Podcasts about Neill

Megyn Kelly is joined by Andrew Klavan, host of "The Andrew Klavan Show," to discuss leftists melting down over Trump's mild joke about the women's USA Olympic hockey team during his men's team call, the absurd charges of sexism about the men's team, the modern left's aversion to patriotism, bizarre praise of Eileen Gu who is competing for China and loves praising herself, shocking incident at BAFTAs involving a Tourette outburst and racism accusations, the truth about Tourette Syndrome, NYC thugs attacking NYPD officers with snowballs, Mayor Mamdani making a joke and referring to "kids" doing it, and more. Then Will Geddes, James Hamilton, and Eric O'Neill, security experts and former law enforcement officers, join to discuss bombshell reports that images of the mystery man at Nancy Guthrie's house are from different nights, the sheriff again refusing to confirm or deny it, what it would mean if the individual was there before the abduction, the new Savannah Guthrie Instagram video revealing Nancy was “taken from her bed,” her decision to up the reward to as much as $1 million, signs the family may be losing hope, a new theory emerging about how Nancy Guthrie could have been removed from her home, new reporting on blood droplets both outside and inside the home house, why multiple people might have been involved, and more.     Klavan- https://www.youtube.com/@AndrewKlavan Geddes- https://www.icpgroupcompanies.com/index.html Hamilton- https://www.hamiltonsecuritygroup.com/ O'Neill- https://ericoneill.net/books/spies_and_lies/   Joi + Blokes: Go to http://joiandblokes.com/MK and use code MK for 65% off your labs and 20% off all supplements PureTalk: Tired of big wireless prices? Switch to PureTalk for unlimited talk and text for $25/month—dial #250 and say MEGYN KELLY for 50% off your first month. Herald Group: Learn more at https://GuardYourCard.com Done with Debt: https://www.DoneWithDebt.com & tell them Megyn Kelly sent you!     Follow The Megyn Kelly Show on all social platforms: YouTube: https://www.youtube.com/MegynKelly Twitter: http://Twitter.com/MegynKellyShow Instagram: http://Instagram.com/MegynKellyShow Facebook: http://Facebook.com/MegynKellyShow  Find out more information at:https://www.devilmaycaremedia.com/megynkellyshow Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Leonard O'Neill, Channeling Kelto an 11th dimensional Being live on Merlin and Maeve on TikTok, answering questions about spirituality, this matrix and hack this place, what is really going on with the human race being stuck and how to fix it, timeline shifts, the deep state, evil empire, gods plan, true spirituality. and more.

Full episodes and much more at Patreon.com/slopquest Comedian Ryan O’Neill and Illustrator Andrew DeWitt bring you the dumbest takes on news, movies and ridiculous business ideas every week on Slop Quest! Ryan destroys his body skiing while Andy destroys his body with sword practice. There’s a little Epstein talk while a drone hovers outside the window and Ryan fantasizes about the government bursting into his apartment to attack him. Ryan does a “deep dive” on microchips and concludes they are all fake. This enrages Andy who insists that the philosophy of “I don’t understand something so it’s fake” is not a valid scientific point of view. Andy thinks Ryan’s solo ski trios are Dark Aging his brain. Then Andy finally eats sushi again and Ryan thinks he has worms. Then Ryan fantasizes about Andy going to Norway and being dressed up as a little boy. Then Ryan wants Andy to come to his stand up show so he can do crowd work with him. Andy threatens to sneak a bullhorn into his comedy show and heckle him. Then they talk about how to survive a post nut bj. Ryan gets his gas card declined and thinks he uncovered a vast conspiracy. Then Andy finds some good AIO Reddit threads where people tell a woman to divorce her husband because he didn’t like a character on a reality housewives show.

Barbara_O'Neill

Barbara_O'Neill

Barbara_O'Neill

Barbara_O'Neill

Barbara_O'Neill

Barbara_O'Neill

After some updates about the past few months, Vic and I touch on the Starlink and SpaceX Direct To Cell technology. How it works and the ways in which it differs from other entrants like Iridium.With Vic Hudson and John Chidgey.TEN Show Links: Pragmatic Episode 99: StarLink Links of Potential Interest: LTE Signal Strength Guide DTC Thread Free Space Loss Calculator SpaceX completes 1st Starlink DTC constellation launch SpaceX Exec Tips High-Speed Cellular With 15K Satellites PCMag Tested T-Mobile’s Cellular Starlink Service Direct To Cell rating Thread Starlink Business Direct To Cell Support Pragmatic on PatreonEpisode Gold Producers: 'r', Steven Bridle, Kellen Frodelius-Fujimoto and Steve Branam.Episode Silver Producers: Mitch Biegler, Shane O'Neill, Jared Roman, Katharina Will, Chad Juehring, Ian Gallagher and Jamie Russell.

Washington state made several changes in the last few years to prioritize keeping kids with their birth families. But a new investigation from KUOW found that over the same time period, more babies and children from families who’ve been investigated by Child Protective Services (CPS) workers have died. Eilis O’Neill, a reporter for KUOW, joins us to talk about the story.

Presidents and UFOs…It appears every President in recent history, certainly every Democratic president including Obama Was Into UFOs. Why do they all believe it?Guest: Daniel Greenfield - CEO at the David Horowitz Freedom Center, writer for Front Page Magazine & Author Boston is quickly emerging as a food and wine destination… Boston becomes a global meeting point for the wine world as producers travel in from Sicily, Georgia, South Africa, and California for the Boston Wine Expo happening March 7-8, 2026 with Over 100 International Wineries and Exclusive Master Classes. Open to the public & patrons get to sample a variety of wines from over 100 wineries. Held at Hilton Park Plaza Hotel in BostonGuest: Raffaele Scalzi - Director of the Boston Wine Expo Cool on the Outside, Screaming on the Inside. A modern guy’s guide to projecting stability with style, “A field guide for those who have mastered the art of detachment while quietly unraveling." Guest: Charles O’Neill (pen name Brand Mavrick) - Author Business Insider readers voted on whether they would choose a $120K remote or $240K in-office job. The results were closer than they expected…Guest: Henry Chandonnet - Business News Reporter for Business Insider See omnystudio.com/listener for privacy information.

Leonard O'Neill, Channeling Kelto an 11th dimensional Being live on Merlin and Maeve on TikTok, answering questions about spirituality, this matrix and hack this place, what is really going on with the human race being stuck and how to fix it, timeline shifts, the deep state, evil empire, gods plan, true spirituality. and more.

Leonard O'Neill, Channeling Kelto an 11th dimensional Being live on Merlin and Maeve on TikTok, answering questions about spirituality, this matrix and hack this place, what is really going on with the human race being stuck and how to fix it, timeline shifts, the deep state, evil empire, gods plan, true spirituality. and more.

Leonard O'Neill, Channeling Kelto an 11th dimensional Being live on Merlin and Maeve on TikTok, answering questions about spirituality, this matrix and hack this place, what is really going on with the human race being stuck and how to fix it, timeline shifts, the deep state, evil empire, gods plan, true spirituality. and more.

Leonard O'Neill, Channeling Kelto an 11th dimensional Being live on Merlin and Maeve on TikTok, answering questions about spirituality, this matrix and hack this place, what is really going on with the human race being stuck and how to fix it, timeline shifts, the deep state, evil empire, gods plan, true spirituality. and more.

This week Sam & Natalie are joined by Leeds United royalty as our guest is none other than club legend Eddie Gray!Eddie Gray sits down alongside Sam Allardyce and Natalie Pike to discuss all things football from his family legacy at Leeds United with both Archie & Harry Gray being the two latest to come through the ranks to what he makes of Celtic's season and the title race in Scotland.They start the pod by briefly discussing the new generation of footballers to come from the Gray family and why the key advice has always been to play football at a young age.The trio then discuss in detail Leeds vs Birmingham in the FA Cup, Why this could be a great opportunity for Leeds to win a major honour & are the fans still 100% behind manager Daniel Farke?Eddie & Sam then chat about the in form Dominic Calvert-Lewin and why he has a serious chance of making England's World Cup squad and why both Ethan Ampadu & Lukas Nmecha have been an incredible signings for Leeds.Eddie Sam & Natalie then discuss the current Premier League relegation battle, which 3 teams they expect wont survive the drop and would Tottenham be the best ever team to be relegated?Eddie then talks about how Archie Gray is a future Tottenham captain, what his best position on the pitch is and could he be called up for Scotland in the future?Finally we end the pod with Eddie discussing his love for Celtic, why Martin O'Neil could leave Celtic at the end of the season & Why Leeds has the BEST Atmosphere!

Good morning from Pharma Daily: the podcast that brings you the most important developments in the pharmaceutical and biotech world. Today, we delve into a series of significant events and decisions in the industry that are shaping the path forward for drug development and patient care.The U.S. Food and Drug Administration (FDA), an agency often at the center of pharmaceutical innovation and scrutiny, has recently made several noteworthy decisions. These decisions not only point to the ongoing regulatory challenges but also highlight scientific advancements within the field.One of the key updates involves the FDA's decision to reject Disc's drug bitopertin, which was intended for the treatment of erythropoietic protoporphyria, a rare blood disease. Despite receiving a national priority voucher for expedited review, the FDA ultimately concluded that the clinical data did not sufficiently support regulatory approval. This decision underscores the FDA's commitment to maintaining rigorous standards even when expedited reviews are in play, emphasizing the necessity of robust clinical evidence for approval.Adding complexity to this situation is the internal dynamics within the FDA itself. Richard Pazdur, a long-standing official at the agency, recently stepped down, revealing disagreements with Commissioner Marty Makary over reducing the number of clinical trials required for new drug applications. Pazdur's departure after an influential 26-year tenure highlights ongoing debates within regulatory bodies on how to balance innovative approval pathways with ensuring safety and efficacy data.In another notable development, Moderna faced setbacks with its mRNA-1010 flu vaccine as the FDA declined to review it. This decision leaves American consumers without access to potentially more effective mRNA-based flu vaccines—a technology embraced by other countries for influenza treatment. This situation points to possible missed opportunities in leveraging cutting-edge vaccine technologies domestically, showcasing both the promise and regulatory complexities surrounding mRNA technology.These regulatory challenges unfold amid leadership changes and strategic shifts within health agencies. For instance, Jim O'Neill's departure from his role as acting director of the Centers for Disease Control and Prevention following Susan Monarez's abrupt ouster illustrates how leadership turbulence can impact policy consistency and strategic direction, potentially affecting how new health initiatives are prioritized and implemented.Meanwhile, companies like Vertex and CRISPR Therapeutics are ambitiously advancing gene therapy solutions such as Casgevy, signaling a broader trend towards personalized medicine and advanced biotechnological approaches. These efforts promise transformative impacts on patient care and reflect an industry-wide move towards precision medicine.Eli Lilly's substantial investment in orforglipron stock ahead of its anticipated approval further indicates confidence in their product pipeline amidst growing competition from Novo Nordisk's Wegovy pill abroad. This competitive landscape highlights increasing interest and investment in innovative treatments for metabolic diseases.Overall, these developments illustrate a dynamic interplay between scientific innovation, regulatory scrutiny, and strategic corporate maneuvers that shape healthcare's future. As companies push technological boundaries, regulators face ongoing challenges in adapting frameworks that ensure patient safety while fostering innovation. The outcomes of these processes will significantly influence not only patient access to cutting-edge therapies but also set precedents for future drug development and approval pathways. As these trends unfold, stakeholders across the industry must remain agile, informed, and collaborative to navigate this evolving landscape effectively.Looking back at 2025, it was a tSupport the show

Barbara O'Neill

Full episodes and much more available on Patreon.com/slopquest Comedian Ryan O’Neill and Illustrator Andrew DeWitt bring you the dumbest takes on news, movies and ridiculous business ideas every week on Slop Quest! Ryan talks about how the real small businessmen are drug dealers. Then Andy talks about the Alkaline water scam and scares himself into backtracking everything. Andy goes tubing in Big Bear and claims it’s even better than skiing but SOMEBODY disagrees. Andy and Ryan try to rehabilitate the cigarette industry. Ryan floats the idea of running for president based solely on revitalizing the American fireworks industry. Andy finds a subreddit where idiots are posting mall katanas and asking his valuable they are. Then Ryan accuses Andy of having “treatment resistant swordplay”. Andy runs out of people to talk about swords with and resorts to keeping a diary of his swordplay gainz. This infuriates O’Neill. Then O’Neill gets roasted by a listener in one of the funniest ways possible. O’Neill insists he is a very supportive friend and is very motivated to build Andy up. Then Andy has to negotiate taking a shit at O’Neill’s apartment. Then Andy cajoles O’Neill into going on Comics Unleashed and doing his 5’9 bit.

American figure skater Ilia Malinin was the favorite to win gold, but missed the podium after falling twice in the men's free skate. After the competition, he opened up about the Olympic pressure, but said he was proud to finish. Kelly O'Grady reports on how athletes prepare for the pressure of the Olympics. When asked about President Trump's call to nationalize elections, Republican House Majority Whip Tom Emmer of Minnesota says "we have a state-based elections system. It is going to remain that way." On "CBS Mornings" he also blames the partial government shutdown on Democrats. They are demanding major changes for ICE agents in exchange for the votes to approve the spending bill. Behavioral researcher Shadé Zahrai, who has coached Fortune 500 leaders, says the missing link to building confidence is self acceptance. She speaks with "CBS Mornings" about steps to self acceptance and how self worth plays a role. Pim Neill is only 6 years old, but in a single season, the kindergartener has sold more than 100,000 boxes of Girl Scout cookies. Neill said in a social media video that she wanted to sell at least 10,000 boxes. The video went viral and support has only grown from there. Sara Blakely, the founder of Spanx, spontaneously offered her wedding dress to a stranger. It kickstarted a chain of events over the next 10 years, with 13 brides now having worn the same dress. David Begnaud reports. Team USA's Elana Meyers Taylor is the most decorated female bobsledder in history. Ahead of her fifth Winter Games, she spoke to CBS News about balancing her busy life as an Olympic athlete and mother of two. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

The FBI says a glove found near Nancy Guthrie's home could match the gloves worn by the man seen on surveillance video the night she disappeared. Read Shepherd and Dana McKay run through new developments in the case with Fox News Radio's Eben Brown and National Correspondent Rory O'Neill.

Leonard O'Neill, Channeling Kelto an 11th dimensional Being live on Merlin and Maeve on TikTok, answering questions about spirituality, this matrix and hack this place, what is really going on with the human race being stuck and how to fix it, timeline shifts, the deep state, evil empire, gods plan, true spirituality. and more.

Leonard O'Neill, Channeling Kelto an 11th dimensional Being live on Merlin and Maeve on TikTok, answering questions about spirituality, this matrix and hack this place, what is really going on with the human race being stuck and how to fix it, timeline shifts, the deep state, evil empire, gods plan, true spirituality. and more.

The gang have earned some much needed rest and relaxation - with absolutely no NPC's getting murdered for no reason whatsoever - hopefullyIf you like what you hear please support the show at ⁠⁠⁠⁠Patreon⁠⁠⁠⁠ to get early access, exclusive content and moreALSO - we have new merch with the amazing Patreon feed cover art by the legendary Stefan Poag, you can find all manner of ways to drape these horrifying visages on your body at our ⁠⁠Redbubble Store⁠Wally Van Der Meer is played by Jenny at GrimHumorMagnus Daintry is played by Scott Dorward from Good Friends of Jackson EliasNorm O'Neill is played by Spencer Game of Keep Off the BorderlandsBT Raven is played by Barney from Loco LudusKeeper - Andy Goodman from Expedition to the Grizzly Peaks

The number of farts per person has determined by the invention of smart underwear. Rory O'Neill provides us with a Nancy Guthrie update. Louisiana judge releases four illegal aliens. Steadmans Lil Sports Corner. Jeff Monosso on Border Czar Homan as the surge operation in Minnesota will conclude.

Note: "Act 1" was a separate published audio podcast.*Check out EZ's morning radio show "The InZane Asylum Q100 Michigan with Eric Zane" Click here*Get a FREE 7 day trial to Patreon to "try it out."*Watch the show live, daily at 8AM EST on Twitch! Please click here to follow the page.Email the show on the Shoreliners Striping inbox: eric@ericzaneshow.comTopics:*EZ 10-year WGRD fire-versary.*Stalkerito's warbling at Bob's Barn has led to a "super-cut" of sloshed words and gibberish.*EZ tries to decipher Stalkerito's drunk singing.*EZ taking O'Neill to the vet again for a cancer appointment.*The EZ Show SubReddit is suggesting EZ should get a finance audit.*EZ brags about how much money the podcast makes him, while simultaneously describing that he spends all his money on RV's and Vet bills.*Some asshole busted for scattering dog treats on fish hooks, hoping to injure or kill pooches.*Ukrainian skeleton athlete DQ'd for helmet honoring fallen comrades.*Keep an eye on the old timers.*EZ is getting set to announce the up-coming "Patriots Cup" Special Hockey Game with Blackbelt Nick.*HGTV pulls plug on show after host uses N-word.*Asshole of the DaySponsorsMerchant Automotive, SkyDive Grand Haven, Impact Power Sports, Kuiper Tree Care, Frank Fuss / My Policy Shop Insurance, Kings Room Barbershop, Shoreliners Striping,Interested in advertising? Email eric@ericzaneshow.com and let me design a marketing plan for you.Contact: Shoreliners Striping inbox eric@ericzaneshow.comDiscord LinkEZSP TikTokSubscribe to my YouTube channelHire me on Cameo!Tshirts available herePlease subscribe, rate & write a review on Apple Podcastspatreon.com/ericzaneInstagram: ericzaneshowTwitterSupport this podcast at — https://redcircle.com/the-eric-zane-show-podcast/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

*Buy a EZ "DEFECTOR" hoodieNote: "Act 2" will be a separate published audio podcast.*Check out EZ's morning radio show "The InZane Asylum Q100 Michigan with Eric Zane" Click here*Get a FREE 7 day trial to Patreon to "try it out."*Watch the show live, daily at 8AM EST on Twitch! Please click here to follow the page.Email the show on the Shoreliners Striping inbox: eric@ericzaneshow.comTopics*EZ 10-year WGRD fire-versary.*Audience member, Rob's AI artwork honoring Benny the One-eyed Wonder Dog*Stalkerito's warbling at Bob's Barn has led to a "super-cut" of sloshed words and gibberish.*EZ tries to decipher Stalkerito's drunk singing.*EZ taking O'Neill to the vet again for a cancer appointment.*The EZ Show SubReddit is suggesting EZ should get a finance audit.*EZ brags about how much money the podcast makes him, while simultaneously describing that he spends all his money on RV's and Vet bills.*Some asshole busted for scattering dog treats on fish hooks, hoping to injure or kill pooches.*Ukrainian skeleton athlete DQ'd for helmet honoring fallen comrades.*Keep an eye on the old timers.*EZ is getting set to announce the up-coming "Patriots Cup" Special Hockey Game with Blackbelt Nick.*HGTV pulls plug on show after host uses N-word.*Asshole of the DaySponsorsMerchant Automotive, SkyDive Grand Haven, Impact Power Sports, Kuiper Tree Care, Frank Fuss / My Policy Shop Insurance, Kings Room Barbershop, Shoreliners Striping,Interested in advertising? Email eric@ericzaneshow.com and let me design a marketing plan for you.Contact: Shoreliners Striping inbox eric@ericzaneshow.comDiscord LinkEZSP TikTokSubscribe to my YouTube channelHire me on Cameo!Tshirts available herePlease subscribe, rate & write a review on Apple Podcastspatreon.com/ericzaneInstagram: ericzaneshowTwitterSupport this podcast at — https://redcircle.com/the-eric-zane-show-podcast/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

What does it truly mean to see—and how can technology restore one of our most essential human senses? In this episode, Dr. José-Alain Sahel joins Kate O’Neill to reveal the breakthroughs in vision restoration, and how these innovations are shaping the future of human experience. Topics Covered: Optogenetic therapy and vision restoration Artificial retina technology Scientific and patient journey of regaining sight Convergence of AI, neuroscience, and medical devices Philosophy of sight and perception Natural vs. artificial boundaries in biotech Balancing innovation and patient safety Strategies for treating different stages of blindness Meaning and legacy of vision technologies Connect with: Dr. José-Alain SahelThe Eye & Ear Foundation of PittsburghUPMC Enterprises Episode Chapters: 00:00:05 – Welcome to the Tech Humanist Show 00:01:14 – Introduction of Dr. José-Alain Sahel 00:02:29 – 2021 Optogenetic Vision Restoration Breakthrough 00:02:46 – Recent Artificial Retina Breakthrough (2025) 00:03:47 – The First Patient's Experience 00:06:31 – Explaining the Technology: Algae Proteins & Retinal Cells 00:09:00 – Scientific Process: Failures, Persistence, and Progress 00:10:13 – How the Goggles Work 00:11:03 – Training the Brain to Interpret New Visual Input 00:11:24 – The Patient's Story: From Blindness to Seeing Again 00:16:07 – Philosophical Perspective on Sight and Perception 00:20:02 – Measuring Human Experience in Vision Restoration 00:23:26 – Natural vs. Artificial: Ethics and Human Augmentation 00:26:19 – Balancing Innovation with Patient Safety in Clinical Trials 00:29:53 – Complementary Strategies for Blindness Treatment 00:31:34 – Vision, Meaning, and Human Flourishing 00:34:41 – Where to Find More About Dr. Sahel's Work 00:35:49 – Episode Credits & Outro

Ryan and Dana discuss the latest developments in the Nancy Guthrie investigation, from gloves found near her house to a new bitcoin demand to an interesting timeline request by the sheriff's office. Plus, our National Correspondent Rory O'Neill checks in to talk about TMZ's role in the case, and the founder of Ring addresses concerns over doorbell footage following the recovery of images from Guthrie's Nest camera.

Welcome back to Festpod, the unofficial rock festival guide! In Episode 84, Neill and Rich are diving deep into the massive Download Festival 2026 lineup. We're talking the return of Linkin Park (with Emily Armstrong), the "lengthy" Guns N' Roses sets, and why on earth Scooter is on the main billing! We're also breaking down the latest Bloodstock Open Air news from their recent Q&A, including the end of the funfair (RIP

For most of my career, I've been focused on two things: Operating businesses and Multifamily real estate. The strategy has been pretty simple. Take money generated from higher-risk, active businesses… and move it into more stable, long-term assets like apartment buildings. That shift—from risk to stability—is how I've tried to build durability over time. Now, to be fair, the sharp rise in interest rates a few years ago put a dent in that model. But zooming out, it's still worked well for me overall. So I'm sticking with it. That said, there are other ways to think about real estate. In some cases, the real opportunity is when you combine real estate with an operating business. We've done that before in the Wealth Formula Investor Club with self-storage, and the results were excellent. Storage is operationally simple, relatively boring—and that's exactly why it works. But there's another category that sits at the opposite end of the spectrum. Hotels. They're sexier.They're more volatile.And yes—they're riskier. But the upside can be dramatically higher. One of my closest friends here in Montecito has quietly built a fortune doing boutique hotels over the past few years. He started with a no-frills hotel in Texas serving the oil drilling industry. Over time, he combined his operational experience with his talent as a designer—and eventually created some of the highest-rated boutique hotels in the world. He's absolutely crushing it. Of course, most of us aren't world-class designers or architects. I'm certainly not. Still, his success made me curious. Hotels have been on my radar for a while now—not because I understand the business, but because I don't. When I asked him how he learned the hotel industry, his answer was honest: “I figured it out on the fly—starting with my first acquisition and a great broker.” That's usually how real learning happens. So this week on the Wealth Formula Podcast, I brought on an expert in hospitality investing to educate both of us. We cover the basics: How hotel investing actually worksWhere the real risks are (and where they aren't)How returns differ from multifamilyAnd what someone should understand before ever touching their first hotel deal If you've ever thought about buying or investing in hotels—but didn't know where to start—welcome to the club. You don't have to jump in tomorrow. But you do have to start somewhere. This episode is a good starting point. Listen on Apple Podcasts: https://podcasts.apple.com/gb/podcast/545-should-you-invest-in-hotels/id718416620?i=1000748759003 Listen on Spotify: https://open.spotify.com/episode/5Lx5Rp4x704lWRazWLqDOK Watch on YouTube: https://youtu.be/GMFf6-g8w_0 Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com. Welcome everybody. This is Buck Joffrey with the Wealth Formula Podcast coming to you from Montecito, California. Before we begin today, I wanna remind you, if you’ve not done so and you are an accredited investor, go to wealthformula.com, sign up for our investor club. Uh, the opportunity there is really to see private deal flow that you wouldn’t otherwise see because it can’t be advertised. And, uh, only available to those people who are deemed accredited. And then what does accredited mean as a reminder? Well, if you’re married, you make $300,000 per year combined for at least two years with a reasonable expectation, continue to do so, or you have a net worth of a million dollars outside of your personal residence. Or if you’re single like me, $200,000 per year or a million dollars net worth. Anyway, that’s probably, uh, most of you. So all you gotta do is go to wealth formula.com, sign up for investor club because hey, who doesn’t wanna be part of a club? And, uh, by the way, it’s a great price. It’s free. So join it. Just get onboarded and all you gotta do is just wait for deal flow. What a deal. Now let’s talk about different kinds of things to invest in. For most of my career, I, I have really focused on two things I’ve focused on. Either operating businesses, uh, in my case, those operating businesses largely have been medical and multifamily real estate. Uh, the strategy itself, theoretically the way I think about it, take money from sort of these active businesses, a higher risk, move them into more stable long-term assets like apartment buildings. Okay? The idea is that’s how you build some durability over time. Now, to be fair, okay, to be fair. Sharp rise in interest rates a few years ago. Put a little bit of a dent in that model. But here’s the thing is that you can’t throw out the, uh, baby with the bath water. ’cause when I zoom out, still worked well for me overall. So I’m sticking with it and, uh, that’s my story. I’m sticking with it. That said, there are always other ways to think about real estate, right? Real estate is not just multifamily. Um, in some cases, the real opportunity is when you combine real estate and operating businesses. So. We’ve actually done that before in our wealth formula investor club. Um, and we’ve done that through self-storage, for example, and the results were really good. Storage is operationally, generally pretty simple. Probably not that simple, but you know, but more so than other things, relatively boring. Boring is good, and that’s exactly why it works. There’s another category that sits at the opposite end of the spectrum of boring, and it’s sexier and it’s more volatile and it’s riskier. And uh, that is the area of hotels, right, like leisure, that kind of thing. But the upside in those things can be dramatically higher. You know, one of my closest friends here. Montecito, I talk about him all the time. He’s a, he is a little bit of an inspiration to me, although I wouldn’t tell that to in space. He’s built a fortune doing boutique hotels over the past few years and the way he started, you know, and I think it was only about a decade ago because he bought like this no frills hotel in Texas that was serving the oil industry. There was a bunch of guys, you know, drilling needed a place to say, and you know, he had this and he actually. I don’t know that I would recommend this, but he, he told me he bought it sight unseen just based on the numbers. Ah, man, I gotta tell you, I don’t think I’m that lucky. If I bought something sight unseen, it would not work great for me, but it did work great for him. But over time, what he did is he, he combined his operational experience with his talent as he’s like a designer, like designs, homes, an architect, uh, of sorts, although more than that. Um, and he, he used to build houses for like famous people in Hollywood. Anyway, he took that skill and so he combined it with hotels and he created some of the highest rated boutique hotels in the world. And he’s absolutely crushing it. Just crushing it. Of course, the reality is that most of us aren’t world-class designers or architects. I’m certainly not. I’m not artistic at all. Still, um, you know, the fact that he’s had so much success in this space and that he loves hotels. What got me curious? So, hotels have been on my radar for a while, not because I understand the business, but actually because I don’t. And when I asked him how he learned, uh, about the hotel industry, he just said, you know, I figured out on the fly and, uh, you know, started with my first acquisition, had a great broker who taught me everything I, you know, needed to know at the beginning and. That’s a great story. I mean, and ideally that’s how things happen. As you can tell, this guy is, uh, seems to just hit on everything. So good for him. So this week on Wealth Formula Podcast, I wanted to get a little bit of a hotel investing 1 0 1. So I brought on an expert in hospitality investing that could educate both you and me. So we’re gonna cover some of the basics, how hotel actually works, you know, what are the risks returns. Like, what should people do if they even consider, you know, buying their first hotel or investing in one? So if you’ve ever thought about investing, uh, in hotels, or maybe that’s the first time you’re hearing about it and you’re curious, uh, welcome to the club and uh, we will have a great interview for you right after these messages. Wealth formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net, the strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own. Bank to invest in other cash flowing investments. Here’s the key. Even though you’ve borrowed money at a simple interest rate, your insurance company keeps paying you compound interest on that money even though you’ve borrowed it. At result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique. It’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its backbone. Turbocharge your investments. Visit Wealth formula banking.com. Again, that’s wealth formula banking.com. Welcome back to the show, everyone. Today. My guest on Wealth Farm I podcast is, uh, John O’Neill. He’s a, a professor of hospitality management and director of the Hospitality Real Estate Strategy Group at Pennsylvania State University. Uh, he spent decades studying hotel valuation performance, Cabo flows and economic cycles in in the lodging industry. John, thanks for, uh, joining us. You’re welcome. So, you know, we’re talking offline. You’ve been in the hotel business for a long time. We’re trying to figure out how to frame this thing because you know, I mean there are, I know there are certainly people in. Uh, who in, in my group and my listeners, my community who are in the hotel space, but a lot of ’em aren’t. And you know, they’ve been thinking about, well, you know, we do a lot of apartment buildings, that kind of thing. Um, you know, what else should we be thinking about? And so, you know, when we hear, uh, hotel, um, they’re thinking of hospitality. But from an investor’s perspective, I guess the first question ask is what kind of real estate asset is a hotel? And, and may, may maybe just sort of fundamentally how different it is. From apartments office or retail? Yeah, that’s a great question because hotels are fundamentally different. But what I’ve seen over the past few years as well is hotels have increasingly been considered to be a component of commercial real estate. So we’ve always thought about office and retail and residential and industrial as being components of commercial real estate, but increasingly. Investors are thinking about hotels that way as well, because some of the high risk aspects of hotels have been moderated a little bit. So they are still considered to be a high risk and potentially high reward category, but they’re much more cyclical than those other types of businesses. So if we look at apartment leases, maybe being a year or two. Office leases may be being three to five years and retail leases could be five or 10 years. The leases in hotels are one or two nights, so there’s upside, but there’s risk involved in that as well. So when there’s pressure in a market to increase rates, like here where I am in University Park, Pennsylvania, when we have a home football game. We can see hotels with average daily rates of maybe a hundred to $200 a night charging seven, eight, $900 per night, and filling up on those rates. You can’t do that in an office building or in a retail center. And so there’s great opportunity when demand increases to push up rates and to greatly benefit from that. The flip side of courses on Sunday night when all those guests leave. You might be back to a hundred dollars a night and running 20 or 30% occupancy. Do hotels kind of follow the rest of real estate in terms of market cycles though? Yeah, it depends. I, I would say in many cases they’re actually leaders, which again, double-edged sword there. So for, yeah, when we plummeted in 2020 because of COVID hotels were probably the first category really to see it. Demand dried up overnight, and you go back to September 11th, 2001 on September 12th, 2001, a lot of hotels were empty and that wasn’t the case with office buildings and retail centers. The flip side, of course, is when the economy started improving, hotel operators could start pushing their rates very quickly. And so other categories of commercial real estate didn’t receive those benefits. Yeah, I mean, obviously there’s certainly gonna be. Real estate that’s often used that that’s often using debt and, you know, probably has the same sort of, uh, issues with regard to cap rate compression or decompression based on interest rates as well. Right, right. So, um, where are we? Right? What would you say right now, like, I mean, we know that. Our, we’ve been following very closely on the multifamily side. You know, prices are depressed. I mean, from 2022, we’re looking at probably 30% to 40%. Most, most, uh, large apartment complexes are not moving because people don’t wanna sell into a down market. But when they are, they’re being sold at 30, 40% discounts compared to 2022. Where is the, where is the hotel? Market at right now? It it, it’s challenged because right now we’re seeing discrepancies between where buyers wanna buy and sellers wanna sell. We’ve started to see some movement because some sellers have come down a bit in pricing because of what we’ve seen in 2025, the market really did soften as far as the hotel business is concerned. So in 2025. We really saw no increase in occupancy and in many markets we saw some decreases in occupancy. We are still seeing average daily rates going up a little bit, so yeah. Might be worth maybe a quick step backward that the two key indicators in terms of hotel lodging performance would be occupancy and average daily rate. With occupancy being the extent to which the guest rooms are occupied and average daily rate being the average price somebody is paying. We can talk about the mathematics of those, but, um, just I think conceptually, hopefully that makes sense. But, so, you know, at this point what we’re seeing is average daily rates are still going up a little bit, and the forecasts for 2026 are. Pretty much more of the same, where we’re not expected to see great occupancy increases, but we are anticipating that the average daily rates might go up a little bit. Uh, and, and in fact we might see occupancies decline slightly. And, uh, we might see, uh, average daily rates still possibly going up a little bit. That’s usually an indicator of being late in the cycle, you know, being somewhere near the peak and, and, you know, if the trough was 2020. Which was a pretty deep trough. 2021, we started seeing improvements and we saw great improvements in 22, 23, and 24, and so it’s looking like the end of a cycle. The thing we don’t really know for sure is, is there some reason that we’re going to really go into a substantial down period or are we actually in a situation where we’re going to have another upcycle? Yeah. You know, the other thing I was curious about too, like when you talk about these cycles for hotels, even within hotels, there are certainly, you know, different types of hotels. You know, there’s the boutiquey ones that are pe really pure tourism versus the ones that, okay, well maybe they are, you know, good for football games or. There’s others that are people use for, for, for work frequently, right? They’re, they’re just passing through for, for work trips. Do you, is there, um, is that difficult to extricate those types of different economies running at the same time? It’s not, I, I don’t know that it’s that difficult, you know, just to give you a little bit about my background, I’ve been a professor for some time, but prior to being a professor I worked for. Three of the four major hospitality organizations, namely Marriott, IHG, and Hyatt. Uh, and so going back into the 1980s when I was doing feasibility studies for proposed Marriott hotels, we, in most markets, analyzed three markets segments. And, and you essentially said what they are commercial business, which are your business travelers, leisure business, which are your pleasure travelers, and then groups, which includes conventions and, and those are still the three major market segments in most markets. In, in some markets. For example, if you’re approximate to a major international airport, there’s usually a fourth segment, which is that fourth segment is airline crew business, which is, is very different than the other three because. Whereas the other three go up and down throughout, not just the year, but throughout the week. Airline crew business tends to be stable throughout the year, so it, it, it’s in your hotel 365 nights outta the year. So it’s, it’s a very low risk, but also a very low rated market segment. So it, I don’t know if that’s that complicated, but it just needs to be broken out as you delineated it, which is that there’s. Three or four market segments in any market. And in terms of studying a hotel for development or for investment, it’s necessary to understand not just what’s going on on the supply side, in other words what’s going on in the hotels, but what’s going on in the demand side as well. So give you an example. I recently did a feasibility study in a market, which is a big pharmaceutical market. So I actually spent time with major pharmaceutical people talking about, where are you staying now? Why are you staying there? Are you a member of the Frequent traveler program? How does your business vary throughout the year? What rates are you paying? What facilities and amenities are you seeking? And things like that. So to really understand the demand because that demand segment. So important in that market. So it is ultimately a street corner business and what’s going on in a specific market in terms of the mix of commercial, leisure and group business and possibly other market segments. Really is something that we have to study in depth when we conduct a feasibility study or an appraisal for hotel. I, I don’t know if I mentioned, I’m a licensed real estate appraiser too, and although my licenses allow me to appraise any type of property, I only appraise hotels. Got it. Businesses fundamentally changed pre COVID and post COVID. I would assume that there’s probably less travel. Are you seeing impact? On those types of hotels from that kind of, you know, less travel, more zoom type activity. Yeah. And, and that’s a great, that’s a great follow up because with those market segments, although the segments are the same. The demand from each of those segments really has different, and, and as you said, it really changed substantially in COVID. It, it, it’s fascinating how once we were forced to use Zoom and, and other, you know, Microsoft teams and other technology like that, you know, we, we kind of did a kicking and screaming. But once we figured it out, we realized we didn’t get a lot done. Uh, now I spent last week in Los Angeles at America’s Lodging Investment Summit, and I go to this. Function every year, because I see many of the same people year after year, and the business cards might change, but it’s the same people involved in the hotel business, whether they’re brokers or investors or asset managers or consultants or appraisers. But in between. Each year I do a lot on Zoom with these people and you know, we can keep those relationships going. So it hasn’t eliminated, you know, in my personal case, my need to travel, but it has substantially reduced it. And I think a lot of other business people have seen the same thing. So if we look at the recovery since COVID, it was fascinating because the first market segment that recovered and recovered really strongly was leisure business and people, people see it as their right. To have a vacation and, and people were paying high rates, particularly in, in, in mountain locations and in beach locations. And so those rates came up really quickly. And then the group business followed. If people do wanna go to group functions like I did last week in la what has not recovered to the level of 2019 though is the business travel. Right. Interesting. So I, that’s probably a, uh, you know, and he, I can’t really see a particularly promising future for that Subsect either. Right. I think, in fact, bill Gates said it’s never going to be back to the, you know, he, he’s an investor in Four Seasons hotels, and he said it’ll never be back to the way it was in 2019. I don’t know if he’s right. I mean, because I, I still feel like we get a lot of things done. Face-to-face, person to person that we really can’t do in Zoom. I don’t think Zoom is great for establishing relationships. I, I still think that we need face-to-face, uh, personal contact. But, you know, that might be just my perspective because I’ve been working in hotels since I was a teenager and I’m really far from being a teenager now. And, you know, I, I’ve been indoctrinated in this philosophy of the importance of face-to-face contact. But yeah, you know, that might be generational. You with a younger generation. Yeah. Yeah, absolutely. Um, you know, just kind of going back to the difference differences, uh, with compared to other real estate hotels, ultimately the, one of the big differences, they’re operating businesses, right? I mean, they’re not that large. Apartment buildings aren’t, but they’re is I think, a specific sort of operational execution that matters a lot in hotels. So, you know, in invest, when investors are kinda looking at that, I mean, they, they should probably be not looking at it as nearly as passive as other real estate investments. Is that fair? I, I think that’s very fair because I think, you know, it, it shows what’s happened in terms of the market with real estate investment trust. Because I’ve sold my entire position in hotel real estate investment trust and, and as you probably know, if we look at real estate investment trust. Different categories in, in commercial real estate, hotels lag, which is fascinating because everything else we’ve been talking about explains why hotel returns tend to outperform other classes of commercial real estate. More volatility, but higher returns on average. If you can withstand the long period, uh, that you need to be an investor. On real estate investment trust, it’s the opposite. Hotels actually lag and, and I think it really is because of exactly what you’re talking about, which is that they really are like an operating business where there’s also real estate as opposed to a real estate play where it’s almost like there’s an annuity of rent that is very easily projected, uh, in hotels. You know, we, we. Project all the time how they’re going to perform. But you know, you know, I hope my projections are very good, but there’s always things that can COVID. For example, you know, now there’s a virus in, in India that you know might be coming and, you know, we don’t know, will this be substantial or will it be really minor in the Americas? We really don’t know. Uh, that won’t have a big effect on, on other classes of real estate investment trust, but. It could have a big effect in hotels, so, so the unknowns in hotels are very high. And then when you combine that with the fact that they are an operating business, which are very labor intensive and wage rates are going up. So the cost structure and the management of that cost structure becomes. Very important and the expertise of the hotel managers becomes very important. And so, yeah, like you say, other classes of commercial real estate or, or institutional real estate investments have an operational component. It’s much greater when it comes to hotels. So I actually have a friend who’s an, um, owns, uh, a few boutique hotels here in, in California, and he was telling me one of the things that he’s kind of worried about is, um, you know, they, they’re, they have some, um. Some mandates coming up with regard to, you know, minimum wage and, and all these things that, uh, hotel workers have to get, uh, give you just outta curiosity. I mean, most of my audience is not in California. I am, but have you heard about this? Can you tell us a little bit about those pressures? Yeah, I have heard about it. And there’s, there’s forces on the other side as well, namely the American Hotel and Lodging Association, which represents hotel owners, managers, and franchisers. And so they have a voice in these things as well. But the, the, the forest, particularly in places like California and, and in the west coast in general, we’ve seen it in Seattle as well. Um, you know, in, in terms of increasing minimum wages to rates that, that are shocking to me. Um, you know, that’s, that’s a big issue. You know, you don’t see it as much in the middle of the country, but you do see it on the coast and particularly in the, on the West Coast. So, you know, if we’re looking at projections, say into 2026 and, and perhaps beyond, we expect in many cases to be seeing higher growth in wage expenses than we expect to see growth in RevPAR, which is room revenue, preoccupied room, which is just occupancy times average daily rate. So the, the overall revenue is expected, at least in the short term, to grow more slowly. Than expenses and, and wages are really driving a lot of it. And then anything that’s affected by wages, so insurance, for example, property taxes, other expenses are really growing at this stage more than what we’ve seen in terms of revenue growth. So that’s, that’s a challenge right now. The, the question I think really then is how much will AI affect that and to what extent will guests become more comfortable with checking in? On an iPad type of a situation as opposed to seeing a person face to face, and there’s probably generational differences there. What it is forcing hotel operators to do is the same kinds of things that restaurant operators have been forced to do, which is find ways to use technology and actually have the guests face the technology and get the guests comfortable with that. In terms of things like check in and check out, you know, but still in hotels the rooms have to be cleaned and, and although there’s robots that. You know, they’re nowhere near what, where they need to be to actually clean Hotel guestroom jet, at least in any sort of economically viable way. But, you know, the long-term question is to what extent will the industry be adopting AI and other technology in order to address that issue? Because that’s what’s going to happen. It’s, it’s, you know, it’s not just going to be a situation where. The operators will accept paying higher wages and have the same number of employees in each hotel. Right. Um, branding, you know, sort of confusing to a lot of people. Not in the space, but you know, what role do hotel brands actually kind of play in, in protecting revenue and value? Um, and I guess when does a brand help an owner versus become a constraint? Yeah. You know, brands have been very important and, and I, I forget if I mentioned but of the, the big brand companies I’ve worked for three of them and, um. You know, they, they, they typically started as management companies. So originally companies like Hilton and Marriott primarily generated revenue through management fees. And so they own some of the real estate, although they’ve become asset light over the years and own very little, if any, anymore. Uh, but they do still manage hotels. So one thing that the brand companies do have is expertise in terms of management. That’s one of the fees that a branded hotel and a non-branded hotel would have as well, would be a management fee, which is usually expressed as a percentage of revenue. And sometimes there’s an incentive structure in there as well. But then there’s a franchise fee, which is just paying for the brand, and, and that’s usually as a percentage of total revenue, higher than the management fee. But what it does is it, it, it. Puts the property in a global distribution system, so the global distribution systems that brands like Marriott and Hilton and IHG and, and HIA have, uh, they. Generate heads and beds. You know, that’s, that’s the term we always, when I worked at Hyatt and Merritt, we always talked about heads and beds. Every night you’re trying to, trying to get people in the rooms. The brands do a lot to put heads and beds, you know, in a typical hotel with a good brand affiliation. Somewhere between probably a third and two thirds of the occupy rooms actually came in through the brand global distribution system, which historically was a toll free reservation system. And although the, you know, those still exist now, it’s really more of a focus on the online system and, and, and sometimes toll-free reservations and direct reservations. But, but that’s what the brand does. It, it, it ultimately is a generator of. So kind of just focusing on somebody who’s potentially thinking about hotels as an investment. So far, what I gleaned from you, and, and correct me if I’m wrong, is that timing probably isn’t perfect right now. We’re probably, you know, we’re probably in a, you know, a peak and you generally not a great idea to buy in peaks. Um. I personally, from what I understand, would stay outta California. You know, uh, you know, like my friend was saying that it was gonna make it very difficult for a lot of hotels to have their, you know, hotel restaurants even. And so he foresees like a lot of them having to close those down. Um, and then the, the next thing I think is, gosh, you really have to be cognizant of the, of the fact that, you know, work patterns are changing. And so maybe that’s not a good. Way to go, either. What other, what are some other big picture things that you think people ought to be thinking about as they evaluate the space? Yeah. Well, I think there’s a couple of things. One of which is. That is a street corner business. So it really depends on what street corner you’re in. Uh, I’ve done some research just on how hotels perform in university towns versus other locations because, for example, there are brands now called graduate hotels, which eventually was acquired by Hilton, uh, and, uh, scholar Hotels and, and these properties are university town hotels. They’re doing okay. You know, they’re, they’re doing okay. If you look at how universities operate, we’ve seen some Ivy League schools pay 60, $80 million or more just to make sure they keep that billion dollars a year coming in from the federal government that they, they get for research grants and, and we’ve seen, you know, look at what’s going on with NIL now in terms of, of university sports. Universities clearly are willing to. You gen willing to spend a lot of money to keep doing what they do, which is, you know, they, they generate a lot of research and I’m talking about. Big universities now, uh, you know, a lot of research and, and there’s a sporting business aspect to universities as well. So university towns are okay, and, and what I ultimately found in my research is they’re much less cyclical than the average. So, you know, we talk about the risk of hotels as things go up and things go down and things go up and down. That doesn’t happen as much in university towns. You know, big universities don’t close and, and don’t even substantially change their business model. So it really depends on, on where you’re located. And then there’s certain cities as well, you know, people, you know, I, I don’t have to go into detail about my last visit to San Francisco and how weird it was, and I was with students and, and told my female students don’t go out at night alone. I mean, it was, it was, it was really freaky, but. San Francisco now might be a place to invest. Now San Francisco probably has bottomed out. Uh, and the same might be true with New York. So, you know, it really depends on where you’re going. I, I think in general, yeah, you know, there’s, there’s concerns, but even so, you know, I think it’s still might be a good time to invest in. Good quality hotel companies, just, you know, in terms of the stock market and, and equity in, in businesses like Marriott and, and Hilton because their franchise fees and their management fees are a percentage of total revenue. So hotels that are not profitable, that are a member of those brand affiliations are still paying. Into those systems and you know, hopefully the goal is that these properties become profitable, but even while they’re not profitable, they owe franchise fees and in some cases management fees as well. So I think there are a lot of ways to still invest in the hotel business. It’s just what vehicles are being used and where. So, you know, it sounds a little overwhelming, um, for someone who, again, who’s new to the space. Any suggestions on how somebody might just learn more about this ecosystem and, you know, start to go down this path of potentially becoming, you know, a hotel investor? Yeah. Well, first thing is, you know, we talked about ai. AI is pretty good for helping people to learn. So if you wanna learn about the hotel business, you can go and have a really good conversation with chat GPT about what makes it click and where could the opportunities lie today. Uh, you know, I’ve gone over the past year from essentially not using AI at all to using it essentially every day. And so that’s a great way because that’ll access a lot of, there, there’s trade journals, for example, but it’ll access those things. Uh, the conference, like I went to last week, the America’s Lodging Investment Summit, which is in LA every year is a. Is a great place to learn as well. There’s, there’s wonderful sessions and that conference is attended by everybody from Anthony Capano, who’s the CEO of Marriott, down to people involved in real estate and investments in the hotels and, and who essentially make their living. Off of those as brokers, appraisers, consultants, asset managers and things like that. So, so there’s ways online to do it and there’s ways to do it actually by attending conferences as well. Yeah. A good broker as well. Right. I mean, you know, going back to my, my friend who, who’s become a very successful hotelier, the first one he bought, he threw a broker and he said he learned everything about hotels that he knows from that guy. Um. So that’s probably, it probably tells you something as well. Yeah. And, and there are some excellent hotel brokers. There’s some who are national in scope and some who are local in scope. So again, it depends on where you’re thinking you might wanna be investing. Uh, but, but there’s some great local brokers, but then there’s national firms like JLL and CBRE and Hunter, uh, that, you know, they have really good people who are very knowledgeable about the hotel business. Yeah. John, thanks so much for, uh, joining us here on Wealth Formula Podcast and giving us sort of an overview of the, uh, um, hotel, uh, real estate, uh, uh, asset class. You bet you make a lot of money, but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens to. The concepts here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealth formula banking.com. Welcome back to the show everyone. Hope you enjoyed and again, uh, hey hotels. Think about it. I guess. Uh, I continue. I will continue to do so, uh, especially given my buddy’s success in this space. Um. Although, I will tell you, I probably am not a boutique hotel guy. Um, you know, I don’t, I don’t know that I could make it super fancy, you know? And then on the other hand, you hear about these, uh, hotels that are. For the people traveling through and they’re not doing this so great. So maybe wait till that we hit that, um, that trough that he was talking about, he said we’re kind of at a peak right now. Anyway, that’s it for me. Uh, this week on Wealth Formula Podcast. This is Buck Joffrey signing off. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit well formula roadmap.com.

Grok says: “In episode 353 of the Randumb Thoughts podcast, host Darren O’Neill delivers a heartfelt, no-holds-barred tribute to NASCAR legend Dale Earnhardt Sr., the Intimidator, marking 25 years since his tragic death in the 2001 Daytona 500—a moment that forever changed the sport. From Earnhardt’s record-tying 7 Winston Cup championships and 76 wins to his hard-charging, bumper-to-bumper style that earned him the nickname “Ironhead,” Darren dives into what made Dale the true north of NASCAR and why the sport hasn’t fully recovered. You’ll hear the emotional story of his long-awaited 1998 Daytona 500 victory (thanks to a lucky penny from a Make-A-Wish kid and a pit road high-five line from every competitor), plus rare glimpses of the man behind the black No. 3: secret acts of generosity, like surprise checks, new cowboy boots, brown-bag cash for a church parking lot, and free plane rides. Darren contrasts the gritty, moonshine-running outlaw roots of NASCAR with today’s more corporate vibe, arguing for a return to raw swagger, F-bombs, and burnt-rubber excitement. This episode is a must-listen for NASCAR fans, racing history buffs, or anyone who loves larger-than-life characters—especially timely with the 25th anniversary reflections sweeping the sport in 2026. Hit play now and relive why Dale Earnhardt remains bigger than the game itself. Subscribe to Randumb Thoughts for more unfiltered takes on sports, life, and everything in between—value for value, no paywalls. #DaleEarnhardt #NASCAR #Daytona500 #Intimidator #RandumbThoughts” Thanks for listening! EXECUTIVE PRODUCERS:Mark KodraEricPPTHANK YOU FOR SUPPORTING THE SHOW! PLEASE SUPPORT RANDUMB THOUGHTS!TRY PROTONMAIL: https://t.co/9i2GPq3gNBTRY INCOGNI: https://incogni.cello.so/KpYfMWSF57i SUBSCRIBE / DONATE: http://randumbthoughts.com/donatePATREON: https://patreon.com/randumbthoughts CHECK OUT MY OTHER SHOWS: PLANET RAGE: https://planetrage.showUNRELENTING: https://unrelenting.showGRUMPY OLD BENS: http://grumpyoldbens.com Thank you for listening to Randumb Thoughts! Please, tell a friend!

The FBI released video footage showing a masked subject tampering with Nancy Guthrie's security camera. Hours later, a man was detained and later released. The bitcoin account showed activity for the first time since the ransom notes were sent to media outlets. Ryan and Dana are joined by National Correspondent Rory O'Neill with all of the latest developments in the case.

After watching this episode, you’ll understand exactly why owning your website matters. And here’s the good news: as a Protrusive community member, you can get 50% off your professional dental website – built specifically for associates who want to stand out.

What happened to Nancy Guthrie? Ryan and Dana discuss the latest updates on the case, including what's different about Savannah's latest video, a correction to earlier reporting about Nancy not showing up at church, and what authorities are saying. Our National Correspondent Rory O'Neill also joins us with new details and why it seems the ransom notes may have been a ruse.

Leonard O'Neill channeling "Kelto" from the 11th dimension/density who has come to help the world get back on track. Feb 2nd 2026 answering spiritual questions.

Full episodes and much more available on Patreon.com/slopquest Comedian Ryan O’Neill and Illustrator Andrew DeWitt bring you the dumbest takes on news, movies and ridiculous business ideas every week on Slop Quest! There’s a little Tina Turner talk at the start of the show. Ryan has a series of injuries when his luck runs out. Andy has a 14 hour delay on a flight. Ryan has his mind blown when he finds out lots of Bible Belt Christians don’t consider Catholics Christian. Then Andy attends a sword fighting class behind a CVS. Andy hides most of Reddit from himself. Then Andy recalls a product for getting lap dances that are just rubber underwear with lube in them. Ryan can’t believe that sexual surrogates are real. Ryan tries to figure out why Airforce Amy was a popular sex worker. Then the boys talk about Bill Gates a bit. Then Andy finds out how many dudes in their thirties have to be on viagra. O’Neill works out at an elementary school playground in Texas.

Two thousand years ago in Britain, the historical figure of Boudicca famously revolted against the Roman Empire and carved a path across the land. This later sparked many myths and stories – including the new historical fantasy novel Nightshade and Oak by author Molly O’Neill. In this episode, Molly discusses her inspirations for telling this story and the experience of writing and editing it. She also shares her take on blending science and creativity and the joys of writing under contract. 00:00 Welcome06:18 Writing tip: Block in time for your writing08:12 WIN!: The Ironbark Promise by Léonie Kelsall9:56 Word of the week: ‘Parvenu’10:22 Writer in residence: Molly O’Neill10:57 Molly explains her new book, Nightshade and Oak12:42 Landing on the point of view character18:08 How Molly fits writing into her geologist life21:53 Balancing science and creativity23:04 The importance of accurate physics in writing23:53 Molly’s prolific reading and reviewing pastime25:44 Backing yourself as an author26:40 Landing her first publishing deal28:10 The pressure of writing under contract30:19 Engaging with readers and book clubs31:34 Upcoming projects and genre exploration33:23 A writing tip on editing34:26 Final thoughts Read the show notes Connect with Valerie and listeners in the podcast community on Facebook Visit WritersCentre.com.au | ValerieKhoo.comSee omnystudio.com/listener for privacy information.

Amy King hosts your Monday morning Wake Up Call. ABC News national correspondent Peter Charalambous opens the show talking about the Guthrie siblings releasing a new video pleading for missing mother’s return. iHeart Radio reporter Rory O’Neill gives an Olympics update. Bloomberg Media’s Denise Pellegrini shares the latest in business and Wall Street. The show closes with Amy recapping the 2026 Super Bowl, the Super Bowl ads, and the Olympics.See omnystudio.com/listener for privacy information.

Winter Olympics update, including why Trump called one Team USA member a "real loser", and our National Correspondent Rory O'Neill checks in with a medal count and what to watch for this week.

Ryan, Dana, and Chris Trenkmann run through the highlights from Super Bowl LX, the halftime show, and the commercials. Our National Correspondent Rory O'Neill and WDAE ‘Pat & Aaron Show' Co-Host Aaron Jacobson also join us with their hot takes on everything surrounding the game.

Pippa Hudson speaks to Dean O’Neill, the Municipal Manager of Overstrand Municipality, about the evacuation of residents in Hawston after severe rain storms last night. Lunch with Pippa Hudson is CapeTalk’s mid-afternoon show. This 2-hour respite from hard news encourages the audience to take the time to explore, taste, read and reflect. The show - presented by former journalist, baker and water sports enthusiast Pippa Hudson - is unashamedly lifestyle driven. Popular features include a daily profile interview #OnTheCouch at 1:10pm. Consumer issues are in the spotlight every Wednesday while the team also unpacks all things related to health, wealth & the environment. Thank you for listening to a podcast from Lunch with Pippa Hudson Listen live on Primedia+ weekdays between 13:00 and 15:00 (SA Time) to Lunch with Pippa Hudson broadcast on CapeTalk https://buff.ly/NnFM3Nk For more from the show go to https://buff.ly/MdSlWEs or find all the catch-up podcasts here https://buff.ly/fDJWe69 Subscribe to the CapeTalk Daily and Weekly Newsletters https://buff.ly/sbvVZD5 Follow us on social media: CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/CapeTalk CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Nonfat prices have moved sharply higher in recent weeks. But the rally isn’t being driven by a sudden surge in demand. It’s being driven by a breakdown in where milk is actually flowing. In this episode of The Milk Check, Ted Jacoby III and the Jacoby team unpack insights coming out of the IDFA Dairy Forum in Palm Springs and explain why nonfat prices have surged nearly 25 cents in just weeks, even as milk production remains strong. The issue isn’t price resistance. It’s availability. Milk that the market expected to move into dryers is instead being diverted into cheese plants, ultra-filtration, whey proteins and other higher-value protein streams. As a result, powder supply is far tighter than headline production numbers suggest. Layer in heavy short positioning, processing disruptions, and new offtake agreements, and the market begins to resemble a classic short squeeze. In this conversation, the team breaks down what’s actually driving NDFM and why higher prices haven’t unlocked new supply. We cover: How protein economics are pulling milk away from powder Why rising milk production hasn’t translated into greater availability Key structural differences between the U.S., Europe, and New Zealand Where the market may find its next equilibrium, and what could disrupt it If you’re relying on historical assumptions about nonfat availability, this episode explains why those assumptions may no longer hold. Listen to The Milk Check to understand what the evolving nonfat landscape means for pricing risk, exports and coverage decisions ahead. Available below or on Spotify, Apple Podcasts, Amazon Podcasts or YouTube. Got questions? We'd love to hear them. Submit below, and we might answer it on the show. Ask The Milk Check Jacob Menge: [00:00:00] There are just so many of these long-held assumptions, things that people who have been in the industry a while probably have, like, “Well, my gut tells me this.” Question your gut. Ted Jacoby III: Welcome to the Milk Check from T.C. Jacoby and Company, your complete guide to dairy markets, from the milking parlor to the supermarket shelf. I’m Ted Jacoby. Let’s dive in. It is January 30th. We’ve all just got back from the Dairy Forum in Palm Springs, where it was a hell of a lot warmer than it is here in frigid St. Louis, Missouri. Joining me today is Diego Carvallo, the head of our international sales team and our head non -fat dry milk trader. We have Josh White, head of our dairy ingredients group, Jacob Menge, our VP of risk Management and Trading Strategy, and Mike Brown, VP of Jacoby Dairy Market Intelligence. Guys, welcome. What did we learn in Palm Springs? I think the biggest thing that came out of our visit and running into everybody at the Dairy Forum is that nonfat dry milk and skim milk powder really is tight. We have a short squeeze going on in the nonfat dry milk [00:01:00] market. The market is up. I think it’s 25 cents in the last three weeks. I’ll let Diego explain to everybody what’s really going on in the nonfat market right now. Diego? Diego Carvallo: Ted, that’s a very loaded question right now. Everybody’s scratching their heads. As of right now, today, Friday the 30th, the market just closed. The whole strip is limit up — 4 cents up. I think I hadn’t seen this in quite some time. IDFA was very interesting for a lot of people to discover why the spot market has been tight for this long and have good discussions on what the outlook looks like. Let’s start with the fundamentals. I think a few things are helping this market and supporting it and pushing it higher. The first one is what a lot of people are discussing, which is the amount of UF being produced in regions like the Midwest. We all know that many of the plants have installed new capacity to have UF sales, and those solids are in great demand [00:02:00] for cheese fortification right now. So that’s one of the reasons why the Midwest especially feeling this tight. Another reason is that the majority of the people who speculate with this market, and it goes from traders to manufacturers and even distributors, most of them have been short, expecting this market to move lower during the spring flush. I remember a few months ago, the speculation was that we were gonna break the $1. And, it seems like everybody got short, physical and in the screen, and that market, obviously, whenever we saw a bounce, everybody ran to cover their shorts, right? Another reason is that we saw a few interruptions in processing capacity, especially in California during the months of November. I think that also contributed to the tightness in the market without even getting into the conversation of new [00:03:00] offtake agreements that have taken up this year. So I think those are the main contributors to this market moving higher, and I think it’s something that is mainly affecting the U.S. The rest of the market is following through. I think this scenario is very different when you talk about European and New Zealand production. It’s even different when you see the U.S., the West Coast versus the rest of the country. Ted Jacoby III: Tell me about Europe. I know Europe started acting tight a little bit before the U.S., but what’s going on in Europe? Nonfat, dry milk and skim milk powder is probably our most global market when it comes to dairy. Diego Carvallo: So, Europe had a couple of large tenders that took place, I think that was beginning of January. So, the infamous O’Neill tender and a few similar tenders that usually move a lot of product. Those tenders took place, and I think it helped clear some of the excess product that was available in the market. But I think in Europe we had a similar situation where most of the traders, most [00:04:00] of the end users and manufacturers, everybody was expecting prices to move lower, right? Whenever we saw these tenders coming and the market slightly turned less bearish, I think everybody ran also to cover their shorts. But the situation in Europe has not been as bullish as it has in the U.S. The spread between the U.S. and Europe when it comes to skim has in fact widened as of right now. Europe is also feeling the support. Definitely. It’s in part driven by the U.S. rally. Ted Jacoby III: Well, that makes sense. I can tell you I had conversations with a few different manufacturers while I was at IDFA. And the best way I can sum up what the feeling was there’s a couple of dryers on the East Coast. Those dryers at this point are not expecting to ever run full this year, not even at the height of the flush, because there’s three new plants at various stages of development. There’s a new cheese plant in New York. There is a Fair Life milk plant in New York, and then ultimately a yogurt plant in New [00:05:00] York. All three of those plants are gonna need the milk. It’s gonna come at the expense of the powder plants in that area. You look at the Southwest in Texas again, you’ve got two new cheese plants that are still in the midst of ramping up. They are getting first dibs on the milk at the expense of the nonfat dry milk plants down there. So those plants are gonna get the milk that they expected. And there’s another nonfat plant that pretty much has turned a 100%, to Diego’s point that’s turned a 100% of their milk supply into skim UF that they’re supplying to various sources. And that plant is running the ultra filtration unit full. So, that plant isn’t drying anything. You got a couple of dryers in the Michigan area. They’re not running as full as usually, but it’s more of a domino effect there. I have a hunch as you get into the flush, those dryers may fill up. But you’ve got four other dryers, maybe five that aren’t. Now you go over to the west coast: California, those are drying. But California alone, as big as it is, is not enough to offset how much milk is not running into the dryers in the [00:06:00] rest of the country. And then you’ve got the Northwest, where there has been a lot of milk lost in the Northwest. And so that dryer isn’t running as full as probably previously expected. What happened was everybody just got together, finally started talking when they were all together in Palm Springs, and they realized when they did the math, even if we’re up 4.4% in milk production, we’re not drying more nonfat. Those skim solids are going elsewhere for various reasons. Diego Carvallo: The biggest question right now, Ted, is the lack of product in the Midwest and East Coast could balance out the lack of exports that we’re gonna have from this price rally. The numbers say that demand is approximately 60 million pounds. That number, it’s probably only 2% to 3% of U.S. nonfat production. So, it doesn’t seem like a huge number, but when you compare it to exports it is quite a volume. Ted Jacoby III: It really does add up. Yeah, no, I would agree with that. Jacob Menge: It sounds based on what Ted had just laid out and what you had said earlier, Diego, that this [00:07:00] isn’t necessarily a demand-driven rally. It’s really a lack-of-supply-driven rally. Ted Jacoby III: Yeah. A lack-of-supply-driven rally in an environment where everybody was expecting oversupply and kind of got caught surprised when they realized that even though there’s more milk, it didn’t fully translate to more powder. Jacob Menge: So, what changes it? Price? How long? What does end game here look like? Based on what I’m hearing, sounds to me like there’s almost not a price that is all of a sudden going to bring more supply out of the woodwork. So, is there a price that kills demand? People say, “Hey, we can’t make this number work anymore?” Ted Jacoby III: I think, actually, Diego just framed it a few minutes ago in the right way. This lost production that we were expecting, is it enough to make up for the fact that international demand for nonfat and skim milk powder isn’t actually that great? I think he’s hit the nail on the head. Let’s face it, skim milk powder, nonfat, dry milk is kind of the ultimate dairy commodity, which means it’s more price sensitive than others. And we’re gonna get to a point when we’re gonna find out where that [00:08:00] equilibrium point is between demand and supply. Josh White: There’s a few things that could tilt the scales a bit that I think we should just pay a little bit of attention to at the moment. You made a comment earlier that the production outta California isn’t enough to satisfy what we’re losing in terms of powder in the rest of the country. I wonder though, as we seasonally ramp up our milk volumes in the U.S., if we don’t satisfy that difference at a certain moment. I’m certainly not suggesting that that should make us all bearish. But I do think that there’s something worth noting there. Jake, you made a comment a moment ago that it doesn’t sound like there’s a price that slows it down. That same phenomenon is happening in Europe right now, and I think that Europe is also gonna seasonally increase their supply. They’ve got a lot of additional powder and there is a price out there that people substitute. There is a price out there at which you price out international demand. What we’ve gotta try to reconcile is all of this additional demand for skim solids in the U.S. is [00:09:00] that replacing our need to be an exporter of skim solids? I don’t have the numbers in front of me, but it feels like a reach to believe that we’re consuming enough to take away our need to compete internationally for skim demand. So that’s one thing that might just put a little bit of a seasonal ceiling on this thing as we move forward. The real question is, does that actually tilt us into a surplus situation again, or not? Big question that we should get our arms around. Additionally, I think that there is substitution within dairy. For the longest time, skim solids are very, very cheap. And as mentioned, the fortification into the cheese vat has been a pretty clear decision. When butterfat dropped to the price levels that it did, it makes a whole lot of sense to fortify. As these skim prices move a bit higher and dependent on our cheese price outlook going forward, does that math shift at all? I’ve heard arguments on both sides that the math does matter, and I’ve also heard arguments that the math really doesn’t matter. It’s all about [00:10:00] optimizing put through in the vat. So yeah, I think those are interesting topics for us to debate because those are the things that might tilt the market one way or the other. Ted Jacoby III: When it comes to skim solids versus butterfat in the vat, and let’s not forget, with the increase in solids in the milk, especially in butterfat, you’ve gotten the ratio of protein to fat outta whack, which is driving an increased need of skim solids into the cheese vat. The real math is: do you sell the cream or you divide the UF milk? Well, guess what? The UF milk is getting a lot more expensive right now. And so, you can make the case that you might actually force yourself to be comfortable selling the cream because it’s really a question of do you overpay for the skim solids or do you lose money on the butterfat if you sell the butterfat. At lower butter prices, for a couple of different reasons, you need a higher multiple on the cream in order to sell it. And one of the big ones is cost of freight as a percentage of the butterfat price has gone way up. You compare a $1.50 butter to $3 butter and on a percentage basis, your freight costs are twice as much [00:11:00] now. Which ultimately, when it comes to surplus cream, will drive down the multiple that you’ll receive for the cream. Josh White: You know, I don’t wanna shift gears, but I do wanna spend a moment just thinking about the milk production response and if our outlook shifted a little bit over the past month or two. ’cause going into the end of the year, it seemed like the U.S. and Europe were on a collision course, a game of chicken to decide who’s gonna be the first to drop price enough to see milk production slow down. Our global milk production, what is it up like 3.8% or something like that going into the end of the year on a solids basis, and no real sign of major change in the first half of the year, other than some signaling from European companies to lower their milk price and try to slow things down. Is this recent rally, whether it’s a short covering rally or whether it’s temporary, is this pushing out that response, whether it’s in Europe or the U.S., even further than we previously thought? Ted Jacoby III: I feel pretty comfortable saying no. And the reason I feel pretty [00:12:00] comfortable saying no, is for a couple of reasons. The biggest one is nonfat milk production is less than 15% of the milk supply of the U.S. And so, this rally in nonfat prices, it’s affecting less than 15% of the milk supply. Translated over a 100% of the milk supply, it’s not that big a number. I’m not sure it moves the dial a huge amount. Maybe I should back up a little bit because it’s now the higher of Class III and Class IV and Class I, and Class IV was trailing Class III by a dollar and now Class IV is ahead of Class III because of this rally. So yes, you’re starting to drive up prices there, too, so maybe it is helping the dairy farmer in a couple of places. While I agree that you’ve gotten a sympathy rally with cheese and butter, unlike nonfat, there’s more than enough butter and there’s more than enough cheese out there. And so we don’t actually see a true challenge to accessing supply with those two. So, while you may see increased futures levels at the moment, I’m not sure that’s going [00:13:00] to translate for a long enough period of time, the increased price levels for those products. Josh White: Just to play devil’s advocate, I think if you ask the market if fresh production of butter was readily available, the answer might be no. Ted Jacoby III: It’s either one of two things. There’s a lot of 82% being made for export. Or you’ve got 30¢ to 40¢ of carry in the futures market, and if I’m a butter manufacturer, and I’ve got any kind of working capital, I’m making 80%, I’m parking it in my own warehouse, I’m hedging it out to capture that extra 40¢, and I’m telling everybody I’m sold out. Well, guess what? That butterfat is still available. Once you get past the old crop, new crop March 1st date, that math changes, that’s only a month away. And I would even say you’re talking about the shortest month of the year, too. Josh White: Cheese has the same forward curve right now. Maybe not quite as dramatic, but a pretty good healthy contango going forward. What’s different about the cheese market? Ted Jacoby III: Cheese has a tendency to have carry in it when prices are low. The market is more used to this kind of carry in [00:14:00] cheese. Jacob Menge: The shelf life too. Ted, I mean Ted Jacoby III: that’s, that’s, well, that’s right. That’s the second one is cheese ages. And so six month old cheese is a different product than 30 day old cheese. With butter, there’s a reason why the CME rules for butter is up to 12 months after December 1st production. Whereas with cheese, it’s basically a 30 day market. And that has to do with how the product changes over time as it ages. Josh White: When we’re thinking about the cheese market, we’re talking about the U.S. milk production being up, year over year a lot. We throw a little salt on that because we recognize we’re comparing against bird flu impacted regions a year ago, but still lot more milk solids. Lot more butterfat out there. But at the same time, we’ve added plenty of Class III processing capacity, at least through the middle part of America to process quite a bit more milk. How is the whey component playing into this right now? Do we think these plants are gonna be highly motivated to fill up because of the return they’re getting for the whey [00:15:00] products, despite the cheese, situation you just mentioned, or are we really testing that desire to wanna fill up some of these plants as milk volumes pick up seasonally here in the state? Ted Jacoby III: So I can answer that question with the same answer two different ways. The first is: Please don’t forget that the Class III price ultimately insulates cheese manufacturers from major movements in price. If they’re having to sell all that cheese at a substantial discount to the market, they could be losing money making the cheese, but the reality is if they sell it anywhere close to the CME price, it’s still gonna be a net profit or at least a net break even for them on the cheese side. Meanwhile, if they have a whey protein dryer and they’re making WPC 80 to your WPC 90, Josh as you well know, as our primary whey trader, those are very, very profitable for cheese plants right now with the prices as high as they are. Josh White: Unprecedented. Mike Brown: Gives them a little room with a higher class IV price because of that return [00:16:00] from whey to pay a little more than the spread might normally indicate that they would. Just as a point of reference, if you look the most recent dairy production numbers we have products is for November, but Southwest was down 25% I think, in overall nonfat dry milk production. And they were 70% of the decrease over last year. Ted Jacoby III: Yep. Mike Brown: And you still have some plants filling up down there. Although, again, we’ll see what happens with this spread. But to the point we’ve all made earlier, it is a supply issue. And there’s no question those south central cheese plants in Kansas and Texas are a big part of the reason that there’s less milk going into powder. Ted Jacoby III: I had someone earlier today make a comment, and I never quite thought of it this way. He was actually talking about cheese, but I think the exact same thing goes for powder plants. Because the solids in the milk is up, they need less loads of milk to make the same amount of powder. And the bottleneck in the process a lot of times is not the milk receiving bay. So it literally means they have to take in less milk to get there. If you’re out in California, those bottlenecks are limiting how much milk they can [00:17:00] process. In the Southwest, they’re not. Josh White: Right. Ted Jacoby III: But demand for protein, I’ll frame it this way: We’re seeing huge increases in demand for whey proteins. We’re seeing increases in demand for milk proteins. We’re seeing increases in demand for UF milk, not just by cheese plants, but by ready to drink milk bottlers, as well, who really wanna sell that high protein milk. And that is what’s driving all of this. And it’s driving it away from the nonfat dryer, and it’s driving it towards cheese, which is a source of protein, whether it’s cheese or it’s the whey that comes off the cheese. It’s driving it towards those UF milk plants. It’s driving it towards milk protein concentrate plants. It’s really all about that huge increasing demand for protein that’s driving this. I don’t think it’s that hard to make the correlation that this big increase in the demand for dairy proteins across the dairy spectrum is what’s causing this powder market to be tight. Because it’s pulling milk away [00:18:00] from the nonfat dryer. Mike Brown: Yeah. And certainly, you have a fair amount of MPC capacity, certainly in New Mexico. If you can make a protein, you’re making a protein, I think, whether it’s milk or whey.Ted Jacoby III: I think that’s exactly right. So, Diego, where do we end? We were below a $1.20 three weeks ago. We’re at a $1.46 today. Are we gonna get to a $1.60? Diego Carvallo: Ted, I do know that the $1.40 is a strong psychological resistance and the futures are very close to it. I’m gonna monitor it. I don’t know how high we can go. At this point, it seems like a train, and I’m not gonna step in front of it. $1.50 is not impossible at this moment, but at the same time, I could tell you that we could have a strong correction also. So, very difficult to read right now. Ted Jacoby III: We just talked about a real nice rally going on in nonfat. The rally we think is because the demand for protein is pulling milk away from the nonfat dryer. Meanwhile, I think we have more than enough butter, though it may not be available yet, in terms of new crop, 80% butter sellable on the [00:19:00] CME. We think that we’re gonna have more than enough cheese, colored cheddar, which tends to be the product that drives price on the cheese side. So, even though we have had a rally in both of those products in futures, we’re not as strong of believers in the cheese market and the butter market as we are in the nonfat market right now. So, before we wrap up, we’re gonna do a quick lightning round question. We just came out of the Dairy Forum. We had many, many conversations with a lot of different people. What is the one thing happening in the dairy market right now that we think people are overlooking? Josh, I’m gonna start with you. Josh White: The reshaping of how milk trades across the country. I’m certainly not in the best position versus our milk team to address that, but the changes in where we can process milk, how we can process milk, and who’s demanding the milk is reshaping how things move. And I think that’s gonna test some of our experience and historical expectations for how a market responds to some of the signals we’re seeing now. I mean, let’s be real clear. Over the past 24 months, we’ve been surprised as a [00:20:00] dairy industry by two major things. It was not that long ago that you couldn’t get enough fat. The dairymen responded and it surprised the market, I think, to a point where now we’re expecting to be a fat exporter for a while. On the other side, if we go back, not even 60 days ago, the argument was will nonfat break a dollar? Or not. And today, we’re talking about it being a very firm market and citing a bunch of reasons why that happened. And the market, I believe, was surprised by that. So, if you’re a buyer out there, don’t assume that these markets can’t change and change fast. Definitely make sure you’re preparing yourselves for that because we just went through multiple years where there was almost no risk of getting access to nonfat supply, and we’re getting phone calls now where people need coverage right now and are having difficulties doing so. Ted Jacoby III: Thanks Josh. Mike, how about you? What’s something that nobody’s talking about right now that we probably should be paying attention to? Mike Brown: I think from the standpoint of the cheesemaker and that cost of those [00:21:00] protein solids is a three four spread flipping significantly. We’re $2 the other way again now. That cost of fortification has gone up a lot. Even with a $12 WPI market. That’s a big number to work with. And I think just in general, the growth in demand, whether it’s ultra filtered protein, fluid products, or the new cheese capacity we underestimated how that would hit the supply of nonfat dry milk, and we’re now living that. Ted Jacoby III: Excellent. Thanks Mike. Diego, how about you? Diego Carvallo: I have two things. One is the dollar weakness is something I haven’t heard a lot of people talking about and how that influences the prices for all commodities. And the second one is, I think a lot of people might be overlooking Mexican milk production. Ted Jacoby III: Up or down. Is it good or bad? Diego Carvallo: From informal reports, it could be strongly up. Ted Jacoby III: Okay. That would not be good for nonfat prices, would it? Diego Carvallo: Correct. Yep. Ted Jacoby III: Jake, how about you? Jacob Menge: I’ll go with just the upending of all kinds of long held assumptions. If you’ve got calculators you’ve been [00:22:00] using, dairy market calculators, between the milk price formula changes between dollar weakness changing between us flipping to be a fat exporter, throw it all out. There are just so many of these, probably long held assumptions, those kind of things that people that have been in the industry a while probably have like, “Well, my gut tells me this.” Question your gut. That’s my go-to train of thought moving forward. Ted Jacoby III: I think that’s a good one. And I will say, I think people are underestimating what this whole breeding to beef thing going on with the dairy farmer is doing to their decision-making process when it comes to killing cows. Everybody’s talking about how low the price is. Everybody’s wondering when this price will recover. And I keep asking myself, if every time a beef cow is born, you’re selling that cow for over a thousand dollars, why would you wanna get rid of that womb? ’cause that womb seems to be making you a lot of money. To all of our listeners out there, thank you so much for joining us this week, and we look forward to talking to you soon. Take care out there.

Grok says: “Dive into the chaos of Episode 352 of Randumb Thoughts with host Darren O’Neill, where NASCAR roars back to life amid weather woes at Bowman Gray Stadium, setting the stage for the adrenaline-pumping Daytona 500. But buckle up—this isn’t just racing talk; Darren unleashes a hilarious yet razor-sharp rant on the crumbling credibility of mainstream media and social media, exposing how bias, clickbait, and propaganda from both sides are turning us all into anxious skeptics. From China-funded nonprofits stirring up trouble to the mental toll of endless lies, you’ll nod along thinking, “Finally, someone calls it out!” If you’re fed up with fake news and craving unfiltered truth, this episode is your pit stop for sanity. Grammys drama takes center stage as Darren skewers Billie Eilish’s viral “nobody is illegal on stolen land” quip, pointing out the epic hypocrisy of her walled-off LA mansion on Tongva tribe territory—talk about a mic drop from history! He dives deep into the messy reality of land conquests, Native American tribal wars, and why musicians like Eilish and Bruce Springsteen should stick to tunes instead of half-baked politics. Bad Bunny’s “ICE out” cheer morphs into crickets when he preaches love, revealing the crowd’s true colors. Plus, a heartwarming Reba McEntire backstage story reminds us of genuine kindness in a clown world. Searching for Grammys controversy, Billie Eilish backlash, or Native American history insights? This podcast episode delivers laughs, facts, and that “aha!” moment you didn’t know you needed. But wait, there’s more tech terror: Darren warns of AI deepfakes eroding trust, from phony Mel Gibson videos to MSNBC’s sneaky photo edits in border patrol stories. In a world where photos lie and 15-second clips brainwash, he arms you with a BS meter upgrade. Wrap it up with value-for-value shoutouts that keep the show rolling. If AI media manipulation, social media hypocrisy, or unapologetic rants on current events get your engine revving, hit play on Randumb Thoughts Episode 352 now—it’s the no-BS antidote to your feed’s fever dream!” Thanks for listening! EXECUTIVE PRODUCERS:WeenieWaWaCaptain ObliviousMark KodraEricPPTHANK YOU FOR SUPPORTING THE SHOW! PLEASE SUPPORT RANDUMB THOUGHTS!TRY PROTONMAIL: https://t.co/9i2GPq3gNBTRY INCOGNI: https://incogni.cello.so/KpYfMWSF57i SUBSCRIBE / DONATE: http://randumbthoughts.com/donatePATREON: https://patreon.com/randumbthoughts CHECK OUT MY OTHER SHOWS: PLANET RAGE: https://planetrage.showUNRELENTING: https://unrelenting.showGRUMPY OLD BENS: http://grumpyoldbens.com Thank you for listening to Randumb Thoughts! Please, tell a friend!

Full episodes and much more available on Patreon.com/slopquest Comedian Ryan O’Neill and Illustrator Andrew DeWitt bring you the dumbest takes on news, movies and ridiculous business ideas every week on Slop Quest! Andy gets some puffy pants for Christmas called Pluderhosen and wears them to the podcast. O’Neill then takes issues with Andy’s HEMA training and a classic argument commences. Andy is losing weight with sword fighting but Ryan is reluctant to celebrate it. O’Neill then says he could defeat Andy with a move he calls “the helicopter”. Then Andy knocks over half a gallon of water while dancing around and it gets all over the equipment.

Multiple G1 winner Raging Torrent retired from racing with seven wins and earnings of almost $1.8 million dollars with four triple-digit Beyers including an impressive win on the international stage in the G2 Godolphin Mile at Meydan. Bred by Rodney J. Winkler and Alfonso Mazetti, Raging Torrent won at first asking in his two-year-old debut at Del Mar with a troubled trip including the jockey losing his crop in the stretch, but still drew off by over two lengths. He went on to be graded stakes placed at two.At three, he came into his own winning an allowance at Churchill Downs, where he dominated the field with an 8 1/4 length victory. This began a streak of races where he won six of his next seven starts. During that span, Raging Torrent won his first stakes in the Maxfield S. at Churchill Downs and won his graded stakes debut in the G2 Pat O'Brien at Del Mar against older horses with a 104 Beyer. He fought back in the stretch to defeat a talented field of runners, including G1 winners The Chosen Vron and Senor Buscador. He capped his three-year-old season with his first grade one victory in the G1 Malibu S. at Santa Anita defeating G1 Kentucky Derby winner Mystik Dan.An international field in the $1,000,000 G2 Godolphin Mile set the stage for Raging Torrent's four-year-old campaign for new owners Yuesheng Zhang and Craig Dado. He was never in doubt, jumping out to an early lead and drawing away for an easy 3 ½ length victory. Returning to the U.S., he led the entire way yet again in his G1 Metropolitan Handicap victory, making easy work of a field that included champion two-year-old Fierceness and G1 Breeder's Cup Classic winner White Abarrio with a career best 106 Beyer.

The Whizz joins us for a cool chat! Best of is presented by Pirtek. 

Full episodes and much more available on Patreon.com/slopquest Comedian Ryan O’Neill and Illustrator Andrew DeWitt bring you the dumbest takes on news, movies and ridiculous business ideas every week on Slop Quest! This week Comedy Store veteran and hilarious good buddy, Mike Black is finally in the O’Neill Rent Controlled Studios. The talk about the Jake Paul fight and pitch a new boxing show where half the fighters don’t even want to be there. The boys pitch a new advertising angle for Pinesol. Then Ryan reveals the origins of Cornhole and gets roasted by Mike and Andrew for his choice in comedy material. Ryan and Andrew recount Andy’s unprofessional bank behavior to Mike who defends him. O’Neill makes a classic mistake where he confuses gorillas and pandas. Then Andy gets confused about pandas as well and they debate creating American pandas.

Full episodes and much more available on Patreon.com/slopquest Comedian Ryan O’Neill and Illustrator Andrew DeWitt bring you the dumbest takes on news, movies and ridiculous business ideas every week on Slop Quest! There’s some late Epstein file talk. O’Neill talks about he’d be tricked into showing up on the Epstein files. He then floats the idea of having a professional photographer hiding to take embarrassing photos. They talk a little about Ellis quitting comedy and O’Neill’s mind is blown. Then they get into a little motivational talk where Andy crowns Ryan “King of Tomfoolery”. Andy tries Ryan’s garlic technique and has Diarrhea. Then Andy pulls the fake text prank on his cousin by marriage which infuriates O’Neill because he doesn’t believe in cousins by marriage. There’s some weight loss by basketball talk. The boys talk about Andy getting HEMA sword tattoo. Andy talks about how he tries to keep lines of communication open with friends and family and O’Neill hates the idea. There’s more tomfoolery about this from O’Neill and Andy begs him to break new ground. Then O’Neill humble brags about how good he is with communicating even if he never talks to people. Then the boys talk about how wives set their husbands up on play dates. O’Neill expresses his desire to not have any friends. Andy finds a Christian comedian lady who KILLS in front of the crowd and O’Neill loses it. Andy meets a woman who describes herself as having been “slutty” but she waited for marriage to have sex? The boys then reminisce about the loss of the “erotic thriller” of the 90’s.