Podcasts about Pe

What happens when your industry gets flooded with outside capital, your team won't match your effort, and AI is rewriting the rules overnight? In this special live AMMA episode of The Game Changing Attorney Podcast, Michael Mogill takes unfiltered questions from law firm owners at the SELECT retreat, covering everything from team motivation to private equity to AI's impact on legal marketing. From why intrinsic drive can't be taught to how to position your firm for a future shaped by PE consolidation, this AMMA is a rapid-fire masterclass in leadership, strategy, and building something worth owning. Here's what you'll learn: Why intrinsic drive can't be coached, and what to do when your team doesn't have it How private equity is reshaping legal, and why the middle of the market is the most dangerous place to be What it takes to attract premium clients through brand, not volume The firms that win from here aren't the hardest working, they're the ones nobody can afford to ignore. (00:00:00) Introduction (00:02:05) Motivating your team (00:04:30) We no longer coach effort (00:05:25) PE and the future of law firms (00:07:30) The MSO model (00:08:54) Marketing for niche practices (00:10:14) The James Sexton playbook (00:12:20) AI, layoffs, and your team (00:14:45) AI as a growth lever (00:16:28) Should you pursue an MSO? (00:18:25) There is no easy money (00:19:41) Run your own race ---- Links & Resources: Morgan & Morgan James Sexton David Goggins Can't Hurt Me by David Goggins Ken Rideout John Foy & Associates Andrew Huberman Atlanta Tech Village David Cummings ---- Learn what sustainable growth can look like for your firm at crispcoach.com. ---- Do you love this podcast and want to see more game changing content? Subscribe to our YouTube channel. ---- Past guests on The Game Changing Attorney Podcast include David Goggins, John Morgan, Alex Hormozi, Randi McGinn, Kim Scott, Chris Voss, Kevin O'Leary, Laura Wasser, John Maxwell, Mark Lanier, Robert Greene, and many more. ---- If you enjoyed this episode, you may also like: 456. AMMA - Why It's Your Fault If Your Team Isn't Performing 377. AMMA - Market Chaos: How to Not Just Survive, But Thrive 345. AMMA - The AI Advantage: What to Automate, What to Keep Human, and How to Stay Ahead

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.This week Michael, Liam, and Brian break down Moonshot's Kimmy K3 release and what a more open, cheaper Chinese frontier model means for the race against Claude Fable 5 and GPT 5.6, from cyber guardrails and export controls to the Trump administration weighing a ban on Chinese models. They dig into the AI capital markets: Anthropic and DeepSeek's IPO plans, Nous Research's $75 million raise at a $1.5 billion valuation, Gavin Baker's intelligence-per-dollar thesis, Liquid AI, and OpenShip's self-hostable app platform. The guys run through the payments story: the $53 billion Stripe, Advent, and Block bid for PayPal, Visa's new OUSD stablecoin platform, and Amazon Japan's move into a yen-backed stablecoin. They cover a stack of digital asset headlines: IBIT options limits rising to 1 million contracts, Citadel's $400 million investment in Crypto.com at a $20 billion valuation, the ECB's digital euro pilot, Velocity's $38 million Series A, Tether's Genius Act countdown, and Lynn Alden's new Bitcoin-focused PE firm. They close on where the Clarity Act stands, Early Riders' mid-year letter, Onramp's back-to-basics promo, and AI's arrival in film and music.Chapters00:00 - Introduction and Weekly Recap01:26 - Kimmy K3 Release and Open Source AI Models05:43 - Meta-level Analysis of AI Race and AGI08:04 - AI Development: Capabilities and Guardrails09:44 - AI as a Commodity and Data Strategies11:08 - Global AI Race and Export Controls13:13 - US-China AI Power Dynamics16:46 - US Regulatory Posturing and Competition21:55 - US and Chinese AI Model Competition24:58 - AI Infrastructure and Market Share Shifts31:40 - AI and Financial Markets: IPOs and Capital Flows36:29 - Open Source AI Projects and Sovereignty37:16 - Fintech and Payments: Stripe, PayPal, and Crypto49:05 - Digital Asset Headlines: Tether, Stablecoins, and Regulation52:58 - Crypto Market Dynamics and Capital Flows55:25 - Bitcoin and Digital Asset Strategies01:00:16 - AI and Bitcoin: The Future of Capital and Innovation01:12:50 - Closing Remarks and Future OutlookIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael:https://x.com/MTangumaKeep up with Liam:https://x.com/Lnelson_21Keep up with Brian:https://x.com/BackslashBTC

The SaaS world is in the middle of a brutal reckoning. Products that looked innovative 18 months ago are quietly becoming redundant — not because markets disappeared, but because the floor rose. In this episode, Jeff Mains sits down with Brian Herr, a 30-year technology and SaaS veteran, to dissect what it actually takes to build a software business that survives — and wins — in the age of AI.Brian brings sharp investor-grade thinking to the conversation, drawing on his work with startups, venture studios, and PE-backed companies. They cover the death of thin-wrapper SaaS, why blocking AI agents is a catastrophic mistake, how security and compliance have become unexpected competitive moats, and the critical distinction between a product that helps and one that solves. If you build software or provide services, this episode is non-negotiable.Key Takeaways4:08 — The value expectation from SaaS platforms is shifting fast. Thin wrappers around someone else's AI model have no future — customers will ask why they're paying when they can do it themselves.4:53 — Companies that survive will be the ones that solve real problems, curate the right data, and give meaningful feedback — not just deliver a slick interface.6:46 — Investor rubrics have changed. A key new question before committing capital: "Can this be replicated as a Claude skill or agent in six months?" If yes, it's not fundable.7:39 — Where physical world meets digital data is a major investment magnet. These companies have stronger moats, are more AI-resistant, and occupy underserved territory.13:53 — Natural language interfaces are no longer a differentiator — they're an expectation. And Brian's crystal ball: local on-device AI will push this even further into everyday life.14:29 — Natural language is democratizing technology for older users. If you don't have a conversational interface, the market will pass you by.20:23 — Agents are no longer just for technologists. CFOs and revenue officers are using them. Blocking agents is a strategic blunder — competitors are advertising agent compatibility while you're building walls.21:00 — The smart play: figure out what people are doing with agents hitting your platform and monetize it. Blocking just pushes them to your API — or to a competitor.21:20 — Every SaaS company needs a quarterly gut-check: What is my value? What do I do well? How do I evolve? A business plan from one year ago doesn't fit today's market.33:04 — Security, compliance, and certifiability are the new defensible moat. You literally cannot vibe-code your way into SOC 2, HIPAA, or AI trust scores. That's the value story.33:59 — The AIUC-1 framework is making AI applications insurable for the first time. MITRE has joined the consortium. If your SaaS uses AI, this becomes part of your trust story.39:50 — The single most important product question: Does it help, or does it solve? Helpful gets cut from budgets. Essential doesn't.43:09 — Going niche gives you orders-of-magnitude higher odds of success. Trying to do what everyone else is doing? Your chance of success drops to 13% or less.47:37 — Brand trust and human relationships are more important than ever. People do business with people. When you become indifferent to your customers, you become a vendor. Vendors don't survive.Tweetable Quotes"If someone opened a fresh ChatGPT window right now and got roughly the same result your product delivers — would your customers notice the difference, or would they even care?" — Jeff Mains"The thin wrappers aren't going to make it very long. What's going to survive is companies that still solve real problems, curate the right data, and give the right feedback." — Brian Herr"One of our investment rubrics now: Can this be turned into a Claude skill or agent in six months? If so, it doesn't make sense for us to invest." — Brian Herr"Natural language interfaces are now an expectation, not a differentiator. If you think you'll eventually get around to it, the market will pass you." — Brian Herr"Helpful solutions get cut from the budget first. Solutions that solve don't. Stop asking whether you can bolt on AI and start asking whether customers actually need YOUR data and process to make it work at all." — Jeff Mains"Agents are becoming for everyone — especially as the interface evolves. Blocking them is evolve or die." — Brian Herr"Figure out what people are doing with agents and monetize it. People will pay for it. By being a blocker, you're just pushing them to find another way." — Brian Herr"People do business with people. When you become indifferent to your customers, you stop being a partner and become a vendor. Vendors have a hard time surviving." — Brian Herr"Success is a journey, not an endpoint. The founders who make it understand you're going to be a little wrong — as long as you course correct in the right direction." — Brian HerrSaaS Leadership Lessons1. Moat = Data + IP + Experience, Not Interface A beautiful UI sitting on top of a commodity model is not a business — it's a countdown clock. Your defensible moat is proprietary data, domain expertise, and institutional knowledge that competitors cannot prompt their way into.2. Run a Quarterly Value Audit Especially in the $5M–$15M revenue range, ask yourself every quarter: Does my business plan still match the market? What do I do well, and how am I evolving? Founders who don't course-correct veer further off target every quarter until they no longer recognize where the target moved.3. Embrace Agents as a Revenue Channel, Not a Threat Your API traffic spikes are signals, not attacks. When agents are hitting your platform, that's demand you haven't monetized yet. Build for agent access, charge for it, and let your competitors play defense while you build offense.4. Compliance and Trust Are Your Unfair Advantage In a world where anyone can vibe-code a competitor over a weekend, the thing they cannot replicate is your certifications, your compliance posture, your years of regulated-market experience, and your insurance-grade AI trust scores (AIUC-1). Make this part of your sales story.5. Help vs. Solve Is the Only Product Question That Matters Helpful products live in discretionary budgets — they're the first cut when times get hard. Products that solve real, urgent problems command non-negotiable budget lines. Every feature you build, every market you target: ask which one it is.6. Stay a Partner, Never Become a Vendor When customers feel like a transaction to you, you become a commodity to them. In the $5M–$15M range, clients know your team personally — that trust is a competitive advantage. Build systems to maintain it as you scale, or risk waking up one day to find out you've been quietly moved to the vendor pile.Guest ResourcesWebsite: https://www.startingblocks.io/LinkedIn (6k): https://www.linkedin.com/in/brian-herr/https://drive.google.com/drive/folders/1kS1WsPODEaqtMnB_g1_Dut6oTv1FYYvXEpisode SponsorThe Futureproof Series - https://www.youtube.com/playlist?list=PLfkXKUPZ5xuOqMPR7_gzGybncTtavyR1NThe Captain's KeysSmall Fish, Big Pond – https://smallfishbigpond.com/ Use the promo code ‘SaaSFuel'Champion Leadership Group – https://championleadership.com/https://jeffmains.com/books/SaaS Fuel ResourcesWebsite - https://championleadership.com/Jeff Mains on LinkedIn - https://www.linkedin.com/in/jeffkmains/Twitter - https://twitter.com/jeffkmainsFacebook - https://www.facebook.com/thesaasguy/Instagram - https://instagram.com/jeffkmains

Welcome back to the Alt Goes Mainstream podcast.We were live from Berlin, which becomes the “capital of private capital” in June as the private equity's industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.Much of the SuperReturn conference is centered on fundraising. GPs take up every available space — from hotel rooms to Tiny Space cabins that line the parking spots on Budapester Strasse outside of the InterContinental conference venue — to conduct meetings with LPs.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry's leading alternative asset managers.Our first conversation was with Apax Co-CEOs Andrew Sillitoe and Mitch Truwit.Apax is one of the pioneers in the private equity industry. The firm's rich history dates back to the 1970s, when its founders, Alan Patricof (US), Sir Ronald Cohen (UK), and Maurice Tchénio (France), came together to establish the first US-UK partnership firm in private equity. During that time period, the firm backed Steve Jobs and the first iteration of Apple. The UK and US firms merged in 1981, laying the foundation for Apax.Today, Apax stands at over $80B in aggregate funds raised. The firm underwent its second leadership transition in 2014, when Andrew and Mitch were elected as Co-CEOs, succeeding Martin Halusa, who became Chairman.Apax sits in a unique position. They are a scaled platform that focuses on the middle market. They operate across three sectors, Tech, Services, and Digital / Consumer, infusing a digital DNA and value creation team into everything they do. Their platform spans “a mile wide and a mile deep,” which is what much of the conversation between Andrew, Mitch, and me unpacked.We had a fascinating discussion about the current state of private equity and the middle market, why Apax focuses on “density-driven business models,” why the firm focuses on carveouts in the middle market, what's underappreciated about the middle market, why it's important to “buy in the right neighborhood and fix it up,” and how the firm's core values of “having impact through insight and tenacity” drive every decision they make.BiosAndrew Sillitoe has been Co-CEO of Apax since 2014. He is Chairman of the Apax Global Investment Committee and the Digital Investment Committee, amongst others. He is also a member of the Apax Executive Committee. He has been based in London since joining the Firm in 1998, focusing on Tech & Telco investments.Andrew has been involved in a number of investments including Inmarsat, Intelsat, King, Orange Switzerland, TIVIT, TDC and Unilabs.Prior to joining Apax, Andrew was a consultant at LEK. Andrew holds an MA in Politics, Philosophy and Economics from the University of Oxford and an MBA from INSEAD.BoardsAndrew has previously served on the boards of Inmarsat, King, Intelsat, Orange Switzerland and TDC.Mitch Truwit is Co-CEO of Apax, based in New York.Prior to joining Apax in 2006, Mitch was the President and CEO of Orbitz Worldwide between 2005 and 2006 and was the Executive Vice President and Chief Operating Officer of priceline.com between 2001 and 2005.Mitch is a graduate of Vassar College where he received a BA in Political Science. He also holds an MBA from the Harvard Business School.BoardsMitch serves as a Board member of Openlane and Trade Me. Prior boards include Advantage Sales & Marketing, Assured Partners, Dealer.com, Bankrate, Garda World, Hub International, Trader Canada, Boats Group and Quality Distribution Inc.Mitch serves on the charitable boards of the Apax Foundation, the John McEnroe Tennis Project, Posse and StreetSquash.Thanks, Andrew and Mitch, for a fascinating conversation and for sharing your expertise, wisdom, and passion at the intersection of investing and operating in private equity.Show Notes00:00 Meet Apax co-CEOs, Andrew Sillitoe and Mitch Truwit00:26 Andrew's Origins at Apax00:47 Private Equity Then vs Now01:25 Apax Growth and Values01:45 Curiosity as a Differentiator02:04 Mitch's Operator Background02:56 Why Mitch Joined Apax03:40 Defining the Middle Market04:14 Why Sub-Billion EV Works04:59 Middle Market Talent Gap05:20 Carve Outs as a Strategy05:29 TRADER Corporation - Canada App Turnaround06:12 Scaled Platform Advantage07:14 Digital DNA and AI Wave07:50 Top Line Growth Lever08:36 Add-ons and TAM Expansion09:33 ECI Case Study Roll Up10:07 Integration Over Collection10:28 Exit Options in a Bigger PE World10:59 Building for Multiple Buyers11:45 Fund Size Discipline12:34 Choosing Returns Over AUM13:16 Understanding Firm DNA14:01 Global Micro Investing14:49 Making Global Pods Work15:50 Scale Specialization Flexibility17:08 Where to Invest Now19:23 Buying Complexity for Value20:15 Moats and Investment Committee22:13 Why Middle Market Excites Them23:19 Future of PE and AI at Scale24:50 Impact Insight Tenacity Culture25:54 Obligation to Dissent Story26:55 Aspirational Brand Analogy27:48 Wrap Up and Thanks

21/07/2026 - Verbum, a Palavra de DeusMeditação da Palavra do Senhor com o Pe. Cleidson Pedroso Souza

The Food of the Gods “I adjure you, O daughters of Jerusalem, if you find my beloved, as to what you will tell him: for I am lovesick. What kind of beloved is your beloved, O most beautiful among women? What kind of beloved is your beloved, that thus you adjure us?” (So 5:9)   “The nations of the world say to Israel: ‘How is your beloved more than another beloved?” In what way is He God more than other gods, in what way is He a protector more than other protectors?'” (Midrash Rabbah to Shir 5§9)   Once again, the proto-typical event is the exodus from Egypt:   “For I will go through the land of Egypt on that night and will strike down all the firstborn in the land of Egypt, both man and beast; and against all the gods of Egypt I will execute judgments—I am the LORD.” (Ex 12:12) “And what one nation on the earth is like Your people Israel, whom God went to redeem for Himself as a people and to make a name for Himself, and to do a great thing for You and awesome things for Your land, before Your people whom You have redeemed for Yourself from Egypt, from nations and their gods?” (2 Sa 7:23)   When did the other “gods” of the pantheon assume power over the nations?   And are these entities unruly evil demons or ruly assigned powers over the principalities (2 Pe 2:10; Jde 1:8)?   Too involved to answer, and probably not so fruitful, but when Israel goes into the principality of an assigned power, in a sense, it is the territory of that nation's assigned angelic majesty, elohim, or “judge, authority.” There are indeed, however, unruly demonic entities that operate within those principalities that are worshipped as gods.   Elohim is spirit, yet He “eats” the gifts of our worship, the human desire to be near to Him expressed in gifts and sacrifices:   ”You shall consecrate him, therefore, for he offers the food of your God; he shall be holy to you; for I the LORD, who sanctifies you, am holy.” (Le 21:8) “Speak to Aaron, saying, ‘No man of your offspring throughout their generations who has a defect shall approach to offer the food of his God.'” (Le 21:17) “…nor shall you accept any such [blemished, diseased] from the hand of a foreigner for offering as the food of your God; for their corruption (“decay”) is in them, they have a defect, they shall not be accepted for you.'” (Le 22:25)   Elohim’s food is to receive our heartfelt, lovesick obedience free of the decay of death. Our food is to do the will of the Father who sent Yeshua, the Living Word. (Jn 4:34)   The evil and unclean gods of the pantheon also receive “food” when we idolize them [we actually worship ourselves and they enable it]. As in the Garden, when the serpent offered the humans the opportunity to “be like God,” so evil spirits receive the gifts and sacrifices of human beings as food, fuel for their ability to cross into our realm and proliferate.   It was the serpent who was trying to be like God, and he needed Adam and Eve to feed that desire. He fed them what they desired; they fed him what he desired. The serpent is always eager to feed our wrong appetite, desire, emotion, and intellect. The end result, though, is death, not life.   Obedience to Elohim's voice, however, produces life and the ability to continue abundant life in the Garden, a Land flowing with milk and honey, wine and balsam.   The following recitation for the tithe of the third year contains specific language that reminds us we are not to feed the dead, whether ancestors or gods.   Instead, we feed only our Elohim with our holies of sacred obedience. In return, our Elohim sets us high above all the nations and their gods. This is why our Beloved is high above all others and why we are lovesick, seeking His Voice in the night of exile, which is what Adam and Eve should have done, waited to hear His Voice walking in the cool of the evening.   “When you have finished paying all the tithe of your increase in the third year, the year of tithing, then you shall give it to the Levite, to the stranger, to the orphan and to the widow, that they may eat in your towns and be satisfied. You shall say before the LORD your God, ‘I have removed the sacred portion from my house, and also have given it to the Levite and the alien, the orphan and the widow, according to all Your commandments which You have commanded me; I have not transgressed or forgotten any of Your commandments. I have not eaten of it while mourning, nor have I removed any of it while I was unclean, nor offered any of it to the dead. I have listened to the voice of the LORD my God; I have done according to all that You have commanded me. Look down from Your holy habitation, from heaven, and bless Your people Israel, and the ground which You have given us, a land flowing with milk and honey, as You swore to our fathers.' This day the LORD your God commands you to do these statutes and ordinances. You shall therefore be careful to do them with all your heart and with all your soul. You have today declared the LORD to be your God, and that you would walk in His ways and keep His statutes, His commandments and His ordinances, and listen to His voice. The LORD has today declared you to be His people, a treasured possession, as He promised you, and that you should keep all His commandments; and that He will set you high above all nations which He has made, for praise, fame, and honor; and that you shall be a consecrated people to the LORD your God, as He has spoken.” (Dt 26:12-19)   The unruly rebellious entities derive power when they are worshipped; in a sense, they are “fed” by human beings, which attracts greater numbers of unclean and evil spiritual beings…unclean in that those spirits are NOT assigned to the physical realm, but they hunt for physical hosts to enable them to operate there. It actually speeds the process of death and decay to the host because it is an unclean mixture. Life is only within one's assigned realm:   “Then it goes and takes along with it seven other spirits more wicked than itself, and they go in and live there; and the last state of that man becomes worse than the first. That is the way it will also be with this evil generation.” (Mt 12:45)   When we “feed” a spiritual entity our disobedience and rebellion, we transgress, mixing two realms, which invites death, not life. It has no place in the life of a believer in Yeshua, or in a human being at all. This is why disobedience is equated with witchcraft:   For rebellion is as the sin of witchcraft, And stubbornness is as iniquity and idolatry. Because you have rejected the word of the LORD, He also has rejected you from being king.” (1 Sa 15:23)   Because of this rebellion, the kingship and authority was forfeited. Just as in the Garden when the serpent had to entice the human beings into rebelling in order to commandeer their authority to rule, so we still can be deceived into the giving our spiritual authority to the beast by trying to be “like God.” There is only one Elohim, and all other beings are created by Him, even the rebels of the universe. An altar is a “table” connecting the physical realm with the spiritual. Why would we feed rebellious spirits the food of our own disobedience and share their demonic table fare?   “Look at the nation Israel; are not those who eat the sacrifices sharers in the altar? What do I mean then? That a thing sacrificed to idols is anything, or that an idol is anything? No, but I say that the things which the Gentiles sacrifice, they sacrifice to demons and not to God; and I do not want you to become sharers in demons. You cannot drink the cup of the Lord and the cup of demons; you cannot partake of the table of the Lord and the table of demons.” (1 Co 10:19-21)   Angelic powers over principalities don't need or want human worship to enlarge their influence or authority; they already have authority because it is assigned to them. Perhaps it was pre-assigned when the heavenly hosts were created, but more likely their creation prepared them to be assigned to their supervisory divisions after the Flood:   “Two sons were born to Eber; the name of the one was Peleg, for in his days the earth was divided; and his brother's name was Joktan.” (Ge 10:25; 32; 1 Ch 1:19)   There is also this verse that synchronizes the symbolic 70 nations of the earth and their divisions to the number of Israelites who went down to Egypt:   “Your fathers went down to Egypt seventy persons in all, and now the LORD your God has made you as numerous as the stars of heaven. (Dt 10:22) “When the Most High gave the nations their inheritance, when He separated the sons of man, He set the boundaries of the peoples according to the number of the sons of Israel.” (Dt 32:8)   This may not be a contradiction, but a hint to the restoration work in progress, a plan where the twelve tribes of Israel would become the judges over the nations from the gates of Jerusalem, i.e., the gates to the Garden of Eden, and the assigned princes over the nations would be shaken out of the way, that role concluded.   Whatever the details of the plan, it is evident that these angelic majesties were anticipated and assigned, but the original plan was for the righteous among humankind to judge those angels in administering the Kingdom on earth and possibly in the heavenlies:   “Or do you not know that the saints will judge the world? If the world is judged by you, are you not competent to constitute the smallest law courts? Do you not know that we will judge angels? How much more matters of this life?” (1 Co 6:2-3)   These things are what makes our Beloved greater than the other gods of the nations. In addition, Messiah Yeshua can give his most beautiful Bride authority to rule the nations as at the beginning when Adam and Even ruled.   The gods of the nations, whether unruly demonic or the ruly assigned angelic majesties, cannot and will not give this kind of authority, for their authority is either usurped or only a temporary assignment.   “He who overcomes, and he who keeps My deeds until the end, TO HIM I WILL GIVE AUTHORITY OVER THE NATIONS; AND HE SHALL RULE THEM WITH A ROD OF IRON, AS THE VESSELS OF THE POTTER ARE BROKEN TO PIECES, as I also have received authority from My Father; and I will give him the morning star.” (Re 2:26-28)   The morning star? The first resurrection! We can share Yeshua’s table at the wedding supper of the Lamb. (Re 3:20) Please SUBSCRIBE to our newsletter to get new teachings.

Dr. Peñaherrera is an endocrinologist at Hamilton Diabetes and Endocrinology Center in Dalton, Georgia and Hamilton Health-Calhoun. He speaks both English and Spanish. He attended medical school in Ecuador, completed his residency training in internal medicine in New Jersey, and his fellowship in endocrinology at the University of Miami Jackson Memorial Hospital in Miami, Florida. He specializes in diabetes, metabolic disorders, obesity medicine, and hormone-related conditions.https://vitruvianhealth.com/services/diabetes-endocrinology-center/

El Dr. Peñaherrera es endocrinólogo en el Hamilton Diabetes and Endocrinology Center de Dalton, Georgia, y en Hamilton Health-Calhoun. Habla inglés y español. Cursó sus estudios de medicina en Ecuador, completó su residencia en medicina interna en Nueva Jersey y realizó su subespecialización (fellowship) en endocrinología en el Jackson Memorial Hospital de la Universidad de Miami, en Miami, Florida. Se especializa en diabetes, trastornos metabólicos, medicina de la obesidad y afecciones relacionadas con las hormonas.https://vitruvianhealth.com/services/diabetes-endocrinology-center/

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。今天分享的内容叫对港股有深远重大影响的消息传来，来自Alex价值发现者。一则对港股具有深远重大影响的消息传来。二零二六年7月17日晚间八点左右，商务部官网发布答记者问，正式对外确认：美方已向中方确认终止二零二零年签署的第13936号行政令。该行政令强制要求美国养老金、主权基金、大型投行及资管机构将港股中资企业划定为高风险资产，倒逼机构内部风控下调港股配置上限、驱动长线资金被动持续减持，限制新增资金入场，直接推升港股风险溢价，成为外资持续回避港股、长期给港股估值打地缘折价的法律原因，是过去五年港股估值持续承压、流动性收缩的重要政策枷锁。随着这一行政令的终结，压制港股多年的一块“石头”，终于落地了。那么，政策终结后，究竟会有多少外资回流？我们需要从过去几年一直压制港股估值的一个核心变量风险溢价来分析。一、很多人觉得，股价下跌，一定是企业变差了，其实并不一定。还有一个重要的原因就是风险溢价。举个简单的例子：一家公司的盈利没有变化。但去年市场愿意给12倍P E，今年却只愿意给9倍P E。不是因为它赚得少了，而是投资者觉得它风险更高，因此要求更大的”折扣”。这就是风险溢价。13936号行政令出台后，提高了海外机构对港股的风险评级，即使企业盈利没有变化，市场也愿意给予更低的估值。所以，过去几年港股跌的，不仅是盈利波动，更有一部分，是风险溢价。这也是为什么，我认为13936号行政令影响最大的，并不是企业盈利，而是全球资本重新定义了香港市场的风险等级和投资价值。过去几年港股经历了一轮持续的估值压缩。根据E P F R资金流、港交所持仓变化以及多家机构测算：二零二零年至二零二二年，港股累计外资净流出约1.28万亿港元，其中美国养老金、主权基金等长线配置资金流出约七千亿港元，成为这一轮减持的主力。与此同时，港股流通盘外资持股比例，也从二零一九年的约百分之62，下降至目前约百分之43；其中美资持股比例由约百分之31下降至百分之14左右。这些数字未必非常精准，但它们基本说明过去几年，港股失去的不只是资金，更是长期配置的意愿。毕竟，谁都害怕地缘政治风险。不少机构利用股权风险溢价模型测算认为，13936号行政令出台后，港股风险溢价额外提高约1.2到1.5个百分点，对应整体估值出现了地缘折价；恒生科技由于海外资金持仓高，受到的影响也很明显。二、那么，如果这层风险开始下降，会带来什么？一些机构做了相应测算，从短期情绪修复来看，单日外资净流入约80到120亿港元，市场可能出现百分之2到4左右的快速反弹。7月14日是13936号行政令到期失效的法律时间点，7月15日、16日港股连续两日上涨，可能是市场对该行政令终止有了一定预期。一些机构测算：如果未来美国长线配置资金持续回流，例如每月净流入300到500亿港元、持续两个月以上，恒生指数有望迎来约百分之10到15的估值修复，而恒生科技指数由于此前受压更深，修复空间可能达到百分之20到28。如果再乐观一些，从更长周期来看，若未来累计回流4000到6000亿港元左右的长线资金，过去几年由于地缘风险带来的部分估值折价，理论上有望得到较大程度修复。当然，以上只是模型测算，并不意味着一定会发生。三、虽然大家普遍关心到底会回来多少资金，但影响股票市场价格走向的关键，其实是边际资金。只要长期配置资金重新开始流入，哪怕比例并不大，但是边际影响却可能显著，市场对于港股风险的认知也发生变化，而估值修复往往也是从这一刻开始。13936号行政令终止，并不意味着港股就高枕无忧。美联储利率、国内经济、企业盈利，以及科技领域的其他限制政策，依然会影响未来市场走势。但我还是认为，它拆除了过去几年压制港股估值的重要制度性因素之一，让全球长期资金重新具备评估和配置香港市场的制度基础，已经属于重磅利好。巧合的是，因精准预判二零零八年美国次贷危机而声名大噪、并被改编为电影《大空头》原型的投资人Michael Burry，近日公开表态称：现在是在港股市场寻找廉价股票的"绝佳时机"。他的看多逻辑建立在全球A I芯片股热潮降温的预判之上，认为资金将从韩国、日本及半导体板块流出，转而寻找估值洼地。这一观点，和我对港股的观点不谋而合。如果始终相信价值决定价格，那么港股依然值得重视。这里聚集着中国一批具有全球竞争力的互联网、创新药、A I、新能源等企业，其中不少既具有稀缺性，也具备估值优势。过去几年，市场更多在交易风险；未来，当风险溢价逐渐回落，价值终究会重新成为市场定价的核心。

Monday on The A-Team, Adam Clanton and Adam Wexler react to the Astros being swept and explain why they now believe Houston should be sellers at the trade deadline. Plus, the guys discuss the latest on Jeremy Peña and Christian Walker, including Peña's return to Monday's starting lineup. Finally, they continue their "Ten on the Texans" series with a spotlight on the defense.

1 John 2:25; John 6:40; 10:10; Gal 5:22-23; 2 Cor 3:5; Rom 6:23; John 10:28; John 3:15; 1 John 5:11-13; John 3:36; 5:24; 6:47; 11:25; 14:6; 17:3; 2 Pe 3:18; Mat 16:16-18; 1 Cor 3:11; ISA 28:16; Psa 95:1

20/07/2026 - Verbum, a Palavra de DeusMeditação da Palavra do Senhor com o Pe. Cleidson Pedroso Souza

Carlos Eduardo Leuder ofrece un recorrido íntimo y documentado por la vida y las memorias que articulaban la Estación de los Pocitos. Como periodista y estudioso del fútbol rioplatense, combina anécdotas personales con datos históricos: la transformación del paisaje urbano, la presencia de los tranvías y la compañía que poseía los terrenos, y la vitalidad de espacios de ocio y sociabilidad como la cancha de Peñarol, el cine Latino y las canchitas barriales. Su relato reconstruye la convivencia entre lo deportivo, lo popular y lo comercial en una zona que pasó de ser periferia a elegante barrio residencial.El tono del relato alterna el cariño por personajes populares y el detalle documental: recuerda partidos memorables —incluido un encuentro del Mundial de 1930—, la fisonomía de las viejas gradas de madera, y figuras del barrio como el Negro Santurio, Jesús Tasende o el hincha de Misiones. Describe también costumbres urbanas (tabladitos, murgas, corsos), oficios y comercios que daban vida al barrio, y cómo el cemento y los edificios modernos borraron muchas de esas huellas, aunque quedan restos y relatos que mantienen viva la memoria colectiva.

La 54ª edición de la Semana Internacional de la Huerta y el Mar ha sido presentada oficialmente en el emblemático balneario de San Antonio de Los Alcázares, reafirmando su papel como punto de unión entre las tradiciones agrícolas y pesqueras. El cartel de este año es una obra al óleo de la joven artista local Paula Tobar, de 18 años, quien ha querido rendir homenaje a sus raíces retratando a su abuela Lola junto a elementos típicos como los limones y el Mar Menor. El encargado de realizar el pregón será Juan García Serrano, quien dirigió el festival durante más de 30 años y actualmente preside la Federación de Peñas Huertanas. La programación incluirá hitos tradicionales como los ventorrillos, la procesión marítimo-terrestre de la Virgen de la Asunción el 15 de agosto, y un multitudinario desfile multicultural que reunirá el folclore de la Región de Murcia con el de otros países invitados.

Chuck and Chris welcome Kathleen McKeon as our guest to discuss practice types, including: academicprivatePE-backed privatean employed positionsDr. McKeon has personal experience with PE and shares insights for us all to consider.  We also learn a bit about her personal journey joining a well-known sports practice and succeeding in a "privatademic" environment. Dr. McKeon references Ben Schwartz' Substack called 'The Surgeon's Record' as a great resource.See www.practicelink.com/theupperhand for more information from our partner on job search and career opportunities.The Upper Hand Podcast is sponsored by Checkpoint Surgical, a provider of innovative solutions for peripheral serve surgery. To learn more, visit https://checkpointsurgical.com/.As always, thanks to @iampetermartin for the amazing introduction and concluding music.For additional links, the catalog.  Please see https://www.ortho.wustl.edu/content/Podcast-Listings/8280/The-Upper-Hand-Podcast.aspx

MOPs & MOEs is proudly sponsored by Teamworks — the performance operations platform trusted by elite military units and professional sports organizations worldwide. Teamworks brings your scheduling, communications, athlete monitoring, and readiness data into one unified system — so your leaders stay informed, your people stay connected, and your unit stays ready. No more scattered spreadsheets or missed messages. Just one platform built for organizations where performance is the mission. Learn more at teamworkstactical.comWe are also supported by TrainHeroic — the coaching and programming platform built for strength and conditioning coaches who train serious athletes. Whether you're programming for a military unit, a tactical team, or individual athletes, TrainHeroic gives you the tools to build and deliver professional training programs, track athlete progress, and communicate directly with your people — all through one app. Your athletes get world-class programming on their phone; you get the visibility to actually coach them. Start your free trial at trainheroic.comThe Best PE Program in America Nobody's Heard Of — Prescott Junior HighSomewhere in Modesto, California, middle schoolers are running sub-five-minute miles, doing a thousand push-ups unbroken, and earning colored trunks through a fitness program that's been running since the 1970s. Drew and Alex sit down with Garrett Beal and Jason Avalar, the PE teachers keeping it alive.What we get into:The program traces back to Mark Wilson, who saw a La Sierra documentary on TV in the seventies, pitched his superintendent, flew out to observe, and came back and built something that's now outlasted everyone who started it. Twenty different physical fitness tests. A colored trunk system where gray is where everyone starts and purple is where almost no one finishes. Records on the wall dating back to 1974 that still haven't been broken.How the point system works — every kid tracks their own progress, logs every test, and gets graded on improvement not just raw performance. Stars for progress, colored trunks for excellence. A 300-pound kid with a perfect attitude and an A in PE because he showed up and worked every single day.The PE assistants — eighth graders who apply in writing, get selected on citizenship and leadership not athleticism, and can lose their shirt for bad grades or bad behavior. Some of the shyest kids in school become the ones leading warm-ups for forty classmates.The records. A girl who ran a 12:27 two-mile as an eighth grader. A boy who did a thousand push-ups unbroken, in perfect form, over an hour. An eighth grade girl who did 143 push-ups and 36 bar dips in a single session. A kid who did 6,500 sit-ups starting at 9am.The mud obstacle course on the last dress-out day of the year. Bear crawls, hurdles, a mud pit, lame dogs, and a fire hose at the finish line.Why this would be nearly impossible to start from scratch today — and why admin support, teacher commitment, and parent buy-in are the three pillars that have kept it alive for fifty years.Alex's commitment on air: connecting Prescott with the folks working on the Presidential Fitness Test rollout. These kids will not struggle.Mentioned in this episode:La Sierra High School PE program — the original inspirationPrescott Junior High Instagram — @prescottstandardLong and Strong — the Mops and Moes training program on TrainHeroic All Access Bundle - All of our training, injury prevention, AFT improvement, and moreViews expressed are those of the speakers and do not represent any official organization.

O Império da IA, com Karen HaoEm 2019 — tempos mais simples! — a jornalista Karen Hao foi fazer o primeiro “perfil” jornalístico da sua carreira, aquelas reportagens em que um jornalista passa dias acompanhando uma pessoa ou empresa, uma coisa meio biografia, meio retrato congelado no tempo.A tal empresa era uma startup do Vale do Silício, ainda pequena e desconhecida dos meros mortais como eu e você, mas que hoje é a mais valiosa da história: a OpenAI, também conhecida como “a criadora do ChatGPT”.A Karen Hao vendeu o projeto do perfil para o MIT Technology Review porque a OpenAI parecia, naquela época, uma startup diferente. O “open” no nome nasceu da visão de que inteligência artificial é um assunto tão importante para o futuro da humanidade que precisava ser explorado de um jeito aberto, compartilhando conhecimento com todo mundo, e mais preocupado em proteger esse tal futuro do que em só gerar lucro.Hoje, aqui direto de 2026, a gente já sabe que não foi exatamente isso que aconteceu. Com o tempo, a OpenAI se transformou numa empresa oficialmente voltada para o lucro como qualquer outra e chegou a ser processada por Elon Musk — um dos apoiadores iniciais do projeto — por quebrar essa promessa de ser ‘open'. Em maio, o Elno perdeu a causa, e a OpenAI agora se prepara para lançar as ações na bolsa e, pelos números atuais, já largar valendo mais de 1 trilhão de dólares.Mesmo em 2019, a Karen Hao sentiu que todo esse papo de “open” não era bem assim: segredos e competitividade em todas as conversas que ela ouvia na empresa. Publicou o tal perfil contando isso e o pessoal da OpenAI… não gostou muito. Achou que ela ia só falar bem deles, e a empresa cortou contato com ela por três anos.O Boa Noite Internet é uma publicação apoiada por pessoas como você, nosso público. Para receber novos posts e apoiar meu trabalho, considere tornar-se um assinante gratuito ou pago.Até que, em maio do ano passado, ela lançou nos EUA o livro O império da IA: Por dentro da corrida irresponsável pela dominação total, que segue contando a história da OpenAI — e abre com a bizarra saída do Sam Altman, demitido do cargo de CEO por “nem sempre falar a verdade” ao conselho da empresa, para voltar quatro dias depois nos braços dos funcionários.Mas esse livro não é exatamente uma biografia da OpenAI. Para mim, é mais um retrato de todo o sistema empresarial em que vivemos hoje — inteligência artificial ou não. O importante é que ele acabou de sair no Brasil pela Editora Rocco, que me procurou para saber se eu queria entrevistá-la aqui no programa, aproveitando que ela veio participar do Esquenta do Congresso Internacional de Jornalismo Investigativo da Associação Brasileira de Jornalismo Investigativo. O congresso, aliás, acontece dia 30 de julho — vai lá no site da Abraji saber mais, quem sabe comprar seu ingresso.Mas enfim, claro que eu queria conversar com ela. Obrigado, Abraji, obrigado, pessoal da Rocco, pelo presente. Quem me conhece sabe que IA agora é um assunto muuuito importante no meu trabalho. Eu fico aqui tentando navegar o meio do caminho entre o fim do mundo exterminador do futuro e a utopia vendida por muita gente. Não acredito em nenhum dos dois cenários, falei disso com a Karen antes e durante a conversa. Mas no final da entrevista a gente volta para falar não só disso, como também de como o IA em Curso, minha comunidade de letramento contínuo em IA, se conecta com tudo. Com promoção? Pode ser. Quem ficar até o fim, verá.A entrevista foi gravada em inglês — a Karen também fala mandarim, mas não fala brazilian —, então vai funcionar assim. Se ouvir no áudio, vai ser a versão original, do mesmo jeito que foi com o Ted Chiang ano passado, para você botar o seu cursinho para trabalhar. Aqui no site boanoiteinternet.com.br você está acompanhando a transcrição completa traduzida, se quiser ler enquanto ouve. E no YouTube tem uma versão legendada. Assim, você entra na conversa do jeito que preferir.Combinado? Então, bora lá entender O Império da IA com Karen Hao, no Boa Noite Internet.Cris: Karen Hao, bem-vinda ao Boa Noite Internet.Karen Hao: Obrigada pelo convite.Cris: Que bom ter você aqui. Espero que o Brasil esteja te tratando bem durante a Copa do Mundo — a gente veio falar sobre isso. Hoje é dia de falar de futebol, de Copa do Mundo, quais são as chances de cada país. Mas a primeira coisa que você precisa saber sobre essa conversa é que eu não sou jornalista. Não sei fazer isso. Peço desculpas antecipadas à sua profissão e ao seu ofício.Além disso, você foi enganada. Eu não estou aqui pra te entrevistar. Isso aqui é uma sessão de terapia. Você vai me ajudar a superar meus traumas.Porque eu sou da… do que eu chamo de “geração esquecida” — sou geração X, nasci nos anos 70. Esquecida porque, nessa guerra de gerações, as pessoas esquecem que a gente existe, e isso é incrível, porque a gente causou muito estrago no planeta. O Elon Musk é geração X, então é só isso que você precisa saber sobre a minha turma. Gente como ele, ou como Marc Andreessen… eu cresci lendo e assistindo à ficção científica que dizia que tecnologia é a melhor coisa do mundo, que ciência e engenheiros são incríveis e vão nos levar pra um lugar incrível.Sou uma daquelas pessoas que, quando a internet surgiu, falou: a paz mundial está logo ali. O conhecimento a um clique de distância, o futuro vai ser incrível. E aqui estamos nós. Então, quando usei o GPT pela primeira vez, e depois o ChatGPT, fiquei super empolgado. Foi a primeira vez, desde a internet, que eu fiquei realmente empolgado.Tenho até uma certa fama de ser mal-humorado com tecnologia: Bitcoin é lavagem de dinheiro, Clubhouse não presta — e as pessoas, ah, Clubhouse é a próxima grande coisa. Mas quando a IA chegou, eu falei: isso é importante. Só que eu já não era mais aquela criança dos anos 70. Tinha crescido, tinha visto o que aconteceu com a internet, tinha trabalhado numa big tech. E estava em desespero com o sistema em que a IA estava sendo construída.Dito tudo isso, o seu livro, aqui, já nas livrarias, recebe provavelmente o melhor elogio que eu posso dar: é otimista. Não é uma lista de reclamações e gente má fazendo coisas más. Claro, você fala muito sobre a OpenAI — ela é o fio condutor da história, especialmente aqueles quatro dias em que o Sam Altman saiu e voltou. E é muito divertido de ler. Mas você toma o cuidado de ser otimista.E uma das coisas que você menciona é como as pessoas na OpenAI, e em todas essas empresas, dizem: “isso é inevitável, a gente tem que fazer”. Quero falar sobre isso. Mas a gente tem que começar pela pergunta que você provavelmente ouve em todo podcast, a do título — Império da IA. Por que império?E acho que essa pergunta é ainda mais relevante no Brasil, país do sul global, colonizado. Por que império da IA?Karen Hao: Antes de mais nada, obrigada por dizer que o livro é otimista. Muita gente não reconhece isso, mas é verdade. Eu escrevo com um profundo otimismo de que os danos que a gente vê podem mudar. Não faria o trabalho que faço se não achasse que as coisas vão mudar.Sobre por que eu uso a expressão império, ou império da IA: a forma como empresas como a OpenAI operam é impressionantemente parecida com a dos impérios antigos. Eu traço quatro paralelos no livro. O primeiro é que elas reivindicam recursos que não são delas — os dados das pessoas, a propriedade intelectual de artistas, criadores como você, jornalistas.Segundo, elas exploram uma quantidade extraordinária de mão de obra. Isso vale tanto para os trabalhadores da cadeia de produção de IA, mal pagos e maltratados, que ainda assim geram uma riqueza extraordinária para essas empresas, quanto para os trabalhadores cujos empregos são automatizados e cujos direitos são corroídos pela implantação dessas tecnologias em diferentes setores.A terceira característica é que impérios controlam os fluxos de informação na sociedade. Essas empresas censuram a pesquisa fundamental sobre essas tecnologias, o que limita nossa capacidade de entender as verdadeiras limitações e capacidades dos modelos que desenvolvem. E estão criando uma tecnologia de informação que tentam transformar no portal único pelo qual qualquer pessoa se relaciona com o mundo.Esse portal impregna as ideologias do Vale do Silício, seus sistemas de valores, sua língua, e projeta a hegemonia do inglês. Isso influencia boa parte do conhecimento que a gente vai produzir daqui pra frente, porque cientistas e educadores usam essas plataformas e acabam perpetuando essas mesmas ideologias e valores.E o quarto e último paralelo é que impérios sempre se agarram a uma narrativa existencial ou moral sobre por que precisam existir. Essas empresas fazem a mesma coisa. Dizem que são o “império do bem”, numa missão civilizatória de trazer progresso e modernidade pra toda a humanidade, competindo contra um “império do mal” que ameaça mandar a humanidade pro inferno.Quando você conversa com algumas pessoas dentro dessas empresas, ou que as lideram, elas dizem: se você nos deixar construir uma inteligência artificial geral, que elas de alguma forma moldam como um deus, a gente vai acabar numa espécie de utopia, um paraíso onde a mudança climática é resolvida, o câncer é curado, a pobreza é aliviada.Mas, se os caras maus conseguirem isso antes, a gente pode acabar com todos os humanos mortos — um risco de extinção pra todos nós.Cris: E eles vêm dizendo isso há quase dez anos, e ainda usam como ferramenta. A gente está num país que foi influenciado por três impérios ao longo da história: Portugal, Inglaterra e agora os Estados Unidos. Então a gente olha pra essas empresas de um jeito meio cínico: sim, sim, já conhecemos essa história.Mas, ao mesmo tempo, ano passado, o Pew Research Center fez uma pesquisa sobre como o mundo enxerga a IA, e o sul global é bem mais otimista do que o norte. Uma das razões é a ideia de democratizar — não só informação, mas: ah, finalmente eu posso montar uma startup, sair desse lugar de exploração e criar o unicórnio de um bilhão de dólares. Os números são grandes na China. Países em desenvolvimento veem muito mais benefício do que risco na IA.China, 83%. Tailândia, 77%. Holanda, 36%. Canadá, 40%. Será que a gente está deixando passar alguma coisa? A gente está certo? Isso está democratizando mesmo? Até que ponto?Karen Hao: Provavelmente tem duas razões. Uma é que muitos dos danos que a indústria de IA causa à maioria global são bem escondidos. Ela se esforça muito pra esconder como polui o ambiente dessas comunidades, como explora e devasta a mão de obra, deixando traumas psicológicos — como documento no livro.E, recentemente, li um artigo de opinião no New York Times que trazia um bom ponto: muitas economias desenvolvidas estão especialmente atentas ao potencial da IA de desmontar oportunidades de emprego de tempo integral. A gente começa a ver isso cada vez mais. Já na maioria global, muito mais gente vive em economias informais, e aí a ideia de que a IA vai tomar um emprego de tempo integral não pesa tanto.Então os danos mais visíveis — a erosão do emprego formal de tempo integral — pesam mais no norte global, ou pelo menos é lá que as pessoas se sentem mais ansiosas. E os danos invisíveis, que atingem o sul global, ninguém percebe tanto, justamente porque são invisíveis. É meio por isso que tanta gente sente essa divisão que aparece na pesquisa do Pew.Cris: Eu tenho acompanhado as notícias sobre IA no Brasil, e toda semana tem um novo data center sendo construído em alguma cidade. Isso é vendido como uma coisa boa: que ótimo investimento, gera emprego. E me fez pensar de novo — a gente passou por três impérios, mas algumas famílias no Brasil, e aposto que em outros lugares também, estão no poder há 500 anos ao longo da história do país.Então, ao mesmo tempo, a gente pensa: é, estamos sendo explorados, é a mesma coisa. Eu já não tenho emprego, então deixa eu usar essa tecnologia pra melhorar minha vida. Mas as pessoas que realmente tomam as decisões, de novo, nos últimos 500 anos, se perguntaram: como a gente ajuda esse pessoal a explorar nosso país de um jeito que nos mantenha no poder e nos dê muito dinheiro?Mas também foi verdade que, sei lá, a Volkswagen abre uma fábrica no Brasil e aquilo gera emprego, contrata gente pro chão de fábrica e pros escritórios. Como é que isso é diferente com a IA?Karen Hao: De certa forma, não é diferente. Existe um fenômeno parecido: a indústria de IA terceiriza muitos dos trabalhos que ela não quer dentro dos centros de poder, e joga isso pra comunidades empobrecidas, do mesmo jeito que outras multinacionais fizeram por décadas.Mas também é diferente, porque a escala dos impactos trabalhistas e ambientais da IA é completamente outra, muito maior que a da indústria automobilística ou da moda. E a velocidade é outra, porque são tecnologias digitais que atravessam fronteiras muito rápido.E é diferente porque a maioria das pessoas não percebe que a IA, mesmo sendo tecnologia digital, tem uma cadeia de suprimentos muito física e intensiva em mão de obra manual.Quando você compra roupa, café, um carro, é mais óbvio que existem materiais que precisam ser extraídos e depois manuseados por pessoas pra criar aquele produto. Já com a IA, a maioria aceita a narrativa que o Vale do Silício projeta: a de que isso vem da “nuvem”, desses espaços etéreos que parecem nem existir no planeta. E a verdade é exatamente o oposto.Ela depende de uma quantidade extraordinária de extração mineral. Depende da construção de infraestruturas enormes — data centers, instalações de supercomputação espalhadas pelo mundo. E depende de muita, muita mão de obra manual: trabalhadores de dados que limpam, preparam e moderam o conteúdo dos sistemas de IA que chegam até você quando usa o ChatGPT.É isso que a torna tão diferente. E há também uma ideologia completamente diferente sustentando a expansão da IA. Quando você conversa com executivos da moda, eles não vão dizer: se você não comprar nossa roupa, vai pro inferno.Já a indústria de IA diz: se você não nos deixar capturar cada vez mais terra, mais recursos e mais mão de obra pra produzir essas tecnologias, vamos ter uma destruição civilizacional. Isso é, ao mesmo tempo, retórica política usada como arma pra moldar o debate público e a cabeça de quem formula políticas, e também está enraizado num sistema de crenças — algumas pessoas dentro dessas empresas realmente acreditam que, se uma AGI fosse construída, e construída nas mãos erradas, isso levaria mesmo a esse tipo de destruição.E é isso que move a sede cada vez maior da indústria por mais capital, mais recursos e mais terra.Cris: Eu quero falar sobre AGI, mas antes: ano passado, a OpenAI estava sendo processada no Reino Unido por violação de direitos autorais, basicamente todos os livros do mundo digitalizados e usados pra treinar modelos. E um dos executivos disse ao júri: bem, se a gente não puder fazer isso, fecha as portas. Me chocou que muita gente reagiu com um “ah, tá, o que a gente pode fazer? Eles vão fechar as portas”.Em parte porque a gente já está acostumado com essa narrativa. Outro dia, numa conferência, um ex-CEO dizia: a gente teve que usar embalagem de plástico porque é mais barata que papel, senão prejudicaria nosso resultado. E a plateia reagia: ah, então é só fechar as portas — a sociedade não pode arcar com isso.Mas isso também, como você disse, se conecta à ideia de uma grande missão, uma missão de salvar o mundo, que a gente precisa cumprir antes que seja tarde, senão estamos condenados. OpenAI está literalmente no nome — só que em português não é tão direto: é “inteligência artificial aberta”.Foi criada a partir de um sonho, um projeto que era pra ser uma coisa pro bem comum. Em 2019, num tempo bem distante, antes da pandemia, você cobriu a OpenAI, foi até o escritório deles, ficou lá dentro. O que você viu? E, mais importante, como essa missão mudou? O Elon Musk os processou outro dia justamente por mudarem a missão. Isso alguma vez foi verdade? Em algum momento eles pensaram mesmo “ah, a gente vai salvar o mundo”?Como essa narrativa de ser aberta funciona com a OpenAI?Karen Hao: Quando comecei a cobrir a OpenAI, levei a sério o que eles diziam — que tinham sido recrutados com a missão de beneficiar toda a humanidade. E aí, quando me infiltrei na empresa, fui ficando bem mais cética, porque via como eles operavam de um jeito completamente diferente, portas adentro, do que diziam em público.Diziam que iam publicar todas as pesquisas e abrir o código de tudo, e na prática eram uma das organizações mais secretas que já cobri. Eram muitas discrepâncias, e, na época, presumi que tinha havido algum tipo de corrupção que os levou a abandonar a missão original. Depois de cobrir a empresa por mais alguns anos e de trabalhar neste livro, mudei de ideia até sobre a missão original.Não acho mais que ela era um esforço sincero e generoso de beneficiar a humanidade. A missão foi criada pra dar à empresa — na época, uma organização sem fins lucrativos — uma margem de manobra extraordinária pra depois levantar muito capital, acumular muito talento e perseguir a força motriz de verdade por trás de tudo aquilo: se tornar a força dominante no desenvolvimento de IA.E penso assim agora porque, quando você olha pras narrativas de cada nova empresa de IA no começo — a Anthropic, a xAI, a Safe Superintelligence do Ilya Sutskever, a Thinking Machines Lab da Mira Murati —, todas usam a mesma narrativa da OpenAI: nós somos os mocinhos, eles são os bandidos.É por isso que precisamos criar uma nova empresa que avance a IA do nosso jeito, não do deles. E você começa a perceber, por esse padrão, que eles repetem a mesma coisa em parte porque acreditam nela até certo ponto, mas também porque ela funciona muito bem com a imprensa, com o público, com quem formula políticas.No livro, eu reproduzo os e-mails internos que Elon Musk, Sam Altman e Greg Brockman trocavam nos primeiros dias da OpenAI. Eles tinham plena consciência de que estavam criando uma missão que soasse bem para o público. E o propósito de verdade, que também deixaram registrado nesses e-mails, era vencer o Google. Viam o Google como a força dominante em IA e queriam ser eles essa força.Não gostavam de ver o Google na frente, então inventaram justificativas: o Google é uma empresa com fins lucrativos, então nós vamos ser sem fins lucrativos. Mas, no fundo, acho que era puro ego: tem que ser a gente, não eles, a gente quer ser quem lidera isso.E aí passaram um tempão moldando essa missão pública, que acabou sendo super útil pra recrutar o primeiro grupo de pesquisadores e turbinar o avanço deles.Cris: Então agora é um bom momento pra falar de AGI, a inteligência artificial geral. Muita gente pergunta: o que é AGI? O que “geral” quer dizer? E a impressão que peguei lendo seu livro é que, por design, isso nunca fica claro de verdade, porque é um alvo móvel. Essas empresas um dia vão dizer “chegamos, alcançamos a AGI”? Ou o plano é sempre “não, não, ainda não chegamos, me dá mais dinheiro, me dá mais poder”?Qual é o papel da AGI na narrativa dessas empresas?Karen Hao: Já que a gente está falando de ficção científica, eu costumo usar a analogia de que o mundo da IA é meio como Duna. Em Duna, o personagem principal, Paul Atreides, entende, ao chegar no planeta Arrakis, que o povo de lá foi semeado com um mito: o de que um dia viria um Messias pra libertá-los. Ele sabe que é um mito, mas decide entrar nele e agir como se fosse o Messias pra controlar melhor aquele povo.E, vivendo, respirando e encarnando esse mito dia após dia, ele começa a perder a noção de que é um mito. Passa a se perguntar se o mito era mesmo verdadeiro ou se foi ele quem o tornou verdadeiro. É essa confusão entre mito e realidade — ele vive num espaço intermediário, sem ter mais certeza do que é verdade e do que é ficção.E trago isso pra responder sobre a AGI porque a AGI é, ao mesmo tempo, um mito e algo que os líderes e os trabalhadores dessas empresas vivem, respiram e encarnam dia após dia, a ponto de perderem a noção do que é mito e do que é realidade. É a ideia de um sistema de IA teórico que um dia igualaria as capacidades humanas. Só que a gente nem tem consenso científico sobre o que é inteligência humana.Por isso, de certa forma, por design, é um termo bem maleável, que deixa essas empresas fazerem o que quiserem. Elas definem e redefinem a AGI conforme a necessidade, movem a trave pra onde quiserem. E, ao mesmo tempo, isso é sustentado por uma crença genuína de certas pessoas lá dentro, por causa dessa confusão entre mito e realidade. Pelas minhas contas, a OpenAI já usou pelo menos quatro definições diferentes de AGI.A primeira está no site deles: “sistemas altamente autônomos que superam humanos na maioria dos trabalhos economicamente valiosos”. É uma definição de automação do trabalho — eles dizem, de forma explícita, que estão atrás dos empregos mais bem pagos. A segunda apareceu no contrato com a Microsoft, por um tempo a maior investidora deles: ali, a AGI virou um sistema que geraria 100 bilhões de dólares em receita.Ou seja, uma definição feita pra incentivar a Microsoft a investir. Já o Sam Altman disse ao Congresso que AGI é um sistema que cura o câncer e resolve a mudança climática — uma definição de benefício social, muito útil quando você quer que os reguladores não te regulem.E, por fim, quando falam com o consumidor, dizem que vai ser o melhor assistente digital que você já teve — porque, claro, estão tentando vender o produto.E aí você percebe duas coisas. Primeiro, que é um conjunto de definições completamente incoerente. Segundo, que eles trocam de definição conforme o público que querem convencer. Mas também tem gente nessas empresas que acredita de verdade que está construindo uma tecnologia capaz de dar conta das quatro coisas.Então é uma realidade bem confusa e complicada: o que a AGI de fato é, e pra que ela serve, para essas empresas, para a agenda delas e também para as crenças delas.Cris: Como ex-funcionário da Meta — entrei em 2013 —, a missão era unir o mundo e torná-lo mais aberto e conectado. É uma missão incrível. E tem uma coisa que eu sempre digo, porque muito amigo meu vem falar comigo, “ah, esse cara da OpenAI, ou a própria Meta, são maus”. Eu conheci muita gente na empresa. Nunca conheci uma pessoa mal-intencionada.Todo mundo, independente da missão, era gente boa tentando entregar o melhor produto possível, pra dar poder a quem tem um pequeno negócio, por exemplo. Tenho amigos pessoais que construíram a empresa deles em cima da publicidade do Facebook e do Instagram. E esse é justamente o problema, porque ainda assim é uma corporação muito má, pelo que ela causa ao mundo pra bater as metas de negócio.Ou seja, você não precisa de um vilão tipo Lex Luthor pra causar um estrago desse tamanho no mundo. E adorei a referência a Duna. Duna é engraçado: é o livro que eu mais reli na vida que não foi escrito pelo Tolkien. Li o primeiro Duna umas três vezes, e toda vez é como se fosse um livro diferente. Na primeira, eu era adolescente, e era só o Paul Atreides, o cara durão.Na segunda, eu morava no Canadá e li com olhos de estrangeiro, pensando em colonização. E na terceira vez foi quando os filmes do Denis Villeneuve saíram, e aí era: ah, o Bene Gesserit criou esse mito, isso é meio pós-moderno. Narrativamente, fico me perguntando o que vai significar pra mim se eu ler uma quarta vez.Karen Hao: Eu ia te perguntar isso. Quando você disse que cresceu numa época cheia de ficção científica falando das maravilhas da tecnologia, fiquei curiosa: que histórias você estava lendo? Porque muita coisa que saiu nos anos 70 e 80 dizia exatamente o oposto. E muita gente já apontou que os executivos de tecnologia de hoje, que vivem citando essas histórias, interpretam elas justamente ao contrário da intenção original.Cris: Concordo plenamente. Mas, respondendo: foi basicamente Isaac Asimov e Arthur C. Clarke. E é por isso mesmo — os executivos de tecnologia, e o Elon Musk mais que todos, leem esses livros como receita, não como aviso. O livro de que eu mais me lembro, nem lembro o título, era um do Asimov em que ele descreve o elevador espacial que aparece na série da Apple TV, Fundação.E o enredo é: eu sou esse engenheiro brilhante, quero construir essa coisa no Sri Lanka, mas o governo trava tudo com regulação — eu sou um gênio e a regulação é a vilã. Hoje eu leio e penso: ah, sei. Mas, quando garoto, era só “olha, um elevador espacial, que genial, a gente nem precisa de foguete”. E aí você começa a entender. E aí eu parei de ler esses caras.E passei a ler gente com uma visão completamente diferente: o Ted Chiang, que entrevistei ano passado, a N.K. Jemisin, o Cory Doctorow, de quem sou muito fã. E talvez eles sejam mais explícitos, pra gente burra como eu entender: “não, bobo, a analogia é essa”. Mas Duna era incrível — vermes gigantes de areia, o tal garoto durão, e aquela coisa do “eu não aceito o meu destino”.Tenho esse grande destino, mas não quero ele. Do resto da série eu já não gosto tanto. Mas o mais importante de tudo: Duna gerou o melhor GIF de filme de todos os tempos, o “Lisan al Gaib” do Javier Bardem — que eu devia ter colocado durante a sua explicação, aquele “uau, ele está cumprindo a profecia, agindo como o profeta”.Mas, de novo, falando de vilões: você mencionou que essas empresas se colocam como o bem contra o mal, feito impérios antigos. Só que elas também jogam a carta da China, né? “Se a gente não fizer, a Rússia faz primeiro.” Só que a Rússia começou uma guerra e está ocupada demais. “Mas a China chega lá, e é por isso que a gente tem que ser fechado.” É por isso que Mythos e Fable e agora o GPT-5.6 foram proibidos pelo governo. Isso tem fundamento?Quero saber se é possível a China competir — quero mesmo essa resposta — mas também porque, desde toda essa conversa do Fable-Mythos, países como Índia e Brasil vêm dizendo que precisam de um modelo soberano. Dá pra fazer, ou a OpenAI, a Anthropic e o Google estão tão à frente que já não dá?Karen Hao: Sobre a China: você está certíssimo, o Vale do Silício usou por anos a carta do “e a China?” pra escapar de qualquer responsabilização de verdade. Fizeram muito isso na era das redes sociais.A Meta fez muito isso, com o Mark Zuckerberg dizendo ao governo dos EUA: vocês não podem nos regular, senão a gente perde. Mas, se a gente ganhar, vai ter um efeito liberalizante no mundo e nas democracias em todo lugar. E, infelizmente, o que a gente viu foi que jogar essa carta repetidamente produziu exatamente o efeito contrário do que o Vale do Silício prometeu.Uma das empresas de rede social dominantes dessa era é a ByteDance. Ou seja, mesmo sem regulação das redes sociais nos EUA, existe uma empresa chinesa de rede social bem dominante. E as redes sociais estadunidenses acabaram tendo um efeito antiliberal no mundo — é bastante consensual que enfraqueceram democracias em todo lugar. E aí, na era da IA, elas seguiram jogando a mesma carta.Mas o que eu sempre aponto é que a gente definitivamente não devia acreditar nelas. Já existe evidência significativa de que tudo o que elas dizem está, de novo, se provando o oposto. Elas disseram: não regulem a gente como empresas de IA, regulem a China, via controles de exportação — um mecanismo do governo dos EUA com alcance extraterritorial.Só que as empresas chinesas agora estão produzindo modelos de IA de código aberto extremamente eficientes, que viraram super populares no próprio Vale do Silício. Existe um monte de startup de lá que prefere usar modelo chinês a OpenAI, Anthropic ou Google.Então, nesse sentido, é um conjunto de evidências bem decisivo, acho, pra mostrar que a gente devia simplesmente responsabilizar essas empresas, não importa o que digam sobre “ah, vamos perder pra China”. No fim das contas, é só retórica política. Não é um argumento real que elas consigam sustentar pra escapar da responsabilização.Responsabilizá-las vai fortalecer a democracia pelo mundo, vai trazer mais direitos humanos, trabalhistas e de privacidade de dados pras pessoas — é sempre o contrário do que elas dizem que aconteceria. E, sobre a sua pergunta em torno da IA soberana: acho a ideia realmente importante, mas acho também que muitos países estão meio confusos sobre o que querem dizer com isso.Muitos governos, hoje, pensam a IA soberana pela pergunta: a gente consegue construir o nosso próprio ChatGPT? O nosso próprio grande modelo de linguagem, o nosso sistema de IA generativa? Estão olhando só pro modelo que o Vale do Silício já definiu e tentando descobrir como recriar aquilo.E o que eu digo pra quem formula políticas é: defina pra que a IA serve no seu país, no seu contexto. Quais são, no fim das contas, os objetivos do seu país? Os objetivos do seu povo? E também os nossos objetivos coletivos, entre países?Porque a gente tem, por exemplo, os Objetivos de Desenvolvimento Sustentável da ONU. Já definimos coletivamente que há coisas que precisamos resolver juntos: superar a crise climática, reduzir a pobreza, melhorar a educação.E, enquanto o Vale do Silício adora dizer que está fazendo tudo isso, na prática não está. Mas a gente poderia — poderia desenvolver, de forma colaborativa, sistemas de IA que realmente avançassem em cada um desses objetivos coletivos que já acordamos.E cada país também devia fazer o exercício: quais objetivos você quer alcançar, e que tipos de sistema de IA você poderia desenhar pra chegar lá — sistemas que talvez não se pareçam em nada com um grande modelo de linguagem. Se os países fizessem isso, acho que descobririam que a maioria dos sistemas de que precisam exigiria muito menos recursos.Ou seja, contextos como o Brasil, a Índia e outros, quando não precisam competir construindo essas infraestruturas de computação gigantescas e gastando centenas de bilhões de dólares, na verdade já têm, localmente, todos os recursos necessários pra desenvolver um sistema de IA soberano.Cris: Quando ouvi falar do seu livro pela primeira vez, uma amiga me disse que você não poupa ninguém — fala mal do Sam Altman, mas também do Dario Amodei. E as pessoas costumam escolher um lado. Eu sou time Claude, odeio o ChatGPT, essas coisas. Então cheguei no livro pensando: ah, é mais um livro dizendo que a IA é terrível, que a gente não devia usar IA.Mas, conforme fui lendo, e ouvindo outras entrevistas suas, me pareceu que o seu problema é justamente o que você acabou de descrever: a forma como essa tecnologia é feita. E, em especial, a palavra escala — a ideia de que a solução é a escala. O que você quer dizer com isso?Karen Hao: Eu costumo usar a analogia de que “IA” é como a palavra “transporte”: na verdade se refere a uma coleção de tecnologias que vão da bicicleta ao foguete. São tipos bem, bem diferentes de tecnologia, que exigem insumos diferentes pra se desenvolver e depois têm impactos diferentes na sociedade.E você está certo: sou especificamente crítica ao que chamo de “foguetes da IA”, os sistemas que os impérios da IA estão desenvolvendo, aqueles que exigem uma quantidade enorme de exploração de mão de obra e extração ambiental.E sou bem otimista com o que chamo de “bicicletas da IA”: sistemas especializados, eficientes, com bom custo-benefício, governáveis pelas pessoas, cujo desenvolvimento pode ser participativo. Países como o Brasil, o Chile, a Índia, qualquer contexto, têm recursos pra desenvolver e se autodefinir, em vez de simplesmente herdar um sistema criado pelos dois únicos centros do mundo capazes de gastar uma quantidade extraordinária de capital: o Vale do Silício e o ecossistema tecnológico chinês.E o motivo pelo qual eu acho tão corrosivo o que os impérios da IA estão desenvolvendo é exatamente o que você disse: a forma como eles fazem isso, por um mecanismo de força bruta pra avançar as capacidades da IA em escala. Eles vão simplesmente empurrando cada vez mais dados de treinamento nesses modelos, e isso exige corroer a privacidade das pessoas, tomar a propriedade intelectual delas e, ainda por cima, baixa a qualidade dos dados que entram nos modelos — o que leva aos danos de exploração de mão de obra, porque aí você tem que dar conta da moderação de conteúdo.E aí você tem pessoas psicologicamente traumatizadas por serem expostas a todo aquele conteúdo horrível que se tenta “lavar” através desses modelos.E aí vem o problema dessas infraestruturas de computação enormes, com impactos ambientais que aumentam a conta de luz das comunidades que as hospedam e agravam a crise de custo de vida. Elas precisam ser alimentadas por fontes fósseis, que jogam mais carbono na atmosfera e mais poluição no ar dessas comunidades.Então todos os problemas que eu identifico, no que têm de corrosivo, derivam inteiramente da abordagem deles pro desenvolvimento de IA. Por que não descartar a abordagem, em vez de descartar a tecnologia? Redefinir e redesenhar de que tipos de sistema de IA a gente precisa de verdade, com uma cadeia de suprimentos fundamentalmente diferente. E isso não é exclusivo da IA.A gente já viu muitas outras indústrias que começaram com uma cadeia de suprimentos bem ruim. A moda, por exemplo: muita degradação ambiental, muita exploração de mão de obra.Com muita organização, protesto, ação de consumidores, regulação governamental e cooperação entre governos, a gente conseguiu criar mercados novos pra moda sustentável e ética, cadeias de suprimentos novas e inovações pra fazer roupa mais saudável pras pessoas e pro planeta.E é basicamente isso que eu defendo: transformar a indústria de IA do mesmo jeito que transformamos a moda, e as cadeias de suprimento de alimentos. Assim a gente fica com os benefícios da tecnologia, ajuda ela a avançar os objetivos que importam pra gente, sem jogar uma fração enorme da população mundial numa condição atrasada e numa qualidade de vida pior.Cris: O Brasil está agora, no Congresso, discutindo a escala de seis dias por semana. A regra atual é: você trabalha seis dias e descansa um. E muitas empresas, o comércio principalmente, dizem “vamos fechar as portas”, e os trabalhadores respondem “isso é problema seu, não meu”. É mais ou menos a mesma narrativa dessas empresas de IA: se eu não usar a sua água, a Idade das Trevas está chegando.Falando em Idade das Trevas, e falando em bicicleta: a sua analogia me lembrou uma coisa. Eu gosto de jogo de zumbi, de mundo aberto, e em nenhum deles tem bicicleta. Num desses jogos, instalei um plugin que deixava andar de bicicleta — você acha uma e sai pedalando. E aí entendi por que não tem bicicleta: desbalanceia tudo. Parte da graça do jogo é você precisar achar um carro, e daí pneu, gasolina, comida pra carregar. De bicicleta, você vai a qualquer lugar.E eu pensei: ah, é. Meio que estraguei o jogo pra mim, porque agora tenho uma bicicleta, é incrível. Enfim, em termos práticos: no fim do ano passado, uns meses atrás, a revista Wired publicou um artigo pedindo pra jornalistas de tecnologia contarem como usam IA no trabalho. E cada um usava de um jeito. Você usa IA no seu trabalho? Como?Karen Hao: Eu não uso nenhum sistema de IA generativa no trabalho — nem ChatGPT, nem Gemini, nem Claude. Por três motivos. O primeiro é uma postura ética, depois de tanto investigar essas empresas. O segundo é privacidade de dados: eu investigo essas empresas.Não quero que elas conheçam todo o meu raciocínio enquanto eu apuro o livro, literalmente investigando elas. E o terceiro é que, no meu caso específico, a força do meu trabalho está na capacidade de construir relações fortes com as fontes, pela empatia, e de contar histórias envolventes, pela narrativa. E os grandes modelos de linguagem simplesmente não são a ferramenta certa pra nenhuma das duas coisas.Não vão melhorar a minha empatia nem a minha escrita. Então eu não perco nada com essa postura ética: simplesmente corto essas ferramentas e sigo fazendo o meu trabalho muito bem. Pra outros jornalistas pode ser diferente, e pra quem está em outras áreas o cálculo pode ser outro.Mas eu incentivo as pessoas a pensarem primeiro: quais são as suas forças no trabalho? Quais são os seus objetivos? E aí ir de trás pra frente pra descobrir se a IA é a ferramenta certa, qual tipo de IA é a ferramenta certa, e qual fornecedor você quer de fato usar, apoiar, votar com os pés. Agora, eu uso, sim, IA preditiva.Aquelas ferramentas de IA especializadas, as “bicicletas da IA”, digamos. No livro, tinha um detalhe que eu queria muito ilustrar: como a OpenAI deu um salto quando passou de organização sem fins lucrativos a um empreendimento bancado pela Microsoft. Percebi que as cadeiras do escritório ficaram bem mais caras. Então fotografei as cadeiras de um escritório e as do outro.E joguei tudo na busca reversa de imagens do Google, que é um sistema de IA especializado — não é baseado em grandes modelos de linguagem, não é IA generativa. Assim descobri quanto essas cadeiras costumam custar. No primeiro escritório, cerca de 2 mil dólares por cadeira. No segundo, eram cadeiras de um designer brasileiro famoso, uns 10 mil dólares cada.Coloquei esse detalhe no livro pra ilustrar o tipo de riqueza e de concentração de recursos de que a gente está falando. Esses são alguns dos jeitos como eu uso IA, ainda que de forma bem limitada, sempre pontual, quando acho que vai ajudar. E, claro, uso ferramentas de transcrição por IA — outra IA especializada — em todas as minhas entrevistas.Cris: Essa foi uma das partes em que a minha cabeça explodiu, eu nunca tinha percebido: a OpenAI criou o Whisper. Deixa eu dizer de outro jeito, do meu ponto de vista. A OpenAI liberou abertamente essa ferramenta incrível de transcrição, o Whisper, em que eu jogo o áudio e ela me devolve as palavras que as pessoas disseram. E eu pensei: ah, que generoso da parte deles.Mas o motivo real de terem criado a ferramenta foi pegar todos os vídeos do YouTube, transcrever e alimentar a máquina. E aí é: ah, claro. Enfim, falando de ferramentas e de otimismo — a gente está chegando ao fim da conversa. Eu tenho uma regra desde o episódio dois deste programa, há oito anos: de novo, como eu disse do seu livro, não pode ser só uma lista de reclamações e coisa ruim. E a gente tem se saído bem até aqui.Você falou de caminhos e de bicicletas, mas eu quero ser mais específico. Se isso aqui fosse uma reunião de negócios: qual é o plano de ação, quais são os próximos passos? Só que uma das coisas que eu repito bastante, na vida e neste programa, é que problema sistêmico não se resolve com ação individual. Se eu tomar banhos mais curtos, isso nunca vai salvar o planeta do aquecimento global.E muitos amigos meus simplesmente: não quero falar de IA, não quero usar IA. Voltando aos videogames: leram que tal jogo usa IA e pronto, não vão jogar. E a minha primeira pergunta pra você é: como a gente ocupa esses espaços da IA generativa — ChatGPT, Gemini e por aí vai? Porque o que a gente viu com as redes sociais foi: ah, o Facebook é do mal, vou sair do Facebook. Ah, vou sair do Twitter.E, na esperança de quê, sei lá, talvez alguém diga: ah, sinto falta do Cris, cadê ele? Ah, está no Bluesky. Mas isso deixa o espaço aberto pra os radicais entrarem e postarem o que quiserem, sem ninguém contrapor ou tornar aquilo um lugar melhor. Então como a gente ocupa o espaço da IA — seja qual for a definição de “espaço da IA” que você preferir — com todos esses problemas que a gente vem discutindo?Karen Hao: Acho que tem duas categorias de ação pra gente pensar. Uma é desmantelar o império. A outra é investir e construir novos tipos de sistema de IA, que se tornem alternativas às tecnologias do império. Quando eu digo desmantelar o império, não estou dizendo que quero que a OpenAI, o Google, a Anthropic, seja quem for, simplesmente deixem de existir.É que eu não quero que elas sejam imperiais. Não quero que fiquem extraindo uma quantidade extraordinária de valor sem redistribuir nada em troca. Se elas voltassem a ser negócios que praticam uma troca justa de valor com o mundo, eu ficaria perfeitamente feliz com qualquer tecnologia que estivessem desenvolvendo.E a forma de desmantelar o império, acho, se resume a muita organização de base, que vai pressionar os governos a regular e responsabilizar essa indústria. No último ano, a gente viu uma quantidade incrível dessa organização de base florescendo pelo mundo.Recentemente, lancei com um grupo de jornalistas, pesquisadores de IA e acadêmicos críticos um projeto chamado AI Resist List, que busca documentar parte dessa organização de base pelo mundo. A gente encontrou cerca de 30 exemplos, de todas as regiões, de ações individuais, institucionais e movidas pela comunidade.Tinha ação artística, ação política. E isso mostra bem o seu ponto: não dá pra contar só com a ação individual, mas o indivíduo pode, sim, ter impacto. Até uma ação pequena pode gerar um grande efeito cascata. Claro que se juntar com os vizinhos pra protestar contra o data center é ainda mais eficaz. Se juntar dentro da sua escola ou universidade pra protestar contra a parceria dela com uma empresa de IA também é mais eficaz.Se juntar com os colegas de trabalho de um setor pra barrar a adoção de uma IA que corrói os direitos trabalhistas é mais um jeito eficaz. A gente tem um monte desses exemplos. Um dos meus favoritos é o de uma comunidade sobre a qual escrevi no livro, Quilicura, no Chile, na periferia de Santiago. É uma comunidade da classe trabalhadora, bem pobre, que vem sendo alvo incessante da expansão de data centers.E por isso protestaram de forma bem aguerrida contra essa expansão, porque não acharam bom negócio hospedar essas instalações sem tirar nenhum benefício, enquanto elas consomem uma parte significativa dos recursos naturais da região.E, logo depois que escrevi sobre eles, foram além na resistência e criaram uma plataforma chamada Quili.ai. É um site em que você entra e que parece um chatbot, parece o ChatGPT: tem uma interface de chat pra você digitar. Só que, quando você faz uma pergunta, em vez de um modelo de IA responder, a mensagem é encaminhada pra alguém que mora em Quilicura, no Chile. Aí, se você pede “quero a imagem de um cachorro”, aquilo vai pro artista local deles, o Benji. Ele pega um pedaço de papel, desenha um cachorro, tira uma foto e te manda de volta.Eles fizeram isso essencialmente como um projeto de arte performática, pra fazer as pessoas pensarem duas vezes antes de usar IA generativa pra bobagem. A mensagem era: ei, quando você fica brincando com essas ferramentas em pedido besta, isso afeta comunidades como a nossa, drena os recursos de que a gente precisa pra viver bem.E também queriam levar as pessoas a pensar: por que não perguntar pra alguém da sua própria comunidade aquela receita que você procurava, ou pedir aquela imagem? Porque aí você reconstrói as conexões que estão tão em falta na sociedade — a falta delas é o que nos deixa mais vulneráveis a esse tipo de colonização do império.Eles deixaram o projeto aberto por 24 horas, e qualquer pessoa no mundo podia mandar um pedido. Receberam uma quantidade extraordinária deles. Viralizou de vez. E essa cidadezinha conseguiu uma virada enorme de narrativa sobre a suposta inevitabilidade e necessidade dessa tecnologia, sobre tudo o que o Vale do Silício diz — que, se você não usar, vai ficar pra trás de quem usa.E esse é só um exemplo, entre muitos, de como pessoas comuns, não importa a sua posição na sociedade, podem ter impacto real no debate, na consciência pública e até na regulação. A gente está vendo isso agora com os protestos contra data centers. Nos EUA, em 2025, cerca de 150 bilhões de dólares em projetos de data center foram travados.Isso virou uma das questões políticas mais quentes nos EUA para as próximas eleições de meio de mandato. Tem gente eleita sendo literalmente tirada do cargo por ter aprovado data centers, contrariando a vontade do povo. E isso já está tendo efeito real sobre as empresas e sobre a trajetória do desenvolvimento de IA.A OpenAI teve que encerrar recentemente a sua ferramenta de geração de vídeo, o Sora. Quando lançaram, apresentaram como o segundo produto mais importante desde o ChatGPT. O que aconteceu entre o lançamento e o fim? Uma reportagem do Wall Street Journal apontou três motivos, todos moldados por ação de base. Um: um gargalo enorme de capacidade de computação.Muitos dos data centers travados ou parados eram da OpenAI. Dois: um cenário financeiro bem mais incerto. A OpenAI está se preparando pro IPO, o que significa ficar mais exposta a Wall Street — e Wall Street está cada vez mais nervoso com a capacidade dessas empresas de cumprir o que prometem.E aí a OpenAI teve que reforçar alguns projetos paralelos pra fazer o balanço parecer um pouco melhor aos olhos de Wall Street. E, terceiro: os consumidores simplesmente não estavam usando o produto — o que também é ação coletiva de consumidores. Então, por todo esse tipo de resistência, de várias formas, de baixo pra cima, as pessoas estão de fato tendo impacto real na indústria e responsabilizando ela.Essa é a primeira categoria de ação. A segunda é: ok, que tecnologias de IA a gente usaria como alternativa? E aí a gente precisa investir mais nelas. Muitas vezes, quando converso sobre o livro, a pessoa diz: ok, me convenci de que não quero usar ChatGPT, não quero usar Claude — mas então uso o quê no lugar?E o problema é que eu não tenho muitas respostas pra essa lista de alternativas. Tem umas poucas aqui e ali, uma plataforma, uma empresa.Cris: Dá pra rodar o modelo no seu próprio computador, como o Cory Doctorow faz, mas aí é limitado e…Karen Hao: Exatamente, exige mais habilidade técnica. Mas, pra quem consegue instalar modelos de código aberto no próprio computador, eu incentivo 100%. Só que a gente também precisa de mais gente desenvolvendo interfaces bem fáceis pra esses modelos de código aberto, pra que qualquer pessoa consiga usar.A gente também precisa de mais gente desenvolvendo “bicicletas da IA”, de investidores e governos investindo mais nesse tipo de solução, e de talento — pesquisadores de IA, desenvolvedores e outras pessoas dispostas a sacrificar um pouco e abrir mão dos pacotes de remuneração enormes.Cris: Eu estava começando a achar que agora as empresas precisam ter menos lucro — e isso nunca vai acontecer.Karen Hao: Não, não é a empresa ter menos lucro. É o trabalhador topar abrir mão do pacote de milhões de dólares pra levar o talento dele pra outro lugar. Mais fácil, bem mais fácil. Eu converso com muito pesquisador de IA cansado da abordagem da indústria, porque ela é completamente sem criatividade intelectual.Eu conversei com pesquisadores que não passaram seis anos num doutorado em IA só pra ficar empurrando mais dados na máquina — pra eles, é o trabalho mais chato do mundo. E depois automatizar a programação, que era justamente o que eles gostavam de fazer. Converso com tanta gente que já não acha graça nenhuma nisso. Estão meio presos por “algemas de ouro”.E estão tentando descobrir, dentro de si, que carreira alternativa poderiam ter. Eu costumo incentivar esses pesquisadores a gastar o talento deles construindo um tipo diferente de empresa, que trabalhe com “bicicletas da IA”. E a gente já começa a ver cada vez mais desse talento indo por aí.E a gente precisa que todas as facetas da sociedade invistam num ecossistema muito mais robusto e rico de tecnologias de IA, capaz de substituir as que hoje dominam. Eu ainda tenho as cicatrizes das minhas próprias “algemas de ouro”, mas concordo plenamente.Cris: E as redes sociais são o exemplo — veja o que aconteceu com elas. Tem aquela frase famosa: as mentes mais brilhantes da minha geração passam o tempo fazendo as pessoas clicarem em anúncios. E ainda dizem: ah, isso pode ser o futuro. Pois é.Você contou a história do Quili.ai e isso me lembrou um dos primeiros criadores de conteúdo do Brasil, o Cid Não Salvo. Uns 10, 15 anos atrás, ele tuitou o seguinte: “Gente, eu disse pro meu pai que, sempre que ele precisar pesquisar alguma coisa na internet, é pra ir no Twitter.com e digitar a pergunta na caixa”. E olha que ele tinha milhões de seguidores.E, por uns bons dias, quase um mês, você entrava no Twitter do pai dele e via perguntas tipo “onde eu compro pizza?”. Era engraçadíssimo. No fim, ele contou pro pai — ou talvez não. Mas eu adoro essa ideia. Antes de a gente terminar: você já deve ter respondido isso mil vezes, mas vai continuar cobrindo IA? O que está na sua cabeça, o que vem por aí? Turnê mundial? O que vem pela frente?Karen Hao: Com certeza estou pensando em como continuar responsabilizando essas empresas. Estou envolvida em várias colaborações, com gente incrível, em diferentes projetos ligados a isso. O AI Resist List foi um deles. Também co-criei um programa chamado AI Spotlight Series, com o Pulitzer Center, uma organização jornalística sem fins lucrativos que financia jornalismo investigativo pelo mundo.É um programa que treina jornalistas do mundo inteiro a cobrir IA por uma lente de responsabilização. Até agora, já treinamos mais de 3 mil. E eu sigo pensando em como construir mais capacidade dentro do jornalismo, da sociedade civil, de outros contextos, pra mobilizar ainda mais essa organização de base — pra conter de verdade os impérios da IA e ajudar a desmantelá-los.Cris: Adorei o seu exemplo da moda. É possível, já foi feito. Ou até a indústria automotiva. Ou o grande exemplo que a gente não mencionou, e que o pessoal da OpenAI vive citando: o Projeto Manhattan, a energia nuclear.O mundo não acabou. Quando eu era criança lendo Asimov, achava que ia tudo acabar num fogo nuclear. Enfim — alguma última palavra, alguma mensagem, algum palpite pros jogos do Brasil na Copa, alguma coisa que você queira dizer antes da gente encerrar?Karen Hao: No fim das contas, o que eu espero que fique desta conversa e do livro é o seguinte: neste momento, o Vale do Silício está concebendo a IA como um projeto político. E a característica central desse projeto é tirar a autonomia de todo mundo — a autonomia de moldar de verdade o próprio futuro e o nosso futuro coletivo. Mas, no instante em que você reconhece que já tem uma autonomia significativa pra resistir, o império começa a desmoronar.Então espero que as pessoas encontrem a própria voz, a afirmem, conquistem o seu lugar à mesa e se conectem com os vizinhos, com a comunidade, com os colegas de trabalho, pra criar mais movimentos juntos.Cris: Que ótimo. Karen Hao, o seu livro é O Império da IA: Por dentro da corrida irresponsável pela dominação total. Obrigado por vir ao Brasil conversar com a gente. Foi um prazer.Karen Hao: Muito obrigada.Uma das primeiras perguntas que anotei quando comecei a pensar nessa conversa foi justamente a do final, a da ocupação de espaços. Porque, como eu disse, quando as redes sociais chegaram para ficar, muita gente falou “ah, não vou usar, é do mal” — e aí as pessoas ruins, vamos chamar assim, acabam ocupando esse espaço e falando o que bem entendem. A gente precisa aprender essa lição agora, no mundo da IA.Fora que vejo muita gente falando de IA sem nunca ter usado — ou que usou, sei lá, dois anos atrás, acha que continua tudo igual e já diz que não quer chegar perto.E por quê? Porque essa abordagem de ocupar espaços é o que eu e a Ana Freitas buscamos fazer no IA em Curso, nossa comunidade de letramento contínuo em IA. Foi, aliás, uma conversa que tive com a Karen antes da entrevista: ao mesmo tempo que a gente fala do impacto da IA no mundo, também precisa focar no que é prático, no que dá para fazer hoje com IA, sem vender sonho nem desastre. A analogia que usei foi a de que é que nem quando a gente fazia curso de Word e Excel — é o que eu faço agora que vai facilitar minha vida, me fazer ganhar tempo, botar a IA para me ajudar. Quem viu minha conversa com a Ana aqui no Boa Noite Internet, no fim de 2025, sabe do que estou falando. Se não viu, volta lá e confere.Desde que a gente lançou este episódio, o IA em Curso já passou de 400 pessoas. Tem muita gente colocando projetos pessoais incríveis na rua, tirando do papel aquela ideia que rondava a cabeça há um tempão. E a comunidade tem mentoria ao vivo, aula gravada, newsletter, banco de agentes, grupo de Telegram… que mais? O que não falta é jeito de passar para você o conhecimento sobre IA de que você precisa hoje, agora. Quero te dar a bússola para navegar nesse universo.Se esse é o tipo de abordagem que você quer ter com a IA, passa lá no iaemcurso.com.br e usa o cupom BNI2026 para ganhar 20% de desconto no plano anual. Mas corre, porque daqui a duas semanas vou apagar esse cupom — não é todo dia que a gente dá um desconto desses.É isso. Boa Noite Internet, temporada 2026 começando — como todo ano, com mudança, ideia, projeto. Ou, como diz minha citação preferida de todos os tempos: “vivemos uma fase de transição, como sempre”. Espero ver você por aqui e lá no IA em Curso.Obrigado pelo seu tempo e pela sua atenção. Até o próximo episódio. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit boanoiteinternet.com.br/subscribe

Türkiye'de artık bir şaka, komedyenleri sahneden adliye koridorlarına taşıyabiliyor. Soğuk Savaş programının sunucusu Boğaç Soydemir ile konuğu, YouTube yayınında yapılan bir şaka nedeniyle tutuklandı; programın konuğu hakkında yalnızca şakaya güldüğü gerekçesiyle işlem yapıldığı belirtildi. Komedyen Tuğba Ulu, Kanuni Sultan Süleyman ve Hürrem Sultan hakkındaki esprisi nedeniyle yargılandı ve 5 ay hapis cezasına çarptırıldı. Komedyen Deniz Göktaş ise “Ölü Deniz” adlı gösterisindeki ifadeleri gerekçe gösterilerek tutuklandı. Peş peşe gelen gözaltılar, tutuklamalar, davalar ve sosyal medya linçleri mizahın sınırlarını yeniden çizerken, sansür dışarıdan gelen bir baskı olmaktan çıkıp komedyenlerin zihnine ve kalemine yerleşiyor. Komedyenler Özlem Akbudak ve Berk Türkmani; korkuyu, otosansürü, sahnede giderek daralan alanı ve mizahla geçinme mücadelesini Kısa Dalga'dan Semra Pelek'e anlattı. Çağlayan Adliyesi'nde başlayıp stand-up sahnesine uzanan söyleşide kadın komedyenlerin deneyimleri, yeni kuşak mizahın dili, gündelik hayattaki baskılar ve “Bir şaka insanın başına ne açabilir?” sorusu konuşuldu. Engellenen Mizah'ta, kahkahanın giderek daha fazla risk taşıdığı bir dönemin hikâyesi var.

In this episode of The PE Umbrella podcast I am joined by Author of Wanna Teach PE and Wanna Lead PE, Ben Holden, for a rich conversation exploring the realities of primary PE leadership and what it takes to create meaningful, consistent experiences for every child.Together, we unpack some of the biggest questions facing PE leaders today. How do we ensure PE reflects the unique context of our school? How can we genuinely listen to and act upon pupil voice? And what does effective PE leadership actually look like beyond organising events and managing resources?Throughout the conversation, we explore the importance of building confidence and competence amongst staff, creating equitable experiences for all pupils, and finding meaningful ways to measure the impact of PE. We also discuss the wider influence of PE within school communities, from engaging parents and celebrating success, to shaping school culture and strengthening connections beyond the school gates.Along the way, we reflect on the characteristics of schools where PE is truly valued, the priorities that matter most for PE leaders, and the changes children experience when high-quality leadership is in place. Most importantly, we consider how PE can become a vehicle for helping children not only move more, but also think, connect and grow in confidence.Whether you're an experienced PE lead, new to the role, or simply passionate about improving children's experiences of physical education, this episode is packed with practical insights, thoughtful reflections and plenty of food for thought.So what are you waiting for? Come and join us under The PE Umbrella

In this sermon, Elder Orlando Scott teaches that storms are an unavoidable part of life, but believers can find peace by responding as Jesus did—with confidence, authority, and unwavering faith. He reminds us that God uses life's storms to humble, perfect, strengthen, and establish us, producing spiritual maturity and a deeper trust in Christ.

Es, dicen, el único espanglish en suelo europeo: el llanito, el lenguaje propio de los habitantes de Gibraltar... Lo hemos escuchado estos días, ese acento peculiar en la mezcla de algunas palabras, en frases emocionadas por el desmantelamiento de la verja en el cruce al Peñón. Una combinación que se ha ido inclinando a favor del inglés y que motivó la apertura allí en 2011 de un Centro del Instituto Cervantes. Razones políticas provocaron su cierre cuatro años después. Su director fue Francisco Oda y sobre lenguaje y cultura gibraltareña vamos a charlar con él.Escuchar audio

España se prepara con gran optimismo para la final del Mundial contra Argentina, con la selección al completo y Luis de la Fuente destacando la fuerza del equipo sobre las individualidades. La expectación es máxima, aunque la afición se enfrenta a la escasez de alojamiento en Nueva York. Paralelamente, los incendios forestales causan estragos en España: en Aragón, el fuego de las Cinco Villas arrasa más de 15.000 hectáreas y obliga a desalojar a más de mil vecinos; en Guadalajara, el incendio en la Sierra Norte consume 6.000 hectáreas y afecta a doce localidades. La Guardia Civil investiga las causas y detiene a un presunto pirómano en Zamora. En Gibraltar, entra en vigor el nuevo tratado que elimina la verja, integra el Peñón en Schengen y equipara su fiscalidad con España, aunque se lamenta la pérdida de soberanía. En el ámbito político, Feijóo critica a Pedro Sánchez por casos de corrupción que afectan a su entorno, como el de Ábalos, mientras la Guardia Civil afronta una crisis ...

It's the model, stupid. OpenAI just had its worst run of news in months, and Rick Watson thinks the fix is simpler than anyone inside OpenAI wants to admit.This week Rick and Jessica Lesesky work through three stories about platforms and owners deciding what business they actually want to be in.First, Shopify pulls the plug on vapes. Every merchant selling them got a notice to strip the products by July 8 or lose the store. States leaned on Shopify over illegal sales, and Shopify answered with a blanket ban rather than a state-by-state fix. To Rick, this is not Shopify taking a stand for entrepreneurs, it is Shopify reading the writing on the wall and staying on the right side of the law. If your category is drifting from gray to red, the payment processor is the pressure point, and you may want to own your software before someone else decides your business for you.This episode is sponsored by Avalara. Learn more at avalara.watsonweekly.comSecond, the great private equity traffic jam. Nearly a decade into the exit drought, PitchBook's midyear scorecard is not pretty. Per their data, the big buyout deals that were supposed to reach a quarter of all activity have slipped toward 19% by May. Rick counts roughly 13,000 US companies sitting in PE portfolios, an eleven year backlog at the current selling pace. Sellers don't know what their asset is worth. Buyers can afford to wait. His take is that the AI bubble may have to deflate at least a little before the ordinary software deals start moving again.Third, OpenAI's worst Thursday: lawsuits, exits, and a dead browser. Apple trade secret allegations, a top lieutenant stepping back for health reasons, the head of safety systems out the door, and the Atlas browser shut down less than a year after launch. The new model, ChatGPT 5.6, draws strong benchmarks and better press, and OpenAI positions it as beating Opus at a fraction of the cost. Rick argues the deeper problem is governance. The list of ex-OpenAI founders now running billion dollar startups keeps getting longer, and you cannot win a race this fast while your talent walks out the side door.Can a $20 subscription outrun Google's distribution, Apple's install base, and Anthropic's grip on enterprise? The magic eight ball points to no.#watsonweekly #shopify #openai #privateequity #apple #anthropic #ecommerce #chatgpt

This week's topics include continuing dual antiplatelet therapy after stenting, amyloid depletion in Alzheimer's, infections in US hospitals, and algorithms for diagnosing PE in people with cancer.

¡¡NUEVO PODCAST!!*Pamela Jean. “Lo que callamos también comunica”   *Armando Alberto León “El Salsariachi”. “El Espectáculo del Fútbol”  *Cartelera Cinematográfica. José Antonio Valdés Peña  *Lic. Rafael Cruz. “México y el desgaste articular”

With Constantine Hatzivassiliou—Partner, Certuity Golf taught Constantine Hatzivassiliou how to perform under pressure. Building a nearly $5B multi-family office taught him that the best advisors become the first call when life, not just the markets, gets complicated. In Summary Many advisors spend years mastering investments, but for affluent families, portfolio management is often just the starting point. Jason Diamond welcomes Constantine Hatzivassiliou, Partner at Certuity, to discuss how his journey from aspiring professional golfer to leader of a nearly $5B multi-family office shaped his approach to client service. Their conversation explores why trust is earned long before a crisis, how family office services evolve naturally from client needs, and why the advisor's role increasingly resembles that of a quarterback coordinating every aspect of a family's financial life. The discussion also examines organic growth, referrals, fiduciary advice, private equity's impact on the RIA landscape, and the qualities that allow advisors to become indispensable over decades—not just market cycles. The Storyline Many advisors spend years perfecting investment management. But as clients become more successful, the job changes. The questions become bigger than portfolio construction. A business is being sold. A family dynamic shifts. A tax issue emerges. An estate plan needs updating. Suddenly, the advisor isn't simply managing assets—they're coordinating decisions, relationships, and emotions. For Constantine, that broader role was shaped long before he entered wealth management. As an aspiring professional golfer, he learned lessons about discipline, preparation, and performing under pressure that continue to influence how he serves clients today. Jason and Constantine explore how Certuity grew from approximately $210 million in assets to nearly $5B, not through acquisitions but through referrals and a service model built on becoming indispensable to the families they advise. Constantine explains why he believes the best advisors function more like quarterbacks than portfolio managers, orchestrating the many moving pieces that come with significant wealth. The conversation also examines the evolution of the multi-family office model, the role of fiduciary advice, the impact of private equity on the advisory landscape, and why experience, judgment, and trust remain the qualities clients value most. Ultimately, this episode is about what it takes to become the first call when life – not just the markets – becomes complicated. Topics Covered Lessons from professional golf that translate to wealth management Building Certuity from $210mm to nearly $5B in assets What distinguishes a multi-family office from a traditional RIA Why referrals fuel long-term organic growth Becoming the “first call” for affluent families Fiduciary advice and the evolution of the advisory profession Family office services beyond investment management Private equity and M&A in the RIA space Developing the next generation of advisors Trust, relationships, and lifetime client service > Download a transcript of this episode… Listen and Learn Highlights for Advisors How did professional golf prepare Constantine for advising wealthy families? (3:45) Constantine explains why competing under pressure taught him discipline, emotional control, and process—qualities that now guide every client relationship. How did Certuity grow from $210 million to nearly $5 billion? (8:00) He shares why nearly all of the firm's growth has come organically through client referrals rather than acquisitions or aggressive recruiting. What separates a multi-family office from a traditional advisory firm? (11:45) The conversation explores how expanding into trust, estate, tax, and family office services became a response to client needs—not a business strategy. Why should advisors think of themselves as quarterbacks? (20:00) Constantine recounts a client business sale that fell apart at the closing table and explains why advisors often become the person holding everything together. How does Certuity view private equity and acquisitions? (36:20) Jason and Constantine discuss when outside capital can make sense—and why Certuity has chosen a different path centered on client alignment. Why do wisdom and experience still matter in an AI-driven world? (29:30) Despite advances in technology, Constantine argues that judgment, trust, and perspective remain the qualities affluent families value most. Key Takeaways High-net-worth clients increasingly value coordination, judgment, and perspective over investment selection alone. Family office services often evolve naturally as advisors respond to increasingly complex client needs. Sustainable organic growth is rooted in trust, which explains why referrals account for the overwhelming majority of Certuity's new business. Golf and wealth management share the same disciplines: preparation, emotional control, patience, and executing under pressure. The most valuable advisors become trusted partners during life's defining moments—not simply portfolio managers. Technology continues to reshape wealth management, but experience and wisdom remain difficult to replicate. Building a lasting advisory business requires investing in culture, succession, and the next generation of talent. https://youtu.be/m72Hq6bMTo4 Quotable Moments “The best advisors aren't simply managing portfolios. They're the first person clients call when life gets complicated.” “A bad shot in golf is the equivalent of a bad day in the market. You can't let one dictate everything that comes next.” “More often than not, we're not just financial advisors—we're financial therapists.” “Growth gets the headlines. Trust is what makes it possible.” FAQs What is a multi-family office? A multi-family office delivers integrated services beyond investment management, often coordinating tax, estate planning, philanthropy, business planning, and other complex financial matters for affluent families. Why has Certuity grown primarily through referrals? Constantine attributes the firm's growth to deep client relationships, a collaborative service model, and becoming the trusted advisor clients recommend to others. How does golf relate to wealth management? Golf reinforces discipline, emotional control, preparation, and performing under pressure—all qualities Constantine believes are essential for effective advisors. What is Constantine's perspective on private equity in wealth management? While he understands why many firms pursue private equity, he believes every strategic decision should ultimately be measured against what best serves clients. What qualities distinguish exceptional advisors today? According to Constantine, exceptional advisors become trusted coordinators of a client's financial life—bringing together specialists, solving problems, and providing perspective during life's most important moments. A multi-family office delivers integrated services beyond investment management, often coordinating tax, estate planning, philanthropy, business planning, and other complex financial matters for affluent families. Constantine attributes the firm's growth to deep client relationships, a collaborative service model, and becoming the trusted advisor clients recommend to others. Golf reinforces discipline, emotional control, preparation, and performing under pressure—all qualities Constantine believes are essential for effective advisors. While he understands why many firms pursue private equity, he believes every strategic decision should ultimately be measured against what best serves clients. According to Constantine, exceptional advisors become trusted coordinators of a client's financial life—bringing together specialists, solving problems, and providing perspective during life's most important moments. Related Resources Emotional Intelligence: The “Untouchable” Differentiator in an AI World Intentional Growth: How Top Advisors Build Businesses That Last The 10 Characteristics of the Most Successful Teams Constantine HatzivassiliouPartner  Constantine Hatzivassiliou is a Partner at Certuity, a nationally recognized multi-family office serving affluent families, entrepreneurs, executives, foundations, and endowments. He advises clients on the complex financial, tax, estate, and business planning decisions that accompany significant wealth, helping families coordinate all aspects of their financial lives through a comprehensive family office approach. Drawing on more than two decades of experience, Constantine works closely with successful business owners, corporate executives, and multi-generational families to simplify financial complexity and align investment management, tax planning, estate planning, philanthropy, and family governance strategies. As a Certified Exit Planning Advisor (CEPA®), he frequently assists entrepreneurs in preparing for liquidity events, business transitions, and the long-term stewardship of family wealth. His clients often view him as a trusted advisor and strategic sounding board, helping them navigate important financial decisions with the perspective of both a family office professional and a coach. Prior to joining Certuity, Constantine held advisory and banking positions with The Bank of New York Mellon, Bernstein Global Wealth Management, and Pacific Mercantile Bank. Before entering the financial services industry, he was a Golf Professional and member of the PGA of America, experiences that continue to shape his disciplined, competitive, and relationship-focused approach to advising clients. Outside of his professional responsibilities, Constantine is passionate about mentoring young athletes and strengthening the communities in which he lives and works. He serves as a Board Member of Coerfontaine Football Club (CFC), a premier youth soccer organization focused on developing young athletes and helping them pursue collegiate and professional opportunities while fostering leadership, discipline, and character. He also serves as Chair of the Safety and Security Committee for Parkland, where he works alongside community leadership to enhance resident safety, security, and quality of life. In addition, Constantine is a Founding Board Member of The Boardroom, a private membership organization focused on fostering meaningful relationships among business leaders, entrepreneurs, and professionals through networking, education, and philanthropy. Born in Greece, Constantine spent his childhood in Montreal before relocating to South Florida. He attended the University of Florida before earning a Bachelor of Arts in Economics from Florida Atlantic University, where he graduated with honors. He holds the Certified Exit Planning Advisor (CEPA®) designation. A lifelong student of the game, Constantine remains active in golf and is a member of Muirfield Village Golf Club, founded by his longtime  hero and mentor, Jack Nicklaus, as well as Parkland Golf & Country Club. Constantine resides in Parkland, Florida, with his wife, Stephanie, and their two children, Nicholas and Olivia. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. Episode Transcript Lessons from the Links: From Golf Pro to $5B Family Office Partner A conversation with Jason Diamond and Constantine Hatzivassiliou, Partner at Certuity. Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Lessons from the Links: From Golf Pro to $5B Family Office Partner. It’s a conversation with Constantine Hatzivassiliou, partner at Certuity. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive whether that’s at a wirehouse, boutique or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned and, each year, one in four advisors managing $1 billion or more who change firms are our clients. Our process is education-driven and based on building relationships starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report, it’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions, download your copy at diamond-consultants.com/transitionreport. Jason Diamond: Golf is a way of exposing who you really are, there are no teammates to blame, no clock to run out and no hiding from a bad decision. Every shot demands discipline, patience and the ability to stay focused when the pressure is highest, my guest today knows that firsthand. Before becoming a partner at Certuity, a multifamily office approaching five billion in assets, Constantine Hatzivassiliou was pursuing a career as a professional golfer. An injury ultimately redirected his path towards wealth management but many of the lessons he learned on the course still shaped the way he serves clients today. Certuity has grown from roughly 210 million in assets to nearly five billion, that’s impressive on its own but the more interesting story is how they’ve done it. The firm has grown largely through referrals built around a multifamily office model and focused on becoming far more than an investment advisor to the families it serves. In Constantine’s view, the best advisors aren’t simply managing portfolios, they’re the first person clients call when a business is being sold, a family issue becomes complicated or a major decision carries consequences well beyond the balance sheet. Constantine and I discuss the lessons golf teaches about handling pressure then we dive into the evolution from the traditional wealth management world to the multifamily office model, why referrals drive nearly all of Certuity’s growth, how he thinks about private equity’s influence on the advisory business and what it takes to become the first call for the wealthy families they serve and perhaps, most importantly, why the same qualities that help someone succeed on a golf course may be surprisingly relevant to building trust over a lifetime. It’s a great conversation so let’s dive in. Constantine, thank you so much for joining, thrilled to have you here. Constantine Hatzivassiliou: Thank you for having me, excited to be here. Jason Diamond: Yeah, absolutely. So, you had an unconventional path to wealth management, you started as a professional golfer, I think that’s a first for us on this show, before ultimately transitioning into this world. Can you tell us a little bit about the journey and what brought you here? Constantine Hatzivassiliou: Yeah, I never thought I’d be here, my parents were certainly shocked that I got here path wise. Growing up, immigrants from Greece, you settle into Florida the traditional way where you either go down the diner route or the gas station route in mechanics which my father was the latter and school and education was never priority, it was always about supporting the family needs. So, next thing you know, sports are a critical part of any good household, that’s how I was raised and I played everything but golf. I grew up on a golf course because my parents believed that a location of a property was critical to long-term financial success. We lived on a golf course, it was in our backyard, we’d stare at it and we’d use it to play football or baseball or anything but actual golf. And my freshman year at the University of Florida, I started dating a girl on the golf team and she got me hooked to the point where, after four years of hitting balls with the women’s and men’s golf team at the University of Florida for six hours a day, we finished school and realized I’m actually pretty good at the game and, while I have a finance and economics background and degree, let’s try and pursue this for a living and I was blessed. I had a sponsor who helped me succeed at golf on a small scale, it was a humbling experience to say the least. I was competing and playing with Sean O’Hair, Ken Duke, guys who made it out on tour for a very long time, we had the same sponsor so we functioned as a team, it was a collegiate team effectively trying to make it out on tour. And, unfortunately, my second year of competing, I blew out my back doing heavy deadlifts which set me aside for 18 months. While I was recovering, my primary sponsor was in financial services and says, “Hey, you have a background in this, it’s killing you not being able to be on the golf course, why don’t you come work for me while you’re rehabbing so that, when you get back to playing golf, it’s easier for you to talk about our business as a sponsor to try and develop business to throw it to the financial services side?” And Jason, the reality is, after 18 months working there, I fell in love with it. I made way more money working in that environment than I ever would’ve made playing golf because, again, I came to the game late. I was decent but I was nowhere near the caliber of players that are succeeding now out on tour. So, I pivoted after having met my wife and decided to settle down into the wealth management space and, what is it now, 26 years later, going strong. So, it’s been a fun transition from golf into wealth management to say the least. Jason Diamond: Probably my favorite background … I watch a lot of golf, I should caveat that, probably my favorite origin story we’ve had, I’ll give you the Wanamaker trophy or whatever you get, first place. Let’s talk about the business now, so Certuity. For our audience who may not be familiar, tell us a little bit about the firm, what types of clients do you serve and any context you can provide on size as well. We’ll talk about how your firm got there but just give us where we are today to start with. Constantine Hatzivassiliou: So, goal by the end of the year is to have $5 billion in AUM, we’re just shy of that now. We currently service 428 families across the country. So, we’re boutiquey and nimble, we’re based in South Florida, we have offices in New York, San Fran and LA. I’m fortunate to be one of four partners at the firm supporting the growth and the direction of the company and it’s a fun endeavor in the sense that, when we first started, I was employee number four 16 years ago and, with 210 million in AUM at the time to grow it to where we are today, to learn all the things that we have over the years, the curve balls that were thrown at us because all of us came from massive institutional wealth management firms. So, we transitioned from the Bernsteins of the world, the BNY Mellons of the world into an RIA in the South Florida market, there was absolutely an entrepreneurial learning curve involved. Jason Diamond: I bet. And on follow-up question, 16 years ago, did you have a book of business, client business and do you still maintain a book of business today? Constantine Hatzivassiliou: I do. The four of us at the firm share in all of the clients, we work together. Being in the Southeast, I’m responsible for, let’s call it, the Southeast demographics of the US which is a large portion of Certuity’s book. I have a partner in Tennessee, I have a partner in LA and San Francisco and we divide and conquer across the country. But, yes, we came over with a small book, we’ve all grown it organically since then. So, we’ve been very effective in how we’ve grown. Jason Diamond: Just from adding new client money? Constantine Hatzivassiliou: Strictly through new clients referred to us by existing clients. Jason Diamond: Wow. I want to talk more about the growth because that’s remarkable. But before I do, can we double click on the service model? So, I would say the most typical we hear, I think more of our guests typically come from the wirehouse world where it’s I have my book, you have your book. What does your service model look like? So, is it truly, if it’s working well from the end client perspective, you should be interchangeable with your partners and it’s a true team approach? Constantine Hatzivassiliou: How we engage our clients, the theory should be I can get hit by a bus tomorrow and outside of the client not being able to speak to me directly, they will not have a hiccup in any way, shape or form. And when we’re dealing with families across multiple generations, the way we’ve built our platform, that continuity is critical in the engagement process for the clients hiring us to help them through all of the challenges that they face. Jason Diamond: What’s your sweet spot in terms of client size? Constantine Hatzivassiliou: Our average client size today has just shy of eight million AUM with us. We have some clients who have $1 million certainly but they’re strategic in that their friends, their family, they could be centers of influence who help send business our way because they value what it is that we do and there’s a strategic partnership because we might need them for their trust and estate services or their accounting work and they have clients who have a need and we’re on the short list of people they refer to. Jason Diamond: That they trust. Yeah, makes sense. So, I’ve seen this in the news and also even on your own internal materials, I’ve seen you described as both a modern multifamily office, you’ll also obviously hear the term RIA as well. Does that distinction matter at all? And maybe my second part of that question would be what is the distinction between that space, whatever you call it, and the more traditional firm world from a client service perspective? You mentioned that all of your partners from that world. Constantine Hatzivassiliou: I started in this industry truly at an institutional level at Bernstein in New York and, for anyone who knows Bernstein, they really do brainwash you on the fiduciary model and the values affiliated with that philosophy has translated through my career at BNY Mellon which has a very similar feel as Bernstein. And then, when we came here, we instilled that same core value principle of fiduciary responsibility for our clients so we are very different than a traditional wirehouse or brokerage house, it is why we’ve grown so successfully. I would never, one, work for an institution that did bide by those standards and, secondarily, I wished Congress and Senate would turn around and actually implement a mandatory fiduciary liability for all financial advisors because, far too often, we see prospective clients or families get taken advantage of because the individual sitting across from them giving them financial advice is not necessarily aligned with their goals and objectives. Jason Diamond: So, I take it you are fee only. Constantine Hatzivassiliou: We are fee only. Jason Diamond: Yeah. I don’t want to lose the thread on the first part of my question. Do you think there is a distinction between a multifamily office and an RIA? I don’t want to lead you here but to me it implies a different level or different caliber of service model that probably includes more of the ancillary trust and estate and CPA type stuff that higher network clients need but curious what your thoughts are. Constantine Hatzivassiliou: Our first seven years at the firm, we were strictly an RIA, we functioned as an advisory service provider to our clients. What attracted me and my partners to Certuity was the nimbleness of the firm. So, for instance, at BNY Mellon, we often deemed a change necessary as moving an aircraft carrier across the world but it was an impossible task to accomplish. But when you’re small and nimble and clients come to you with a need and you’re in the service, ultimately, first and foremost, it made sense for us to start building out family office services for our clients because they had a need and we found it as a way to centralize everything because, far too often, when the communication standards break down between all the individual parts, one, it’s more expensive for the clients and, two, the process isn’t efficient, things get missed. So, we tried, largely due to our growth, to bring everything in house and our clients appreciate that for it. Jason Diamond: So, this is not a chicken and egg situation, this is very much we had large clients, we were attracting large clients and, in order to service them optimally, here’s what we felt we needed to build. Is that fair? Constantine Hatzivassiliou: 100%. Jason Diamond: Let’s shift gears, I need to go deeper on the professional golf thread a little bit. I promise I won’t make the whole interview about your golf background. I’m curious if you feel like that experience or that, I don’t know, upbringing or, I guess, background laid any foundation for the way you engage with clients today or the way you operate as a business leader today. Constantine Hatzivassiliou: So, there’s a couple parts to that. The golf side, certainly, just from an engaging client perspective, 90% of our clients are golfers. Jason Diamond: It’s very true. Constantine Hatzivassiliou: Right. It just helps because of our background and certainly with some of the clients and partners that we have at the firm, golf is a critical thread in what we do. However, when it comes to golf, what I learned playing golf at a high level directly translates to how we manage money for clients and I’ll express it this way. There’s generally two types of golfers, there’s the artist, the Sergios of the world who don’t fundamentally function off of specific points in their swing or a very structured platform, they see something, their mind becomes creative and they execute on it. I was never that way, I am a numbers person, I think everything analytically, I break everything down to the minute, everything is strategized and organized, I was taught to practice that way by Coach Alexander at the University of Florida and that foundational element seemed easy, it worked. If you practice properly, you’ve succeeded. Under pressure, all those hours and hours of repetition translated to success more often than not. In our industry, it’s process-driven, it has to be unemotional. A bad shot in golf is the equivalent of a bad day in the market, you can’t let one bad day in the market influence everything you do for the next year. Same way on the golf course playing in a tournament, you can’t allow one golf shot to affect the rest of the round. We kid with our clients oftentimes that, while we are fundamentally their financial advisor, more often than not, we’re their financial therapist. We have to control their emotions and make sure they’re not making an irrational decision. For instance, a couple days ago we were out with a client the day that Iran shot down one of the US military helicopters and we’re sitting down at lunch and, all of a sudden, his phone starts blowing up because he’s getting all these Google alerts to the market heading in the wrong direction and he had to go do a life insurance test later on that afternoon. So, all week, he had prepped and he was calm and he was relaxed, he was really excited, he’s, “My wife is setting me up with a new insurance policy and I know it’s for her benefit but all my numbers look good, I’m going to ace this and my premiums will be really low because of it,” it was a $25 million policy. And as he’s looking at his phone and he sees the market collapsing in his mind, his blood pressure rose to no end, you could see that his anxiety level went through the roof and, had I not been there with him at the time to hold his hand through that process, his afternoon would’ve been shot. I would’ve got a phone call saying, “What are we doing to prevent 2% loss in my portfolio,” because that’s how he thinks and, in that moment, I was the therapist to talk him off a ledge. It’s so hard for individuals to manage the stress of the markets, that golfer mentality of, okay, just breathe, relax, let’s see what’s going on, let’s make an educated, confirmed decision, let’s circle back with our caddy if we’re on tour and competing and make a unified decision for the long-term success of the goal that we’re trying to achieve. And what we do every day is the same thing with our clients. Jason Diamond: It’s an incredibly thoughtful answer, I expected a version of the latter part of your answer. I appreciate that you added the part about just most clients like golf, enjoy talking about golf, enjoy playing golf and it’s an effective business development tool, there’s no question. Constantine Hatzivassiliou: So, I have two kids, a 12-year-old and an eight-year-old, my son who’s 12 who’s an exceptional soccer player and wants to, aspires to play professionally one day has now fallen in love with golf which I’m ecstatic about. I think golf and tennis, from a business development perspective- Jason Diamond: Yeah, lifelong sports. Constantine Hatzivassiliou: And I look at it now and my mentor when I started in the business was absolutely right. The fact that I could get a CEO of a Fortune 100 company to want to actively spend four hours with me where we could dive into the weeds about their personal life, their financial situation, their business, you could never get that time otherwise. I urge everyone who’s coming out of college or is going into college who wants to aspire to be in any type of sales related role, golf is a great venue to make long-term relationships. Jason Diamond: And importantly, tennis is not as good on the knees long-term or the back long-term. So, you stick to golf, you get a little more longevity out of it. Constantine Hatzivassiliou: It does help, yes. You’re right. Jason Diamond: My thought always goes to people call it the 15th club in golf, just this mental element of the game and to me it’s the clear moment in golf that always comes to mind for me is the 72nd hole. I don’t know if you just watched the US Women’s Open but Nelly Korda standing over a two-foot putt that I really thought she missed, is there an equivalent of that moment? Are you ever able to recreate that pressure in your current role or is that something that you miss? Constantine Hatzivassiliou: Jason, we have those moments weekly, countless stories. Here’s where I love my job. I’ve transitioned from being the guy behind the screen who is just trading accounts, that’s where we all start and you have to have that foundational perspective of what’s involved in trading an account on a daily basis. Not that we ever picked stocks to an extensive level, we were generally managing ETFs, mutual funds and strategies but I’ll give you an example. So, just last week, we had a family and this is where the family office side comes in more so than the financial advisory services come in. We had spent four months in helping a family sell their business, it was a life altering moment, the dad started the business, the dad had been independently successful, net worth of well into eight figures, was happy and content, brought his son into the business, son was brilliant, saw an opportunity within the business and grew the business by 4,000%. Jason Diamond: Literally? Constantine Hatzivassiliou: Yup. All because of this, the son saw a different direction and pivoted the business and grew it out and here he is, getting ready to have their first child and he gets approached by a firm to acquire his business. They’re ecstatic, the number was perfect, I thought it was overvalued, I was telling them that there’s no way they could turn it down because the number was too significant. Had they gone to the market, they would probably never achieve that level of return. And literally, the day of closing, as we’re expecting the wire to come through, the deal gets pulled. So, here you have the father who’s crushed because he was trying to provide something for his son, the son who’s just devastated because he now was preparing for the second stage of his life and you go through at that stage the classic stages of grief, it’s the cycle that goes through it. I was holding their hand through the three-month process up to there, every day, hourly calls, strategizing, building everything out, organizing the accounting team, organizing the attorneys, getting it all to work out. And here I am, father and son, unbelievably stressed, you have the wives in the background who can’t quite comprehend what’s going on, you have employees beneath them who are now confused as to there was a transition getting ready to take place and the only person who can step in under that critical moment to bring everybody back together was me. So, here I am thinking, 20 years ago, I’ll just pick stocks and bonds for individuals but now I’m in the middle of deal flow trying to help a family solve the issues that arise. So, those are hugely critical- Jason Diamond: Yeah, that’s right. Constantine Hatzivassiliou: …moments where, because our clients are our friends and family, we care for them like they’re our own, you become emotionally attached. And the same pressure that I felt when I won my first mini tour event after college, when I had to get up and down from the impossible bunker shot and I hit it to six feet and I made the crucial put to win my first $23,000 check which I thought was unbelievable, they gave you those big old-fashioned- Jason Diamond: The Happy Gilmore checks. Constantine Hatzivassiliou: Exactly, right? It was the greatest day at that time. The stress of being in that bunker trying to hit that shot is the same stress I felt having two phones ringing, one the father, one the son where we have to keep that situation separate. So, you’re diving into unbelievably stressful situations and the best part is, when we get it all solved and literally yesterday we solved the entire dynamic of the business, I get a text from the son saying that this was the most incredible rollercoaster experience he’s ever experienced, that he’s incredibly grateful for all that I did and our team did for him and that, for the rest of his life, we will always be the first person he calls to solve any of his problems. So, for us, that’s the recreation of that stressful moment and then the victory on the back end. Twenty-five years ago, I got the big Happy Gilmore check. Yesterday, I got that text which I’ve printed out and framed and have it in my office as a constant memory of why it is we do what we do. Jason Diamond: And I would bet that’s more impactful than the $23,000. It’s an incredible story and I’ll tell you why, you said it but it’s as far away from stocks and bonds as you could possibly get. But I think, most advisors, a story like that resonates much more. It leads into my next question. You intentionally choose to service a high net worth segment of the market and I would assume that number’s probably creeping up, not down over time in terms of who you service. My thought is that’s a very competitive segment of the market as well. Is this how you differentiate is just you make it about those types of human examples or is there more to it? Constantine Hatzivassiliou: I’m envious of the advisor who could walk into a room of 200 people and they become the central focal point of the room where they can walk up to every single person and fearlessly ask them incredibly personal information, I’m not wired that way. For me, I’m very much the individual that I will find the one person that I have common ground with, I will deepen that relationship and I will add value and, because of the value that I create, I become a critical component of that individual’s success. And that’s how we’ve grown our business holistically at the firm largely buy that extra layer of service. We’re a commodity business. Being in South Florida, the clubs that I belong to, 10 to 15% of the members feel like they’re financial advisors. You could throw a rock anywhere and find a financial advisor so how do I differentiate myself? The only way I can truly differentiate myself and my firm is the level of service we provide, to go that extra step. To where, when we’re calling a client, they know I’m calling them to support their needs not because I’m seeking something for any ulterior motive. Jason Diamond: But you don’t mention financial planning or investment management or asset custody. Is that because I assume just that’s table stakes? Of course we do that but … Okay, yeah. Makes sense. Constantine Hatzivassiliou: That’s the easy part, right? That’s foundationally … And to your earlier point, you were asking the RIA model. One of the biggest challenges that we had down here in South Florida was the RIA model is new. If you were in the northeast, RIAs are very common, out west, incredibly common. Down here in South Florida, I just finished dealing with Bernie Madoff. Jason Diamond: You were fighting the good education fight a little bit. Constantine Hatzivassiliou: At Bernstein, 108 of our clients had assets with Bernie Madoff. Jason Diamond: Yeah. Constantine Hatzivassiliou: So, when you leave, one of our biggest growing curves as an RIA in South Florida was, when you leave the power of BNY Mellon or Bernstein and you’re some random little shop called Certuity, no one knows who you are. So, there was a big part of our education in the business was learning how to educate clients and prospective clients on the value of the RIA model and the fiduciary model in particular. Jason Diamond: Could you give me the 30-second answer to that if somebody says who are you, your prospect? I’ll tell you why I ask. Forget just Bernstein’s and BNYs of the world, a Morgan Stanley advisor or Merrill advisor has the exact same fear. I’m leaving Merrill to go launch Jason Diamond Wealth Management, my client’s going to say, “Well, who is that?” So, give me the quick pitch. Constantine Hatzivassiliou: Your typical broker, let’s say, you’re not really hiring JP Morgan, you’re not really hiring Wells Fargo, you’re not hiring Goldman Sachs, you’re hiring the advisor who works for that institution. Now, yes, that advisor has the Rolodex of data and information available at the firm level but, ultimately, you’re entrusting that individual to make your decisions for you. The broker who leaves the brokerage model to open up their own brick and mortar operation has to then decide are they continuing down the wirehouse brokerage model where they’re transactional in nature, the economics behind that, far more profitable. The revenue streams affiliated with a brokerage house drastically blows us out of the water. But then you have to also look at yourself in the mirror so how are you running your book of business, how are you running your practice. So, to answer your 30-second question, the RIA model, in my opinion, is truly the only way any family of wealth should proceed with an advisory firm because you want an individual who is aligned in your goals and objectives. Our clients know that I’m their chief financial officer, I work for them. They task us with building out a financial strategy that is customized to their individual needs and they never have to worry do I have an ulterior motive as to why I’m presenting an option in that strategy. And, because of that, the fiduciary model, I think, is critical for our success as a firm and, again, as I mentioned earlier, I wish it’s something that was industry well and not the vast minority. Jason Diamond: Yeah. No, that’s a great answer. So, do you think then that, as time has gone on, this has gotten easier? I assume the answer is yes either because more clients are aware of your brand and/or more aware of the space as a whole. Constantine Hatzivassiliou: The first thing that helped the most was some gray hair. When I started at Bernstein, I attempted to solicit new clients very much the same way I do today. But when I was 26 years old and I’m sitting in front of a family worth and the dad was in the 70s and he lived his life and I’m younger than his kids, he would look at me and say, “What do you really know? What experience do you have?” So, doing this now for as long as I have, the number one thing that has helped me the most in growth is just wisdom and time. Without that, yes, you can be a rockstar stock picker. We have so many kids coming out of college today with the advent of AI and technology that have algorithms that could run unbelievable portfolios and there is a segment of the market who wants to hire and engage those individuals but, generally speaking, the families that we service, that is 10th or 12th on the list of importance. Jason Diamond: No, I think that’s spot on. I think most high net worth clients counterintuitively agree with that, that alpha, for lack of a better term, is really not the name of the game or not in the top five reasons why you would engage with a financial advisor. Constantine Hatzivassiliou: Agreed. The biggest thing that we’ve been doing to educate clients especially in today’s environment, I had a call yesterday with an individual, a client who lives in New Jersey who works out of New York for a hedge fund, he knows our space incredibly well. He’s one of those kids, 28 years old, brilliant, as smart as you’ll ever be but his tax bracket is atrocious. He is paying so much of his W-2 income in taxes and building out a strategy that can reduce his tax liability by several hundred thousand dollars a year far exceeds any alpha I can generate by picking a top decile performer. Jason Diamond: What was the strategy? Move to Florida? I’m just kidding. Don’t answer that. Constantine Hatzivassiliou: We offered that but, unfortunately, he has to be physically in the office in New York City but yes. Jason Diamond: I think that will resonate, by the way, your gray hair comment. I appreciate the humility and the modesty in that because, the reality is, one of the questions I was going to ask you about was next-gen talent cultivation. In my opinion, this is a hard game for younger folks for that reason. People sit across from other people with a lot of money and they say, “Why am I going to entrust you with my life’s work when you just don’t have that degree of experience?” I was asking more even about your firm success and your firm story, have you felt like that’s caught on more? Do you have more brand awareness, if you will, now when you go to a prospect meeting or do you think you’re still constantly fighting that education fight? Constantine Hatzivassiliou: So, first part, brands, it’s improved in our immediate network. In our little bubble of the world, yes, it’s known. Let’s call it, in South Florida the influential attorneys, the accountants, the divorce attorneys know who we are because, having been down here long enough, we’ve had opportunities to work together. Our network of friends, certainly, the word spreads. But in the grand scheme of things, we are so small in the South Florida landscape or the LA landscape or the New York landscape so any incremental gain that we pick up is meaningful. And then, as it relates to young talent, our success is completely, long-term, derived by the young talent that we bring in to nurture them to help them grow. I look at our success, two of our critical mentors and board members of our firm are in their 80s, their children and grandchildren, nepotism aside, whether it was interning while in college or coming to work for us after school, they’re our best employees. And our goal as a firm, just like how I was offered the opportunity to become a partner and own a piece of the business, our goal long term will be to transition the business to this younger generation that we’re developing. I look at, again, those two board members who are in their 80s, the advice they’ve given me is don’t ever stop working, you have to be doing something. And I turn to them and say, “I don’t work every day.” I put in 20 hour days, well, not quite 20, 18 hour days but it’s never work because, what I do every day, I don’t deem it work, I love what I do, I don’t ever see myself stopping. Because they’ll tell me all of their friends that have stopped working or sold their business, invariably, the men die within six months because boredom and we always joke around that you’ll continue to work forever. So, I would hope that one day I transition into that advisory board member role where I step aside day-to-day activity where I’m now a mentor to our younger generation that we’re promoting into partners because we’ve made promises to our clients that we will forever be their family office. So, we have to, as part of our growth model, have those transitions in place because we’re servicing many families that have 85-year-old clients and two-year-old clients and we’re tasked with the two-year-olds as well as the 85-year-old. Jason Diamond: I also feel like there’s a little bit of younger generations I think have been reluctant to some degree to get it, you can disagree with this, to get into this space because there’s a more appeal to things like investment banking and sales and trading to some degree. The other problem obviously you alluded to is asset gathering. Your model speaks so clearly to success because you don’t say I own the client, that’s my relationship. To me, you plant the seeds of being able to handle succession much better than somebody who does the mine is mine and yours is yours approach. Is that fair? Constantine Hatzivassiliou: That’s completely accurate. And I think there’s two types of people that serve in the financial advisory space. You have the individual who is analytics driven, who likes being behind the bank of monitors trading account and there’s a critical part of our firm and our success is driven by the team in the office that aren’t necessarily client facing that do all the heavy lifting every day because they’re really doing the heavy work. Myself, my partners, the select few, while talented and able to do that, realize the value that we present is quarterbacking the relationship and helping understand all the components. We kid around that we’ve all stayed at a Holiday Inn Express last night, we’ve become experts in tax, we’ve become experts at trust and estate planning, we’ve become experts at divorce, we’ve become experts at the medical field. It’s shocking how it’s 2:00 in the morning and you get a phone call, panic attack by a client saying they need a doctor for X, Y and Z, can you connect me. So, the younger generation, yes, the sexy space is investment banking and that is really hard work. I could not do what my friends at Goldman do who are at these private mid-market funds, that’s just not me. I’ve been fortunate that I stumbled into an avenue in financial services that I think perfectly fits my personality and my want and desire to help others because that’s what we’re driven by and we try and hire people with that same mindset. The hardest thing as an RIA especially in South Florida is finding and retaining talent that is like-minded and that could function well within our family. Jason Diamond: If you build a firm predicated on culture and client service, I understand, certainly, the importance of that. I want to shift gears, I don’t want to lose this thought. You mentioned organic growth, it’s incredible. You have not mentioned inorganic growth at all and maybe because you haven’t had to but give me your thoughts on M&A, private equity in this space, do you have plans to sell the business, take on a capital partner, buy other RIAs? Constantine Hatzivassiliou: Yeah. So, I understand why private equity in the last 10 years has come into the market. For years, they bought up insurance practices, that recurring revenue, sticky assets, it makes sense. Personally, I’m not a fan of them being in our markets, I think they’re motivated at the end of the day by AUM growth, revenue growth and the second transaction which, for most of our clients, would not make sense because, again, that then questions why it is that we’re motivated to do something. Am I taking extra risk in the portfolio because I want to grow the AUM because I’m looking to sell in a year? Am I bringing in a strategy that has a higher fee? For us, it doesn’t work. In the brokerage model, it makes perfect sense. Now, there are some RIAs who leave the wirehouses, open up an RIA shop, do really well for their clients but don’t have the long-term aspirations of making the institution a legacy to where they’re passing it off. I hope my kids one day want to come work for dad and follow in his steps, that’d be amazing. Just like our younger generation working at the firm, our goal is we’ve already targeted the three or four guys that will be partner one day and we’ll transition the business over to them. But it’s okay if there’s an RIA out there who doesn’t have that transition product or isn’t motivated by that and is looking at it as a vehicle that I’ve built a really good successful book of business and I want to now retire and spend time with my family and kids and travel, et cetera, and that’s where PE steps in and offers an attractive number and the person makes their move. So, I can’t fault the individual for wanting that and I’m not saying that they’re not doing well by their clients, it’s just, for us, I’m not a fan of it because, again, I’m first critically and always focused on what’s best for the client. Jason Diamond: Fair. And I largely agree with some of what you said around private equity in this space but private equity enables … Obviously, it’s capital so which enables acquisitions which is why a lot of firms take on private equity. So, what about the idea of potentially buying businesses to start up inorganic growth? Constantine Hatzivassiliou: We have gone down the road of acquiring other institutions potentially. The challenge is, because we manage money so uniquely and our approach is so different, I’m not going to bring on an institution or bring in a new partner to the firm or a new book of business that we’ve acquired if the methodology and the life of that book doesn’t mirror ours. So, yes, there is opportunities to grow through acquisition, it’s not something that we are leaning on heavily. However, for the right institution that’s available that is aligned with our thinking, whose clients would value and appreciate how we do things or, if that institution is doing something truly unique that we would want to bolt onto our platform, all day long because, again, for the benefit of the client, it makes sense. So, yes, there are opportunities for that. Too often we find that, when a book is available for acquisition, the highest bidder tends to win out and we don’t have the deep enough pockets to write a multiple that we don’t deem to be, let’s call it, market neutral. Jason Diamond: Yeah, market prudent. I understand the premise and I think that’s fair. I also think you have the luxury, because of your organic growth, you can be super, super picky about inorganic and I love how you bring it all back to the lens of the client. Can this improve the client experience in some way? And, if so, yes, we’ll take a look. I got time for one more question, I can’t believe time has flown. You’ve had a remarkable journey, professional golf now partner at a $4 billion plus on the way to $5 billion RIA multifamily office. What are you most proud of when you reflect on your career journey? Constantine Hatzivassiliou: What am I most proud of? To see what Rich, myself and Mark and Jayson built over these years from where we were sitting in a small conference room, struggling to figure out how do we find a way to hire a trust and estate attorney to help with that component, which CPAs do we bring on board in-house because clients have a need. So, the entrepreneurial spirit involved in growing the business, the late nights, the struggles, the banter back and forth, to put so much blood, sweat and tears into this and now to look at all that we’ve accomplished, being in four separate states with offices, having so many wonderful employees that have come to us from all over the world, Germany, from China, from Tokyo, bringing people in to the US and building out something that, when we leave at the end of the day, are incredibly proud of. My father’s no longer with us, for 50 years, I always strived to make him proud because he never told me that he was proud of me, he was the classic Greek old-fashioned dad. I think he looks down on his now for everything that we’ve built and would say that he’s proud of us so, for me, that’s the best. Jason Diamond: Yeah. That’s an incredible place to end. Thank you for sharing that, it’s a touching place to end and I appreciate you being open. Thank you. This has been one of my favorite episodes, your journey, your humility, your honesty, your transparency, it’s no wonder you’ve built a business you’ve built. So, thanks for joining us, Constantine. I look forward to having you back on to talk about the next chapter. Constantine Hatzivassiliou: Thank you. Next time we’ll do it from the golf course. Jason Diamond: Oh, absolutely. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty and credibility. You are successful because you take your professional responsibility seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I Stay or Should I Go? Is a book written with you in mind? It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook.   Lessons from the Links: From Golf Pro to $5B Family Office Partner A conversation with Jason Diamond and Constantine Hatzivassiliou, Partner at Certuity. Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Lessons from the Links: From Golf Pro to $5B Family Office Partner. It’s a conversation with Constantine Hatzivassiliou, partner at Certuity. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive whether that’s at a wirehouse, boutique or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned and, each year, one in four advisors managing $1 billion or more who change firms are our clients. Our process is education-driven and based on building relationships starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report, it’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions, download your copy at diamond-consultants.com/transitionreport. Jason Diamond: Golf is a way of exposing who you really are, there are no teammates to blame, no clock to run out and no hiding from a bad decision. Every shot demands discipline, patience and the ability to stay focused when the pressure is highest, my guest today knows that firsthand. Before becoming a partner at Certuity, a multifamily office approaching five billion in assets, Constantine Hatzivassiliou was pursuing a career as a professional golfer. An injury ultimately redirected his path towards wealth management but many of the lessons he learned on the course still shaped the way he serves clients today. Certuity has grown from roughly 210 million in assets to nearly five billion, that’s impressive on its own but the more interesting story is how they’ve done it. The firm has grown largely through referrals built around a multifamily office model and focused on becoming far more than an investment advisor to the families it serves. In Constantine’s view, the best advisors aren’t simply managing portfolios, they’re the first person clients call when a business is being sold, a family issue becomes complicated or a major decision carries consequences well beyond the balance sheet. Constantine and I discuss the lessons golf teaches about handling pressure then we dive into the evolution from the traditional wealth management world to the multifamily office model, why referrals drive nearly all of Certuity’s growth, how he thinks about private equity’s influence on the advisory business and what it takes to become the first call for the wealthy families they serve and perhaps, most importantly, why the same qualities that help someone succeed on a golf course may be surprisingly relevant to building trust over a lifetime. It’s a great conversation so let’s dive in. Constantine, thank you so much for joining, thrilled to have you here. Constantine Hatzivassiliou: Thank you for having me, excited to be here. Jason Diamond: Yeah, absolutely. So, you had an unconventional path to wealth management, you started as a professional golfer, I think that’s a first for us on this show, before ultimately transitioning into this world. Can you tell us a little bit about the journey and what brought you here? Constantine Hatzivassiliou: Yeah, I never thought I’d be here, my parents were certainly shocked that I got here path wise. Growing up, immigrants from Greece, you settle into Florida the traditional way where you either go down the diner route or the gas station route in mechanics which my father was the latter and school and education was never priority, it was always about supporting the family needs. So, next thing you know, sports are a critical part of any good household, that’s how I was raised and I played everything but golf. I grew up on a golf course because my parents believed that a location of a property was critical to long-term financial success. We lived on a golf course, it was in our backyard, we’d stare at it and we’d use it to play football or baseball or anything but actual golf. And my freshman year at the University of Florida, I started dating a girl on the golf team and she got me hooked to the point where, after four years of hitting balls with the women’s and men’s golf team at the University of Florida for six hours a day, we finished school and realized I’m actually pretty good at the game and, while I have a finance and economics background and degree, let’s try and pursue this for a living and I was blessed. I had a sponsor who helped me succeed at golf on a small scale, it was a humbling experience to say the least. I was competing and playing with Sean O’Hair, Ken Duke, guys who made it out on tour for a very long time, we had the same sponsor so we functioned as a team, it was a collegiate team effectively trying to make it out on tour. And, unfortunately, my second year of competing, I blew out my back doing heavy deadlifts which set me aside for 18 months. While I was recovering, my primary sponsor was in financial services and says, “Hey, you have a background in this, it’s killing you not being able to be on the golf course, why don’t you come work for me while you’re rehabbing so that, when you get back to playing golf, it’s easier for you to talk about our business as a sponsor to try and develop business to throw it to the financial services side?” And Jason, the reality is, after 18 months working there, I fell in love with it. I made way more money working in that environment than I ever would’ve made playing golf because, again, I came to the game late. I was decent but I was nowhere near the caliber of players that are succeeding now out on tour. So, I pivoted after having met my wife and decided to settle down into the wealth management space and, what is it now, 26 years later, going strong. So, it’s been a fun transition from golf into wealth management to say the least. Jason Diamond: Probably my favorite background … I watch a lot of golf, I should caveat that, probably my favorite origin story we’ve had, I’ll give you the Wanamaker trophy or whatever you get, first place. Let’s talk about the business now, so Certuity. For our audience who may not be familiar, tell us a little bit about the firm, what types of clients do you serve and any context you can provide on size as well. We’ll talk about how your firm got there but just give us where we are today to start with. Constantine Hatzivassiliou: So, goal by the end of the year is to have $5 billion in AUM, we’re just shy of that now. We currently service 428 families across the country. So, we’re boutiquey and nimble, we’re based in South Florida, we have offices in New York, San Fran and LA. I’m fortunate to be one of four partners at the firm supporting the growth and the direction of the company and it’s a fun endeavor in the sense that, when we first started, I was employee number four 16 years ago and, with 210 million in AUM at the time to grow it to where we are today, to learn all the things that we have over the years, the curve balls that were thrown at us because all of us came from massive institutional wealth management firms. So, we transitioned from the Bernsteins of the world, the BNY Mellons of the world into an RIA in the South Florida market, there was absolutely an entrepreneurial learning curve involved. Jason Diamond: I bet. And on follow-up question, 16 years ago, did you have a book of business, client business and do you still maintain a book of business today? Constantine Hatzivassiliou: I do. The four of us at the firm share in all of the clients, we work together. Being in the Southeast, I’m responsible for, let’s call it, the Southeast demographics of the US which is a large portion of Certuity’s book. I have a partner in Tennessee, I have a partner in LA and San Francisco and we divide and conquer across the country. But, yes, we came over with a small book, we’ve all grown it organically since then. So, we’ve been very effective in how we’ve grown. Jason Diamond: Just from adding new client money? Constantine Hatzivassiliou: Strictly through new clients referred to us by existing clients. Jason Diamond: Wow. I

Private equity is no longer a small corner of the market that only dealmakers, investors, and portfolio executives need to understand. It is becoming one of the defining forces in business. More industries are being consolidated. More founder-led companies are being acquired. More executives are being recruited into PE-backed environments. And more leaders are finding themselves operating under a very different set of expectations, timelines, pressures, and performance standards than the ones they were trained for. That means the old “private equity is not my world” mindset is getting harder to maintain. You may sell your company to private equity. You may go work for a PE-backed business. You may be hired to lead one. Either way, it is becoming increasingly important to understand what this environment actually requires. Because private equity is not just a financial model. It is an operating environment. And in that environment, leadership gets tested quickly. The old playbook of buying a business, adding leverage, cutting costs, and exiting quickly is no longer enough. In today's market, value has to be built. Leaders have to move fast without breaking the business. Founders have to navigate the shift from owner to employee. Boards have to apply pressure without creating misalignment. And executives have to prove they can create measurable results without relying on the systems, resources, and support structures they may have had in larger companies. In this episode, I'm joined by Maxwell Salazar, founder of Salazar Leadership Advisory. We talk about what private equity is really demanding from leaders today, what it takes to succeed in a PE-backed environment, why traditional executive hiring signals can be misleading, and how founders, boards, and operators should think about leadership in a market where private equity is no longer the exception; it is becoming part of the business landscape. What You'll Discover In This Episode Why private equity is becoming a reality founders, executives, advisors, and operators need to understand How PE-backed environments differ from traditional corporate leadership roles Why the old private equity playbook of leverage, cost-cutting, and quick exits is no longer enough What leaders need to understand before stepping into a PE-backed company Why self-awareness, adaptability, and accountability matter so much under private equity pressure How founders can struggle with the shift from owner to employee after a transaction Why founder transitions are often emotional and psychological, not just operational How leaders can move quickly without triggering resistance inside the business Why boards need to be clear about the mandate before hiring a CEO, COO, CFO, or CRO What companies should actually assess for when choosing leaders for PE-backed environments Why prior PE experience, impressive logos, or successful exits can create false confidence How to tell the difference between someone who managed inside a system and someone who can build in a more ambiguous environment Why the best PE-backed leader may not always be the most charismatic or obvious candidate How board dynamics can either support an operator or make the role harder than it needs to be Why private equity can be one of the best environments for leadership growth, but only for people who understand the pressure, pace, and trade-offs involved.   About the Guest Maxwell Salazar is the founder of Salazar Leadership Advisory, where he helps private equity firms make better leadership decisions across their portfolio companies. A business psychologist by training, Maxwell evaluates C-suite leaders, surfaces culture and execution risk, and helps investors understand whether the people they are hiring are equipped to lead through pressure, ambiguity, board scrutiny, and operational change. Before launching his advisory practice, Maxwell served as Head of Executive Assessment at AlixPartners, advising clients across hedge funds, investment banks, and PE-backed companies ranging from $100 million businesses to multibillion-dollar enterprises. In his work, Maxwell focuses on the human side of value creation: how leaders perform when the market shifts, the strategy meets resistance, or the boardroom pressure starts to rise. He helps investors and leadership teams look beyond pedigree, charisma, and past titles to better understand self-awareness, accountability, adaptability, culture fit, and the trade-offs that determine whether an executive can succeed in a private equity-backed environment. Connect with Maxwell on LinkedIn.     About Your Host Craig Picken is an Executive Recruiter, writer, speaker, and ICF Trained Executive Coach. He is focused on recruiting senior-level leadership, sales, and operations executives in the aviation and aerospace industry. His clients include premier OEMs, aircraft operators, leasing/financial organizations, and Maintenance/Repair/Overhaul (MRO) providers, and since 2008, he has personally concluded more than 400 executive-level searches in a variety of disciplines. Craig is the ONLY industry executive recruiter who has professionally flown airplanes, sold airplanes, and successfully run a P&L in the aviation industry. His professional career started with a passion for airplanes. After eight years' experience as a decorated Naval Flight Officer – with more than 100 combat missions, 2,000 hours of flight time, and 325 aircraft carrier landings – Craig sought challenges in business aviation, where he spent more than 7 years in sales with both Gulfstream Aircraft and Bombardier Business Aircraft. Craig is also a sought-after industry speaker who has presented at Corporate Jet Investor, International Aviation Women's Association, and SOCAL Aviation Association.   Resources For more aerospace industry news & commentary: https://craigpicken.com/insights/. To learn more about Craig Picken, visit https://craigpicken.com/.

Taking the Construction PE Exam?

Rebekah Brown Olson didn't plan to lead a state CPA society. A single leadership assessment during a firm training session reframed how she saw her own strengths, and thirteen years later she's the CEO of the Maryland Association of CPAs, connecting firm leaders across the profession every day. In this conversation, Brannon Poe talks with Rebekah about what's really driving change in accounting right now, and why she believes community, not information, is what separates firms that thrive from firms that struggle.Rebekah shares an encouraging read on the student pipeline, pointing to strong turnout and impressive second-career candidates at a recent University of Maryland accounting graduation event. She also walks through her theory on where private equity is headed: a barbell shaped profession, with large firms formed through consolidation on one end and a new wave of small, independent firms on the other, as CPAs who leave newly acquired environments choose to build something of their own.For firm owners thinking about their own exit, Rebekah's advice centers on two habits: treating strategy as something to revisit constantly rather than a plan that sits on a shelf, and involving the people around you early, since real alignment comes from letting your team weigh in on where the firm is headed.The Conversation Covers:How a leadership assessment redirected Rebekah's entire career pathWhy community may be the biggest differentiator for CPA firms over the next decadeHow private equity could reshape the profession into a barbell-shaped structureWhy small firms are positioned to specialize and move faster than larger competitorsHow involving your team early creates real strategic alignment ahead of a transitionWhy choosing the right private equity partner matters more than the deal itselfRebekah closes with a story from her college years at Ohio State, working as a football field manager during a live scrimmage, that ties back to the same theme running through the whole conversation: what it looks like when a community shows up for someone.This Episode Is For:Firm owners curious about how community and connection shape long-term successLeaders ready to think through a 5 to 10 year exit and succession planPractitioners wondering how private equity might change hiring, retention, and cultureAnyone interested in how small firms can compete through specialization and speedBook Recommendation:The Upside of Stress: Why Stress Is Good for You, and How to Get Good at It by Dr. Kelly McGonigal Amazon linkTimestamps:00:00 - Brannon Poe intro and podcast welcome 00:14 - Introducing Rebekah Brown Olson, CEO of the Maryland Association of CPAs 00:57 - How a quarter-life crisis and a leadership assessment changed Rebekah's career path 01:41 - From CPA firm senior to curriculum developer at the Maryland Association of CPAs 03:12 - Working part time, then full time, then becoming CEO three years ago 04:02 - What Brannon and Rebekah share: burning out of public practice and finding a better fit 04:45 - What Rebekah gets to do now: advocate for the profession and connect people across it 05:06 - The big picture view: what the Maryland Association of CPAs CEO is seeing right now 05:31 - Why getting good at change is the most important capability for any accounting firm 06:00 - Why community is the competitive advantage when complexity and change accelerate 06:34 - Why you can't know everything but you can know a lot of people 07:19 - Recruiting new students: are the numbers moving and what kind of students are coming in 08:15 - Why the pipeline alarm is starting to work and what recent graduation events are showing 08:40 - Accounting as a stable major during economic uncertainty 09:07 - What the new wave of accounting students looks like: different backgrounds, strong leaders 09:30 - Retention: are people staying in the profession better than they used to? 10:01 - The historical reality of planned attrition in CPA firm hiring 10:45 - The move from public to private still happens but may be slowing 11:10 - Brannon's theory on PE-driven salary increases and the poaching risk that comes with it 11:37 - Why starting salaries in accounting need to keep rising to compete for talent 12:00 - How private equity is creating a barbell-shaped profession 12:40 - What the disappearance of the midsize CPA firm looks like and why it matters 13:29 - How small firms can win through specialization and speed on technology 14:25 - What Rebekah would tell a CPA firm owner who is 5 to 10 years from an exit 15:17 - Why a 5 to 10 year plan has to be iterative, not static 15:43 - Involving your team in strategy: why it changes buy-in, retention, and execution 16:08 - The Business Learning Institute and working with small to midsize firms on strategy 16:32 - Why the best insight sometimes comes from the person scheduling client appointments 17:53 - Vision casting as a retention tool: why people stay when they know where the firm is going 18:45 - What happens when someone is not bought in: it's okay, not every culture fits every person 18:56 - What Maryland Association of CPAs members are saying about private equity and succession planning 19:25 - The top-level conversation: are we picking the right PE partners? 20:06 - The case for remaining independent and why different firm models are healthy for the profession 20:50 - What non-decision-makers feel about PE: caution, valid concerns, and fear of change 21:17 - Why settling on a PE buyer too soon is one of the biggest risks in a sale process 21:42 - Why every PE firm is different and why comparative analysis matters more than people realize 22:23 - Football story: handing the ball to Troy Smith and getting tackled by Ted Ginn Jr. 25:17 - What the experience after the tackle taught Rebekah about community showing up for people 26:45 - Book recommendation: "The Upside of Stress" by Dr. Kelly McGonigalDownload Now: https://poegroupadvisors.com/accounting-practice-academy/increase-letter/Price increases are nothing to fear. The real challenge is effectively informing clients of these changes. Our templates will help you demonstrate your value and help clients understand the increases necessary to keep your firm afloat.*Download now and receive:*- (1) Major Fee Increase Letter Template- (1) 20% Fee Increase Letter Template

CLiz Peek discusses the strong American economy, noting that small businesses feel relief as tariff threats abate and inflation falls. Lower energy and gasoline prices have cheered investors. Anecdotal evidence from local bookstores and ice cream parlors reinforces a positive outlook for consumer sentiment. (1)Liz Peek highlights the rise of the Democratic Socialists of America as a significant threat to established Democraticincumbents. Young voters are flocking to radical platforms promising free services. Rahm Emanuel emerges as a blunt voice for the party, urging a challenge against these "loons." (2)Jonathan Schanzer reports on the restart of hostilities in the Strait of Hormuz, where oil prices have hit $87 per barrel. The US is conducting air strikes against Iranian naval assets and drone bases. Schanzer questions why these strategic targets were not hit earlier in the conflict. (3)Jonathan Schanzer explores the Houthi threat in North Yemen and the potential for a wider regional conflict. While the US keeps Israel on the sidelines to avoid escalation, Turkey's "neo-Ottoman" ambitions are rising. Schanzer warns that Turkey seeks to fill the power vacuum left by Iran. (4)Mary Kissel analyzes the failure of the Iran ceasefire, noting that Iran calculated the US lacks the will for ground intervention. The conflict centers on Iran's suspect nuclear program, with potential new targets at Pickaxe Mountain. Public engagement remains low despite rising energy costs. (5)Mary Kissel discusses NATO's decision to reinforce Ukraine with advanced drone technology and Patriot missile manufacturing. Ukraine is hailed as the "future of warfare," transitioning from a security consumer to a security contributor. Kissel emphasizes the need for the US to counter Russian propaganda. (6)Joseph Sternberg examines Germany's economic struggles under Chancellor Friedrich Merz, including a shift toward deregulation and infrastructure borrowing. Massive layoffs at Volkswagen signal the end of traditional "lifetime employment." Merz faces political challenges from Social Democrats who resist aggressive free-market changes. (7)Joseph Sternberg addresses the assassination of former MP Ann Widdecombe, which is being investigated as a possible act of political violence. Sternberg notes that existential political rhetoric on social media often inspires such attacks. These tensions reflect broader global concerns regarding political polarization. (8)Gregory Copley critiques the stalemate in the Persian Gulf, suggesting that US air strikes alone cannot win without a plan for regime change. He advocates for supporting the domestic Iranian population against the clerical leadership. Turkey's opposition to empowering Kurdish forces remains a significant complication. (9)Gregory Copley discusses the inevitability of Ukraine's path to NATO, a move he views as a provocation to Russia. He argues the war preserves President Zelensky's power without a democratic mandate. However, he acknowledges Ukraine's technological ingenuity in developing swarming drone capabilities for modern combat. (10)Gregory Copley highlights Australia's declining regional power as Indonesia and India rise strategically. China'smissile tests and interest in Antarctica further destabilize the South Pacific. As the Antarctic Treaty ends, a scramble for the world's largest oil deposits appears imminent. (11)Gregory Copley details King Charles III's visit to the Isle of Man, the world's oldest continuous parliament. The King also held a private, discreet meeting with Prince Harry. Meanwhile, the UK faces rising anxiety over security for political leaders following the assassination of Ann Widdecombe. (12)Jeff McCausland discusses the closing of the Strait of Hormuz due to Iranian threats from land-based missiles and drones. President Trump faces a dilemma: muddle through, escalate with ground forces, or withdraw. McCausland warns that seizing territory like Kharg Island would result in significant casualties. (13)Jeff McCausland notes that Europe now views Ukraine as a security contributor due to its mastery of drone and robotic warfare. While Putin considers escalation or mobilization, Chinese pressure likely prevents the use of tactical nuclear weapons. The US continues to communicate "serious consequences." (14)Ernesto Araújo and Alejandro Peña Esclusa condemn Gustavo Petro's refusal to recognize election results in Colombia. They criticize Brazil's President Lula for his silence on criminal leftist regimes. The "Shield of the Americas" alliance is emerging to defend regional democracy and fight corruption. (15)Ernesto Araújo and Alejandro Peña Esclusa report that 60,000 people are missing in Venezuela following catastrophic earthquakes and government neglect. They propose an emergency temporary government to replace the Rodriguezsiblings. Brazil hosts 700,000 refugees fleeing the "gangland" regime's destruction. (16)All 16 segments formatted, tail numbers (1)–(16). Name check clean: Liz Peek, Peña Esclusa, Araújo with the accent, Ann Widdecombe all correct.

New York became the first state to pause new data center permits, worrying the AI industry. Stripe and Advent offered $53B+ for PayPal, OpenAI's first device leaked as a screen-free speaker, and PrismML shrank a model to run on iPhones. AI advocates fear New York's moratorium on new data centers could embolden Democrats to enact more state restrictions and seize on the issue in the midterms (Politico) Sources: Stripe and PE firm Advent have jointly offered $60.50/share to acquire PayPal, a 28% premium to Tuesday's close, valuing it at $53B+; PYPL jumps 15%+ (Reuters) Sources: OpenAI's first device will be a moveable, screen-free smart speaker with a camera and sensors, meant to serve as an AI companion that taps into ChatGPT (Bloomberg) OpenAI says Apple's claim that OpenAI never responded to its concerns is false; emails: an Apple lawyer mixed up two OpenAI staffers in Apple's initial outreach (NBC News) OpenAI says Apple's claim that OpenAI never responded to its concerns is false; emails: an Apple lawyer mixed up two OpenAI staffers in Apple's initial outreach (9to5Mac) PrismML launches Bonsai 27B, a model based on Qwen3.6 27B that it says runs natively on Apple devices via MLX; its CEO says Apple is evaluating the tech (CNBC) Subscribe to the ad-free feed. Learn more about your ad choices. Visit megaphone.fm/adchoices

The deep Rolodex model for headhunters doesn't cut it anymore. PE's cookie-cutter hiring scorecards now miss the best candidates in a complex world. And more and more funds are hiring internal teams to source CEOs. The executive search business is under pressure and has to adapt to survive. In this episode, Devin sits down with Nick Cromydas, to answer the question: how does executive search stay relevant? Nick is the co-founder and CEO of Hunt Club, an AI-enabled search firm that pairs a GLG-style expert network with first-party data from countless executive searches. His team has conducted thousands of searches for hundreds of investor-backed companies.

Widening Peña Boulevard is still very much on the table, but DIA officials have recently agreed to explore options beyond just making more room for cars. Could a dedicated bus lane be in the highway's future? Editor-in-chief of The Lever David Sirota joins host Bree Davies to talk about all the ways to get to DIA. Also, they dig into the latest numbers on aggressive driving and Colorado's very bad road rage problem. Then, Water World's brand new Summit Canyon opens this week and David has thoughts about it! Bree mentioned the Peña Boulevard expansion project's open house happening July 23 at the Green Valley Ranch Rec Center and Greater Denver Transit's analysis of the project.  We're doing our annual survey to learn more about our listeners. We'd be grateful if you took the survey at citycast.fm/survey—it's only 7 minutes long. You'll be doing us a big favor. Plus, anyone who takes the survey will be eligible to win a $250 Visa gift card–and City Cast Denver swag. For even more news from around the city, subscribe to our morning newsletter at denver.citycast.fm. Follow us on Instagram: @citycastdenver Chat with other listeners on reddit: r/CityCastDenver Support City Cast Denver by becoming a member! How do you get to DIA? Text or leave us a voicemail with your name and neighborhood, and you might hear it on the show: 720-500-5418 If you enjoyed this interview with Kelsey Simpkins, the Communications and Programs Manager at the Regional Air Quality Council, learn more here. Learn more about the sponsors of this July 15th episode: Denver Film Denver Health Colfax Ave BID Colorado Lottery Looking to advertise on City Cast Denver? Check out our options for podcast and newsletter ads at citycast.fm/advertise

Most business owners think getting a call from private equity is the finish line. Brian Will says that's exactly when you're most at risk. In Part 2, Brian delivers the frameworks that took him three exits and decades of hard lessons to build — from the five keys to success (which are also the five keys to failure) to what private equity firms will do to your earn-out if you're not paying attention. In this episode: The five keys to success — and why every single one is also a key to failure Why your business is not your product — it's the business inside the business: marketing, data, systems, and the ability to put any product through a machine that finds customers and converts them The private equity playbook most sellers never see coming: how an $80 million deal became $60 million, why earn-out structures based on EBITDA are almost always a trap, and why you must never let a PE firm take over your accounting Brian's AI workflow — three screens, three AI models (Gemini, ChatGPT, and Claude, which he calls Jake, Elwood, and Jeff), and the one prompt he uses to make sure they challenge him Why you should stop chasing advice from billionaires — and find someone exactly ten steps ahead of you, fresh out of the game, who's made mistakes at your level recently enough to still remember what they felt like Living Forever AI: Brian's current startup building interactive AI twins for personal legacy, professional use, and homeschooling — and why he's bootstrapping it while competitors have raised $20 million. Episode Highlights:00:00 - Escape the Commodity Trap 00:30 - Podcast Intro and Setup 01:30 - Five Keys to Success 01:50 - Key One Strong: Why 02:25 - Keys Two and Three 04:38 - Key Four: Check Ego 05:25 - Key Five: Master P&L 07:33 - KPIs and Pattern Forecasting 09:54 - Pricing and Testing 13:14 - Business Is a Data Game 14:59 - AI for Financial Analysis 16:49 - Living Forever AI Twins 20:37 - Experience Meets AI 23:56 - AI Jobs and Media Fear 29:36 - Why Start at 60 31:07 - Proving It Again 31:52 - Builder Not Manager 32:43 - Exit Strategy Reality 34:51 - Private Equity Earnouts 39:43 - How PE Rollups Work 44:02 - Structuring Safer Earnouts 45:44 - Post Acquisition Lessons 49:52 - Business Beyond Product 55:28 - Using AI As Advisors 57:52 - Stop Chasing Billionaires 01:00:49 - Final Advice And Wrap Resources mentioned: Dropout Multimillionaire, No: The Psychology of Sales and Negotiations, The Invisible Multimillionaire, I Give the Dumb Kids Hope — Brian Will's books Living Forever AI — Brian Will's current company: https://livingforeverai.com/ brianwillmedia.com — Brian Will's website ChatGPT, Gemini, and Claude — Brian's three AI models, running simultaneously for business planning and analysis The 7 Habits of Highly Effective People — Stephen Covey Quotes: “ If you are a commodity business, the only way for you to win is to chase pricing down to the bottom until you can't make money.” - Brian Will “ I did a company, literally 32 marketing channels, and when I did the analysis, nine of those channels were unprofitable. Nine. And they represented 20% of their spend, their marketing spend.” - Brian Will “ And at some point, I started questioning me. I've been doing this consulting thing and telling people what to do for 20 years. I wonder if I actually know what I'm talking about.” - Brian Will “ Wherever you feel, you know, some angst around something, and this could be anywhere in your life, I think it's really important that you lean into it and realize that that angst is, is not there for you to pull back from anything. It's actually for you to lean into something, and there's something that you don't yet know.” - Dwayne Kerrigan “ Stop chasing the advice of billionaires, because they can't help you.” - Brian Will About Brian Will: Brian Will is a serial entrepreneur, two-time Wall Street Journal bestselling author, and business consultant who has founded or co-founded ten companies across four industries, with combined valuations exceeding half a billion dollars. He is a two-time TEDx speaker and the author of four books including Dropout Multimillionaire and No: The Psychology of Sales and Negotiations. Currently, Brian is the CEO of Living Forever AI and runs a coaching and consulting practice helping entrepreneurs master the core metrics, sales systems, and processes that drive sustainable growth. Connect with Brian Will: https://brianwillmedia.com/ Connect with Dwayne Kerrigan Facebook Instagram Linked In Website Disclaimer: The views, information, or opinions expressed by guests during The Dwayne Kerrigan Podcast are solely those of the individuals involved and do not necessarily represent those of Dwayne Kerrigan and his affiliates. Dwayne Kerrigan or The Dwayne Kerrigan Podcast is not responsible for and does not verify the accuracy of any of the information contained in the podcast series. The primary purpose of this podcast is to educate and inform. Listeners are advised to consult with a qualified professional or specialist before making any decisions based on the content of this podcast.

Product pay is detaching from the old bands the way it did for AI researchers. In the past few weeks I've seen three offers go out to product executives at $10 million a year, and while almost nobody gets that number, it pulls the whole field up. The builder-executive who can build with modern tools and operate at scale now commands two to three times what the same profile did a year ago. In this episode, my co-host Carly Malatskey and I walk three real career decisions end to end: a leader worried the AI bubble will pop and playing it too safe, a consultant trying to become a product builder, and an elite executive trying to match joy, purpose, and income in one role. The throughline is the "Skip" question: not how to maximize today's job, but which next move opens the path to elite a few years out.–Key topics:• Why builder-executive pay detached from the bands• The three questions every career-maximizer should ask themselves• Thinking of constraints as a risk budget• Why staying current beats the biggest job at the best company• How to test whether a company is actually "current" from the outside• Why top-of-market pay comes with strings, and how to sequence what you optimize for• The mercenary vs. missionary approachTimestamps:(00:00) Introduction(00:39) The 100-day shift: builder execs and $10M offers(04:04) Case 1, Angie: two safe offers and an AI-bubble fear(05:04) Optimizing to be elite, or just to be prudent?(06:58) Why a failed hot startup can leave you better off(10:58) Thinking about what your next role sets up, not just the salary(15:40) Case 2, Gary: Series A vs. Fortune 20(16:36) Working backward from the PE operating-partner dream(18:58) The biggest job at the most current company, not the best(22:40) How to tell if a company is actually "current"(25:26) Case 3, Monica: elite, comfortable, and chasing joy(26:57) One more operating role, then founding(29:33) Choosing mercenary over missionary(35:26) Would the right company help her find a co-founder(37:18) The three questions that shape modern career advice–Brought to you by:Asana—The operating system for human agent teams–Referenced:• Anthropic• Meta• Microsoft• OpenAI• Stripe–Where to find Nikhyl:• Twitter/X• LinkedIn–Where to find Carly:• LinkedIn–Join The Skip:• Skip Coach• Skip Community–Find The Skip:• Website• Substack• YouTube• Spotify• Apple Podcasts–Don't forget to subscribe to The Skip to hear me coach you through timely career lessons. Access exclusive sessions from 100+ top product leaders at skip.coach. If you're interested in joining me on a future call, send me a note on LinkedIn, Threads, or Twitter. You can also email me at nikhyl@skip.community This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit theskip.substack.com

Got Questions?⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://calendly.com/conrad-rodriguez/30-minute-coaching-session⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Get THE BEST PENIS EXTENDER ON THE MARKET! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠CLICK HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠REDDIT PROGRESS LOG⁠⁠Chapters00:00 Introduction and episode overview00:29 CJ shares his PE journey and initial goals00:59 The importance of girth and its impact on pleasure01:29 The role of patience and trusting the process02:23 Real-life testimonials and community feedback03:17 The significance of gradual progress and time in PE04:19 Preferences of women regarding girth and length05:17 Avoiding injury and the importance of consistency06:14 Gains are a long-term process, like bodybuilding07:12 Personal goals: length vs. girth08:11 The benefits of girth for partner pleasure08:39 Final thoughts and encouragement for PE journey09:04 Promotional message and closing remarksSupport the Show Click a Link BelowBelow

Do pořadu Buchty tentokrát přišel Petr Kukla, který je projekťákem, otcem, obyvatelem Tábora a člověkem, který si rád hraje, jak v nominačním mailu napsala Peťova dcera.Všechny díly podcastu Buchty můžete pohodlně poslouchat v mobilní aplikaci mujRozhlas pro Android a iOS nebo na webu mujRozhlas.cz.

Every hype cycle has a sales guy. Crypto had them. AI agents have them now, and most of what's being sold as an "agent" is old automation with a new label. It's called agent washing, and Gartner projects 40%+ of agentic AI projects will be cancelled by 2027.So how do you tell the real thing from a fresh coat of paint? And even if it is real, do you actually need a complex agent for what you're looking to achieve?Host Erick Espinosa sits down with Mariano Jurich, Senior Product Leader at Making Sense, who helps mid-market and PE-backed companies separate real AI value from plausible noise, and who tells clients, more often than you'd expect, that the boring workflow automation is the better buy.Inside this episode:The four traits that define a real AI agentThe "if-then-do" test that exposes a washed agent in one sentenceWhy "agentic" is overkill for most problems companies bring himWhy agentic AI breaks when you treat it like a cloud migrationWhat to put in writing before you signFind out more about Mariano Jurich here.Learn more about Making Sense here.Reach out to today's host, Erick Espinosa - erick@sociable.coGet the latest on tech news - https://sociable.co/ Leave an iTunes review  - https://rb.gy/ampk26Follow us on your favourite podcast platform - https://link.chtbl.com/rN3x4ecY

El programa aborda la actualidad con varios temas clave. Primero, se celebra la llegada de la selección española de fútbol a la final del Mundial, destacando su unidad como un contraste a la polarización política. Se observa cómo el poder político intenta capitalizar este éxito, aunque se recuerda que un triunfo deportivo no garantiza el apoyo electoral. Segundo, se analiza el acuerdo sobre Gibraltar, que elimina la verja fronteriza. Se critica que España renuncia a la soberanía sobre el Peñón y sus aguas territoriales, y se denuncia la falta de transparencia en la negociación, que no pasa por el Parlamento español. Tercero, se examinan los casos de corrupción que afectan al entorno del Gobierno, como las reuniones de Leire con altos cargos, la defensa de Begoña Gómez, la condena del hermano del presidente, David Sánchez, y la de José Luis Ábalos. El Gobierno insiste en la teoría del "lawfare" y se señala la ausencia de investigaciones internas en el PSOE. Cuarto, se discuten las ...

In today’s tougher exit environment, private equity firms are facing longer holding periods, valuation gaps, and increased pressure to return capital. Kai Vollhardt and Jelena Bauer are joined by Christian Habrich and Frederyk Schroeder as they unpack their latest article on how to drive successful exits. They share strategies that top-performing firms use to improve exit outcomes and turn preparation into premium valuations, including how to translate AI potential into a credible value story. Related Insights Beating the odds: How private equity firms can improve exit prospects Global Private Markets Report 2026 Private equity 2026 outlook: Clearer view, tougher terrain Unlocking full potential: Five practices reshaping PE value creation Transforming value creation in private equity portfolio companies (podcast) The coming wave of business transfers (podcast) What every CEO can learn from private equity (podcast) Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

En una entrevista en Hoy por Hoy con Pedro Blanco, el ministro principal de Gibraltar, Fabian Picardo, y el alcalde de La Línea de la Concepción, Juan Franco, han celebrado el acuerdo como un cambio trascendental para la vida cotidiana y el futuro económico de la comarca. Picardo ha reivindicado el carácter humano del acuerdo y ha asegurado que su principal beneficiario es la población del Campo de Gibraltar y del Peñón: "Este acuerdo es para las personas que viven aquí".

España ha ganado a Francia con un 2-0, clasificándose para la segunda final del mundial de su historia. Hoy se decidirá quien será el el rival de 'La Roja' en la final, si Inglaterra o Argentina. Jugarán en Atlanta a las 9 de la noche hora española. En Gibraltar, esta noche también se ha vivido un momento histórico. El Reino Unido y la Unión Europea han firmado un acuerdo que implica la desaparición de la verja que separaba el Peñón y la Península. Este acuerdo supone la eliminación de los controles de la frontera. De la actualidad política, la audiencia provincial de Badajoz ha condenado a nueva años de inhabilitación al hermando del Pedro Sánchez por la plaza al frente de los conservatorios de Badajoz. Se condena, además, a 18 años de inhabilitación al exlíder del PSOE en Badajoz, a Miguel Ángel Gallardo, junto con ellos a siete personas más. Ninguna ha sido condenado por tráfico de influencias.

Kate Makinson has lived with Type 1 diabetes since 7th grade and has spent the last 33 years building a life of absolute adventure. She's a PE teacher, runner, mountain biker, and someone who has always found a way to figure it out, whether that meant finishing a half marathon with a failing CGM or managing nine days in Europe after her insulin pump broke with nothing but short-acting insulin.After 12 years away from the diabetes community, raising two kids and focusing on her career, things started changing. When perimenopause hit, the symptoms looked so much like long-term diabetes complications that Kate convinced herself that was exactly what they were. That fear, after three decades of managing T1D with confidence, sent her looking for a T1D community she'd never thought she needed. She found it in Risely's group coaching program, where her average blood sugar dropped from 171 to 155, her time in range climbed from 61% to 75%, and her A1C improved from 7.5 to 6.9. But more than the numbers, Kate walked away with a mindset she hadn't had in years: that no matter what diabetes throws at you, you've got this.WHAT WE COVER:The specific habit that helped drop her average blood sugar from 171 to 155 and bring her time in range from 61% to 75%What it was like to spend nine days in Europe after her insulin pump broke with nothing but short-acting insulin, and how she managed to keep adventuring anywayHow a failing CGM in the first mile of a half marathon forced her to run 13 miles on instinct, gels, and sheer determinationWhy perimenopause symptoms convinced her she had long-term diabetes complicationsWhat brought her to Risely coaching after 33 years of managing T1D largely on her own, and why she says it was the support she didn't know she neededHer best travel tips for flying, international trips, and staying prepared without letting diabetes overthink the adventureWHAT'S NEXT:

How does human capital create value in private equity?What does it take to be a successful HR leader in private equity?My guest on this episode is David Cohen, Partner, Human Capital at KelsoDuring our conversation David and I discuss:Why the role of the human capital partner in private equity is to unlock value through people, not to run HR for the firm itself.What is takes to be successful as a CHRO in a private equity backed company.Why human capital value creation comes down to org design, the right people in the right seats, and senior team performance.How the "bullseye" model helps identify the right senior leader for a PE-backed company.Why breadth of experience matters more than titles in your 20s and 30s.Connecting with David Cohen: Connect with David Cohen on LinkedInEpisode Sponsor: Next-Gen HR Accelerator - Learn more about this best-in-class leadership development program for next-gen HR leadersHR Leader's Blueprint - 18 pages of real-world advice from 100+ HR thought leaders. Simple, actionable, and proven strategies to advance your career.Succession Planning Playbook: In this focused 1-page resource, I cut through the noise to give you the vital elements that define what “great” succession planning looks like.

Nova epizoda podkasta pod zaštitom Međunarodnog PEN centra, "Dobar loš zao", je tu! U prvom delu emisije Nenad Kulačin i Marko Vidojković podržali su Vladimira Arsenijevića, zevali su slušajući najnovije Sisolinijeve laži o izborima, izrazili očekivanja da će nezavisni deo Saveta REM-a podneti ostavku na prvom sastanku, a čestitali su svima koji slave hiljadu prijava bahatih funkcionera za 48 sati. Gost je, po peti put, kolumnista Peščanika, Ljubodrag Stojadinović. On je govorio o tome kako je prekinuta saradnja sa portalom N1, komentarisao bujanje fašizma u Srbiji, pričao o zvučnom topu i teroru nad Aleksandrom Radićem, ali i izrazio nadu da će se opozicija ujediniti i zajedno sa studentima poslati kriminalce iz vlasti, najpre u zatvor, a onda i u istoriju. Ovo je samo mali deo tema o kojima su autori razgovarali sa Ljubodragom, a zapaženu ulogu su imala i pitanja sa Patreona. U Magarećem kutku saznaćete kakva je uloga srpskih političarki u epidemiji bele kuge. Da bi DLZ opstao, pretplatite se na patreon.com/ucutatinecemo ili pošaljite donaciju na PayPal ucutatinecemo@gmail.com. Na isti mejl možete poručiti DLZ merch.

Got Questions?⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://calendly.com/conrad-rodriguez/30-minute-coaching-session⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Get THE BEST PENIS EXTENDER ON THE MARKET! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠CLICK HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠REDDIT PROGRESS LOG⁠Chapters00:00 Introduction: Can You Get Too Big in PE?00:28 CJ discusses the reasons behind PE and personal motivations01:52 Addressing the conflict of wanting to grow but being told not to03:09 How partners perceive PE gains and maintenance strategies04:24 The importance of understanding your 'why' in PE05:37 Psychological motivations: childhood trauma and confidence06:49 Personal goals: reaching maximum potential and self-fulfillment08:27 Strategies for maintaining gains and navigating external opinions09:44 The pursuit of personal happiness and outlier potentialSupport the Show Click a Link BelowBelow

What separates the investors and founders who thrive in moments of radical change from those who don't? According to Alec Litowitz, it isn't intelligence or emotional maturity - it's adaptability.Alec is the founder of Magnetar Capital, one of the most respected multi-strategy hedge funds in the world, and the founder and managing partner of QStar Capital, his single family office and investment platform. Over a 30-year career that began at J.P. Morgan, continued as a founding partner and global head of equities at Citadel, and culminated in building Magnetar from scratch, Alec developed a framework he calls the Adaptability Quotient - AQ - for making decisions under genuine uncertainty. His book, The Adaptability Quotient, publishes September 15th.Today, through QStar, Alec invests with no fund mandate and no LP constraints - thematically across both public and private markets, in everything from CoreWeave and SpaceX to top-tier VC and PE managers. That unconstrained vantage point, combined with three decades of pattern recognition across market regimes, gives him a distinctive lens on where venture capital sits inside the current moment of change.Nick and Beezer dig into the core distinction Alec draws between risk and uncertainty - a difference he argues most investors collapse at their peril - and how the AQ framework maps directly onto how founders build, how VCs back them, and how the venture ecosystem itself needs to adapt. They also get into what he calls the second cognitive revolution: why AI isn't just a new tool but a system-level regime change, what that means for the capital stack and liquidity timelines in venture, and why the answer for smaller players isn't resistance - it's remapping.Quotes"What entrepreneurs get paid for is not risk. They get paid for uncertainty, for resolving the uncertainty. People may stay at some stranger's house or they may not, but I don't know the probability. If it's high, I have a business. If it's zero, I don't have a business. Let's go resolve that probability. And when someone does a startup and tests it, raises money, probes around it, and gets feedback loops - the answer is yes. That's what they get paid for, for resolving that uncertainty."Time Stamps00:00 What Entrepreneurs Actually Get Paid For00:31 Introducing Alec Litowitz: Citadel, Magnetar, and QStar02:49 Three Career Chapters and the Through Line: A Systematic Approach to Uncertainty06:09 The Book: Why Alec Wrote The Adaptability Quotient07:29 AQ Defined: Why IQ and EQ Aren't Enough When the Frame Itself Changes9:40 Why QStar: No Constraints, No Mandates, Just Mapping the Moment12:22 QStar's Investment Framework: Thematic, Top-Down, Technocentric and Anthrocentric14:51 Why Venture Still Matters: The Venture 20, the Mag Seven, and Where Disruption Lives17:03 Risk vs. Uncertainty vs. Black Swan: The Framework Most Investors Get Wrong22:30 Applying AQ in Venture: MVPs as Probes, Pivots as Feedback Loops22:51 A Case Study in Failing Without Feedback Loops24:33 The Second Cognitive Revolution: Why AI Is a Regime Change, Not a Tool29:20 Is SaaS Uninvestable? What Becomes Abundant and What Becomes Scarce32:53 Mapping the Venture Ecosystem: Capital Intensity, New Entrants, and IRR Pressure37:08 The Liquidity Problem Reframed: DPI, TDPI, and Timeline Mismatch40:12 Secondary Markets as a Structural Response43:48 Final Advice: Upgrade Your Operating SystemLinksConnect with the guest and hosts on LinkedIn!Alec LitowitzBeezer ClarksonNick ChirlsLearn more about:The Adaptability Quotient (pre-order on Amazon)QStar CapitalMagnetar Capital⁠⁠Early Adapters Newsletter⁠⁠Asylum Ventures⁠⁠OpenLP

Dr. Peñaherrera is an endocrinologist at Hamilton Diabetes and Endocrinology Center in Dalton, Georgia and Hamilton Health-Calhoun. He speaks both English and Spanish. He attended medical school in Ecuador, completed his residency training in internal medicine in New Jersey, and his fellowship in endocrinology at the University of Miami Jackson Memorial Hospital in Miami, Florida. He specializes in diabetes, metabolic disorders, obesity medicine, and hormone-related conditions.https://vitruvianhealth.com/services/diabetes-endocrinology-center/