Podcasts about Pe

PODCAST LAS NOTICIAS CON CALLE 3 DE SEPTIEMBRE -  Power Expectations demanda en el federal y no en el estatal como había dicho, piden regrese el contrato de 5.8 billones Vuelve a treparse el precio del petróleo - Axios Hoy Josué Colón en la Cámara para hablar de contrato de Power Expectations - Jay Fonseca PR La Junta se queda por ahora, Trump puede volver a destituirlos si no hacen lo que él quiere en cuanto al pago de la deuda de la AEE - Elk Vocero Es un precipicio fiscal para el plan Vital y toda la industria de salud boricua que no se sabe si lo van a autorizar o no para el 2027 - El Nuevo Día Le roban 300 mil en prendas a Nío García - El VoceroPiden enmiendas para ley que permite a enfermeras recetar - El Vocero En la temporada de huracanes es vital tomar medidas para asegurar nuestra tranquilidad.Si tienes dudas, llama al 787-641-7171 Todos tienen una manera diferente de prepararse para un huracán.Lo importante es que lo hagan.Auspiciado por Universal, en nuestro servicio está la diferencia.#universal#incluyeauspicio DRNA evalúa cierre de pozos en el sur a sabiendas de serios problemas que hemos tenido en el pasado y no los acaban de cerrar - El Nuevo Día Desempleo: compraron un sistema para eliminar filas y el sistema fabrica filas de madrugada porque no funciona - El Nuevo Día En riesgo servicios de ama de llave por estar pendiente a Baby, le echan la culpa a la Junta, la Junta destruye a secretaria de Familia - El Vocero Johnny Méndez destruye a Víctor Ramos por embustero, dice Johnny - 1140AMTrump le mete aranceles grandes a los drones para evitar crecimiento chino - NYTPetróleo vuelve a treparse, ahora sube a 4.73 como precio base, a $5.68 el galón en mercado lo más caro en la historia - Axios Vuelve a treparse el precio del trigo a casi lo mismo que cuando arrancó la guerra de Ucrania- Axios Chevron mete $7,000 millones en Venezuela y Ejército de USA sigue creciendo en su inversión allí - Bloomberg Juez federal frena de nuevo el plan de Trump contra la ciudadanía por nacimiento otra vez - Economist Se espera el permiso del Cuerpo de Ingenieros para remover sedimento en Carraízo - El Vocero AAA dice que no va a reanudar racionamiento en Carraízo tras subir embalse otra vez, La Plata bajo observación - WUNOAsesinan padre e hijo en Peñuelas - WUNO Jurado en caso de Lindsay Clancy sigue trancado - NYTLa NBA le metió el mega castigo a los Clippers de LA tras traqueteo para agenciarse a Kawhi Leonard - ESPN Selloff global de bonos empuja las tasas a máximos de años, deuda mucho más cara y complicado conseguir fondos federales - Bloomberg LOS DATOS DEL DÍA Brent$94.19/bbl (−1.0%) · nivel de guerra ~$95 Diésel (retail EEUU, AAA)$5.68/gal · máximo desde abril Gasolina (retail EEUU)$4.43/gal S&P 5007,666.60 (+0.46%) Dow Jones53,061.95 (+0.56%) Bono 10 años4.79% · tocó 4.82%, máximo desde nov. 2023 Euro/USD~1.157 (euro bajo $1.16) Hipoteca 30 años (EEUU)6.72%

You haven't truly had an eating disorder until you eat ten bunless Big Macs with a knife and fork

většině odborné veřejnosti, protože tak vysoký schodek rozpočtu na rok 2027 nečekal téměř nikdo. Jak velkým problémem pro Česko je, že pokračuje na trajektorii rychlého zadlužování? V pořadu Václava Pešičky bude odpovídat rektor Vysoké školy ekonomické v Praze Petr Dvořák.

Dave Kalama isn't defined by one sport. He's one of those rare athletes who has spent a lifetime mastering the ocean while helping reinvent how the rest of us experience it; I've been watching Dave and his crew and their contributions, in awe, for decades. Born with deep Hawaiian waterman roots, Dave grew up with the ocean in his blood. His father, Ilima, was an early U.S. surfing champion, and his grandfather, Noah, was instrumental in the growth of outrigger paddling on the U.S. mainland. That heritage became the foundation for an extraordinary career built around chasing fun; surfing, towing, paddling, windsurfing, SUP, foiling and more, while experimenting and innovating, in the name of fun and adventure, all along the way. But… believe it or not, Dave started as a competitive skier in California. When that didn't pan out, he made his way to Maui, immersed himself in surfing and windsurfing, and quickly developed into an elite windsurfer competing at the highest levels. And that got the flywheel spinning. Dave and his incredible waterman friends became the legendary “Strapped Crew.” Together, they pioneered tow-in surfing, unlocking massive waves at places like Pe‘ahi (Jaws) on Maui and forever changing big-wave surfing. Dave then became a central figure in the modern development of stand-up paddleboarding, helping transform SUP from its Hawaiian Beachboy roots into an international sport. He went on to win the Molokai-to-Oahu SUP World Championship, proving innovation and elite athleticism could go hand in hand. Then came foiling, and ultra distance paddling adventures, and anything else that got their juices flowing. Dave and his friends continued experimenting with creative new ways to have fun in the ocean and explore what was possible. Dave hasn't just helped innovate these sports, he's competed and excelled across them at the highest levels while helping others master them too. As a long time coach, he developed Kalama Kamps to help others chase their fun on the ocean. In recognition of all of his contributions, exploits, and what he's provided to the ocean community; Dave was inducted into the Hawaii Waterman Hall of Fame in 2018. What a well deserved honor. I think it's safe to say Dave's goal of chasing fun and somehow making a career out of it has worked out pretty damn well. 0:00 – Introducing Dave Kalama & His Life on the Water 7:20 – Growing Up, Ski Racing & Early Athletic Influences 15:40 – Discovering Windsurfing & Moving to Maui 24:10 – The Evolution From Windsurfing to Big-Wave Surfing 32:35 – Pioneering Tow-In Surfing at Jaws 41:25 – Fear, Preparation & Performing in Extreme Conditions 50:10 – The Rise of Stand-Up Paddleboarding 59:05 – Racing, Training & Building Endurance 1:08:15 – Discovering Foiling & Pushing New Ideas Forward 1:17:20 – Designing Equipment Through Experimentation 1:26:10 – Reading the Ocean & Staying Present 1:37:05 – Longevity, Life Lessons & Final Reflections

Private equity has pushed CPA firm valuations higher than anyone expected, and Brannon Poe says the accounting profession still has significant runway left. In this solo episode, Brannon steps away from the usual guest format to share a market update: where private equity stands in accounting M&A, how AI is reshaping which practices are in demand, and what firm owners should understand about valuation before they consider a sale.Brannon walks through why the accounting industry remains more fragmented than sectors like veterinary, dental, and healthcare, and why that suggests more consolidation is ahead. He explains a shift in buyer demand: as AI absorbs more of the simpler, transactional work, both advisory practices and straightforward individual tax practices are seeing strong interest, while service mixes that once felt safe are being reevaluated.He also addresses the questions he hears most often. Has private equity permanently changed the profession? Is there a bubble forming? Which firms are not a good fit for a PE sale? Brannon offers grounded, experience-based answers to each, drawing on Poe Group Advisors' work selling CPA firms since 2003.The conversation moves into what actually makes a transition successful. Brannon argues that fit, cultural alignment, shared vision, and compatible management styles matter more than most sellers expect, and that talking with a wide pool of potential buyers before committing to one leads to better outcomes on both price and terms. He closes with a look at the fundamentals of valuation, why virtual and metro-area firms tend to draw stronger multiples, and why terms often matter more than the headline number.The Conversation Covers:How AI is shifting buyer demand toward advisory work and away from simpler compliance servicesWhy the accounting industry still has more consolidation ahead compared to other PE-driven verticalsHow to know if your firm is a good fit for a Private Equity sale versus a traditional buyerWhy talking with more potential buyers before granting exclusivity leads to a better outcomeHow location and virtual operations expand your buyer pool and strengthen your valuationWhy the multiple you see in a headline deal rarely tells the full storyThis episode is for firm owners curious about how private equity is changing the accounting profession, practitioners wondering how AI will affect the value of their practice, and anyone exploring a future sale who wants to understand what actually drives valuation.Timestamps: 00:45 - Why this episode is a solo market update instead of a guest interview02:10 - The state of the CPA firm M&A market in August 202603:40 - Why Accounting Practice valuations keep climbing past projections05:15 - How the accounting industry compares to more consolidated verticals like veterinary and dental07:00 - Why AI is shifting demand toward advisory and Tax Practice work09:20 - Whether Private Equity has permanently changed the Accounting Firm Owner landscape11:45 - Is there a bubble in Accounting Practice valuations13:30 - Which CPA Firms should think twice before selling to Private Equity15:50 - How PE consolidation connects to the Silver Tsunami and Firm Succession18:10 - Why fit matters more than price in a Public Accounting sale20:35 - The hiring-process analogy for finding the right buyer23:00 - A ten-year outlook for the Accounting Practice profession25:20 - Why supply and demand drive CPA Firm valuation27:15 - How location and virtual firms affect your buyer pool29:40 - The most common misconception about Practice Management and firm value31:50 - Why terms matter more than the multiple you see in headlines

After years on top, Sweet'N Low is sinking fast. Newer artificial sweeteners aspartame and sucralose are spawning fresh competition. But the problems go even deeper – because within its own ranks, fraudsters are draining Sweet'N Low's coffers.If you'd like to hear more about the artificial sweetener business, you can listen to the audiobook version of “Empty Pleasures” by Carolyn de la Peña right now on Audible.Audible subscribers can listen to all episodes of Business Wars ad-free right now. Join Audible today by downloading the Audible app.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What if the future of private equity looks exactly like its past? The days of cheap debt and multiple expansion are over, so the only way to win going forward is to operate your way out. Buy well, execute, and exit well. In this episode, Devin and Paul sit down with Lee McCabe — recovering operating partner, Facebook and Alibaba alum, and Founder of Claymore Partners — to unpack what the new playbook for PE actually looks like. Paul and Lee share stories about Operating Partner roles inside private equity funds, how to bond with management teams so you can get stuff done, and how to share bad news with the deal team when they don't want to hear it. We detail the operating plays that continue to work post-close and why, in the end, there are no shortcuts, only execution. Lee calls it common sense. You can connect with Lee at https://www.claymorepartners.com/ and follow his prolific LinkedIn account at https://www.linkedin.com/in/leemccabe/

Send us Fan MailPaul Edwards has led more than 1,000 private equity deals. AI took the grunt work, and now Stax consultants are getting promoted faster.He leads the PE practice at Grant Thornton Stax. Inside the firm, that's 3 to 4 more projects a year for every consultant.But the one thing AI still can't do, he says, is teach curiosity. You either bring it or you don't.That's the exact bar Stax is judging this fall in the Case Competition World Cup Undergraduate Track – free to enter, teams of 4 to 5. So if curiosity is what gets you hired, this is where you prove it. Applications close September 13.Resources:Apply to the Case Competition World Cup – Undergraduate Track, sponsored by Grant Thornton Stax. Applications close September 13.Careers at Grant Thornton Stax.Connect With Management ConsultedCreate a free MC account or download the MC app (Apple, Android) to start your prep todaySchedule a free 15min consultation with the MC TeamWatch the video version of the podcast on YouTubeFollow us on LinkedIn, Instagram, and TikTokJoin an upcoming live event – case interviews demos, expert panels, and more

We're heading back to Vista Consulting Team's "A Seat at the Table" event for one of the best conversations Conrad and Gyi had there, and it's been sitting in the vault for a reason. Josh Porte, Partner and M&A Attorney at Holland & Knight, joins the guys to break down the ethics and mechanics of MSO deals, and with private equity continuing to move into law firms, this one's more relevant now than when it was recorded. Josh co-leads Holland & Knight's legal services transactions team and works both sides of these deals, buyers and sellers. He breaks down Rule 5.4 and Rule 5.3, the two rules that actually shape how an MSO can be structured and how money is allowed to move between the MSO and the law firm; plus transfer pricing, AI-native law firm structures, rollover equity instead of non-competes, and how EBITDA multiples drive valuation. Whether or not you're interested in dancing with the PE people, Josh makes the case for running your firm as if it's always ready to be sold. The News: Turns out a lot of the internet isn't written by people anymore: How Much of the Internet Is Written With AI? Morgan & Morgan gets blocked from the Harvard body-parts case over an old AI citation sanction:  Morgan & Morgan Atty Barred From Harvard Suit Over AI Error And a Georgia arbitrator hits Morgan & Morgan with $4.3M for settling a case without the client's permission: Marietta man wins $4.3M in fight against Morgan & Morgan Your rank tracker is about to get a lot less reliable: Google confirms deploying goto URL redirects to search results links Want to hear more about what we learned from ‘A Seat at the Table'? There's a place for that: Tidbits - Lunch Hour Legal Marketing  Hey, you! Send us a question and we might just feature it on the show.  Ask us a question!  On the road again… We'll be joining our good friends at Case Status CX Summit for a live episode! CX Summit 2026 | The Legal Client Experience Conference A special thanks to our supportive sponsors: Juvo Leads, Lawmatics, CallRail, Eve, and ALPS Insurance!

How do you know you're ready for a change in your career? In this episode of UNITED State of Women, Julie Deem sits down with Robyn Whaley at Global Leadership Summit. Robyn is the executive director at Cross America Community Center.Julie and Robyn talk about what it looks like to lead while still figuring things out, why our previous experiences often prepare us for opportunities we never saw coming, and how leaders can create space for younger generations to use their gifts and influence.Robyn also shares how she is helping Cross America expand its reach by empowering youth, experimenting with new ideas, and finding creative ways to connect with more people. With a mission to send crosses and messages of salvation to every household in the United States, Cross America is thinking big, trying new things, and learning along the way.What You Will Learn:How surrender can create space for unexpected leadership opportunities.Why patience is an important part of discerning your next step.How previous experiences can prepare you for leadership in unexpected ways.Why effective leaders need to remain willing to learn and grow.How leaders can empower younger generations to contribute their gifts and ideas.Why experimentation and flexibility are essential when pursuing a big mission.How to recognize when an idea isn't working and know when to shift directions.Why staying positive doesn't mean dismissing someone's difficult experience.How empathy can strengthen relationships within a team.Ways leaders can keep their teams focused on the bigger picture.FAQ:What is Cross America Community Center?Cross America Community Center is a ministry with a mission to send crosses and messages of salvation to every household in the United States. The organization also has a coffee shop, gift shop, podcast studio, and other community resources.How can past experiences prepare you for an unexpected leadership role?Previous jobs can develop skills that become valuable in future roles, even when the connection isn't obvious at the time. Experience working with international students and teaching PE helped develop communication, relationship-building, adaptability, and the ability to connect with young people.How can leaders empower younger generations?Leaders can create opportunities for young people to contribute, invite them into the mission, listen to their ideas, and give them meaningful ways to use their gifts. CrossAmerica is intentionally working to bring more youth and youth groups into its mission.Thank you Crossroads for hosting Global Leadership Summit in Kokomo and for inviting UNITED State of Women to record live at the conference!!Crossroads Community Church:https://ecrossroads.org/Learn more about Cross America Community Center:https://crossamerica.net/Global Leadership Summit:https://www.globalleadership.org/summitLearn more about the latest tool for dynamic professionals in the self-improvement industry, LyfQuest. A mobile CRM platform that's uniquely made for you!Learn more at: https://lyfquest.io/Instagram:USW Podcast ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@uswkokomo⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kalena James ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@yesitskalenajames⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Julie Deem ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@indymompreneur⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠--------------------------------------------------USW Kokomo ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Website⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Production by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Business Podcast Editor⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Why did Nestlé just walk away from a massive dietary supplement empire generating $1.2 billion in annual revenue? In this episode, I'm breaking down the major corporate shakeup in the global dietary supplements market: Nestlé's decision to divest its mainstream "Holistic Health" vitamin platform to private equity firm Yellow Wood Partners for $1.0 billion.If you have brands like Nature's Bounty, Osteo Bi-Flex, Puritan's Pride, or Nuun in your medicine cabinet, their parent company is about to change completely. I'll dive deep into the strategic playbooks of both giants to explain why this "corporate orphan" deal is a textbook win-win for everyone involved.What I'm Covering In This Episode:$1 Billion Carve-Out: The scope of the massive transaction closing in the first half of 2027.Why Nestlé Walked Away: How commoditization, fierce retail price wars, and logistics pushed Nestlé to drop its mainstream volume lines to focus entirely on premium, science-led nutrition.Yellow Wood's Superpower: How the PE firm behind Suave, Q-Tips, and ChapStick nurses neglected consumer brands back to hyper-profitable health.3-Step Growth Strategy: How Yellow Wood plans to turn this massive bet into a giant payout using radical autonomy, extreme retail leverage, and emerging health micro-trends.What do you think about Nestlé's decision to sell off these household vitamin brands? Let me know your thoughts in the comments below!

Freaking out trying to choose the exam prep resources for the Transportation PE that are actually worth your money?

New York’s freshwater wetlands regulations changed dramatically in 2025, and then a court threw them out. If you’re planning a project in New York, here’s what you need to know before you build. In Episode 79 of Environmental Echo, host Paul K. Boyce, PE, PG, President and CEO of P.W. Grosser Consulting, sits down with Michael Gaul, Senior Project Manager and certified Professional Wetland Scientist at PWGC, and Alita Guida, Partner at Couch White LLP and Chair of the Environmental Practice Group, to break down one of the most significant shifts in New York environmental law in recent years. They unpack why New York overhauled its wetlands program, how the new jurisdictional process worked, what the court’s decision means going forward, and why wetland due diligence needs to happen early, before a potential constraint becomes a project problem. A wetland does not have to stop a project. But discovering one too late can reshape permitting, design, schedules, and development plans entirely. If you are planning a project in New York, this episode is essential listening. Visit pwgrosser.com/podcast to listen and learn more about wastewater management and sewer infrastructure on Long Island.See omnystudio.com/listener for privacy information.

Ashley's had a rather dramatic fall and is lucky to still have her teeth, so naturally the girls start comparing their best (and most embarrassing) trips and falls before somehow ending up reminiscing about doing PE at school. Turns out Ashley's school had a very different uniform policy to Lauren's...There's also a genuinely useful lesson in how to take a decent Instagram picture, including the iPhone settings you need to change, where the camera should actually be positioned and the posing tricks that make far more difference than they probably should.The girls then get into Meta glasses and the increasingly terrifying possibility that someone could be filming you without you having a clue. Something Ashley and Lauren have unfortunately experienced first-hand.And after a slight detour into the alleged bedroom habits of Leonardo DiCaprio and Kate Moss' infamous 30th birthday, the girls reminisce their own partying days. Lauren's will probably be of no surprise.There's also a bizarre story about one of the girls friend who refused to let a heart monitor ruin her night out, What We Bought This Week and a Zara Kids hack that could save you a small fortune.Head over to our socials @niptuckpod and click the link in our bio to find our YouTube, where full video episodes will be released every Wednesday at 5pm. If you're a Patreon member, not only will you get the Wednesday main episode the day before at 5pm, you'll now be able to watch the Friday Bonus too!Get in touch with your questions, dilemmas and Slutty Sue's via our Whatsapp or email hello@niptuckpod.comMake sure to subscribe, follow, rate and review!

(0:00) Thank you to everyone who joined the inaugural Boardroom Governance Summit (0:30) Intro (1:51) About the podcast sponsor: The American College of Governance Counsel (2:38) Start of interview (3:21) Raffaela Rein's Origin Story (4:44) Rocket Internet: the “copycat factory,” global expansion, execution, and leadership lessons (8:36) Founding and selling CareerFoundry (9:16) Raffaela's Board Journey: Porsche and other boards: PE, tech unicorn, startups and non-profits. (11:04) Why she founded BoardLens (15:00) AI as a Strategic Sparring Partner for board members: better preparation, sharper questions, and challenging assumptions (16:14) How BoardLens is different from a traditional board portal and why individual directors are adopting it (18:37) Confidentiality, Privilege, and AI: the risks of using public AI tools for board work (21:03) The AI models behind BoardLens: Anthropic, Gemini, and OpenAI (23:25) Open vs. Closed AI Models and balancing performance, security, and confidentiality (25:01) BoardLens users and the growing demand for AI in regulated industries (26:37) The “private equitization” of the economy and the rise of private-company boards (31:38) OpenAI, Anthropic, and New Governance Models: PBCs, nonprofits, trusts, and mission-driven governance (35:15) The Sam Altman episode and the unusual balance of power among boards, employees, and investors (36:34) Mission vs. Financial Interests in AI governance (37:47) Founder Control and Dual-Class Shares: SpaceX, Elon Musk, and investor willingness to accept unconventional governance (39:17) The Porsche IPO and other unconventional governance structures (41:07) U.S. vs. German Boards: comparing the single-board and two-tier governance models (44:00) Why the board meeting should be one of the most valuable meetings in the company, not simply a reporting exercise (44:40) Why Raffaela believes the AI transformation may be bigger than the digital transformation (45:36) AI Strategy and Governance education for directors (46:00) Building a Directors Council to think about the future of board work in an AI-driven world (47:44) Autonomous vehicles, disruption of the German and European auto industries, and global competition (48:15) What happens if AI makes many goods and services dramatically cheaper, or even effectively free? (49:04) Books that have greatly influenced her life: Radical Candor, by Kim Scott Never Split the Difference, by Chris Voss The Hard Thing About Hard Things, by Ben Horowitz (51:13) Her mentors and the people she admires for perseverance (52:12) Quotes she thinks of often: Invictus and “I am the master of my fate, I am the captain of my soul.” (52:54) An unusual habit: going through different color phases (53:56) The living person she most admires: Tony Robbins, and his ability to sustain a sense of purpose over decades Raffaela Rein is the CEO and founder of BoardLens, an AI-powered intelligence platform built for board members. Her career spans BlackRock, Rocket Internet, entrepreneurship, and corporate boards. You can follow Evan on social media at:Website: boardroom-governance.comX: @evanepsteinLinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/YouTube: https://www.youtube.com/@BoardroomGovernance__To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/__Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

Guest: Tom and Karen Belko — Owners, Vector Services Guest Links: Website: https://callvector.comHow this HVAC and plumbing company went from $3M to over $10M in two years. Three moves did it.Tom and Karen run Vector Services in the Twin Cities doing HVAC, plumbing, electrical, and drains. In 2023 they were nine employees running white vans out of their houses. Now they're pushing $12.5 million and hiring a sales director. They break down the three moves that got them there: going deep on Service Titan instead of treating a CRM like a bolt-on (2:38), the Kick Charge rebrand with Dan Antonelli that put their wraps all over the metro (18:44), and hiring people smarter than them and actually getting out of the way (19:54).You'll learn:How to get technicians to actually adopt new softwareThe follow-up dashboard and daily report that holds salespeople accountableWhy your CRM setup IS your business process, not an add-onThe difference between a high performing salesperson and a real sales leader (25:06)Why family owned beats PE-backed when you're recruitingThe yard sign and wrapped bus strategy for cities that ban billboards

Derek Moore and Shane Skinner dig into what history says about September in a midterm election year, and why Mike Santoli argues investors should be on high alert heading into the month. Plus, a long look at federal receipts versus federal outlays as a percent of GDP and what top tax rates did and did not do to revenue, the widening spread between mega cap winners and losers in 2026, and a forward earnings check on Nvidia, Alphabet, Apple, Tesla, Costco, and the S&P 500 itself. All that and more this week.     S&P 500 September performance in midterm election years going back to 1928. September is historically the weakest month, but midterm years have their own pattern. Mike Santoli argues investors should be on high alert heading into September. What being on high alert actually means for someone already invested and hedged. Federal receipts and federal net outlays as a percent of GDP going back to the 1930s. Outlays keep running above receipts, and that gap is where the deficit comes from. The top individual income tax bracket has fallen from over 90% since the 1940s. Higher top tax rates have not reliably produced higher receipts as a share of GDP. Schwab data ranks 2026 performance and index contribution across the mega caps. Micron leads the group up 226.8% while Tesla is down 22.5% as of August 28, 2026. Apple at 17.6%, Nvidia at 16.6%, and Amazon at 15.4% beat the Nasdaq's 13.6%. Meta is down 12.4% and sits near the bottom on contribution to the S&P 500. Nvidia trades near 17 times forward earnings on estimates of $12.83 a share. Alphabet sits near 19 times forward earnings versus Apple at over 33 times. Tesla's forward P/E is above 180 while Costco holds near 41 times. The S&P 500 near 7,689 on forward earnings estimates of about $394 a share. That works out to roughly 19.4 times forward earnings for the index. SpaceX vs Tesla forward price to earnings ratio Are index level multiples reasonable when the leadership is this uneven?   Mentioned in this Episode   Santoli: Why investors should be on high alert heading into September https://www.cnbc.com/2026/08/31/santoli-why-investors-should-be-on-high-alert-heading-into-september.html   Derek Moore's book Broken Pie Chart https://amzn.to/3S8ADNT   Jay Pestrichelli's book Buy and Hedge https://amzn.to/3jQYgMt   Derek's book on public speaking Effortless Public Speaking https://amzn.to/3hL1Mag   Contact Derek derek.moore@zegainvestments.com

Translation is getting the words right. Localization is making the culture fit. In this episode of Content Amplified, Lina Tonk, three-time SaaS CMO and current CMO at Smartling, breaks down why "just translate the website" is the mistake almost every team makes when expanding globally. Lina shares the moment a customer presentation in EMEA lost her completely because the deck used US spelling, and why German buyers take entirely different steps to reach a click than independent, skip-the-meeting US buyers do. She explains how OpenAI's localization team lifted click-through conversion just by reviewing what their buttons said in each region, why localization teams are increasingly landing under marketing and struggling to speak CMO language, and what "true localization" looks like when AI makes it possible to localize down to the individual, not just the region. If global expansion is anywhere on your roadmap, this conversation will change how you think about every word on your website.About LinaLina Tonk is the CMO of Smartling, a localization software company whose customers include OpenAI. She has spent her entire career in B2B SaaS, much of it in PE-backed companies, and has now been a CMO three times at three different SaaS companies. Originally from Colombia, Lina started out as a graphic designer before realizing she was a marketer and storyteller at heart, and she has built marketing teams from a team of one to more than seventy. She measures her legacy by the growth of the people on her teams.Show NotesConnect with Lina on LinkedIn: https://www.linkedin.com/in/linamtonk/Text us what you think about this episode!

Most accounting firm owners assume the big, PE-backed players have an unbeatable head start on AI. In this state-of-the-industry conversation, Joey Kinney, Virtual CFO at Anders, pinch-hits for Tom Wadelton and sits down with Adam Hale, Partner at Anders, for an unscripted look at where AI is actually changing accounting advisory work right now. Fresh off a live Basis AI conference with the top 100 firms in the room, Adam explains why smaller, faster-moving firms may have more room to close the gap than anyone expects. From there, the conversation covers what happens when clients start showing up with their own AI-built financial analysis, why tracking 50 KPIs is the same as tracking none, how the COO role is quietly folding into the CFO seat, and why Adam believes the traditional CPA firm staffing pyramid is about to flip into a diamond. They also get into an honest conversation about trust: what it actually takes for a young, AI-fluent advisor to be believed in the room. If you're trying to figure out how AI changes your firm's pricing, staffing, and advisory model over the next year, this episode is a working session, not a keynote.  ▶️ Why Smaller CPA Firms Have the AI Advantage with Joey Kinney and Adam Hale.Episode resources: ● Website: https://anderscpa.com/ ● If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com ● Check out the Virtual CFO Playbook Course: https://anderscpa.com/virtual-cfo-services/vcfo-playbook/Quotes:Adam Hale: "One of the biggest takeaways is they're not very far ahead either, in this entire space. Smaller firms really have an opportunity here to make up a lot of ground."Joey Kinney: "If you're tracking 50 KPIs, you're tracking no KPIs, because you don't have any KPIs at 50."About the HostsJoey Kinney, CPA, pinch-hits as host for this episode. He's a Virtual CFO at Anders. Coming from an accounting family, Joey began learning about basic accounting principles from his parents as a teen. From there, he continued to build his experience by taking on a variety of roles in the accounting and financial industry. Joey enjoys helping business owners navigate the ever-changing business landscape. He loves being a trusted advisor who can help his clients achieve their personal and professional goals.LinkedIn: https://www.linkedin.com/in/joey-kinney-cpa-60658188/ Adam Hale, CPA, Partner and Managing Director of Advisory at Anders, is dedicated to transforming traditional accounting practices through innovative Virtual CFO services. With over 20 years in public accounting, Adam has been instrumental in the ideation and development of CPA training courses.Website: https://anderscpa.com/about/your-anders-team/#adam-haleLinkedIn: https://www.linkedin.com/in/adamhalecpa/Tom Wadelton is out this episode, back next time.About the ShowThe Modern CPA Success Show is the go-to podcast for accounting firm owners eager to enhance profitability and master Virtual CFO services. This podcast leverages combined expertise in delivering top-tier Virtual CFO services across North America.Website: https://www.buzzsprout.com/2458888Facebook: https://www.facebook.com/AndersCPALinkedIn: https://www.linkedin.com/company/anders-cpa/Instagram: https://www.instagram.com/anderscpa/YouTube: https://www.youtube.com/@andersvcfo#VirtualCFO #AccountingAI #CPAFirmGrowth

They said nothing would change. Then everything did.Sam Wakefield and Josh Baca have both lived the private equity acquisition from the front lines. Not from the boardroom. Not from the highlight reel. From the trucks, the sales calls, and the moments when you realize the company you believed in has become something you no longer recognize.Josh spent three and a half years and closed $10.6 million in sales before making his exit. Sam lasted six weeks after the sale before handing in his notice the same afternoon a GM suggested offering a homeowner a box of filters instead of fixing the drywall his crew cracked.This is that conversation.In this episode:How Sam found out his company sold in an all hands meeting disguised as an insurance enrollmentWhy 80% turnover in the first year after a PE sale is more common than anyone admitsWhat private equity does well and where it consistently breaks downWhy the culture always fractures from the top down and what could be done differentlyHow lead quality and qualification standards quietly erode after an acquisitionWhy the people who were there from the beginning feel it the hardestThe comment that was the straw that broke the camel's back for JoshWhat it looks like to exit professionally when everything in you wants to walk outWhy your skill set in this industry is repeatable, scalable, and fully portableHow to channel frustration into your next move instead of burning bridges on the way outConnect with Josh Baca:TikTok: @joshbaca5Instagram: josh.baca.716Facebook: Josh BacaEmail: boss76.jb@gmail.comConnect with Sam Wakefield:Website: https://www.closeitnow.netEmail: sam@closeitnow.netInstagram: @therealcloseitnowFacebook: https://www.facebook.com/samuel.l.wakefieldLinkedIn: https://www.linkedin.com/in/closeitnow/Join the Community: https://www.facebook.com/groups/closeitnowWant Sam and Josh at your company for a full day of training and ride-alongs? Loop both in on the same email.sam@closeitnow.net | boss76.jb@gmail.comBook with Sam: calendar.app.google/KZH1j2Q1MAXTKbT38Leave a review on Apple Podcasts or Google. Every review gets read, and if yours gets read on air you earn a no-charge one-on-one coaching session with Sam directly.Google: https://g.page/r/CbfnnDqTCwQdEAE/review

Want our guidance to build and run your own marketing engine? Book a call with our team: https://www.contractordynamics.com/yt-page/?utm_source=YouTube&utm_medium=Description&utm_campaign=9.01.26Get our FREE marketing course for contractors here: https://course.contractordynamics.com?utm_source=YouTube&utm_medium=Description&utm_campaign=9.01.26Private equity has a growing role in roofing, and that's not changing anytime soon. But PE-backed platforms have a blind spot, and it's costing them market share to smaller, local roofing companies every day.In this episode, Joseph Hughes breaks down why PE-backed roofing platforms consistently struggle with local brand building, and how any roofing company owner can use that gap to win regardless of how much money the competition is spending on ads.You'll learn what PE platforms are structurally bad at, why trying to outspend them on lead gen is a losing game, and the exact strategy Contractor Dynamics uses to help roofing companies become the obvious, trusted choice in their market.Key Takeaways for Contractors✔️ Why PE-backed platforms struggle with community involvement and local relationships✔️ Why matching their ad spend is the wrong way to compete✔️ The Five Mile Famous strategy for becoming a household name in your market✔️ Why faces on video are still a massive advantage in 2026✔️ How a personalized website builds trust that generic, AI-built sites can't✔️ Why offline marketing (events, job site branding, handwritten notes) is making a comebackKey Timestamps0:00 The way to beat PE-backed roofing companies1:57 Why PE platforms run marketing like a spreadsheet numbers game3:08 What PE-backed companies are consistently bad at5:38 The Five Mile Famous strategy explained7:16 Why your website needs to be personalized, not generic7:22 The resurgence of offline and community marketing10:19 How to build your own Five Mile Famous strategyIf you want to learn how Contractor Dynamics helps roofing companies build a local brand that outperforms bigger competitors, watch this free video that walks through our entire system:https://www.contractordynamics.com/training/?utm_source=YouTube&utm_medium=Description&utm_campaign=9.01.26Ready to put this into action for your company?Schedule a Marketing Demo with our team and we'll show you exactly what needs to be built inside your roofing company to become the household name in your market.

In this episode of the Raising Resilient Kids Podcast, Tom and Jeannie sit down with Justin Wharrie, a high school PE, health, and driver's ed teacher and coach, to talk about how he's built a simple, consistent mental fitness practice into his classroom using free videos on YouTube — just ten minutes a week, starting on day one of the school year. Listeners will walk away with a real, classroom-tested blueprint for introducing SEL and mental fitness techniques to kids, handling pushback from skeptical students, and helping young people build the kind of resilience that carries them well beyond the classroom.Justin Wharrie BioJustin is a teacher at Gardner-South Wilmington High School in Coal City, Illinois, where he teaches Driver's Education, Physical Education, and Lifetime Fitness. He also coaches basketball and baseball at the school.  Justin came to teaching later in life — after more than 20 years working in road construction — and is now in his fourth year of teaching. He attended Illinois Valley Community College and graduated from Chicago State University, where he played college baseball at both schools. Outside of work, he enjoys golfing, swimming, and spending time with his six-year-old daughter.Justin's Favorite Mental Fitness TechniquesHot Air Balloon Visualization - https://youtu.be/ijClLmCogHE Concentration Grid - https://youtu.be/1Y3i8LFy3cA Full Mental Fitness Technique of the Week Playlist (100+ Videos) https://www.youtube.com/playlist?list=PLX5c7undf17cZO735JOBCrwhTcvgldLX5 THANK YOU!Thank you for listening to the Raising Resilient Kids Podcast! We are siblings on a mission to help kids become their strongest selves. Each episode, we share proven strategies with parents, teachers, and all who work with youth and teens to build resilient, confident kids who can tackle life's challenges and thrive.For more information on the podcast, or if you have a question you would like answered by one of our expert guests, please visit us at – https://www.smarthwp.com/raisingresilientkidspodcast.SPECIAL THANKS TO OUR SPONSORSMind of a Champion The So Happy You're Here YouTube Channel The Resilient Youth Certification Program

Chris and JP are BACK. Catching up on everything from local Louisiana projects to classic Saints memories and pop culture news.JP breaks down the engineering behind Livingston Parish's $17M Cook Road expansion and celebrates passing his PE exam, while Chris checks in with garden updates and a wild story about growing tomatoes from a McDonald's burger. The lads dive deep into Saints nostalgia with Drew Brees's Hall of Fame induction, show off a 2007 team-signed football, share a late-night gator rescue tale, and battle on the best way of cooking up a proper alligator sauce piquante in a Magnalite pot (complete with a mini Cajun French lesson). Wrap it all up with HMACK VS EMINEM and the new Xbox Disc to Digital Initiative.

The 125-Marathon Grandma: How a "Virtual Paper Bag" and an Audacious Goal Built a World Record at 72 with Christine HobsonDescription: What do you do when you retire on a Friday after a high-stress career managing failing schools, only to face a terrifyingly silent weekend? For Christine Hobson, she stood at the starting line of the London Marathon just two days later at age 60, crying tears of transition. Rather than stepping onto the "scrap heap," she strategic run-walked her way to completing an unbelievable 125 marathons, including a peak year of running 34 marathons in just 12 months at age 67. In this heartwarming episode, Christine shares her extraordinary journey of securing a Guinness World Record as the oldest person to run the Antarctica Ice Marathon in brutal -30°C conditions.✨ IN THIS EPISODE:00:00 – From Friday Retirement to Sunday Marathon: Making the terrifying leap at age 60 to prove she wasn't on the "scrap heap".03:15 – The 14-Year-Old "Class Nuisance": Christine's hilarious memories of doing everything she could to escape PE at school.06:45 – The "Big Black Hole" of Retirement: Surviving the sudden silence when you walk away from a consuming career.14:15 – The Road to 125 Marathons: Deciding on her second marathon that she would join the exclusive 100 Marathon Club.15:30 – 34 Marathons in a Year: What it physically and mentally takes to run nearly three dozen marathons in 12 months in your late 60s.16:45 – Chambered on Shoulders in Buenos Aires: Breaking stereotypes as a "little old lady" in a young man's running world.20:15 – The Race Walkers of New Zealand: Finding out the hard way that New Zealanders walk "like bats out of hell".31:10 – The Beast from the East: Surviving 17 marathons in 7 days in freezing -7°C temperatures.35:00 – The "I Jacked It In" Lesson: The Newcastle race that taught Christine the vital power of persistence.43:15 – Guinness World Record in Antarctica: Tents on the mainland ice, hot water bottles, and becoming a world record holder.66:00 – Running to Powerlifting: Shifting to heavy iron when injury sidelined her running.77:00 – The Ultimate Challenge: Why you must never sit and watch daytime television waiting to die

Some Malicious PE Stats https://isc.sans.edu/diary/Some%20Malicious%20PE%20Stats/33292 PaperCut Releases Two Preliminary Patches for Exploited Vulnerability https://www.papercut.com/kb/Main/security-bulletin-27-aug-2026-urgent-security-advisory/ DLink Vulnerabliities https://supportannouncement.us.dlink.com/security/publication.aspx?name=SAP10513 Watchguard Patches https://psirt.watchguard.com My Upcoming Classes https://www.sans.org/profiles/dr-johannes-ullrich

Cass sits down with Angela McCoy, Managing Director at May River, a private equity firm investing in lower middle market industrial businesses. Angela shares her journey from leveraged finance at Bank of America through the 2008 financial crisis, to a family office, and ultimately to May River, where she started remotely during the pandemic while pregnant.  They dig into why Angela believes sector-focused strategies are winning in today's PE landscape, how May River approaches portfolio management, and why the "private equity = cost cutters" stereotype couldn't be further from her reality. She also opens up about the power of peer networks, building a "personal board of advisors," and why 10-year-old Angela wanted to be a marine biologist.

Got Questions?⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://calendly.com/conrad-rodriguez/30-minute-coaching-session⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Get THE EPIC EXTENDER! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠CLICK HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠REDDIT PROGRESS LOG⁠⁠ SummaryThis episode covers the importance of patience and safety in penis enlargement practices, highlighting common mistakes and severe injuries caused by rushing the process. Host CJ Rodriguez shares expert insights and real-life cautionary tales to help listeners avoid harm and achieve long-term gains. TakeawaysRushing PE can cause severe injury and long-term damage.Start with low-intensity exercises and gradually increase.Always follow safety protocols to prevent harm.Long-term consistency beats quick fixes.Patience and proper technique are essential for safe gains.Support the Show Click a Link BelowBelow

Peña Nieto reaparece en Italia: ¿Mensaje de impunidad o advertencia política?Enlace para apoyar vía Patreon:https://www.patreon.com/julioastilleroEnlace para hacer donaciones vía PayPal:https://www.paypal.me/julioastilleroCuenta para hacer transferencias a cuenta BBVA a nombre de Julio Hernández López: 1539408017CLABE: 012 320 01539408017 2Tienda:https://julioastillerotienda.com/ Hosted on Acast. See acast.com/privacy for more information.

欢迎收听雪球出品的财经有深度，雪球，国内领先的集投资交流交易一体的综合财富管理平台，聪明的投资者都在这里。今天分享的内容叫中报雷声里，如何分辨“主动摔跤”与“被动挨打”，来自KAIZEN投资之道。一、主动摔跤和被动挨打，差在三个细节同样是利润下滑，有些公司是趁行业低谷把商誉、坏账、存货一次性提足，把脏东西全冲掉。这种"洗澡"如果配上三个动作，性质就变了：回购注销没停、分红没砍、经营现金流反而改善。这说明管理层用真金白银投票，他们比我们更清楚明年日子好不好过。反过来，被动挨打的公司有个特征：利润降了，应收账款却大幅增长，经营现金流远低于净利润甚至为负，分红缩水，负债率还往上走。这种公司利润表再好看，我也敬而远之。巴菲特说厨房里不会只有一只蟑螂，但如果你看到的那只已经被踩死扔出去了，厨房可能比之前更干净。二、二阶导：刹车灯比车速表更重要利润增速是后视镜，等你看到它转正，股价早就飞了。我盯的是二阶导——变化的变化。利润还在降，但降幅收窄了；收入还在跌，但毛利率环比抬头了；现金流没完全转正，但应收和存货开始往下走了。这些才是拐点前兆。以2026年中报季为例，全市场业绩分化极其剧烈。半导体设备、存储芯片、PCB等AI算力上游赛道，多数公司净利润同比增速在50%到300%之间；而大众消费、传统制造等领域，多数公司业绩仅个位数增长，甚至还在下滑。其中有一批毛利环比改善、二阶导亮绿灯的公司值得深挖。约翰·博格说过，你不可能做着和别人一样的事，却期待表现比他们好。大多数人看到利润下滑就卖，少数人应该盯着二阶导的变化买。三、重新定义错杀：三个硬指标跌得多不等于错杀。我买错杀蓝筹，先过三关。第一，市占率提升。收入降幅必须小于行业平均降幅，最好能拉开五个百分点以上。这说明小厂在死，它在抢地盘。比如扬农化工2026年中报，归母净利润7.9亿元，同比微降2%，但原药销量同比增长8.5%、均价上涨3%，实现量价齐升。在农药行业"反内卷"加速的背景下，小产能加速退出，龙头市占率持续提升。利润微降只是短期扰动，抢地盘的能力才是未来弹性的来源。第二，自由现金流收益率大于5%。自由现金流除以市值，超过5%就相当于拿了一张票息逐年增长的债券。利润可以洗澡，现金流不会说谎。以华谊集团为例，2026年中报归母净利润4.9亿元，同比几乎持平，但每股经营现金流从0.48元飙升至2.90元，增长超过5倍，现金流与净利润的倍数达到12.6倍。毛利率从7.82%提升至9.41%，扣非每股收益0.27元甚至高于基本每股收益0.23元，说明主业盈利能力比报表呈现的更强。这种公司利润表看着平淡，但现金流的爆发力已经说明一切。第三，暴雷后资产负债表更干净。一次性减值出清后，净资产更扎实，负债率下降。伊利2026年中报计提24.6亿减值后，澳优商誉的历史包袱大幅减轻，核心经营利润率反而创了新高。扣非净利润和归母净利润差额巨大，但剔除减值后经营利润反而增长的公司，明年很可能出现低基数加高增长的戴维斯双击。四、杠铃策略：红利守底，周期进攻，现金兜底我现在的仓位结构很明确：四成放在红利类资产上。水电、高速、运营商这些，股息率四到六个点，利润波动小，市场恐慌时跟着跌就是给你加仓的机会。中证红利全收益指数近十年年化收益约8%至9%，最大回撤约27%，显著低于沪深300的38%以上，熊市里拿得住。三成用来赌周期反转的弹性。化工、农药、消费里的龙头，中报越难看，我越要扒开看二阶导有没有改善。彼得·林奇的PEG公式很好用：未来三年利润复合增速能回到10%以上，当前PE不超过15倍，我才会下手。PE还高于20倍、利润还在下滑的，故事再好听也不碰。最后留三成现金做超级安全带。这笔钱不是躺在那里睡觉的，而是我的"战略预备队"。市场恐慌性杀跌时，别人在割肉，我在翻购物清单。三成现金意味着即便周期仓判断失误、红利仓遭遇极端回撤，我依然有充足的弹药在最便宜的位置加仓，而不必被迫在最差的时候卖出。牛市里现金拖累收益，但熊市里现金就是期权——它给我的不是回报，而是选择权。总结回到朋友的问题。我说，你看到的是扣非净利润跌两成，我看到的是管理层在用手里的筹码投票。现金流暴增229%、核心利润率创新高、一次性减值出清历史包袱——这些动作比任何券商研报都诚实。蓝筹中报集体变脸，是价值投资的一场成人礼。它逼着我们从利润表转向资产负债表，从一阶导转向二阶导，从满仓死扛转向杠铃配置。潮水退去，悲观者负责正确，乐观者负责赚钱，而我要做的，是在悲观者的正确里，找到乐观者的赔率。雷声还没停，但我的购物清单已经写好了。

Who were the bin Ladens, and how did they build a construction empire in Saudi Arabia?  What was Osama bin Laden's childhood like, and how was he radicalised by a puritanical PE teacher? What did a young Osama see on his television in 1982 that inspired his plan to down America's towers? In Episode 3 of this series, William and Anita are joined by Pulitzer Prize winner Steve Coll, author of The Bin Ladens: An Arab in Family in the American Century, to trace the rags-to-riches rise of the House of bin Laden.   Summer sale is here: get an annual Empire Club membership for an extra 20% off with code SUMMER26. That's ad-free listening, early-access, every bonus episode, and full access to our exclusive members' series. Sale ends August 31st, so grab it before summer's over.   For more Goalhanger Podcasts, head to www.goalhanger.com. Email: empire@goalhanger.com Instagram: @empirepoduk Blue Sky: @empirepoduk X: @empirepoduk Assistant Producer: Imogen Marriott Editor: Charlie Rodwell Social Producer: Charlie Johnson Producer: Anouska Lewis Executive Producer: Dom Johnson Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this episode of The PE Umbrella podcast I am joined by Daniel Lycett for a thought-provoking conversation about what great primary PE can look and feel like for children.We explore the importance of physical competency, helping children see themselves as capable movers, and creating PE experiences that give them opportunities to explore, make choices and challenge themselves.We also get into gamification, motivation and autonomy, asking whether we've sometimes made PE too focused on competition when children may actually value the opportunity to simply move, play and discover what they can do.Along the way, Daniel shares some of the common traps we can fall into when designing PE and challenges us to think carefully about the experiences we're creating and the impact they might have on how children view themselves as movers.It's a conversation about movement, motivation, confidence and, ultimately, creating a positive culture around PE that children want to be part of.So what are you waiting for? Come and join us under The PE Umbrella

PE-backed CMOs have to make marketing make sense at board speed.  The questions come faster. The comparisons come from portfolio companies that look nothing like yours. And no budget line stays "just marketing" for long.  In this episode, Drew talks with Kevin Ruane (Precisely), Julie Kaplan (Higher Logic), and Alan Gonsenhauser (Demand Revenue) about what it takes to succeed as a PE-backed CMO. They explain how to learn the investment thesis, build CFO trust early, use customer success as a signal source, and make growth more predictable, explainable, and easier for the business to back.  In This Episode: Kevin shows how to make brand and demand credible with PE sponsors by tying every investment to a clear business story Julie explains why CMOs need to understand the PE firm's thesis, exit story, and pressure points before adapting the marketing plan Alan shows how PE-backed CMOs make growth more predictable by owning outcomes and translating marketing into financial language  Plus: Why PE-backed CMOs need a business point of view fast How marketing becomes the glue across the business Why CFOs need to see customers, not just line items How to use board meetings to sharpen priorities Listen in for how PE-backed CMOs can turn the investment thesis into a stronger marketing agenda, make every bet easier to defend, and show the business exactly how marketing creates value.  For full show notes and transcripts, visit https://renegademarketing.com/podcasts/ To learn more about CMO Huddles, visit https://cmohuddles.com/

Ajay Gupta founded Stirista in San Antonio after helping with micro-targeting a presidential campaign. His first product identified people who spoke a second language for multicultural marketing — built from scanned baby-name books, a hundred thousand first names, and 107 sales calls before Dish Network became the first big client at $100,000. Stirista now helps brands find new customers using data, connected TV, and email, with identity-enriched data as the "secret sauce" behind the targeting. The company has roughly 270 employees and will clear $100 million in profitable revenue this year. It was bootstrapped for over a decade before a single $14M growth equity investment round from Wavecrest Growth Partners. Gupta is now the serial acquirer, rolling up founder-run data businesses whose owners want to retire and find a good home for their employees. Nearly every deal uses an earnout, avoids debt, and keeps most of the staff, which is a deliberate contrast to private-equity roll-ups that gut Key Takeaways One Round: Ten years bootstrapped, then a single $14M round to bring in world-class leadership. Avoid Debt: Nearly every acquisition uses earnouts and cash, not the leveraged PE roll-up playbook. Hire the Pros: Sometimes you spend money on senior talent to elevate how the whole company thinks. Stay Flexible: The people who grow with a startup listen to clients and adapt, not just work hard. Scale as Moat: Privacy regulation now demands enough scale to comply across every state's laws. Quote from Ajay Gupta, CEO and Founder of Stirista "We've identified a type of business we like to acquire: founder-run companies, usually an older founder looking to retire. We've already worked with almost ninety percent of them in some capacity, so there's a trust factor. "The founder wants to retire, and they're looking for a nice home for their employees. That's a very important part of it. And these founders are often tired, so some of them actually end up working with us for a couple of years afterward, because now they have the freedom to go out and sell. "A lot of them were sellers who built nice small businesses, then got bogged down by payroll and leases and all the things we free them from. As a founder and CEO myself, it's an easy conversation to have — and we have a track record of keeping most of the employees, so they know it's not somebody coming in to gut the company down to the bones just for profit." Links Ajay Gupta on LinkedIn Stirista on LinkedIn Stirista website Wavecrest Growth Partners (investor) Podcast Sponsor – Full Scale This podcast is sponsored by Full Scale, one of the fastest-growing software development companies in any region. Full Scale vets, employs, and supports over 300 professional developers, designers, and testers in the Philippines who can augment and extend your core dev team. Learn more at fullscale.io. The Practical Founders Podcast Tune into the Practical Founders Podcast for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our YouTube channel. Get the weekly Practical Founders newsletter and podcast updates at practicalfounders.com. Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding.  A Practical Founders Peer Group is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by Greg Head.

Hughley and Stoerner break down the Astros' 9-3 LOSS to the Yankees in New York! Peter Lambert gave Houston 5⅔ innings of solid work, but the bullpen unraveled after the game was tied 3-3 in the seventh. And the top four in the Astros' lineup — Peña, Alvarez, Paredes and Altuve — combined for just 2 HITS as Houston managed only four hits all night.

Got Questions?⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://calendly.com/conrad-rodriguez/30-minute-coaching-session⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Get THE EPIC EXTENDER! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠CLICK HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠REDDIT PROGRESS LOG⁠⁠In this episode, CJ Rodriguez shares his personal experience and insights on penis enhancement devices, emphasizing the importance of practical experimentation over scientific theory. He discusses various tools, safety tips, and strategies for increasing length and girth, highlighting the value of combining different methods for optimal results.Chapters00:00 Introduction to Penis Enhancement Devices2:20 First Device I ever Bought 3:11 VLC Tugger ADS/Hanging3:43 Compression Hanger 4:20 Epic Extender 5:11 Using Both Devices to gain Length5:50 Compression Penis Hangers vs Vac Hangers7:00 Benefits of Using the Epic Extender8:00 Better Pull from Penis Hanging 8:30 Angles 9:40 Using Both to Maximize Gains10:30 Reps and Sets12:05 Gains and Safety Precautions takeawaysExperimentation and personal experience are key in PE.Safety and comfort are crucial for effective gains.Combining different devices can enhance results.Gradually increase tension for progressive overload.Warm-up and heat improve device effectiveness.Monitoring circulation and sensation prevents injury.Support the Show Click a Link BelowBelow

Hablamos en Nueva York con la periodista de entretenimiento Uschi Levy; en La Paz con Raúl Peñaranda, director de "Brújula Digital", y en Buenos Aires con la sicóloga Débora Pedace

O Campeonato Pernambucano mais raiz da história chega ao Grupo C, o grupo da Zona da Mata. Fred Figueiroa e Cassio Zirpoli analisam a chave formada por Águia de Cumaru, Atlético-PE, Centro Limoeirense, Jaguar, Santa Fé e Serrano, dentro do novo formato do Estadual, que terá 31 clubes e uma primeira fase regionalizada no chamado […]

 With Louis Diamond Vanguard's acquisition of Altruist could reshape RIA custody, bringing together Altruist's technology with the scale, capital, and reputation of one of the industry's best-known brands. In Summary Vanguard's acquisition of Altruist brings one of the financial industry's most established brands together with one of RIA custody's fastest-growing challengers. In this Rapid Reaction Industry Update, Louis Diamond looks beyond the reported $4B+ purchase price to consider what the combination could mean for advisors—what he sees as the good news, the potentially negative outcomes, and everything in between. Altruist gains the capital, scale, and brand recognition that could help it compete more aggressively for larger RIAs and breakaway teams. Vanguard gains a technology-forward custody platform and greater access to the independent advisor channel. The larger implication may be increased competition across RIA custody. With Schwab and Fidelity controlling much of the market, a Vanguard-backed Altruist could create new pressure around technology, pricing, service, referrals, and innovation—while raising new questions about how Vanguard balances its growing advice business with its role as custodian. The Storyline RIA custody has long been dominated by Schwab and Fidelity, particularly since Schwab's acquisition of TD Ameritrade. Altruist emerged as one of the few credible challengers, building its position around modern technology, lower costs, and an advisor-focused platform.   But technology was only part of the equation. For larger breakaway teams in particular, Altruist faced another hurdle: brand recognition. Advisors could be impressed by the platform while still wondering how clients accustomed to names like Merrill, UBS, Morgan Stanley, Schwab, or Fidelity would respond to an unfamiliar custodian.   Vanguard changes that equation.   Louis examines why the acquisition makes strategic sense for both companies, from Vanguard's push to expand access to financial advice to Altruist's opportunity to operate with the backing of a well-capitalized, long-term owner.   For advisors, however, the bigger story is what happens next. A stronger competitor in custody could affect everything from technology and pricing to referral opportunities and the choices available to breakaway advisors.   There are also important questions still unanswered. Vanguard operates its own advice businesses. Altruist's speed and fintech culture may be tested inside a much larger organization. And while Vanguard says Altruist will remain independent, the longer-term operating model remains to be seen.   The deal may not change advisors' options immediately. But it has the potential to change the competitive dynamics surrounding those options considerably.   Topics Covered Vanguard's acquisition of Altruist RIA custody competition Schwab and Fidelity Altruist's technology and Hazel AI Vanguard's financial advice strategy Custodian brand recognition for breakaway advisors Advisor referral networks Custody and technology pricing Direct advice and custodian conflicts The future of RIA platforms and Supportive Independence > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why is the Vanguard-Altruist acquisition significant for RIA custody? (03:53)Louis explains why custody has remained highly concentrated around Schwab and Fidelity and how combining Vanguard's scale and reputation with Altruist's technology could create a much stronger third competitor.   What problem does Vanguard potentially solve for Altruist? (05:01)Altruist has built a strong reputation among advisors for its technology, but larger breakaway teams have sometimes questioned whether clients would recognize or trust the brand. Vanguard could significantly reduce that concern.   Why does buying Altruist make sense for Vanguard? (07:00)Vanguard has more than 50 million investors and has publicly discussed the need to expand access to financial advice. Louis considers how Altruist could give Vanguard both additional capacity and a stronger connection to independent advisors.   What does Altruist gain from Vanguard beyond capital? (09:51)Louis discusses the significance of having a long-term, investor-owned parent rather than remaining dependent on successive rounds of venture capital, while gaining additional resources to develop custody, technology, and Hazel AI.   How could this acquisition change the choices available to breakaway advisors? (12:33)The combination of Altruist's technology with Vanguard's brand could make the platform more viable for larger teams that previously hesitated because of client recognition and trust concerns.   Could Vanguard become a meaningful source of client referrals to RIAs? (13:42)With millions of existing investors and more demand for advice than Vanguard can necessarily serve internally, Louis considers whether a future referral program connecting Vanguard clients with Altruist RIAs could become an important competitive advantage.   What are the potential risks of the Vanguard-Altruist combination? (16:54)The acquisition also raises questions around Vanguard's competing advice business, Altruist's long-term independence, differences in corporate culture, innovation speed, and talent retention.   What could happen next across the custody market? (20:00)Louis offers several predictions, including responses from Schwab and Fidelity, wider adoption of Hazel AI, a potential Vanguard-Altruist referral channel, and greater use of Altruist by breakaway advisors.   Key Takeaways Vanguard's acquisition of Altruist could introduce a more formidable competitor into an RIA custody market heavily concentrated around Schwab and Fidelity. Vanguard addresses one of Altruist's biggest challenges with larger breakaway teams: providing a widely recognized financial brand that advisors can more easily explain to clients. Altruist gives Vanguard a technology-forward entry point into RIA custody as Vanguard continues expanding its strategy around access to financial advice. Advisors could benefit from greater competition through pressure on custody and technology pricing, service, product development, and innovation. A future referral channel could become an important part of the combination, particularly given Vanguard's enormous investor base and Altruist's growing network of RIAs. The acquisition also introduces potential conflicts and execution risks, including Vanguard's own advice businesses, the integration of two very different corporate cultures, and questions about whether Altruist can maintain its speed and independence over time. For breakaway advisors, the custody shortlist may have changed: Altruist can now pair its technology and fintech capabilities with the capital and reputation of Vanguard. https://youtu.be/UlgCBjLXrnw Quotable Moments “Custody is really a trust business.”— Louis Diamond (05:55) “Every time a well-capitalized player shows up, especially in custody, advisors win.”— Louis Diamond (12:33) “Really, it's tech-forward independence now without a brand trade-off.”— Louis Diamond (13:42) “There are always innovators showing up from outside the establishment, and every time one succeeds, advisors end up with more options and more leverage and more negotiating power than they had the year before.”— Louis Diamond (22:44) FAQs Why is Vanguard acquiring Altruist? Louis sees several strategic reasons for the acquisition. Altruist gives Vanguard an established technology and custody platform serving more than 6,000 advisors, while potentially expanding Vanguard's ability to reach investors through independent financial advisors. It may also provide another distribution channel for Vanguard investment products and future offerings. What does Vanguard's acquisition mean for Altruist? Altruist gains the backing of one of the world's largest and best-known investment firms while retaining, at least initially, its brand, leadership, and operating structure. Vanguard's capital could allow Altruist to continue investing in custody capabilities, technology, and products such as Hazel AI without relying on additional venture funding rounds. How could the acquisition affect RIA custody competition? Schwab and Fidelity currently dominate RIA custody. Louis believes a Vanguard-backed Altruist could become a stronger challenger by combining Altruist's technology and pricing model with Vanguard's scale, capital, and reputation. That could increase competitive pressure around pricing, service, technology, and innovation. Why could the deal matter to breakaway advisors? Altruist's technology has attracted advisor interest, but some larger breakaway teams have questioned whether clients would be comfortable holding substantial wealth with a less familiar custodian. Vanguard's ownership could substantially reduce that brand-recognition hurdle and make Altruist a more viable option for larger teams. Could Vanguard refer clients to advisors using Altruist? No referral program has been announced. However, Louis believes it is an important possibility to watch. Vanguard has more than 50 million investors, while Altruist provides access to thousands of independent advisors. Connecting investors seeking human advice with RIAs on the Altruist platform could create a meaningful new referral channel. Are there risks for advisors using a Vanguard-owned custodian? Potentially. Vanguard operates its own financial advice businesses, creating some of the same competitive concerns advisors have raised about other custodians with retail advice operations. Other questions include whether Altruist will remain operationally independent over time and whether its culture and pace of innovation can be maintained under Vanguard ownership. What happens next for Altruist, Schwab, and Fidelity? Louis expects the competitive response to be worth watching. He believes Schwab and Fidelity could respond through technology, AI, pricing, or other changes to their advisor offerings. He also expects Altruist to compete more aggressively for breakaway teams and sees the potential for Hazel AI to expand well beyond advisors who custody assets with Altruist. Does the Vanguard-Altruist deal change anything for advisors immediately? Not necessarily. The transaction still needs to close, and its longer-term impact will take time to emerge. But for advisors evaluating custodians, independence, or the value they receive from existing partners, the acquisition adds another factor to consider as the competitive landscape evolves. Louis sees several strategic reasons for the acquisition. Altruist gives Vanguard an established technology and custody platform serving more than 6,000 advisors, while potentially expanding Vanguard's ability to reach investors through independent financial advisors. It may also provide another distribution channel for Vanguard investment products and future offerings. Altruist gains the backing of one of the world's largest and best-known investment firms while retaining, at least initially, its brand, leadership, and operating structure. Vanguard's capital could allow Altruist to continue investing in custody capabilities, technology, and products such as Hazel AI without relying on additional venture funding rounds. Schwab and Fidelity currently dominate RIA custody. Louis believes a Vanguard-backed Altruist could become a stronger challenger by combining Altruist's technology and pricing model with Vanguard's scale, capital, and reputation. That could increase competitive pressure around pricing, service, technology, and innovation. Altruist's technology has attracted advisor interest, but some larger breakaway teams have questioned whether clients would be comfortable holding substantial wealth with a less familiar custodian. Vanguard's ownership could substantially reduce that brand-recognition hurdle and make Altruist a more viable option for larger teams. No referral program has been announced. However, Louis believes it is an important possibility to watch. Vanguard has more than 50 million investors, while Altruist provides access to thousands of independent advisors. Connecting investors seeking human advice with RIAs on the Altruist platform could create a meaningful new referral channel. Potentially. Vanguard operates its own financial advice businesses, creating some of the same competitive concerns advisors have raised about other custodians with retail advice operations. Other questions include whether Altruist will remain operationally independent over time and whether its culture and pace of innovation can be maintained under Vanguard ownership. Louis expects the competitive response to be worth watching. He believes Schwab and Fidelity could respond through technology, AI, pricing, or other changes to their advisor offerings. He also expects Altruist to compete more aggressively for breakaway teams and sees the potential for Hazel AI to expand well beyond advisors who custody assets with Altruist. Not necessarily. The transaction still needs to close, and its longer-term impact will take time to emerge. But for advisors evaluating custodians, independence, or the value they receive from existing partners, the acquisition adds another factor to consider as the competitive landscape evolves. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. Related Resources  Rise and Reinvent: Joe Duran on Building and Rebuilding World-Class Firms From Insurance Sales to $8B RIA: A Northwestern Mutual Breakaway Story Diamond Consultants 4th Annual Advisor Transition Report View the transcript of this episode… Vanguard Acquires Altruist: What It Means for RIAs, Custody & Breakaway Advisors With Louis Diamond Louis Diamond (00:06): Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is a special rapid reaction industry update, Vanguard acquires Altruist, what it means for advisors in the industry. I’m Louis Diamond, and this is The Diamond Podcast for Financial Advisors. Mindy Diamond (00:28): At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. (01:21): Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond (02:05): Funny how the biggest news in the business almost never comes from the firms everyone is watching. On Wednesday, August 26th, 2026, Vanguard announced its acquiring Altruist. If you asked me a year ago to name the company most likely to buy an RIA custodian, Vanguard would not have been near the top of my list. Vanguard was in the RIA custody business once. They left in 2003 and handed roughly $120 billion of advisor assets to TD Ameritrade on the way out. 23 years later, they’re buying their way back in, reported $4 billion or more. So let’s talk about what happened, why it matters, and where I think it goes from here. (02:48): What happened? On August 26th, 2026, a definitive agreement was announced out of Valley Forge, Pennsylvania. A deal is closing later this year where Vanguard is acquiring Altruist, the relative upstart RIA custodian. The price, an undisclosed number, but a reported $4 billion, some outlets reporting $4.6 billion or more. Either way, more than double their last private market valuation at the end of April 2025. Another element is Altruist is staying as a standalone. They’ll keep their brand, CEO, management team, and operate the same model just as a wholly owned subsidiary of Vanguard. Altruist in one breath, for those unaware, was a custodian and fintech company founded in 2018 by Jason Wenk. They became a self-clearing custodian, third largest as far as number of advisors served, north of 6,000 advisors, and had a reputation for serving smaller or upstart advisors, but recently started getting into more of the larger market breakaway space. (03:53): One estimate I’ve seen peg’s Altruist market share of RIA custody at around 6%, but you compare that to about three quarters of the market for Schwab and Fidelity combined. So a relatively small player, but a rapidly emerging player and threat in US RIA custody. This is not the first time Vanguard has been involved with Altruist. They reportedly were an early investor in Altruist back in 2020 and former Vanguard CEO, Bill McNabb, has been on the board of Altruist, so a lot of history between the firms. Let’s get into now why I think this is interesting for the industry as a whole. In my view, custody has never really been all that competitive, especially since TD Ameritrade sold to Schwab. You really had an oligopoly between Schwab and Fidelity. Sure, there’s a number of compelling, say more boutique custodians, whether Pershing Advisor Solutions, Goldman Sachs, which was another newer entrant to custody, LPL, Raymond James, First Clearing, and a number of others are also in the space, but it is a market that is dramatically dominated by the two largest players. (05:01): So I think this matters because you add an amazing venerable brand and reputation of Vanguard with this scrappy upstart custodian, and all of a sudden you can see a world where custody is one of the more competitive spaces in the industry. Altruist, in my view too, was one of the first credible challengers to the incumbent custodians in 20-ish years. Goldman has since picked up some decent market share and certainly they’re attractive for the segment of advisors. But Altruist with their tech-forward approach, low fees, and even just the way they went to market as an antagonist to Schwab and Fidelity, they’re a big deal and I think this just magnifies what they’re able to do. The gap though for Altruist was brand and reputation. Sure, they had amazing tech. No one ever has doubted that. Hazel AI, which they recently launched has been very well received. (05:55): Advisors I’ve worked with who have demoed the platform are incredibly impressed. The big Achilles heel though for Altruist has been my clients don’t know who Altruist is. Why would my clients put their millions of dollars of wealth with a self-clearing custodian that doesn’t have the same scale or reputation as the incumbent custodians? Well, that really goes away here. And at the end of the day, custody is really a trust business, but you’d have to think that a client would trust their assets held with Vanguard or with Altruist through Vanguard in a very similar way that they would trust assets held by Bank of New York Mellon or Charles Schwab or Fidelity Investments or Goldman Sachs. So to me, Vanguard acquiring Altruist solves that problem in one sentence, very simple. Why I think this makes sense for Vanguard? Salim Ramji, the CEO of Vanguard, has been saying since he arrived from BlackRock two years ago that only one in five Americans work with a fee-based financial advisor and that quality advice shouldn’t be a luxury good and this shortage is only going to get worse as advisors retire. (07:00): This is really him putting his money where his mouth is and really trying to make financial advice, human directed financial advice more accessible to everyday Americans and the upper echelons of wealth in this country. Vanguard as a company has over 50 million reported investors and over 12 trillion in assets. A lot of these people want Vanguard advice, but Vanguard hasn’t had the manpower or the capacity to deliver it itself. Buying Altruist over time can certainly solve that capacity gap and make it so that a human-based financial advisor or any of Vanguard’s internal platforms now have a greater ability to provide advice to Americans looking for financial advisors in the United States. I think this also means more distribution capability for Vanguard funds. Not that Vanguard has ever had a problem with distribution. They have a relatively small wholesaling force compared to other firms, but given their cost and reputation and performance, they’re really on pretty much every platform. (08:04): Most advisors have some clients that are invested into Vanguard mutual funds or ETFs, but this I think just gives them a greater ability to distribute Vanguard products, probably in a similar way to Goldman’s approach. When Goldman entered US RIA custody, in large part, they were doing it for distribution of different things. For Goldman, it was private markets and lending and other types of products. Vanguard is more ETFs and mutual funds, but Vanguard has also been pushing more into the private market space, so I can definitely see a world in which they can ratchet up the distribution of their products in a fairly cost-efficient way. I think to me, the most interesting thing about this marriage is the mission overlap is quite real. When Vanguard started, and to this day, their goal was to provide quality investment products at a fraction of the cost of the incumbents so that investing can be accessible to everyday Americans. (08:59): That’s exactly the verbiage that Jason Wenk and Altruist has used from the beginning, where they want to become a all-in-one hub or tech-enabled custodian so that an advisor, regardless of their size and a client regardless of their AUM, have the ability to get quality advice. I recently listened to a podcast called Acquired. We’ll link it in the show notes, but it’s a three-hour in-depth look into the building of Vanguard. And if you combine that with the podcast episode that I recorded with Jason Wenk, the CEO of Altruist, if you play them side by side, the parallels are eerily similar. So we’ll link both into the show notes, but I really think both of these firms were cut from the same cloth and really from the beginning, both have gone against the grain and tried to rattle incumbent players in the industry. So at least on paper, seems like a very good match. (09:51): Why does this deal make sense for Altruist? For one, for Jason Wenk and his leadership team, this has to be the outcome you drew up, maybe even better. Founding a new custodian in 2018, selling it in 2026, eight years later for over $4 billion, that’s a pretty incredible return on time for this team. They deserve it all and built something special and really entered into a space where no one wanted to venture just given the market share of the major incumbents, but good for them and has to feel good to pull off this type of sale. I think the big thing too is the buyer is the story. Vanguard as a company, it’s investor owned. They’re not private equity owned. They’re not VC backed like Altruist was. So Altruist can get off of the fundraising treadmill. They don’t have to worry about fund life or a five-year hold period or an eventual sale to a strategic. (10:42): Now they can really just focus on the business at hand, having one of the most well-capitalized companies in the world as their capital backer and owner. And every advisor on a PE-backed platform knows the question hanging over every relationship, who owns this next? That’s a question they won’t have to answer anymore at all, and they can really just focus now going forward. I think this also gives Altruist a fortress balance sheet and a ton of capital to keep pushing and developing their Hazel AI platform, which was launched in September 2025. Hazel’s an AI tax planning tool, kind of AI superpower that really has taken the industry by storm and has started to be sold as a standalone product to RIAs. And from what I’ve seen, they’ve sold it to over 1600 new RIAs just in the first month alone for $60 a seat per month, and that’s available to folks if they custody at Altruist or not. (11:36): So this, I think, just gives them an ability to distribute their fintech solutions and certainly develop their custody platform in a way that maybe was challenging or not as possible before. They can also take a longer term view instead of having to worry about they raised a series F, whatever comes after F and an eventual sale, investors wanting to get a return on capital, they can now focus on building over the long term, which has been Vanguard’s strategy all along. I think too, this will give Altruist the ability to invest in new capabilities that they didn’t have before, whether it’s lending or whether it’s more on the product side. It takes a lot to be a custodian. It seems like a relatively straightforward business just holding assets, but there’s a lot of products, solutions, really requirements that everyday investors and RIA clients have, and I think this will just ratchet up Altruist’s ability to close some of the capability gaps that they’ve had since they launched and they’re very transparent about those. (12:33): What I’m most excited about this, just coming from my vantage point in the industry, is why should an advisor care? To me, there’s five things that advisors should really take notice of with this acquisition. First one’s competition. Every time a well-capitalized player shows up, especially in custody, advisors win. Schwab and Fidelity have fought Vanguard in the asset management space for decades, and more recently in financial advice. Now you’re adding custody against a firm that doesn’t need to be profitable the next quarter, and all of a sudden we very much have an arms race and some competition is good for pricing, for service, for innovation, and I think this is going to be only positives for clients across the country, having another competitive option and keeping the incumbents really on their toes. Another reason, the breakaway shortlist has changed. Objection I always heard about Altruist was, “The tech is great, the AI seems cool, but how do I explain the name Altruist to a 68-year-old client who’s leaving Merrill or UBS or Morgan Stanley?” (13:42): While someone may still get some objections because Vanguard may not have the same brand cache as Goldman Sachs or UBS Private Wealth or Merrill Private Wealth, that objection got a lot weaker today. Really, it’s tech-forward independence now without a brand trade-off. It’s a genuinely different offer in the market than it was before. Third, I think this is one that hasn’t been talked about much, but should be watched closely, potential for referrals. Schwab confirmed last week that it was taking the SAN or the Schwab Advisor Network client referral minimum from two million to five million. For anyone not aware, referrals from the retail branches of Schwab and Fidelity are one of the major organic growth funnels for many of the top RIAs in this country and have driven valuations to billions and billions of dollars for firms that are in this program. (14:36): I really do see this as being a potential new massive referral opportunity of Vanguard existing clients and customers to Altruist custody to RIAs at a time when Schwab is trying to keep more of those referrals from themselves, which is a very savvy strategy, but at the same time, probably creates a bit of an opening for Altruist and Vanguard to become a really good referral hub for clients, which is a major draw for signing up new RIAs as clients, for breakaway advisors, et cetera. (15:07): So more details need to come there. We don’t even know if they’re starting a referral channel, but I have to imagine that’s high in the punch list and will be a very compelling offering in the marketplace. Yeah, think about it. Vanguard is 50 million investors and a CEO who said multiple times that they don’t have enough advisors or humans to deliver this advice. So perfect. You now have a massive array of RIAs and more and more coming to the table who offer that advice and being able to still serve them, still keep the assets in-house, but do it in a way where Vanguard doesn’t have to scale up their advisor force. They now have advisors to refer to. Fourth is pricing. I think the Vanguard effect is going to be real here. When Vanguard started, and even to this day, they’ve been the one who’ve pushed down the expense ratio on mutual funds and ETFs. (15:56): It’s been a massive benefit to investors across this country. It’s been Altruist’s playbook all along too, more focused on the advisor, so offering amazing tech and a custody platform for virtually no cost to an advisor. So I would say whatever you’re paying for technology, for custody, and really anything else that Altruist and Vanguard might touch, I would expect it to go down potentially and just have more pressures on the incumbent firms to really sharpen their pencil or to get more creative on pricing and innovation. I think that the fifth thing to keep in mind is Schwab has long used its scale and positioning in the market to best competitors, whether it was going to $0 on tickets for equities and ETFs, et cetera, a number of years ago or a number of other strategies they’ve taken. Now you have a firm that has similar scale as Schwab, a reputation for playing the long game and being comfortable making less money in the process. (16:54): So again, massive benefit to the advisors to have another major player driving down costs and increasing innovation in the space. But this is not all positives. As with anything, there’s the good and the bad, and also some open questions. The biggest, I think, downside or potential thing to watch here, and certainly if you are a BDO at a custodian, this is the line you’re using, “Vanguard has its own advice business, personal advisor, digital advisor, and a CEO who stated that his goal is that an advisor is in every investor’s pocket.” So now you have the custodian that’s holding your client’s assets also running one of the largest advice operations in the country. We’ve heard this concern in the past about Schwab or Fidelity where you have RA custody and then these firms have massive retail distribution networks. So certainly Vanguard, I think, will be in the same lane. (17:46): And if you look at a Pershing or an LPL or Raymond James, it’s a little bit different because they don’t have their own channels in the same way that Schwab or Fidelity do. So certainly if you’re BNY Mellon in particular, which is a straight B2B custodian, this is a clear point of differentiation for Vanguard, Altruist and certainly versus the other custodians. Next one is Vanguard has said that Altruist will remain a standalone business. The brand will stay intact, the management team, et cetera. But in fairness, every acquirer says versions of the same thing. The real test is let’s wait two years, three years and see how converging roles or similar roles across the firm start to converge into one, and over time will they more Altruist brand and human capital into one structure. (18:36): Right now we don’t know, but I’m always a bit skeptical with acquisitions that you have the honeymoon period, takes time for the deals to close, and then what happens a couple of years down the line? Either as there’s new executives in charge, there’s turnover, or just there’s certain synergies that can be had, and the best way to do it is by combining operations and the like. (18:56): The next risk, I think it might sound a little bit mundane, but it’s culture and speed. Vanguard based in Valley Forge, Pennsylvania, Altruist in LA, very different cultures. Altruist as a fintech company has been superfast to market, building, breaking things, innovating. And Vanguard, I think they’ve been extremely innovative on pricing, on product development, but I’ve never heard amazing reviews about Vanguard’s technology. So does this convergence of cultures create an issue? Does it create more bureaucracy for Altruist trying to build stuff? Is there a cultural mismatch when it comes to speed of market and innovation? And I think the last thing to keep in mind or to watch is the talent drainage at Altruist post-closing. Yes, I was a FinTech company and custodian offering equity, lots of upside for people that have taken this journey with them. Vanguard notoriously is the opposite. They don’t offer equity to anyone and they offer their employees high base salaries and you have a culture of longevity within the firm. (20:00): So after the lockup period is done for, or the earn out period is done for any Altruist equity owners and many of their employees, does that cause some talent drainage where folks want to go onto the next big thing, think what will happen to all the amazing SpaceX employees a year from now when their IPO lockups are done? Does that lead them to another opportunity? All these are questions I don’t know, but trying to play devil’s advocate. I think the biggest potential negative is just the Vanguard advice business as a competitor, a conflict to RIA custody. Let me give you a couple of predictions before we wrap here. I think Schwab and Fidelity will respond fast, whether it’s on the AI front or because the pressure is really on. I don’t know, maybe the $5 million referral minimum that Schwab just announced, maybe that sunsets after a period of time. I have no idea. (20:53): I’m also excited to see, we’ll call it the tech face off between Altruist and Robinhood. Robinhood acquired TradePMR, which is on the Wells Fargo First Clearing platform and is in the process of launching an RIA custodian themselves. So now you have, I think, two pretty incredible tech-forward custodians really trying to gain market share, so that will be fun to watch. Could there be a threat in the RIA platform space? So RIA platforms meaning RIAs, we call them supportive versions of independence, where advisors can plug into, they get technology, compliance, operations, et cetera, and still own their business. Given the end-to-end tech stack that Altruist boasts, and they’ve also been in development of their own corporate RIA, does that become that much more of a competitive feature that could possibly become a solution in and of itself that takes a dent out of these RIA platforms playbook? (21:45): I don’t know, but I think it’s possible. Altruist Hazel AI, does that push even well beyond custody? There’s a ton of AI and fintechs popping up around the industry. Hazel has certainly taken a lot of headlines and attention. With Vanguard behind it now, does that push the price lower? Does it help their distribution? Maybe you picture this, if you have a Vanguard-owned product sitting in the daily workflow of a competitor’s advisors, so let’s say you’re a Morgan Stanley, you’re a Schwab advisor, et cetera, do you now have a Vanguard-owned product in Hazel as part of your workflow or your fintech stack? Could be interesting. I will call a referral channel for Vanguard or Altruist, we’ll say within the next year or two. I think it would be crazy if that didn’t happen and that will be a massive disruptor. And finally, my prediction is more breakaways landing in Altruist. They’ve started to crack that door, but now with the powerful brand and reputation behind them, the sky’s probably the limit. (22:44): So in closing, a guy, Jason Wenk, started a company in 2018 in Los Angeles because he thought independent advisors deserve better software at a lower price. Eight years later, one of the most respected financial institutions in the world paid $4 billion for it, and the reason is he was right in that bet. There are always innovators showing up from outside the establishment, and every time one succeeds, advisors end up with more options and more leverage and more negotiating power than they had the year before. It’s a consistent theme across the industry. So nothing changes tomorrow, deals take time, deals have a way of falling apart, but if you’re evaluating custodians, thinking about independence for the first time, wondering whether your current partner is going to keep earning your business, today is a good day to reopen that question. And if you’re an advisor, I think cheer this on and be excited. (23:42): And as a industry participant, I am very excited to see how this deal takes hold and how this pushes the rest of the industry to innovate and continue to be better. So that’s it for today. Thank you for hearing my ramblings, and I’ll see you next time. Mindy Diamond (24:02): As a financial advisor, you hold yourself to the highest standards of integrity, honesty, and credibility. You are successful because you take your professional responsibilities seriously and are dedicated to your clients, but are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I Stay Or Should I Go? Is a book written with you in mind. It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively, whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook.   Vanguard Acquires Altruist: What It Means for RIAs, Custody & Breakaway Advisors With Louis Diamond Louis Diamond (00:06): Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is a special rapid reaction industry update, Vanguard acquires Altruist, what it means for advisors in the industry. I’m Louis Diamond, and this is The Diamond Podcast for Financial Advisors. Mindy Diamond (00:28): At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. (01:21): Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond (02:05): Funny how the biggest news in the business almost never comes from the firms everyone is watching. On Wednesday, August 26th, 2026, Vanguard announced its acquiring Altruist. If you asked me a year ago to name the company most likely to buy an RIA custodian, Vanguard would not have been near the top of my list. Vanguard was in the RIA custody business once. They left in 2003 and handed roughly $120 billion of advisor assets to TD Ameritrade on the way out. 23 years later, they’re buying their way back in, reported $4 billion or more. So let’s talk about what happened, why it matters, and where I think it goes from here. (02:48): What happened? On August 26th, 2026, a definitive agreement was announced out of Valley Forge, Pennsylvania. A deal is closing later this year where Vanguard is acquiring Altruist, the relative upstart RIA custodian. The price, an undisclosed number, but a reported $4 billion, some outlets reporting $4.6 billion or more. Either way, more than double their last private market valuation at the end of April 2025. Another element is Altruist is staying as a standalone. They’ll keep their brand, CEO, management team, and operate the same model just as a wholly owned subsidiary of Vanguard. Altruist in one breath, for those unaware, was a custodian and fintech company founded in 2018 by Jason Wenk. They became a self-clearing custodian, third largest as far as number of advisors served, north of 6,000 advisors, and had a reputation for serving smaller or upstart advisors, but recently started getting into more of the larger market breakaway space. (03:53): One estimate I’ve seen peg’s Altruist market share of RIA custody at around 6%, but you compare that to about three quarters of the market for Schwab and Fidelity combined. So a relatively small player, but a rapidly emerging player and threat in US RIA custody. This is not the first time Vanguard has been involved with Altruist. They reportedly were an early investor in Altruist back in 2020 and former Vanguard CEO, Bill McNabb, has been on the board of Altruist, so a lot of history between the firms. Let’s get into now why I think this is interesting for the industry as a whole. In my view, custody has never really been all that competitive, especially since TD Ameritrade sold to Schwab. You really had an oligopoly between Schwab and Fidelity. Sure, there’s a number of compelling, say more boutique custodians, whether Pershing Advisor Solutions, Goldman Sachs, which was another newer entrant to custody, LPL, Raymond James, First Clearing, and a number of others are also in the space, but it is a market that is dramatically dominated by the two largest players. (05:01): So I think this matters because you add an amazing venerable brand and reputation of Vanguard with this scrappy upstart custodian, and all of a sudden you can see a world where custody is one of the more competitive spaces in the industry. Altruist, in my view too, was one of the first credible challengers to the incumbent custodians in 20-ish years. Goldman has since picked up some decent market share and certainly they’re attractive for the segment of advisors. But Altruist with their tech-forward approach, low fees, and even just the way they went to market as an antagonist to Schwab and Fidelity, they’re a big deal and I think this just magnifies what they’re able to do. The gap though for Altruist was brand and reputation. Sure, they had amazing tech. No one ever has doubted that. Hazel AI, which they recently launched has been very well received. (05:55): Advisors I’ve worked with who have demoed the platform are incredibly impressed. The big Achilles heel though for Altruist has been my clients don’t know who Altruist is. Why would my clients put their millions of dollars of wealth with a self-clearing custodian that doesn’t have the same scale or reputation as the incumbent custodians? Well, that really goes away here. And at the end of the day, custody is really a trust business, but you’d have to think that a client would trust their assets held with Vanguard or with Altruist through Vanguard in a very similar way that they would trust assets held by Bank of New York Mellon or Charles Schwab or Fidelity Investments or Goldman Sachs. So to me, Vanguard acquiring Altruist solves that problem in one sentence, very simple. Why I think this makes sense for Vanguard? Salim Ramji, the CEO of Vanguard, has been saying since he arrived from BlackRock two years ago that only one in five Americans work with a fee-based financial advisor and that quality advice shouldn’t be a luxury good and this shortage is only going to get worse as advisors retire. (07:00): This is really him putting his money where his mouth is and really trying to make financial advice, human directed financial advice more accessible to everyday Americans and the upper echelons of wealth in this country. Vanguard as a company has over 50 million reported investors and over 12 trillion in assets. A lot of these people want Vanguard advice, but Vanguard hasn’t had the manpower or the capacity to deliver it itself. Buying Altruist over time can certainly solve that capacity gap and make it so that a human-based financial advisor or any of Vanguard’s internal platforms now have a greater ability to provide advice to Americans looking for financial advisors in the United States. I think this also means more distribution capability for Vanguard funds. Not that Vanguard has ever had a problem with distribution. They have a relatively small wholesaling force compared to other firms, but given their cost and reputation and performance, they’re really on pretty much every platform. (08:04): Most advisors have some clients that are invested into Vanguard mutual funds or ETFs, but this I think just gives them a greater ability to distribute Vanguard products, probably in a similar way to Goldman’s approach. When Goldman entered US RIA custody, in large part, they were doing it for distribution of different things. For Goldman, it was private markets and lending and other types of products. Vanguard is more ETFs and mutual funds, but Vanguard has also been pushing more into the private market space, so I can definitely see a world in which they can ratchet up the distribution of their products in a fairly cost-efficient way. I think to me, the most interesting thing about this marriage is the mission overlap is quite real. When Vanguard started, and to this day, their goal was to provide quality investment products at a fraction of the cost of the incumbents so that investing can be accessible to everyday Americans. (08:59): That’s exactly the verbiage that Jason Wenk and Altruist has used from the beginning, where they want to become a all-in-one hub or tech-enabled custodian so that an advisor, regardless of their size and a client regardless of their AUM, have the ability to get quality advice. I recently listened to a podcast called Acquired. We’ll link it in the show notes, but it’s a three-hour in-depth look into the building of Vanguard. And if you combine that with the podcast episode that I recorded with Jason Wenk, the CEO of Altruist, if you play them side by side, the parallels are eerily similar. So we’ll link both into the show notes, but I really think both of these firms were cut from the same cloth and really from the beginning, both have gone against the grain and tried to rattle incumbent players in the industry. So at least on paper, seems like a very good match. (09:51): Why does this deal make sense for Altruist? For one, for Jason Wenk and his leadership team, this has to be the outcome you drew up, maybe even better. Founding a new custodian in 2018, selling it in 2026, eight years later for over $4 billion, that’s a pretty incredible return on time for this team. They deserve it all and built something special and really entered into a space where no one wanted to venture just given the market share of the major incumbents, but good for them and has to feel good to pull off this type of sale. I think the big thing too is the buyer is the story. Vanguard as a company, it’s investor owned. They’re not private equity owned. They’re not VC backed like Altruist was. So Altruist can get off of the fundraising treadmill. They don’t have to worry about fund life or a five-year hold period or an eventual sale to a strategic. (10:42): Now they can really just focus on the business at hand, having one of the most well-capitalized companies in the world as their capital backer and owner. And every advisor on a PE-backed platform knows the question hanging over every relationship, who owns this next? That’s a question they won’t have to answer anymore at all, and they can really just focus now going forward. I think this also gives Altruist a fortress balance sheet and a ton of capital to keep pushing and developing their Hazel AI platform, which was launched in September 2025. Hazel’s an AI tax planning tool, kind of AI superpower that really has taken the industry by storm and has started to be sold as a standalone product to RIAs. And from what I’ve seen, they’ve sold it to over 1600 new RIAs just in the first month alone for $60 a seat per month, and that’s available to folks if they custody at Altruist or not. (11:36): So this, I think, just gives them an ability to distribute their fintech solutions and certainly develop their custody platform in a way that maybe was challenging or not as possible before. They can also take a longer term view instead of having to worry about they raised a series F, whatever comes after F and an eventual sale, investors wanting to get a return on capital, they can now focus on building over the long term, which has been Vanguard’s strategy all along. I think too, this will give Altruist the ability to invest in new capabilities that they didn’t have before, whether it’s lending or whether it’s more on the product side. It takes a lot to be a custodian. It seems like a relatively straightforward business just holding assets, but there’s a lot of products, solutions, really requirements that everyday investors and RIA clients have, and I think this will just ratchet up Altruist’s ability to close some of the capability gaps that they’ve had since they launched and they’re very transparent about those. (12:33): What I’m most excited about this, just coming from my vantage point in the industry, is why should an advisor care? To me, there’s five things that advisors should really take notice of with this acquisition. First one’s competition. Every time a well-capitalized player shows up, especially in custody, advisors win. Schwab and Fidelity have fought Vanguard in the asset management space for decades, and more recently in financial advice. Now you’re adding custody against a firm that doesn’t need to be profitable the next quarter, and all of a sudden we very much have an arms race and some competition is good for pricing, for service, for innovation, and I think this is going to be only positives for clients across the country, having another competitive option and keeping the incumbents really on their toes. Another reason, the breakaway shortlist has changed. Objection I always heard about Altruist was, “The tech is great, the AI seems cool, but how do I explain the name Altruist to a 68-year-old client who’s leaving Merrill or UBS or Morgan Stanley?” (13:42): While someone may still get some objections because Vanguard may not have the same brand cache as Goldman Sachs or UBS Private Wealth or Merrill Private Wealth, that objection got a lot weaker today. Really, it’s tech-forward independence now without a brand trade-off. It’s a genuinely different offer in the market than it was before. Third, I think this is one that hasn’t been talked about much, but should be watched closely, potential for referrals. Schwab confirmed last week that it was taking the SAN or the Schwab Advisor Network client referral minimum from two million to five million. For anyone not aware, referrals from the retail branches of Schwab and Fidelity are one of the major organic growth funnels for many of the top RIAs in this country and have driven valuations to billions and billions of dollars for firms that are in this program. (14:36): I really do see this as being a potential new massive referral opportunity of Vanguard existing clients and customers to Altruist custody to RIAs at a time when Schwab is trying to keep more of those referrals from themselves, which is a very savvy strategy, but at the same time, probably creates a bit of an opening for Altruist and Vanguard to become a really good referral hub for clients, which is a major draw for signing up new RIAs as clients, for breakaway advisors, et cetera. (15:07): So more details need to come there. We don’t even know if they’re starting a referral channel, but I have to imagine that’s high in the punch list and will be a very compelling offering in the marketplace. Yeah, think about it. Vanguard is 50 million investors and a CEO who said multiple times that they don’t have enough advisors or humans to deliver this advice. So perfect. You now have a massive array of RIAs and more and more coming to the table who offer that advice and being able to still serve them, still keep the assets in-house, but do it in a way where Vanguard doesn’t have to scale up their advisor force. They now have advisors to refer to. Fourth is pricing. I think the Vanguard effect is going to be real here. When Vanguard started, and even to this day, they’ve been the one who’ve pushed down the expense ratio on mutual funds and ETFs. (15:56): It’s been a massive benefit to investors across this country. It’s been Altruist’s playbook all along too, more focused on the advisor, so offering amazing tech and a custody platform for virtually no cost to an advisor. So I would say whatever you’re paying for technology, for custody, and really anything else that Altruist and Vanguard might touch, I would expect it to go down potentially and just have more pressures on the incumbent firms to really sharpen their pencil or to get more creative on pricing and innovation. I think that the fifth thing to keep in mind is Schwab has long used its scale and positioning in the market to best competitors, whether it was going to $0 on tickets for equities and ETFs, et cetera, a number of years ago or a number of other strategies they’ve taken. Now you have a firm that has similar scale as Schwab, a reputation for playing the long game and being comfortable making less money in the process. (16:54): So again, massive benefit to the advisors to have another major player driving down costs and increasing innovation in the space. But this is not all positives. As with anything, there’s the good and the bad, and also some open questions. The biggest, I think, downside or potential thing to watch here, and certainly if you are a BDO at a custodian, this is the line you’re using, “Vanguard has its own advice business, personal advisor, digital advisor, and a CEO who stated that his goal is that an advisor is in every investor’s pocket.” So now you have the custodian that’s holding your client’s assets also running one of the largest advice operations in the country. We’ve heard this concern in the past about Schwab or Fidelity where you have RA custody and then these firms have massive retail distribution networks. So certainly Vanguard, I think, will be in the same lane. (17:46): And if you look at a Pershing or an LPL or Raymond James, it’s a little bit different because they don’t have their own channels in the same way that Schwab or Fidelity do. So certainly if you’re BNY Mellon in particular, which is a straight B2B custodian, this is a clear point of differentiation for Vanguard, Altruist and certainly versus the other custodians. Next one is Vanguard has said that Altruist will remain a standalone business. The brand will stay intact, the management team, et cetera. But in fairness, every acquirer says versions of the same thing. The real test is let’s wait two years, three years and see how converging roles or similar roles across the firm start to converge into one, and over time will they more Altruist brand and human capital into one structure. (18:36): Right now we don’t know, but I’m always a bit skeptical with acquisitions that you have the honeymoon period, takes time for the deals to close, and then what happens a couple of years down the line? Either as there’s new executives in charge, there’s turnover, or just there’s certain synergies that can be had, and the best way to do it is by combining operations and the like. (18:56): The next risk, I think it might sound a little bit mundane, but it’s culture and speed. Vanguard based in Valley Forge, Pennsylvania, Altruist in LA, very different cultures. Altruist as a fintech company has been superfast to market, building, breaking things, innovating. And Vanguard, I think they’ve been extremely innovative on pricing, on product development, but I’ve never heard amazing reviews about Vanguard’s technology. So does this convergence of cultures create an issue? Does it create more bureaucracy for Altruist trying to build stuff? Is there a cultural mismatch when it comes to speed of market and innovation? And I think the last thing to keep in mind or to watch is the talent drainage at Altruist post-closing. Yes, I was a FinTech company and custodian offering equity, lots of upside for people that have taken this journey with them. Vanguard notoriously is the opposite. They don’t offer equity to anyone and they offer their employees high base salaries and you have a culture of longevity within the firm. (20:00): So after the lockup period is done for, or the earn out period is done for any Altruist equity owners and many of their employees, does that cause some talent drainage where folks want to go onto the next big thing, think what will happen to all the amazing SpaceX employees a year from now when their IPO lockups are done? Does that lead them to another opportunity? All these are questions I don’t know, but trying to play devil’s advocate. I think the biggest potential negative is just the Vanguard advice business as a competitor, a conflict to RIA custody. Let me give you a couple of predictions before we wrap here. I think Schwab and Fidelity will respond fast, whether it’s on the AI front or because the pressure is really on. I don’t know, maybe the $5 million referral minimum that Schwab just announced, maybe that sunsets after a period of time. I have no idea. (20:53): I’m also excited to see, we’ll call it the tech face off between Altruist and Robinhood. Robinhood acquired TradePMR, which is on the Wells Fargo First Clearing platform and is in the process of launching an RIA custodian themselves. So now you have, I think, two pretty incredible tech-forward custodians really trying to gain market share, so that will be fun to watch. Could there be a threat in the RIA platform space? So RIA platforms meaning RIAs, we call them supportive versions of independence, where advisors can plug into, they get technology, compliance, operations, et cetera, and still own their business. Given the end-to-end tech stack that Altruist boasts, and they’ve also been in development of their own corporate RIA, does that become that much more of a competitive feature that could possibly become a solution in and of itself that takes a dent out of these RIA platforms playbook? (21:45): I don’t know, but I think it’s possible. Altruist Hazel AI, does that push even well beyond custody? There’s a ton of AI and fintechs popping up around the industry. Hazel has certainly taken a lot of headlines and attention. With Vanguard behind it now, does that push the price lower? Does it help their distribution? Maybe you picture this, if you have a Vanguard-owned product sitting in the daily workflow of a competitor’s advisors, so let’s say you’re a Morgan Stanley, you’re a Schwab advisor, et cetera, do you now have a Vanguard-owned product in Hazel as part of your workflow or your fintech stack? Could be interesting. I will call a referral channel for Vanguard or Altruist, we’ll say within the next year or two. I think it would be crazy if that didn’t happen and that will be a massive disruptor. And finally, my prediction is more breakaways landing in Altruist. They’ve started to crack that door, but now with the powerful brand and reputation behind them, the sky’s probably the limit. (22:44): So in closing, a guy, Jason Wenk, started a company in 2018 in Los Angeles because he thought independent advisors deserve better software at a lower price. Eight years later, one of the most respected financial institutions in the world paid $4 billion for it, and the reason is he was right in that bet. There are always innovators showing up from outside the establishment, and every time one succeeds, advisors end up with more options and more leverage and more negotiating power than they had the year before. It’s a consistent theme across the industry. So nothing changes tomorrow, deals take time, deals have a way of falling apart, but if you’re evaluating custodians, thinking about independence for the first time, wondering whether your current partner is going to keep earning your business, today is a good day to reopen that question. And if you’re an advisor, I think cheer this on and be excited. (23:42): And as a industry participant, I am very excited to see how this deal takes hold and how this pushes the rest of the industry to innovate and continue to be better. So that’s it for today. Thank you for hearing my ramblings, and I’ll see you next time. Mindy Diamond (24:02): As a financial advisor, you hold yourself to the highest standards of integrity, honesty, and credibility. You are successful because you take your professional responsibilities seriously and are dedicated to your clients, but are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I Stay Or Should I Go? Is a book written with you in mind. It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively, whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook.  

In this episode of Stacked, Mark sits down with Phil Muldoon to talk about how Hirewell is helping private equity firms and their portfolio companies build more flexible, scalable hiring models. They dig into why traditional one-off searches are not enough for PE-backed growth, how recruiting as a service creates consistency across portcos, and why specialized recruiting teams can improve both the hiring process and the candidate experience. From standardized scorecards and ATS workflows to cost structure, delivery models, and long-term talent strategy, this episode breaks down what PE firms need from a modern recruiting partner.

欢迎收听雪球出品的财经有深度，雪球，国内领先的集投资交流交易一体的综合财富管理平台，聪明的投资者都在这里。今天分享的内容叫估值方法的总结，来自浩然斯坦。一、体系定位与选股准入标准这个估值体系不是一套用通用的估值方法，而是针对成熟优质企业的保守型出价，核心思想是放弃对远期永续增长的乐观假设，以五年可预测经营周期为锚，锁定具备安全边际的买入价格，并以相对宽基指数的超额收益为标尺，形成 “选股 - 买入 - 持有 - 卖出” 的完整决策闭环。本体系仅适用于同时满足以下全部条件的企业：商业模式清晰可解：业务逻辑简单直观，无复杂多元业务布局与晦涩会计处理，经营脉络易于跟踪验证。竞争壁垒稳固可靠：具备品牌溢价、特许经营权、资源独占或稳定寡头格局等核心护城河，行业竞争秩序良好，无持续性恶性内卷。盈利增长确定性强：五年维度内经营可预判性高，期末利润高于当期的置信度充足；硬性要求未来五年归母净利润复合增速不低于 5%，坚决规避业务持续萎缩、基本面趋势恶化的标的。财务质地扎实优良：长期维持高 ROE 水平，有息负债规模可控、风险敞口低；经营现金流充沛扎实，账面净利润与自由现金流匹配度高，盈利质量真实可信。股东回报稳定可持续：具备长期可延续的现金分红或股份回购政策，分红与回购比例稳定可预期，股东价值兑现路径明确。二、核心估值测算方法前提：能够对企业经营做出有一定置信度的预测投资价值的判断，一定涉及对企业未来自由现金流的预测。不少投资者幻想抛开预测，仅凭低 PB、低 PE、历史估值分位或是企业护城河就完成决策，对此我不认同。所以我的估值方法，是基于能力圈原则，投资者要能够对企业未来五年的归母净利润、自由现金流、股息、回购，做出置信度较高且审慎的预测。如果你做不出这类预测，那么这家企业就不在你的能力圈，或不适用此方法。目标收益率取值核心比价逻辑：大盘宽基指数长期复合回报率约 6%-8%，个股投资承担了更高的波动风险、基本面风险与黑天鹅风险，理应要求对应的风险溢价。我不认同 “股息率高于存款即值得投资” 的低标准逻辑，投资的合理对标基准始终是大盘宽基指数，而不是无风险理财收益。具体取值规则：常态市场环境下，要求个股潜在年化收益率不低于 12%；当十年期国债无风险利率持续处于低位时，可适度放宽要求，但潜在年化收益率底线不得低于 10%。估值测算方法在上述前提与收益要求下，通过两套模型交叉测算，最终确定合理买入市值。模型一：零增长终值倒推法（绝对估值视角）假设企业五年后进入零增长或微增的稳态成熟期，选取同类型、同资质的美欧日的成熟企业的零增长合理市盈率，作为五年后终值估值倍数，计算期末终值市值。将未来五年累计股东回报与期末终值市值，统一按照目标年化收益率折现至当前，倒推出可实现五年保底收益的最高买入市值。模型二：增速 - 股息总回报法（持有收益视角）在当前估值处于合理区间以下的前提下，基于长期持股收益：预期年化总收益 约等于 未来五年净利润复合增速 + 预期股息率，要求两者之和不低于体系设定的目标年化收益率，据此倒推对应买点市值。最终买点的确定对比两个模型测算得出的买入市值，基于理性判断，取两者的合理值。适用边界与禁用范围本体系仅适配稳定经营的优质龙头，以下类型企业完全不适用：高爆发成长股：未来五年潜在净利润年化增速大于 12% 的企业；技术迭代型行业：AI、半导体、创新药、软件等，技术路线更迭快，五年盈利完全不可预测；纯强周期行业：普通有色、钢铁、基础化工等，利润与 ROE 随商品价格剧烈波动，高 ROE 往往对应周期顶点，五年业绩预测无参考意义；金融特殊行业：银行、保险，利润高度依赖会计估计，账面净利润与真实自由现金流严重脱节，资产质量风险隐蔽；格局恶化行业：行业持续内卷、企业护城河持续削弱、可预测性丧失的标的。零增长 PE 分行业取值标准根据资产属性、资本开支压力、现金流质量差异化取值，优先偏保守端：轻资产消费龙头：13-17 倍，资本开支极低、现金流充沛、品牌永续性最强；水电、特许收租类资产：12-15 倍，垄断性强、波动极小，依靠稳定现金流兑现分红收益；优质制造业、一体化资源龙头：8-12 倍，存在持续维持性资本开支，略有周期扰动，真实自由现金流低于账面净利润。卖出触发规则当持仓标的未来五年预期综合回报，低于大盘宽基指数 6%-8% 的潜在复合回报率时，触发卖出条件。核心逻辑：个股持有价值建立在 “跑赢宽基” 的风险溢价之上，当溢价消失甚至反向时，继续持有属于风险收益不对等，应主动切换至性价比更高的资产。三、此估值方法的实践应用案例一：二零一四年贵州茅台 —— 行业恐慌中的买点验证二零一四年初，茅台正处于行业至暗时刻：塑化剂风波叠加三公消费限制，白酒行业进入深度调整期，市场普遍认为行业黄金增长期终结，高端白酒需求面临结构性崩塌；茅台终端价从 2000 元每瓶跌至 800 元区间，经销商库存高企，市场情绪极度悲观。基于当时公开信息的测算参数：基准期：二零一三年年报，归母净利润 151 亿元业绩预期：市场一致预期二零一四年增长 2%、二零一五年增长 3%、二零一六年增长 5%、二零一七年增长 6%、二零一八年增长 5%，五年复合增速约 5%，二零一八年预期净利润 186 亿元。后来的实际增速远高于这个预期，但在悲观情绪下，这是当时的一致性预期增速。分红率：30%目标年化收益率：12%（二零一四年十年期国债收益率约 4%）零增长合理 PE：15 倍测算以当时 10.38 亿总股本计算，对应股价约 169.8 元每股。现实对照：二零一四年茅台股价最低跌至约 118 元，对应市值约 1225 亿元，显著低于测算的合理买点。说明站在当时的行业低谷保守预期下，该价位已经满足 “五年保底 12% 年化收益” 的要求，具备明确的安全边际，体系在市场恐慌中给出了清晰的买入信号。案例二：当下对福耀玻璃的买点测算对福耀利润的测算，可以分为新增产能和存量产能。经测算，福耀的新增产能在二零二八年能够贡献22亿，下面算一下存量产能能贡献多少。二零二五年福耀的归母净利润93.12亿元，其中包含税前汇兑收益2.98亿元，按15%高新技术企业税率折算，税后汇兑收益2.53亿元。剔除汇率扰动后，二零二五年福耀玻璃的核心经营净利润是90.6亿元。存量产能的增长，主要来自产品结构升级，量增贡献有限，价增为主。按照公司的指引，高附加值产品迭代带动ASP年均上涨6%。原本存量产能的增速按照年化6%测算就可以，但是目前中国车市有些低于预期，我选择向下微调。今年年初的时候，中汽协预测 二零二六年国内汽车销量同比 + 1%，二零二七至二零二八 年同比 + 1.5%。目前看是高估了。截至 7 月，1‑7 月国内汽车批发销量1760.2 万辆，同比‑3.7%；乘用车 1498.8 万辆，同比‑5.4%，内需明显弱于年初假设。结合国内车市疲软现状，对存量产能的利润增速做适当下调：二零二六年：94.2 亿元二零二七年：98.9 亿元二零二八 年：103.8 亿元叠加22亿元新增产能增量利润，二零二八年公司核心经营净利润约125.8亿元。二零二五至二零二八年核心利润复合增速约11.5%，短期高增长主要来自新产能集中释放。到二零三零年，假设产能充分释放后，延续 ASP 增长的下限假设，按 6% 年化增速推算，净利润约 141 亿元。实际结果可能好于我的预期，我只是测算中性偏保守的利润可能性，如果这样计算都能有不错的潜在回报，那说明这笔投资的确定性和安全边际都是比较充足的。我以五年维度看待企业经营，则最终结果，二零二五年核心经营净利润基数约为 90.6 亿元，2030年核心经营净利润预期是141亿，年化增速9.2%，简化取 9%。但汽车行业具备强周期属性，国内车市存在下行压力，进一步保守下修未来五年核心净利润复合增速至8%。以 90.6 亿为基数，二零三零年核心经营净利润至少 133 亿元。估值测算假设 2030 年后公司进入稳态，不再有实质增长。普通零增长汽车零部件企业估值中枢在 8‑10 倍 PE；考虑福耀全球寡头地位、高 ROE、高毛利、稳定分红的特质，给予适度估值溢价，稳态 PE 给到 12.5 倍。对应 2030 年目标终值：133 亿元 ×12.5 =1663 亿元。从投资回报要求做两组买点推演：①以 12% 综合回报率要求，对应 1270 亿市值，约 7% 合理市值增长回报+5%股息回报，对应股价 48.5 元；②按未来五年 8% 净利润复合增速，维持 12% 综合回报要求，则股息率需大于 4%，假设 2026 年分红约 60 亿元，对应合理市值 1500 亿元，对应股价 57.5 元。综合以上测算，福耀玻璃具备安全边际的买点区间为48.5 元‑57.5 元。四、总结很多传统价值投资者在估值上强调 “持有优质企业”，更偏向一种定性的投资哲学，但再优质的企业，买贵了也会是糟糕的投资；再稳健的赛道，增长失速后也会有估值回归。而这套估值体系，是把价值投资的核心原则 —— 安全边际、能力圈、合理价格 —— 针对满足要求的特定对象，形成一套可执行、可验证的操作纪律。这套方法的真正价值，是让投资者跳出 “好公司就该长期拿着” 的思维定式，在识别出好公司之后，能够以 “潜在回报率” 为准绳，用保守假设预留安全垫，最终拿到确定性的收益，而不是仅仅收获 “持有了伟大公司” 的心理满足。

The promise seemed miraculous. Sweetness minus the calories. But when studies begin to link artificial sweeteners with cancer, the entire industry faces oblivion. And it'll take some lightning-fast pivots and Donald Rumsfeld to pull it back from the brink.If you'd like to hear more about the artificial sweetener business, you can listen to the audiobook version of “Empty Pleasures” by Carolyn de la Peña right now on Audible.Audible subscribers can listen to all episodes of Business Wars ad-free right now. Join Audible today by downloading the Audible app.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The murder trial of Lindsay Clancy, the Massachusetts mother accused of strangling her three young children, has spawned a courtroom subplot with real legal stakes: prosecutor Shanan Buckingham has spent weeks in Plymouth Superior Court in a rotating collection of hair bows, widely read as a tribute to five-year-old Cora, who loved them. But even a well-meant gesture is a gamble, handing the defense a ready-made argument that the state is leaning on sympathy over substance and potentially seeding an appeal. Over in the business of law, private equity finally got the yes it's been chasing: Wood Smith Henning & Berman, a 500-plus-lawyer insurance-defense shop, reportedly signed a letter of intent to sell a stake to Charlesbank Capital Partners at a roughly $700 million valuation. Structured through a management services organization to sidestep Rule 5.4's ban on non-lawyer ownership, it would be the largest PE investment in an American law firm to date -- a toehold, not yet a takeover. And in the category of career moves we can't recommend, a prominent Pittsburgh attorney landed himself in a fraternity drug scandal. Paul Robinson, a practice-group chair at Meyer, Darragh, Buckler, Bebenek & Eck, was charged with tampering and hindering apprehension for allegedly making evidence disappear from a multistate cocaine ring that prosecutors say his son helped run out of Penn State's Delta Upsilon and Sigma Chi houses -- where, per the AG, packaging kilos doubled as a pledge task.  

A.M. Edition for Aug. 25. Two lawmakers detail their bipartisan bill to end personalized dynamic pricing in grocery stores, where AI is increasingly deciding whether Shopper A should pay more for the same product than Shopper B. Plus, the Supreme Court helps clear the way for President Trump's restrictions on mail-in voting. WSJ supreme court reporter James Romoser explains what it could mean for the midterms. And, more companies are preparing to join Wall Street's IPO bonanza. And Luke Vargas hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Ernesto Araújo and Alejandro Peña Esclusa, with Edmund Fitton-Brown: In Brazil, falling poll numbers have panicked President Lula, prompting him to call Donald Trump despite years of anti-American rhetoric. Araújo explains this reflects the US's central role in combating South American "narcosocialist" regimes. Meanwhile, in Venezuela, Delcyand Jorge Rodríguez are simulating cooperation with the US while delaying presidential elections to buy time. Peña Esclusa notes that Venezuelan opposition members are negotiating Supreme Court appointments rather than election dates or political prisoners. Both guests will attend Slovenia's Bled Strategic Forum to discuss Latin America's right-wing political shift and potential energy partnerships with Europe. (3)

CONTENTS THE JOHN BATCHELOR SHOW, 8-24-2026.OTTAWAConrad Black and co-host Edmund Fitton-Brown discuss the collapse of trade negotiations and subsequent US tariff threats that have sparked a major political crisis in Canada, leading to opposition calls to immediately reconvene Parliament. Black describes a stark contrast in national attitudes, noting that President Trump's rhetoric effectively denies Canada's sovereignty. This perceived affront has deeply united Canadians across party lines, who view the tariffs as an assault on national identity rather than a mere commercial dispute. Black highlights potential Republican electoral fallout in key US Senate races like Maine and Michigan, and suggests a bilateral phone call could resolve the dispute. (1)Janatyn Sayeh and Edmund Fitton-Brown examine Iranian official Ghalibaf's public appearance in Iraq, signaling defiance to the US and Israel before secondary sanctions are revealed. Sayeh explains that Iran views Iraq as its backyard, using it to evade sanctions by blending Iranian oil with Iraqi exports. Under President Trump, US economic scrutiny on Iraq has increased to block this smuggling. While maximum pressure has devalued Iran's currency and caused hyperinflation, Iran aims to overwhelm Washington by utilizing its regional proxy networks across Yemen, Lebanon, and Iraq. The US must view these proxies as Iranian arms rather than local actors. (2)Ernesto Araújo and Alejandro Peña Esclusa, with Edmund Fitton-Brown: In Brazil, falling poll numbers have panicked President Lula, prompting him to call Donald Trump despite years of anti-American rhetoric. Araújo explains this reflects the US's central role in combating South American "narcosocialist" regimes. Meanwhile, in Venezuela, Delcyand Jorge Rodríguez are simulating cooperation with the US while delaying presidential elections to buy time. Peña Esclusa notes that Venezuelan opposition members are negotiating Supreme Court appointments rather than election dates or political prisoners. Both guests will attend Slovenia's Bled Strategic Forum to discuss Latin America's right-wing political shift and potential energy partnerships with Europe. (3)Malcolm Hoenlein and Edmund Fitton-Brown discuss rising security concerns in Israel after incendiary balloons from Gaza were discovered, potentially testing Israel's border preparedness. Concurrently, Turkey is expanding its regional footprint, occupying 5% of Syria and attempting to establish military bases, which Israel countered with airstrikes. In Gaza, Jared Kushner met with Hamas in Cairo, a move that critics argue bolsters the group's status despite declining local support. Meanwhile, the US Treasury has previewed secondary sanctions on Iranian trading partners, including China. Iran's economy is in collapse, with inflation skyrocketing and the currency reaching an all-time low. (4)David Daoud and Edmund Fitton-Brown examine UNIFIL's mandate, which restricts it to acting as an auxiliary to the Lebanese Armed Forces, preventing independent disarmament of Hezbollah. Consequently, Hezbollah operates freely near UN watchtowers and tunnel networks. Daoud argues that while new US Treasury sanctions expanding target parameters to include Iranian violations are positive, they fail to address Hezbollah's deep integration into Lebanon's socio-political fabric. To be effective, the West must treat Hezbollah as a Lebanese entity with sovereign responsibilities, rather than purely an Iranian proxy. True security requires targeting all of Hezbollah's activities, including its social and political wings. (5)Ivana Stradner and Edmund Fitton-Brown analyze Ukrainian President Zelenskyy's visit to Belgrade, which does not signal a split between Serbia and Russia. President Vučić's weapons sales to Ukraine are merely lucrative business deals. Serbia remains highly dependent on Russia, sharing deep intelligence ties and cooperating with the FSB to test crowd-control equipment. Vučić balances these relationships to survive domestic protests sparked by environmental concerns and a severe heatwave. Stradner, recently returning from Israel, reports that Israeli morale remains exceptionally high despite facing a multi-front threat from Iran's proxy network, which Russia continues to exploit through regional propaganda and strategic manipulation. (6)Edmund Fitton-Brown critiques the term "economic D-Day," explaining that Pakistan's mediation in Iran is self-interested, driven by fears of secondary US sanctions. These sanctions have suffocated Iran's economy, reducing oil exports and sparking hyperinflation. Iraq also struggles with contradictory policies, balancing its US alliance with pro-Iranian gestures, such as securing tanker passage through the Strait of Hormuz. In the Red Sea, the Houthis demand tribute from Saudi Arabia to halt attacks on tankers and pipelines. Fitton-Brown warns that paying the Houthis only delays their long-term expansionist goals against Saudi territory and Israel. (7)Samuel Ben-Ur and Edmund Fitton-Brown discuss how, following a temporary lull, Hamas has intensified attacks in Gaza, emboldened by disarmament frameworks proposed by Egyptian, Qatari, and Turkish mediators. Ben-Ur notes Hamas only accepted the deal under the pretense of disarming while intending to survive intact. However, following Jared Kushner's visit, the US aligned with Israel's stance, demanding total disarmament before military withdrawal. Fitton-Brown and Ben-Ur discuss the National Committee for the Administration of Gaza (ENCAG), a secular government planned to replace Hamas. Lacking military power, ENCAG's deployment depends on an international stabilization force, though troop commitments remain severely short. (8)Michael Sobolik and Edmund Fitton-Brown examine how Chinese AI company Moonshot bypassed US export controls by "distilling" technology from Anthropic's Claude Opus model to train its own system, Kimi K3. This intellectual property theft threatens American market dominance and national security. Sobolik recommends three policy actions: imposing crushing financial sanctions on violating Chinese firms, closing export control loopholes related to remote cloud access, and banning open CCP models in the United States. He warns that American tech companies prioritizing short-term profits over security risk losing the AI race, mirroring historical patterns of Chinese piracy. (9)John Hardie and Edmund Fitton-Brown outline Russia's military assistance to Iran via the Caspian Sea, a highly secure transit route. This collaboration benefits Moscow by raising energy prices and draining US munition stockpiles like Patriot interceptors, giving Russia a freer hand in Ukraine. Russia provides Iran with tactical intelligence, drone components to resist satellite jamming, and has agreed to deliver shoulder-launched air defense missiles. While Ukraine and Israel have attempted long-range strikes against trade vessels and ports to disrupt this flow, interdiction is difficult because the Caspian Sea operates as a protected, non-transparent Russian-Iranian military lake. (10)Standing corrections applied: Janatyn Sayeh, Ernesto Araújo, Alejandro Peña Esclusa, Delcy Rodríguez (and Jorge Rodríguez), Zelenskyy, Vučić with diacritics, and Kimi K3 (source again had "Kimmy"). One anomaly in the source: segment 7 listed Fitton-Brown as both guest and co-host, so I've formatted it as his solo segment — flag it if there was a second voice in that file.

Once your PERT is assembled, how do you navigate the evolving pulmonary embolism (PE) literature to improve patient outcomes at all risk levels? In this episode of the BackTable Podcast, interventional radiologist Dr. Robert Lookstein (Mount Sinai) and pulmonary critical care specialist Dr. Timothy Fernandes (UC San Diego) join host Dr. Harris Chengazi to examine the latest evidence and multidisciplinary strategies for managing acute pulmonary embolism. The discussion highlights the complexities of catheter-directed therapies in intermediate- to high-risk PE, evolving guidelines in the face of new trial data, and prioritization of improving patients' clinical trajectories. --- Get the BackTable apphttps://www.backtable.com/app --- Timestamps 00:00 - Introduction03:57 - PERT Structure and Activation08:24 - PE Risk Stratification Tools12:02 - Patient Selection for IR Intervention15:21 - Assessing Clot Chronicity21:03 - Standardizing Workup26:38 - Managing Unstable PE28:31 - STORM-PE and HI-PEITHO Trial Data35:49 - Guidelines vs. New Evidence40:12 - Determining Therapeutic Endpoints45:05 - Upcoming Trials and Future Directions51:46 - Final Thoughts and Closing Remarks --- More about this episode The physicians explore the nuances of validated PE risk stratification tools, assessing the relationship between various PE scoring systems and the 2026 ACC/AHA classification for acute PE. They emphasize that the integration of clinical assessment, serial lab work, and patient history must take precedence over static imaging alone in guiding care. The doctors go on to review new trial data, including the improved RV-to-LV ratio and 90-day functional gains seen with mechanical thrombectomy in STORM-PE and reduced clinical deterioration observed with ultrasound-assisted catheter-directed thrombolysis in HI-PEITHO. The conversation concludes with a call for collaborative, safety-first management that focuses on the patient's clinical status and long-term post-PE functional recovery. --- Resources 2026 AHA/ACC/ACCP/ACEP/CHEST/SCAI/SHM/SIR/SVM/SVN Guideline for the Evaluation and Management of Acute Pulmonary Embolism in Adultshttps://doi.org/10.1161/CIR.0000000000001415 Composite Pulmonary Embolism Shock (CPES) Scorehttps://doi.org/10.1161/CIRCINTERVENTIONS.124.014088 FOCUS studyhttps://doi.org/10.1093/eurheartj/ehac206 STORM-PE trialhttps://doi.org/10.1161/CIRCULATIONAHA.125.077232 HI-PEITHO trialhttps://doi.org/10.1056/nejmoa2516567 PE-TRACT studyhttps://petractstudy.org/homepage PEERLESS II studyhttps://clinicaltrials.gov/study/NCT06055920 PERSEVERE trialhttps://clinicaltrials.gov/study/NCT06588634 --- BackTable Vascular & Interventional (VI) is the go-to podcast for interventional radiologists, vascular surgeons, and interventional cardiologists. Download the free BackTable app to get early access to new episodes, cases, and courses curated by physicians in your specialty. ► https://www.backtable.com/app

The IPO window is reopening. M&A is picking back up. And a backlog of PE-backed companies that delayed exits in 2022 and 2023 are now under real pressure to move. Adam Olsen and Nicole Harger break down the dual-track exit, the strategy of running an IPO process and an M&A process at the same time, and what's driving renewed interest in it right now.This is part one of a two-part series. Part two goes operational: what the CFO and finance organization need in place, and how far in advance.In this episode:What a dual-track exit actually is, and why running both processes simultaneously creates leverage that neither path generates on its ownWho uses this strategy: PE-backed companies remain the dominant profile, but corporate carve-outs and growth-stage companies are increasingly exploring it tooWhy most dual-track processes end in M&A, and why that's often the intended outcome rather than a failure of the IPO trackThe market backdrop heading into summer 2026: improving conditions, a buildup of past-hold-period PE portfolio companies, and a more disciplined IPO market than 2020-2021Inside the IPO track: the S-1 process, the three-year audited financial statement requirement, PCAOB auditor considerations, carve-out accounting complexity, and realistic 12-18 month preparation timelinesInside the M&A track: the CIM process, strategic versus financial sponsor buyer dynamics, quality of earnings diligence, the working capital peg negotiation, and the gap between signed LOI and closeWhy the financial rigor required for IPO readiness is the same rigor that protects valuation in an M&A process, and why there's no shortcut on either side

Host: Darryl S. Chukta, M.D.  Guest: Robert D. McBane, M.D.  At times, pulmonary embolism can be very challenging to diagnose. While some patients have a very dramatic presentation, others may have very subtle, non-specific symptoms. Establishing a diagnosis quickly is important as a delayed or missed diagnosis can lead to excessive morbidity and mortality. What clues might a patient have that should alert us to the possibility of a PE? What are the best tests to order when we suspect one? Do all patients with a PE need to be hospitalized, and what are the current recommendations for management? My guest is vascular medicine specialist, Dr. Robert McBane, M.D., from the Department of Cardiovascular Medicine at the Mayo Clinic. We'll cover these questions and more as we discuss “Pulmonary Embolism”.  Connect with us! Mayo Clinic Talks Podcast Season 6 | Mayo Clinic School of Continuous Professional Development 

Three months before starting his new job, Luke's offer was rescinded. He had already graduated—and turned down his investment banking return offer. Suddenly, he had nothing. In this episode, Luke shares how he rebuilt from zero, leaned heavily into networking, and ultimately landed an equity research role at Redburn Atlantic, now part of Rothschild & Co. From studying at LSE and Imperial to exploring investment banking and consulting, Luke breaks down his unconventional path into equity research, the coffee chat that changed everything, and the lessons he learned along the way. Whether you're pursuing equity research, investment banking, consulting, or another competitive finance career, this episode offers a real look at how persistence, networking, and taking calculated career risks can pay off.

In this episode of Parker Gals, Liz Xu sits down with her former JPMorgan colleague and friend Caroline Carman, Senior Associate at Rallyday Partners, a lower middle market private equity firm based in Denver, Colorado. Caroline shares her journey from leveraged finance analyst to becoming Rallyday's first associate, building the firm's junior team from the ground up. We dive into what drew her to private equity, the transition from heads-down number crunching to providing strategic thought partnership to portco management teams, and the mentor who shaped her career along the way. Plus, why the "PE guy" stereotype isn't accurate, why she will always identify with Monica on "Friends," and the lesson Caroline wishes she'd learned earlier.