Podcasts about Pe

Kiera is joined by the tooth-healer himself, Jason Dent! Jason has an extensive background in pharmacy, and shares with Kiera where his pharmaceutical experience has bled over into dentistry. This includes the difference between anti-quag and anti-platelet and which medications are probably safe, what to do to shorten the drag time in the pharmacy, how to write prescriptions most efficiently, and more. Episode resources: Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript: The Dental A Team (00:00) Hello, Dental A Team listeners. This is Kiera and today is a really awesome and unique day. It is, think the second time I've had somebody in the podcast studio with me live for a podcast and it's the one and only Jason Dent. Jason, how are you? I'm doing well. Good morning. Thanks for having me. It is crazy. I I watch Instagram real like this all the time where people are like in the podcast and they're hanging out on two chairs and couches and now look at us. We're doing it. Cheers. Cheers.   That was a mic cheer for those of you who are only listening, but yeah, Jace, how does this feel to be on the podcast? It's weird. Like I was not nervous at all talking about it. I got really nervous as soon as you hit play. So if I stumble over my words, please forgive me ahead of time. Well, Jason, I appreciate you being on the podcast because marketing had asked me to do a topic about teledentistry and I was like, oh shoot, that's like not my forte at all. so   You and I were actually chatting in the hot tub. call it Think Tank session and you and I, we have a lot of good ideas that come from that Think Tank. A lot of business. no phones. That's why. We do leave our phones out. But I was talking to Jason and this is actually a podcast we had talked about quite a while ago. Jason has a lot of information on pharmacy. And if you don't know, Jason isn't really, we were going through all of it last night. It's kind of a mock in the tub. And I think it's going to be great because I feel like this is an area, I'm working at Midwestern and   knowing about how dentists, pharmacology was surely not your favorite one. Jason actually helps a lot of dentists with their clearances. And so we were talking about it and I like it will just be a really awesome podcast for you guys to brush up on pharmacology, different things from a pharmacist's side. So Jason, welcome. Thank you. Yeah, no, we were talking about it and here's like, what should I talk about on the podcast next? I have all these different topics and she's like, what do you know? And the only real interaction I have with dentists is doing clearances for procedures. We get them all the time, which makes sense.   Lots of people are on blood thinner, I've always told Kiera, like, hey, I could talk about that. Like, that's kind of a passion of mine. I'm not a dentist. Or my name is Jason Dent. So in Hebrew, Jason means tooth. No, no, no, sorry. Nerves are getting to me. Jason means healer and Dent means tooth. So my name means tooth healer. So, here's a little set. Hold on, on, hold Can we just talk about? I brought that up before you could talk about it more. So.   My name means tooth healer but I did not become a dentist. I know you wanted me to become a dentist. did. I don't know why. I enjoy medicine. I know what you're going to get to already. The things you're going to ask me. There's been years of this. But nevertheless, that's my name. We'll get that out of the way. But you did give me a great last name. So I mean, it's OK. You're All is fair and love here. SEO's up for that. But yeah, Jason, I'm going to get you right into the show. And I'm going to be the host. And we're going to welcome to the podcast show. Jace, how are you?   Good, good, good. Good, good, good. So by getting into clearances, right? This is what you're kinda talking about with you know, before we get to clearances, I actually wanted Jason, for the listeners who don't know you, who haven't talked to you, who don't know, let's kinda just give them like, how did you go from, Kiera wanted you to be a dentist, to now Jason, you are on the podcast talking as our expert on pharmacy. fantastic. I've always really loved medicine, a ton. As a kid getting headaches and taking Excedrin, like you just feel like a miserable pile of crap.   and then you take two pills and all of a sudden you feel better. Like that's amazing, like how does that happen? Also getting ear aches as a kid, just being in so much pain and then taking some medicine and you start feeling a lot better. I always had a lot of appreciation for that. I've always been mechanically inclined. I went to, started doing my undergrad and took biology and learned about ATP synthase, which is a spinning enzyme that's inside the mitochondria, like a turbine engine. I used to work on small engines on my dirt bike and thought that is so cool. So I really got wrapped up into chemistry.   All the mechanics of chemistry really pulled me in. I'm not getting goosebumps. checking. I usually get goosebumps when I think about chemistry. But it's so cool. You think an engine's awesome, like pistons and camshafts and pressures, the cell is the same thing. It's not as loud, so it's not as cool. But it's fascinating. that's why we're like. ⁓   chemistry and really got into coagulation. So I did my residency after pharmacy school. we went to Arizona for three years. ⁓ You did and your main focus, you were never wanting to be the guy behind the counter. No, I haven't done that. Yeah. No, I love them though. I've always really want to go clinical. ⁓ But I love my retail ⁓ pharmacists. They're amazing resources. And ⁓ I use the retail pharmacist every day still to this day, but I went more the clinical route, really love the chemistry aspect of it.   did my doctorate degree and then I did my residency in Reno. Reno's kind That's how we got here everybody. Welcome to Reno. Strategically placed because I was really interested in critical medicine and where we're located we cover a huge area. So we pull in to almost clear, we go clear to Utah, clear to California, all of Northern Nevada. We get cases from all over. So we actually are kind like the first hub of care for lot of areas. So we really get an eclectic mixture of patients that come in that need-   all kinds of different cases that are coming to them. So it's what I really wanted. So I did my residency in critical care there. And then for the next 10 years, I worked in vascular medicine with my final five years being the supervisor of the clinic. Ran all the ins and outs of that. So my providers, two doctors were on our view. So when we talk about dentistry, talk about production, those kinds of things, totally get it. My doctors were the exact same way, my vascular providers. ⁓   There's some pains there, right? You wanna be seeing patients as much as possible, being able to help as many people, keeping the billing up. And had other nurse practitioners, four practitioners, a fleet of MAs, eight pharmacists. We also had that one location we had, going off the top of my head, I think we had eight locations running as well. And we took care of all the different kinds of vascular cases that came to us. Most common was blood clots, ⁓ which is just a...   which is an easier way of saying VTE. There's so many different ways to say a blood clot. Like you might hear patients say, I've had a PE or a DVT or a venous thromboembolism or a clot in my leg, right? They're all clots, but in different locations. Same with an MI, and MI can be a clot as well. ⁓ there's a lot of, everybody's kind of saying the same thing, but sometimes the nomenclature can make it sound hard, but it really is actually pretty simple.   No. And Jason, I love that you went through, you've been in like, and even in your, ⁓ when you were getting your doctorate, you were in the ER. You also worked in retail pharmacy. remember you having a little sticker on your hand. And retail pharmacy, I have a lot of respect for those guys. They have a lot of pressure on them. and then you also, ⁓ what was that test that you had to take that? I don't know. You were like studying forever for it. ⁓ board certification for, ⁓ NABP. Yeah. So I did that board certification as well.   And now you've moved out of the hospital side onto another section in your career. Now in the insurance, right? So it's really, really interesting. So now I'm on the other side reading notes and evaluating clinical appropriateness and trying to help patients with getting coverage and making those kinds of determinations. So yeah, I've really jumped all over. Really love my clinical days. I know. don't I don't I do miss them. But yeah, kind of had a good exposure to a lot of.   pharmacy a lot a lot of dentists actually with all the places that come through which Jason I really appreciate that and honestly I know you are my spouse and so it's fun to have you on but when I go into conversations like this I don't know any of this information and so finding experts and Jason I think here's me talk more about dentistry and my business than I do hear about him on pharmacy so as we were chatting about this I really realized you are a wealth of knowledge because you've been on the clinical side so you've done a lot of patient care and you've seen how   medications interact and I know you've had a few scares in your career and ⁓ you've known some physicians that have had a few scares and ⁓ you've seen plenty of patients pass away working in the ER and gosh in Arizona drownings were such a big deal. I remember when you were in the ER on your rotations I'd be like who died today? Like tell me the stories and you've really seen and now going on to the insurance side I felt like you could just be such a good wealth of knowledge because I know dentists are sometimes so   I would say like maybe just a little more anxious when it comes to medications. I know that dental students from Midwestern were like here was like four months and we had to like pass it, learn it. And Jason, you've done four years plus clinical residency, plus you've been in it. And something I really love about Nevada Medicine is they've been so collaborative with you.   like your heart, your cardiologist, they diagnose and then they send to you to treat with medicine and... Yeah, I've been really lucky being here in Reno too. The cardiology team has been amazing to work with. We started a CHF program, sorry, congestive heart failure program for patients. So we would collaborate with cardiologists. They'd see the cardiologists and then they send them to the pharmacist to really manage all the medications. So there's pillars of therapy ⁓ called guideline directed medical therapy and the pharmacist would take care of all that. So that's gonna be your...   your beta blockers, your ACEs, your ARBs, your Entresto, which would be a little bit better, spironolactone. So just making sure that all these things are dosed appropriately, really monitoring the heart, and make sure that patients are getting better. we've had real positive outcomes when the, sorry, this is totally off topic. do, talk about that study. When we looked at when patients were coming to see our pharmacists in our clinic that we started up, the patients were half as likely to be readmitted. And this was in 2018, and our pharmacists,   We're thinking about all the medications. We're usually adjusting diabetes medications too at the same time. Just kind of naturally just taking care of all the medications because we kind of got a go ahead from the providers, a collaborative practice agreement that we could make adjustments to certain medications within certain parameters. So we weren't going rogue or maverick, but we were definitely trying to optimize our medications as much as possible. And then years later, some studies came out with, I'm sure you've seen Jardins and Farseegh. not trying to, I'm not.   I don't get any kickback from them. I have no conflicts to share. But because our pharmacists were really optimizing that medication, those medications were later shown to reduce hospitalizations and heart failure, even though they're diabetes medications. Fascinating. So it wasn't really the pharmacists. It was just the pharmacists doing as much as they can with all the tools that were in front of them. And then we found out that the patients were going back to the hospital.   half as much as regular patients. So, yeah, being here, it's been so amazing to work with providers here. the providers here want help, want to help patients, don't have an ego. I mean, I just, it's awesome. I love it. I do love how much I think Jason sees me geek out about dentistry and I watching Jay's geek about his pharmacy and how much he loves helping patients. And ⁓ really that was the whole idea of, all right.   Dentistry has pharmacy as a part of it. And I know a lot of dentists are sending in clearances and I know working in a chair side, it would be like, oh no, if they're on warfarin or on their own blood clot, you guys, honestly don't even know half of what I'm talking about because this is not my jam, which is why Jason's here. But I do know that there was always like, well, we got to talk with their provider. And so having Jason come in and just kind of explain being the pharmacist that is approving or denying or saying yes or no to take them off the blood thinners in different parts, because you have seen several dental   I don't know what they're called. What is it? Clarence's? that what comes to you? don't even know. All day my mind, it's like, here is the piece of paper that gets mailed to you to the pharmacist and then you mail it back. So whatever that is. But Chase, let's talk about it because I think you can give the dentist a lot of confidence coming from a pharmacist. What you guys see on that side. When do you actually need to approve or disapprove? Let's kind of dig into that. Yeah. Well, first of all, I think I'm not a replacement for any kind of clinical judgment whatsoever. Every patient's different. But the American Diabetes Association, you   I work with diabetes a lot. American Dental Association has some really great guidelines on blood thinners and I would always reference them. I actually looked at their website today. Make sure I'm up to speed before I get back on this again. They have resources all around making decisions for blood thinners. And I think the one real important thing in putting myself in the shoes of a dentist or any kind of staff that's around a patient that's in a chair, if they say I'm on a blood thinner, right, a flag goes up. At least in my mind, that's what goes up.   Like, okay, how do we get across this bridge? And I think the important thing to really distinct right then when they say they're on a blood thinner is that is kind of a slang word for a lot of different medications, right? Like it's the overarching word that everybody pulls up saying, I'm on a blood thinner. It's like, okay, but I don't know what say. It's like, I have a car. You're like, okay, do you have a Mazda? Do you have?   Toyota, Honda, what do you have? or even worse it'd be like saying I have a vehicle, right? So when somebody says they're on a blood thinner, it opens up a whole box of possibilities of what they're Blood thinners are also, doesn't, when they're taking these types of medications that are quote unquote a blood thinner, it doesn't actually thin the blood, like adding water to the blood, if that makes sense, or like thinning paint, or like thinning out a gravy, right? It doesn't do the same thing. Blood thinners, really what they're doing is they're working on the blood, which.   which is really cool, try not to tangent on that. ⁓ When they're working on the blood, it's not thinning it per se, but it's making it so that the proteins or platelets that are in it can't stick together and make a cloth quite as easy. So whenever somebody's on a blood thinner, I usually ask, what's the name of the blood thinner that you're on? It's not bad that they use that slang, that's okay, on the same page, but it's really broken into two different classes. There's anticoagulant and antiplatelet.   And a way to kind of remember which is which, when residents would come through our clinics, the way that I teach them is a clot is like a brick wall. You know, it's not always a brick wall. Usually the blood is a liquid going through. But once they receive some kind of chemical message, it starts making a brick wall with the mortar, which is the concrete between the and the bricks, the two parts. When it's an anti-quagent, it's working on that mortar part. When it's an anti-platelet, it's working on the bricks part, right? You need both to make a strong clot or strong brick wall.   But if you can make one of them not work, obviously like if your mortar is just water, it's not working, right? You're not gonna make a strong brick wall. So that's kind of the two deviants right there. So that's what I do in my mind real quickly to find out because antiplatelets are usually, so that's gonna be like your Plavix, Ticagrelor, Brilinta. And hold on, antiplatelets are bricks? Good job, bricks. They're the bricks. And so the reason I was thinking you could remember this because I'm, antiplatelets, it's a plate and a plate is more like a brick.   And anti coagulant, I don't know why quag feels like mortar to me, like quag, like, know, it's like slushy in the blood, like it's coagulating. It's a little bit of that, like, honestly, I'm just thinking like coagulated blood is a little bit more mortar-ish. And so platelet is your plate, like a brick, and anti-quag is like.   the gilly between the bricks. Okay, okay, I got it. Yeah, so there's an exception to every rule, but when they're on that Don't worry, this is Kiera, just like very basic. You guys are way smarter listening to this, and that's why Jason's here. No, no, you helped me pass pharmacy school. When we were doing all the top 200, you helped me memorize all know what flexorill is, all right? That's a muscle relaxant. Cyclo? I don't know that part. It's a cyclo, because you guys are cycling and flexing. I don't actually know. just know it's a muscle relaxant, so that's about as far as I got. When we're looking at antitick platelets, so that's the brick part, so that's going to be your, you know,   Hecagrelor, Breitlingta, Clopidogrel is the most common one. It's the cheapest one, so probably see that one the most. Those, I mean, there's an exception to every rule, but that's generally being used after like a stent's placed in the heart. It can be used for VTE, there's some out there, but that's pretty rare. But also for some valves that are placed in the hearts, it can be used for that as well. So antiplatelet, really thinking more like a cardiac event, right? Like I said, there's always an exception to every rule, but that's kind of where my mind goes real quickly, because we're gathering information from the patient.   They're on anticoagulant. Those are like going to be the new ones that you see commercials for all the time. So Xeralto, Alequis, those are the two big ones right now. They're replacing the older one. And also we were supposed to do a disclaimer of this is current as of today because the ADA guidelines do change. this will be current as of today. And Jason, as a pharmacist, is always looking up on that. I had no clue that you are that up to speed on dental knowledge. so just throwing it out there that if you happen to catch his podcast,   a few years back that obviously check those guidelines for sure. But the new ones are the Xarelto and Eloquist. They're replacing the older ones of warfarin. Warfarin's been around for a really long time. We've seen that one. Those are anti-coagulants. So when you're looking, when a patient says that, generally they're on that medication because they've possibly had a clot in the past or they have a heart condition called atrial fibrillation. Those are kind of the two big ones. Like I said, there's always caveats to it, but that's kind of where my mind goes real quickly. And then,   as far as getting patients cleared, the American Dental Association has really good resources on their website. You can look at those and they're always refreshing that up. They even say in their own words that there's limited data around studying patients in the dental chair and with anticoagulants or anti-platelets. It's pretty limited. There's a few studies, some from 2015, some from 2018. There's one as recent as 2021, which is nice. But really, all of those studies come together and it's really more of an expert consensus.   And with that expert consensus, they have kind of simplified things for dentistry, which is really nice. ⁓ comparing that to, we have more data for like total hip replacement, total knee replacement. We have a lot of data and we know really what we should be doing around then. But going back to dentistry, we don't have as much information, so they always say use clinical judgment, but they do give some really great expert guidance on that. So if a patient's on an anticoagulant, ⁓   they generally recommend that it doesn't need to be stopped unless there's a high bleeding risk for a patient. as a provider or as a clinician in the practice, you can be looking at high bleeding risk. Some things that make an oral procedure a little bit lower risk is one, it's in the compressible site, right? Like we can actually put pressure on that site. That's the number one way to stop bleeding is adding pressure. It's not like it's in the abdominal cavity where we can't get in and can't apply pressure. So number one, that kind of reduces the bleeding risk.   is number one. Two, we can add topical hemostatic agents. Dentists would know that better than me. There's a lot of topical ways to do that. So not only pressure, but there's those things as well. And also, but there are some procedures that are a little bit more likely to bleed. And that's where you and dentists would come in hand in What's the word in APO? Oh, the APOectomy. I got it right. Good job. like, didn't you tell me last night that the ADA guideline was like what?   three or four or more teeth? great question. So you can extract one to three teeth is what their expert consensus One to three teeth without. Without really managing or stopping anticoagulation or doing anything like that. I think that's some good guidance from them. I'm gonna add a Jasonism on that though. So with warfarin, I do see why dentists would be a little bit more conservative or worried about stopping the warfarin because warfarin isn't as stable as these newer agents. Warfarin, the levels.   quote unquote levels can go really high, they can go really low. And if the warfarin levels are high, they're more likely to bleed. So I do think it makes sense to have a really recent INR. That's how we measure what the warfarin's doing. I think that makes a lot of sense, but the ADA guidelines really go into the simplification version of all these blood thinners. Generally, it's recommended to not stop them because the risk of stopping them outweighs the benefit of stopping them in almost every case. Almost every case.   ⁓ So when you're with that patient, right, they say I'm on a blood thinner, finding out which kind of blood thinner that they're on, you find out that they're on Xeralto, right? How long have you been on Xeralto for? I've been on it for years. You don't know exactly why, but if they haven't had any recent bleeding, you're only gonna remove one tooth. ⁓ You can do what's called a HasBlood score. That kind of looks at the bleeding risk that they'd have. That'd be kind of going a notch above, but in my mind, removing one tooth isn't a real serious bleeding risk. I'd love to hear from my dentist friends if they...   disagree, right, but ADA says one to three tooth removals, extractions, that's the fancy word. Extractions, yeah, for extracting teeth out. Is not really that invasive. Sure. It's not that high risk, so it's usually perfectly fine. So if a patient was on Xarelto, ⁓ no other, this is in a vacuum, right? I'm not looking at any other factors, which you should be looking at other factors. I would be perfectly fine to just remove one to two.   And when those clearances come in, because dentists do send them, talk about what happens. You guys were working in the hospital and you guys would get these clearances all the time. do. We get them so often. I mean, we get like four or five a day. We'd love to give it to our students, student pharmacists, and ask them what to do. And they would usually look up the American Dental Association guidelines and come up with something. We're like, yep, that's what we say too. In fact, we say it so many times a day that we have a smart phrase.   which just blows in the information real quickly and faxes it right back to the So it's like a copy paste real quick. So what I wanted to point out when Jason told me this is dentists like hearing this and learning this, this can actually save you guys a ton of time to be able to be more confident, to not need to send those clearances on. And we were actually talking last night about how I think this might be a CYA for dentists. like, as we were talking, I think Jason, you seeing so many other aspects of medicine, like you've literally seen patients die, you've seen other areas.   And so coming from that clinical vantage point, we were realizing that dentists, we are so blessed to live in an injury. I enjoy dentistry because possibly there's someone dying, not super high, luckily in dentistry. The only time that I have actually had a doctor have a patient pass away, and it was only when they were completely sedated and doing ⁓ some other things, but that was under the care of an anesthesiologist. And so that's really our high, high risk. And so hearing this, Jason,   That was one of the reasons I wanted him to come on is to give you doctors more confidence of do we have to always send to a pharmacist? I mean, hearing that on the pharmacy side, they're just sending these back and not to say to not see why a to not cover this because you might be questioning like, well, do I really need to? But you also were talking about some other ways of so number one, you guys are just going to copy back the 88 guidelines. So so 88 guidelines. Yeah. And I think that that gives a lot of confidence to a provider or a dentist is that you can go to the 88 guidelines and read them, right? Like you're listening to some   nasally monotone pharmacist on a podcast. Rumor has it, people love him at the hospital. were like, you're the voice, he's been told he has a good radio So for the clinic, I was the voice. Like, yeah, you've reached the vascular clinic, right? And they're like, oh my gosh, you're the voice. But sorry, you me distracted. That'll be your next career, Jace. You're going to be a radio host. OK. I would love that. I love music. But you're hearing from a nasally guy, but you can actually read the ADA guidelines. You just go right to the ADA, click on Resources, and under Resources, it has the   around anticoagulants, I think that's the best way to get a lot of confidence about it because they have dentists who are the experts making calls on these. I'm just reiterating what they say, but I think it makes a lot of sense to help providers. And the reason why my heart goes out to you as well is having the providers that used to work underneath me, they're always looking for our views, which is a fancy way of making sure that they're drilling and filling. Can I say that? Yeah, can say drilling and filling. They're being productive, right? They're being productive, right?   They're always looking to make sure if a patient's canceling, like get somebody in here. Like I need to be helping people all day long. That's how I, we keep the lights on. That's how I help as many people. And so if you have a patient coming in the chair and it has an issue, they say I'm on Xeralto. Well, you can ask real quickly, why are you on Xeralto? I had a clot 10 years ago. my gosh. Well, yeah, we're pretty good to go. Then I'm not worried. We're only removing one tooth or we're just doing a cavity or a cleaning. Something like that. Shouldn't be an issue whatsoever because there's experts in the dental. ⁓   in the dental society, the ADA guidelines that recommend three teeth or less, minimally invasive. They really recommend if it's gonna be really high bleeding risk. And clinically, that's where you would come in, ⁓ or yourself. know, apioectomy is one that's like on the fence line. I don't know where implants set. though, and like we were talking, implants aren't usually like a date of procedure. Most people aren't popping in, having tooth pain, and we're like, let's do an implant. Now sometimes that can be the case, but typically that one's gonna have   a few other pieces involved. And so that is where you can get a clearance if you want to. ⁓ But we were really looking at this of like so many dentists that I know that you've seen will just send in these clearances because they are. And I think maybe a way to help dentists have more confidence is because you know, I love routines. I love to not have to remember things. So why don't we throw it in, have the team member set it up where every quarter we just double check the ADA guidelines. Are there any updates? Are there any other things that we need to do on that? That way you can just see like   getting into the language of this, of what do I need to do? Because honestly, you guys, know pharmacy was not a big portion for it, so, recommending different parts, but I think this is such a space where you can have confidence, and there's a few other things I wanna get to, and I you- I some pearls too. Okay, go. I'm so when she get me into talking about drugs, I'm not gonna stop. So, some other things around that too is these newer blood thinners like Xarelto Eloquist, they now have reversal agents, so a lot of providers in the past were really worried about bleeding because we can't turn it off. We can turn those off. Warfarin has reversal as well, right?   So I'm looking at these patients. It's really low risk. It's in the mouth, generally speaking. Very rarely are they a high bleeding risk. Now if you're doing maxillofacial surgery, this does not apply, right? This does not apply whatsoever. you're like general dentist, you're pediatric dentist. Yeah, yeah, and it's kind of on the fly. So just trying to really help you to be able to take care of those patients on the moment, have that confidence, look at the ADA guidelines, have that in front of you. I don't think it's a bad thing to ever...   check with their provider if you need to. If you're thinking, I feel like I should just check with the provider, I would never take that away from you. But I just want to kind of steer towards those guidelines that I have to help. But what did you want to share? No, yeah, I love that. And I think there were just a few other nuggets that we were chatting about last night that can help dentists just kind of get things passed a little bit easier. So you were mentioning that if they were named to their cardiologist, what was it? was like, who is the last? Great question. Yeah, when a patient's on a blood thinner,   It could be prescribed by the cardiologist. It could be prescribed by the family provider or could have been punted to like a vascular clinic like where I was working. It can go to any of those. And when you send that fax, right, if it goes to the cardiologist and it's supposed to go to the family care provider, like it just kind of goes, goes nowhere, right, from there. So I think it's a really good idea to find out who prescribed it last. If the patient doesn't know who prescribed their blood thinner last, you can call their pharmacy. I call pharmacies all day long.   I have noticed in the last year, they are way easier to get a hold of, which has made my job a lot easier, working on the insurance portion. So reaching out to the pharmacy, finding out who that provider is and sending it to them, because they should be able to help with that. I thought that was a good shift in verbiage that you had of asking instead of like the cardiologist, because that's who you would assume was the one. But you said like so many times you guys would take care of them, and then they go back to family practitioner, and you guys would get the clearances, but you couldn't clear because you weren't overseeing. So just asking the patient.   who prescribed their medication for them last time. That way you can send the clearance to the correct provider. then- And they might not know. You know patients, right? They're like, I don't know, my mom's or else, I don't know who gave it to me. Somebody told me I need to be on this. But at least that could be another quick thing. And then also we were talking last night about-   ⁓ What are some other things that dentists can do when like writing scripts to help them get what I think like overarching theme of everything we discussed is one how to help dentists have less I think drag through pharmacy. ⁓ Because pharmacy can take a little while and so perfect we now know the difference between anti-quag and anti-platelet. We know which medications are probably safe. We know we can check the ADA guidelines so that we were not having to do as many clearances. We also know if they're on a medication to find out and we do need a clearance.   who we can go to for the fastest, easiest result. And now, in talking about prescriptions, you had some really interesting tips that you could share with them. Yeah, so with writing prescriptions, right, pharmacies are pharmacies. So I'm not gonna say good thing or bad thing. There are challenges working with pharmacies. I'm not gonna play that down at all. ⁓ If you're writing prescriptions and having issues and kickbacks from pharmacies, there's some interesting laws around ⁓ writing prescriptions. Say that you're trying to ⁓ prescribe   augmentin, you know, 875 BID, and you tell the patient, hey, I want you to take this twice a day for seven days, and then you put quantity of seven, because you're moving fast, right? You want it for seven days, quantity of seven. Quantity would actually be 14, right? It's not that big of a deal. Anybody with common sense would say if you're taking a pill for twice a day for seven days, you need 14 tablets. But LAHA doesn't allow pharmacists to make that kind of a change, unfortunately. They have to follow what you're saying there. So you're going to get a...   An annoying callback that says, you wrote for seven tablets. I know you need 14. Is that OK? Just delays things, right? So ⁓ I really like the two letters QS. That's Q isn't queen. S isn't Sam. Yeah. It stands for quantity sufficient. So you don't have to calculate the amount of any medication that you're doing. So for me, as a pharmacist, when I was taking care of patients, I hated calculating the amount of insulin they would need for an entire month. So I would say.   Mrs. Jones needs 15, I'd say 15 units ⁓ QD daily. ⁓ And then I say QS, quantity sufficient, ⁓ 90 day supply through refills. So the pharmacy can then go calculate how much insulin that they need. I don't have to even do that. So anytime you're prescribing anything, I like that QS personally. So that lets the pharmacy use ⁓ common sense, as I like to call it, instead of giving you a call. I think that's super helpful. I also thought of one thing too.   going back to blood thinners is when it's kind of like a real quick, like they're not gonna have you stop the blood thinner at all. like you're seeing if you can stop the blood thinner for a patient, there's some instances it's just not gonna happen. And that's whenever they've been, they've had a clot or a stroke or a heart attack within the last three months. Three months. Yeah, that's kind of like the.   Because so many people are like, they had a heart thing like six years ago. And so I think a lot of my dentists that I worked with were like, we got to stop the blood thinners. But it sounds like it's within three months. Yeah, well, I'm just the time. Like this is general broad strokes. What I'm just trying to say is when you want to expect a no real quick. Got it. Right. So because benefits of stopping a blood thinner within those first three months of an event is very, very risky versus the, you know, the benefit of reducing a little bit of blood coming out of the mouth. Right. Like that's not that bad.   when somebody's had a stroke or a heart attack or pulmonary embolism, a clot in the lung, like we can't replace the lung, heart or brain very easily. We can replace blood a lot better. We've got buckets of it at most hospitals have buckets of it, right? So I'm always kind of leaning towards I'd rather replace blood than tissue at all times. So that's kind of a quick no. If they've had one those events in the last three months, we are really, really gonna watch their brain instead of getting.   root canal, right? Like really worried about them. So you'll just say no. And they could the dentist still proceed with the procedure or would you recommend like a three month wait? Or is it provider specific way the pros and cons because sometimes you need to get that tooth out. Great question. think then it's going to come into clinical. That's that's when you send in the clearance, right? Like, and it's great to reach out to the provider who's managing it for you. But I think it's kind of good to know exactly when you get a quick no quick no is going to be less than three months.   ⁓ Or when it's going to be like a kind of a typical, yeah, no problem. If it's been no greater than six months, they're on the typical anticoagulants or alto eloquence. Nothing crazy is going on for them. You're only removing two teeth. This is very, very low risk. But again, I'd urge everybody to read the ADA guidelines. That way you feel more comfortable with it. I'm not as eloquent as they do. They do a real good job. So I don't want to take any of their credit. I think they do a real good job of simplifying that and making you feel confident with providing.   more timely care for patients. Which is amazing. And Jayce, one last thing. I don't remember what it was. You were talking about the DEA and like six month rule. yeah. Let's just quickly talk about that and then we'll wrap this because this is such a fascinating thing for me last night. Yeah. So when comes to prescribing controlled substances, most providers have to have a DEA license. OK. First of all, though, what's your take on dentist prescribing controlled substances? ⁓ I don't think, you know, I worked on the insurance side of things. Right. And I look at the requirements for the   as the authorizations, what a patient, the criteria a patient needs to hit in order to qualify for certain medications. A lot of times for those controlled substances, they have pretty significant issues going on, like fibromyalgia or cancer-related pain or end-of-life care versus we don't, in all my scanning thread, I don't have a ⁓ perfect picture memory. Sure. But I don't usually see oral.   pain in there. There is some post-operative pain that can be covered for those kind of medications but I really recommend to keep those lower and in fact in a lot of our criteria it recommends you know have they tried Tylenol first, they tried, have they filled NSAIDs or are they contraindicated with the patient. So really they should be last line for patients in my two cents but there's always going to be a caveat to the rule right? Of course. comes through that has oral cancer and you're taking   like that would make sense to me. Got it, so then back to the DEA. Yeah, okay. Okay, ready. So as a provider, you should be checking the, if you're doing controlled substances, you should be checking the prescription drug monitoring program, or sometimes called the PDMP, looking to see if patients are getting ⁓ controlled substances from another provider. So it's really just a check and balance to make sure that they're not going from provider to provider to getting too many narcotics and causing self harm or harm to others.   And so with checking that PDMP before prescribing, I think a lot of providers do that. A lot of softwares that I'm aware of, EMRs, electronic medical records, sometimes have links so that you can do that more quickly. However, I don't think it's as intuitive that they need to be checking that every six months in some states. And like here in Nevada, you're supposed to be checking it every six months, not for a patient, but for your actual DEA registration to see if anybody else is prescribing underneath you. Because if you don't check that every six months, you could get in some serious trouble with...   not only DEA, but even more the Board of Pharmacy and your state. Now, I don't know all 50 states, so I check with your state to see if you need to be checking that every six months, but set an alarm just to check that real quickly, keep your nose clean. ⁓ I've had providers, I've had to remind to do that. And if somebody was using your account, prescribing narcotics, you'd never know unless you went and checked that PDMP.   Yeah, I remember last night you were like, and if that was you, I would not want to be you. The Board of Pharmacy is going to be real excited to find you. So that was something where I was like, got it. So, and we all know I'm big on let's make it easy. And Jason, I love that you love this so much and you just brought so much value today. And like also for me, it's just fun to podcast. fun. Yeah. But I got a nerd out on my world a little bit. Bring it into yours. I work with dentists or at least you know, when I was working in Vascular Clinic all day long. Great questions that would come through. Yeah.   So I think for all of us, as a recap on this is number one, I think setting yourself ⁓ some cadences. So maybe every quarter we check our ADA guidelines and we check our, what is it, PDMP. PDMP. so each state, so they call it Prescription Drug Monitoring Program. We need that. Yeah, but there are different acronyms in different states, though. That's just what it's called in Nevada. I forget what it is in California, but you can check your state's prescription monitoring program, make sure that opioids aren't being prescribed under your name. Got it. So we just set that as a cadence.   We know one to three teeth most likely if they're on a blood thinner is According to the 88 as of today is good to go You know things that are going to get a quick know are going to be within the last three months of the stroke the heart attack or the Clot I'm thinking like the pulmonary embolus. Yeah, that's what we're trying to prevent   Those are gonna be quick knows and then if we're prescribing, let's do QS. We've got quantity is sufficient so that we're not getting phone calls back on those medications that we are. And then on narcotics, just being a bit more cautious. Of course, this is provider specific and in no way, or form did Jason come on here to tell you you are the clinical expert.   Jason's the clinical expert on medications. And if you guys ever have questions, I know Jason, you geek out and you want to talk to people so that anyone wants to chat shop. Be sure to reach out and we'll be able to connect you in. we've even talked about possibly, so let me know listeners. You can email in Hello@TheDentalATeam.com of ask a pharmacist anything. I talked to Jason. I was like,   We'll just have them like send in questions and maybe get you back on the podcast or we do a webinar. But any last thoughts, Jace, you've got of pharmacy and dentistry as we as we wrap up today? No, I think that's pretty much it. So check the ADA guidelines. I think it's really good to have cross communication between professions. Right. If you're working with the pharmacy, CVS, Walgreens or something like that or Walmart, I know that it can be challenging. Right. They're under different pressures. You're under different pressure. So I think ⁓ just coming in with an understanding, not being angry at each other.   you know what mean, is super beneficial and working together. When it comes to it, every dentist that I've talked to is actually worried about their patient. Every pharmacist that I've worked with is really worried about the patient as well. So we're trying to accomplish the same thing, but we have different rules and our hands are bound in different ways that annoy each other, right? Like I know Dr. Jones, want 14 tablets, but you said seven. And I know Common Sense says I should give them 14, but I've got to make that change.   knowing that their hands are tied by the law. They can't use as much common sense, which is aggravating. I mean, that's why I love what I gotta do here. I gotta just kind of help a lot more and use common sense and improve patient care. But those kinds of things I think are really beneficial as you work together and then not being so afraid of blood thinners, right? So I think those guidelines do a great job of giving you confidence and not worrying about the side effects. And there's a lot of things that you can do locally for bleeding.   You have a lot of control over that. I think that's pretty cool, the tools they have. Yeah. And at the end of the day, yes, you are the clinician. You are the one who is responsible for this. so obviously, chat, but I think collaborating, talking to other pharmacists, talking to them in your state, finding out what are the state laws, things like that I think can be really beneficial just to give you peace of mind and confidence. And again, dentistry, are maybe a bit more risk adverse because luckily we don't have patients dying That's great thing. Yeah, that's fantastic. I want my dentists to be risk adverse. I think so too. But Jason, I appreciate you being on the podcast today.   And for all of you listening, ⁓ more confidence, more clarity, more streamline to be able to serve and help our patients better. if we can help you in any way or you've got more questions, reach out Hello@TheDentalATeam.com. And as always, thanks for listening. I'll catch you next time on the Dental A Team podcast.  

From ten years of entrepreneurial struggles to PE exit in three years, Josh Davis shares proven strategies for scaling through acquisitions, building proprietary systems, and navigating the identity shift that follows a successful exit. In this episode of the DealQuest Podcast, host Corey Kupfer sits down with Josh Davis, CEO of JL Davis Enterprises, a five-time founder, business acquirer, and turnaround expert with multiple exits including to a US private equity-backed firm. Josh built one of Canada's fastest-growing logistics startups alongside his wife Loretta, scaling it from the ground up before it was acquired by one of North America's largest transportation companies just three years after launch. WHAT YOU'LL LEARN: In this episode, you'll discover how to scale a company through strategic acquisitions without outside capital, why building proprietary software became a major competitive advantage, and what the post-sale transition really feels like when you stay on as CEO. Josh shares the visionary and integrator partnership dynamic that creates breakthrough results, why most post-exit entrepreneurs struggle with minority investments, and what freedom means when you deliberately keep your family office smaller than outside investors want. JOSH'S JOURNEY: Josh's entrepreneurial drive started early watching both grandfathers build successful businesses. On his mother's side, his grandfather ran a construction company, warehouse business, and real estate ventures. On his father's side, his grandfather was a successful mining entrepreneur who became Josh's closest mentor. But Josh also saw his parents go through financial struggles and divorce, which made him view entrepreneurship as the path to stability rather than risk. In his early twenties, Josh dropped out of business school when his grandfather became sick with cancer. He spent two years learning about business and understanding how to acquire distressed mining properties. After his grandfather passed, Josh got exposure to acquisitions, due diligence, and integration through his grandfather's connections. But for the first ten years, he didn't understand the real importance of building teams, building systems, and building a real company. THE TURNING POINT: At twenty-eight, Josh made a deliberate decision to actually learn how to be an entrepreneur. He read every business book he could find, connected with mentors, and joined a private peer advisory group with seasoned entrepreneurs in their sixties, seventies, and eighties. That group has been a game-changer for thirteen years. A few years later, he married his wife Loretta. Their skills were completely opposite. Josh was the visionary with strengths in leadership and sales. Loretta brought systems, processes, and operational excellence from her commerce degree at one of Canada's top universities. The combination created the breakthrough. BUILDING THE LOGISTICS COMPANY: When Josh and Loretta launched their logistics company, they realized the Canadian transportation industry was old school with manual processes and paper systems. They couldn't find software that fit their needs, so they hired four developers and built their own. After eight months, they launched custom software that tracked gross profit per head, enabled profit-sharing structures, and attracted top talent. The second key was acquisitions. They bootstrapped with bank debt and systematically acquired distressed transportation and warehousing businesses, bringing in their own software, systems, and team members. After developing their operating system for acquisitions, each deal got easier. THE PE EXIT: The conversation about selling started when Loretta raised it. She was pregnant with their first child and knew she didn't want to run operations in a 24/7 transportation logistics business. They had also hit a capital constraint since the low-margin business required more capital every time they grew. They engaged an M&A advisor and found a well-capitalized US private equity-backed firm with Canadian roots in North American transportation. POST-SALE TRANSITION: Josh describes post-exit life as giving a child up for adoption and living in the same house. He stayed on as CEO for two years, and having financial backing from the larger entity was a huge relief. But when the transition ended, his partners were gone, his wife had been out for two years, and the company had become more corporate. The day he told the team was emotional, and when his email was finally turned off, the quiet was striking. KEY INSIGHTS: Josh's original plan post-exit was to take small equity positions and sit on boards. What he found was that he actually likes getting his hands dirty, and working with founders who weren't ready for the advice proved challenging. Some founders would realize they didn't want to do the work and would ask Josh to buy them out instead. That misalignment led JL Davis Enterprises to pivot toward full acquisitions while being highly selective about minority investments. FREEDOM AND FAMILY OFFICE: Josh and Loretta deliberately keep JL Davis Enterprises smaller than outside investors want because they prefer the freedom to choose who they invest in and which organizations they support. Without outside capital, they can make investments directly to help kids at risk and support causes they care about. Perfect for entrepreneurs considering acquisitions as a growth strategy, founders preparing for PE exits, business owners figuring out what comes after they sell, and anyone interested in how the visionary and integrator partnership creates breakthrough results. FOR MORE ON THIS EPISODE:https://www.coreykupfer.com/blog/joshdavis FOR MORE ON JOSH DAVIS: https://jldavisenterprises.com https://www.linkedin.com/in/scaling-with-josh-davis/ FOR MORE ON COREY KUPFER:https://www.linkedin.com/in/coreykupfer/ https://www.coreykupfer.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today! Episode Highlights with Timestamps: [00:00] - Introduction: Josh Davis' journey from serial entrepreneur to PE exit and family office [05:55] - First entrepreneurial experiences and the first ten years of learning [10:36] - The sailing storm that taught lessons about leadership and preparation [14:00] - The turning point at 28 and joining a private peer advisory group [19:32] - Building the logistics company from startup to PE exit [24:59] - Growth through acquisitions and developing a repeatable integration playbook [31:27] - How the PE exit conversation started and engaging an M&A advisor [36:47] - The two-year transition structure and deciding to step down [46:56] - Lessons from minority investing and pivoting to full acquisitions [50:12] - What freedom means: the ability to choose and support the next generation Guest Bio: Josh Davis is a five-time founder, business acquirer, and turnaround expert with multiple exits including to a US private equity-backed firm. Known for scaling underperforming companies fast, Josh blends grit, faith, and operational excellence to help founders grow with clarity and purpose. As Co-Founder and CEO, he built one of Canada's fastest-growing logistics startups, scaling it from the ground up before it was acquired by one of North America's largest transportation companies just three years after launch. Today he runs JL Davis Enterprises alongside his wife Loretta, acquiring businesses and consulting founders on how to scale, build high-performance teams, and prepare for exit. Grounded in faith and family values, Josh brings a no-fluff, people-first approach to business. He's been named one of Canada's Top 40 Under 40 and believes true success means building a business that serves your life, not the other way around. Host Bio: Corey Kupfer is an expert strategist, negotiator, and dealmaker with more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker deeply passionate about deal-driven growth. He is the creator and host of the DealQuest Podcast. Show Description: Do you want your business to grow faster? The DealQuest Podcast with Corey Kupfer reveals how successful entrepreneurs and business leaders use strategic deals to accelerate growth. From large mergers and acquisitions to capital raising, joint ventures, strategic alliances, real estate deals, and more, this show discusses the full spectrum of deal-driven growth strategies. Get the confidence to pursue deals that will help your company scale faster. Related Episodes: Episode 366 - Jodi Hume: Founder Exits and the Emotional Journey Behind Major Business Decisions: Explore the psychological dimensions of exits and what founders need to prepare for beyond the transaction. Episode 336 - Devan Gonzalez: Building a Franchise Empire Through Visionary-Integrator Partnership: Learn how complementary skill sets between business partners create breakthrough results. Episode 350 - Tom Dillon: When NOT to Take Venture Capital Money: Discover alternative funding sources and how to evaluate whether outside capital is right for your business model. Episode 332 - John Martinka: Acquisition Entrepreneurship and Building Companies Worth Buying: Master the fundamentals of acquiring and operating businesses for long-term success. Episode 302 - Laurie Barkman: Preparing for a Successful Exit with Business Transition Insights: Learn the practical steps for getting your business exit-ready. Social Media: LinkedIn: https://www.linkedin.com/in/coreykupfer/ Website: https://www.coreykupfer.com/ Follow Josh Davis: LinkedIn: https://www.linkedin.com/in/scaling-with-josh-davis/ Company: https://jldavisenterprises.com Keywords/Tags: PE exit, private equity acquisition, startup to exit, logistics company sale, family office investing, post-exit transition, scaling a business, turnaround expert, visionary integrator partnership, business acquisition strategy, bootstrapping, growth through acquisitions, proprietary software, integration playbook, founder identity, post-sale transition, minority investments, consulting founders, high-performance teams, entrepreneurship, dealmaking

WORST DAY EVER for SILVER Cold Snap in Florida – Massive Critter Drop New Fed Chair named Pausing on space PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Interactive Brokers  Warm-Up - WORST DAY EVER for SILVER - Cold Snap in Florida - Massive Critter Drop - New Fed Chair named - Pausing on space Markets - Bitcoin plunges - Crypto "winter" - Deep dive into January economic results - USD rises from multi-month low - EM still powered ahead - ELON - PT Barnum move Cold Snap - On February 1, 2026, Florida faced a significant drop in temperatures, reaching a record low of 24°F (-4°C) in Orlando. This marked the lowest temperature recorded in February since 1923. - Iguanas dropping from tress all over the streets - Iguanas can survive temperatures down to the mid-40s Fahrenheit (around 7°C) by entering a "cold-stunned" state, where they appear dead but are just temporarily paralyzed and immobile; however, prolonged exposure to temperatures in the 30s and 40s, especially below freezing, can be lethal, particularly for smaller individuals, leading to tissue damage and organ failure. - They get sluggish below 50°F (10°C) and fall from trees as they lose grip. - The Florida Fish and Wildlife Conservation Commission (FWC) issued Executive Order 26-03 on Friday, allowing residents to collect and surrender cold-stunned green iguanas without a permit during an unprecedented cold weather event. Right on Schedule - Remember we talked about how the Nat Gas price was going to reverse, just as quickly as it spikeed? - Nat gas down 25% today - down about 28% from recent high - Still about 50% higher than it was before the spike. THIS! - Nvidia Corp. Chief Executive Officer Jensen Huang said the company's proposed $100 billion investment in OpenAI  was “never a commitment” and that the company would consider any funding rounds “one at a time.” - “It was never a commitment,” Huang told reporters in Taipei on Sunday. “They invited us to invest up to $100 billion and of course, we were, we were very happy and honored that they invited us, but we will invest one step at a time.” Then Oracle announced that it will do a fundraiser in the form of equity and debt - needs to fund more datacenter build-out. - What happened to the OpenAI $300 Billion committment? - Or is the money that NVDA "committed to OpenAi, that they must have committed to Orcle, not a committment - GIGANTIC CIRCLE JERK Fungus - -Interesting - Did you know? Botrytis cinerea, a fungus causing grey mold, affects grapes by causing bunch rot, ruining fruit in high humidity. - While it often destroys crops, specific dry, warm conditions can transform it into "noble rot," concentrating sugars and creating high-value dessert wines (e.g., Sauternes, Tokaji) with honeyed, raisin-like, and apricot flavors. January Economic Review Employment — Job growth was nearly flat in December, with 50,000 new jobs added and earlier months revised lower. — Unemployment dipped slightly to 4.4%, but it's still higher than it was a year ago. — Long-term unemployment didn't change and remains high, and the labor force participation rate slipped to 62.4%. — Average hourly earnings rose 0.3% in December and are up 3.8% over the past year. — Weekly jobless claims stayed close to last year's levels, showing a labor market that is cooling but not weakening sharply. FOMC / Interest Rates — The Federal Reserve kept interest rates unchanged at 3.50%–3.75%. — Most policymakers agreed the economy continues to grow at a solid pace, though job gains are slowing and inflation remains above target. — Two committee members supported a small rate cut, but the majority preferred to wait. - Fed Chair Powell: Clearly, a weakening labor market calls for cutting. A stronger labor market says that rates are in a good place. It isn't anyone's base case right now that the next move will be a rate hike. - The economy has once again surprised us with its strength. Consumer spending numbers overall are good, and it looks like growth overall is on a solid footing. - Upside risks to inflation and downside risks to employment have diminished, but hard to say they are fully in balance. We think our policy is in a good place. - Overall, it's a stronger forecast since the Fed's last meeting. Haven't made any decisions about future meetings, but the economy is growing at a solid pace, the unemployment rate is broadly stable and inflation remains somewhat elevated, so we will be looking to our goal variables and letting the data light the way for us. - Most of the overrun in goods prices is from tariffs. We think tariffs are likely to move through, and be a one-time price increase. - Dissent: Miran and Waller (Miran is a admin shill and Waller wanted job as Fed Chair) GDP & Federal Budget — Economic growth remained strong in Q3 2025, with GDP rising at an annualized 4.4% driven by strong spending, higher exports, and reduced imports due to tariffs. — Investment was mixed, with business spending increasing while housing activity declined. — The federal deficit for December rose to $145 billion, though the fiscal year-to-date deficit is slightly smaller than last year. Inflation & Consumer Spending — Personal income and consumer spending rose moderately in October and November. — Inflation, measured by the PCE index, increased 0.2% in both months and roughly 2.7% year-over-year. — The Consumer Price Index rose 0.3% in December, with shelter, food, and energy all contributing. — Producer prices also increased, though 2025 producer inflation slowed compared to 2024. Housing — Existing home sales rose in December, but the number of homes for sale is still low. — Prices dipped a bit from November but remain higher than they were a year ago. — New-home sales in October were steady compared with the prior month but much higher than last year. — New-home prices fell compared to 2024, though they are still high relative to long-term norms. Manufacturing — Industrial production rose 0.4% in December and was up 2.0% for the year. — Manufacturing output increased, while mining activity declined and utility output jumped. — Durable goods orders grew sharply in November, driven by a big increase in transportation equipment, pointing to strong demand in key industries. Imports & Exports — Import and export prices rose slightly through November 2025. — The goods trade deficit widened in November because exports fell while imports increased. — For the year so far, both exports and imports are running above 2024 levels, though the overall trade deficit remains larger. Consumer Confidence — Consumer confidence fell sharply in January after improving in December. — Both views of current conditions and expectations for the future weakened, with expectations dropping well below the level that often signals recession risk. Earnings — Roughly one-third of S&P 500 companies have reported Q4 earnings, and overall results are strong. — 75% of companies have beaten EPS estimates, though this is slightly below long-term averages. Revenue beats remain solid at 65%. — Companies are reporting earnings 9.1% above estimates, which is well above the 5-and 10-year surprise averages. — The S&P 500 is on track for 11.9% year-over-year earnings growth, marking the 5th straight quarter of double-digit earnings growth. — Eight of eleven sectors are showing positive year-over-year earnings growth, led by Information Technology, Industrials, and Communication Services. — The Health Care sector shows the largest earnings declines among lagging categories. — The forward 12-month P/E ratio sits at ~22.2, elevated relative to 5-and 10-year averages, signaling continued optimism despite tariff and cost concerns. — FactSet also notes the S&P 500 is reporting a record-high net profit margin of 13.2%, the highest since 2009. INTERACTIVE BROKERS Check this out and find out more at: http://www.interactivebrokers.com/   S3XY No More - Tesla is ending production of the Model S sedan and Model X crossover by the end of Q2 2026 to focus on autonomous technology and humanoid robots (Optimus). - Do we have any idea with the TAM for either of these are? - Huge assumptions that Robotaxi will be a bug part of the global transportation. But, what if it isn't? - Unproven being built, taking out the proven - investors were not too happy about this...Stock was down after earnings showed continued sluggish EV sales and BIG Capex for Robotaxi refit, robots and chip manufacturing. But... - Friday - not to allow TESLA stock to move down tooo much. - With SpaceEx looking for an IPO in June - valuations have moved from $800B to 1.5T supposedly. - Now there is discussion of merging in xAI and possibly Tesla - Tesla shares dropped after earnings FED CHAIR PICK - Drumroll: Kevin Warsh - Seems like a good pick from the aspect of experience and ability - Deficit reducer? - More hawkish than market expected? - Announce Friday after several leaks in the morning And then... - Silver futures plummeted 31.4% to settle at $78.53, marking its worst day since March 1980. -It was down 35% during the day - the worst daily plunge ever on record. - It was the worst decline since the March 1980 Hunt Brothers crash. - The sharp moves down were initially triggered by reports of Warsh's nomination. - However, they gained steam in afternoon U.S. trading as investors who piled into the metals raced to book profits.- USD Spiked higher - Gold was down 10% - GOLD saw a drop of 10% to the close - 12% intraday - this was also a record - Bitcoin is down 25% from its recent level 2 weeks ago - ALL BEING BLAMED ON THE FED CHAIR PICK -- QUESTION - Will Trump back-peddle this OR talk to supporters in congress or tell them not to confirm him if markets continue to act squirrely? Fed Statement and Rates - Fed out with statement - no change on rates - Changes: Inflation up, employment steady, economy strong - Does not bode for much in the way of cuts - probably on hold though end of Powell term Apple Earnings - Apple reported blowout first-quarter earnings on Thursday, and predicted growth of as much as 16% in the current quarter, matching the period that just ended. - Sales could be even better, Apple said, if the company just secure enough chips to meet its customers' iPhone demands. - The company reported $42.1 billion in net income, or $2.84 per share, versus $36.33 billion, or $2.40 per share, in the year-ago period. - Apple saw particularly strong results in China, including Taiwan and Hong Kong. Sales in the region surged 38% during the quarter to $25.53 billion. - “The constraints that we have are driven by the availability of the advanced nodes that our SoCs are produced on, and at this time, we're seeing less flexibility in supply chain than normal,” Apple CEO Tim Cook said. - Stock up slightly - no great moves.... Blue Origin - Blue Origin will pause tourist flights to space for “no less than two years” to prioritize development of its moon lander and other lunar technologies. - The decision reflects Blue Origin's commitment to the nation's goal of returning to the Moon and establishing a permanent, sustained lunar presence. - The pause in tourist flights grounds the company's reusable New Shepard rocket, which has sent more than 90 people to the edge of space and back to experience brief periods of weightlessness. - Datacenters on the Moon? (sounds like a Pink Floyd album)     Love the Show? Then how about a Donation? ANNOUNCING THE WINNER OF THE THE CLOSEST TO THE PIN CUP 2025 Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!     FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter

Join Tommy Shaughnessy as he speaks with Logan, Managing Partner of Frictionless Capital, about the high-stakes race to build a global blockchain-based financial system. Logan shares his updated thesis on why monolithic, high-throughput architectures like Solana are winning the battle for real revenue and trading dominance over modular designs.They dive deep into the "Global Exchange" vision, the physics of time-to-inclusion, and how innovations like Proprietary AMMs (PropAMMs) are redefining market making. Logan also explores the broader implications of AI, from the compounding power of Grok to the societal impact of a robot-led workforce.

Mongolia's outfits for the Opening Ceremonies, Drake's gets PE'd, when you like olive oil too much, Howlin' x Engineered Garments, Barrett's sweatpants answers for Will's sweatpants questions, a condom vinyl, Sydney Sweeney's botched SYRN launch, the most expensive bottle of whiskey sold at auction, Paris FW vs. ski trip, Babygirl Beatles, a full Traitors recap, and more.Subscribe to the newsletter: retailpod.substack.com willdefries.substack.com Shop the Sunday Scaries Scented Candles: www.vellabox.com/sundayscariesWatch all Retail Therapy episodes on YouTube: www.youtube.com/sundayscariespodcastSupport This Week's SponsorsShopify: www.shopify.com/scaries ($1/month trial!)Lola Blankets: www.lolablankets.com (RETAILPOD for 40% off order)Follow AlongRetail Therapy on Instagram: www.instagram.com/retail.podWill deFries on Twitter: www.twitter.com/willdefriesWill deFries on Instagram: www.instagram.com/willdefries Barrett Dudley on Twitter: www.twitter.com/barrettdudleyBarrett Dudley on Instagram: www.instagram.com/barrettdudleySunday Scaries on Twitter: www.twitter.com/sundayscariesSunday Scaries on Instagram: www.instagram.com/sunday.scaries

Jeff Abraham, CEO of Promescent called in to talk all about premature ejaculation, maximizing pleasure in the bedroom and more. Tune in to hear him discuss how and why guys are embarrassed by premature ejaculation and why they shouldn't be, the physical reasons for PE vs the mental ones, how long it takes the average male and female to have an orgasm and the gap that exists between the two, the “layering effect” that can happen due to lack of communication about the orgasm gap, how many guys have chronic PE vs. acute PE, the typical age premature ejaculation can show up for a guy, how Promescent delay spray works without transferring to a partner and how and why that's the sole differentiator from other sprays out there, why guys should be honest about using delay spray and how they can bring it up to their partner, the delay wipes vs the delay spray and who they are both made for, how many men actually suffer from premature ejaculation and how some men have actually wired themselves into it, their newest supplement that helps both men and women in the bedroom, how and why guys are masturbating more now then ever, the Go Solo product they created that guys can can use while masturbating plus a whole lot more. GET A COPY OF THE STRICTLY ANONYMOUS BOOK! Strictly Anonymous Confessions: Secret Sex Lives of Total Strangers. A bunch of short, super sexy, TRUE stories. GET YOUR COPY HERE: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://amzn.to/4i7hBCd⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ To see HOT pics of my female guests + hear anonymous confessions + get all the episodes early and AD FREE, join my Patreon! It's only $7 a month and you can cancel at any time. You can sign up here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.patreon.com/StrictlyAnonymousPodcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and when you join, I'll throw in a complimentary link to my private Discord! To join SDC and get a FREE Trial! click here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.sdc.com/?ref=37712⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ or go to SDC.com and use my code 37712   Want to be on the show? Email me at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠strictlyanonymouspodcast@gmail.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ or go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://www.strictlyanonymouspodcast.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and click on "Be on the Show." Want to confess while remaining anonymous? Call the CONFESSIONS hotline at 347-420-3579. All voices are changed.   Sponsors: ⁠https://www.promescent.com/STRICTLY15⁠ For 15% off Promescent's Delay Spray ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bluechew.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ — Get 10% OFF your first month of Bluechew GOLD! Use code: STRICTLYANON⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠https://butterwellness.com⁠⁠ Get the Butter massager and get 20% off your whole order ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.quince.com/strictlyanon⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ — For premium quality Quince clothing plus FREE shipping and 365 day returns ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://vb.health⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ — To get 10% off DRIVE BOOST by VB Health use code: STRICTLY ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PikaVibe.com/Strictly⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ — Click to get $15 OFF your purchase Follow me! Instagram  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.instagram.com/strictanonymous/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ X  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/strictanonymous?lang=en⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Website  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://www.strictlyanonymouspodcast.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Everything else: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://linktr.ee/Strictlyanonymouspodcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

How do you scale fast without letting the business consume your life? In this episode, Cam and Otis sit down with Josh Davis—a 5x founder, turnaround expert, and one of Canada's Top 40 Under 40—who built one of the country's fastest-growing logistics companies and sold it to a major North American transportation firm just three years after launch.Josh gets real about the tradeoffs of rapid growth. Early on, “revenue will solve most problems” was the mantra—but he also shares what he'd do differently to avoid becoming the bottleneck, protect family time, and build teams that decide and act without him. He explains why exit planning isn't just “sell the company,” how to think about life after a deal (“the PE email shuts off—and then what?”), And why true success is a business that serves your life.You'll learn:-How to scale underperforming companies with clarity and operational excellence-Practical ways to get out of the weeds and stop being the bottleneck-Preparing for exit while keeping options open (you don't have to sell to “exit”)-People-first leadership that drives performance and cultureIf you're growing, turning around, or prepping a company for exit, this is a playbook you can actually use.More About Josh:Josh Davis is a 5x founder, business acquirer, and turnaround expert with multiple exits—including to a U.S. private equity–backed firm. Known for scaling underperforming companies fast, Josh blends grit, faith, and operational excellence to help founders grow with clarity and purpose. As Co-Founder and CEO, he built one of Canada's fastest-growing logistics startups—scaling it from the ground up before it was acquired by one of North America's largest transportation companies just three years after launch. Today, he runs JL Davis Enterprises alongside his wife Loretta, acquiring businesses and consulting founders on how to scale, build high-performance teams, and prepare for exit. Grounded in faith and family values, Josh brings a no-fluff, people-first approach to business. He's been named one of Canada's Top 40 Under 40—and believes true success means building a business that serves your life, not the other way around.#10xyourteam #BusinessScaling #FounderLife #LeadershipDevelopment #ExitPlanning #PeopleFirstLeadership #OperationalExcellence #BuildToSell #EntrepreneurMindset #WorkLifeIntegration #HighPerformanceTeamsChapter Times and Titles:[00:00] From Grit to Growth: Josh's 3‑Year Scale-to-Acquisition StoryCanada logistics startup journey: faith, family, and early tradeoffs[05:30] Revenue Solves Problems… Until It Doesn'tThe early “just sell more” mindset and where it breaks[12:10] Stop Being the BottleneckGetting out of the weeds; empowering decisions; building operators[19:45] Balancing Life and ScaleWhat Josh would do differently to protect the family without slowing growth[28:20] Turnarounds with a People-First LensScaling underperformers fast; culture and high-performance teams[36:05] Rethinking “Exit.”Why exit ≠ sell; buying back time, optionality, and freedom[41:30] After the Deal: Now What?The day the PE email turns off, planning your next chapter on purpose[49:15] Preparing to Be Bought, Not SoldClarity, metrics, and systems buyers actually value[56:30] Final Lessons and How to ConnectPurpose-driven leadership: building a business that serves your lifeConnect with Josh Davis here:https://www.instagram.com/scalingwithjoshdavis/https://www.linkedin.com/in/scaling-with-josh-davis/https://www.linkedin.com/newsletters/7336101101240229891/https://talentharbourgroup.com/     https://jldavisenterprises.com/

Original Release Date: January 16, 2026Our Head of Research Product in Europe Paul Walsh and Chief European Equity Strategist Marina Zavolock break down the main themes for European stocks this year. Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's Head of Research Product here in Europe.Marina Zavolock: And I'm Marina Zavolock, Chief European Equity Strategist.Paul Walsh: Today, we are here to talk about the big debates for European equities moving into 2026.It's Friday, January the 16th at 8am in London.Marina, it's great to have you on Thoughts on the Market. I think we've got a fascinating year ahead of us, and there are plenty of big debates to be exploring here in Europe. But let's kick it off with the, sort of, obvious comparison to the U.S.How are you thinking about European equities versus the U.S. right now? When we cast our eyes back to last year, we had this surprising outperformance. Could that repeat?Marina Zavolock: Yeah, the biggest debate of all Paul, that's what you start with. So, actually it's not just last year. If you look since U.S. elections, I think it would surprise most people to know that if you compare in constant currency terms; so if you look in dollar terms or if you look in Euro terms, European equities have outperformed U.S. equities since US elections. I don't think that's something that a lot of people really think about as a fact.And something very interesting has happened at the start of this year. And let me set the scene before I tell you what that is.In the last 10 years, European equities have been in this constantly widening discount range versus the U.S. on valuation. So next one's P/E there's been, you know, we have tactical rallies from time to time; but in the last 10 years, they've always been tactical. But we're in this downward structural range where their discount just keeps going wider and wider and wider. And what's happened on December 31st is that for the first time in 10 years, European equities have broken the top of that discount range now consistently since December 31st. I've lost count of how many trading days that is. So about two weeks, we've broken the top of that discount range. And when you look at long-term history, that's happened a number of times before. And every time that happens, you start to go into an upward range.So, the discount is narrowing and narrowing; not in a straight line, in a range. But the discount narrows over time. The last couple of times that's happened, in the last 20 years, over time you narrow all the way to single digit discount rather than what we have right now in like-for-like terms of 23 percent.Paul Walsh: Yeah, so there's a significant discount. Now, obviously it's great that we are seeing increased inflows into European equities. So far this year, the performance at an index level has been pretty robust. We've just talked about the relative positioning of Europe versus the U.S.; and the perhaps not widely understood local currency outperformance of Europe versus the U.S. last year. But do you think this is a phenomenon that's sustainable? Or are we looking at, sort of, purely a Q1 phenomenon?Marina Zavolock: Yeah, it's a really good question and you make a good point on flows, which I forgot to mention. Which is that, last year in [Q1] we saw this really big diversification flow theme where investors were looking to reduce exposure in the U.S., add exposure to Europe – for a number of reasons that I won't go into.And we're seeing deja vu with that now, mostly on the – not really reducing that much in U.S., but more so, diversifying into Europe. And the feedback I get when speaking to investors is that the U.S. is so big, so concentrated and there's this trend of broadening in the U.S. that's happening; and that broadening is impacting Europe as well.Because if you're thinking about, ‘Okay, what do I invest in outside of seven stocks in the U.S.?' You're also thinking about, ‘Okay, but Europe has discounts and maybe I should look at those European companies as well.' That's exactly what's happening. So, diversification flows are sharply going up, in the last month or two in European equities coming into this year.And it's a very good question of whether this is just a [Q1] phenomenon. [Be]cause that's exactly what it was last year. I still struggle to see European equities outperforming the U.S. over the course of the full year because we're going to come into earnings now.We have much lower earnings growth at a headline level than the U.S. I have 4 percent earnings growth forecast. That's driven by some specific sectors. It's, you know, you have pockets of very high growth. But still at a headline level, we have 4 percent earnings growth on our base case. Consensus is too high in our view. And our U.S. equity strategists, they have 17 percent earnings growth, so we can't compete.Paul Walsh That's a very stark difference.Marina Zavolock: Yeah, we cannot compete with that. But what I will say is that historically when you've had these breakouts, you don't get out performance really. But what you get is a much narrower gap in performance. And I also think if you pick the right pockets within Europe, then you could; you can get out performance.Paul Walsh: So, something you and I talked about a lot in 2025, is the bull case for Europe. There are a number of themes and secular dynamics that could play out, frankly, to the benefits of Europe, and there are a number of them. I wondered if you could highlight the ones that you think are most important in terms of the bull case for Europe.Marina Zavolock: I think the most important one is AI adoption. We and our team, we have been able to quantify this. So, when we take our global AI mapping and we look at leading AI adopters in Europe, which is about a quarter of the index, they are showing very strong earnings and returns outperformance. Not just versus the European index, but versus their respective sectors. And versus their respective sectors, that gap of earnings outperformance is growing and becoming more meaningful every time that we update our own chart.To the point that I think at this rate, by the second half of this year, it's going to grow to a point that it's more difficult for investors to ignore. That group of stocks, first of all, they trade again at a big discount to U.S. equivalent – 27 percent discount. Also, if you see adoption broadening overall, and we start to go into the phase of the AI cycle where adopters are, you know, are being sought after and are seen as in the front line of beneficiaries of AI. It's important to remember Europe; the European index because we don't have a lot of enablers in our index. It is very skewed to AI adopters. And then we also have a lot of low hanging fruit given productivity demographic challenges that AI can help to address. So that's the biggest one.Paul Walsh: Understood.Marina Zavolock: And the one I've spent most time on. But let me quickly mention a few others. M&A, we're seeing it rising in Europe, almost as sharply as we're seeing in the U.S. Again, I think there's low hanging fruit there. We're seeing easing competition commission rules, which has been an ongoing thing, but you know, that comes after decade of not seeing that. We're seeing corporate re-leveraging off of lows. Both of these things are still very far from cycle peaks. And we're seeing structural drivers, which for example, savings and investment union, which is multifaceted. I won't get into it. But that could really present a bull case.Paul Walsh: Yeah. And that could include pensions reform across Europe, particularly in Germany, deeper capital…Marina Zavolock: We're starting to see it.Paul Walsh: And in Europe as well, yeah. And so just going back to the base case, what are you advocating to clients in terms of what do we buy here in Europe, given the backdrop that you've framed?Marina Zavolock: Within Europe, I get asked a lot whether investors should be investing in cyclicals or value. Last year value really worked, or quality – maybe they will return. I think it's not really about any of those things. I think, similar to prior years, what we're going to see is stock level dispersion continuing to rise. That's what we keep seeing every month, every quarter, every year – for the last couple of years, we're seeing dispersion rising.Again, we're still far from where we normally get to, when we get to cycle peaks. So, Europe is really about stock picking. And the best way that we have at Morgan Stanley to capture this alpha under the surface of the European index. And the growth that we have under the surface of the index, is our analyst top picks – which are showing fairly consistent outperformance, not just versus the European index, but also versus the S&P. And since inception of top picks in 2021, European top picks have outperformed the S&P free float market cap weighted by over 90 percentage points. And they've outperformed, the S&P – this is pre-trade – by 17 percentage points in the last year. And whatever period we slice, we're seeing out performance.As far as sectors, key sectors, Banks is at the very top of our model. It's the first sector that non-dedicated investors ask me about. I think the investment case there is very compelling. Defense, we really like structurally with the rearmament theme in Europe, but it's also helpful that we're in this seasonal phase where defense tends to really outperform between; and have outsized returns between January and April. And then we like the powering AI thematic, and we are getting a lot of incoming on the powering AI thematic in Europe. We upgraded utilities recently.Paul, maybe if I ask you a question, one sector that I've missed out on, in our data-driven sector model, is the semis. But you've worked a lot with our semi's team who are quite constructive. Can you tell us about the investment case there?Paul Walsh: Yeah, they're quite constructive, but I would say there's nuance within the context of the sector. I think what they really like is the semi cap space, which they think is really well underpinned by a robust, global outlook for wafer fab equipment spend, which we see growing double digits globally in both 2026 and 2027.And I think within that, in particular, the outlook for memory. You have something of a memory supercycle going on at the moment. And the outlook for memory is especially encouraging. And it's a market where we see it as being increasingly capacity constrained with an unusually long order book visibility today, driven really by AI inference. So strong thematic overlay there as well.And maybe I would highlight one other key area of growth longer term for the space, which is set to come from the proliferation of humanoid robots. That's a key theme for us in 2025. And of course, we'll continue to be so, in the years to come. And we are modeling a global Humanoids Semicon TAM of over $300 billion by 2045, with key pillars of opportunity for the semi names to be able to capitalize on. So, I think those are two areas where, in particular, the team have seen some great opportunities.Now bringing it back to the other side of the equation, Marina, which sectors would you be avoiding, within the context of your model?Marina Zavolock: There's a collection of sectors and they, for the most part, are the culprits for the low growth that we have in Europe. So simply avoiding these could be very helpful from a growth perspective, to add to that multiple expansion. These are at the bottom of our data driven, sector models. So, these are Autos, Chemicals, Luxury Transport, Food and Beverage.Most of these are old economy cyclicals. Many of these sectors have high China/old economy exposure – as well where we're not seeing really a demand pickup. And then lastly, a number of these sectors are facing ever rising China competition.Paul Walsh: And I think, when we weigh up the skew of your views according to your model, I think it brings it back to the original big debate around cyclicals versus defensives. And your conclusion that actually it's much more complicated than that.Marina, thanks for taking the time to talk.Marina Zavolock: Great to speak with you Paul.Paul Walsh: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

¡¡NUEVO PODCAST!!-Para hablar de la salud de nosotras las mujeres, escucha al gineco-oncólogo Santos Regino Uscanga Sánchez.-Disfrutaremos de la bohemia de "3 de Copas", Jaime Flores y Luis Carlos Monroy-Lo mejor de la Cartelera Cinematográfica con José Antonio Valdés Peña.-La politóloga Gloria Álvarez presenta su libro: "Cómo defender la libertad y no s*icid*rte en el intento"

The Ally Method™ makes EBITDA the symptom of strong customer systems. Marcus helps PE firms, portfolio operators, and growth leaders stop pipeline theatre, root out revenue leaks, and build growth that compounds. His tools show where renewals are slipping, where expansion is waiting, and how to turn loyalty into advocacy. Backed by behavioural science and real-world sprint-based practice, Marcus helps teams prove impact quickly, reduce churn, and scale renewal-driven revenue with repeatability.Connect with Marcus here:https://www.linkedin.com/in/marcuscauchi/

We always have a good time with a Q&A episode, so why should this one be any different? The only thing missing is your question, so be sure to submit it soon! Meanwhile, let's tread into the territory of what to do when our expectations for how a child would be is not the same as the child you are parenting, keeping ADHD kids focused for homeschool, and how should you "teach" music to your children? Grab a hot cup of cocoa, listen in, and then let me know what you think! ♥ Leigh     ASK YOUR QUESTION TO BE ANSWERED ON THE PODCAST: https://bit.ly/homeschoolquestion   DESIGN YOUR FAMILY'S UNIQUE HOMESCHOOL THAT YOU'LL LOVE! https://littlebylittlehomeschool.com/blueprint   CREATE YOUR HOMESCHOOL FAMILY'S HOME TASK SYSTEM https://www.littlebylittlehomeschool.com/tidyhome    GET EXCLUSIVE MENTORSHIP WITH LEIGH https://littlebylittlehomeschool.com/mentorship   SIMPLIFY YOUR MEAL PLANNING https://littlebylittlehomeschool.com/meal     Website -  https://www.littlebylittlehomeschool.com Newsletter -  https://littlebylittlehomeschool.myflodesk.com/subscribe Community - https://www.facebook.com/groups/homeschoollifestylecommunity Instagram - https://www.instagram.com/littlebylittlehomeschool/ Facebook - https://www.facebook.com/littlebylittlehomeschool/     Listen to these related episodes: 185. How to Help Your Homeschool Children Discover Their Gifts, Talents, & Abilities and Why This is Important For Their Future    302. If You Do Nothing Else In Your Homeschool Today: Focus On Character Training    6. What Is Considered Enough for Homeschooling Extra Subjects: Art, Music, PE? What Should I Be Doing?   

In this episode of Tank Talks, Matt Cohen and John Ruffolo unpack the ripple effects of Y Combinator's decision to exclude Canadian startups from their investment portfolio unless they're incorporated in the U.S. or other tax-friendly jurisdictions. This move has sent shockwaves through the Canadian tech ecosystem, and Matt and John break down exactly why this matters for founders and investors alike.The conversation explores the myth of U.S. incorporation being the golden ticket for capital-raising and the rise of a narrative that Canadian entrepreneurs must leave their home country to achieve success. Matt and John challenge this narrative head-on, providing deep insights into why Canadian tech companies can still thrive domestically and refuting the data that YC used to justify their decision.Y Combinator Shakes Up Canadian Startups (01:09)YC has revised its investment criteria to exclude Canadian companies unless they're incorporated in the U.S. or certain tax havens. The duo debates the implications of this shift and how it impacts Canadian founders who are now questioning their incorporation choices.The False Narrative of U.S. Incorporation (03:09)John breaks down the myth that U.S.-incorporated companies raise more capital than their Canadian counterparts, calling out misleading data points used by YC's Garry Tan to justify the shift. The conversation digs into why this narrative is misleading and what Canadian entrepreneurs can do to counter it.Why YC's Data Doesn't Tell the Full Story (05:35)John explains how some of Canada's most successful tech companies didn't follow the YC path and still thrived, refuting the idea that incorporation in the U.S. is always the best move for Canadian startups.The Ripple Effect on Early-Stage Founders (06:25)The discussion turns to the younger generation of founders who now believe they must incorporate in the U.S. to succeed, potentially setting them up for unnecessary challenges.The Shift from PE to VC: Innovator's Dilemma (14:07)Matt and John shift gears to discuss private equity's struggle with legacy enterprise software companies in the wake of AI disruption. They explore how PE firms are transforming into venture funds to keep up with market changes, creating a new kind of investment landscape.The AI Crisis for Private Equity (15:10)As AI-native startups disrupt traditional software models, private equity firms face extended hold periods on their investments. Matt and John explore how firms like Thoma Bravo are adjusting their strategies to deal with these changes.CGI Partners with OpenAI: The Changing Consulting Landscape (18:54)The episode wraps up with a discussion on CGI's new global alliance with OpenAI. This partnership marks a major shift in the IT consulting world, with CGI aiming to integrate AI at scale. Matt and John speculate on the future of AI in enterprise consulting and what this means for legacy players like CGI.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Tesla (TSLA) beat earnings and showed dedication in ramping up robotaxi and robotics. However, it will pull back on EVs by discontinuing its S and X models. Steve Westly believes the Mag 7 company is driving down a dark road, pointing to steeping competition in the U.S. and abroad. He poses the question to Tesla: "how do you keep that huge P/E ratio up" with headwinds ahead? CFRA's Garrett Nelson adds the conversation by explaining how the "disconnect" in share price to earnings growth can come back to bite shareholders. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Allen visits the Faskally Safety Leadership Centre with Mark Patterson, Director of Safety, Health, and Environment at SSE, and Dermot Kerrigan, Director and Co-Founder of Active Training Team. They discuss how SSE has put over 9,000 employees and 2,000 contract partners through ATT’s innovative training program, which uses actors and realistic scenarios to create lasting behavioral change across the entire workforce chain, from executives to technicians. Reach out to SSE and ATT to learn more! Sign up now for Uptime Tech News, our weekly newsletter on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard’s StrikeTape Wind Turbine LPS retrofit. Follow the show on YouTube, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary’s “Engineering with Rosie” YouTube channel here. Have a question we can answer on the show? Email us! Welcome to Uptime Spotlight, shining Light on Wind. Energy’s brightest innovators. This is the Progress Powering tomorrow. Allen Hall: Mark and Turnt. Welcome to the show. Thank you.  Mark Patterson: Thank you.  Allen Hall: We’re in Scotland, present Scotland and per Scotland, which is a place most people probably haven’t ventured to in the United States, but it is quite lovely, although chilly and rainy. It’s Scotland. We’re in December. Uh, and we’re here to take a look at the SSE Training Center. And the remarkable things that active training team is doing here, because we had seen this in Boston in a smaller format, uh, about a year ago almost now.  Dermot Kerrigan: Just Yeah,  Allen Hall: yeah. Six months  Dermot Kerrigan: ago.  Allen Hall: Yeah. Yeah. It hasn’t been that long ago. Uh, but IC was on me to say, you gotta come over. You gotta come over. You gotta see the, the whole, uh, environment where we put you into the police room and some of the things we wanna talk about, uh, because it, [00:01:00] it does play different. And you’re right, it does play different. It is very impactful. And it, and maybe we should start off first of Mark, you’re the head of basically health and safety and environment for SSE here in Perth. This is a remarkable facility. It is unlike anything I have seen in the States by far. And SSE has made the commitment to do this sort of training for. Everybody in your employment and outside of your employment, even contractors.  Mark Patterson: We have been looking at some quite basic things in safety as everybody does. And there’s a fundamental thing we want to do is get everybody home safe. And uh, it’s easier said than done because you’ve gotta get it right for every single task, every single day. And that’s a massive challenge. And we have like 15,000. 15,000 people in SSE, we probably work with about 50,000 contract [00:02:00] partners and we’re heavily dependent, uh, on get our contract partners to get our activities done. And they’re crucial.  Speaker: Mm-hmm.  Mark Patterson: And in that it’s one community and we need to make sure everybody there gets home safe. And that’s what drove us to think about adding more rules isn’t gonna do it. Um, you need to give people that sense of a feeling, uh, when a really serious sense of cars and then equip them with tools to, to deal with it. So. We’ve all probably seen training that gives that sense of doom and dread when something goes badly wrong, but actually that needs to be. Coupled with something which is quite powerful, is what are the tools that help people have the conversations that gets everybody home safe. So kind of trying to do two things.  Allen Hall: Well, SSC is involved in a number of large projects. You have three offshore wind farms, about a more than a thousand turbines right now. Wind turbines onshore, offshore, and those offshore projects are not easy. There’s a lot of complexity to them.  Mark Patterson: Absolutely. So look, I I think [00:03:00] that’s, that’s something that. You’ve gotta partner with the right people. If you wanna be successful, you need to make it easy for people to do the right thing. Yeah, as best you possibly can. You need to partner with the right people, and you need to get people that you need to have a sense that you need to keep checking that as you’re growing your business. The chinks in your armor don’t grow too. But fundamentally there’s something else, which is a sense of community. When people come together to, to do a task, there is a sense of community and people work, put a lot of discretionary effort into to get, uh, big projects done. And in that, um, it’s a sense of community and you wanna make sure everybody there gets home safe to their friends and family. ’cause if we’re all being honest about it, you know, SSE is a brilliant company. What we do is absolutely worth doing. I love SC. But I love my family a fair amount more. And if you bought into that, you probably bought into the strategy that we’re trying to adopt in terms of safety. Uh, it’s really simple messaging. Um,  Allen Hall: yeah. That, that is very clear. Yeah. And it should be [00:04:00]well communicated outside of SSEI hope because it is a tremendous, uh, value to SSE to do that. And I’m sure the employees appreciate it because you have a culture of safety. What. Trigger that. How long ago was that trigger? Is this, this is not something you thought up yesterday for sure.  Mark Patterson: No, look, this, the, the, what we’ve done in the immersive training center, um, really reinforces a lot of things that we’ve had in place for a while, and it, it takes it to the, the next level. So we’ve been working probably more than 10 years, but, uh, certainly the. Seven years we’ve been talking very much about our safety family, that’s the community and SSE with our contract partners and what we need to do. And part of that is really clear language about getting people home safe. Uh, a sense that you’ve, everybody in it that works with us has a safety license. And that license is, if it’s not safe, we don’t do it. It’s not a rural based thing. It’s how we roll. It’s part of the culture. We’d, we, uh, have a culture where, and certainly trying to instill for everybody a culture. Where [00:05:00] they’ve got that license. If, if they think something’s not right, we’ll stop the job and get it right. And even if they’re wrong, we’ll still listen to them because ultimately we need to work our way through, right? So we’ve been, we’ve thought hard about the language we wanted to use to reinforce that. So the importance of plan, scan and adapt. So planning our work well, thinking through what we need to do. Not just stopping there though, keeping scanning for what could go wrong. That sense that you can’t remember everything. So you need to have immediate corrective actions and that immediate sort of see it, sort of report it. If you see something that isn’t right, do something about it. And that sense of community caring for the community that you work with. And those are the essence of our, our language on safety and the immersive training. Uh, is not trying to shove that language down everybody’s throats again, particularly our contract partners, but it’s, it’s helping people see some really clear things. One is if a [00:06:00] really serious incident occurs at what, what it feels like here. And I’ve spent a lot of time in various industries and people are different when they’ve been on a site or involved when there’s been a really serious incident and you need to do something to. Get that sense of a feeling of what it feels like and actually make people feel slightly uncomfortable in the process. ’cause that’s part of it,  Allen Hall: right? Yes.  Mark Patterson: Because you know,  Allen Hall: you remember that.  Mark Patterson: You remember that. Yeah. We’ve had, you know, we’ve had people say, well, I felt very uncomfortable in that bit of the training. It was okay. But was, I felt very uncomfortable. And you know, we’ve talked about that a lot.  Allen Hall: Yeah.  Mark Patterson: We know you kinda should because if there’s something wrong with you, if you don’t feel uncomfortable about that. But what’s super powerful on the guys in at TT do brilliantly. Is have facilitators that allow you to have that conversation and understand what do you need to do differently? How do you influence somebody who’s more senior? How do you, how do you bring people with you so that they’re gonna [00:07:00] do what you want ’em to do after you’ve left the building? And. Just pointing the finger at people and shouting at them. Never does that. Right? Uh, rarely does that. You’ve gotta get that sense of how do you get people to have a common belief? And,  Allen Hall: and I think that’s important in the way that SSE addresses that, is that you’re not just addressing technicians, it’s the whole chain. It’s everybody is involved in this action. And you can break the link anywhere in there. I wanna get through the description of why that. Process went through ATTs head to go. We need to broaden the scope a little bit. We need to think about the full chain from the lowest entry worker just getting started to the career senior executive. Why chain them all together? Why put them in the same room together? Yeah. Why do you do that?  Dermot Kerrigan: Well, behavioral safety or behavioral base safety kind of got a bad rep because it was all about. If we could just [00:08:00] make those guys at the front line behave themselves,  Allen Hall: then everything’s fine,  Dermot Kerrigan: then everything’s fine.  Allen Hall: Yes.  Dermot Kerrigan: But actually that’s kind of a, the wrong way of thinking. It didn’t work. I, I think,  Allen Hall: yeah, it didn’t work.  Dermot Kerrigan: What the mess, the central message we’re trying to get across is that actually operational safety is not just the business of operational people. It’s everybody’s business.  Allen Hall: Right.  Dermot Kerrigan: You know? Um, and. Yeah, everybody has a role to p play in that, you know? Right. So site based teams, back office support functions, everybody has a role to play. And, you know, there’s a strand in, in this scenario where, uh, an incident takes place because people haven’t been issued with the right piece of equipment. Which is a lifting cage.  Allen Hall: Yes.  Dermot Kerrigan: And there’s a whole story about that, which goes through a procurement decision made somewhere where somebody hit a computer and a computer said no because they’d asked for too many lifting cages when they, somebody could have said, you’ve asked for five lifting cages, it’s takes you over the procurement cap. Would four do it? [00:09:00] Yes, that would be fine. That would be fine. Yeah. As it is, they come to a crucial piece of operation. This incr this, you know, this crucial piece of kit simply isn’t there. So in order to hit the deadline and try and make people happy, two ordinary guys, two technicians, put two and two together, make five, and, and one of them gets killed, you know? Yeah. So it’s, we’re, we’re trying to show that, that this isn’t just operational people. It’s everybody’s business.  Mark Patterson: Well, that’s why we worked with you in this, because, um, we saw. Why you got it in terms of that chain? Um, so in, in the scenario, it’s very clear there’s a senior exec talking to the client and actually as SSE. We’re sometimes that client, we’ve got big principal contractors that are doing our big construction activities. We’ve got a lot in renewables and onshore and offshore wind obviously, but, and the transmission business and in thermal, so, uh, and distribution. So I’ll list all our businesses and including customer’s business, but we’ve got some big project activities where we’re the client sometime we’re the principal contractor [00:10:00] ourselves. And we need to recognize that in each chain, each link in that chain, there’s a risk that we say the wrong thing, put the wrong pressure on. And I think what’s really helpful is we have in the center that sort of philosophy here that we get everybody in together mixed up. Probably at least half of our board have done this. Our executive team have all done this. Um, people are committed to it at that level, and they’re here like everybody else sitting, waiting for this thing to start. Not being quite sure what they’re gonna go through in the day. Um, and it’s actually really important you’ve got a chief exec sitting with somebody who’s, um, a scaffolder. That’s really important. ’cause the scaffolder is probably the more likely person to get hurt rather than chief exec. So actually everybody seeing what it’s like and the pressures that are under at each level is really important.  Allen Hall: SSC is such a good example for the industry. I watched you from outside in America for a long time and you just watch the things that happened. [00:11:00] Here you go. Wow. Okay. SSC is organized. They know what they’re doing, they understand what the project is, they’re going about it. Mm-hmm. Nothing is perfect, but I, I think when we watch from the United States, we see, oh, there’s order to it. There’s a reason they’re doing these things. They’re, they’re measuring what is happening. And I think that’s one of the things about at t is the results. Have been remarkable, not just here, but in several different sites, because a TT touches a lot of massive infrastructure projects in the uk and the success rate has been tremendous. Remember? You wanna just briefly talk about that?  Dermot Kerrigan: Yeah. But we, we run a number of centers. We also run mobile programs, which you got from having seen us in the States. Um, but the first, uh, center that we, we, we opened was, was called. Epic, which stood for Employers Project Induction Center, and that was the Thames Tideway Tunnel Project, which is now more or less finished. It’s completed. And that was a 10 year project, 5 billion pounds. Allen Hall: Wow.  Dermot Kerrigan: Um, [00:12:00] and you know, unfortunately the fact is on, on that kind of project, you would normally expect to hurt a number of people, sometimes fatally. That would be the expectation.  Allen Hall: Right. It’s a complicated  Dermot Kerrigan: project, statistic underground. So, you know, we, and, and of course Tide, we are very, very. Very pleased that, uh, in that 10 year span, they didn’t even have one, uh, serious life-changing injury, uh, let alone a fatality. Um, so you know that that’s, and I’m I’m not saying that what ATTs work, uh, what we do is, is, is, is directly responsible for that, but certainly Epic, they would say Tideway was the cornerstone for the safety practices, very good safety practices that they, they put out. Uh, on that project, again, as a cultural piece to do with great facilities, great leadership on the part of the, of the, of the executive teams, et cetera, and stability. It was the same ex executive team throughout that whole project, which is quite unusual.  Allen Hall: No.  Dermot Kerrigan: Yeah. [00:13:00] Um, so yeah, it, it, it seems to work, you know, uh, always in safety that the, the, the, the tricky thing is trying to prove something works because it hasn’t happened. You know?  Allen Hall: Right, right. Uh, prove the negative. Dermot Kerrigan: Yeah. Um,  Allen Hall: but in safety, that’s what you want to have happen. You, you do know, not want an outcome.  Dermot Kerrigan: No, absolutely not.  Allen Hall: No reports, nothing.  Dermot Kerrigan: No. So, you know, you have to give credit to, to organizations. Organizations like SSE. Oh, absolutely. And projects like Tideway and Sted, uh, on their horn projects. Who, who have gone down this, frankly, very left field, uh, route. We we’re, you know, it is only in the last 10 years that we’ve been doing this kind of thing, and it hasn’t, I mean, you know, Tideway certainly is now showing some results. Sure. But, you know, it’s, it’s, it, it wasn’t by any means a proven way of, of, of dealing with safety. So  Mark Patterson: I don’t think you could ever prove it. Dermot Kerrigan: No.  Mark Patterson: And actually there’s, there’s something [00:14:00]fundamentally of. It, it kind of puts a stamp on the culture that you want, either you talked about the projects in SSE, we’ve, we’ve done it for all of our operational activities, so we’ve had about 9,000 people through it for SSE and so far about 2000 contract partners. Um, we’re absolutely shifting our focus now. We’ve got probably 80% of our operational teams have been through this in each one of our businesses, and, uh, we. We probably are kind of closing the gaps at the moment, so I was in Ireland with. I here guys last week, um, doing a, a mobile session because logistically it was kind of hard to come to Perth or to one of the other centers, but we’re, we’re gradually getting up to that 80%, uh, for SSE colleagues and our focus is shifting a bit more to contract partners and making sure they get through. And look, they are super positive about this. Some of them have done that themselves and worked with a TT in the past, so they’re. Really keen to, to use the center that we have [00:15:00] here in Perth, uh, for their activities. So when, when they’re working with us, we kind of work together to, to make that happen. Um, but they can book that separately with you guys. Yeah. Uh, in, in the, uh, Fastly Center too.  Allen Hall: I think we should describe the room that we’re in right now and why this was built. This is one of three different scenes that, that each of the. Students will go through to put some realism to the scenario and the scenario, uh, a worker gets killed. This is that worker’s home? Dermot Kerrigan: Yeah. So each of the spaces that we have here that, that they denote antecedents or consequences, and this is very much consequences. Um, so the, the, the participants will be shown in here, uh, as they go around the center, uh, and there’s a scene that takes place where they meet the grown up daughter of the young fella who’s been right, who’s been, who’s been tragically killed. Uh, and she basically asks him, uh, asks [00:16:00] them what happened. And kind of crucially this as a subtext, why didn’t you do something about it?  Allen Hall: Mm-hmm.  Dermot Kerrigan: Because you were there,  Allen Hall: you saw it, why it was played out in front of you. You saw, you  Dermot Kerrigan: saw what happened. You saw this guy who was obviously fast asleep in the canteen. He was exhausted. Probably not fit for work. Um, and yet being instructed to go back out there and finish the job, um, with all the tragic consequences that happen,  Allen Hall: right?  Dermot Kerrigan: But it’s important to say, as Mark says, that. It’s not all doom and gloom. The first part of the day is all about showing them consequences. Allen Hall: Sure. It’s  Dermot Kerrigan: saying it’s a,  Allen Hall: it’s a Greek tragedy  Dermot Kerrigan: in  Allen Hall: some  Dermot Kerrigan: ways, but then saying this doesn’t have to happen. If you just very subtly influence other people’s behavior, it’s  Allen Hall: slight  Dermot Kerrigan: by thinking about how you behave and sure adapting your behavior accordingly, you can completely change the outcome. Uh, so long as I can figure out where you are coming from and where that behavior is coming from, I might be able to influence it,  Allen Hall: right. Dermot Kerrigan: And if I can, then I can stop that [00:17:00] hap from happening. And sure enough, at the end of the day, um, the last scene is that the, the, the daughter that we see in here growing up and then going back into this tragic, uh, ending, uh. She’s with her dad, then it turned out he was the one behind the camera all along. So he’s 45 years old, she’s just passed the driving test and nobody got her 21 years ago. You know,  Mark Patterson: I think there, there is, there’s a journey that you’ve gotta take people through to get to believe that. And kind of part of that journey is as, as we look around this room, um, no matter who it is, and we’ve talked to a lot of people, they’ll be looking at things in this room and think, well, yeah, I’ve got a cup like that. And yes. Yeah. When my kids were, we, we had. That play toy for the kids. Yes. So there is something that immediately hooks people and children hook  Allen Hall: people.  Mark Patterson: Absolutely. And  Allen Hall: yes,  Mark Patterson: they get to see that and understand that this is, this is, this is, could be a real thing. And also in the work site, uh, view, there’s kind of a work site, there’s a kind of a boardroom type thing [00:18:00] and you can actually see, yeah, that’s what it kind of feels like. The work sites a little bit. You know, there’s scuffs in the, on the line, on the floor because that’s what happens in work sites and there’s a sense of realism for all of this, uh, is really important.  Allen Hall: The realism is all the way down to the outfits that everybody’s worn, so they’re not clean safety gear. It’s. Dirty, worn safety gear, which is what it should be. ’cause if you’re working, that’s what it should look like. And it feels immediately real that the, the whole stage is set in a, in the canteen, I’ll call it, I don’t know, what do you call the welfare area? Yeah. Okay.  Dermot Kerrigan: Yeah.  Allen Hall: Okay. Uh, wanna use the right language here. But, uh, in the states we call it a, a break room. Uh, so you’re sitting in the break room just minding your own business and boom. An actor walks in, in full safety gear, uh, speaking Scottish very quickly, foreign American. But it’s real.  Mark Patterson: I think  Allen Hall: it feels real because you, you, I’ve been in those situations, I’ve seen that that break the,  Mark Patterson: the language is real and, uh, [00:19:00] perhaps not all, uh, completely podcast suitable. Um, but when you look at it, the feedback we’ve got from, from people who are closer to the tools and at all levels, in fact is, yeah. This feels real. It’s a credible scenario and uh, you get people who. I do not want to be in a safety training for an entire day. Um, and they’re saying arms folded at the start of the day and within a very short period of time, they are absolutely watching what the heck’s going on here. Yes. To understand what’s happening, what’s going on. I don’t understand. And actually it’s exactly as you say, those subtle things that you, not just giving people that experience, but the subtle things you can nudge people on to. There’s some great examples of how do you nudge people, how do you give feedback? And we had some real examples where people have come back to us and said even things to do with their home life. We were down in London one day, um, and I was sitting in on the training and one of the guys said, God, you’ve just taught me something about how I can give feedback to people in a really impactful [00:20:00] way. So you, so you explain the behavior you see, which is just the truth of what the behavior is. This is what I saw you do, this is what happened, but actually the impact that that has. How that individual feels about it. And the example that they used was, it was something to do with their son and how their son was behaving and interacting. And he said, do you know what? I’ve struggled to get my son to toe the line to, to look after his mom in the right way. I’m gonna stop on the way home and I’m gonna have a conversation with him. And I think if I. Keep yourself cool and calm and go through those steps. I think I can have a completely different conversation. And that was a great example. Nothing to do with work, but it made a big difference to that guy. But all those work conversations where you could just subtly change your tone. Wind yourself back, stay cool and calm and do something slightly different. And I think that those, those things absolutely make a difference,  Allen Hall: which is hard to do in the moment. I think that’s what the a TT training does make you think of the re the first reaction, [00:21:00] which is the impulsive reaction. We gotta get this job done. This has gotta be done. Now I don’t have the right safety gear. We’ll, we’ll just do it anyway to, alright, slow. Just take a breather for a second. Think about what the consequences of this is. And is it worth it at the end of the day? Is it worth it? And I think that’s the, the reaction you want to draw out of people. But it’s hard to do that in a video presentation or  Dermot Kerrigan: Yeah.  Allen Hall: Those things just  Dermot Kerrigan: don’t need to practice.  Allen Hall: Yeah. It doesn’t stick in your brain.  Dermot Kerrigan: You need to give it a go And to see, right. To see how to see it happen. And, and the actors are very good. They’re good if they, you know. What, whatever you give them, they will react to.  Mark Patterson: They do. That’s one of the really powerful things. You’ve got the incident itself, then you’ve got the UNP of what happened, and then you’ve got specific, uh, tools and techniques and what’s really good is. Even people who are not wildly enthusiastic at the start of the day of getting, being interactive in, in, in a session, they do throw themselves into it ’cause they recognize they’ve been through [00:22:00] something. It’s a common sense of community in the room.  Dermot Kerrigan: Right.  Mark Patterson: And they have a bit of fun with it. And it is fun. Yeah. You know, people say they enjoy the day. Um, they, they, they recognize that it’s challenged them a little bit and they kinda like that, but they also get the opportunity to test themselves. And that testing is really important in terms of, sure. Well, how do you challenge somebody you don’t know and you just walking past and you see something? How do you have that conversation in a way that just gets to that adult To adult communication? Yeah. And actually gets the results that you need. And being high handed about it and saying, well, those are the rules, or, I’m really important, just do it. That doesn’t give us a sustained improvement.  Dermot Kerrigan: PE people are frightened of failure, you know? Sure. They’re frightened of getting things wrong, so give ’em a space where they, where actually just fall flat in your face. Come back up again and try again. You know, give it a go. And, because no one’s, this is a safe space, you know, unlike in the real world,  Allen Hall: right?  Dermot Kerrigan: This is as near to the real world as you want to get. It’s pretty real. It’s safe, you know, uh, it’s that Samuel Beckett thing, you know, fail again, [00:23:00] fail better,  Allen Hall: right?  Mark Patterson: But there’s, there’s a really good thing actually because people, when they practice that they realize. Yeah, it’s not straightforward going up and having a conversation with somebody about something they’re doing that could be done better. And actually that helps in a way because it probably makes people a little bit more generous when somebody challenges them on how they’re approaching something. Even if somebody challenges you in a bit of a cat handed way, um, then you can just probably take a breath and think this. This, this guy’s probably just trying to have a conversation with me,  Allen Hall: right. Mark Patterson: So that I get home to my family.  Allen Hall: Right.  Mark Patterson: It’s hard to get annoyed when you get that mindset. Mindset  Allen Hall: someone’s looking after you just a little bit. Yeah. It does feel nice.  Mark Patterson: And, and even if they’re not doing it in the best way, you need to be generous with it. So there’s, there’s good learnings actually from both sides of the, the, the interaction. Allen Hall: So what’s next for SSE and at t? You’ve put so many people through this project in, in the program and it has. Drawn great results.  Mark Patterson: Yeah.  Allen Hall: [00:24:00] How do you, what do you think of next?  Mark Patterson: So what’s next? Yeah, I guess, uh, probably the best is next to come. Next to come. We, I think there’s a lot more that we can do with this. So part of what we’ve done here is establish with a big community of people, a common sense of what we’re doing. And I think we’ve got an opportunity to continue with that. We’ve got, um, fortunate to be in a position where we’ve got a good level of growth in the business.  Allen Hall: Yes,  Mark Patterson: we do. Um, there’s a lot going on and so there’s always a flow of new people into an organization, and if people, you know, the theory of this stuff better than I do, would say that you need to maintain a, a sense of community that’s kind of more than 80%. If you want a certain group of people to act in a certain way, you need about 80% of the people plus to act in that way, and then it’ll sustain. But if it starts. To drift so that only 20% of people are acting a certain way, then that is gonna ex extinguish that elements of the culture. So we need to keep topping up our Sure, okay. Our, our [00:25:00] immersive training with people, and we’re also then thinking about the contract partners that we have and also leaving a bit of a legacy. For the communities in Scotland, because we’ve got a center that we’re gonna be using a little bit less because we’ve fortunate to get the bulk of our people in SSE through, uh, we’re working with contract partners. They probably want to use it for. For their own purposes and also other community groups. So we’ve had all kinds of people from all these different companies here. We’ve had the Scottish first Minister here, we’ve had loads of people who’ve been really quite interested to see what we’re doing. And as a result of that, they’ve started to, uh, to, to step their way through doing something different themselves. So,  Allen Hall: so that may change the, the future of at t also. And in terms of the slight approach, the scenarios they’re in. The culture changes, right? Yeah. Everybody changes. You don’t wanna be stuck in time.  Dermot Kerrigan: No, absolutely.  Allen Hall: That’s one thing at t is not,  Dermot Kerrigan: no, it’s not  Allen Hall: stuck in time.  Dermot Kerrigan: But, uh, I mean, you know, we first started out with the centers, uh, accommodating project. Yeah. So this would [00:26:00] be an induction space. You might have guys who were gonna work on a project for two weeks, other guys who were gonna work on it for six months. They wanted to put them through the same experience. Mm. So that when they weren’t on site. That they could say, refer back to the, the, the, the induction and say, well, why ask me to do that? You know, we, we, we both have that experience, so I’m gonna challenge you and you’re gonna accept challenge, et cetera. So it was always gonna be a short, sharp shock. But actually, if you’re working with an organization, you don’t necessarily have to take that approach. You could put people through a little bit of, of, of, of the training, give ’em a chance to practice, give ’em a chance to reflect, and then go on to the next stage. Um. So it, it becomes more of a, a journey rather than a single hard, a single event experience. Yeah. You don’t learn to drive in a day really, do you? You know, you have to, well, I do transfer it to your right brain and practice, you know?  Allen Hall: Right. The more times you see an experience that the more it’s memorable and especially with the, the training on how to work with others.[00:27:00] A refresh of that is always good.  Dermot Kerrigan: Yeah.  Allen Hall: Pressure changes people and I think it’s always time to reflect and go back to what the culture is of SSE That’s important. So this, this has been fantastic and I, I have to. Thank SSC and a TT for allowing us to be here today. It was quite the journey to get here, but it’s been really enlightening. Uh, and I, I think we’ve been an advocate of a TT and the training techniques that SSC uses. For well over a year. And everybody we run into, and in organizations, particularly in win, we say, you, you gotta call a TT, you gotta reach out because they’re doing things right. They’re gonna change your safety culture, they’re gonna change the way you work as an organization. That takes time. That message takes time. But I do think they need to be reaching out and dermo. How do they do that? How do, how do they reach att?  Dermot Kerrigan: Uh, they contact me or they contact att. So info at Active Trading Team, us.  Allen Hall: Us. [00:28:00] There you go.  Dermot Kerrigan: or.co uk. There you go. If you’re on the other side of the pond. Yeah. Allen Hall: Yes. And Mark, because you just established such a successful safety program, I’m sure people want to reach out and ask, and hopefully a lot of our US and Australian and Canadian to listen to this podcast. We’ll reach out and, and talk to you about how, what you have set up here, how do they get ahold of you? Mark Patterson: I’ll give you a link that you can access in the podcast, if that. Great. And uh, look. The, the risk of putting yourself out there and talking about this sort of thing is you sometimes give the impression you’ve got everything sorted and we certainly don’t in SSE. And if the second you think you’ve got everything nailed in terms of safety in your approach, then, then you don’t. Um, so we’ve got a lot left to do. Um, but I think this particular thing has made a difference to our colleagues and, and contract partners and just getting them home safe.  Allen Hall: Yes. Yes, so thank you. Just both of you. Mark Dermott, thank you so much for being on the podcast. We appreciate both [00:29:00] of you and yeah, I’d love to attend this again, this is. Excellent, excellent training. Thanks, Alan. Thanks.

Sean Mooney, Founder and CEO of BluWave, shares the key takeaways from BluWave's 2025 Private Equity Insights Report and what they signal for the year ahead. Drawing on real-time data from hundreds of PE firms and thousands of portfolio companies, he outlines how the industry shifted from defense to offense, why diligence and value creation surged late in the year, and what separates winners from laggards entering 2026. Sean also delivers clear predictions on AI adoption, talent, software sprawl, and the accelerating deal rebound. This episode sets the context every private equity leader needs before leaning into the next cycle—press play. Episode Highlights 0:58 – Why private equity shifted from defense to offense in 2025 4:48 – What GDP, inflation, and productivity data revealed about economic resilience 9:59 – The 41% diligence surge and why it's a leading indicator for deal flow 12:36 – Human capital's comeback and what new deals signal for leadership hiring 18:20 – 2026 predictions: AI moves from buzzword to execution tactic 27:58 – Avoiding AI pilot purgatory and prioritizing adoption that actually delivers ROI 37:21 – Why dry powder, LP pressure, and speed will define the next PE deal cycle For more on BluWave, visit: https://www.bluwave.net/ To request the full Q4 2025 Insights Report, visit: https://www.bluwave.net/insights-report/  

After years of building your private practice, the time has come to sell. The business you have poured your time, energy, and money into is being bought by private equity. Should you take the payout in PE shares or cash? Nate Reineke delves into some key considerations that docs like you should know when faced with this situation. We break down how shares could benefit you in the long run and how cash could help keep you diversified. We also look at how taking some of each could offer the best of both worlds. We also answer your colleagues' questions. A Psychiatrist in New Jersey says, “We are financially independent but still working since we are in our mid 40s. We are considering shifting some money out of stocks and into bonds to get to a 60/40 portfolio. Is that a good idea for us?” An Ophthalmologist in Georgia asks, “We have all the money we need to pay for college. Should I take our money out of the stock market?” A Hand surgeon in Florida wonders, “The surrender period if finished on a variable annuity we purchased a while back. We were told that we are only paying 1% in fees on the account. Should we leave the money in the annuity?” Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

In this episode of RevOps Champions, host Brendon Dennewill talks with Jennifer Zick, CEO of Authentic and creator of the Authentic Growth Marketing Operating System. With 25+ years in B2B marketing across startups, PE-backed companies, and global organizations, Jennifer unpacks the predictable pattern she's seen as companies scale: founder-led, sales-driven growth eventually leaves behind a trail of “random acts of marketing.”Jennifer explains the “little marketing vs. big marketing” shift, where marketing stops being a sidecar to sales and becomes a strategic, leadership-aligned growth discipline across the full customer lifecycle. The conversation covers why marketing often lacks the right seat in the organization chart, how RevOps becomes the glue for execution and measurement, and why fractional leadership is evolving into a long-term operating model, especially as AI improves tactical efficiency without replacing executive judgment.This episode is essential listening for CEOs, revenue leaders, CMOs, and RevOps professionals who want more predictable growth, clearer ROI, and a scalable marketing system that supports acquisition, retention, and valuation over time. What You'll LearnThe growth lifecycle shift: founder-led → sales-driven → go-to-market strategicLittle marketing vs. big marketingThe evolution of fractional CMOs from a temporary “bridge” to a long-term operating model Why RevOps/Marketing ops acts as the connective tissueThe predictability mindsetThe measurement ecosystem beyond CAC/LTVResources MentionedAuthentic Growth Marketing Operating SystemRandom Acts of Marketing AssessmentFractional is ForeverBow Tie / “Flipped FunnelThe E-MythIs your business ready to scale? Take the Growth Readiness Score to find out. In 5 minutes, you'll see: Benchmark data showing how you stack up to other organizations A clear view of your operational maturity Whether your business is ready to scale (and what to do next if it's not) Let's Connect Subscribe to the RevOps Champions Newsletter LinkedIn YouTube Explore the show at revopschampions.com. Ready to unite your teams with RevOps strategies that eliminate costly silos and drive growth? Let's talk!

Are MMM listeners desirous to hear from the builder of a multi-billion-dollar investment complex, or from a guy who effuses about Dr. Dre's iconic debut album?  If so, our conversation with Jack Glover checks both boxes….and then some.    Jack is Founder and Managing Partner of Incline Equity Partners, a PE firm with over $6.5 billion in committed capital.   Today, Incline is investing out of three vehicles maintaining the firm's historic focus on differentiated distribution and service firms of varying size.  Discussion begins with Jack's Western Pennsylvania roots  – Pittsburgh childhood, college at Duquesne, first job at Westinghouse Credit.  The theme of Midwestern values returns as a core aspect of Incline's evolution and culture.  Jack's enthusiasm for Dr. Dre's seminal first album “The Chronic” is one highlight of many diversions into music, gambling and other esoteric subjects. 

Depending on what school your child goes to, a full school uniform set - including shoes, blazer and PE uniform could set you back about $600. Westlake Boys High School headmaster Paul Fordham spoke to Corin Dann.

Previewing the entire Super Bowl now that props are starting to become available. Hoch learned how to ride a unicycle in PE class. Celebrating National Chocolate Cake Day. Doug Plagens joins the show for an update on the Florida Panthers.

In hour two, the Marlins release new jersey numbers for their roster. Canes Hoops lands a BIG halftime guest: Red Panda. Hoch learned how to ride a unicycle in PE class. Celebrating National Chocolate Cake Day.

About Rasmus Holst:Rasmus Holst is the CEO of Zensai (formerly LMS365), where he built a learning management business from $0–30M ARR, bootstrapped, completed three acquisitions, and pioneered the “Human Success” category as a replacement for Human Resources. He has been part of management teams delivering exits just shy of $1bn, raised +$50m for companies like Wire and Huddle, and worked across PE-backed (Carlyle, Warburg Pincus) and VC-funded (General Atlantic, Index, Vertex, Morpheus, Iconical) environments.His experience spans scaling start-ups from zero revenue, operating +$300M Lines of Business at Syniverse, and leading branding and B2B storytelling efforts, including Zensai's Red Dot Award and Great Place to Work recognition. Rasmus has managed global teams across 14 countries, traveled to +100 nations, and lived in Denmark, Luxembourg, and San Francisco, making him a leader with a uniquely international view on culture, growth, and balance. In this episode, Dean Newlund and Rasmus Holst discuss:Turning HR into Human Success and redefining what organizations measureLinking performance, learning, and engagement into one real-time scoreFeedback rituals and kudos culture as engines of team identityMeasuring soft skills through sentiment and peer behaviorAI as a teammate that amplifies human contribution instead of replacing it Key Takeaways:Replace annual HR lag metrics with weekly human success check-ins tied to learning, performance, and engagement.Institutionalize positive feedback (e.g., weekly kudos) to normalize critique, build confidence, and surface soft-skill leaders.Track soft skills through peer sentiment and recognition patterns rather than relying solely on manager evaluations.Use generationally agnostic baselines (showing up as a good human and delivering success) to align multicultural/global teams. "There's a high correlation between people who get a lot of kudos and those who are really good at a lot of soft skills.” — Rasmus Holst Connect with Rasmus Holst:  Website: https://zensai.com/LinkedIn: https://www.linkedin.com/in/rasmusholst/    See Dean's TedTalk “Why Business Needs Intuition” here: https://www.youtube.com/watch?v=EEq9IYvgV7I Connect with Dean:YouTube: https://www.youtube.com/channel/UCgqRK8GC8jBIFYPmECUCMkwWebsite: https://www.mfileadership.com/The Mission Statement E-Newsletter: https://www.mfileadership.com/blog/LinkedIn: https://www.linkedin.com/in/deannewlund/X (Twitter): https://twitter.com/deannewlundFacebook: https://www.facebook.com/MissionFacilitators/Email: dean.newlund@mfileadership.comPhone: 1-800-926-7370 Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

In this episode of The Digital Slice Podcast, Brad Friedman and Bill is a veteran Air Force counterespionage officer who became marketing expert who's been in the lead gen game since before social media existed! As the creator of Kaleidico and Bill Rice Strategy Group, he's produced over 500,000 leads per year for clients, creating and exiting multiple successful companies along the way, while producing more than 9 figures for clients. But Bill's not your average marketing specialist. His transition from developing information warfare centers in the Air Force to launching one of the first mortgage lead management systems gives him a distinctive perspective on consumer psychology and company scaling. Through economic downturns and the emergence of AI, Bill has continuously stayed ahead of the curve, even recently selling his own agency for a 7-figure exit! (Here's something cool: Bill was also a member of the founding team of the first internet bank back in 2000 and scaled it to $1B in home equity loans, eventually exiting to a PE firm). Today, he's on a journey to share his strategies for developing sustainable demand-generation programs that drive real outcomes. From producing content that performs to developing automated lead systems that grow, he brings actionable strategies that get results. The Digital Slice Podcast is brought to you by Magai. Up your AI game at https://friedmansocialmedia.com/magai And, if it's your first time purchasing, use BRAD30 at checkout to get 30% off your first 3 months. Visit thedigitalslicepodcast.com for complete show notes of every podcast episode.

What happens when someone who's spent decades inside the lighting industry's machinery gets straight to it?In this episode of LytePOD, host Sam Koerbel sits down with Geoff Marlow, a veteran consultant and industry strategist who has witnessed firsthand the seismic shifts reshaping architectural lighting—from the rise of LED technology to the relentless wave of consolidation, private equity takeovers, and the erosion of relationships that once held this industry together.Geoff walks through what he calls TTO—the convergence of talent scarcity, technical complexity, and the shift from products to outcomes—and explains why the industry's failure to address these forces is creating chaos across every layer of the supply chain. He reveals why manufacturers, reps, distributors, and designers are all pointing fingers at each other's margins while missing the bigger picture: the process itself is broken. Projects are treated as linear when they're actually iterative. Relationships are treated as poetry when they need to be built on definitive, measurable trust. And consolidation—whether it's reps buying reps, manufacturers buying manufacturers, or private equity rolling up portfolios—keeps failing because purpose is missing.But this isn't just a diagnosis. It's a call to action. Geoff argues that the industry needs to move from inductive chaos to deductive clarity—starting with outcomes, not guesswork. Those margin dollars aren't owed, they're earned. That partnership isn't owed, it's earned. That enthusiasm isn't owed, it's earned. And that if the industry can't create a shared language, a shared purpose, and a shared commitment to solving problems together, it will continue to eat itself from the inside out.

In this episode, Scott Jennings, PE, reviews Excavation Systems Planning, Design, and Safety—often called the Excavation Systems Bible—by Joe M. Turner, PE. This contractor-focused resource takes a practical, OSHA-driven approach to excavation and trench shoring, prioritizing worker safety over theory-heavy design.Listeners will learn why this book is a must-have for contractors, estimators, superintendents, and engineers working in excavation and temporary works. The discussion breaks down how Joe Turner simplifies complex engineering concepts using real-world examples, simple math, and field-tested logic, making shoring design accessible without an advanced engineering background.The episode also explores key topics such as reading geotechnical reports and boring logs, understanding soil behavior, using tabulated data for shoring systems, and addressing real jobsite challenges like road plates, equipment loads, and utility support. Whether you're new to excavation safety or a seasoned professional, this episode offers practical insight you can use immediately in the field.Work safe.#ExcavationSystems #TrenchSafety #ConstructionEngineering #OSHACompliance #ShoringDesign #ExcavationSafety #CivilEngineering #ContractorLife #ConstructionManagement #TemporaryWorks #GeotechnicalEngineering #TrenchShoring #WorkSafe

Las obras de arte esconden, en ocasiones, mensajes ocultos que los historiadores del arte descifran gracias al contexto histórico, la documentación y la conexión con otras obras que aportan claves para comprender. Celia Fontana Calvo, profesora e investigadora en la universidad de Monterrey emprende la aventura de analizar la iconografía de la enigmática capilla de San Victoria de San Juan de la Peña, una capilla funeraria gótica en un claustro románico y plagada, por ejemplo, de caracoles o seres mitad animal mitad humano tallados en la piedra. Pero esto es solo un pequeño detalle de todo lo que esta capilla esconde y que contamos esta tarde en La torre de Babel.Y si San Juan de la Peña simboliza el origen del reino de Aragón y su archivo histórico, disgregado tras la desamortización de Mendizábal es una fuente documental extraordinaria para conocer nuestro pasado, el Archivo de la Administración de la Comunidad Autónoma representa el presente. Nace con la autonomía aragonesa por lo que apenas ha cumplido los cuarenta años, pero es fundamental para conocer cómo se ha construido el Aragón actual desde el punto de vista institucional y administrativo. Lo visitamos hoy en nuestra sección con Sipca.

In this episode, Chris shares his real investment banking recruiting journey—from a non-target school, with no finance background, to finally landing an offer after multiple Superday rejections. We cover: What it's like recruiting without knowing the “finance language” Dealing with imposter syndrome in IB recruiting Aggressive networking and using platforms like Wall Street Oasis Why most Superdays end in rejection What actually made the difference in getting the offer This is a must-watch for students trying to break into investment banking, finance, or Wall Street from a non-traditional background.

In this derivative of a show takeover, Dr. Brianna Rue interviews me to explore my journey in podcasting and the insights I've has gained about the optometry profession. We discuss the challenges optometrists face, the importance of financial literacy, and many other lessons I've learned through and because of the conversations I've had on this show. We cover a lot in this dialogue and—among many topics—our conversation emphasizes the need for clarity in goals, the significance of delegation, and the value of building relationships in practice ownership. Towards the end of the conversation , we also touch on the future of the show and the significance of continuous learning and adaptation in the profession.   Resources: Book a Triage call with Adam Download the Practice Owner's Financial Toolkit 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form   Episodes Referenced:  Lessons from the (former) President of TSO: cooperative strategies to counter PE disruption and empower private practice ownership with John Marvin Thoughts and opinions on the state & future of private practice optometry from the president of a $110 million optometry organization: a conversation with John Marvin, President of Texas State Optical A deep dive into practice transitions with Dr. Mick Kling, OD (Part 1) A deep dive into practice transitions with Dr. Mick Kling, OD (Part 2) Dr. Jennifer Stewart's "tepid" start optometry practice: the power of vision & intentionality, the importance of an ideal patient avatar, and reconciling business risk with a conservative personality Increasing optical revenue by rethinking--from buying to selling--your frame management with Kayla Ashlee of Spexy Rethinking the perception of sales in your office with Kayla Ashlee, Founder of Spexy   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

In this weeks' Scale Your Sales Podcast episode, my guest is Simon Sharp.   I'm CEO of Verto, a UK SaaS platform, the no 1 solution powering portfolio, programme and project management (P3M) across the UK public sector. An entrepreneur and GTM leader, I've co-founded RiskXchange, founded RockSec360 and held global revenue leadership roles scaling SaaS, cybersecurity, and fraud prevention companies from £1M to £100M+ worldwide.   In today's episode of Scale Your Sales podcast, Simon examine how science-led, data-driven approaches—enhanced by AI—are reshaping revenue architecture and modern sales leadership. Explore what differentiates organizations that achieve predictable ARR growth from those that plateau, with a strong focus on customer-centric growth systems, meaningful client relationships, and the evolving role of technology in sales. Drawing on his experience scaling multiple PE-backed SaaS businesses and his work with Winning by Design methodologies, Simon shares practical insights into how AI is improving efficiency and customer focus.   Welcome to Scale Your Sales Podcast, Simon Sharp.     Timestamps: 06:04 Retention: The Key to SaaS 06:58 Customer-Centric Growth Strategy 10:31 AI Tools Streamline Sales Processes 14:00 Prioritizing Sales Team Coaching 17:48 Coaching Individuals Over Deals 23:22 Strong Investor Relationships Drive Growth 24:53 Business Strategy and Time Management 28:57 Building Habits Gradually Yields Results   https://www.linkedin.com/in/simonsharp360/   Janice B Gordon is the award-winning Customer Growth Expert and Scale Your Sales Framework founder. She is by LinkedIn Sales 15 Innovating Sales Influencers to Follow 2021, the Top 50 Global Thought Leaders and Influencers on Customer Experience Nov 2020 and 150 Women B2B Thought Leaders You Should Follow in 2021. Janice helps companies worldwide to reimagine revenue growth thought customer experience and sales.   Book Janice to speak virtually at your next event: https://janicebgordon.com   LinkedIn: https://www.linkedin.com/janice-b-gordon/   Twitter: https://twitter.com/JaniceBGordon   Scale Your Sales Podcast: https://scaleyoursales.co.uk/podcast   More on the blog: https://scaleyoursales.co.uk/blog   Instagram: https://www.instagram.com/janicebgordon   Facebook: https://www.facebook.com/ScaleYourSales   And more! Visit our podcast website https://scaleyoursales.co.uk/podcast/ to watch or listen.

Find me on Substack.Gautam Baid, CFA, is the founder and managing partner of Stellar Wealth Partners India Fund and internationally bestselling author of The Joys of Compounding, who has dedicated over two decades to mastering patient, quality-focused value investing.Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/3:00 - Gautam introduces his six-pillar compounding framework beyond finance: positive thoughts, good health, good habits, wealth, knowledge, and goodwill, explaining how achieving financial independence in 2018 crystallized his understanding that "in life you get what you compound for on a daily basis."8:00 - Deep dive into compounding positive thoughts through avoiding negative emotions and toxic people while associating with high-quality minds, celebrating small wins to create momentum toward long-term goals.12:00 - Health habits discussion: consume less sugar and junk food, exercise 3-4 times weekly for one hour, sleep 7-8 hours daily—fundamentals that aren't sexy but "just work" when implemented consistently.15:00 - Mathematical equation for wealth: addition (monthly savings) + subtraction (eliminate greed/biases) + division (asset allocation) + multiplication (time horizon) = exponential compounding power.20:00 - Pattern recognition in investing develops through building a "large mental database of businesses and industries through years and decades" allowing identification of opportunities in any market condition.25:00 - Compounding goodwill principle from Guy Spear and Moneesh Pabrai: being genuinely helpful without expectations creates competitive advantage, especially in money management where nice people are rare.42:00 - India investment opportunity: demographic dividend with median age of 29, rising disposable incomes, strong domestic consumption, and companies expanding to overseas markets at 50-100% higher margins.52:00 - Corporate governance revolution in India: promoters now realize good governance earns 25-30x P/E multiples versus 5-6x for poor governance—"it pays to be honest" creates 5x more wealth for insiders.55:00 - Investment journal advice: $10 journal purchased in 2014 became "one of the best value investments" by documenting decisions, tracking mistakes, and archiving market panic commentary for pattern recognition during future corrections.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm's employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

In this episode of Run the Numbers, CJ sits down with Maria Izurieta, CFO of Huntress, to unpack what it really means to lead finance as a connective tissue across the organization. Drawing on experience across VC-backed, PE-owned, and public companies, Maria shares how she balances impact versus perfection, builds trust through small wins, and helps teams move from transactional finance to insight-driven decision making. They dig into data transparency, centralized BI, partnering with sales and marketing on revenue, and why the best CFOs unblock friction instead of becoming the “no” department — all while bringing a deeply people-first lens to scale.—SPONSORS:Abacum is a modern FP&A platform built by former CFOs to replace slow, consultant-heavy planning tools. With self-service integrations and AI-powered workflows for forecasting, variance analysis, and scenario modeling, Abacum helps finance teams scale without becoming software admins. Trusted by teams at Strava, Replit, and JG Wentworth—learn more at https://www.abacum.aiBrex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metricsMetronome is real-time billing built for modern software companies. Metronome turns raw usage events into accurate invoices, gives customers bills they actually understand, and keeps finance, product, and engineering perfectly in sync. That's why category-defining companies like OpenAI and Anthropic trust Metronome to power usage-based pricing and enterprise contracts at scale. Focus on your product — not your billing. Learn more and get started at https://www.metronome.comRightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.comRillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you're scaling on an ERP that wasn't built in the 90s, book a demo at https://www.rillet.com/cjTabs is an AI-native revenue platform that unifies billing, collections, and revenue recognition for companies running usage-based or complex contracts. By bringing together ERP, CRM, and real product usage data into a single system of record, Tabs eliminates manual reconciliations and speeds up close and cash collection. Companies like Cortex, Statsig, and Cursor trust Tabs to scale revenue efficiently. Learn more at https://www.tabs.com/run—LINKS:Maria on LinkedIn: https://www.linkedin.com/in/maria-izurieta-909a3b/Company: https://www.huntress.com/CJ on LinkedIn: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.com—RELATED EPISODES:How the Best CFOs Lead Without Being the CEO | Ken Stillwellhttps://youtu.be/O4cx9NBqQso—TIMESTAMPS:00:00:00 Preview and Intro00:01:01 Maria's Background00:03:09 People-First Team Building00:05:16 People, Process, Systems at Scale00:07:13 Removing Friction Outside Finance00:09:15 Data Transparency & Decision-Making00:11:06 Sponsors — Abacum | Brex | Metronome00:14:22 Forward-Deployed Data00:16:21 Centralized Data vs. Silos00:19:23 Finance as Data Steward00:21:08 Cost-to-Price Feedback Loop00:22:35 Curiosity Builds Credibility00:23:43 Sponsors — RightRev | Rillet | Tabs00:27:12 Trust First, Then Impact00:30:27 Celebrating Small Wins00:31:21 From Transactions to Insights00:33:00 CFO at the Revenue Table00:34:32 Educating the Org on Metrics00:36:21 Customer-Level Margin Reality00:37:13 Using Facts to Change Decisions00:38:27 Ownership Mindset in Growth Companies00:39:10 VC vs. PE vs. Public CFO Tradeoffs00:41:02 Operating Inside Constraints00:42:18 Finding Your Stage Fit00:44:17 Building a Personal Advisor Network00:46:43 Visibility and Women in Leadership00:47:44 Work–Life Integration, Not Balance00:48:45 Lightning Round: Biggest Mistake00:50:10 Advice to Younger Self00:51:36 Finance Tech Stack00:52:01 Craziest Expense Story00:52:44 Credits#RunTheNumbersPodcast #CFOLeadership #ScalingCompanies #DataDrivenDecisions #ExecutiveLeadership This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit cjgustafson.substack.com

#fondosfederales #fitur2026 #puertorico Te tratemos la evidencia de lo que llevó la secretaria de la Viviienda, Ciary Pérez Peña, a FITUR, Madrid para justificar su estadía allí y que revela lo que se ha pagado con fondos federales CDBGR de la rehabilitación tra el huracan María. | En Estados Unidos, hasta los actores de Hollywood advuerten de la dictadura de Donald Trump contra los ciudadanos. | Ramona, un deshaucio deshumanizante en Bo Borinquen de Aguadilla. ¡Conéctate, comenta y comparte! #periodismoindependiente #periodismodigital #periodismoinvestigativo tiktok.com: @bonitaradio Facebook: bonitaradio Instagram: bonitaradio X: Bonita_Radio

Lucas Downey with @MoneyFlowsCom points to what he calls a "monumental rotation" into the Russell 2000 as a crucial one. One aspect he sees driving investors to the index: value, with Lucas pointing to small and mid-caps having a lower PE compared to SPX peers. On the memory chip trade, Lucas expects stocks like Micron (MU) and Western Digital (WDC) to continue their rallies so long as earnings back the move.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

From PE Teacher to Property Investor: The Messy PivotHow saying yes before you're ready can quietly change everythingIn this episode, Michelle sits down with Amy Seagraves, a former PE teacher who accidentally kick-started a property business after winning £50k on The Cube — and then actually backing herself instead of playing it safe.This is a proper behind-the-scenes look at the messy middle: imposter syndrome, trades chaos, analysis paralysis, and the identity shift that comes when you build something alongside a “safe” job.If you've been waiting to feel ready — this episode is your sign to stop.Episode Timestamps00:00 – Winning £50k on The Cube (and why it wasn't the real turning point)Opportunity doesn't change your life — what you do next does.04:30 – Quitting teaching to travel and reset perspectiveWhy stepping off the safe path changed everything.08:30 – Buying a first investment property with no experienceThe reality of starting before you feel qualified.13:00 – Renovation chaos, imposter syndrome & male-dominated roomsLearning fast or paying for it.18:30 – From winging it to building a real businessWhy investing in education mattered more than another property.24:30 – The power of building a team instead of going soloThree women, different strengths, one vision.31:00 – Going part-time before it felt sensibleThe uncomfortable move that unlocked growth.38:45 – The biggest lesson: action beats overthinkingWhy waiting costs more than mistakes.Key TakeawaysConfidence is built after action — not before.You don't need to quit your job to start changing direction.Analysis paralysis is fear wearing a spreadsheet.Being a beginner again will mess with your identity — let it.The right people > knowing everything yourself.Messy progress beats perfect plans. Always.If you're sitting on an idea and waiting for permission — this is it.Shop: www.shewhodaresswins.comJoin Dare club: 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。今天分享的内容叫如何避开估值陷阱？这五个坑最容易踩，来自六亿居士。最近，有不少朋友问红利质量估值的问题，我再三解释，但仍然有很多朋友有疑惑。借此机会，我们整体再聊一聊：五种估值百分位失效的情况。一、什么是指数估值百分位和温度？定义：指数估值历史百分位，是指基于某一特定指标，例如市盈率、市净率、市销率等，统计历史周期内，该估值所出现的概率，该比例基于“时间”分布。示例：二零二六年一月二十一号沪深三百P E为十四点二，其全历史百分位为百分之六十五点三八。这是指：沪深三百成立至今的所有时间里，P E低于十四点二的时间占百分之六十五点三八，高于十四点二的时间占百分之三十四点六二。低估：一般来说估值百分之二十为低估线，这表明在统计周期内，有百分之二十的时间估值低于当前值，表示当前的估值整体处于较低区间。从可投时间、目标仓位、潜在回撤深度等要素考虑，百分之二十百分位是安全性较高、定投空间较大、回撤相对可控的位置。当然，基于低估阈值，指数仍可能下跌，甚至突破新低。在基于风控合理的前提下，此时采用“低估加定投加越跌越买”策略，胜率较高。高估：估值百分位百分之八十为高估线，表示：在统计周期内，有百分之八十的时间的估值低于当前值，有百分之二十时间的估值高于当前值。高估同样可能继续涨，甚至可能超过历史极值。但从概率学的角度来讲，百分之八十估值百分位已经处于历史较高位置，整体胜率降低，可以按计划逐步止盈。按计划止盈后，不必纠结于后续会不会继续上涨，获得计划内的收益是核心目的。等经历过一轮，积累了更多经验，完全可以在下一轮计划中优化和修正。定投阈值：一般来说采用百分之二十百分位以下分批定投，也可以采用金字塔式加仓法，拉开估值和时间、百分之八十百分位逐步止盈，是相对比较稳健的策略。如果经验充分，宽基指数的低估阈值可以适当放宽，如百分之三十，从而获得更充分的定投周期。如果是行业指数，则建议谨慎，因为行业指数一般成立时间较短，绝对估值较高，估值百分位的稳定性较低。尤其是周期、细分行业指数，行业变化较大，利润并不稳定，新手应该尽量避免该类指数。指数温度：为了避免单一指标受行业周期影响，出现失真的情况，如中证医疗，我一般使用P E百分位加P B百分位综合加权，分指数类型计算指数温度，从而更全面地展现估值水平。二、估值百分位失效的情形与应对统计周期较短：基于上文，我们了解到指数百分位是基于时间分布的一种统计方式，那么统计周期长度就成了关键因素之一。朋友常留言：为何你的估值表内的百分位与其他平台的不一样？这是因为我采用了“全历史”估值数据，而不少平台采用近十年，甚至近五年的数据。如果统计周期较短，会统计不到指数历史上出现的极限值，从而影响估值有效性。以二零一五年牛市、二零一八年熊市为例，如果采用近五年数据，则会遗失这两个极限数据，对于百分位的有效性和健壮性，会产生巨大影响。应对方式：基于A股一般持续五到七年的价值回归周期，我建议采用全历史数据为主，近十年数据为辅以提升敏感性。成立时间较短：如果一个指数成立时间很短，同样会存在数据不稳健的可能。有朋友会问：为何不纳入科创一百、创业两百、中证两千等指数？因为这些指数成立不久，其百分位数据有效性很低，即便估值表百分位处于较低位置，也不一定真的就低估，因为统计时间太短啦。没经历过牛熊，此时的数据并不全面，以此作为参考，大概率是要吃亏的。应对方式：避免新指数，尽量选择成立十年或以上的老指数。如果非得投资新指数，可以试着回溯指数基日至今的数据，当然存在一定后视镜的可能。A股整个历史并不算长，大部分指数成立在十到二十年左右，不少指数成立不足五年，这是建议朋友们以“核心宽基”为起步的原因之一。行业利润波动：如果是宽基指数，因为成份股较多、行业分布较散，指数整体盈利比较稳定，因此财报更新时一般不会产生重大波动。如果是行业指数，尤其是周期性较强的行业，偶尔碰到点事情，整个行业都会风声鹤唳，业绩波动较大，从而影响估值。应对方式：对比市盈率，一个企业的市净率短周期内相对平稳，参考P B与P B百分位是一个相对简单的办法。前文有言，为了更直观的解决这个问题，我的估值表推出了“指数温度”指标，结合了P E百分位和P B百分位，能较好的避免行业利润波动的问题。编制规则变化：指数编制规则的调整，也会导致估值出现较大的变化。如果是基于原有规则的优化，如二零二二年红利类指数提升分红要求、关注成份股流动性，但指数性质没变，属于“打补丁”，那仍可基于历史数据处理。如果规则进行了完全不同的调整，如二零一三年红利类从市值加权修正为股息率加权，如二零二二年中证A一百大幅调整规则并在后续改名，增加行业均配要求，那么其所含的历史百分位的有效性会大幅降低，甚至失效。目前估值表内中证A一百的估值温度较高，便是这个历史问题导致。应对方式：首先，在新规则下，等待更长时间，如五年或以上，或用新规回测数据，让调整后的数据更为充分；同时，采用近似指数的估值数据，如中证A一百可参考中证A五十和中证A五百的估值数据。调样比例太大：指数的估值水平，是基于编制基础特性，然后通过积累历史数据所建立起来的一套“模糊的正确”的规则。但如果指数的编制策略中，选样规则很复杂，单次调样比例很高，那么就可能出现估值中枢波动的情况。比如文初提到的红利质量，以及大家没注意的五百质量，这类多指标评分、调样比例较高的策略指数，就可能出现估值波动的情况。比如红利质量，每次调仓都会调整近百分之五十的样本，这就导致指数样本的连续性较低，从而降低基于历史数据的指数估值有效性。应对方式：首先，基于指数绝对估值的基础上，观察全市场估值水平的高低。此外，除了看全市场高低，再进一步可以看指数十大权重的估值水平，直接看底层资产的估值情况，能大幅降低偏离风险。三、百分位估值的得与失估值，是一个公说公有理、婆说婆有理的事，其结果往往取决于投资者的立场、经验与风偏，是一个“客观中带着主观”的概念。估值是否有效？何种估值方式更好？哪些市场适合估值？某个指数适合哪种方式估值？这些其实都是后话。对于大部分普通投资者而言，不基于较完备的估值体系，仅靠市场热度、个人喜好、道听途说等方式去投资，其最终结果往往是遗憾收场。投资本质是一门概率学，我们基于自身需求，在自己能承受的风险范围内，去择胜率相对更大、赔率相对更高的投资标的，而不是这山望着那山高。当目标指数进入低估，其胜率上升，赔率提高，所以我们低估定投。当目标指数进入高估，其胜率下降，赔率降低，所以我们逐步止盈。但市场嘛，又不是机器人，做不到非0即1，还有很多中间地带，会一直考验我们的认知和耐心。每当市场走向极端，我们往往会因为投资经验欠缺、经历周期较短、风险认知不足，在市场情绪的裹挟下，草率地放弃既定的计划，甚至视原计划如猛虎。从认可到怀疑、从坚信到动摇、从坚持到放弃，往往不需要太多原因。只要低估后继续回撤百分之三十、高估后再上涨百分之三十，上述情形就会出现。深入思考，其实基于全历史的估值数据，已经包含了历史上出现的各种当时匪夷所思的事件。这些事件在当时来看可能感觉药丸，但走过来后也就这么回事。放眼未来，我们仍将面对各种“活久见”或者“这次不一样”，而这些看似风声鹤唳、锣鼓喧天的不同阶段，又将继续组成新的历史数据，成为后续估值线条上并不起眼的一个“点”。我们此时如艳阳当头，未来看也只数据中一个小小的尖尖。

Get our free Top Ten 1000 Hours Outside Podcast Books from 2025⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ What if the simplest solution to so many modern childhood struggles is… more play? Ginny sits down with Pat Rumbaugh - aka “The Play Lady” - a longtime PE teacher, coach, TED Talk speaker (yes, she hula-hoops while she talks), and founder of Let's Play America. Pat shares what she's witnessed since she began teaching in 1981: a steady decline in free, child-led, neighborhood play, and the ripple effects it has on kids, families, and communities. Together, they unpack why play builds flexibility, creativity, empathy, resilience, and real-life social skills, and why multi-age, unstructured play is so different from adult-led activities and overscheduled sports. Pat also offers practical, doable ways to bring play back: hosting a Play Day, creating StoryWalks, adding “play stations” to existing community events, and even closing your street so kids can safely take over the space again. If you've been craving more connection, more laughter, and more “real kids outside” moments, this episode will give you both the why and the how. Learn more: letsplayamerica.org Learn more about your ad choices. Visit megaphone.fm/adchoices

The episode centers on structural changes in the Managed Service Provider (MSP) mergers and acquisitions (M&A) landscape, with a focus on the increased influence of private equity (PE), platform strategies, and disciplined deal execution. Dave Sobel and Abraham Garver highlight that the primary driver for buyers has shifted from merely acquiring revenue to seeking operating models that support scale, standardization, and automation. Size of institutional funds directly shapes acquisition targets: funds with $500 million or more increasingly pursue MSPs with minimum EBITDA thresholds, commonly $3–5 million, with larger funds only able to transact at the $10–15 million EBITDA level or above. This signals a market separation, where smaller MSPs face heightened risk of being excluded from future platform opportunities.Supporting these structural shifts, Abraham Garver explains that the buyers' value assessment increasingly prioritizes new customer acquisition over one-off gains from cross-sales like cybersecurity add-ons. Organic growth, shown through the consistent addition of new client logos, outweighs temporary revenue boosts in determining valuation. The episode also outlines that AI investment and automation stories are not materially lifting valuations for smaller MSPs, unless directly reflected in improved financials. Larger providers may have the resources to invest meaningfully in AI, but for the majority—especially those below $10 million in revenue—outsourcing or leveraging third-party solutions is more practical than bespoke, high-cost internal development.A further operational risk discussed is the prevalence of "retrading"—buyers renegotiating valuations post–Letter of Intent (LOI) based on due diligence findings. Abraham Garver reveals that 60% of transactions see price reductions after the LOI, often for factors such as recent customer losses or missed forecasts, diverging from initial headline multiples. This reality highlights the importance of diligent contract negotiation, clear documentation, and the value of experienced advisors to navigate buyer tactics. Rob Calvert contributes additional insight on workflow and technology alignment, emphasizing the role of standardized onboarding and offboarding processes in reducing both operational friction and security gaps.For MSPs and IT service providers, the discussion clarifies several critical implications. First, with platform buyers seeking scale, only MSPs meeting explicit EBITDA and growth metrics will attract competitive offers; others should realistically assess the cost and likelihood of reinvention versus sale. Second, buyers' focus on execution and organic growth, not headline multiples or claims of technological advancement, makes robust financial performance and client acquisition strategies essential to preserving value. Third, the commonality of post-LOI repricing underlines the need for rigorous pre-sale diligence, explicit contractual terms, and experienced representation to preserve deal value and protect against downside risk. Lastly, operational standardization—especially in device and data management—remains central to both platform attractiveness and risk mitigation.

This episode is a compilation of answers to YOUR questions that were asked directly from my listeners who attend my weekly business education YouTube live webcast. Topics covered include: Chall enge Clinic 1,2,3, How to leverage AI to become the best version of myself, What would you do if you had $50k today and more. Refer to chapter marks for a complete list of topics covered and to jump to a specific section. Download my free "Networking eBook": www.harouneducation.comAttend my weekly YouTube Live every Thursday's 8am-11am PT. Subscribe to my YouTube Channel to receive notifications. Learn more about my MBA Degree ProgramConnect with me: YouTube: ChrisHarounVenturesCompleteBusinessEducationInstagram @chrisharounLinkedIn: Chris HarounTwitter: @chris_harounFacebook: Haroun Education Ventures  TikTok: @chrisharoun300How to forecast a P/E ratio

We are in the thick of a major storm here in Oklahoma that is racing across over 40 states creating havoc and fridid temperatures. A lot went into my storm preparation and how I think about getting ready, so I'll share my insights and updates along with how I made this another teachable moment for my PE students this week too. Stay safe, and stay warm too!

Deepak Sindwani is Managing Partner at Wavecrest Growth Partners, an active growth equity firm backing bootstrapped and lightly funded SaaS founders. They work with practical founders who've built profitable businesses to $5–$20M ARR and want help growing without VC pressure or losing control. Wavecrest invests in vertical SaaS companies growing 30–60% annually, typically profitable or breakeven. They help founders scale sales, pricing, analytics, and leadership teams while staying capital efficient. Investments are usually $10–$30M total, with founders often taking some liquidity while continuing to lead. Even with the excitement around AI-first companies from VCs, Deepak sees efficient growth equity in practical vertical SaaS as a great investment and a big opportunity for founders. AI is helping serious practical founders, not making them irrelevant. Key Takeaways Capital Efficiency Matters — Wavecrest only backs profitable or breakeven SaaS companies that already respect the business model fundamentals. Founder Liquidity Helps — Taking some money off the table reduces stress and helps founders make better long-term decisions. Vertical SaaS Wins — Deep industry knowledge and data create defensibility AI-first competitors struggle to replicate. AI Is Additive — Software plus AI and data creates more value than AI replacing SaaS systems of record. No One-Size Playbook — Growth equity works best when strategies are customized, not forced by rigid PE-style playbooks. Quote from Deepak Sindwani, Managing Partner at Wavecrest Growth Partners "We don't think B2B SaaS is dead. It may create great headlines to say, AI eats software. We think software plus AI is the right approach. Software, AI plus data. So they're harvesting and creating that data moat that is going to help make them defensible. "Then, using the AI tools, why not use the AI tools to provide more automation for customers? That's what we really think AI does: increase the ability to automate the use of their product and to get value.  "Every company that we're involved with has some AI initiative. How am I changing how I run my business? How am I changing marketing and sales and finance and customer success using AI? Every company is doing something in every function in terms of new tools and tests." Links Deepak Sindwani on LinkedIn Wavecrest Growth on LinkedIn Wavecrest Growth Partners website Podcast Sponsor – Lighter Capital This podcast is sponsored by Lighter Capital. In the last 15 years, Lighter Capital has helped over 600 software and SaaS founders secure simple, non-dilutive financing to grow a little faster—without giving up any precious equity or board seats to investors.  Simple debt funding from Lighter Capital can range from $50K to $10 million, with straightforward terms, no personal guarantees or covenants, and up to a 4-year payback period. Go to LighterCapital.com to apply and get a quick pre-qualification. Then talk with their experienced team to create a practical funding plan to achieve your goals.  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.

In this episode, Sean Shields, Director of Marketing for SBCA, is joined by Ed Robbins, PE, President of P.E. Robbins and a member of the SBCA E&T Committee, where they discuss the SBCA Knowledge Center and the value of the technical guidance contained in this online library.

i6 Group is connecting the fragmented aviation fuel ecosystem-airlines, fuel suppliers, and service providers-through a real-time digital platform that eliminates paper-based processes at over 260 airports worldwide. After launching with British Airways at Heathrow in 2015 and recently closing their Series B with German PE firm Itrium, i6 is proving that even heavily regulated, risk-averse industries can achieve step-function operational improvements through software. In this episode of BUILDERS, Alex Mattos, CEO and Managing Director of i6 Group, breaks down how they navigated decade-long enterprise sales cycles, leveraged strategic customers as Series A investors, and are now building toward profitability to maximize exit optionality. Topics Discussed: The surprising analog nature of aviation fuel operations despite advanced aircraft technology i6's pivot from defense fuel system testing to commercial aviation digitization The multi-party fuel ecosystem: airlines, suppliers, service providers, and logistics chains Strategic approach to landing British Airways and Virgin Atlantic as launch customers Fundamental differences between European fuel optimization vs. US supply chain management models Multi-stakeholder enterprise sales involving fuel teams, flight ops, pilot unions, and CFOs Strategic Series A with customer-investors: British Airways, JetBlue, Shell, and World Fuel Services Series B transition from strategic to PE backing focused on scaling operations and go-to-market Network effects driving compounding value as airport coverage expands Path to self-sustainability and exit strategy considerations GTM Lessons For B2B Founders: Target brand DNA, not just budget, for early enterprise customers: i6 deliberately approached Virgin Atlantic because of Richard Branson's reputation for "being entrepreneurial, taking a risk, doing something different." This wasn't naive brand worship—it was strategic targeting based on organizational risk tolerance. When selling complex infrastructure to enterprises pre-product-market fit, a prospect's innovation track record matters more than their budget size. Map your early pipeline based on cultural willingness to partner with startups, not just technical fit. Invest in non-paying reference customers as currency for tier-one deals: Virgin Atlantic became i6's first operational deployment without payment. This wasn't charity—it was strategic capital allocation. The working reference at Virgin directly unlocked British Airways: "we turned up, demonstrated what we were doing...we've done this trial with Virgin and here's the results, and it went really well." For founders selling to conservative enterprises, one live deployment at a credible brand is worth more than a dozen pitch decks. Budget 6-12 months of runway for strategic pilots that generate proof points, not revenue. Create forcing functions with specific follow-up commitments: When British Airways said "if you're still here in six months, come back," most founders would hear soft rejection. Alex heard a calendar commitment and returned "to the day" with results. This precision signaling—we take your requirements seriously enough to track them to the day—separates serious vendors from tire-kickers. When enterprises set conditional bars, treat them as binding contracts and demonstrate execution discipline through exact follow-through. Position for market disruption by maintaining warm enterprise relationships: i6 benefited when an incumbent competitor liquidated, creating urgent procurement needs at British Airways. But luck favors the prepared—they had already established credibility through their Virgin deployment. Maintain enterprise relationships even when deals seem stalled. In concentrated B2B markets, competitive exits, budget releases, and trigger events happen regularly. Your position in the consideration set when disruption hits determines whether you capture the opportunity. Engineer word-of-mouth in concentrated industries through excellence, not marketing: Four months after Heathrow deployment, Dubai airport approached i6 unsolicited: "we've heard great things." In the aviation fuel community—which Alex describes as "surprisingly small"—exceptional execution travels faster than any outbound motion. This changes GTM strategy: in concentrated industries, over-invest in customer success and operational excellence at early deployments rather than spreading thin across many accounts. Your first customers are your sales team. Segment GTM by operational model, not just geography or company size: i6 discovered European airlines optimize for fuel efficiency and real-time decisions, while US airlines (controlling their own supply networks since the late 1980s) prioritize supply chain visibility: "how much fuel did we put in the plane, how much have we had delivered, how much have we got left." These aren't feature preferences—they're fundamentally different jobs-to-be-done driven by market structure. Don't assume global enterprises have unified needs. Segment by operational model and regulatory environment, then customize messaging and roadmap accordingly. Stage investor expertise to match company evolution, not just valuation milestones: Series A brought strategic investors who were actual users (British Airways, JetBlue, Shell, World Fuel Services) for product validation and network access. Series B brought PE firm Itrium for "scaling the business...building and growing our sales and revenue teams." This wasn't opportunistic—it was deliberate staging of capital sources to match capability gaps. Don't optimize fundraising purely on valuation or dilution. Map your next 18-month bottleneck (product validation vs. operational scaling vs. market expansion) and raise from investors who've solved that specific problem. Build for profitability to control your exit timing and terms: Alex's goal is avoiding Series C entirely: "we build and establish a fully self-sustaining business...the business becomes fully sustainable in the next couple of years." This isn't conservatism—it's strategic optionality. Reaching profitability eliminates the forced march toward subsequent rounds, letting you choose between IPO or M&A based on market conditions rather than cash position. For infrastructure plays with long implementation cycles, factor sustainability into your growth model early, even if it moderates topline growth rates. // Sponsors: Front Lines — We help B2B tech companies launch, manage, and grow podcasts that drive demand, awareness, and thought leadership. www.FrontLines.io The Global Talent Co. — We help tech startups find, vet, hire, pay, and retain amazing marketing talent that costs 50-70% less than the US & Europe. www.GlobalTalent.co // Don't Miss: New Podcast Series — How I Hire Senior GTM leaders share the tactical hiring frameworks they use to build winning revenue teams. Hosted by Andy Mowat, who scaled 4 unicorns from $10M to $100M+ ARR and launched Whispered to help executives find their next role. Subscribe here: https://open.spotify.com/show/53yCHlPfLSMFimtv0riPyM

Netflix stock is dropping despite strong earnings — is NFLX a buy at a P/E of 33? Jim explains why patience is key in a slower market period and why consumer stocks may offer better risk/reward moving forward.Despite Netflix's strong results, the stock has continued to decline. According to Jim, this may be a potential opportunity because the valuation looks more reasonable than before. A little more than half a year ago, Netflix traded above $130, while it's now just above $83.

En este episodio charlamos de qué hace que un vino tenga 100 puntos y sobre los 8 vinos que obtuvieron esa puntuación en la Guía Peñín 2025. No dejen de comprar el libro de las memorias de 50 años en el mundo del vino del gran José Peñín. Gracias por escuchar, comentar, compartir y seguirnos en el podcast.#wine #vino #aprende #josepeñin #puertorico #vinoespañol

¡¡NUEVO PODCAST!!-José  Antonio López Sosa… “Feria Internacional de Turismo 2026”-Paty Kelly…  “Volver a  empezar”    -Cartelera Cinematográfica…  José Antonio Valdés Peña.-Carlos Humberto Delgadillo García… “La importancia  de ver las pruebas rápidas de VIH  como propósitos de año nuevo”

What if your sales motion created real partnerships instead of fragile price wins? That's the thread we pull with Hans, CEO of Odyssey Logistics, as he maps a journey from Danish directness and early Maersk rotations to leading a global multimodal platform through a roll-up-to-one-brand transformation. The conversation is practical, candid, and loaded with moves you can copy tomorrow—whether you're running a desk or running a P&L.We start with the foundation: a value proposition built on facts, not slogans. Hans explains how probing, silence, and quarterly KPI reviews expose true customer pain, unlock share of wallet, and make relationships stick at multiple levels, including the C-suite. He shares why he spends heavy time in the field, what onsite town halls surface that email never will, and how a consistent cadence—global Q&A, divisional sessions, defined values—turns culture from posters into behavior.Then we dig into Odyssey's shift from 16+ legacy brands to One Odyssey. Hans breaks down the integration playbook: centralizing shared services, standardizing procurement, and rebranding fast without crushing entrepreneurial spirit. He's frank about PE carve-outs, IT risk, and why overcommunication beats overpromising during ownership changes. On growth, we get specific: three levers—share of wallet, new logos, and cross-sell—powered by a cross-trained sales force and subject matter experts. Multimodal strategy is the differentiator, with intermodal often beating truckload on cost and CO2 when planned well.Technology underpins the whole plan. A data lake fuels route optimization, predictive analytics, and automated bidding, while better systems lift both customer outcomes and employee satisfaction. Odyssey's rebranded brokerage in Atlanta becomes the easy entry point—truckload and LTL open the door to deeper multimodal solutions. Hans closes with career advice that never expires: choose training over titles, learn every job, stay humble, and remember the team is smarter than any one of us.If this resonates, follow the show, share it with a colleague who sells on price, and leave a quick review so more people can find conversations that move logistics forward.Follow The Freight Pod and host Andrew Silver on LinkedIn.Thanks to our sponsors:Stuut Technologies: Your AI coworker that collects your cash automatically.https://www.stuut.ai/Cloneops.ai: Not just AI. Industry-born AI.https://www.cloneops.ai/Rapido Solutions Group: Nearshore solutions for logistics companies.https://www.gorapido.com/GenLogs: Freight Intelligence on every carrier, shipper, and asset via a nationwide sensor networkhttps://www.genlogs.io/

Our hosts explain the main factors schools should be considering when deciding if a private capital investment makes sense for their athletic department, and if so how they should prepare for it.   For schools that decide to steer clear of such deals, they will still need to prepare for how massive influxes of cash will change their conference and college athletics as a whole.   Private equity or private capital firms are looking for reliable, and predictable revenue streams such as media rights, sponsorships, especially at schools with big brands which have been under commercialized.   Areas for fast and sustainable ROI include: Increasing headcount for revenue generation staff (sales and fundraising) Modernizing ticketing and CRM technology Changing incentive structures within the athletic department   Larger projects like mixed-use real estate development take more time and capital to institute, but have the potential for massive gains of their own.   In preparing for this episode, AJ and Charles spoke with private capital firms as well as conferences and athletic departments to uncover which themes and topics are top-of-mind at the moment.   Timestamps: 0:55 - What type of athletic department is attractive to investors? 3:15 - What does it mean to be PE-ready? 10:00 - Does winning solve all problems? 12:45 - Hypothetical: Where would you deploy capital? 18:00 - Why college has lagged behind pro sports 19:25 - FOMO for the schools that don't get on board  23:45 - Changing your financial trajectory in a single season 27:05 - Commons mistakes for athletic departments   For more insights, visit our LinkedIn page or learn more about Navigate at https://nvgt.com/.

Our Head of Research Product in Europe Paul Walsh and Chief European Equity Strategist Marina Zavolock break down the main themes for European stocks this year. Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's Head of Research Product here in Europe.Marina Zavolock: And I'm Marina Zavolock, Chief European Equity Strategist.Paul Walsh: Today, we are here to talk about the big debates for European equities moving into 2026.It's Friday, January the 16th at 8am in London.Marina, it's great to have you on Thoughts on the Market. I think we've got a fascinating year ahead of us, and there are plenty of big debates to be exploring here in Europe. But let's kick it off with the, sort of, obvious comparison to the U.S.How are you thinking about European equities versus the U.S. right now? When we cast our eyes back to last year, we had this surprising outperformance. Could that repeat?Marina Zavolock: Yeah, the biggest debate of all Paul, that's what you start with. So, actually it's not just last year. If you look since U.S. elections, I think it would surprise most people to know that if you compare in constant currency terms; so if you look in dollar terms or if you look in Euro terms, European equities have outperformed U.S. equities since US elections. I don't think that's something that a lot of people really think about as a fact.And something very interesting has happened at the start of this year. And let me set the scene before I tell you what that is.In the last 10 years, European equities have been in this constantly widening discount range versus the U.S. on valuation. So next one's P/E there's been, you know, we have tactical rallies from time to time; but in the last 10 years, they've always been tactical. But we're in this downward structural range where their discount just keeps going wider and wider and wider. And what's happened on December 31st is that for the first time in 10 years, European equities have broken the top of that discount range now consistently since December 31st. I've lost count of how many trading days that is. So about two weeks, we've broken the top of that discount range. And when you look at long-term history, that's happened a number of times before. And every time that happens, you start to go into an upward range.So, the discount is narrowing and narrowing; not in a straight line, in a range. But the discount narrows over time. The last couple of times that's happened, in the last 20 years, over time you narrow all the way to single digit discount rather than what we have right now in like-for-like terms of 23 percent.Paul Walsh: Yeah, so there's a significant discount. Now, obviously it's great that we are seeing increased inflows into European equities. So far this year, the performance at an index level has been pretty robust. We've just talked about the relative positioning of Europe versus the U.S.; and the perhaps not widely understood local currency outperformance of Europe versus the U.S. last year. But do you think this is a phenomenon that's sustainable? Or are we looking at, sort of, purely a Q1 phenomenon?Marina Zavolock: Yeah, it's a really good question and you make a good point on flows, which I forgot to mention. Which is that, last year in [Q1] we saw this really big diversification flow theme where investors were looking to reduce exposure in the U.S., add exposure to Europe – for a number of reasons that I won't go into.And we're seeing deja vu with that now, mostly on the – not really reducing that much in U.S., but more so, diversifying into Europe. And the feedback I get when speaking to investors is that the U.S. is so big, so concentrated and there's this trend of broadening in the U.S. that's happening; and that broadening is impacting Europe as well.Because if you're thinking about, ‘Okay, what do I invest in outside of seven stocks in the U.S.?' You're also thinking about, ‘Okay, but Europe has discounts and maybe I should look at those European companies as well.' That's exactly what's happening. So, diversification flows are sharply going up, in the last month or two in European equities coming into this year.And it's a very good question of whether this is just a [Q1] phenomenon. [Be]cause that's exactly what it was last year. I still struggle to see European equities outperforming the U.S. over the course of the full year because we're going to come into earnings now.We have much lower earnings growth at a headline level than the U.S. I have 4 percent earnings growth forecast. That's driven by some specific sectors. It's, you know, you have pockets of very high growth. But still at a headline level, we have 4 percent earnings growth on our base case. Consensus is too high in our view. And our U.S. equity strategists, they have 17 percent earnings growth, so we can't compete.Paul Walsh That's a very stark difference.Marina Zavolock: Yeah, we cannot compete with that. But what I will say is that historically when you've had these breakouts, you don't get out performance really. But what you get is a much narrower gap in performance. And I also think if you pick the right pockets within Europe, then you could; you can get out performance.Paul Walsh: So, something you and I talked about a lot in 2025, is the bull case for Europe. There are a number of themes and secular dynamics that could play out, frankly, to the benefits of Europe, and there are a number of them. I wondered if you could highlight the ones that you think are most important in terms of the bull case for Europe.Marina Zavolock: I think the most important one is AI adoption. We and our team, we have been able to quantify this. So, when we take our global AI mapping and we look at leading AI adopters in Europe, which is about a quarter of the index, they are showing very strong earnings and returns outperformance. Not just versus the European index, but versus their respective sectors. And versus their respective sectors, that gap of earnings outperformance is growing and becoming more meaningful every time that we update our own chart.To the point that I think at this rate, by the second half of this year, it's going to grow to a point that it's more difficult for investors to ignore. That group of stocks, first of all, they trade again at a big discount to U.S. equivalent – 27 percent discount. Also, if you see adoption broadening overall, and we start to go into the phase of the AI cycle where adopters are, you know, are being sought after and are seen as in the front line of beneficiaries of AI. It's important to remember Europe; the European index because we don't have a lot of enablers in our index. It is very skewed to AI adopters. And then we also have a lot of low hanging fruit given productivity demographic challenges that AI can help to address. So that's the biggest one.Paul Walsh: Understood.Marina Zavolock: And the one I've spent most time on. But let me quickly mention a few others. M&A, we're seeing it rising in Europe, almost as sharply as we're seeing in the U.S. Again, I think there's low hanging fruit there. We're seeing easing competition commission rules, which has been an ongoing thing, but you know, that comes after decade of not seeing that. We're seeing corporate re-leveraging off of lows. Both of these things are still very far from cycle peaks. And we're seeing structural drivers, which for example, savings and investment union, which is multifaceted. I won't get into it. But that could really present a bull case.Paul Walsh: Yeah. And that could include pensions reform across Europe, particularly in Germany, deeper capital…Marina Zavolock: We're starting to see it.Paul Walsh: And in Europe as well, yeah. And so just going back to the base case, what are you advocating to clients in terms of what do we buy here in Europe, given the backdrop that you've framed?Marina Zavolock: Within Europe, I get asked a lot whether investors should be investing in cyclicals or value. Last year value really worked, or quality – maybe they will return. I think it's not really about any of those things. I think, similar to prior years, what we're going to see is stock level dispersion continuing to rise. That's what we keep seeing every month, every quarter, every year – for the last couple of years, we're seeing dispersion rising.Again, we're still far from where we normally get to, when we get to cycle peaks. So, Europe is really about stock picking. And the best way that we have at Morgan Stanley to capture this alpha under the surface of the European index. And the growth that we have under the surface of the index, is our analyst top picks – which are showing fairly consistent outperformance, not just versus the European index, but also versus the S&P. And since inception of top picks in 2021, European top picks have outperformed the S&P free float market cap weighted by over 90 percentage points. And they've outperformed, the S&P – this is pre-trade – by 17 percentage points in the last year. And whatever period we slice, we're seeing out performance.As far as sectors, key sectors, Banks is at the very top of our model. It's the first sector that non-dedicated investors ask me about. I think the investment case there is very compelling. Defense, we really like structurally with the rearmament theme in Europe, but it's also helpful that we're in this seasonal phase where defense tends to really outperform between; and have outsized returns between January and April. And then we like the powering AI thematic, and we are getting a lot of incoming on the powering AI thematic in Europe. We upgraded utilities recently.Paul, maybe if I ask you a question, one sector that I've missed out on, in our data-driven sector model, is the semis. But you've worked a lot with our semi's team who are quite constructive. Can you tell us about the investment case there?Paul Walsh: Yeah, they're quite constructive, but I would say there's nuance within the context of the sector. I think what they really like is the semi cap space, which they think is really well underpinned by a robust, global outlook for wafer fab equipment spend, which we see growing double digits globally in both 2026 and 2027.And I think within that, in particular, the outlook for memory. You have something of a memory supercycle going on at the moment. And the outlook for memory is especially encouraging. And it's a market where we see it as being increasingly capacity constrained with an unusually long order book visibility today, driven really by AI inference. So strong thematic overlay there as well.And maybe I would highlight one other key area of growth longer term for the space, which is set to come from the proliferation of humanoid robots. That's a key theme for us in 2025. And of course, we'll continue to be so, in the years to come. And we are modeling a global Humanoids Semicon TAM of over $300 billion by 2045, with key pillars of opportunity for the semi names to be able to capitalize on. So, I think those are two areas where, in particular, the team have seen some great opportunities.Now bringing it back to the other side of the equation, Marina, which sectors would you be avoiding, within the context of your model?Marina Zavolock: There's a collection of sectors and they, for the most part, are the culprits for the low growth that we have in Europe. So simply avoiding these could be very helpful from a growth perspective, to add to that multiple expansion. These are at the bottom of our data driven, sector models. So, these are Autos, Chemicals, Luxury Transport, Food and Beverage.Most of these are old economy cyclicals. Many of these sectors have high China/old economy exposure – as well where we're not seeing really a demand pickup. And then lastly, a number of these sectors are facing ever rising China competition.Paul Walsh: And I think, when we weigh up the skew of your views according to your model, I think it brings it back to the original big debate around cyclicals versus defensives. And your conclusion that actually it's much more complicated than that.Marina, thanks for taking the time to talk.Marina Zavolock: Great to speak with you Paul.Paul Walsh: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

On today's episode of Have Kids They Said, Rich and Nicole get into whether you're a friendship maintainer, a Heated Rivalry mention, and ask what you think actors think about during smooch scenes. Things turn real as they talk men and feelings, Nicole's Oura stats haunting her, and her very strong feelings about PE teachers and body image. Rich realizes he might have a control issue, they ask what kind of sports parents are you, a gym shower question, share a funny post-COVID school story, and Benny asks what romance is.Hit play now, because this one goes from funny to real and back again fast. Have Kids, They Said... is a SiriusXM Network Podcast made by Nicole Ryan and Rich Davis.If you'd like to send us a message or ask a question email us at HKTSpod@gmail.comFollow on social media:Instagram @havekidstheysaidpodNicole @mashupnicoleRich @richdavisand @siriusxm Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our Head of India Research and Chief India Equity Strategist Ridham Desai addresses a big debate: whether India stocks are poised for a recovery after underperforming other emerging markets in 2025.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Ridham Desai, Morgan Stanley's Head of India Research and Chief India Equity Strategist. Today: one of the big debates in Asia this year. Can Indian equities recover their strength after a historic slump? It's Wednesday, January 14th, at 2pm in Mumbai.India ended 2025 with its weakest relative performance versus Emerging Markets since 1994. That's right – three decades. The reason? A mid-cycle growth slowdown, rich valuations, and the fact that India doesn't offer an explicit AI-related trade. Add in delays on the U.S. trade deal plus India's low beta in a global bull market, and you've got a recipe for underperformance. But we think the tide is turning. Valuations have corrected meaningfully and likely bottomed out in October. More importantly, India's growth cycle looks poised for a positive surprise. Policymakers have gone all-in on reflation, deploying a mix of aggressive measures to revive momentum. The Reserve Bank of India has cut rates, reduced the cash reserve ratio, infused liquidity and gone in for bank deregulation which are adding fuel to the fire. The government has front-loaded capital expenditure and announced a massive ₹1.5 trillion GST rate cut to encourage people to spend more on goods and services. All these moves – along with improving ties between India and China, Beijing's new anti-involution push, and the possibility of a major India-U.S. trade deal – are laying solid groundwork for recovery. Put simply, India's once-tough, post-pandemic economic stance is easing up. And that could open the door to a major shift in how investors see the market going forward. India's macro backdrop is also evolving. The reduced reliance on oil in GDP, the growing share of exports, especially in services, the ongoing fiscal consolidation – all indicate a smaller saving imbalance. This means structurally lower interest rates ahead. And flexible inflation targeting, and volatility in both inflation and interest rates should continue to decline. High growth with low volatility and falling rates should translate into higher P/E multiples. And don't forget the household balance sheet shift toward equities. Systematic flows into domestic mutual funds are evidence of this trend. Investor concerns are understandable, but let's keep them in context. More companies raising capital often signals growth ahead, not just high valuations. Domestic investment remains strong, thanks to a steady shift toward equities. India's premium valuations reflect solid long-term growth prospects and expectations for lower real interest rates. On the policy front, efforts to boost growth are robust, and we see real growth potentially surprising to the upside. While India isn't a leader in AI yet, the upcoming AI summit in February could help address concerns about India's role in tech innovation. What key catalysts should investors watch? Look for positive earnings revisions, further dovishness from the RBI, reforms from the government including privatization, and the long-awaited U.S. trade deal. But also keep an eye on key risks – slower global growth and shifting geopolitical dynamics. So, after fifteen months of relative pain, could India be on the cusp of a structural re-rating? If growth surprises to the upside – and we think it will – the story of 2026 may just be India's comeback. Stay tuned.Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.