower for areas such as supervision, regulatory support, and technology. At the same time, David resisted the temptation to maximize current margins, instead investing in advisor capacity, planning, tax, investment management, family office capabilities, and infrastructure. The result was a business with significant organic growth and enterprise value. Now the story enters its transact phase. After years of operating within Hightower's ecosystem, David agreed to sell The Bahnsen Group to Hightower. Yet the transaction is less an endpoint than another evolution of the model: Hightower becomes owner while David retains substantial operating autonomy and gains resources to professionalize the firm further and supplement its organic growth with carefully selected acquisitions. It's the full Build, Grow & Transact arc—and an example of what can happen when independence is treated as the beginning of building a business rather than the destination.  Topics Covered How The Bahnsen Group grew from $600mm to $10.5B Building an organic growth engine through content and thought leadership Why attracting clients is only the beginning of sustainable growth Reinvesting profits to build long-term enterprise value Creating advisor capacity without sacrificing the client relationship Deciding what capabilities to own versus outsource Why maximizing margins can limit the business you ultimately build The evolution of David's relationship with Hightower Why Hightower became the natural buyer of The Bahnsen Group Preserving autonomy and continuity after a transaction Balancing organic growth with future acquisitions Why independence can be a starting point rather than an end goal > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why freedom – not dissatisfaction – drove the breakaway. [04:44]David explains why he left Morgan Stanley despite being successful and well served there. The appeal was ownership: the ability to control how the business operated, how clients were served, and what the firm could ultimately become. How authentic content became an organic growth engine. [09:34]What began as written market updates during the 2008 financial crisis eventually evolved into Dividend Cafe, books, television, podcasts, and other thought leadership. David explains why the content works precisely because attracting clients was never its primary purpose. Why attracting clients isn't enough. [15:59]A strong content engine can create interest, but the business still needs to deliver. David describes the continual investment in planners, tax capabilities, investment management, family office services, and client experience that allowed the firm to retain and serve the clients its content attracted. Knowing what creates “surplus value.” [22:03]David and Louis discuss the importance of identifying what a firm does exceptionally well and what is better handled by an outside partner. For The Bahnsen Group, that meant keeping investment management, business development, branding, and the client experience close while outsourcing functions such as supervision, regulatory support, and technology. Why maximizing income and building enterprise value are different objectives. [25:08–35:26]David explains why he has continually reinvested in the firm rather than optimizing margins, while Louis connects that philosophy to a recurring Build, Grow & Transact theme: owners willing to sacrifice some current income can create capacity, growth, and greater enterprise value over time. How the advisor role changes in a scalable enterprise. [29:15]With advisors limited to roughly 80 households, The Bahnsen Group surrounds them with planning, tax, estate, operations, marketing, content, and business development resources so they can concentrate on client relationships. David also explains why he believes the industry has more of an “opening business” problem than a closing problem. Why Hightower became the buyer. [37:09]David wasn't looking to sell. He explains why maintaining control over the brand, P&L, hiring, strategy, and business was non-negotiable—and how Hightower structured a transaction that preserved that autonomy while adding resources the firm needs for its next phase. Why inorganic growth is now entering the picture. [44:01]At $10.5B, the law of large numbers changes what 30% growth requires. David explains why acquisitions will become a supplement to—not a replacement for—the firm's organic growth engine, with cultural fit playing a critical role in the strategy. Why independence was always the beginning. [50:51]David never viewed breaking away as the achievement itself. Independence gave him the ability to build the business he envisioned, and he now sees the Hightower transaction as the beginning of another phase of that journey. Key Takeaways Organic growth is more than business development. The Bahnsen Group's content creates awareness and opportunity, but its growth has been sustained by building the capabilities necessary to deliver an increasingly sophisticated client experience. Enterprise value often requires sacrificing current income. Hiring ahead of need, expanding services, creating capacity, and investing in infrastructure may compress margins today while building a stronger and more valuable business over time. Scale should support relationships, not replace them. David rejects the idea that client relationships themselves can be scaled indefinitely. Instead, the firm scales the resources surrounding its advisors so those advisors can remain focused on clients. Outsourcing can be a strategic advantage. The goal is not necessarily to own every capability. David's approach is to retain the functions where the firm has passion, expertise, or differentiation and leverage outside scale for others. The right transaction can preserve what already works. David's decision to sell was contingent on maintaining meaningful control over the brand, strategy, P&L, and operating model rather than changing the formula that created the firm's growth. Organic and inorganic growth don't have to be competing strategies. The next phase will combine The Bahnsen Group's existing organic engine with selective acquisitions designed to add scale without creating a collection of disconnected businesses. Independence is a means, not necessarily an end. The larger lesson from David's story is that independence created the freedom to build. What mattered afterward was how that freedom was used. https://youtu.be/_s8MFJtrbS0 Quotable Moments “I was very intoxicated by the idea of freedom.” — David Bahnsen [04:44] “Relationships don't scale.” — David Bahnsen [29:15] “Twenty cents of something big is a lot more than 40% of something small.” — David Bahnsen [33:31] “I did not want to go to independence as an ending point. It was a beginning.” — David Bahnsen [50:51] FAQs How did The Bahnsen Group grow from $600mm to $10.5B? The firm's growth was overwhelmingly organic. David attributes much of the business development engine to original content and thought leadership, supported by continual investment in advisors, planning, tax, investment management, family office capabilities, and the broader client experience. How did content creation contribute to The Bahnsen Group's growth? David began writing regular market commentary during the 2008 financial crisis. After becoming independent, he developed that work into Dividend Cafe and expanded into books, television, video, and podcasts. Dividend Cafe now has approximately 35,000 subscribers, which David says were acquired organically. Why does David Bahnsen believe in reinvesting in a wealth management business? Rather than maximizing current profit margins, David has invested in people and capabilities when he believes they will improve the client experience or create a better environment for advisors. His philosophy favors building a larger, more durable enterprise over extracting the maximum amount of current income. Why did David Bahnsen sell The Bahnsen Group to Hightower? David says he was not actively looking to sell. The transaction became attractive once Hightower was willing to preserve the firm's autonomy while providing additional resources in areas including HR, technology, AI, supervision, and future inorganic growth. Will The Bahnsen Group continue to operate independently after the Hightower transaction? According to David, the firm will operate as a wholly owned independent subsidiary. He expects to retain authority over the P&L, hiring and firing, strategy, branding, and other core aspects of the business while drawing more extensively on Hightower's resources. How will The Bahnsen Group grow after the Hightower transaction? David expects organic growth to remain the foundation. However, as the firm becomes larger, he plans to supplement that growth with selective acquisitions and advisor additions that fit The Bahnsen Group's system and culture rather than simply aggregating assets. What can financial advisors learn from David Bahnsen's independence journey? His experience illustrates the importance of defining what independence is intended to accomplish. For David, leaving the wirehouse was not the destination; it provided the control necessary to invest, create, hire, build services, and develop an enterprise around the client experience. The firm's growth was overwhelmingly organic. David attributes much of the business development engine to original content and thought leadership, supported by continual investment in advisors, planning, tax, investment management, family office capabilities, and the broader client experience. David began writing regular market commentary during the 2008 financial crisis. After becoming independent, he developed that work into Dividend Cafe and expanded into books, television, video, and podcasts. Dividend Cafe now has approximately 35,000 subscribers, which David says were acquired organically. Rather than maximizing current profit margins, David has invested in people and capabilities when he believes they will improve the client experience or create a better environment for advisors. His philosophy favors building a larger, more durable enterprise over extracting the maximum amount of current income. David says he was not actively looking to sell. The transaction became attractive once Hightower was willing to preserve the firm's autonomy while providing additional resources in areas including HR, technology, AI, supervision, and future inorganic growth. According to David, the firm will operate as a wholly owned independent subsidiary. He expects to retain authority over the P&L, hiring and firing, strategy, branding, and other core aspects of the business while drawing more extensively on Hightower's resources. David expects organic growth to remain the foundation. However, as the firm becomes larger, he plans to supplement that growth with selective acquisitions and advisor additions that fit The Bahnsen Group's system and culture rather than simply aggregating assets. His experience illustrates the importance of defining what independence is intended to accomplish. For David, leaving the wirehouse was not the destination; it provided the control necessary to invest, create, hire, build services, and develop an enterprise around the client experience. Related Resources The RIA Builder's Blueprint How the Freedom to Communicate During a Crisis and Beyond Translated to 4x Growth for this ex-Morgan Stanley Team Mentioned in This Episode Dividend CaféThe Bahnsen GroupHightower David L. Bahnsen Founder, Managing Partner, and Chief Investment Officer David L. Bahnsen is the founder, Managing Partner, and Chief Investment Officer of The Bahnsen Group, a national private wealth management firm with offices in Newport Beach, New York City, Bend, Nashville, Minneapolis, Austin, Phoenix, West Palm Beach, Dallas, and Grand Rapids, managing over $10 billion in client assets. Prior to launching The Bahnsen Group, he spent eight years as a Managing Director at Morgan Stanley and six years as a Vice President at UBS. He is consistently named one of the top financial advisors in America by Barron's, Forbes, and the Financial Times. He is a frequent guest on CNBC, Bloomberg, Fox News, and Fox Business, and is a regular contributor to National Review. He hosts the popular weekly podcast, Capital Record, dedicated to a defense of free enterprise and capital markets. He writes a weekly macro commentary at dividendcafe.com. David is a founding Trustee for Pacifica Christian High School of Orange County and serves on the Board of Directors for the Acton Institute, National Review, and Hightower Advisors. He is the author of several best-selling books including Crisis of Responsibility: Our Cultural Addiction to Blame and How You Can Cure It (2018), There's No Free Lunch: 250 Economic Truths (2021), and Full-Time: Work and the Meaning of Life (2024). His newest book, Profit from the Profit: The Past, Present & Future of Dividend Growth Investing, was released in August 2026. David's true passions include anything related to USC football, the financial markets, and politics. His ultimate passions are his wife of 24 years, Joleen, their children, Mitchell, Sadie, and Graham, and the life they've created together on both coasts. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. View the transcript of this episode… Build, Grow & Transact: David Bahnsen on Building a $10.5B Business Worth Selling A conversation with Louis Diamond and David Bahnsen, Founder & Managing Partner of The Bahnsen Group.     Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: David Bahnsen on Building a $10.5B Business Worth Selling. It’s a conversation with the founder and managing partner of the Bahnsen Group. I’m Louis Diamond, and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education-driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual Advisor Transition Report. It’s the award-winning, data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: There’s a big difference between breaking away to create a better version of the business you already have and breaking away because you see an entirely different business you want to build. And I think that distinction becomes even more important as we look at what creates real enterprise value in the wealth management industry today. My guest, David Bahnsen, is a pretty remarkable example. David first joined us in April of 2020, five years after leaving Morgan Stanley with eight people and 600 million in assets. At that time, the Bahnsen Group had grown to roughly two billion. Today, it’s a $10.5 billion business with more than 100 people and 13 offices across the country. Perhaps the most interesting part of that growth story is that virtually all of it has been organic. David didn’t build the firm by buying AUM. He built it by creating an authentic voice, an incredibly effective content engine, investing heavily back into the business, adding services clients actually wanted, and being very deliberate about what his team should own versus what was better outsourced. There’s a lot in that playbook for any advisor who wants to build a business with real enterprise value. But David’s story also gives us something we often don’t get to examine, the full build, grow, and transact arc. For more than a decade, Hightower went from employer to service provider while David maintained ownership and control of the business. Now, the Bahnsen Group is being sold to Hightower, giving David additional resources to pursue the next stage of growth while preserving much of what made the firm successful in the first place. So we get into the decisions behind that extraordinary organic growth, why maximizing current income can work against building long-term enterprise value, how David thinks about content, clients, and scale, and ultimately why someone who was once intoxicated by the idea of freedom decided the next right move was to transact. It’s a great case study in what can happen when independence becomes a starting point rather than the destination. So let’s get to it. David, thank you for coming on our show again. David Bahnsen: Well, it’s wonderful to be back with you. I love listening to the show every week. Louis Diamond: Oh, there you go. Just flattering us now. So for anyone who probably, myself included, doesn’t remember the last time you were on our show, it was April of 2020, a time warp into a crazy time. It was the five-year anniversary of your breakaway in the very, very beginning of the pandemic. Then you still had an amazing business, two billion in assets. But for listeners who may have missed it, and even just to catch us up, can you give us the quick version of your origin story of leaving Morgan Stanley in 2015 with 600 million and eight people and why you did it, just the speed round of compressing a stressful and very important time in your business arc? David Bahnsen: So I was one of those people that in an almost cliche, typical way, the types of folks that your business deals with all the time, left because I wanted independence. I wasn’t unhappy at Morgan Stanley. I wasn’t in need of any particular change, but I was very intoxicated by the idea of freedom and became very committed to the idea that if I were going to run my own business, I needed to run my own business. It started in 2014. We made our official exit in early 2015. And as you said, there were eight people, all of which were folks on my team at Morgan Stanley and 600 million of client assets, and we basically moved 100% of that. When I was on the podcast, April 2020, it’s funny when you were saying that, I can visualize myself at my home office at that point in time in Southern California recording this. And we would’ve been our five-year anniversary, couple billion, so we had a little bit over tripled. We probably had, if I remember correctly at that time, 25, 30 employees. And it’s interesting the linear arc of it, because you fast-forward now, we’re at 10.5 billion and 106 employees. And so it’s just proportionate, the AUM and the headcount and the time gone by, it’s been a very nice, steady arc. But I really loved the idea of being independent. I turned 40 years old in 2014 when I began the extensive due diligence that led to me leaving Morgan Stanley. And it really was that moment that I said, “If I’m going to stay as a corner office guy at a wirehouse, I will stay at Morgan Stanley forever.” I had no issues there. My manager at the time is still, to this day, my best friend in the world. We’re like brothers. I just dedicated my new book to him. I wasn’t unhappy with Morgan. I just liked the idea of having my own business and haven’t looked back since. Louis Diamond: Amazing. Seems like it was probably a pretty good move based upon what you shared, but I think it’s an interesting perspective because I feel like I’m starting to see that more and more is the profile of the advisor who doesn’t have these intense pain points and is relatively well served, is going to be successful, knows how to operate at their firm, but they just want something more. There’s an intangible that staying isn’t going to solve for them. For many, it’s being a business owner, like the path you took. For others it’s, hey, I just want to be recharged. I don’t want to be static. I want something different. I want to monetize. I want to work in a bit of a different way. I think you’re early on that trend, to be honest with you. You were probably right in the middle, even probably even the beginning innings of the independent movement, and I am very excited to dig into how you got from 600 million in 2015 to over 10.5 billion, 11-ish years later. So let’s jump to today, and we’ll spend some time going through dissecting that growth. But today, like you said, 10 and a half billion under management, 100 plus people, 13 offices, including Santa Barbara where you just opened, but Newport Beach, New York City, Nashville, Tennessee, Palm Beach. It’s a real national firm. And I read that you’ve grown over 30% organically over the last decade. So when you look at the firm now versus 2015, what stands out the most? Let’s really dive into that. David Bahnsen: Well, a lot of this is where we’re going to end up going later in the conversation with where I see the next iteration of the company. But when you talk about the last 10 years, it has been the textbook definition of organic growth. There are 13 offices open and zero of them came by acquisition or merger or purchase. We’ve hired two or three advisors out of our 26 advisors that had a little bit of a book, but I mean under 100 million. We never paid for it. I’m talking about hiring people. But you’re looking at an organic story, and I am proud of that, but I also recognize that it wasn’t intentional. And what I mean by that is I didn’t have this strategy in 2014, ’15 where I said, if I can just go independent, I have this evil genius behind me that is going to drive a mousetrap that will get me up to 10.5 Billion. I’ve been as surprised, as many outside observers, but I have a lot of gratitude for it. I understand now why it has worked, and I think that there are people inside of our business that are a little more qualified to understand how the business works than people who are outside of it. Your consultants and professional investors are very smart at what they do, but they don’t necessarily always understand that advisor-client dynamic. And I get why we’ve been successful with it. But I also don’t want to take credit for it as if it were this master strategy. We just tried things and those things that worked, we kept doing more of, and this is where we are. A lot of it, and I spoke to Mindy about this six years ago, it’s been content creation, thought leadership, and the voice that, much to my surprise, has attracted people and never doing it for the purpose of attracting people. This very natural and sincere delivery of a belief system about markets, about the economy, about the world around us, I share things sometimes about my faith, politics in a public square. I’m on television, this podcast. And then the major driver is the written word, which some people might be shocked to hear as we’re talking about a podcast still even exists. But my weekly Dividend Cafe, which is my weekly market commentary, is up to 35,000 subscribers, 100% organic. We’ve never done anything to get any subscribers. And our video and our podcast and everything, the books I write, the television hits, they all have their audience. But most of it goes through that written word. That’s where I get to connect with people that if they like me, they may end up becoming a client. And if they don’t, they won’t, but that’s really been our story though. Louis Diamond: That’s absolutely amazing. There’s so much to unpack there. That amount of growth without anything inorganic, especially the way this industry is going, I don’t think I’ve ever heard that before. That’s amazing in and of itself. But just the way you can track back your meteoric rise to content creation, I think for many listening, it’s either, “Oh my God, that seems so daunting and so crazy.” Others would be like, “Well, I can’t do that, but that sounds great. Of course, he’s been able to grow because he can have an original voice.” As a firm that puts out a lot of original content, podcasts written, Mindy wrote a book, white papers, et cetera, I know the amount of work and dedication and commitment it takes to stick with that for so long. So if you don’t mind, can we double-click into that written word story? How did you get started with it and what’s been the arc or the growth journey? Someone who’s listening who would love to do that, where did you get started? You didn’t just all of a sudden have a book and show up on TV. How did you get started? David Bahnsen: In the truest sense of the word, I grew up loving writing. My father died in his 40s and I was only 20, but he was an intellectual, a brilliant writer, had several books, and I was a nerd in high school. Luckily, I had basketball so that I could still meet a girl here and there and have friends on the team. But I mean, if it were up to me, I would’ve been home reading books and writing papers, and I would turn in extra credit papers more than I would study for a test because I loved writing. So the written thing was there. I don’t know if I was ever good at it or not, but I know I loved doing it, and I would credit my late father with the early seeds of that. When the financial crisis happened in September, the actual week of Lehman’s bankruptcy, September of ’08, about three, four days later, Morgan Stanley’s credit default swaps were blowing out, and now it was not just the market was crashing every day. And of course at that point, Merrill had gone down, AIG had gone down. We were in this cascade, and everybody who lived through it remembers it all well. I remember every detail of it like it were yesterday. But all that happened was once I got my 80th call about what the hell was going on with Morgan, I decided to write up a piece, not send it to compliance for approval and send it out to everyone. And if the firm was at risk of not making it for another day, I wasn’t especially worried about compliance getting mad at me at the time. And I did that, and then a couple days later did it again, just broad update on everything going on, and I never stopped doing it. That’s what it was, just every Friday since September 2008. And then when we left Morgan, at some point along the way I started getting compliance approval and getting a bit more of an audience. We had hundreds of clients that were reading it, and we’d have a few guests that would ask to be signed up as clients were forwarding it around, but that was it. It didn’t have a website, it didn’t have a subscribe feature, it wasn’t a real blog or anything like that. So then in going independent, I was able to incubate it, and we branded it as Dividend Cafe. We’re Dividend Growth investors at my firm. So we put a brand around it. We had a website, and I think we started a podcast and video that was becoming a very large medium around the mid-tens as well, and so we added that shortly later, but it was just because I had the freedom to do it. And then I did do some hit on CNBC like Asia or CNBC World or something. It wasn’t anything with a big audience, but then we sent the clip to someone at Fox and they really liked it, and then they had me, and then I started getting invited more regularly. So now the TV thing was happening, and I always say that TV can be a really good thing for a very small number of people. Obviously, Josh Brown has been incredibly successful with it. He’s very good at it, and it’s done okay. It’s done well for me, but it’s different than people think. You do not go on TV and then get done and all of a sudden the phone rang and someone said, “I saw you. You’re so handsome. I want you to be my advisor.” What it does is it might drive them to other content. It might drive them to the internet where they’re going to find other things about you. And if my name was David Johnson instead of David Bahnsen, I think I would’ve got lost in the SEO and nothing would’ve come of it. I really believe that. But it enabled some people that liked what they heard on TV to start following me in other more substantive and perpetual mediums. And then in 2017, I wrote a book that I wouldn’t have been able to write at Morgan Stanley. I had very strong opinions about the origins of the financial crisis. And I did not believe the left-wing narrative that it was caused by unfettered markets, and I didn’t really believe the right-wing narrative entirely either that it was exclusively caused by government intervention. I believed that all of those things were true but were missing this cultural and moral component about Main Street. I wrote a book on it and I thought there might be 200 clients of my firm that would read it, and it ended up being a bestseller, and that created more television invitations and just to a slightly larger audience. And at this point now, I realized that all of these things were dovetailed together, content, the mediums, coming to Dividend Cafe, coming to an authentic point of view about markets. And then, and this is the thing that is so important because of what you do and do so well in your business and within the kind of practitioners that listen, it wasn’t enough to have a mousetrap that drew people to us. We had to keep them. We had to deliver an advisory experience, and so we were just relentlessly reinvesting back in the business, adding planners, adding tax, adding more investment sophistication, family office, just improving our business, and that’s why we’ve added so much to headcount because we have just constantly wanted to really be what we were attracting people to. Louis Diamond: It’s amazing. The key themes I heard there, there’s a lot, but is it’s not one thing that works. It’s a coordinated strategy. I can attest to that for the content work that we do. There isn’t one single point of growth that comes from content creation. It’s everything working together. You don’t know, especially in this day and age, how people consume information or how a message gets across to them, whether they’re a reader, whether they find you in AI, whether they watch video, whether they saw CNBC in their barbershop. So I think that’s absolutely amazing, and congratulations. Let’s talk a little bit about your breakaway setup, if you will. So when you broke in 2015, you signed on with Hightower, but in a bit of a different way, certainly different than today. You paid Hightower an override on your revenue, or basis points and assets, to be on their platform. But you owned 100% of your business, ran your own P&L, and they provided certain services to you. Thinking back to 2015, and then even up until your recent decision to sell to Hightower, why did you structure it that way rather than under their brand or as an employee or even just having your own RIA, especially given your size and scale? David Bahnsen: There’s actually one piece missing there. You may not have known, but I think is important to the story. When we came in 2015, we were employees and they had a 50/50 net model, and we joined in that capacity. And then when they recapped in 2017, brought a new investor on, eventually changed CEO about a year later, at that point, we were growing. I felt very comfortable with the independent space. I now knew what I didn’t know. I knew what I thought they did well, and I knew what I thought we could do well, and I took advantage of that moment to say, “Guys, I need to be on my own. We need to run our own firm, our own finances, our own payroll, our own brand.” And what the investors wanted at that time was some sort of affiliation that they could count on and not be vulnerable, but I didn’t want to sell and I wanted full control. So I got control, much better control than I had had in my first couple years, and they got a extension of agreement of these services that they could feel good I was going to be a part of their ecosystem. And the cash flows were pretty meaningful as we grew from, at that point, a billion to over 10 billion, and we became obviously a very meaningful contributor to their earnings and revenues. And the CEO who came in was the second CEO in the history of the company. And they now have a third, but that individual, Bob Oros, I knew well because he had been at Fidelity when I chose Fidelity as our primary custodian. Bob and I got along very well. And so over the years, there’d be things that we had impediments that we had to work through, and we worked through them just like adults, like businessmen and women and got stuff done. So it was a good relationship. But we were really quite independent. Very few of my people that worked at Bahnsen Group even knew who Hightower was because we had our own brand, we had our own investment process, the HR, the payroll. And unlike a lot of the other platform teams, they didn’t have too many platform teams, but ours, the accounts payable were massive. I mean, we had to have a whole finance department just because of our growth. So it became a difficult thing for them at this stage to have such a meaningful company within their ecosystem not aligned and not harmonized within the economic model of the rest of the firm. But I would say that decision for 2017 until this year, I don’t regret it at all. Hightower doesn’t regret it at all. They benefited immensely from this growth we’ve gone through, and I very much desired that freedom. Look, if I’m being very candid, Louis, you brought up why didn’t go on my own ADV? At the time in ’14 and ’15, I didn’t know enough. I didn’t understand. And I met with Focus, I met with Dynasty, I met with some others, and you just meet with different people, hear the stories, and the one I went with was Hightower, and there’s pros and cons to all the models. It’s one of the things I wasn’t joking at the beginning. I listen to your guys’ show every week. I’m a sucker for everything happening in our industry. I hear the stories of different successful advisors, and every one of them resonate with me in one way. There might be nine ways it doesn’t resonate, but one way that does because there’s always something that each person’s looking for that some of us can connect with. And at the time, I didn’t know what I didn’t know, but I felt good about the Hightower story, went in that path, and I would argue that we got the best of all worlds in that 2017 to 2026 story because we really got to function independently. We were under their corporate RIA, but other than that, felt very independent. And that’s a testimony to Hightower that they honored that autonomy, but I think it gave me the entrepreneurial thing I needed, and I’m grateful for it. Louis Diamond: Fantastic. So let’s say from the 2017 to 2026 timeframe when you decided to finally sell to Hightower, how did you weigh the leverage that outsourcing certain things provided your business versus paying a fee, obviously, more than what it cost Hightower and not having complete and utter control over your business? How do you track that to your growth, if at all? David Bahnsen: The criteria was always anything we like doing or are good at doing, we’re going to do it, whether Hightower offers it or not. So for example, I’m sitting here in a beautiful office. We have the 31st floor of a building on 54th Street and 6th Avenue, and Hightower has a whole facilities department. We’ve done 13 office leases with no involvement from their facilities department because my wife loves designing the offices. She’s an interior designer. My team loved picking our own locations. I didn’t find negotiating with a broker all that hard. So we were able to do it, we liked it, so we did it. But then the supervision side, the regulatory side, and candidly, a lot of the technology side, which is where some of our talk is about to go in terms of the new transaction, those things I felt more comfortable outsourcing to Hightower who had entire departments and resources geared towards it. And we would do them if we had to, but we weren’t passionate about it. I didn’t want to go understand all the nooks and crannies of the regulatory apparatus. So that was part of their ecosystem, and we were happy to utilize their services there. Investing money, financial facilities, the business development mousetrap we built, those things we were good at, and so we held onto that, and that’s how we viewed the division of labor. Every firm, RIA, IBD, a wire, W, it doesn’t matter. Everyone who optimizes this challenge of doing what you like and not doing what you don’t like is going to grow. It’s hard to do. It’s easier said than done, but that’s the challenge right there. Louis Diamond: I absolutely love that. I think it’s so true, knowing what’s actually going to add surplus value relative to the amount of time you’re doing versus what’s commoditized or back of house or isn’t something that lights you up. Because there’s plenty of RIAs that I’ve interviewed or that I know where they enjoy building technology, they like designing their own compliance organization, and to them, that’s their superpower. That’s what makes them different. For you, it sounds like it was very clear. You knew exactly what you wanted to do. As long as you’re able to still do it, you’re very comfortable with outsourcing certain things that would’ve been a distraction or something that you and your team weren’t world-class at. I want to talk a little bit about some of the deliberate choices you made to take the business from, I would assume it was you as the rainmaker, and now you said you have over 25 advisors. So just thinking about hiring, structuring the business, investing in the business and platform, because I’m sure you’ve had the temptation, maybe not because you’re a business builder, but I think a lot of people love, “Hey, I can make a ton of money if I don’t make that second, third, 125th hire, and instead I just take cash flow. I don’t necessarily need this person. I can make more money or distribute more to my partners.” So I’d love to hear a little bit about some of the deliberate choices you made on hiring and investing in your business. David Bahnsen: There’s two things that I am very hesitant to take credit for, even though they’re true. You had mentioned before when we left in 2014 that we were early innings of wirehouse defections to the independent movement. I was early, but I wasn’t a first inning guy. The real trailblazers were going in 2006, 2007, 2009. 2014 is a lot earlier than those that have gone in the last two or three years, but I was like a third or fourth inning guy, and I don’t deserve credit to be a first inning guy. The other issue is that I reinvest in the business constantly and have not been greedy about maximizing all the margin, but that is easy to say once you’ve already scaled the business, right? You’re already in a place where things are going very well, and then from there, deciding you just really want to run the business the way you want to run it. It’s not as selfless a decision as people may think. It was a luxury. And at the same time, I cannot tell you how bizarre I think it is when people are focusing on maximizing margin versus running the business that they want to have. It’s a high-margin business. There is not a lot of operating leverage in it. More or less, not completely, but more or less expenses go up in proportion to revenue. Particularly for us opening new offices and hiring a lot of new people, our biggest overhead far and away is people. And we started an ETF a couple years ago and I got a chance to learn the polar opposite where my business has tons of pricing power and very little operating leverage and asset management has unbelievable operating leverage. I basically have zero dollars of expenses on my next dollar of revenue, but no pricing power. Louis Diamond: So interesting. David Bahnsen: Yeah. I mean, it really is just two different business models. When we have hired more people, we’ve always done it based on are we going to serve our clients better and enjoy running our business better with these people? We don’t want wasteful positions, but we want the maximum optimization for how to service clients and how to give advisors an ecosystem to function in. So a one-to-one operations to advisor, having planners that are not the client-facing advisor themselves, but are devoted to the behind the scenes planning process. Having a full tax department that does not provide tax services to non-wealth clients, that is only there, a robust tax consulting, tax preparation, tax advisory arm to drive a better client experience for us. These things all erode at margin, and I wouldn’t do it any other way. And the biggest thing, by the way, is the investment management, because then you’re not just talking about profit margin. We’re talking about time. I am a 3:45 AM guy every day because we’re inside markets. We have analysts, traders, investment folks. I think it’s something like 10 or 11 people on the org chart. It costs me millions of dollars a year for us to manage money in-house. There’s no justification for that other than it’s what we want to do, what we believe in. And those that have a outsourced Vanguard DFA-type model, I have no criticism of it in the world, but it just wasn’t us, and so we had to do what we liked doing. Louis Diamond: Yep. And once again, the authenticity shines through. Can we talk a little bit about the financial advice part of the business? I would assume when you’re at Morgan Stanley, you were probably the driver of growth, you were serving personally probably every client or just about all of them. Today, with 10 and a half billion, 25 advisors, just the immense scale of the organization, how do advisors advise? Are you still providing financial advice to clients directly? Are you more of just the CEO, the rainmaker, the strategist? I mean, how do you think about, I guess, allocating clients to your advisors? How have you grown your capacity for financial advice? David Bahnsen: So our leverage is entirely limited by my ability to find like-minded advisors who can go deliver our client experience and be in relationship to clients. It’s why I’m not a big believer in this notion of scalability. I think technology helps scale. I think there’s all kinds of processes you can do more efficiently, but it’s a relationship business and relationships don’t scale. And we have an internal policy philosophy preference, if you will, that no advisor will cover more than 80 households. And so for us to continue growing at the number of households, number of AUM, and therefore number of revenues, all those numbers, of course, have some proportionate relationship with one another, we have to have the advisors to do it. And so as we find advisors that can not drool on themselves and be professionals and deliver an experience to clients, we want them to be generalists. We want them to be very good at what they do, but we don’t want them entering trades. We don’t want them doing their own operations work. We don’t want them having to pick stocks. We’re providing this ecosystem of the tax, the planning, the estate, the operations, the content, the marketing, and the biz dev. They don’t have to go try to rainmake at their kid’s soccer game or join the chamber of commerce or things like that. That we believe we have enough internal biz dev opportunity that what they need to do is cultivate the relationships with the prospective clients we give them. They do have to close that business, but our industry, for all of the talk about this, people diagnose it wrong. We do not have a problem with closing business in our industry. We have a problem with opening business. And so the sourcing is the issue. And for whatever reason, it’s a mystery to me, it’s been a mystery for 27 years, I’ve been pretty good at sourcing business. And so we can share that with our advisors and then expect them to, their job when they wake up and go to bed and everything in between is to be in relationship with clients. Louis Diamond: If I think about, just think of 20 highly successful RIAs and think of some of the biggest and best names in the space, I think a critical connection point or commonality for all those firms is they’ve somehow figured out lead flow or some mechanism or capacity to bring in clients for their advisors. To me, that’s the truly only scalable way to keep adding advisors and growing a business is if there’s enough inbound lead flow that’s cultivated or created by the firm to really feed all the different advisors, and it’s not snap our fingers and it happens. But if you compare that to many other models, the wirehouse model where it’s all on the advisors to go out and find clients, that’s great. And if you find some amazing rainmakers, amazing, and it’s additive, et cetera, but you eventually hit a ceiling because it’s hard to find advisors who have that knack. You’re not bringing in the ideal client every time, and it’s an unpredictable way to grow. So I think I wouldn’t gloss over the fact that you’ve been able to create enough inbound traffic or lead flow through all of your content and thought leadership that you’re able to sustain that type of model. Because it is the best way to grow a business is keep your advisors focused on just being advisors, solve for organic growth, solve for the other things they have to do. And then when you open up a new market or hire an advisor, boom, you got capacity, you got someone trained up, and it’s predictable, your close rate and your ability to scale it from there. So I’ll get off my soapbox, but I think that’s such an important element of the biggest and best and most valuable firms in our industry today. David Bahnsen: I agree with you a thousand percent. And even if you put numbers around it, somebody who has to go make their own rain and service the client, they will expect, if you use wirehouse-like grids around it, this is just round numbers, I know you could turn a knob a little bit, but I view the business as more or less it costs something in the range of 40 cents of a dollar revenue to run the business. There’s 20 cents available to the owner, 20 cents to the person who makes rain and 20 cents to the person servicing the client. It’s back of napkin math. If you are a wirehouse advisor, you’re making the rain and servicing the client, you’re getting two of the 20 cents, you’re getting 40 cents, let’s say. And if you’re the person who owns the business and makes the rain and is the advisor, you can make 60 cents on the dollar. That’s a wonderful margin, and you cap out at a certain level where you just cannot grow any further. I would rather make 20 cents on where we are now. My advisors would rather make 20 cents on where they are because 20 cents of something big is a lot more than 40% of something small. And again, and my numbers are, I’m rounding, but you get the idea. That’s really the kind of business model we’ve done here. Louis Diamond: I think it’s brilliant. And some would argue about the percentages and would say, oh, it costs 40 cents to 30 cents to run a business and we have a small team, but I think philosophically that’s exactly right. And I think something you said too, which is there’s been a common thread in our “Build, Grow, Transact” series. You think about Jason Fertitta of Americana Partners or Matt Kilgroe from Cyndeo and many others that we’ve had or will have, it’s really playing the long game. No one we’ve had on the show is optimizing for how much money can I make this year, next year or the year after. It’s the intentional decisions to invest in capacity, invest in growth, and by choice take less as the owner of the business, but doing it because what you’re building is enterprise value that will sell at a dramatic multiple of that growth and have room to run. So I think that’s the big thing is, again, it sounds easy, it sounds great, but it’s not an easy decision to say, “Hey, I’m going to make less money today and over the next few years because I want to hire the next person or invest in an organic growth funnel.” That’s discipline, for sure. But I think it’s a great takeaway for anyone listening is play the long game, invest where it makes sense, and the riches will follow you later. They don’t have to follow you today or tomorrow. David Bahnsen: And it’s a whole business of playing the long game, not only in the value creation and enterprise value of being independent. But even for wirehouse advisors, I remember back as I was entering the business, that debate about fee-based business versus transactional, and all it was, are you going to play the long game or get more money quickly? There’s temptations in both ways. There’s goals, there’s overhead, reality. Anyone who played the long game in that story from 30 years ago benefited immensely. And now you see it, of course, in what we’re talking about here, playing the long game in the way you run your business has just been the smartest thing anybody could do. Louis Diamond: Absolutely. Especially in this industry where each new client that’s brought on, there’s a lifetime value of a client. That success compounds with market appreciation, with them adding new monies, and then ultimately they’re going to give you referrals hopefully. And then over time, that’s where the real money is. It’s the compounding nature of doing the next right thing rather than, we’ll say, taking a shortcut or not making that investment in the business. I have a ton more questions for you on this topic, but I want to spend enough time on your important decision to sell the business, sell the Bahnsen Group to Hightower in April of 2026. So after more than a decade of being an employee of Hightower, being affiliated with them but really owning your own business, you decided to not just sell the business, but to sell it to the very platform that you’re operating on. So can you just talk about that decision? Why was 2026 the right time? Why did you decide to stay with Hightower rather than any of the other 100 acquirers or a random private equity firm that would love to buy a business that’s growing 30% per year? David Bahnsen: It’s interesting to think about as our deal gets ready to close here at the end of September, if I had gone out and run a process, if I was looking to sell, would I have been interested in conversations with others? And I don’t know the answer to that because I wasn’t looking to sell. There was nothing broken, in my mind, in what we were doing. But when Hightower and her investors came to me, the entire conversation centered not around what we needed and wanted to be a seller, but on what we didn’t want or couldn’t have. And I’ll share the story because I haven’t shared it publicly with anyone. As we were having conversations about a variety of things in the relationship between Hightower and the Bahnsen Group and Hightower’s investor and so forth, there were a couple of different meetings and things and we ended up having a pretty significant meeting in person in their conference rooms here in Midtown. And I’ve had seven eye surgeries, and I have challenges with my eyes and there are all these numbers up on a screen in the conference room. I couldn’t see any of them. And it occurred to me that there was an offer on the screen they wanted to buy the business. We had not discussed that. And I turned to the folks and said, “I don’t really know exactly what it says, but I just want to make something very clear to save time and drive our conversation constructively. There’s no amount of money that I would sell for if I can’t be fully in charge of what we’re doing. Our brand, our business, our autonomy is what I care most about. If there’s a way to have that, protect it, enhance it and do a commercial transaction, I’m open to it.” And I didn’t really think that would be possible, but I will say to their credit, they did not want to interfere with that autonomy and what they believe to be a successful formula inside our company at all. And so while they’re doing a lot right now to build their Hightower Signature Wealth brand, both internally and externally, and are coming up on $50 billion of assets that they’ll have moved onto that platform in trying to create more centralization and consolidation, which I think has a lot of commercial rationalization behind it, what they’re looking to do with the Bahnsen Group is have a wholly owned independent subsidiary where I still have plenary authority to run the business, control of the P&L, hiring and firing, strategy, branding, and yet the resources of Hightower at my disposal more now in the HR front. That gets a little trickier with 106 people that will soon be 150 than it was when it was 20. I’m committed, Louis, to knowing every one of my employees’ names forever and it’s getting harder, but luckily I have a pretty good memory. But the technology side, the AI moment, the way in which a tech stack all intersects, I hate this stuff. And they not only are good at it and like it, but are heavily invested in it. And so it felt to me like if they’re really going to allow me to continue running this and have that control of the P&L, it could be best of all worlds and certainly very value additive to the enterprise of Hightower. And that’s what we worked a few months to put together and everybody is really pleased with the outcome. Louis Diamond: Amazing. I mean it’s an interesting shift in the way I’m seeing a lot of these platforms, that they start off as a fee-for-service affiliation platform and then over time they morph to being buyers of businesses, investors in businesses. And Hightower is definitely, they’re probably at the forefront of really completely shifting or re-identifying themself in the market, especially on buying practices. So I think it’s very interesting that you had this long-term relationship and ultimately having such an amazing business, they were the ultimate buyer of the business. David Bahnsen: And I think it’s important to say for our listeners, you know as well as I do, if we went to market, there would’ve been a lot of interested parties. Louis Diamond: That was going to be my question. David Bahnsen: The organic growth alone would’ve commanded something pretty attractive. We were under Hightower’s ADV. I not only had a positive relationship with them and a good cultural dynamic, which I wouldn’t want to risk changing, but I don’t want to re-paper the size of this business, and so it was just a non-starter. I talked to a couple investment bankers after we were already in LOI and they all said the same thing. You had your most natural buyer. It was the one you were already dating. And that’s how I feel, is if there was going to be a transaction, it made the most sense for us to do it with the one we were already partnered with. Louis Diamond: So was it like, hey, you know exactly who we’re getting in bed with because they’ve already been our partner in this business for a while, and as long as I get what I think is fair value for the business, that’s good enough? I’m sure you could have gotten a turn or two more to have 50 bids and to have the shark circling to push Hightower higher. But it sounds like for you, that was of course important, but that wasn’t the number one driver. It was more how do we preserve what we like, preserve our autonomy and do it with people that we like and trust? David Bahnsen: Yeah, that continuity, in a funny way, I did it the wrong order. I ran a process after I was already at LOI, meaning I did enough to find out, hey, did I just do a good deal or not after I’d already done the deal. And the good news is I did, but it wasn’t the way most people go about doing it. But the continuity thing is there’s always two fronts to it at our size of business. There’s the client continuity and the team. Our team is going to move the payroll from being under Bahnsen Group to Hightower, and there’s benefits and changes and things. But the clients don’t know any difference whatsoever. Custodial, the G numbers, the ADV, there’s no signature required, no negative consent required because they already were under the Hightower ADV before. So this transaction all at once allows us to go into the next iteration of our business, which I’m very excited about, and I think is a wonderful deal for Hightower and what their goals are, but we didn’t have to bother clients with it. And when we say to clients, “Nothing’s going to change,” we can actually mean it. Louis Diamond: Yeah, that’s the definition of it. You mentioned there you’re excited for this next iteration or the next chapter of the company. Can you explain that? I would imagine just continuing your strategy that’s worked so well for the last decade plus, you keep doing that, I mean, you’re going to have a 20, 25, $30 billion business over the next handful of years. So what’s the next chapter? Why change it at all? What are you thinking about? David Bahnsen: Well, it’s funny in a moment now where, first of all, I’ve went out of my way to say that we didn’t grow at all inorganically, and a lot of people have now decided that inorganic growth is a little bit less impressive than organic growth. One of the issues with the law of large numbers is growing 30% at two billion meant adding 600 million and growing 30% at 10 billion means adding three billion in a year. Louis Diamond: That’s fair. David Bahnsen: And then 3.6 billion, the exponential nature of it. And I believe that there are… I’ve never gone to a meeting with an advisor with a checkbook or with a balance sheet, and we want to find some folks that want to join us, join our system, join our culture, not merely aggregate a bunch of unified parts, but in some cases doing that with other people demographically would mean some monetization events. So I do believe that there will be some inorganic growth that we will add to our toolbox as a supplement to our core underlying strategy, which we think is industry leading organic growth. So we want to continue doing more of what we’re doing. And then just as we continue to professionalize based on our size and scale more of those things that are not passions for us, technology, supervision and HR, utilize the mousetrap Hightower has that they do well while maintaining the things that make us uniquely us, which is our branding, our business development, our investment strategy, our delivery of services to clients. I’m not naive enough to think that there won’t be some growing pains and some hiccups and whatnot, but we believe that model, all the parties are very committed to it, and we believe it’s the right model for us. Louis Diamond: Absolutely. I think what’s really cool about what you said was, one, I agree with the concept of law of large numbers. I mean, it’s a fact, right? No matter how much content you put out, it’s going to be hard to bring in 10 billion of net new assets eventually without going inorganic. But I think to me at least the big trap in the industry today is firms either completely ignoring the organic and just focusing on buying and growing that way and pointing to, oh, we grew by this amount. But what you said, which is really cool and important I think is we’re going to continue the organic side to the best of our ability. That’s not going to change. Inorganic is a supplement. It’s not the replacement. I think that’s a really important lesson or discipline that it’s the combination of the two that really builds an enterprise and builds scale. You already had your transaction, but anyone who’s weighing a transaction in the future, buyers will always value a dollar of organic growth than they would inorganic growth. So if you can hit both and you do transactions strategically, you’re not just trying to buy anyone or everyone, but you’re doing it to add the right capacity, add a new discipline, diversify the talent pool, ho

Guest Jon Fleischman helps Will break down the news of the week, including Gavin Newsom's remarkably weird interview with CNN's Jake Tapper, his AI alarmism, and his surprise legislative vetoes. Yet another major battery fire has climate activists wondering who to blame when “clean” energy goes awry. The city of Long Beach responds to the Soviet submarine in its harbor. And we remember the Siege of Los Angeles, September 22, 1846. Music by Metalachi.Email Us:dbahnsen@thebahnsengroup.comwill@calpolicycenter.orgFollow Us:@DavidBahnsen@WillSwaimTheRadioFreeCAShow Notes:Jon Fleischman, So Does It Matter SubstackGavin Newsom tells CNN's Jake Tapper he won't run for president if Kamala Harris runs in 2028Newsom signs bill barring other states from sending National Guard troops to CaliforniaGovernor Newsom issues executive order to accelerate independent oversight and advance the creation of an AI kill switchWho Pays When AI Causes Harm? The “Kill Switch” Is LiabilityNewsom vetoes bill to loosen work-from-home rules for state workersRepublicans Help SEIU Defy Gavin Newsom's Return-to-Work Order - WTH?Newsom vetoes bill closing CEQA manufacturing exemptionNewsom cites pension crisis as he vetoes bill to enhance retirement for police and firefightersI Was Wrong About Gavin Newsom And AB 1383, The Public Safety Employee Union Sponsored Pension Spiking BillLAUSD struggles to decide between refurbishing and retrofitting or closing schoolsLAUSD Ignored the Warnings. Now the Bills Are Due.New fire breaks out at Moss Landing Power Plant in California; shelter-in-place order issuedHow do you dispose of an abandoned Russian submarine? Long Beach is on the hook to find out This week's advertising sponsor: California Center for Nonprofit LawNPOlawyers.comboardtrainingprinciples.com Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Charles C. W. Cooke, senior writer at National Review and host of The Charles C. W. Cooke Podcast, joined us on the Guy Benson Show today to discuss a wide variety of topics. Cooke and Benson criticize Hasan Piker for claiming that he loves America, yet expresses hatred with his controversial comments about Americans deserving 9/11. Later, Cooke goes over a controversy involving the Archbishop of Canterbury, immigration policy, data centers, and more. Listen to the full interview with Cooke and Benson below! Learn more about your ad choices. Visit podcastchoices.com/adchoices

Rich Lowry, Editor-In-Chief of National Review, joins Sid to discuss what he thinks the 2028 Presidential race field might look like, before he expands on the ongoing feud between Isreali Prime Minister Bibi Netanyahu and Mayor of New York City Zohran Mamdani.Become a supporter of this podcast: https://www.spreaker.com/podcast/sid-friends-in-the-morning--7177409/support.

William Shatner, the 95-year-old Star Trek icon, performed his first-ever metal concert on September 19 at Park West in Chicago, backed by his band The uckers. The show served as a warm-up for his appearance at Riot Fest. In this National Review opinion piece, writer Becket Adams argues that so-called “woke” ideology has not disappeared, despite claims that a cultural backlash has largely defeated it. Instead, he contends that it has adapted, rebranded, and continues to influence institutions and public discourse. A report carried by KTLA and sourced from NewsNation says patients have filed lawsuits against Novo Nordisk and Eli Lilly, alleging that GLP-1 weight-loss and diabetes drugs caused a rare eye condition that led to sudden vision loss. Please Like, Comment and Follow 'Philip Teresi on KMJ' on all platforms: --- Philip Teresi on KMJ is available on the KMJNOW app, Apple Podcasts, Spotify, YouTube or wherever else you listen to podcasts. -- Philip Teresi on KMJ Weekdays 2-6 PM Pacific on News/Talk 580 AM & 105.9 FM KMJ | Website | Facebook | Instagram | X | Podcast | Amazon | - Everything KMJ KMJNOW App | Podcasts | Facebook | X | Instagram See omnystudio.com/listener for privacy information.

William Shatner, the 95-year-old Star Trek icon, performed his first-ever metal concert on September 19 at Park West in Chicago, backed by his band The uckers. The show served as a warm-up for his appearance at Riot Fest. In this National Review opinion piece, writer Becket Adams argues that so-called “woke” ideology has not disappeared, despite claims that a cultural backlash has largely defeated it. Instead, he contends that it has adapted, rebranded, and continues to influence institutions and public discourse. A report carried by KTLA and sourced from NewsNation says patients have filed lawsuits against Novo Nordisk and Eli Lilly, alleging that GLP-1 weight-loss and diabetes drugs caused a rare eye condition that led to sudden vision loss. Please Like, Comment and Follow 'Philip Teresi on KMJ' on all platforms: --- Philip Teresi on KMJ is available on the KMJNOW app, Apple Podcasts, Spotify, YouTube or wherever else you listen to podcasts. -- Philip Teresi on KMJ Weekdays 2-6 PM Pacific on News/Talk 580 AM & 105.9 FM KMJ | Website | Facebook | Instagram | X | Podcast | Amazon | - Everything KMJ KMJNOW App | Podcasts | Facebook | X | Instagram See omnystudio.com/listener for privacy information.

Today on The Editors, Rich, Charlie, Noah, and Jim discuss Trump's White House press ban, the Greenland security deal, and Nikole Hannah-Jones's essay in The New York Times Magazine admitting she intentionally sent her daughter to bad schools. Editor's Picks: Rich: Robert Pondiscio and Nick Gibb's piece, “What America Can Learn from England's Education Revolution” Noah: Joseph Loconte's piece, “Stresa, 1935: The Seedbed of Appeasement” Jim: Two Dan McLaughlin's pieces, “The Senate Races Are Breaking Bad Already” and “How the Gubernatorial Races Are Breaking” Jim's Bonus Editor's Pick: The Editors' “Trump's Costly Greenland Play” Light Items: Rich: Just finished reading the Golden Thread, a two-volume history of Western traditionCharlie: Went to Denver and attended the Jaguars vs. Broncos gameNoah: Living in fall sports purgatoryJim: Visited the Cuban Embassy last week Sponsors: Made InDonors TrustVaerThis podcast was edited and produced by Lauren Elizabeth Veldhuizen. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

One of the craziest things that has worked its way into the folklore of our age is that the new-found appreciation for a heavy role of government in our personal and economic lives is replacing what was previously this broad moment of “libertarianism,” wherein society ran off of a very limited role of government in matters of economic regulation. Not only did I miss the memo on when that period was to have taken place, but today, some of yesterday's loudest proponents of a small government are actually screaming for the government to tell you what you can eat. My, how the tea party has fallen. Come tread on me, in today's Capital Record. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode, Kenneth Tanner and I contemplate the human face of God. We talk about why we split Jesus into a divine half and a human half, and what we lose when we do. We get into the story we've been told about strength, survival, and success, and how a God who takes the lowest seat overturns it. We talk about serving as a way into the permanence of God, the cross as the foundation of creation, the dignity of the body, and a resurrection already at work in the world. What would change if we believed God is like Jesus?Kenneth Tanner is pastor of Church of the Holy Redeemer in Rochester Hills, Michigan, where he has served since 2005. He is the author of Vulnerable God: How Jesus Upends Our Assumptions About God—and Shows Us How to Be Human (Brazos Press, 2026). His writing has appeared in many outlets, including Huffington Post, Sojourners, Mockingbird, National Review, Christianity Today, Clarion Journal, and more. He and his wife, Debbie, have seven children and four grandchildren.Kenneth's book:Vulnerable GodKenneth's recommendation:The Wound of UnknowingConnect with Joshua: jjohnson@shiftingculturepodcast.comGo to www.shiftingculturepodcast.com to interact and donate. Every donation helps to produce more podcasts for you to enjoy.Follow on Facebook, Instagram, Twitter, Threads, Bluesky or YouTubeSupport the podcast and the ministry that my wife and I do around the world. Just click on the support the show link belowListen to The Good, The True, and The Cinema anywhere you get podcasts. Support the show

Still Counting host Clare Malone joins Erin to break down what we know about a potential stay-at-home parent subsidy, a rise in ectopic pregnancy deaths, Sydney Sweeney's horny sports gambling ad, and Donald Trump Jr.'s Russian oligarch-funded wedding. Then Alexis Nikole Nelson (@Blackforager) joins to talk about foraging, seasonal eating, and her new book Happy Snacking, Don't Die! Trump Officials Draft Plan to Pay At-Home Parents, Using Funds for Working Ones (NYT 9/5)Women Filled 98 Percent of Jobs Created in August. What Happened to the Men? (National Review 9/11)Ectopic Pregnancy Deaths Have Nearly Doubled. It's Worse in States With Abortion Bans. (ProPublica 9/9)Donald Trump Jr.'s Bahamas Wedding Was Secretly Bankrolled by Russian Oligarch Close to Putin (ProPublica 9/14)‘Sydney Sweeney, this is what women in sport look like': female athletes spark backlash against viral advert (The Guardian 9/14)You can request a transcript by emailing transcripts@crooked.com. Include the podcast name, episode title, and air date. Please allow 48 hours for delivery.

Rich Lowry, Editor-In-Chief of National Review, joins Sid for his weekly Wednesday morning appearance to help Sid preview the morning show's big-time meeting set for tomorrow afternoon at The White House with Vice President J.D. Vance.

Today on The Editors, Rich, Jim, Noah, and MBD discuss the future of AI regulation, abysmal polling results for Republicans heading into the midterms, and Donald Trump Jr.'s blowout wedding bash bankrolled by a Russian oligarch. Editor's Picks: Rich: Brittany Bernstein's piece, “Bari Weiss Hasn't ‘Murdered' 60 Minutes After All” Jim: Jeff Blehar's most recent Carnival of Fools, “Donald Trump Can't Bribe His Way Out of November's Reckoning” Noah: Rich's piece, “The Lynching Epidemic That Wasn't” MBD: Joshua Treviño's piece, “What the Data Center Revolt Is Really About” Light Items: Rich: Gives a glowing review of Mr. Beast's peanut butter cups, "Feastables." Jim: The Jets won over the weekend!Noah: Got a taste of 90's nostalgia at a Wu-Tang hip hop concert.MBD: The NY Giants won over the weekend!Sponsors: Made InFast Growing TreesVaerThis podcast was edited and produced by Lauren Elizabeth Veldhuizen. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The internet and social media were aghast over the weekend as Anthropic founder and CEO Dario Amodei penned a “Jerry Maguire” screed about the AI labs “slowing down” due to the risks of “losing control” and giving way to “bioterrorism” and “serious economic disruption” … Other AI lab heads from Sam Altman to Elon Musk chimed in with agreement. You may read his letter as a call for prudent, selfless moderation, or you may read his call as rent-seeking, cronyist, "pull the ladder up" corporatism at its worst. Today, we will unpack it all.Show Notes:Dario Amodei's LetterDavid Sacks' Response Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today on The Editors, Rich, Charlie, MBD, and Noah discuss Trump's newly promised 5k payout, the Republican Midterm Convention, and AI doomerism. Editor's Picks: Rich: Dan Foster's piece, “Forever Wars Are Good, Actually” Charlie: Dan Foster's 9/11 piece, “'Sign Me Up'” MBD: All of Abigail Anthony's recent workNoah: Kathryn Jean Lopez's piece, “Let's Never Get Over a Mother Viciously Killing Her Children” Light Items: Rich: Found a new appreciation for the beauty of the Chrysler Building. Charlie: NFL season has begun!MBD: The 30th anniversary edition of one of his favorite albums, Ben Folds Five's debut album, was released. Noah: Going to the Wu-Tang Clan hip-hop concert with his neighbors.Sponsors: The Institute for Governance and Civics at Florida State UniversityVaerHow the World Works Podcast from CEIThis podcast was edited and produced by Lauren Elizabeth Veldhuizen. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

After a brief hiatus, Andy and Rich return to The McCarthy Report to reflect on the events of September 11th and analyze the successes and failures of America's fight against terror over the past 25 years. Sponsors: The Institute for Governance and Civics at Florida State UniversityThis podcast was edited and produced by Lauren Elizabeth Veldhuizen. This podcast was edited and produced by Sarah Colleen Schutte. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

California's state employees swear an oath to protect the United States Constitution — so what's up with the university professors calling for armed revolution and the liquidation of Democrats? Newsom visits with South Carolina Democrats but can't outrun his failures back home, including high unemployment and a new audit showing that the tiniest high-speed rail system in the world has run off the tracks. Bonus: If you missed David and Will's discussion of November's 14 ballot measures, listen to Will's conversation here with political analyst Jon Fleischman. Music by Metalachi.Email Us:dbahnsen@thebahnsengroup.comwill@calpolicycenter.orgFollow Us:@DavidBahnsen@WillSwaim@TheRadioFreeCAShow Notes:California Profs Endorse Violence, Forget Constitutional Oath (Listener Steven A.)California drivers could pay for Gavin Newsom's personal security when he's out of office (Listener Kathy)Gavin Newsom will leave office in January. In South Carolina, he previews what could come nextNewsom's Minimum Wage Whitewash (Listener Eric O.)California's ‘groundbreaking' fast food council lacks a leader, hasn't met in over a yearInspector General slams latest high-speed rail planJudge dismisses Justice Department lawsuit challenging California transgender sports policiesBonus: California's 14 Ballot Propositions Explained, With Recommendations! | Jon Fleischman & Will SwaimThis week's advertising sponsor: California Center for Nonprofit LawNPOlawyers.comboardtrainingprinciples.com Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Vice President JD Vance and a few other folks on the right beat the drum this weekend for a new bill to pay married families with one stay-at-home spouse based on the number of kids they have. Some people on the right defend the bill as “pro-family.” Others on the right lambaste it for being “pro-welfare state.” Some claim it merely redirects funds already in circulation. Others claim it represents a new entitlement altogether and that the bill is a classic case of “right-wing dressing” on top of a “left-wing salad.” In today's Capital Record, David calls a spade a spade – which is to say, he takes this awful anti-family, pro-welfare, statist idea to the woodshed. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today on The Editors, Rich, Charlie, Noah, and Jim discuss the 25th anniversary of September 11, childcare subsidies, and AI doomsday warnings.Editor's Picks: Rich: Dan McLaughlin's piece, “The Eighties Were Worth the Nostalgia”Charlie: Also Dan's piece. Noah: Raleigh Adam's piece, “Elite Formation Is Fueling the Socialist Project”Jim: Also Dan's piece. Light Items:Rich: Went to two Scranton/Wilkes-Barre RailRiders games.Charlie: Reading Antony Beevor's Stalingrad.Noah: Accomplished some yard work. Jim: Spent the weekend in Charlottesville, VA.Sponsors:Made InVaerFree the Economy Podcast from CEI This podcast was edited and produced by Lauren Elizabeth Veldhuizen. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Brian Kilmeade covers the opening of the unprecedented GOP midterm mini-convention in Dallas as Republicans lay out their strategy for the upcoming elections. Plus, National Review's Rich Lowry and Fox News' Martha MacCallum break down the battle for the House and Senate, Tristan Harris sounds the alarm on a rogue AI incident, and 9/11 families demand Mayor Mamdani stay away from memorial ceremonies. [00:00:00] Rich Lowry [00:36:49] Miranda Devine [00:55:12] Tristan Harris [01:13:36] Karl Rove [01:32:00] Martha MacCallum Learn more about your ad choices. Visit podcastchoices.com/adchoices

A “consultant” was on TV last week in a panic over the cost of watching NFL games now, not to mention the utter horror of finding out which streaming network your game might be on. The greed and debauchery of “big football” are on full display as far as many are concerned, but one group stands out as not being concerned at all: those who actually watch the NFL. And there is something else being missed when people complain about the cost of watching the NFL, something even more obvious than the fact that NFL fans love it. Listen to today's Capital Record for a test case in basic economics that even a punter could understand.Show Notes: Fox Business Video Clip Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today on The Editors, Rich, Charlie, MBD, and Dan discuss Vance's answer to accusations of antisemitism, Talarico's linking of capitalism to white supremacy, and California's wealth tax. Editor's Picks: Rich: Andrew McCarthy's piece, “Mamdani's Intifada” Charlie: Yuval Levin's piece, “Barking Up the Wrong Amendment” MBD: Dan Foster's piece from the September issue of the magazine, “Something is Going to Happen” Dan: Arthur Herman's piece about energy security as national security, “China Understands the New Energy War. Does America?” Light Items: Rich: Drove around an old beater car. Charlie: Watched the movie, Her. MBD: Enjoyed the beginning of the U.S. Open. Dan: Went to his first PTA meeting. Sponsors: VaerProfit from the Profit by David L. Bahnsen Catholic Charities This podcast was edited and produced by Lauren Elizabeth Veldhuizen. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Medical Ethics & Assisted Suicide: The hosts examine a National Review report on bioethical pressure to compel doctors to assist in self-starvation suicides (VSED), raising severe concerns over physicians' conscience rights. Scott emphasizes that forcing medical participation in deliberate starvation bypasses assisted suicide laws and undermines traditional medical ethics.The Legacy of Gloria Steinem: Reflecting on the passing of feminist activist Gloria Steinem at age 92, Sean and Scott unpack her cultural impact and the mixed legacy of second-wave feminism. They contrast her secular views on autonomy and abortion with a biblical view of human value rooted in the image of God.AI Sentience and the Singularity: Analyzing recent coverage from The Wall Street Journal and The Atlantic, the team addresses claims of AI sentience and fears surrounding an impending technological singularity. Scott explains why true consciousness cannot emerge from physical code, while Sean warns against attributing human selfhood to programmed responses.Audience Question: Slavery in the Bible: Addressing a listener question on biblical passages regarding slavery, the hosts clarify the historical context of ancient servitude. They demonstrate how Scripture's overarching moral framework elevates human dignity and lays the foundation for abolition.Audience Question: AI as a Bible Study Tool: In response to an audience inquiry about using AI for Scripture study, Sean and Scott outline both benefits and warnings. They note that while AI functions well for fast textual research, it cannot replace personal engagement or Holy Spirit-led discernment.Audience Question: The Real Costs of Egg Freezing: Following up on a previous discussion regarding Alexandria Ocasio-Cortez, the hosts review research submitted by an outside organization detailing the true financial and physical costs of egg freezing. The conversation highlights the bioethical complexities and hidden expenses often omitted from popular fertility narratives.==========Think Biblically: Conversations on Faith and Culture is a podcast from Talbot School of Theology at Biola University, which offers degrees both online and on campus in Southern California.   Find all episodes of Think Biblically at: https://www.biola.edu/think-biblically.   To submit comments, ask questions, or make suggestions on issues you'd like us to cover or guests you'd like us to have on the podcast, email us at thinkbiblically@biola.edu.  

Pete Hegseth's entire life has been leading to this moment. A war for the very soul of our nation. But can he save the institution responsible for his sense of self from the woke mind virus, or is it too late?  — A production of BRINK Website: thisispropaganda.show Instagram: instagram.com/thisispropagandashow Email: propaganda@brink.com — CREDITS  Written, Produced, and Hosted by Malcolm Critcher and Joshua Belhumeur  Co-Producer: Reed Chandler __  Some dialogue and quotations have been condensed, paraphrased, or reconstructed based on contemporaneous accounts, interviews, and other source material. All archival clips from film and television used under fair use, for educational purposes only. REFERENCES “Air Force Denies Retirement Benefits for Some Trans Troops.” Air and Space Forces Magazine, Aug. 2025, www.airandspaceforces.com/air-force-retirement-benefits-transgender/. “‘All for Nothing': Air Force Trans Troops Sue over Revoked Retirement.” Air Force Times, 13 Nov. 2025, www.airforcetimes.com/news/your-air-force/2025/11/13/all-for-nothing-air-force-trans-troops-sue-over-revoked-retirement/. “Allegories of the Four Continents.” The Metropolitan Museum of Art, www.metmuseum.org. “America the Rebellious Slut.” Commonplace: The Journal of Early American Life, commonplace.online. “Amy Sherald Cancels Smithsonian Show, Citing Censorship of Trans Artwork.” Hyperallergic, July 2025, hyperallergic.com/amy-sherald-cancels-smithsonian-show-citing-censorship-of-trans-artwork/. “Amy Sherald Withdrew ‘American Sublime' Exhibition from Smithsonian National Portrait Gallery, Citing ‘Culture of Censorship.'” Culture Type, 29 July 2025, www.culturetype.com/2025/07/29/amy-sherald-withdrew-american-sublime-exhibition-from-smithsonian-national-portrait-gallery-citing-culture-of-censorship/. “The Army Recruiting Ad Featuring a Soldier with 2 Moms Just Got Harder to Find. Here's Why.” Military.com, 16 Jan. 2024, www.military.com/daily-news/2024/01/16/army-delists-calling-ads-making-them-harder-find-youtube-after-years-of-political-blowback.html. Arnold, Tyler. “Does the Navy Endorse Drag Shows? TikTok Video Has Lawmakers Demanding Answers.” EWTN News, 9 May 2023, www.ewtnnews.com/world/us/does-the-navy-endorse-drag-shows-tik-tok-video-has-lawmakers-demanding-answers. “Artist Amy Sherald Has Canceled Her Upcoming Show at the Smithsonian.” NPR, 24 July 2025, www.npr.org/2025/07/24/nx-s1-5479078/artist-amy-sherald-has-canceled-her-upcoming-show-at-the-smithsonian. “Asked to Flag ‘Negative' National Park Content, Visitors Gave Their Own 2 Cents Instead.” NPR, 26 June 2025, www.npr.org/transcripts/nx-s1-5444323. Associated Press. “Sergeant, 23, Is First Woman Awarded Silver Star since World War II.” 16 June 2005. “Before Lady Liberty, There Was Lady Columbia, America's First National Mascot.” Smithsonian Magazine, www.smithsonianmag.com. Ben-Shalom, Miriam. Miriam Ben-Shalom Collection. AFC2001/001.43276, Veterans History Project, American Folklife Center, Library of Congress, www.loc.gov/collections/veterans-history-project-collection/serving-our-voices/diverse-experiences-in-service/lgbtq-veterans/item/afc2001001.43276/. Beynon, Steve. “Thousands of Women Serve in Combat Roles. Pentagon Nominee Hegseth Says They Shouldn't.” Military.com, 18 Nov. 2024, www.military.com/daily-news/2024/11/18/thousands-of-women-serve-combat-roles-pentagon-nominee-hegseth-says-they-shouldnt.html. Boyd, E. B. “Lessons from a War.” Princeton Alumni Weekly, 7 Nov. 2007, paw.princeton.edu/article/lessons-war. Brest, Mike. “West Point Apologizes for Sharing Inaccurate Pete Hegseth Information.” Washington Examiner, 11 Dec. 2024, www.washingtonexaminer.com/policy/defense/3257116. 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Daniel Magen) Licensed from Artlist Quick Boudicca Licensed from Artlist No Man's Land Written and Performed by Joshua Belhumeur Too Many Steps Oran Loyfer Licensed from Artlist Tempted The Hazelnuts Licensed from Artlist American Dream Written and Performed by Joshua Belhumeur Moon Mother Richard Farrell (feat. Zephyr Gold) Licensed from Artlist A Propagandist Walks into a Piano Bar Written and Performed by Joshua Belhumeur Samizdat Written and Performed by Joshua Belhumeur

Interview recorded - 4th of September, 2026On this episode of the WTFinance podcast I had the pleasure of welcoming back Professor Steve Hanke. Steve is a renowned economist, the Professor of Applied Economics and Founder and Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University who has authored many books.During our conversation we spoke about the current situation in the economy, risk of inflation, Kevin Warsh, Scott Bessent, economic risk, China deleveraging and more. I hope you enjoy!0:00 - Introduction0:59 - Overview of economy and markets8:39 - Yields out of control11:00 - Inflation 12:23 - Kevin Warsh14:49 - What should FED Change?16:11 - Interest rates23:09 - Scott Bessents buyback25:35 - Global overview28:23 - China deleveraging 30:14 - Japan30:45 - Venezuela35:23 - One message to takeaway?Steve H. Hanke is a Senior Fellow, Contributing Editor of The Independent Review, and a Member of the Board of Advisors at the Independent Institute. He is a Professor of Applied Economics and Founder and Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore. He is also a Senior Adviser at the Renmin University of China's International Monetary Research Institute in Beijing, and a Special Counselor to the Center for Financial Stability in New York. Hanke is also a Contributing Editor at Central Banking in London and a Contributor at National Review. In addition, Hanke is a member of the Charter Council of the Society for Economic Measurement and a Distinguished Associate of the International Atlantic Economic Society. He is ranked as the world's third-most influential economics influencer by FocusEconomics in Barcelona, Spain.Steve Hanke: Book - https://link.springer.com/book/10.1007/978-3-031-63398-0X - https://x.com/steve_hankeBio - https://www.independent.org/aboutus/person_detail.asp?id=516WTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

Rich Lowry, Editor-In-Chief of National Review, joins Sid for his weekly appearance on the morning show to discuss Vice President JD Vance's attempt to make inroads with Jewish Republicans at the Republican Jewish Coalition's annual leadership summit on Monday night, where some attendees still have questions for Vance — particularly regarding his relationship with conservative pundit Tucker Carlson.

Today on The Editors, Rich, Charlie, Noah, and Jim discuss the Supreme Court's decision about Trump's ballroom, the Venezuela oil deal, and why the DSA organizers are so rich. Editor's Picks: Rich: Noah's piece about court packing called, “The Democratic Center Is Now as Radical as Its Left” Charlie: Sarah Schutte's most recent magazine piece, “Best Western: A Road Trip from Ohio to the Pacific” Noah: Jeff Blehar's piece, “Everyone is Edging Away from Ken Paxton” Jim: Charles Hilu's piece, “Vivek Ramaswamy Doesn't Pretend to Be a Populist” Light Items: Rich: Got print newspaper nostalgia. Charlie: Visited New York and cheered on the Yankees. Noah: His kids' intense sporting season starts soon (wish him luck!). Jim: Went rowing on a lake. Sponsors:VaerFast Growing TreesThe Institute for Governance and Civics at Florida State University This podcast was edited and produced by Lauren Veldhuizen. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In 1999, the last time California boosted the benefits it pays government employees – earlier retirements, richer retirements – financial disaster followed quickly. Now, state lawmakers want Newsom to try it again. We fact-check Newsom's claims on housing starts (terrible) and jobs (worse). Iowa's AG sues California for blocking the Paramount-Warner merger. Now that he's successful, Mark Zuckerberg says social media companies must be regulated. David and Will break down the Nick Shirley Act. Music by Metalachi. Email Us:dbahnsen@thebahnsengroup.comwill@calpolicycenter.org Follow Us:@DavidBahnsen@WillSwaim@TheRadioFreeCA Show Notes:David Bahnsen's “Profit from the profit”Ishi discovered in California Meta to Pay Up to $17.1 Billion in Landmark Settlement Over Social Media Addiction Claims“Hardly any” AI regulations? Becerra should know betterIowa Attorney General Says She's Taking California to the Supreme Court Over Paramount-Warner Bros. LawsuitGavin Newsom still doesn't understand the limits of his powerCalifornia set to force big companies to disclose historic links to slaveryKenneth Schrupp on Newsom's jobs reportNewsom's big housing claim is built on bad dataLawmakers vote to let first responders retire earlier and with more money. Will Newsom sign on?AB 1383 is a costly pension mistake in the makingAB 2624 signed into law, California rejects hated-filled (sic) misinformation campaignWill's work here would likely be illegal under the Act Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

It was announced over the weekend that the United States is taking a 35 percent stake in a private energy company connected to Venezuelan oil rights. Is this “U.S. government in private business” thing getting out of control, or is the United States government a natural business partner in the Venezuelan oil production market? In today's Capital Record, David will unpack the good, bad, and ugly of this deal, and ask us if our first principles endorse these public-private partnerships, or if they should cause us concern. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today on The Editors, Rich, Charlie, Dan, and MBD discuss the Democrat's denouncement of Hasan Piker, Meta's $18 billion settlement, and the Flock camera controversy. Editor's Picks: Rich: John Puri's piece, “Data Centers Use Little Water, So Where Does It All Go?” Charlie: Ross Douthat's Farewell column, “Reflecting on 20 Years as NR's Film Critic” Dan: The Editors' most recent about the Iran War, “Is Trump Prepared to Dig In on Economic War Against Iran?” MBD: Charlie's piece, “Spare America from the ‘Noblesse Oblige' of This DSA Duchess” Light Items: Rich: Attended a Marlins game in South Florida Charlie: Rewatching the show, Foyle's War Dan: Listening to a Star Trek podcast MBD: Kids are getting into the sport, hurling Sponsors: VaerCatholic CharitiesProfit from the Profit by David L. Bahnsen This podcast was edited and produced by Lauren Veldhuizen. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In part two of Red Eye Radio with Gary McNamara and Eric Harley, Canadian exporters who sell clothing, alcohol and other products hit by the new 50 percent U.S. tariffs are worried the levies will discourage American consumers — which would take a debilitating bite out of their businesses. After a year of escalating tensions between the Trump administration and Canada, Canadian businesses have already exhausted the most logical options to expand their customer bases, said Dan Kelly, president of the Canadian Federation of Independent Businesses. Also American life expectancy hit a record in 2024 as deaths fell from most major causes, according to a Centers for Disease Control and Prevention report this week / and according to the National Review, one of the top reasons Americans cite for opposing data centers is their excessive water use. For more talk on the issues that matter to you, listen on radio stations across America Monday-Friday 12am-5am CT (1am-6am ET and 10pm-3am PT), download the RED EYE RADIO SHOW app, asking your smart speaker, or listening at RedEyeRadioShow.com. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Rich Lowry, Editor-In-Chief of National Review, joins Sid for his weekly appearance on the morning show to discuss Mayor Mamdani being expected to attend the September 11th ceremonies, despite calls from 9/11 victims' families to not attend. While the city has been preparing for a presidential visit on the 25th anniversary of the terror attacks, as of now, President Trump is not expected to attend. Instead, the administration will be represented by Vice President JD Vance. Trump is expected to commemorate the day at the Pentagon in Washington DC, and is expected to deliver remarks.

David is joined by Stephanie Slade, author of the brand new book, Fusionism, and a prolific writer and public thinker around the fusion of liberty and virtue. The discussion is historical and philosophical, and represents the topic most foundational to the founder's vision of this great republic. Not to be missed! Show Notes: Stephanie Slade's new book, Fusionism: Liberty, Virtue, and the Future of the American Right Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Since 1911, Californians have been allowed a direct role in legislation via the initiative and referendum process. This year's November ballot features 14 measures, including the Billionaire Wealth Tax, two “affordability” programs that will make housing more expensive, and a bid to make the nation's highest marginal income-tax rate a permanent impediment to prosperity.  Bonus! David discusses the birth today of his fifth book, “Profit from the Profit.” Music by Metalachi.   Email Us:dbahnsen@thebahnsengroup.comwill@calpolicycenter.org Follow Us:@DavidBahnsen@WillSwaim@TheRadioFreeCA Show Notes:David Bahnsen's “Profit from the profit”   This episode's advertising sponsor: California Center for Nonprofit Law NPOlawyers.com boardtrainingprinciples.com Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today on The Editors, Rich, Charlie, Phil, and Noah discuss the political debate surrounding data centers, democratic socialist Angie Nixon's win in the Florida primaries, and the national debt crisis.  Editor's Pick: Rich: Same pick as Charlie! Charlie: Jim Geraghty's most recent Morning Jolt, “Why Would We Rename the USS Doris Miller Aircraft Carrier?” Phil: Caroline Downey's piece, “No, Not all Women Identify With Lindsay Clancy” Noah: Andrew McCarthy's piece in the latest issue of the magazine, “Mamdani's Intifada” Light Items:  Rich, Charlie, Phil, and Noah: Honoring Sarah Schutte on her last day as the podcast producer for all of her amazing work. Thank you for all of the time and energy you have given and will continue to give to National Review, Sarah! You will be dearly missed.  Sponsors: VaerFast Growing TreesHow the World Works podcast from CEI    This podcast was edited and produced by Lauren Veldhuizen.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today on The Editors, Rich, Charlie, Noah, and Dan discuss Jon Ossoff's presidential prospects, South Korea, and the death of former Cambridge professor, Jason Arday.  Lights Items:  Rich: Visited Florida and took the Bright Line Charlie: Watched the film, A Man for All Seasons Noah: Spent the weekend in Atlantic City with his family Dan: Starting to build a dollhouse Editor's Picks:  Rich: Jim Geraghty's piece, "For AOC, the Time Is Now" Charlie: Abigail Anthony's piece, "I Still Think IVF Should Be Banned" Noah: Brittany Bernstein's most recent "Forgotten Fact Checks" newsletter about New York Magazine's Habibi City cover story Dan: Becket Adams's piece, "'Woke One' Wasn't Just Crazy -- It Was Destructive" Sponsors: Made InVaerThe Institute for Governance and Civics at Florida State University  This podcast was edited and produced by Lauren Veldhuizen.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.